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: October 31, 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.





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Table of Contents
   
Chairman’s Letter to Shareholders 
4 
   
Portfolio Managers’ Comments 
5 
   
Fund Leverage 
10 
   
Common Share Information 
12 
   
Risk Considerations 
15 
   
Performance Overview and Holding Summaries 
16 
   
Shareholder Meeting Report 
22 
   
Report of Independent Registered Public Accounting Firm 
23 
   
Portfolios of Investments 
24 
   
Statement of Assets and Liabilities 
122 
   
Statement of Operations 
123 
   
Statement of Changes in Net Assets 
124 
   
Statement of Cash Flows 
125 
   
Financial Highlights 
126 
   
Notes to Financial Statements 
132 
   
Additional Fund Information 
150 
   
Glossary of Terms Used in this Report 
151 
   
Reinvest Automatically, Easily and Conveniently 
153 
   
Annual Investment Management Agreement Approval Process 
154 
   
Board Members & Officers 
162 
 
3

Chairman’s Letter
to Shareholders
 
Dear Shareholders,
I am honored to serve as the new independent chairman of the Nuveen Fund Board, effective July 1, 2018. I’d like to gratefully acknowledge the stewardship of my predecessor William J. Schneider and, on behalf of my fellow Board members, reinforce our commitment to the legacy of strong, independent oversight of your Funds.
If stock markets are forward-looking, then the recently elevated volatility suggests the consensus view is changing. Rising interest rates, moderating corporate earnings growth prospects and unpredictable geopolitical events including trade wars and Brexit have clouded the horizon. With economic growth in China and Europe already slowing this year, and U.S. growth possibly peaking, investors are watching for clues as to the global economy’s resilience amid these headwinds.
However, it’s important to remember that interim market swings may not reflect longer-term economic conditions. Global growth is indeed slowing, but it’s still positive. The U.S. economy remains strong, even in the face of late-cycle pressures. Low unemployment and firming wages should continue to support consumer spending, and the November mid-term elections resulted in no major surprises. In China, the government remains committed to using fiscal stimulus to offset softening exports. Europe also remains vulnerable to trade policy, but European corporate earnings have remained healthy and their central bank has reaffirmed its commitment to a gradual stimulus withdrawal. In a slower growth environment, there are opportunities for investors who seek them more selectively.
A more challenging landscape can distract you from your investment goals. But you can maintain long-term perspective by setting realistic expectations about short-term volatility and working with your financial advisor to evaluate your goals, timeline and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chairman of the Board
December 21, 2018
4

Portfolio Manager’s Comments
 
Nuveen AMT-Free Municipal Credit Income Fund (NVG)
Nuveen Municipal Credit Income 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 U.S. economic and municipal market conditions, key investment strategies and the twelve-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 factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2018?
The U.S. economy accelerated in this reporting period, with gross domestic product (GDP) growth reaching 4.2% (annualized) in the second quarter of 2018, the fastest pace since 2014, then receding to a still relatively robust 3.5% annualized rate in the third quarter of 2018, according to the Bureau of Economic Analysis “second” estimate. GDP is the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. The boost in economic activity during the second quarter of 2018 was attributed to robust spending by consumers, businesses and the government, as well as a temporary increase in exports, as farmers rushed soybean shipments ahead of China’s retaliatory tariffs. While consumer and government spending continued to drive economic growth in the third quarter, the export contribution declined as expected and both business spending and housing investment weakened.
Consumer spending, the largest driver of the economy, remained well supported by low unemployment, wage gains and tax cuts. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 3.7% in October 2018 from 4.1% in October 2017 and job gains averaged around 210,000 per month for the past twelve months. The jobs market has continued to tighten, while average hourly earnings grew at an annualized rate of 3.1% in October 2018. The Consumer Price Index (CPI) increased 2.5% over the twelve-month reporting period ended October 31, 2018 on a seasonally adjusted basis, as reported by the Bureau of Labor Statistics.
Low mortgage rates and low inventory drove home prices higher during this recovery cycle. But the price momentum slowed in recent months as mortgage rates began to drift higher and homes have become less affordable. The S&P CoreLogic Case-Shiller

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 managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5

Portfolio Manager’s Comments (continued)
U.S. National Home Price Index, which covers all nine U.S. census divisions, was up 5.5% in September 2018 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 4.8% and 5.1%, respectively.
With the U.S. economy delivering a sustainable growth rate and employment strengthening, the Federal Reserve’s (Fed’s) policy making committee continued to incrementally raise its main benchmark interest rate. The most recent increase, in September 2018, was the third rate hike in 2018 to date and the eighth rate hike since December 2015. Fed Chair Janet Yellen’s term expired in February 2018, and incoming Chairman Jerome Powell indicated he would likely maintain the Fed’s gradual pace of interest rate hikes. The September 2018 meeting confirmed the market’s expectations of another increase in December 2018, followed by additional increases in 2019. Notably, the Fed’s statement dropped “accommodative” from the description of its monetary policy, which Chairman Powell explained did not represent a change in the course of policy but rather an acknowledgement of the strengthening economy. Additionally, the Fed continued reducing its balance sheet by allowing a small amount of maturing Treasury and mortgage securities to roll off each month without reinvestment. The market expects the pace to remain moderate and predictable, with minimal market disruption.
Geopolitical news remained a prominent market driver. The U.S. moved forward with tariffs on imported goods from China, as well as on steel and aluminum from Canada, Mexico and Europe. These countries announced retaliatory measures in kind, intensifying concerns about a trade war, although there have been some positive developments. In July 2018, the U.S. and the Europe Union announced they would refrain from further tariffs while they negotiate trade terms, and in October 2018, the U.S., Mexico and Canada agreed to a new trade deal to replace the North American Free Trade Agreement. The U.S. and China resumed trade negotiations in August 2018, but the talks yielded little progress and President Trump subsequently mentioned imposing tariffs on the balance of Chinese goods. Brexit negotiations made modest progress, but the Irish border remained a sticking point and Prime Minister Theresa May was expected to face difficulty getting a plan approved in Parliament. Elsewhere in Europe, markets remained nervous about Italy’s new euroskeptic coalition government, immigration policy and political risk in Turkey. The U.S. Treasury issued additional sanctions on Russia in April 2018 and re-imposed sanctions on Iran following the U.S. withdrawal from the 2015 nuclear agreement. Bearish crude oil supply news, along with heightened tensions between the U.S. and Saudi Arabia after the disappearance of a Saudi journalist, drove oil price volatility. On the Korean peninsula, the leaders of South Korea and North Korea met during April 2018 and jointly announced a commitment toward peace, while the U.S.-North Korea summit yielded an agreement with few additional details.
The broad municipal bond market posted a modestly negative return for this reporting period. As the economy gained momentum and the Fed continued to nudge its policy rate higher, interest rates rose across the yield curve. However, short-term rates increased by a wider margin than longer-term rates, which were anchored by modest inflation expectations, resulting in a flattening yield curve.
Along with the overall economic outlook, tax reform was a significant market driver for municipal bonds in this reporting period. Early drafts of the tax bill fostered significant uncertainty about the impact on the municipal bond market, leading municipal bonds to underperform taxable bonds in December 2017 and provoking issuers to rush bond offerings ahead of the pending tax law. Issuance in December 2017 reached an all-time high of $62.5 billion, exacerbating the market’s price decline during the month. However, all of the supply was absorbed and municipal bond valuations subsequently returned to more typical levels.
The final tax reform legislation signed on December 27, 2017 largely spared municipal bonds and was considered neutral to positive for the municipal market overall. Notably, a provision that would have eliminated the tax-preferred status of 20% to 30% of the municipal bond market was not included in the final bill. Moreover, investors were relieved that the adopted changes apply only to newly issued municipal bonds and also could be beneficial from a technical standpoint. Because new issue advance refunding bonds are no longer tax exempt, the total supply of municipal bonds will decrease going forward, boosting the scarcity value of existing municipal bonds. The new tax law also caps the state and local tax (SALT) deduction for individuals, which will likely increase demand for tax-exempt municipal bonds, especially in states with high income and/or property taxes.
6


Following the issuance surge in late 2017, issuance remained sharply lower in early 2018. However, the overall balance of municipal bond supply and demand remained advantageous for prices. Municipal bond issuance nationwide totaled $388.6 billion in this reporting period, a 0.3% increase from the issuance for the twelve-month reporting period ended October 31, 2018. The overall low level of interest rates encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40% to 60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been strong, the net has not, and this was an overall positive technical factor on municipal bond investment performance in recent years. Although the pace of refundings is slowing, net negative issuance is expected to continue.
Despite the volatility surrounding the potential tax law changes, demand remained robust and continued to outstrip supply. Low global interest rates have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. As a result, municipal bond fund inflows have remained steady through the end of the reporting period.
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2018?
Interest rates rose in this reporting period but not uniformly. The yield curve flattened as the rate increase on the short end outpaced that on the long end. The rise in yields weighed on bond prices, but the gradual pace of the increase kept municipal bond fund flows fairly stable. Supply and demand conditions remained favorable, and credit fundamentals were relatively robust. 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. NVG added positions in the health care, housing and tax-supported sectors. NZF bought lower rated health care, tobacco, Illinois and New Jersey credits, as well as high grade utilities, sales-tax backed and local general obligation (GO) bonds. NZF also found attractive value in some middle rated, alternative minimum tax (AMT) airport bonds. In California’s municipal market, credit spread widening in 4% coupon bonds relative to 5% coupon bonds provided NZF with an opportunity to buy some 4% coupon California school district credits. Additionally, for both NVG and NZF, the rising interest rate environment provided attractive opportunities for tax loss swapping. This strategy involves selling bonds that were bought when interest rates were lower and reinvesting the proceeds into bonds offering 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.
Outside of the one-for-one bond swaps, called and maturing bonds provided most of the proceeds for NVG’s and NZF’s buying activity. In addition, NVG sold some higher credit quality bonds and/or bonds that were commanding higher prices in the marketplace, 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, as well as sinking fund payments earned by the Fund, which are regular payments made by the bond issuer to pay off the bond debt over time. 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, as well as extend the portfolio’s call protection and enhance income distribution capabilities. For example, we bought 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 added credits issued for
7

Portfolio Manager’s Comments (continued)
the Virgin Islands and FirstEnergy Solutions when we believed their prices were overly discounted by the marketplace. We also added Puerto Rico Aqueduct and Sewer Authority, known as PRASA, the first new Puerto Rico position in more than five years. We believe both the macroeconomic situation of the Commonwealth overall and the microeconomic condition of PRASA are likely to improve over the long term.
For all three Funds, some holdings in tobacco settlement bonds were called in this reporting period and were partially replaced with new bonds issued in the refunding deal.
As of October 31, 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 slightly positive impact on performance during this reporting period.
How did the Funds perform during the twelve-month reporting period ended October 31, 2018?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and ten-year periods ended October 31, 2018. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index.
For the twelve months ended October 31, 2018, the total returns at NAV for NVG and NZF underperformed the return for the national S&P Municipal Bond Index. NVG and NZF underperformed the return for the secondary benchmark (composed of 60% S&P Municipal Bond Investment Grade Index and 40% S&P Municipal Bond High Yield Index) and NMZ underperformed the return on the S&P Municipal Yield Index but outperformed the national S&P Municipal Bond Index.
The main drivers of the Funds’ relative performance were yield curve and duration positioning, credit quality allocations and sector allocations. NVG and NZF were positioned with longer duration profiles than that of the benchmark, which was disadvantageous in the rising interest rate environment, but the additional income earned from holding longer bonds somewhat mitigated the negative impact. The two Funds’ credit quality positioning, however, was a large positive contributor to performance. Lower rated (single-A and lower) bonds outperformed due to their income advantage over high grade, lower yielding bonds and the relative stability of credit spreads over the reporting period. The Funds’ overweights to the lower rated categories benefited in this environment. Furthermore, NVG and NZF held underweight allocations to high grade (AAA and AA rated) paper, reducing their exposure to the underperforming credit quality categories.
NVG’s and NZF’s sector allocations were positive contributors to relative performance in this reporting period. The Funds’ sector over- and underweights are a by-product of our credit rating allocation. Stronger performing sectors in this reporting period included tobacco, industrial development revenue (IDR) and hospitals, which are sectors we have emphasized in the Funds. The tax-supported and pre-refunded sectors, in which the Funds held underweight allocations, generally lagged owing to their higher credit quality. In NVG, standout performers included holdings in Chicago Board of Education, Centegra Health System (which was acquired by Northwestern Memorial HealthCare), tobacco settlement bonds, the American Dream Meadowlands mega-mall project and FirstEnergy Solutions (for more detail, see An Update on FirstEnergy Solutions Corp. commentary in this report). Underperformers in NVG included public power bonds, where our position in Oglethorpe Public Power credits performed poorly due to a controversial nuclear energy plant and holdings in pre-paid natural gas bonds (which municipalities use to lock in a discounted natural gas price for a set time period) were weak due to heavy issuance. Other detractors in NVG included single-family housing bonds, which had been issued at the time of a market peak and have lagged in the short term, and several high quality (AAA rated) university credits.
The relative 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. However, the Fund
8


holds significantly smaller exposure to tobacco and Puerto Rico bonds than the benchmark, which detracted from relative performance because these sectors outperformed in the reporting period. Additionally, the Fund holds a higher proportion of investment grade bonds (at least 50% of its portfolio) than the benchmark (which is more strongly skewed toward non-investment grade bonds), which served as a drag on relative performance due to investment grade’s underperformance relative to non-investment grade bonds.
Individual credit selection continued to be an important factor in driving NMZ’s performance. The Fund’s position in the Florida DFC Brightline Rail Project performed well as the train successfully began operating during the reporting period, the project maintains low leverage levels and the bonds offer a relatively defensive, shorter maturity structure. In addition, several bonds facing either stressed or distressed credit situations were notable outperformers for NMZ in this reporting period. The New York City Bronx Parking Development Company, which operates parking facilities for Yankee Stadium. Bronx Parking defaulted on its debt several years ago when utilization was significantly lower than expected. However, the bonds rebounded recently because utilization has improved with the Yankees winning more games and a potential bondholder friendly redevelopment project has boosted sentiment. The stressed financial conditions of Chicago Public Schools (CPS) stabilized after favorable education funding reform passed through the state legislature, and the outlook for further cooperation between the state and the school district improved as the incumbent Illinois governor was not expected to be reelected in November 2018 (after the close of the reporting period). These conditions boosted the Fund’s holdings in Chicago Board of Education, which issues bonds for CPS. NMZ had purchased Virgin Islands debt early in the reporting period when investors had priced the worst-case scenario after two hurricanes hit the islands in September 2017. Since then, however, optimism about the federal government’s rebuilding package and the announcement that the former Hovensa oil refinery on St. Croix would be reopened helped the value of Virgin Islands bonds rebound. The Fund also benefited from its position in Ohio Air Quality Development Authority FirstEnergy Solutions (described in An Update on FirstEnergy Solutions Corp. commentary in this report). Conversely, some of NMZ’s underperforming credits included zero coupon bonds and high grade positions used for leverage. 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 on March 18, 2018. 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 Corp., FirstEnergy Solution’s parent 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. A substantial amount of bondholders, of which Nuveen Funds are included, entered into an “Agreement in Principal” with 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 Solutions holdings, shareholders should note that NVG had 1.88%, NZF had 1.47% and NMZ had 1.53% exposure, which was a mix of unsecured and secured holdings.
9

Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares 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 in recent years 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 can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.
Leverage had a positive impact on the performance of NVG and NZF over the reporting period, but a slightly negative impact on the performance of NMZ over the reporting period.
As of October 31, 2018, the Funds’ percentages of leverage are as shown in the accompanying table.
                   
 
 
NVG
   
NZF
   
NMZ
 
Effective Leverage* 
   
40.03
%
   
39.67
%
   
40.93
%
Regulatory Leverage* 
   
36.69
%
   
38.98
%
   
9.61
%
 
*
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. 
 
10

THE FUNDS’ REGULATORY LEVERAGE
As of October 31, 2018, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
                   
 
   
Variable Rate
Preferred*
   
Variable Rate
Remarketed
Preferred**
       
 
 
Shares Issued
at Liquidation
Preference
   
Shares Issued at
at Liquidation
Preference
   
Total
 
NVG 
 
$
584,400,000
   
$
1,232,600,000
   
$
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 for further details on preferred shares and each Funds’ respective transactions.
11

Common Share Information
 
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of October 31, 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 
   
0.0725
     
0.0700
     
0.0600
 
May 
   
0.0725
     
0.0700
     
0.0600
 
June 
   
0.0655
     
0.0660
     
0.0600
 
July 
   
0.0655
     
0.0660
     
0.0600
 
August 
   
0.0655
     
0.0660
     
0.0600
 
September 
   
0.0655
     
0.0660
     
0.0565
 
October 2018 
   
0.0655
     
0.0660
     
0.0565
 
Total Monthly Per Share Distributions 
 
$
0.8350
   
$
0.8240
   
$
0.7330
 
Ordinary Income Distribution* 
 
$
0.0059
   
$
0.0097
   
$
0.0091
 
Total Distributions 
 
$
0.8409
   
$
0.8337
   
$
0.7421
 
   
Yields 
                       
Market Yield** 
   
5.87
%
   
5.96
%
   
5.77
%
Taxable-Equivalent Yield** 
   
7.72
%
   
7.84
%
   
7.59
%
   
* 
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 seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 — Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
12


All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
COMMON SHARE EQUITY SHELF PROGRAM
During the current reporting period, NMZ was authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under this program, NMZ, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. The total amount of common shares authorized under these Shelf Offerings, are as shown in the accompanying table.
       
 
 
NMZ
 
Additional authorized common shares 
   
15,700,000
*
     
*
Represents additional authorized common shares for the period November 1, 2017 through August 31, 2018. 
 
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 2018, 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 October 31, 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
     
6,410,000
 
 
13

Common Share Information (continued)
 
OTHER COMMON SHARE INFORMATION
As of October 31, 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 
 
$
15.48
   
$
15.07
   
$
12.77
 
Common share price 
 
$
13.40
   
$
13.29
   
$
11.76
 
Premium/(Discount) to NAV 
   
(13.44
)%
   
(11.81
)%
   
(7.91
)%
12-month average premium/(discount) to NAV 
   
(8.37
)%
   
(7.53
)%
   
(2.91
)%
 
14

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.
15

   
NVG 
Nuveen AMT-Free Municipal Credit 
 
Income Fund 
 
Performance Overview and Holding Summaries as of October 31, 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 October 31, 2018 
 
 
 
 
Average Annual
 
 
 
1-Year
   
5-Year
   
10-Year
 
NVG at Common Share NAV 
   
(0.50
)%
   
6.64
%
   
7.63
%
NVG at Common Share Price 
   
(6.49
)%
   
7.07
%
   
7.83
%
S&P Municipal Bond Index 
   
(0.31
)%
   
3.33
%
   
4.97
%
NVG Custom Blended Fund Performance Benchmark 
   
1.78
%
   
4.01
%
   
5.31
%
 
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 
161.3% 
Corporate Bonds 
0.0% 
Short-Term Municipal Bonds 
0.2% 
Other Assets Less Liabilities 
2.0% 
Net Assets Plus Floating Rate Obligations, 
 
MFP Shares, net of deferred offering 
 
costs & VRDP Shares, net of deferred 
 
offering costs 
163.5% 
Floating Rate Obligations 
(5.7)% 
MFP Shares, net of deferred 
 
offering costs 
(12.9)% 
VRDP Shares, net of deferred 
 
offering costs 
(44.9)% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
9.1% 
AAA 
2.4% 
AA 
14.0% 
A 
24.5% 
BBB 
21.7% 
BB or Lower 
17.6% 
N/R (not rated) 
10.7% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
20.2% 
Tax Obligation/Limited 
18.8% 
Transportation 
12.4% 
Tax Obligation/General 
9.5% 
U.S. Guaranteed 
8.5% 
Education and Civic Organizations 
8.2% 
Utilities 
7.2% 
Consumer Staples 
6.7% 
Other 
8.5% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
16.2% 
California 
9.7% 
Texas 
7.5% 
Ohio 
6.9% 
Colorado 
6.3% 
Pennsylvania 
5.1% 
New Jersey 
3.9% 
Florida 
3.4% 
New York 
3.3% 
Wisconsin 
2.7% 
Georgia 
2.6% 
Indiana 
2.3% 
Iowa 
2.2% 
Michigan 
1.8% 
Arizona 
1.8% 
Kentucky 
1.7% 
South Carolina 
1.7% 
Massachusetts 
1.7% 
Other 
19.2% 
Total 
100% 
 
17

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Performance Overview and Holding Summaries as of October 31, 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 October 31, 2018 
 
 
 
 
Average Annual
 
 
 
1-Year
   
5-Year
   
10-Year
 
NZF at Common Share NAV 
   
(0.85
)%
   
6.42
%
   
8.31
%
NZF at Common Share Price 
   
(6.21
)%
   
6.91
%
   
8.70
%
S&P Municipal Bond Index 
   
(0.31
)%
   
3.33
%
   
4.97
%
NZF Custom Blended Fund Performance Benchmark 
   
1.78
%
   
4.01
%
   
5.31
%
 
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
 
18


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 
164.4% 
Investment Companies 
0.1% 
Corporate Bonds 
0.1% 
Other Assets Less Liabilities 
1.2% 
Net Assets Plus Borrowings, Floating 
 
Rate Obligations, MFP Shares, net of 
 
deferred offering costs, & VRDP 
 
Shares, net of deferred offering costs 
165.8% 
Borrowings 
(1.1)% 
Floating Rate Obligations 
(1.1)% 
MFP Shares, net of deferred 
 
offering costs 
(29.9)% 
VRDP Shares, net of deferred 
 
offering costs 
(33.7)% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.0% 
AAA 
3.5% 
AA 
20.2% 
A 
22.7% 
BBB 
19.8% 
BB or Lower 
14.8% 
N/R (not rated) 
10.9% 
N/A (not applicable) 
0.1% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
17.9% 
Transportation 
16.3% 
Tax Obligation/General 
15.1% 
Health Care 
14.1% 
U.S. Guaranteed 
8.8% 
Utilities 
7.1% 
Consumer Staples 
7.0% 
Education and Civic Organizations 
5.7% 
Other 
8.0% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
18.7% 
California 
15.6% 
New York 
10.7% 
Texas 
10.0% 
Ohio 
4.2% 
Colorado 
4.0% 
Pennsylvania 
3.3% 
New Jersey 
2.7% 
Florida 
2.5% 
Indiana 
2.4% 
Michigan 
1.7% 
Massachusetts 
1.7% 
Arizona 
1.7% 
Oklahoma 
1.7% 
Other 
19.1% 
Total 
100% 
 
19

   
NMZ 
Nuveen Municipal High Income 
 
Opportunity Fund 
 
Performance Overview and Holding Summaries as of October 31, 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 October 31, 2018 
 
 
 
 
Average Annual
 
 
 
1-Year
   
5-Year
   
10-Year
 
NMZ at Common Share NAV 
   
0.25
%
   
7.29
%
   
10.87
%
NMZ at Common Share Price 
   
(7.93
)%
   
6.28
%
   
8.32
%
S&P Municipal Yield Index 
   
4.08
%
   
5.89
%
   
7.46
%
S&P Municipal Bond High Yield Index 
   
5.56
%
   
6.17
%
   
8.11
%
S&P Municipal Bond Index 
   
(0.31
)%
   
3.33
%
   
4.97
%
 
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
 
20


This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
151.0% 
Common Stocks 
1.0% 
Corporate Bonds 
0.4% 
Other Assets Less Liabilities 
1.9% 
Net Assets Plus Floating Rate 
 
Obligations & AMTP Shares, 
 
net of deferred offering costs 
154.3% 
Floating Rate Obligations 
(43.7)% 
AMTP Shares, net of deferred 
 
offering costs 
(10.6)% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
3.1% 
AAA 
0.7% 
AA 
18.4% 
A 
14.7% 
BBB 
21.2% 
BB or Lower 
14.1% 
N/R (not rated) 
27.2% 
N/A (not applicable) 
0.6% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
23.2% 
Health Care 
20.0% 
Education and Civic Organizations 
13.4% 
Transportation 
9.8% 
Tax Obligation/General 
8.6% 
Consumer Staples 
4.8% 
Industrials 
4.6% 
Other 
15.6% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
California 
14.1% 
Illinois 
13.4% 
Florida 
10.0% 
New York 
7.1% 
Ohio 
5.7% 
Colorado 
5.2% 
Kentucky 
5.0% 
Wisconsin 
4.5% 
Texas 
4.1% 
New Jersey 
3.9% 
Tennessee 
3.5% 
Arizona 
1.6% 
Missouri 
1.5% 
South Carolina 
1.5% 
Other 
18.9% 
Total 
100% 
 
21

Shareholder Meeting Report
 
The annual meeting of shareholders was held in the offices of Nuveen on August 8, 2018 for NVG, NZF and NMZ; at this meeting the shareholders were asked to elect Board Members.
             
 
NVG 
NZF
NMZ 
 
Common and 
Preferred 
shares voting 
together 
as a class 
Preferred 
shares voting 
together 
as a class 
Common and 
Preferred 
shares voting 
together 
as a class 
Preferred 
shares voting 
together 
as a class 
Common and 
Preferred 
shares voting 
together 
as a class 
Preferred 
Shares 
Approval of the Board Members was reached as follows: 
 
 
 
 
 
 
Margo L. Cook 
 
 
 
 
 
 
For 
177,003,869 
 
126,697,094 
 
57,914,392 
 
Withhold 
6,825,765 
 
3,836,243 
 
2,703,060 
 
Total 
183,829,634 
 
130,533,337 
 
60,617,452 
 
Jack B. Evans 
 
 
 
 
 
 
For 
175,741,688 
 
125,406,412 
 
57,236,215 
 
Withhold 
8,087,946 
 
5,126,925 
 
3,381,237 
 
Total 
183,829,634 
 
130,533,337 
 
60,617,452 
 
Albin F. Moschner 
 
 
 
 
 
 
For 
176,417,653 
 
126,064,495 
 
57,362,232 
 
Withhold 
7,411,981 
 
4,468,842 
 
3,255,220 
 
Total 
183,829,634 
 
130,533,337 
 
60,617,452 
 
William C. Hunter 
 
 
 
 
 
 
For 
 
18,170 
 
13,433 
 
870 
Withhold 
 
 
 
 
 
 
Total 
 
18,170 
 
13,433 
 
870 
William J. Schneider 
 
 
 
 
 
 
For 
 
18,170 
 
13,433 
 
870 
Withhold 
 
 
 
 
 
 
Total 
 
18,170 
 
13,433 
 
870 
 
22

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

Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen AMT-Free Municipal Credit Income Fund, Nuveen Municipal Credit Income Fund, and Nuveen Municipal High Income Opportunity Fund (the “Funds”) as of October 31, 2018, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2018, the results of their operations and the cash flows for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ KPMG LLP
 
We have served as the auditor of one or more Nuveen investment companies since 2014.
 
Chicago, Illinois
December 27, 2018
23

   
NVG 
Nuveen AMT-Free Municipal Credit 
 
Income Fund 
 
Portfolio of Investments 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 161.3% (99.9% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 161.3% (99.9% of Total Investments) 
 
 
 
 
 
Alabama – 1.3% (0.8% of Total Investments) 
 
 
 
$ 3,645 
 
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, 
9/25 at 100.00 
N/R 
$ 3,494,826 
 
 
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A 
 
 
 
22,655 
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 
No Opt. Call 
A3 
25,451,307 
8,100 
 
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill 
4/25 at 100.00 
N/R 
8,259,246 
 
 
College Project, Series 2015, 5.875%, 4/15/45 
 
 
 
 
 
Opelika Utilities Board, Alabama, Utility Revenue Bonds, Series 2011B: 
 
 
 
1,250 
 
4.000%, 6/01/29 – AGM Insured 
6/21 at 100.00 
Aa3 
1,285,813 
1,000 
 
4.250%, 6/01/31 – AGM Insured 
6/21 at 100.00 
Aa3 
1,032,050 
 
 
The Improvement District of the City of Mobile – McGowin Park Project, Sales Tax Revenue 
 
 
 
 
 
Bonds, Series 2016A: 
 
 
 
1,000 
 
5.250%, 8/01/30 
8/26 at 100.00 
N/R 
1,006,240 
1,300 
 
5.500%, 8/01/35 
8/26 at 100.00 
N/R 
1,306,058 
38,950 
 
Total Alabama 
 
 
41,835,540 
 
 
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 
12/18 at 100.00 
B3 
6,996,050 
17,995 
 
5.000%, 6/01/46 
12/18 at 100.00 
B3 
17,564,740 
25,005 
 
Total Alaska 
 
 
24,560,790 
 
 
Arizona – 2.9% (1.8% of Total Investments) 
 
 
 
4,230 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, 
3/22 at 100.00 
A– 
4,420,096 
 
 
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
 
 
 
1,475 
 
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis 
7/27 at 100.00 
BB 
1,472,670 
 
 
Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47, 144A 
 
 
 
10,000 
 
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility 
7/22 at 100.00 
A 
10,500,600 
 
 
Project, Refunding Senior Series 2012A, 5.000%, 7/01/31 
 
 
 
3,000 
 
Arizona State, Certificates of Participation, Department of Administration Series 2010B, 
4/20 at 100.00 
Aa3 
3,108,150 
 
 
5.000%, 10/01/29 – AGC Insured 
 
 
 
 
 
Arizona State, Certificates of Participation, Series 2010A: 
 
 
 
1,200 
 
5.250%, 10/01/28 – AGM Insured 
10/19 at 100.00 
Aa3 
1,233,024 
1,500 
 
5.000%, 10/01/29 – AGM Insured 
10/19 at 100.00 
Aa3 
1,537,485 
7,070 
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured 
1/20 at 100.00 
A1 
7,276,232 
3,390 
 
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 
7/27 at 100.00 
N/R 
3,389,559 
 
 
2017A, 7.000%, 7/01/41, 144A 
 
 
 
7,780 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 
7/20 at 100.00 
A+ (4) 
8,144,182 
 
 
2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
 
 
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 
7,492,500 
8,755 
 
5.500%, 7/01/39 – FGIC Insured 
No Opt. Call 
AA 
10,987,788 
 
 
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 
626,256 
1,025 
 
5.000%, 7/01/46, 144A 
7/25 at 100.00 
BB 
1,024,928 
2,065 
 
Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, Deer 
7/24 at 101.00 
N/R 
1,969,060 
 
 
Valley Veterans Assisted Living Project, Series 2016A, 5.125%, 7/01/36 
 
 
 
 
24


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Arizona (continued) 
 
 
 
 
 
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– 
$ 472,296 
610 
 
6.000%, 7/01/43 
7/20 at 102.00 
BB– 
562,688 
350 
 
6.000%, 7/01/48 
7/20 at 102.00 
BB– 
318,892 
1,425 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey 
7/20 at 102.00 
BB– 
1,386,938 
 
 
Charter Schools Project, Series 2014A, 7.375%, 7/01/49 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey 
 
 
 
 
 
Charter Schools Project, Series 2016: 
 
 
 
1,130 
 
5.250%, 7/01/36 
7/26 at 100.00 
BB– 
991,620 
1,850 
 
5.375%, 7/01/46 
7/26 at 100.00 
BB– 
1,570,521 
2,135 
 
5.500%, 7/01/51 
7/26 at 100.00 
BB– 
1,805,612 
885 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San 
2/24 at 100.00 
N/R 
805,713 
 
 
Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A 
 
 
 
3,050 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San 
2/28 at 100.00 
N/R 
2,854,800 
 
 
Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A 
 
 
 
105 
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster 
7/20 at 102.00 
BB– 
102,355 
 
 
Schools ? Pima Project, Series 2014A, 7.250%, 7/01/39 
 
 
 
1,000 
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power 
10/20 at 100.00 
A– 
1,050,290 
 
 
Company, Series 2010A, 5.250%, 10/01/40 
 
 
 
 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
 
 
 
 
 
Prepay Contract Obligations, Series 2007: 
 
 
 
7,295 
 
5.000%, 12/01/32 
No Opt. Call 
BBB+ 
8,285,296 
2,745 
 
5.000%, 12/01/37 
No Opt. Call 
BBB+ 
3,120,708 
800 
 
The Industrial Development Authority of the County of Maricopa, Arizona, Education Revenue 
7/26 at 100.00 
Baa3 
813,680 
 
 
Bonds, Reid Traditional School Projects, Series 2016, 5.000%, 7/01/47 
 
 
 
2,000 
 
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai 
8/23 at 100.00 
A3 
2,155,380 
 
 
Regional Medical Center, Series 2013A, 5.250%, 8/01/33 
 
 
 
83,980 
 
Total Arizona 
 
 
89,479,319 
 
 
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 
1,166,950 
20,460 
 
0.000%, 7/01/46 – AMBAC Insured 
No Opt. Call 
Aa2 
5,664,146 
22,960 
 
Total Arkansas 
 
 
6,831,096 
 
 
California – 15.6% (9.7% of Total Investments) 
 
 
 
45 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate 
No Opt. Call 
Baa2 
42,475 
 
 
Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured 
 
 
 
2,120 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate 
No Opt. Call 
Aaa 
2,038,062 
 
 
Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured (ETM) 
 
 
 
6,135 
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
AA 
4,071,861 
 
 
Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured 
 
 
 
12,550 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
No Opt. Call 
A2 
6,163,305 
 
 
Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured 
 
 
 
4,100 
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 
3/26 at 100.00 
Ba3 
4,221,401 
5,000 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 
4/23 at 100.00 
A1 (4) 
5,626,100 
 
 
2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23) 
 
 
 
 
 
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 
3,284,759 
2,975 
 
5.650%, 6/01/41 
12/18 at 100.00 
B2 
2,978,392 
22,965 
 
California Educational Facilities Authority, Revenue Bonds, Stanford University Series, Series 
No Opt. Call 
AAA 
28,280,020 
 
 
2016U-7, 5.000%, 6/01/46 (UB) (5) 
 
 
 
 
25

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 10,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard 
8/22 at 100.00 
A+ 
$ 10,725,100 
 
 
Children’s Hospital, Series 2012A, 5.000%, 8/15/51 
 
 
 
1,600 
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, 
7/23 at 100.00 
AA– 
1,738,976 
 
 
Series 2013A, 5.000%, 7/01/37 
 
 
 
6,665 
 
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and 
8/25 at 100.00 
AA– 
7,209,531 
 
 
Clinics, Series 2015A, 5.000%, 8/15/54 (UB) (5) 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and 
 
 
 
 
 
Clinics, Tender Option Bond Trust 2016-XG0049: 
 
 
 
1,650 
 
7.783%, 8/15/51, 144A (IF) (5) 
8/22 at 100.00 
AA– 
1,904,017 
4,075 
 
7.783%, 8/15/51, 144A (IF) (5) 
8/22 at 100.00 
AA– 
4,702,346 
1,555 
 
7.778%, 8/15/51, 144A (IF) (5) 
8/22 at 100.00 
AA– 
1,794,190 
5,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 
8/23 at 100.00 
A+ 
5,334,400 
 
 
5.000%, 8/15/52 
 
 
 
 
 
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 
3,217,943 
1,000 
 
5.000%, 7/01/36, 144A 
7/26 at 100.00 
BB 
1,032,700 
555 
 
5.000%, 7/01/41, 144A 
7/26 at 100.00 
BB 
567,726 
195 
 
5.000%, 7/01/46, 144A 
7/26 at 100.00 
BB 
198,842 
 
 
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– 
275,803 
435 
 
5.000%, 6/01/46 
6/26 at 100.00 
BBB– 
455,654 
2,335 
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 
7/20 at 100.00 
Baa2 (4) 
2,478,322 
 
 
2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
4,440 
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego 
1/19 at 100.00 
Baa3 
4,492,658 
 
 
County Water Authority Desalination Project Pipeline, Series 2012, 5.000%, 11/21/45, 144A 
 
 
 
2,050 
 
California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 
10/26 at 100.00 
BBB– 
2,138,724 
 
 
5.000%, 10/15/47 
 
 
 
735 
 
California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep – 
6/26 at 100.00 
N/R 
740,042 
 
 
Obligated Group, Series 2016, 5.000%, 6/01/46, 144A 
 
 
 
715 
 
California School Finance Authority, Charter School Revenue Bonds, Rocketship Education ? 
6/25 at 100.00 
N/R 
729,021 
 
 
Obligated Group, Series 2016A, 5.000%, 6/01/36, 144A 
 
 
 
570 
 
California School Finance Authority, Charter School Revenue Bonds, Rocketship Education ? 
6/26 at 100.00 
N/R 
580,180 
 
 
Obligated Group, Series 2017A, 5.125%, 6/01/47, 144A 
 
 
 
80 
 
California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured 
1/19 at 100.00 
AA– 
80,203 
5 
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured 
1/19 at 100.00 
AA– 
5,013 
 
 
California State, General Obligation Bonds, Various Purpose Series 2010: 
 
 
 
3,500 
 
5.250%, 3/01/30 
3/20 at 100.00 
AA– 
3,646,160 
10,000 
 
5.500%, 11/01/35 
11/20 at 100.00 
AA– 
10,673,800 
12,710 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
12/24 at 100.00 
BB– 
13,351,474 
 
 
University Medical Center, Series 2014A, 5.500%, 12/01/54 
 
 
 
65,505 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/26 at 100.00 
BB– 
67,735,445 
 
 
University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A 
 
 
 
10,130 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/28 at 100.00 
BB– 
10,653,113 
 
 
University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A 
 
 
 
4,000 
 
California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial 
7/24 at 100.00 
A– 
4,015,960 
 
 
Hospital, Refunding Series 2014B, 4.000%, 7/01/39 
 
 
 
7,000 
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 
8/20 at 100.00 
A+ (4) 
7,496,300 
 
 
2011A, 6.000%, 8/15/42 (Pre-refunded 8/15/20) 
 
 
 
 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
 
 
 
 
 
Health System, Series 2005A: 
 
 
 
1,535 
 
5.750%, 7/01/30 
1/19 at 100.00 
CC 
1,305,871 
4,430 
 
5.750%, 7/01/35 
1/19 at 100.00 
CC 
3,773,651 
 
26


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 5,000 
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 
No Opt. Call 
Baa2 (4) 
$ 4,189,050 
 
 
2001, 0.000%, 8/01/25 – FGIC Insured (ETM) 
 
 
 
3,400 
 
Coachella Valley Unified School District, Riverside County, California, General Obligation 
No Opt. Call 
A2 
1,912,432 
 
 
Bonds, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured 
 
 
 
14,375 
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, 
No Opt. Call 
AA 
5,785,362 
 
 
Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured 
 
 
 
 
 
El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, 
 
 
 
 
 
Election 2010 Series 2011A: 
 
 
 
2,615 
 
0.000%, 8/01/31 – AGM Insured (6) 
8/28 at 100.00 
A1 
2,535,922 
3,600 
 
0.000%, 8/01/34 – AGM Insured (6) 
8/28 at 100.00 
A1 
3,468,132 
 
 
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– 
2,133,450 
5,000 
 
0.000%, 1/15/35 – AGM Insured 
No Opt. Call 
BBB– 
2,553,750 
 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
 
 
 
 
 
Refunding Series 2013A: 
 
 
 
910 
 
0.000%, 1/15/42 (6) 
1/31 at 100.00 
Baa3 
813,176 
3,610 
 
5.750%, 1/15/46 
1/24 at 100.00 
Baa3 
4,038,615 
6,610 
 
6.000%, 1/15/49 
1/24 at 100.00 
Baa3 
7,548,025 
2,425 
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 
3/19 at 100.00 
A 
2,449,493 
 
 
5.000%, 9/01/27 – AMBAC Insured 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2018A-1: 
 
 
 
7,225 
 
3.500%, 6/01/36 
6/22 at 100.00 
BBB 
7,107,594 
12,240 
 
5.250%, 6/01/47 
6/22 at 100.00 
N/R 
12,318,703 
5,795 
 
5.000%, 6/01/47 
6/22 at 100.00 
N/R 
5,667,974 
10,500 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R 
10,269,840 
 
 
Bonds, Series 2018A-2, 5.000%, 6/01/47 
 
 
 
 
 
Kern Community College District, California, General Obligation Bonds, Safety, Repair & 
 
 
 
 
 
Improvement, Election 2002 Series 2006: 
 
 
 
5,600 
 
0.000%, 11/01/24 – AGM Insured 
No Opt. Call 
AA 
4,770,808 
5,795 
 
0.000%, 11/01/25 – AGM Insured 
No Opt. Call 
AA 
4,770,386 
1,195 
 
Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited 
9/21 at 100.00 
AA 
1,247,544 
 
 
Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured 
 
 
 
7,575 
 
Mount San Antonio Community College District, Los Angeles County, California, General 
8/35 at 100.00 
AA 
6,023,110 
 
 
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (6) 
 
 
 
3,310 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
BBB+ 
4,432,520 
 
 
2009B, 6.500%, 11/01/39 
 
 
 
 
 
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, 
 
 
 
 
 
Capital Appreciation, 2008 Election Series 2009A: 
 
 
 
5,300 
 
0.000%, 8/01/26 – AGC Insured 
No Opt. Call 
Aa3 
4,224,206 
2,220 
 
0.000%, 8/01/28 – AGC Insured 
No Opt. Call 
Aa3 
1,624,485 
605 
 
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, 
No Opt. Call 
Aa3 (4) 
487,007 
 
 
Capital Appreciation, 2008 Election Series 2009A, 0.000%, 8/01/26 – AGC Insured (ETM) 
 
 
 
1,925 
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, 
1/19 at 100.00 
N/R (4) 
2,078,153 
 
 
Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM) 
 
 
 
4,000 
 
Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia 
8/25 at 100.00 
N/R 
4,061,080 
 
 
Village, Series 2015A, 4.250%, 8/15/38 
 
 
 
5,000 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 
11/20 at 100.00 
Ba1 (4) 
5,399,900 
 
 
6.000%, 11/01/30 (Pre-refunded 11/01/20) 
 
 
 
3,700 
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election 
No Opt. Call 
BB+ 
2,972,728 
 
 
of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured 
 
 
 
7,875 
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – 
8/29 at 100.00 
BB+ 
9,591,514 
 
 
AGC Insured (6) 
 
 
 
 
27

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 9,145 
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community 
No Opt. Call 
A 
$ 5,883,527 
 
 
Development Project, Series 1999, 0.000%, 8/01/30 – AMBAC Insured 
 
 
 
4,150 
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of 
10/25 at 100.00 
A2 
4,626,752 
 
 
Participation, Refunding Series 2011, 6.250%, 10/01/28 – AGM Insured 
 
 
 
670 
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 
6/23 at 100.00 
BBB– 
729,422 
 
 
2013A, 5.750%, 6/01/48 
 
 
 
 
 
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 
521,115 
915 
 
5.000%, 9/01/46 
9/25 at 100.00 
N/R 
970,293 
1,830 
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, 
8/19 at 100.00 
N/R (4) 
2,035,948 
 
 
Tender Option Bond Trust 2015-XF0098, 15.248%, 8/01/39, 144A (Pre-refunded 8/01/19) (IF) 
 
 
 
4,000 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International 
5/23 at 100.00 
A+ 
4,335,960 
 
 
Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 
 
 
 
66,685 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll 
No Opt. Call 
AA+ (4) 
63,806,209 
 
 
Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM) 
 
 
 
 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
 
 
 
 
 
Bonds, Refunding Senior Lien Series 2014A: 
 
 
 
2,680 
 
5.000%, 1/15/44 
1/25 at 100.00 
BBB 
2,859,131 
8,275 
 
5.000%, 1/15/50 
1/25 at 100.00 
BBB 
8,799,883 
7,210 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
No Opt. Call 
Baa2 
6,372,414 
 
 
Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured 
 
 
 
3,250 
 
San Mateo County Community College District, California, General Obligation Bonds, Series 
No Opt. Call 
AAA 
2,196,317 
 
 
2006C, 0.000%, 9/01/30 – NPFG Insured 
 
 
 
4,325 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 
No Opt. Call 
AA 
2,258,039 
 
 
Election Series 2012G, 0.000%, 8/01/34 – AGM Insured 
 
 
 
5,690 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding 
No Opt. Call 
A1 
1,785,294 
 
 
Series 2015, 0.000%, 8/01/42 
 
 
 
5,625 
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and 
No Opt. Call 
Baa2 
6,345,337 
 
 
Housing Facility, Series 1994A, 6.250%, 7/01/24 
 
 
 
5,625 
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and 
No Opt. Call 
Baa2 (4) 
6,432,581 
 
 
Housing Facility, Series 1994A, 6.250%, 7/01/24 – NPFG Insured (ETM) 
 
 
 
3,500 
 
Saugus Union School District, Los Angeles County, California, General Obligation Bonds, Series 
No Opt. Call 
A+ 
3,093,160 
 
 
2006, 0.000%, 8/01/23 – FGIC Insured 
 
 
 
4,495 
 
Stockton-East Water District, California, Certificates of Participation, Refunding Series 
1/19 at 100.00 
BBB– 
2,558,734 
 
 
2002B, 0.000%, 4/01/28 – FGIC Insured 
 
 
 
610 
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities 
9/27 at 100.00 
N/R 
610,756 
 
 
District 16-01, Series 2017, 6.250%, 9/01/47, 144A 
 
 
 
 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2005A-1: 
 
 
 
1,015 
 
4.750%, 6/01/23 
12/18 at 100.00 
BB+ 
1,020,329 
1,600 
 
5.500%, 6/01/45 
12/18 at 100.00 
B– 
1,608,384 
 
 
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A: 
 
 
 
790 
 
4.750%, 6/01/25 
12/18 at 100.00 
BBB+ 
791,975 
5,865 
 
5.125%, 6/01/46 
12/18 at 100.00 
B2 
5,879,604 
514,765 
 
Total California 
 
 
489,755,663 
 
 
Colorado – 10.1% (6.3% of Total Investments) 
 
 
 
 
 
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 
882,213 
1,175 
 
5.750%, 12/01/46 
12/21 at 103.00 
N/R 
1,175,705 
 
28


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 1,100 
 
Belleview Station Metropolitan District 2, Denver City and County, Colorado, General 
12/21 at 103.00 
N/R 
$ 1,111,440 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax Refunding & Improvement 
 
 
 
 
 
Series 2017, 5.000%, 12/01/36 
 
 
 
700 
 
Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax 
12/22 at 103.00 
N/R 
703,703 
 
 
Convertible to Unlimited Tax, Series 2017A, 5.000%, 12/01/47 
 
 
 
3,410 
 
Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General Obligation and 
12/22 at 103.00 
N/R 
3,420,469 
 
 
Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 
 
 
 
1,690 
 
Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General Obligation and 
12/22 at 103.00 
N/R 
1,624,597 
 
 
Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 
 
 
 
 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
 
 
 
 
 
Improvement Series 2017: 
 
 
 
1,140 
 
5.000%, 12/01/37, 144A 
12/22 at 103.00 
N/R 
1,150,784 
5,465 
 
5.000%, 12/01/47, 144A 
12/22 at 103.00 
N/R 
5,467,951 
195 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding 
12/23 at 100.00 
BB 
203,605 
 
 
Series 2014, 5.000%, 12/01/43 
 
 
 
1,200 
 
Clear Creek Station Metropolitan District 2, Adams County, Colorado, Limited Tax General 
12/22 at 103.00 
N/R 
1,198,128 
 
 
Obligation Refunding & Improvement Series 2017A, 5.000%, 12/01/47 
 
 
 
930 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/26 at 100.00 
A+ 
831,578 
 
 
Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46 
 
 
 
1,165 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, The 
12/24 at 100.00 
A+ 
1,237,626 
 
 
Classical Academy Project, Refunding Series 2015A, 5.000%, 12/01/38 
 
 
 
3,675 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Vanguard 
6/26 at 100.00 
A+ 
3,338,297 
 
 
School Project, Refunding & Improvement Series 2016, 3.750%, 6/15/47 
 
 
 
1,750 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld 
6/26 at 100.00 
A+ 
1,435,140 
 
 
County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, 
 
 
 
 
 
3.250%, 6/01/46 
 
 
 
 
 
Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The 
 
 
 
 
 
Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017: 
 
 
 
2,460 
 
5.000%, 6/01/42 
6/27 at 100.00 
BBB 
2,622,385 
23,470 
 
5.000%, 6/01/47 
6/27 at 100.00 
BBB 
24,793,004 
 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
 
 
 
 
 
Series 2006A: 
 
 
 
1,500 
 
5.000%, 9/01/36 
1/19 at 100.00 
BBB+ 
1,515,555 
3,680 
 
4.500%, 9/01/38 
1/19 at 100.00 
BBB+ 
3,683,349 
3,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
2/21 at 100.00 
BBB+ 
3,072,780 
 
 
Series 2011A, 5.000%, 2/01/41 
 
 
 
11,520 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
1/23 at 100.00 
BBB+ 
12,125,376 
 
 
Series 2013A, 5.250%, 1/01/45 
 
 
 
 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities 
 
 
 
 
 
Inc., Refunding Series 2012B: 
 
 
 
1,640 
 
5.000%, 12/01/22 
No Opt. Call 
A– 
1,786,764 
2,895 
 
5.000%, 12/01/23 
12/22 at 100.00 
A– 
3,144,752 
4,200 
 
5.000%, 12/01/24 
12/22 at 100.00 
A– 
4,547,130 
 
 
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 
1,508,503 
2,000 
 
5.000%, 6/01/33 
6/25 at 100.00 
BBB 
2,134,920 
5,855 
 
5.000%, 6/01/40 
6/25 at 100.00 
BBB 
6,169,823 
6,820 
 
5.000%, 6/01/45 
6/25 at 100.00 
BBB 
7,138,630 
 
 
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 
829,214 
720 
 
5.625%, 6/01/43 
6/23 at 100.00 
BBB 
774,425 
 
29

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 2,035 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, 
5/27 at 100.00 
BB+ 
$ 2,153,986 
 
 
Refunding & Improvement Series 2017A, 5.250%, 5/15/47 
 
 
 
11,830 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
12,144,796 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
4,105 
 
Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General 
12/23 at 103.00 
N/R 
4,261,031 
 
 
Obligation Bonds, Refunding & Improvement Series 2018, 5.875%, 12/01/46 
 
 
 
500 
 
Copperleaf Metropolitan District 2, Arapahoe County, Colorado, General Obligation Bonds, 
12/20 at 103.00 
N/R 
519,800 
 
 
Refunding Limited Tax Convertible to Unlimited Tax Series 2015, 5.750%, 12/01/45 
 
 
 
500 
 
Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 
12/20 at 103.00 
N/R 
520,530 
 
 
2006, 5.250%, 12/01/30 
 
 
 
1,480 
 
Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited 
12/22 at 103.00 
N/R 
1,502,659 
 
 
Tax Convertible to Unlimited Tax, Refunding Series 2017A , 5.250%, 12/01/47 
 
 
 
1,275 
 
Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited 
12/22 at 103.00 
N/R 
1,290,721 
 
 
Tax Convertible to Unlimited Tax, Refunding Series 2017B , 5.250%, 12/01/47 
 
 
 
500 
 
Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, 
12/25 at 100.00 
N/R 
492,270 
 
 
Refunding Series 2016, 5.250%, 12/01/40 
 
 
 
10,640 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 
11/23 at 100.00 
A 
11,570,574 
 
 
5.000%, 11/15/43 
 
 
 
505 
 
Denver Connection West Metropolitan District, City and County of Denver, Colorado, Limited Tax 
12/22 at 103.00 
N/R 
501,662 
 
 
General Obligation Bonds, Convertible to Unlimited Tax Series 2017A, 5.375%, 8/01/47 
 
 
 
 
 
Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado 
 
 
 
 
 
Urban Redevelopment Area, Series 2018A: 
 
 
 
2,310 
 
5.250%, 12/01/39, 144A 
12/23 at 103.00 
N/R 
2,295,332 
1,005 
 
5.250%, 12/01/39, 144A 
12/23 at 103.00 
N/R 
986,116 
11,700 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 
No Opt. Call 
BBB+ 
4,469,283 
 
 
2010A, 0.000%, 9/01/41 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: 
 
 
 
35,995 
 
0.000%, 9/01/23 – NPFG Insured 
No Opt. Call 
BBB+ 
31,515,782 
6,525 
 
0.000%, 9/01/26 – NPFG Insured 
No Opt. Call 
BBB+ 
5,018,769 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
17,030 
 
0.000%, 9/01/25 – NPFG Insured 
No Opt. Call 
BBB+ 
13,737,760 
9,915 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
BBB+ 
5,733,250 
43,090 
 
0.000%, 9/01/33 – NPFG Insured 
No Opt. Call 
BBB+ 
23,740,866 
 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: 
 
 
 
20,000 
 
0.000%, 9/01/27 – NPFG Insured 
No Opt. Call 
BBB+ 
14,645,400 
1,150 
 
0.000%, 9/01/28 – NPFG Insured 
No Opt. Call 
BBB+ 
801,998 
7,000 
 
0.000%, 9/01/34 – NPFG Insured 
No Opt. Call 
BBB+ 
3,687,600 
500 
 
Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado, 
12/20 at 103.00 
N/R 
501,280 
 
 
General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45 
 
 
 
500 
 
Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation Limited 
12/21 at 103.00 
N/R 
470,595 
 
 
Tax Bonds, Series 2016, 5.125%, 12/01/46 
 
 
 
590 
 
Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 
12/24 at 100.00 
N/R 
592,047 
 
 
6.000%, 12/01/38 
 
 
 
825 
 
Forest Trace Metropolitan District 3, Aurora City, Arapahoe County, Colorado, General 
12/21 at 103.00 
N/R 
773,017 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016A, 5.000%, 12/01/46 
 
 
 
1,355 
 
Great Western Park Metropolitan District 2, Broomfield City and County, Colorado, General 
12/21 at 100.00 
N/R 
1,315,149 
 
 
Obligation Bonds, Series 2016A, 5.000%, 12/01/46 
 
 
 
750 
 
Green Gables Metropolitan District No. 1, Jefferson County, Colorado, General Obligation 
12/21 at 103.00 
N/R 
733,883 
 
 
Bonds, Series 2016A, 5.300%, 12/01/46 
 
 
 
700 
 
Harmony Technology Park Metropolitan District 2, Fort Collins, Colorado, General Obligation 
12/22 at 103.00 
N/R 
668,101 
 
 
Bonds, Limited Tax Convertible to Unlimited Tax Series 2017, 5.000%, 9/01/47 
 
 
 
3,740 
 
Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue Bonds, 
12/20 at 103.00 
N/R 
3,553,262 
 
 
Refunding Series 2015, 5.500%, 12/01/45 
 
 
 
 
30


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: 
 
 
 
$ 2,325 
 
5.250%, 12/01/36 
12/21 at 103.00 
N/R 
$ 2,170,481 
8,955 
 
5.375%, 12/01/46 
12/21 at 103.00 
N/R 
8,244,510 
 
 
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 
985,704 
5,355 
 
6.000%, 12/15/50 
12/23 at 100.00 
N/R 
5,249,935 
980 
 
Leyden Rock Metropolitan District No. 10, In the City of Arvada, Colorado, Limited Tax General 
12/21 at 103.00 
N/R 
971,337 
 
 
Obligation Bonds, Refunding and Improvement Series 20016A, 5.000%, 12/01/45 
 
 
 
500 
 
Littleton Village Metropolitan District No. 2, Colorado, Limited Tax General Obligation and 
12/20 at 103.00 
N/R 
501,625 
 
 
Special Revenue Bonds, Series 2015, 5.375%, 12/01/45 
 
 
 
860 
 
Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, 
12/25 at 100.00 
N/R 
869,159 
 
 
Refunding Series 2016, 5.000%, 12/01/35 
 
 
 
5,155 
 
North Range Metropolitan District 1, Adams County, Colorado, General Obligation Bonds, Series 
12/25 at 100.00 
Baa1 
4,605,219 
 
 
2016B, 3.500%, 12/01/45 
 
 
 
 
 
North Range Metropolitan District No. 2 , In the City of Commerce City, Adams County, Colorado, 
 
 
 
 
 
Limited Tax General Obligation and Special Revenue and Improvement Bonds, Refunding 
 
 
 
 
 
Series 2017A: 
 
 
 
1,000 
 
5.625%, 12/01/37 
12/22 at 103.00 
N/R 
982,170 
1,000 
 
5.750%, 12/01/47 
12/22 at 103.00 
N/R 
977,850 
585 
 
Overlook Metropolitan District in the Town of Parker, Douglas County, Colorado, General 
12/21 at 103.00 
N/R 
543,992 
 
 
Obligation Limited Tax Bonds, Series 2016A, 5.500%, 12/01/46 
 
 
 
 
 
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 
682,579 
1,060 
 
5.000%, 12/01/46 
12/26 at 100.00 
Baa3 
1,086,871 
660 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/25 at 100.00 
A 
696,577 
 
 
Bonds, Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
880 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/20 at 100.00 
A2 (4) 
950,787 
 
 
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
5,435 
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, 
12/20 at 100.00 
AA 
5,602,561 
 
 
Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured 
 
 
 
2,760 
 
Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, 
12/26 at 100.00 
N/R 
2,768,970 
 
 
Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series 2017A, 
 
 
 
 
 
5.000%, 12/15/41, 144A 
 
 
 
 
 
Reata South Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation 
 
 
 
 
 
Bonds, Refunding Series 2018: 
 
 
 
1,310 
 
5.375%, 12/01/37 
12/23 at 103.00 
N/R 
1,292,263 
2,765 
 
5.500%, 12/01/47 
12/23 at 103.00 
N/R 
2,725,378 
1,180 
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 
6/20 at 100.00 
A 
1,232,982 
 
 
5.375%, 6/01/31 
 
 
 
 
 
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 
Baa3 
6,814,795 
3,750 
 
6.000%, 1/15/41 
7/20 at 100.00 
Baa3 
3,877,012 
1,280 
 
Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, 
12/21 at 103.00 
N/R 
1,289,792 
 
 
Limited Tax Series 2016A, 5.500%, 12/01/46 
 
 
 
930 
 
SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 2016, 
12/21 at 103.00 
N/R 
894,688 
 
 
5.000%, 12/01/46 
 
 
 
1,000 
 
St. Vrain Lakes Metropolitan District No. 2, Weld County, Colorado, Limited Tax General 
12/22 at 103.00 
N/R 
961,890 
 
 
Obligation Bonds, Series 2017A, 5.000%, 12/01/37 
 
 
 
 
 
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 
505,265 
1,000 
 
5.750%, 12/01/45 
12/20 at 103.00 
N/R 
1,013,550 
 
31

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 500 
 
Table Mountain Metropolitan District, Jefferson County, Colorado, Limited Tax General 
12/21 at 103.00 
N/R 
$ 512,255 
 
 
Obligation Bonds, Series 2016A, 5.250%, 12/01/45 
 
 
 
8,500 
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 
11/22 at 100.00 
AA– 
9,171,840 
 
 
5.000%, 11/15/42 
 
 
 
362,860 
 
Total Colorado 
 
 
318,007,402 
 
 
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 
BB 
596,053 
740 
 
5.000%, 9/01/53, 144A 
9/26 at 100.00 
BB 
739,948 
10,105 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, 
7/25 at 100.00 
A– 
10,113,286 
 
 
Refunding Series 2015L, 4.125%, 7/01/41 
 
 
 
3,250 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, 
7/20 at 100.00 
Aa3 (4) 
3,404,862 
 
 
Series 2010G, 5.000%, 7/01/39 (Pre-refunded 7/01/20) 
 
 
 
14,685 
 
Total Connecticut 
 
 
14,854,149 
 
 
Delaware – 0.2% (0.1% of Total Investments) 
 
 
 
2,615 
 
Delaware Economic Development Authority, Exempt Facility Revenue Bonds, Indian River Power LLC 
10/20 at 100.00 
Baa3 
2,714,265 
 
 
Project, Series 2010, 5.375%, 10/01/45 
 
 
 
 
 
Kent County, Delaware, Student Housing & Dining Facility Revenue Bonds, Collegiate Housing 
 
 
 
 
 
Foundation – Dover LLC Delaware State University Project, Series 2018A: 
 
 
 
2,585 
 
5.000%, 7/01/53 
1/28 at 100.00 
BBB– 
2,675,139 
1,000 
 
5.000%, 7/01/58 
1/28 at 100.00 
BBB– 
1,027,310 
6,200 
 
Total Delaware 
 
 
6,416,714 
 
 
District of Columbia – 2.6% (1.6% of Total Investments) 
 
 
 
3,780 
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC 
10/22 at 100.00 
BB+ 
3,644,449 
 
 
Issue, Series 2013, 5.000%, 10/01/45 
 
 
 
6,205 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
No Opt. Call 
Baa1 
6,781,134 
 
 
Series 2001, 6.500%, 5/15/33 
 
 
 
186,000 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
12/18 at 100.00 
N/R 
28,640,280 
 
 
Series 2006A, 0.000%, 6/15/46 
 
 
 
1,500 
 
District of Columbia, Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A, 
7/24 at 103.00 
N/R 
1,487,565 
 
 
5.000%, 7/01/42 
 
 
 
14,945 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
4/22 at 100.00 
BBB+ 
15,601,235 
 
 
Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
 
5.000%, 10/01/53 
 
 
 
11,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
10/26 at 100.00 
A3 
13,433,640 
 
 
Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, 10/01/41 – 
 
 
 
 
 
AGC Insured 
 
 
 
10,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
10/28 at 100.00 
BBB+ 
12,390,200 
 
 
Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 
 
 
 
233,430 
 
Total District of Columbia 
 
 
81,978,503 
 
 
Florida – 5.4% (3.3% of Total Investments) 
 
 
 
990 
 
Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue 
5/26 at 100.00 
N/R 
978,368 
 
 
Bonds, Series 2016, 4.700%, 5/01/36 
 
 
 
19,000 
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 
10/21 at 100.00 
A (4) 
20,515,630 
 
 
(Pre-refunded 10/01/21) – AGM Insured 
 
 
 
 
 
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 
1,250,978 
1,045 
 
6.200%, 8/15/48, 144A 
8/28 at 100.00 
N/R 
1,006,481 
 
32


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
 
 
Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, Series 2017A: 
 
 
 
$ 1,065 
 
5.375%, 7/01/37, 144A 
7/27 at 100.00 
BB 
$ 1,031,399 
1,470 
 
5.500%, 7/01/47, 144A 
7/27 at 100.00 
BB 
1,404,659 
 
 
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 
5,529,942 
1,890 
 
5.250%, 6/15/47, 144A 
6/27 at 100.00 
N/R 
1,694,631 
880 
 
Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2017A, 
10/27 at 100.00 
Ba2 
867,266 
 
 
5.000%, 10/15/37, 144A 
 
 
 
4,670 
 
City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 
9/25 at 100.00 
AA– 
5,115,845 
1,025 
 
Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, 
No Opt. Call 
A 
1,116,676 
 
 
Refunding Series 2012, 5.000%, 5/01/26 
 
 
 
1,480 
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, 
11/23 at 100.00 
BBB– 
1,598,918 
 
 
Refunding Series 2013, 6.125%, 11/01/43 
 
 
 
 
 
Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, 
 
 
 
 
 
Area 1 Project, Series 2016A-1: 
 
 
 
245 
 
5.250%, 11/01/37 
11/28 at 100.00 
N/R 
247,085 
320 
 
5.600%, 11/01/46 
11/28 at 100.00 
N/R 
326,454 
285 
 
Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, 
No Opt. Call 
N/R 
290,481 
 
 
Area 1 Project, Series 2016A-2, 5.625%, 11/01/35 
 
 
 
 
 
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 
3,821,056 
1,720 
 
5.625%, 4/01/43 
4/23 at 100.00 
Baa1 
1,872,633 
4,000 
 
Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured 
10/21 at 100.00 
A1 
4,258,360 
 
 
Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015: 
 
 
 
280 
 
5.250%, 5/01/35 
5/26 at 100.00 
N/R 
282,243 
315 
 
5.300%, 5/01/36 
5/26 at 100.00 
N/R 
317,517 
475 
 
5.500%, 5/01/45 
5/26 at 100.00 
N/R 
476,154 
655 
 
5.500%, 5/01/46 
5/26 at 100.00 
N/R 
656,192 
 
 
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 
259,026 
665 
 
6.125%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
674,742 
415 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical 
6/26 at 100.00 
N/R 
397,051 
 
 
Preparatory Incorporated Project, Series 2018A, 6.000%, 6/15/37, 144A 
 
 
 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral 
 
 
 
 
 
Charter Upper School Project, Series 2017C: 
 
 
 
2,375 
 
5.650%, 7/01/37, 144A 
7/27 at 101.00 
N/R 
2,251,595 
3,735 
 
5.750%, 7/01/47, 144A 
7/27 at 101.00 
N/R 
3,482,327 
 
 
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 
1,556,280 
2,075 
 
4.750%, 7/15/36, 144A 
7/26 at 100.00 
N/R 
1,935,747 
3,770 
 
6.375%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
3,953,674 
1,335 
 
5.000%, 7/15/46, 144A 
7/26 at 100.00 
N/R 
1,233,393 
 
 
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 
3,191,908 
2,015 
 
6.125%, 6/15/46, 144A 
6/25 at 100.00 
N/R 
2,051,532 
550 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
6/24 at 100.00 
N/R 
571,225 
 
 
Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44 
 
 
 
4,430 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest 
6/27 at 100.00 
N/R 
4,198,533 
 
 
Charter Foundation Inc. Projects, Series 2017A, 6.125%, 6/15/47, 144A 
 
 
 
100 
 
Florida Municipal Loan Council, Revenue Bonds, Series 2003B, 5.250%, 12/01/18 
11/18 at 100.00 
Baa2 
100,300 
 
33

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 1,435 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
5/26 at 100.00 
N/R 
$ 1,406,601 
 
 
Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 
 
 
 
560 
 
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue 
No Opt. Call 
Aaa 
579,762 
 
 
Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM) 
 
 
 
 
 
Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, 
 
 
 
 
 
Series 2005: 
 
 
 
1,645 
 
5.000%, 5/01/25 – NPFG Insured 
5/19 at 100.00 
Baa2 
1,656,647 
1,830 
 
5.000%, 5/01/27 – NPFG Insured 
5/19 at 100.00 
Baa2 
1,839,992 
600 
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 
10/22 at 100.00 
A2 
649,524 
 
 
5.000%, 10/01/30 
 
 
 
2,215 
 
Jacksonville, Florida, Educational Facilities Revenue Bonds, Jacksonville University Project, 
6/28 at 100.00 
N/R 
2,257,129 
 
 
Series 2018B, 5.000%, 6/01/53, 144A 
 
 
 
1,000 
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 
11/21 at 100.00 
A2 
1,066,900 
 
 
2011, 5.000%, 11/15/25 
 
 
 
625 
 
Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb 
5/27 at 100.00 
N/R 
626,288 
 
 
Project, Series 2017, 5.000%, 5/01/37, 144A 
 
 
 
4,125 
 
Martin County Health Facilities Authority, Florida, Hospital Revenue Bonds, Martin Memorial 
11/24 at 100.00 
Baa1 
4,265,910 
 
 
Medical Center, Series 2015, 5.000%, 11/15/45 
 
 
 
 
 
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 
1,028,786 
1,920 
 
6.000%, 7/01/47, 144A 
7/27 at 100.00 
N/R 
1,802,803 
5,965 
 
Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 5.000%, 10/01/43 
10/24 at 100.00 
BBB+ 
6,435,758 
2,130 
 
Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish 
7/27 at 100.00 
BBB 
2,286,129 
 
 
Health System Inc. Project, Series 2017, 5.125%, 7/01/46 
 
 
 
1,545 
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 
2/21 at 100.00 
A+ (4) 
1,676,526 
 
 
6.000%, 2/01/31 (Pre-refunded 2/01/21) – AGM Insured 
 
 
 
5,000 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2014A, 
7/24 at 100.00 
A 
5,379,400 
 
 
5.000%, 7/01/44 
 
 
 
2,500 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 
10/20 at 100.00 
A2 (4) 
2,650,825 
 
 
2010A-1, 5.375%, 10/01/41 (Pre-refunded 10/01/20) 
 
 
 
2,500 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
A 
2,616,525 
 
 
5.000%, 10/01/30 
 
 
 
2,400 
 
Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 
10/22 at 100.00 
A2 
2,575,944 
 
 
5.000%, 10/01/37 
 
 
 
6,305 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 
10/22 at 100.00 
A+ 
6,762,428 
 
 
5.000%, 10/01/42 
 
 
 
4,785 
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, 
8/26 at 100.00 
N/R 
5,033,054 
 
 
Development Unit 53, Series 2015, 5.350%, 8/01/35 
 
 
 
4,250 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, 
4/22 at 100.00 
A 
4,484,175 
 
 
Inc., Series 2012A, 5.000%, 10/01/42 
 
 
 
230 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of 
6/22 at 102.00 
N/R 
258,359 
 
 
Boca Raton Project, Series 2014A, 7.250%, 6/01/34 
 
 
 
60 
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2006, 5.000%, 10/01/36 – 
1/19 at 100.00 
Aa2 
60,151 
 
 
AGM Insured 
 
 
 
825 
 
Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 
11/26 at 100.00 
N/R 
805,563 
 
 
Project, Series 2016, 5.000%, 11/01/46 
 
 
 
1,410 
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 
No Opt. Call 
Aa2 (4) 
1,461,578 
 
 
6.000%, 10/01/19 – NPFG Insured (ETM) 
 
 
 
 
 
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, 
 
 
 
 
 
Assessment Area 2, Series 2016: 
 
 
 
230 
 
4.750%, 11/01/28 
11/27 at 100.00 
N/R 
229,276 
385 
 
5.375%, 11/01/36 
11/27 at 100.00 
N/R 
385,951 
 
34


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 930 
 
South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, 
5/27 at 100.00 
N/R 
$ 934,092 
 
 
Refunding Series 2016, 5.375%, 5/01/37 
 
 
 
1,200 
 
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993, 5.500%, 
No Opt. Call 
N/R (4) 
1,307,244 
 
 
10/01/21 – FGIC Insured (ETM) 
 
 
 
400 
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 (Pre-refunded 
10/19 at 100.00 
AA (4) 
411,028 
 
 
10/01/19) – AGC Insured 
 
 
 
4,100 
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 
5/22 at 100.00 
Aa2 
4,408,771 
 
 
5.000%, 11/15/33 
 
 
 
1,125 
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s 
1/19 at 100.00 
Aaa 
1,127,587 
 
 
Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM) 
 
 
 
10,095 
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 
7/22 at 100.00 
A2 (4) 
11,043,425 
 
 
2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 
 
 
 
2,000 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle 
10/21 at 100.00 
A– (4) 
2,155,660 
 
 
Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 (Pre-refunded 
 
 
 
 
 
10/15/21) – AGM Insured 
 
 
 
5,000 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University 
6/25 at 100.00 
A– 
5,443,400 
 
 
Inc. Project, Series 2015, 5.000%, 6/01/40 
 
 
 
161,295 
 
Total Florida 
 
 
167,629,492 
 
 
Georgia – 4.2% (2.6% of Total Investments) 
 
 
 
11,085 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 
11/19 at 100.00 
AA (4) 
11,459,230 
 
 
11/01/39 (Pre-refunded 11/01/19) – AGM Insured 
 
 
 
5,915 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 
11/19 at 100.00 
A+ 
6,095,053 
 
 
11/01/39 – AGM Insured 
 
 
 
21,920 
 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe 
2/28 at 100.00 
BBB+ 
20,319,621 
 
 
Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45 
 
 
 
12,325 
 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe 
2/28 at 100.00 
BBB+ 
11,425,152 
 
 
Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 
 
 
 
2,825 
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 
8/20 at 100.00 
AA 
2,891,557 
 
 
4.000%, 8/01/26 
 
 
 
4,000 
 
Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, 
4/23 at 100.00 
A 
4,306,040 
 
 
Refunding Series 2012, 5.000%, 4/01/28 
 
 
 
1,250 
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb 
9/20 at 100.00 
N/R (4) 
1,334,950 
 
 
Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 (Pre-refunded 9/01/20) 
 
 
 
2,000 
 
Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 (Pre-refunded 
12/21 at 100.00 
A2 (4) 
2,209,680 
 
 
12/01/21) – AGM Insured 
 
 
 
 
 
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– 
1,218,043 
960 
 
5.125%, 2/15/40 
2/20 at 100.00 
AA– 
987,350 
 
 
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) 
3,967,796 
3,090 
 
5.125%, 2/15/40 (Pre-refunded 2/15/20) 
2/20 at 100.00 
N/R (4) 
3,204,701 
15,305 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/25 at 100.00 
AA– 
17,100,276 
 
 
Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54 
 
 
 
 
 
Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A: 
 
 
 
6,760 
 
3.950%, 12/01/43 
6/27 at 100.00 
AAA 
6,653,936 
5,000 
 
4.000%, 12/01/48 
6/27 at 100.00 
AAA 
4,913,900 
10,825 
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 
7/25 at 100.00 
Baa3 
10,995,927 
 
 
5.000%, 7/01/60 
 
 
 
2,250 
 
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett 
7/19 at 100.00 
A2 
2,295,742 
 
 
Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured 
 
 
 
 
35

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Georgia (continued) 
 
 
 
$ 1,300 
 
Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical 
6/27 at 100.00 
N/R 
$ 1,310,439 
 
 
Education, Series 2017, 5.750%, 6/15/37, 144A 
 
 
 
4,000 
 
Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life University, 
11/27 at 100.00 
Ba3 
4,158,640 
 
 
Inc. Project, Refunding Series 2017A, 5.000%, 11/01/37, 144A 
 
 
 
1,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 
10/22 at 100.00 
Baa2 
1,065,340 
 
 
Refunding Series 2012C, 5.250%, 10/01/27 
 
 
 
10,090 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 
10/25 at 100.00 
Baa2 
10,502,076 
 
 
2015, 5.000%, 10/01/40 
 
 
 
1,710 
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia 
10/21 at 100.00 
AA– 
1,806,170 
 
 
Medical Center Project, Series 2011B, 5.000%, 10/01/41 
 
 
 
128,610 
 
Total Georgia 
 
 
130,221,619 
 
 
Guam – 0.0% (0.0% of Total Investments) 
 
 
 
650 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 
7/23 at 100.00 
BBB– 
686,823 
 
 
5.500%, 7/01/43 
 
 
 
 
 
Hawaii – 0.4% (0.2% of Total Investments) 
 
 
 
1,500 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade University 
1/25 at 100.00 
Ba2 
1,395,195 
 
 
of Honolulu, Series 2015A, 5.000%, 1/01/45, 144A 
 
 
 
5,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health 
7/23 at 100.00 
A1 
5,460,350 
 
 
Obligated Group, Series 2013A, 5.500%, 7/01/43 
 
 
 
170 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
BB 
175,811 
 
 
University, Series 2013A, 6.875%, 7/01/43 
 
 
 
5,075 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, 
7/25 at 100.00 
A1 
5,031,152 
 
 
Series 2015A, 4.000%, 7/01/40 
 
 
 
11,745 
 
Total Hawaii 
 
 
12,062,508 
 
 
Idaho – 0.8% (0.5% of Total Investments) 
 
 
 
 
 
Idaho Health Facilities Authority, Revenue Bonds, Kootenai Health Project, Series 2014: 
 
 
 
3,300 
 
4.375%, 7/01/34, 144A 
7/24 at 100.00 
A 
3,331,977 
12,495 
 
4.750%, 7/01/44, 144A 
7/24 at 100.00 
A 
12,730,281 
250 
 
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding 
9/26 at 100.00 
BB+ 
258,490 
 
 
Series 2016, 5.000%, 9/01/37 
 
 
 
8,730 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 
3/22 at 100.00 
A– 
9,118,310 
 
 
2012A, 5.000%, 3/01/47 – AGM Insured 
 
 
 
1,000 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 
3/24 at 100.00 
A– 
984,150 
 
 
2014A, 4.125%, 3/01/37 
 
 
 
25,775 
 
Total Idaho 
 
 
26,423,208 
 
 
Illinois – 26.2% (16.2% of Total Investments) 
 
 
 
675 
 
Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A, 5.000%, 1/01/25 
7/23 at 100.00 
A2 
740,408 
67,135 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 
4/27 at 100.00 
A 
76,722,549 
 
 
2016, 6.000%, 4/01/46 
 
 
 
1,000 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 
4/27 at 100.00 
A 
1,051,110 
 
 
2017, 5.000%, 4/01/46 
 
 
 
 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A: 
 
 
 
6,210 
 
5.500%, 12/01/39 
12/21 at 100.00 
B2 
6,311,533 
1,865 
 
5.000%, 12/01/41 
12/21 at 100.00 
B2 
1,854,817 
5,175 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 
12/22 at 100.00 
B2 
5,110,571 
 
 
2012A, 5.000%, 12/01/42 
 
 
 
8,400 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding 
12/27 at 100.00 
B+ 
9,834,636 
 
 
Series 2017B, 7.000%, 12/01/42, 144A 
 
 
 
 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding 
 
 
 
 
 
Series 2017H: 
 
 
 
5,835 
 
5.000%, 12/01/36 
12/27 at 100.00 
B+ 
5,894,167 
4,940 
 
5.000%, 12/01/46 
12/27 at 100.00 
B+ 
4,950,522 
 
36


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 2,720 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/18 at 100.00 
B2 
$ 2,720,326 
 
 
2008C, 5.000%, 12/01/29 
 
 
 
38,905 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/25 at 100.00 
B+ 
44,089,480 
 
 
2016A, 7.000%, 12/01/44 
 
 
 
14,805 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/26 at 100.00 
B+ 
16,578,787 
 
 
2016B, 6.500%, 12/01/46 
 
 
 
19,585 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/27 at 100.00 
B+ 
22,866,663 
 
 
2017A, 7.000%, 12/01/46, 144A 
 
 
 
1,315 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
B+ 
748,459 
 
 
Revenues, Series 1998B-1, 0.000%, 12/01/30 – NPFG Insured 
 
 
 
2,235 
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit 
6/21 at 100.00 
A2 
2,367,491 
 
 
Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 
 
 
 
 
 
6/01/26 – AGM Insured 
 
 
 
1,100 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
A3 
1,155,726 
 
 
5.250%, 12/01/40 
 
 
 
12,215 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 
12/24 at 100.00 
AA 
13,292,607 
 
 
5.250%, 12/01/49 
 
 
 
7,700 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien 
1/20 at 100.00 
A2 
7,942,011 
 
 
Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 
 
 
 
1,500 
 
0.000%, 1/01/31 – NPFG Insured 
No Opt. Call 
BBB– 
857,550 
32,670 
 
0.000%, 1/01/32 – FGIC Insured 
No Opt. Call 
BBB– 
17,632,979 
12,360 
 
0.000%, 1/01/37 – FGIC Insured 
No Opt. Call 
BBB– 
5,058,083 
960 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007A, 5.000%, 1/01/27 – 
1/19 at 100.00 
Ba1 
962,189 
 
 
AMBAC Insured 
 
 
 
2,500 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.250%, 1/01/33 
1/24 at 100.00 
Ba1 
2,605,250 
17,605 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 
1/27 at 100.00 
BBB– 
19,569,190 
4,220 
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C, 
1/19 at 100.00 
Ba1 
4,227,301 
 
 
5.000%, 1/01/34 
 
 
 
1,000 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 
1/21 at 100.00 
Ba1 
1,017,920 
10,200 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33 
1/22 at 100.00 
Ba1 
10,414,608 
2,605 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 
1/26 at 100.00 
BBB– 
2,672,626 
3,000 
 
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, 
1/25 at 100.00 
A 
3,170,700 
 
 
5.000%, 1/01/39 
 
 
 
10,000 
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City 
12/23 at 100.00 
BBB 
10,263,800 
 
 
Colleges, Series 2013, 5.250%, 12/01/43 
 
 
 
 
 
DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District 523, 
 
 
 
 
 
Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B: 
 
 
 
2,500 
 
0.000%, 2/01/33 
2/21 at 100.00 
AA– 
1,040,050 
2,000 
 
0.000%, 2/01/34 
2/21 at 100.00 
AA– 
771,380 
 
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, 
 
 
 
 
 
Series 2002.RMKT: 
 
 
 
3,400 
 
5.500%, 11/01/36 
11/23 at 100.00 
A 
3,646,432 
2,500 
 
4.450%, 11/01/36 
11/25 at 102.00 
A 
2,531,450 
3,295 
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 
12/18 at 100.00 
Baa2 
3,302,117 
 
 
5.800%, 6/01/30 – NPFG Insured 
 
 
 
 
 
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont 
 
 
 
 
 
School Project, Series 2015A: 
 
 
 
1,700 
 
5.750%, 12/01/35, 144A 
12/25 at 100.00 
N/R 
1,703,825 
115 
 
6.000%, 12/01/45, 144A 
12/25 at 100.00 
N/R 
114,840 
 
37

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
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+ 
$ 1,054,250 
1,000 
 
5.000%, 8/01/46 
8/27 at 100.00 
BBB+ 
1,051,260 
1,000 
 
5.000%, 8/01/47 
8/27 at 100.00 
BBB+ 
1,049,780 
6,500 
 
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
B2 
6,822,400 
 
 
Corporation Project, Series 2010, 6.750%, 10/15/40 
 
 
 
39,675 
 
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, Series 
2/27 at 100.00 
Aa2 
38,253,445 
 
 
2016C, 4.000%, 2/15/41 
 
 
 
6,750 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38 
9/22 at 100.00 
AA+ 
7,136,977 
 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: 
 
 
 
1,485 
 
5.000%, 9/01/34 
9/24 at 100.00 
AA+ 
1,620,313 
19,025 
 
5.000%, 9/01/42 
9/24 at 100.00 
AA+ 
20,496,584 
1,750 
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 5/15/43 
5/22 at 100.00 
Baa2 
1,703,135 
4,300 
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34 
4/19 at 100.00 
A1 
4,359,813 
15,805 
 
Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 
6/26 at 100.00 
A3 
16,712,681 
 
 
5.000%, 12/01/46 
 
 
 
1,630 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 
8/22 at 100.00 
Aa2 
1,746,382 
 
 
5.000%, 8/15/37 
 
 
 
25 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
N/R (4) 
26,107 
 
 
(Pre-refunded 8/15/19) 
 
 
 
2,475 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
N/R (4) 
2,584,544 
 
 
(Pre-refunded 8/15/19) 
 
 
 
1,435 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 
7/23 at 100.00 
A– 
1,556,559 
 
 
6.000%, 7/01/43 
 
 
 
 
 
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 
595,700 
6,140 
 
5.000%, 8/15/44 
8/25 at 100.00 
Baa1 
6,430,729 
5,735 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 
8/19 at 100.00 
N/R (4) 
5,955,453 
 
 
2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19) 
 
 
 
8,960 
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – 
8/21 at 100.00 
A2 
9,700,365 
 
 
AGM Insured 
 
 
 
1,150 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 
2/21 at 100.00 
AA– (4) 
1,232,788 
 
 
2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) 
 
 
 
4,500 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 
2/21 at 100.00 
AA– (4) 
4,823,955 
 
 
2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) 
 
 
 
19,975 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 
10/21 at 100.00 
AA– 
21,018,494 
 
 
5.000%, 10/01/51 
 
 
 
20,000 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2015A, 5.000%, 
10/25 at 100.00 
AA– 
21,725,200 
 
 
10/01/46 (UB) (5) 
 
 
 
3,665 
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 
6/24 at 100.00 
BBB– 
3,966,153 
 
 
6/15/31 – AGM Insured 
 
 
 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
3,200 
 
5.250%, 2/01/32 
2/24 at 100.00 
BBB– 
3,306,304 
2,000 
 
5.250%, 2/01/33 
2/24 at 100.00 
BBB– 
2,061,720 
1,575 
 
5.250%, 2/01/34 
2/24 at 100.00 
BBB– 
1,620,659 
7,500 
 
5.000%, 2/01/39 
2/24 at 100.00 
BBB– 
7,551,000 
5,000 
 
Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/35 
6/26 at 100.00 
BBB– 
4,456,350 
 
 
Illinois State, General Obligation Bonds, May Series 2014: 
 
 
 
510 
 
5.000%, 5/01/36 
5/24 at 100.00 
BBB– 
515,120 
3,245 
 
5.000%, 5/01/39 
5/24 at 100.00 
BBB– 
3,262,004 
 
38


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
Illinois State, General Obligation Bonds, November Series 2016: 
 
 
 
$ 11,800 
 
5.000%, 11/01/40 
11/26 at 100.00 
BBB– 
$ 11,869,502 
13,200 
 
5.000%, 11/01/41 
11/26 at 100.00 
BBB– 
13,269,168 
 
 
Illinois State, General Obligation Bonds, November Series 2017D: 
 
 
 
1,895 
 
5.000%, 11/01/27 
No Opt. Call 
BBB– 
1,968,734 
31,320 
 
5.000%, 11/01/28 
11/27 at 100.00 
BBB– 
32,304,388 
5,000 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 
2/27 at 100.00 
BBB– 
5,128,700 
2,625 
 
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/24 
1/20 at 100.00 
BBB– 
2,665,504 
 
 
Illinois State, General Obligation Bonds, Refunding Series 2012: 
 
 
 
3,425 
 
5.000%, 8/01/23 
No Opt. Call 
BBB– 
3,571,556 
1,190 
 
5.000%, 8/01/25 
8/22 at 100.00 
BBB– 
1,229,282 
 
 
Illinois State, General Obligation Bonds, Series 2013: 
 
 
 
2,000 
 
5.250%, 7/01/31 
7/23 at 100.00 
BBB– 
2,081,980 
2,990 
 
5.500%, 7/01/38 
7/23 at 100.00 
BBB– 
3,128,407 
5,000 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
AA– 
5,376,300 
 
 
5.000%, 1/01/35 
 
 
 
18,920 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 
7/25 at 100.00 
AA– 
20,581,176 
 
 
5.000%, 1/01/40 
 
 
 
1,395 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 
1/23 at 100.00 
AA– 
1,781,443 
 
 
2015-XF0051, 13.175%, 1/01/38, 144A (IF) 
 
 
 
7,400 
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 
1/21 at 100.00 
A2 
7,787,390 
 
 
5.250%, 1/01/37 – AGM Insured 
 
 
 
17,500 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
6/22 at 100.00 
BB+ 
17,735,900 
 
 
Refunding Series 2012B, 5.000%, 6/15/52 
 
 
 
540 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
12/25 at 100.00 
BB+ 
554,942 
 
 
Refunding Series 2015B, 5.000%, 6/15/52 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
 
 
 
 
 
Series 2015A: 
 
 
 
2,890 
 
0.000%, 12/15/52 
No Opt. Call 
BB+ 
462,978 
5,700 
 
5.500%, 6/15/53 
12/25 at 100.00 
BB+ 
6,025,869 
5,185 
 
5.000%, 6/15/53 
12/25 at 100.00 
BB+ 
5,325,254 
11,365 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/20 at 100.00 
BB+ 
11,462,171 
 
 
Refunding Bonds, Series 2010A, 5.500%, 6/15/50 
 
 
 
3,650 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/20 at 100.00 
BBB– 
3,842,902 
 
 
Refunding Bonds, Series 2010A, 5.500%, 6/15/50 
 
 
 
 
 
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– 
7,161,000 
43,200 
 
0.000%, 6/15/45 – AGM Insured 
No Opt. Call 
BBB– 
11,754,288 
10,000 
 
0.000%, 6/15/46 – AGM Insured 
No Opt. Call 
BBB– 
2,584,100 
41,205 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
6/20 at 100.00 
BB+ 
41,240,848 
 
 
Project, Refunding Series 2010B-2, 5.000%, 6/15/50 
 
 
 
8,750 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
BB+ 
5,702,900 
 
 
Project, Series 1994B, 0.000%, 6/15/28 – NPFG Insured 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Series 2002A: 
 
 
 
18,085 
 
0.000%, 12/15/24 – NPFG Insured 
No Opt. Call 
BB+ 
14,150,066 
20,045 
 
0.000%, 12/15/35 – AGM Insured 
No Opt. Call 
BBB– 
9,019,047 
1,846 
 
Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, 
3/24 at 100.00 
AA 
1,951,887 
 
 
Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured 
 
 
 
2,600 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
A2 
3,248,518 
 
 
Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured 
 
 
 
3,900 
 
Rosemont Village, Illinois, General Obligation Bonds, Corporate Purpose Series 2011A, 5.600%, 
12/20 at 100.00 
A2 (4) 
4,176,393 
 
 
12/01/35 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
 
39

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 7,025 
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, 
11/23 at 100.00 
N/R (4) 
$ 8,710,157 
 
 
Inc., Series 2013, 7.625%, 11/01/48 (Pre-refunded 11/01/23) 
 
 
 
4,000 
 
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, 
No Opt. Call 
Baa2 
3,110,720 
 
 
Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured 
 
 
 
12,125 
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – 
3/25 at 100.00 
A2 
13,027,949 
 
 
AGM Insured 
 
 
 
2,550 
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
Baa2 
2,256,724 
 
 
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured 
 
 
 
780 
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
Baa2 (4) 
702,647 
 
 
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured (ETM) 
 
 
 
6,415 
 
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital 
No Opt. Call 
Aa3 
5,299,752 
 
 
Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured 
 
 
 
 
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General 
 
 
 
 
 
Obligation Bonds, Series 2011: 
 
 
 
930 
 
7.000%, 12/01/21 – AGM Insured 
12/20 at 100.00 
A2 
1,008,780 
1,035 
 
7.000%, 12/01/22 – AGM Insured 
12/20 at 100.00 
A2 
1,120,046 
1,155 
 
7.000%, 12/01/23 – AGM Insured 
12/20 at 100.00 
A2 
1,249,906 
1,065 
 
7.000%, 12/01/26 – AGM Insured 
12/20 at 100.00 
A2 
1,148,027 
 
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General 
 
 
 
 
 
Obligation Bonds, Series 2011: 
 
 
 
2,085 
 
7.250%, 12/01/29 (Pre-refunded 12/01/20) – AGM Insured 
12/20 at 100.00 
A2 (4) 
2,295,689 
2,295 
 
7.250%, 12/01/30 (Pre-refunded 12/01/20) – AGM Insured 
12/20 at 100.00 
A2 (4) 
2,526,910 
884,596 
 
Total Illinois 
 
 
821,790,277 
 
 
Indiana – 3.7% (2.3% 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 
524,905 
675 
 
6.750%, 1/15/43, 144A 
1/24 at 104.00 
N/R 
707,339 
1,605 
 
Chesterton, Indiana, Economic Development Revenue Bonds, Storypoint Chesterton Project, 
1/24 at 104.00 
N/R 
1,630,520 
 
 
Series 2016, 6.250%, 1/15/43, 144A 
 
 
 
2,640 
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point 
No Opt. Call 
Baa2 
2,287,930 
 
 
Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured 
 
 
 
12,040 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University 
10/24 at 100.00 
A3 
12,811,523 
 
 
Project, Series 2014, 5.000%, 10/01/44 
 
 
 
365 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
6/20 at 100.00 
B 
376,001 
 
 
Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 
 
 
 
125 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
No Opt. Call 
B 
127,920 
 
 
Corporation Project, Refunding Series 2011, 6.000%, 12/01/19 
 
 
 
5,750 
 
Indiana Finance Authority, Health System Revenue Bonds, Franciscan Alliance, Inc. Obligated 
11/25 at 100.00 
Aa3 
5,535,698 
 
 
Group, Series 2016A, 4.000%, 11/01/51 
 
 
 
10,290 
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 
5/23 at 100.00 
A 
10,870,047 
 
 
2012A, 5.000%, 5/01/42 
 
 
 
5,000 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B, 
12/20 at 100.00 
AA– (4) 
5,283,100 
 
 
5.000%, 12/01/37 (Pre-refunded 12/01/20) 
 
 
 
13,880 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 
10/21 at 100.00 
A2 
14,700,447 
 
 
2011B, 5.000%, 10/01/41 
 
 
 
17,970 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 
10/24 at 100.00 
A 
19,518,115 
 
 
2014A, 5.000%, 10/01/44 
 
 
 
5,000 
 
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, Revenue Bonds, PILOT 
1/20 at 100.00 
AA (4) 
5,168,050 
 
 
Infrastructure Project, Series 2010F, 5.000%, 1/01/35 (Pre-refunded 1/01/20) – AGM Insured 
 
 
 
 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: 
 
 
 
10,000 
 
0.000%, 2/01/26 – AMBAC Insured 
No Opt. Call 
A 
8,013,100 
20,000 
 
0.000%, 2/01/28 – AMBAC Insured 
No Opt. Call 
A 
14,683,200 
 
40


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana (continued) 
 
 
 
 
 
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 
Aa3 (4) 
$ 2,872,216 
11,760 
 
5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured 
1/19 at 100.00 
A+ (4) 
11,827,855 
120,455 
 
Total Indiana 
 
 
116,937,966 
 
 
Iowa – 3.5% (2.2% of Total Investments) 
 
 
 
10,000 
 
Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 
2/23 at 100.00 
A1 
10,600,400 
 
 
2013A, 5.250%, 2/15/44 
 
 
 
10,690 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/23 at 100.00 
B– 
11,308,523 
 
 
Project, Series 2013, 5.250%, 12/01/25 
 
 
 
18,290 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
6/19 at 105.00 
B– 
19,363,623 
 
 
Project, Series 2016, 5.875%, 12/01/27, 144A 
 
 
 
21,280 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/22 at 105.00 
B 
22,622,555 
 
 
Project, Series 2018B, 5.250%, 12/01/50 (Mandatory put 12/01/22) 
 
 
 
5,700 
 
Iowa Finance Authority, Senior Housing Revenue Bonds, PHS Council Bluffs, Inc. Project, Series 
8/23 at 102.00 
N/R 
5,617,293 
 
 
2018, 5.250%, 8/01/55 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
8,285 
 
5.375%, 6/01/38 
1/19 at 100.00 
B2 
8,306,872 
2,200 
 
5.500%, 6/01/42 
1/19 at 100.00 
B2 
2,205,126 
21,420 
 
5.625%, 6/01/46 
1/19 at 100.00 
B 
21,447,632 
8,400 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
1/19 at 100.00 
B2 
8,423,940 
 
 
5.600%, 6/01/34 
 
 
 
106,265 
 
Total Iowa 
 
 
109,895,964 
 
 
Kansas – 0.7% (0.4% of Total Investments) 
 
 
 
1,240 
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health 
1/20 at 100.00 
AA– 
1,272,996 
 
 
Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
8,140 
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health 
1/20 at 100.00 
N/R (4) 
8,408,864 
 
 
Services Corporation, Series 2010A, 5.000%, 1/01/40 (Pre-refunded 1/01/20) 
 
 
 
1,000 
 
Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc., Series 2017A, 
5/27 at 100.00 
BB+ 
1,014,550 
 
 
5.000%, 5/15/43 
 
 
 
 
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, 
 
 
 
 
 
Vacation Village Project Area 1 and 2A, Series 2015: 
 
 
 
4,845 
 
5.000%, 9/01/27 
9/25 at 100.00 
N/R 
5,105,176 
2,380 
 
5.750%, 9/01/32 
9/25 at 100.00 
N/R 
2,508,758 
2,495 
 
6.000%, 9/01/35 
9/25 at 100.00 
N/R 
2,612,689 
20,100 
 
Total Kansas 
 
 
20,923,033 
 
 
Kentucky – 2.8% (1.7% of Total Investments) 
 
 
 
4,565 
 
Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016, 
2/26 at 100.00 
BB+ 
4,775,355 
 
 
5.500%, 2/01/44 
 
 
 
6,065 
 
Kentucky Bond Development Corporation, Tax Increment Revenue Bonds, Summit Lexington Project, 
No Opt. Call 
N/R 
5,786,556 
 
 
Series 2016A, 4.400%, 10/01/24 
 
 
 
 
 
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+ 
8,120,904 
3,280 
 
5.000%, 6/01/41 
6/27 at 100.00 
BB+ 
3,374,366 
5,240 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical 
6/20 at 100.00 
BB+ (4) 
5,550,889 
 
 
Health System, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20) 
 
 
 
6,015 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical 
6/20 at 100.00 
BB+ (4) 
6,406,757 
 
 
Health System, Series 2010B, 6.375%, 3/01/40 (Pre-refunded 6/01/20) 
 
 
 
 
 
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 
4,592,795 
7,370 
 
5.000%, 7/01/40 
7/25 at 100.00 
Baa2 
7,689,195 
10,245 
 
5.000%, 1/01/45 
7/25 at 100.00 
Baa2 
10,640,355 
 
41

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Kentucky (continued) 
 
 
 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: 
 
 
 
$ 4,360 
 
0.000%, 7/01/43 (6) 
7/31 at 100.00 
Baa3 
$ 4,003,308 
7,510 
 
0.000%, 7/01/46 (6) 
7/31 at 100.00 
Baa3 
6,923,169 
 
 
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 
2,566,215 
480 
 
6.000%, 7/01/53 
7/23 at 100.00 
Baa3 
520,978 
715 
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding 
2/19 at 100.00 
AA 
720,777 
 
 
Series 2009, 5.250%, 2/01/20 – AGC Insured 
 
 
 
 
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding 
 
 
 
 
 
Series 2009: 
 
 
 
5,560 
 
5.250%, 2/01/20 (Pre-refunded 2/01/19) – AGC Insured 
2/19 at 100.00 
AA (4) 
5,606,315 
8,865 
 
5.250%, 2/01/24 (Pre-refunded 2/01/19) – AGC Insured 
2/19 at 100.00 
AA (4) 
8,938,845 
1,135 
 
5.250%, 2/01/24 (Pre-refunded 2/01/19) – AGC Insured 
2/19 at 100.00 
AA (4) 
1,144,602 
85,990 
 
Total Kentucky 
 
 
87,361,381 
 
 
Louisiana – 1.5% (1.0% of Total Investments) 
 
 
 
2,980 
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing 
7/23 at 100.00 
N/R 
3,150,545 
 
 
(US) LLC Project, Series 2013, 6.000%, 7/01/36 
 
 
 
4,330 
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical 
1/21 at 100.00 
A2 (4) 
4,670,901 
 
 
Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured 
 
 
 
5,000 
 
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities 
10/20 at 100.00 
AA (4) 
5,313,300 
 
 
Inc. Housing & Parking Project, Series 2010, 5.500%, 10/01/41 (Pre-refunded 10/01/20) – 
 
 
 
 
 
AGM Insured 
 
 
 
5,050 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
11/27 at 100.00 
Baa3 
4,770,988 
 
 
Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017, 
 
 
 
 
 
3.500%, 11/01/32 
 
 
 
 
 
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) 
161,042 
9,865 
 
5.750%, 7/01/25 – AGM Insured (UB) 
No Opt. Call 
A2 
11,043,572 
11,000 
 
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding 
10/33 at 100.00 
BBB 
9,216,460 
 
 
Series 2017, 0.000%, 10/01/46 (6) 
 
 
 
760 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/27 at 100.00 
A3 
735,194 
 
 
Refunding Series 2017, 4.000%, 5/15/42 
 
 
 
 
 
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 
1,002,820 
6,970 
 
5.000%, 5/15/47 
5/25 at 100.00 
A3 
7,334,531 
1,000 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 
 
 
 
 
 
4.250%, 6/01/34 
6/24 at 100.00 
A– 
1,013,860 
48,090 
 
Total Louisiana 
 
 
48,413,213 
 
 
Maine – 1.1% (0.6% of Total Investments) 
 
 
 
7,530 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/23 at 100.00 
Ba1 
7,743,777 
 
 
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
 
 
 
 
 
Center Obligated Group Issue, Series 2016A: 
 
 
 
5,450 
 
4.000%, 7/01/41 
7/26 at 100.00 
Ba1 
4,999,667 
9,565 
 
4.000%, 7/01/46 
7/26 at 100.00 
Ba1 
8,561,249 
1,050 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical 
7/21 at 100.00 
Ba3 
1,114,564 
 
 
Center, Series 2011, 6.750%, 7/01/41 
 
 
 
10,000 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue, 
7/24 at 100.00 
A+ 
10,684,700 
 
 
Series 2015, 5.000%, 7/01/39 
 
 
 
33,595 
 
Total Maine 
 
 
33,103,957 
 
42


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Maryland – 1.4% (0.9% of Total Investments) 
 
 
 
$ 1,000 
 
Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 2017A, 
2/26 at 100.00 
N/R 
$ 984,710 
 
 
4.375%, 2/15/39 
 
 
 
2,500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/22 at 100.00 
Baa3 
2,729,400 
 
 
Healthcare, Series 2011A, 6.000%, 1/01/26 
 
 
 
13,315 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/27 at 100.00 
Baa3 
14,423,474 
 
 
Healthcare, Series 2016A, 5.500%, 1/01/46 
 
 
 
10,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health 
7/25 at 100.00 
A+ 
10,779,400 
 
 
System, Series 2015, 5.000%, 7/01/47 
 
 
 
2,500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional 
7/24 at 100.00 
A3 
2,660,625 
 
 
Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 
 
 
 
3,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of 
7/22 at 100.00 
A– 
3,186,240 
 
 
Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43 
 
 
 
 
 
Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor 
 
 
 
 
 
Road Project, Series 2016: 
 
 
 
2,000 
 
4.750%, 7/01/36, 144A 
1/26 at 100.00 
N/R 
1,885,640 
2,300 
 
5.000%, 7/01/46, 144A 
1/26 at 100.00 
N/R 
2,184,287 
 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B: 
 
 
 
1,335 
 
4.250%, 11/01/37 
11/24 at 103.00 
BB 
1,291,025 
1,250 
 
4.500%, 11/01/43 
11/24 at 103.00 
BB 
1,226,075 
1,950 
 
5.000%, 11/01/47 
11/24 at 103.00 
BB 
2,004,054 
41,150 
 
Total Maryland 
 
 
43,354,930 
 
 
Massachusetts – 2.7% (1.7% of Total Investments) 
 
 
 
9,500 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
AA 
9,790,415 
 
 
Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 
 
 
 
3,125 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
A3 
3,207,062 
 
 
Refunding Senior Lien Series 2010B, 5.000%, 1/01/37 
 
 
 
 
 
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+ 
2,383,517 
6,195 
 
5.500%, 7/01/44 
7/24 at 100.00 
BB+ 
6,574,382 
 
 
Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the Charles, 
 
 
 
 
 
Inc. Issue, Series 2017: 
 
 
 
8,200 
 
4.125%, 10/01/42, 144A 
10/22 at 105.00 
BB+ 
7,320,960 
2,310 
 
5.000%, 10/01/47, 144A 
10/22 at 105.00 
BB+ 
2,368,351 
10,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2, 
7/28 at 100.00 
Baa1 
10,588,800 
 
 
5.000%, 7/01/53 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: 
 
 
 
2,950 
 
5.000%, 1/01/45 
1/25 at 100.00 
Baa2 
3,068,708 
4,020 
 
4.500%, 1/01/45 
1/25 at 100.00 
Baa2 
4,007,498 
6,000 
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, 
No Opt. Call 
AA– 
7,622,340 
 
 
Series 2002A, 5.750%, 1/01/42 – AMBAC Insured 
 
 
 
5,330 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, 
12/19 at 100.00 
AAA 
5,867,211 
 
 
Tender Option Bond Trust 2016-XL0017, 10.587%, 12/15/34, 144A (Pre-refunded 12/15/19) (IF) (5) 
 
 
 
1,000 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye 
7/20 at 100.00 
N/R (4) 
1,051,230 
 
 
and Ear Infirmary, Series 2010C, 5.375%, 7/01/35 (Pre-refunded 7/01/20) 
 
 
 
7,405 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts 
No Opt. Call 
AAA 
9,353,107 
 
 
Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB) (5) 
 
 
 
770 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, 
7/19 at 100.00 
Baa2 
784,137 
 
 
Refunding Series 2009A, 5.750%, 7/01/39 
 
 
 
1,530 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, 
7/19 at 100.00 
N/R (4) 
1,568,938 
 
 
Refunding Series 2009A, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
2,800 
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2014D, 3.875%, 12/01/39 
6/24 at 100.00 
AA– 
2,711,576 
 
43

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Massachusetts (continued) 
 
 
 
$ 4,560 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 
5/23 at 100.00 
Aa2 
$ 4,952,114 
 
 
2013A, 5.000%, 5/15/43 
 
 
 
425 
 
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Subordinate 
1/19 at 100.00 
AAA 
426,352 
 
 
Series 1999A, 5.750%, 8/01/29 
 
 
 
1,245 
 
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 
11/20 at 100.00 
A3 (4) 
1,316,837 
 
 
2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured 
 
 
 
79,610 
 
Total Massachusetts 
 
 
84,963,535 
 
 
Michigan – 2.9% (1.8% of Total Investments) 
 
 
 
5,490 
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2001A, 
No Opt. Call 
AA 
6,360,165 
 
 
6.000%, 5/01/29 – AGM Insured (UB) 
 
 
 
2,985 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A2 
3,161,981 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
895 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson 
5/20 at 100.00 
A2 
925,958 
 
 
Methodist Hospital, Remarketed Series 2006, 5.250%, 5/15/36 – AGM Insured 
 
 
 
1,105 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson 
5/20 at 100.00 
A2 (4) 
1,155,454 
 
 
Methodist Hospital, Remarketed Series 2006, 5.250%, 5/15/36 (Pre-refunded 5/15/20) – 
 
 
 
 
 
AGM Insured 
 
 
 
 
 
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+ 
4,518,059 
2,550 
 
4.000%, 11/15/36 
5/25 at 100.00 
A+ 
2,555,789 
3,240 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 
12/21 at 100.00 
AA– 
3,417,520 
 
 
2011MI, 5.000%, 12/01/39 
 
 
 
10 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 
12/21 at 100.00 
N/R (4) 
10,811 
 
 
2011MI, 5.000%, 12/01/39 (Pre-refunded 12/01/21) 
 
 
 
10,000 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Series 2016MI, 5.000%, 
6/26 at 100.00 
AA– 
10,729,200 
 
 
12/01/45 (UB) (5) 
 
 
 
4,000 
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 
1/22 at 100.00 
BBB 
4,144,040 
 
 
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 
AA– 
2,965,517 
8,260 
 
5.375%, 10/15/41 
10/21 at 100.00 
AA– 
8,880,491 
 
 
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 
N/R (4) 
5,701,080 
10,585 
 
5.750%, 11/15/39 (Pre-refunded 11/15/19) 
11/19 at 100.00 
N/R (4) 
10,985,536 
13,855 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
6/22 at 100.00 
AA– 
14,629,494 
 
 
2009C, 5.000%, 12/01/48 
 
 
 
3,050 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue 
12/18 at 100.00 
B2 
3,056,527 
 
 
Bonds, Series 2008A, 6.875%, 6/01/42 
 
 
 
 
 
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 
3,867,370 
3,600 
 
5.000%, 12/01/45 
12/25 at 100.00 
A 
3,910,104 
85,920 
 
Total Michigan 
 
 
90,975,096 
 
 
Minnesota – 1.0% (0.6% 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+ 
143,084 
440 
 
4.000%, 8/01/41 
8/26 at 100.00 
BB+ 
392,128 
2,000 
 
Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Prairie Seeds Academy Project, 
3/25 at 100.00 
BB+ 
2,014,960 
 
 
Refunding Series 2015A, 5.000%, 3/01/34 
 
 
 
 
44


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Minnesota (continued) 
 
 
 
$ 1,720 
 
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 
7/25 at 100.00 
BB+ 
$ 1,783,881 
 
 
2015A, 5.500%, 7/01/50 
 
 
 
 
 
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, 
 
 
 
 
 
Essentia Health Obligated Group, Series 2018A: 
 
 
 
4,785 
 
4.250%, 2/15/43 (WI/DD, Settling 11/01/18) 
2/28 at 100.00 
A– 
4,650,446 
10,575 
 
4.250%, 2/15/48 (WI/DD, Settling 11/01/18) 
2/28 at 100.00 
A– 
10,146,501 
1,410 
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 
7/24 at 102.00 
N/R 
1,328,135 
 
 
2016A, 5.000%, 7/01/47 
 
 
 
1,000 
 
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue 
8/20 at 100.00 
A2 
1,032,070 
 
 
Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured 
 
 
 
 
 
Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, 
 
 
 
 
 
Series 2016A: 
 
 
 
405 
 
5.000%, 4/01/36 
4/26 at 100.00 
CC 
222,268 
605 
 
5.000%, 4/01/46 
4/26 at 100.00 
CC 
331,752 
2,500 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, 
7/25 at 100.00 
A2 
2,518,825 
 
 
HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 
 
 
 
235 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, 
4/23 at 100.00 
N/R 
235,569 
 
 
2700 University at Westgate Station, Series 2015B, 4.250%, 4/01/25 
 
 
 
 
 
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast 
 
 
 
 
 
Inc., Series 2015A: 
 
 
 
900 
 
5.250%, 11/15/35 (Pre-refunded 11/15/20) 
11/20 at 100.00 
N/R (4) 
954,540 
2,785 
 
5.000%, 11/15/40 (Pre-refunded 11/15/25) 
11/25 at 100.00 
N/R (4) 
3,200,633 
3,190 
 
5.000%, 11/15/44 (Pre-refunded 11/15/25) 
11/25 at 100.00 
N/R (4) 
3,666,076 
32,705 
 
Total Minnesota 
 
 
32,620,868 
 
 
Mississippi – 0.2% (0.1% of Total Investments) 
 
 
 
5,445 
 
Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System 
No Opt. Call 
A2 
5,993,148 
 
 
Project, Series 2005, 5.250%, 7/01/24 – AGM Insured 
 
 
 
 
 
Missouri – 1.7% (1.1% of Total Investments) 
 
 
 
2,820 
 
Chesterfield Valley Transportation Development District, Missouri, Transportation Sales Tax 
5/23 at 100.00 
A– 
2,716,506 
 
 
Revenue Bonds, Series 2015, 3.625%, 5/15/31 
 
 
 
 
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway 
 
 
 
 
 
Center Community Improvement District, Senior Refunding & Improvement Series 2016: 
 
 
 
400 
 
5.000%, 4/01/36, 144A 
4/26 at 100.00 
N/R 
405,424 
1,520 
 
5.000%, 4/01/46, 144A 
4/26 at 100.00 
N/R 
1,513,190 
15,000 
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 
No Opt. Call 
A1 
10,685,850 
 
 
2004B-1, 0.000%, 4/15/28 – AMBAC Insured 
 
 
 
3,345 
 
Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, 
5/27 at 100.00 
BB 
3,458,797 
 
 
Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/50 
 
 
 
 
 
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty 
 
 
 
 
 
Commons Project, Series 2015A: 
 
 
 
1,575 
 
5.750%, 6/01/35, 144A 
6/25 at 100.00 
N/R 
1,499,006 
1,055 
 
6.000%, 6/01/46, 144A 
6/25 at 100.00 
N/R 
1,004,518 
2,460 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
5/23 at 100.00 
BBB 
2,588,781 
 
 
Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
 
 
 
 
 
Saint Louis College of Pharmacy, Series 2015B: 
 
 
 
1,410 
 
5.000%, 5/01/40 
11/23 at 100.00 
BBB 
1,462,946 
2,000 
 
5.000%, 5/01/45 
11/23 at 100.00 
BBB 
2,069,620 
7,040 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/23 at 100.00 
A2 
7,397,421 
 
 
CoxHealth, Series 2013A, 5.000%, 11/15/48 
 
 
 
2,250 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
2/22 at 100.00 
A1 
2,371,680 
 
 
Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43 
 
 
 
 
45

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri (continued) 
 
 
 
$ 1,010 
 
Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and 
5/21 at 100.00 
N/R 
$ 965,732 
 
 
Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30 
 
 
 
4,125 
 
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 
No Opt. Call 
A– 
4,988,734 
 
 
2005, 5.500%, 7/01/29 – NPFG Insured 
 
 
 
15,350 
 
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park 
No Opt. Call 
N/R 
8,979,136 
 
 
Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured 
 
 
 
405 
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village 
9/23 at 100.00 
BB+ 
434,719 
 
 
of Sunset Hills, Series 2013A, 5.875%, 9/01/43 
 
 
 
 
 
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 
1,593,648 
455 
 
5.125%, 12/01/45 
12/25 at 100.00 
N/R 
467,895 
63,770 
 
Total Missouri 
 
 
54,603,603 
 
 
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 
1,207,512 
375 
 
5.250%, 5/15/47 
5/25 at 102.00 
N/R 
382,748 
3,000 
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated 
1/21 at 100.00 
A2 (4) 
3,223,740 
 
 
Group, Series 2011A, 5.750%, 1/01/31 (Pre-refunded 1/01/21) – AGM Insured 
 
 
 
4,550 
 
Total Montana 
 
 
4,814,000 
 
 
Nebraska – 1.3% (0.8% of Total Investments) 
 
 
 
10,665 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding Crossover 
No Opt. Call 
BBB+ 
11,838,470 
 
 
Series 2017A, 5.000%, 9/01/42 
 
 
 
4,435 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 
9/22 at 100.00 
BBB+ 
4,768,512 
 
 
5.000%, 9/01/32 
 
 
 
580 
 
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska 
11/25 at 100.00 
A– 
620,206 
 
 
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 
 
 
 
 
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska 
 
 
 
 
 
Methodist Health System, Refunding Series 2015: 
 
 
 
2,090 
 
4.125%, 11/01/36 
11/25 at 100.00 
A– 
2,105,800 
2,325 
 
5.000%, 11/01/48 
11/25 at 100.00 
A– 
2,477,357 
4,010 
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great 
11/21 at 100.00 
A– 
4,183,232 
 
 
Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 
 
 
 
5,000 
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 
4/19 at 100.00 
A (4) 
5,072,850 
 
 
2009A, 5.375%, 4/01/39 (Pre-refunded 4/01/19) – BHAC Insured 
 
 
 
4,000 
 
Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2018C, 
9/27 at 100.00 
AA+ 
3,895,920 
 
 
3.750%, 9/01/38 
 
 
 
6,000 
 
Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional West 
2/27 at 100.00 
BBB+ 
6,161,100 
 
 
Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/20/37 
 
 
 
39,105 
 
Total Nebraska 
 
 
41,123,447 
 
 
Nevada – 2.6% (1.6% of Total Investments) 
 
 
 
5,350 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – 
7/19 at 100.00 
Aa3 
5,453,736 
 
 
AGM Insured 
 
 
 
 
 
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 
24,797,527 
14,515 
 
5.250%, 7/01/42 
1/20 at 100.00 
A+ 
14,979,770 
410 
 
Director of the State of Nevada Department of Business and Industry, Charter School Lease 
12/25 at 100.00 
BB 
411,193 
 
 
Revenue Bonds, Somerset Academy, Series 2018A, 5.000%, 12/15/38, 144A 
 
 
 
28,470 
 
Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue 
7/28 at 100.00 
A+ 
27,067,853 
 
 
Bonds, Series 2018B, 4.000%, 7/01/49 
 
 
 
 
46


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Nevada (continued) 
 
 
 
$ 1,000 
 
Las Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement 
6/21 at 100.00 
N/R 
$ 898,590 
 
 
District, Series 2016, 4.375%, 6/15/35, 144A 
 
 
 
500 
 
Nevada State Director of the Department of Business and Industry, Charter School Revenue 
7/25 at 100.00 
BB+ 
502,790 
 
 
Bonds, Doral Academy of Nevada, Series 2017A, 5.000%, 7/15/37, 144A 
 
 
 
1,140 
 
North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 
1/19 at 100.00 
BB 
1,141,151 
 
 
5.000%, 10/01/25 – NPFG Insured 
 
 
 
4,000 
 
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno Transportation 
12/28 at 100.00 
A3 
3,860,120 
 
 
Rail Access Corridor Project, Series 2018A, 4.000%, 6/01/43 
 
 
 
5,000 
 
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, 
No Opt. Call 
N/R 
514,900 
 
 
ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018C, 0.000%, 7/01/58, 144A 
 
 
 
1,100 
 
Washoe County, Nevada, Highway Revenue, Motor Vehicle Fuel Tax Bonds, Series 2013, 
2/19 at 100.00 
A+ 
1,106,952 
 
 
5.000%, 2/01/38 
 
 
 
85,505 
 
Total Nevada 
 
 
80,734,582 
 
 
New Hampshire – 0.3% (0.2% of Total Investments) 
 
 
 
5,000 
 
National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta Project, 
7/23 at 100.00 
B 
4,862,200 
 
 
Refunding Series 2018B, 4.625%, 11/01/42, 144A 
 
 
 
5,000 
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group 
10/19 at 100.00 
BBB (4) 
5,186,200 
 
 
Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 
 
 
 
500 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Kendal at Hanover, 
10/26 at 100.00 
BBB+ 
523,250 
 
 
Series 2016, 5.000%, 10/01/40 
 
 
 
10,500 
 
Total New Hampshire 
 
 
10,571,650 
 
 
New Jersey – 6.2% (3.9% 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+ 
38,097,481 
2,110 
 
5.500%, 6/15/30 
12/26 at 100.00 
BBB+ 
2,329,018 
 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
 
 
 
 
 
Series 2005N-1: 
 
 
 
6,835 
 
5.500%, 9/01/24 – AMBAC Insured 
No Opt. Call 
BBB+ 
7,668,665 
5,000 
 
5.500%, 9/01/28 – NPFG Insured 
No Opt. Call 
BBB+ 
5,771,450 
11,975 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/25 at 100.00 
BBB+ 
12,623,686 
 
 
2015WW, 5.250%, 6/15/40 
 
 
 
2,335 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
9/22 at 100.00 
BBB+ 
2,494,854 
 
 
Bonds, Series 2012K-K, 5.000%, 3/01/23 
 
 
 
600 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
7/21 at 100.00 
BB+ 
633,264 
 
 
University Hospital, Refunding Series 2011, 6.000%, 7/01/26 
 
 
 
1,500 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
1/19 at 100.00 
BB+ 
1,503,315 
 
 
University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
2,325 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, 
7/24 at 100.00 
A+ 
2,480,496 
 
 
Refunding Series 2014A, 5.000%, 7/01/44 
 
 
 
2,015 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
BBB+ 
1,437,823 
 
 
Appreciation Series 2010A, 0.000%, 12/15/26 
 
 
 
2,150 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 
No Opt. Call 
BBB+ 
2,264,853 
 
 
2006A, 5.250%, 12/15/20 
 
 
 
20,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 
No Opt. Call 
A– 
10,372,600 
 
 
2006C, 0.000%, 12/15/33 – AGM Insured 
 
 
 
10,490 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 
6/21 at 100.00 
BBB+ 
10,782,147 
 
 
5.000%, 6/15/42 
 
 
 
20,040 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2014AA, 
6/24 at 100.00 
BBB+ 
20,642,002 
 
 
5.000%, 6/15/44 
 
 
 
 
47

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: 
 
 
 
$ 13,680 
 
4.750%, 6/15/38 
6/25 at 100.00 
BBB+ 
$ 13,999,018 
5,245 
 
5.250%, 6/15/41 
6/25 at 100.00 
BBB+ 
5,495,291 
8,230 
 
5.000%, 6/15/45 
6/25 at 100.00 
BBB+ 
8,486,694 
275 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2018A, 
12/28 at 100.00 
BBB+ 
264,190 
 
 
4.250%, 12/15/38 
 
 
 
33,200 
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – 
No Opt. Call 
A2 
38,531,920 
 
 
AGM Insured 
 
 
 
120 
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 12.523%, 
7/22 at 100.00 
N/R (4) 
162,179 
 
 
1/01/43, 144A (Pre-refunded 7/01/22) (IF) (5) 
 
 
 
80 
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 12.523%, 
7/22 at 100.00 
A2 
108,119 
 
 
1/01/43, 144A (IF) (5) 
 
 
 
1,135 
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 
5/23 at 100.00 
A+ 
1,236,321 
3,000 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/28 at 100.00 
BBB+ 
3,178,230 
 
 
Series 2018A, 5.250%, 6/01/46 
 
 
 
3,410 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/28 at 100.00 
BBB 
3,461,764 
 
 
Series 2018B, 5.000%, 6/01/46 
 
 
 
1,330 
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, 
No Opt. Call 
A2 
1,520,642 
 
 
Series 2005, 5.250%, 1/01/26 – AGM Insured 
 
 
 
191,390 
 
Total New Jersey 
 
 
195,546,022 
 
 
New York – 5.3% (3.3% of Total Investments) 
 
 
 
12,060 
 
Build NYC Resource Corporation, Revenue Bonds, Albert Einstein College of Medicine, Inc., 
9/25 at 100.00 
N/R 
12,645,754 
 
 
Series 2015, 5.500%, 9/01/45, 144A 
 
 
 
2,250 
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of 
No Opt. Call 
Baa2 
2,509,605 
 
 
Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured 
 
 
 
9,700 
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 
No Opt. Call 
AAA 
12,026,642 
 
 
2017A, 5.000%, 10/01/47 (UB) (5) 
 
 
 
4,070 
 
Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount 
7/25 at 100.00 
A– 
4,409,764 
 
 
Sinai, Refunding Series 2015A, 5.000%, 7/01/45 
 
 
 
7,225 
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell 
7/20 at 100.00 
AA 
7,528,161 
 
 
University, Series 2010A, 5.000%, 7/01/35 
 
 
 
 
 
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– 
2,857,977 
5,600 
 
5.000%, 12/01/45, 144A 
6/25 at 100.00 
BBB– 
5,911,080 
5 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General 
2/19 at 100.00 
Aa1 (4) 
5,047 
 
 
Purpose, Series 2009A, 5.000%, 2/15/39 (Pre-refunded 2/15/19) 
 
 
 
 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender 
 
 
 
 
 
Option Bond Trust 2016-XF0525: 
 
 
 
1,881 
 
10.435%, 2/15/39, 144A (Pre-refunded 2/15/19) (IF) 
2/19 at 100.00 
N/R (4) 
1,931,781 
117 
 
10.435%, 2/15/39, 144A (IF) 
2/19 at 100.00 
AA+ 
120,191 
1,255 
 
10.428%, 2/15/39, 144A (Pre-refunded 2/15/19) (IF) 
2/19 at 100.00 
N/R (4) 
1,289,174 
80 
 
10.428%, 2/15/39, 144A (IF) 
2/19 at 100.00 
AA+ 
82,178 
2,695 
 
Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, 
2/27 at 100.00 
N/R 
2,419,679 
 
 
The Academy Charter School Project, Series 2017A, 6.240%, 2/01/47 
 
 
 
2,965 
 
Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, 
2/28 at 100.00 
N/R 
2,844,532 
 
 
The Academy Charter School Project, Series 2018A, 6.760%, 2/01/48 
 
 
 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
 
Series 2011A: 
 
 
 
325 
 
5.750%, 2/15/47 
2/21 at 100.00 
AA– 
347,939 
2,295 
 
5.250%, 2/15/47 
2/21 at 100.00 
AA– 
2,430,612 
 
48


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
 
Series 2011A: 
 
 
 
$ 525 
 
5.750%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 (4) 
$ 568,024 
105 
 
5.250%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 (4) 
112,439 
6,075 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 
5/21 at 100.00 
A– (4) 
6,504,502 
 
 
5/01/36 (Pre-refunded 5/01/21) – AGM Insured 
 
 
 
10,000 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 
9/22 at 100.00 
A– 
10,718,200 
 
 
5.000%, 9/01/42 
 
 
 
4,315 
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue 
2/21 at 100.00 
AA 
4,609,671 
 
 
Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40 
 
 
 
1,000 
 
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health 
7/24 at 100.00 
Baa1 
1,075,880 
 
 
Services of Long Island Obligated Group Project, Series 2014, 5.000%, 7/01/31 
 
 
 
1,690 
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed 
12/18 at 100.00 
B– 
1,641,869 
 
 
Bonds, Series 2006A-3, 5.000%, 6/01/35 
 
 
 
4,050 
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project 
3/19 at 100.00 
A3 
4,128,408 
 
 
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured 
 
 
 
11,570 
 
New York City Municipal Water Authority, Water and Sewer System Second General Resolution 
6/25 at 100.00 
AA+ 
12,594,176 
 
 
Revenue Bonds, Fiscal 2016, Series 2015, 5.000%, 6/15/46 (UB) 
 
 
 
5 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – 
12/18 at 100.00 
AA– 
5,013 
 
 
FGIC Insured 
 
 
 
28,615 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
29,348,116 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
6,500 
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 211, 
 
 
 
 
 
3.750%, 10/01/43 
4/27 at 100.00 
Aa1 
6,235,125 
5,655 
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital 
7/22 at 100.00 
N/R (4) 
6,209,303 
 
 
Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 
 
 
 
 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
 
Terminal LLC Project, Eighth Series 2010: 
 
 
 
8,550 
 
5.500%, 12/01/31 
12/20 at 100.00 
BBB 
9,093,609 
3,155 
 
6.000%, 12/01/36 
12/20 at 100.00 
BBB 
3,384,085 
10,360 
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 
6/27 at 100.00 
N/R 
10,140,264 
157,393 
 
Total New York 
 
 
165,728,800 
 
 
North Carolina – 0.8% (0.5% of Total Investments) 
 
 
 
1,255 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/19 at 100.00 
Aa2 (4) 
1,277,778 
 
 
Health System, Series 2009A, 5.000%, 6/01/39 (Pre-refunded 6/01/19) 
 
 
 
10,000 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/22 at 100.00 
AA 
10,726,700 
 
 
Health System, Series 2012A, 5.000%, 6/01/42 
 
 
 
4,715 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, 
6/22 at 100.00 
A+ 
4,998,230 
 
 
Refunding Series 2012A, 5.000%, 6/01/36 
 
 
 
2,150 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, 
10/22 at 100.00 
A2 
2,316,689 
 
 
Refunding Series 2012A, 5.000%, 10/01/38 
 
 
 
2,150 
 
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, 
7/27 at 100.00 
N/R 
2,237,247 
 
 
Aldersgate United Retirement Community Inc., Refunding Series 2017A, 5.000%, 7/01/47 
 
 
 
1,690 
 
North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 
7/26 at 100.00 
BBB– 
1,794,780 
 
 
5.000%, 7/01/54 
 
 
 
540 
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009, 6.000%, 6/01/34 
6/19 at 100.00 
A2 (4) 
552,744 
 
 
(Pre-refunded 6/01/19) – AGC Insured 
 
 
 
22,500 
 
Total North Carolina 
 
 
23,904,168 
 
 
North Dakota – 2.2% (1.4% of Total Investments) 
 
 
 
9,950 
 
Cass County, North Dakota, Health Care Facilities Revenue Bonds, Essential Health Obligated 
2/28 at 100.00 
A– 
9,515,583 
 
 
Group, Series 2018B, 4.250%, 2/15/48 
 
 
 
 
49

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
North Dakota (continued) 
 
 
 
 
 
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 
$ 7,326,830 
3,000 
 
5.000%, 12/01/32 
12/21 at 100.00 
Baa1 
3,125,790 
2,245 
 
5.000%, 12/01/35 
12/21 at 100.00 
Baa1 
2,329,839 
4,525 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated 
12/27 at 100.00 
Baa1 
4,816,908 
 
 
Group, Series 2017A, 5.000%, 12/01/42 
 
 
 
1,000 
 
Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and 
12/26 at 100.00 
N/R 
973,270 
 
 
Services Obligated Group, Series 2017, 5.000%, 12/01/36 
 
 
 
 
 
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C: 
 
 
 
10,000 
 
5.000%, 6/01/38 
6/28 at 100.00 
BBB– 
10,393,200 
10,915 
 
5.000%, 6/01/43 
6/28 at 100.00 
BBB– 
11,232,736 
17,000 
 
5.000%, 6/01/53 
6/28 at 100.00 
BBB– 
17,362,780 
 
 
Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, 
 
 
 
 
 
Series 2012A: 
 
 
 
490 
 
4.000%, 3/01/19 
No Opt. Call 
B 
490,216 
1,085 
 
5.000%, 3/01/21 
No Opt. Call 
B 
1,107,156 
2,535 
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC 
9/23 at 100.00 
N/R 
1,014,000 
 
 
Project, Series 2013, 7.750%, 9/01/38 (7) 
 
 
 
69,745 
 
Total North Dakota 
 
 
69,688,308 
 
 
Ohio – 11.1% (6.9% of Total Investments) 
 
 
 
4,185 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, 
5/22 at 100.00 
A1 
4,409,149 
 
 
Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 
 
 
 
 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and 
 
 
 
 
 
Improvement Series 2012A: 
 
 
 
1,930 
 
5.000%, 5/01/33 
5/22 at 100.00 
A2 
2,063,865 
2,740 
 
4.000%, 5/01/33 
5/22 at 100.00 
A2 
2,743,535 
3,405 
 
5.000%, 5/01/42 
5/22 at 100.00 
A2 
3,606,270 
100,000 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
12/18 at 100.00 
N/R 
2,898,000 
 
 
Revenue Bonds, Second Subordinate Capital Appreciation Turbo Term Series 2007C, 
 
 
 
 
 
0.000%, 6/01/52 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Revenue Bonds, Senior Lien, Series 2007A-2: 
 
 
 
15,855 
 
5.375%, 6/01/24 
12/18 at 100.00 
Caa1 
15,492,555 
37,025 
 
5.125%, 6/01/24 
12/18 at 100.00 
Caa1 
35,825,390 
20,820 
 
5.875%, 6/01/30 
12/18 at 100.00 
Caa1 
20,518,526 
26,985 
 
5.750%, 6/01/34 
12/18 at 100.00 
Caa1 
26,062,923 
2,715 
 
6.000%, 6/01/42 
12/18 at 100.00 
B– 
2,681,117 
19,690 
 
5.875%, 6/01/47 
12/18 at 100.00 
B– 
19,196,765 
10,000 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
Caa1 
10,104,500 
 
 
Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 
 
 
 
1,000 
 
Butler County Port Authority, Ohio, Revenue Bonds, StoryPoint Fairfield Project, Senior Series 
1/24 at 104.00 
N/R 
1,025,660 
 
 
2017A-1, 6.250%, 1/15/34, 144A 
 
 
 
 
 
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 
2,864,043 
3,200 
 
5.250%, 11/01/47 
11/27 at 100.00 
N/R 
3,290,080 
3,345 
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, 
6/23 at 100.00 
A1 
3,570,152 
 
 
School Improvement Series 2014, 5.000%, 12/01/51 
 
 
 
4,965 
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, 
6/23 at 100.00 
N/R (4) 
5,524,009 
 
 
School Improvement Series 2014, 5.000%, 12/01/51 (Pre-refunded 6/01/23) 
 
 
 
5,000 
 
County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/28 at 100.00 
BBB 
5,226,100 
 
 
2018A, 5.250%, 11/15/48 
 
 
 
 
50


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 37,150 
 
Cuyahoga County, Ohio, Certificates of Participation, Convention Hotel Project, Series 2014, 
6/24 at 100.00 
A1 
$ 36,608,353 
 
 
4.375%, 12/01/44 (UB) (5) 
 
 
 
7,870 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
5/22 at 100.00 
Aa2 
8,332,520 
 
 
Improvement Series 2012A, 5.000%, 11/01/42 
 
 
 
7,770 
 
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, 
12/27 at 100.00 
AA– 
6,626,645 
 
 
3.250%, 12/01/42 
 
 
 
6,425 
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Series 
1/23 at 100.00 
Aa3 
6,921,588 
 
 
2013A, 5.000%, 1/01/38 (UB) (5) 
 
 
 
 
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender 
 
 
 
 
 
Option Bond Trust 2016-XG0052: 
 
 
 
1,250 
 
13.546%, 1/01/38 (IF) (5) 
1/23 at 100.00 
Aa3 
1,636,462 
2,000 
 
13.546%, 1/01/38 (IF) (5) 
1/23 at 100.00 
Aa3 
2,618,340 
625 
 
13.546%, 1/01/38, 144A (IF) (5) 
1/23 at 100.00 
Aa3 
818,231 
1,725 
 
13.546%, 1/01/38, 144A (IF) (5) 
1/23 at 100.00 
Aa3 
2,258,318 
1,750 
 
13.540%, 1/01/38 (IF) (5) 
1/23 at 100.00 
Aa3 
2,290,750 
390 
 
13.459%, 1/01/38, 144A (IF) (5) 
1/23 at 100.00 
Aa3 
509,656 
2,885 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
BBB (4) 
3,199,869 
 
 
2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
 
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding 
 
 
 
 
 
Series 2007: 
 
 
 
4,380 
 
5.250%, 12/01/27 – AGM Insured 
No Opt. Call 
A2 
5,034,197 
6,000 
 
5.250%, 12/01/31 – AGM Insured 
No Opt. Call 
A2 
6,928,140 
12,000 
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated 
2/23 at 100.00 
Ba2 
12,077,280 
 
 
Group Project, Series 2013, 5.000%, 2/15/48 
 
 
 
8,500 
 
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, 
No Opt. Call 
N/R 
6,035,000 
 
 
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (7) 
 
 
 
1,050 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
N/R 
745,500 
 
 
Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (Mandatory 
 
 
 
 
 
put 3/01/19) (7) 
 
 
 
2,020 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
N/R 
1,434,200 
 
 
Nuclear Generation Corporation Project, Refunding Series 2010B, 3.750%, 6/01/33 (Mandatory 
 
 
 
 
 
put 6/01/20) (7) 
 
 
 
1,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
N/R 
710,000 
 
 
Nuclear Generation Project, Refunding Series 2006B, 3.125%, 1/01/34 (7) 
 
 
 
20,765 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
N/R 
20,142,050 
 
 
Nuclear Generation Project, Refunding Series 2009A, 4.375%, 6/01/33 (Mandatory put 6/01/22) (7) 
 
 
 
4,975 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 
2/23 at 100.00 
A+ 
5,341,110 
 
 
2013A-1, 5.000%, 2/15/48 
 
 
 
1,240 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
2/31 at 100.00 
A+ 
1,174,268 
 
 
Convertible Series 2013A-3, 0.000%, 2/15/36 (6) 
 
 
 
1,130 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
802,300 
 
 
Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (Mandatory put 6/03/19) (7) 
 
 
 
20,405 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
19,792,850 
 
 
Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory put 6/01/22) (7) 
 
 
 
20,480 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
19,865,600 
 
 
Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory put 6/01/22) (7) 
 
 
 
1,610 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
1,143,100 
 
 
Generating Corporation Project, Series 2010C, 4.000%, 6/01/33 (Mandatory put 6/03/19) (7) 
 
 
 
 
 
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– 
1,155,477 
870 
 
6.000%, 12/01/42 
12/22 at 100.00 
BB– 
905,948 
 
51

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 1,615 
 
Toledo Lucas County Port Authority, Ohio, Revenue Bonds, StoryPoint Waterville Project, Series 
1/24 at 104.00 
N/R 
$ 1,643,440 
 
 
2016A-1, 6.125%, 1/15/34, 144A 
 
 
 
1,330 
 
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities 
3/25 at 100.00 
N/R 
1,319,427 
 
 
Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 
 
 
 
2,000 
 
University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds, 
1/20 at 100.00 
A1 
2,059,740 
 
 
Series 2010B, 5.000%, 1/01/29 – AGM Insured 
 
 
 
447,915 
 
Total Ohio 
 
 
347,232,998 
 
 
Oklahoma – 0.6% (0.4% of Total Investments) 
 
 
 
1,350 
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue 
8/21 at 100.00 
N/R 
1,539,013 
 
 
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A 
 
 
 
3,500 
 
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40 
6/20 at 100.00 
A1 (4) 
3,672,690 
 
 
(Pre-refunded 6/01/20) 
 
 
 
 
 
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 
1,078,710 
1,500 
 
5.000%, 7/01/40 
7/21 at 100.00 
AAA 
1,598,010 
 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, 
 
 
 
 
 
Series 2018B: 
 
 
 
5,290 
 
5.500%, 8/15/52 
8/28 at 100.00 
BB+ 
5,695,955 
3,530 
 
5.500%, 8/15/57 
8/28 at 100.00 
BB+ 
3,786,455 
2,340 
 
Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, 
11/25 at 102.00 
BBB– 
2,519,478 
 
 
Inc. Project, Refunding Series 2017, 5.250%, 11/15/45 
 
 
 
18,510 
 
Total Oklahoma 
 
 
19,890,311 
 
 
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 
1,046,760 
800 
 
5.500%, 10/01/49 
10/24 at 100.00 
N/R 
839,408 
555 
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 
4/21 at 100.00 
Aa2 
592,274 
 
 
5.250%, 4/01/31 
 
 
 
3,445 
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 
4/21 at 100.00 
N/R (4) 
3,694,005 
 
 
5.250%, 4/01/31 (Pre-refunded 4/01/21) 
 
 
 
3,000 
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 
5/19 at 100.00 
Aa1 (4) 
3,050,490 
 
 
2009A, 5.000%, 11/15/33 (Pre-refunded 5/15/19) 
 
 
 
8,800 
 
Total Oregon 
 
 
9,222,937 
 
 
Pennsylvania – 8.3% (5.1% 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 
173,324 
195 
 
6.875%, 5/01/30 
11/19 at 100.00 
B 
197,172 
17,570 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny Health 
4/28 at 100.00 
A 
16,449,561 
 
 
Network Obligated Group Issue, Series 2018A, 4.000%, 4/01/44 
 
 
 
2,000 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of 
8/19 at 100.00 
A+ 
2,048,580 
 
 
Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39 
 
 
 
3,335 
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2010, 
12/20 at 100.00 
A1 
3,487,710 
 
 
5.000%, 6/01/40 – AGM Insured 
 
 
 
2,540 
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/27 at 100.00 
Ba1 
2,643,429 
 
 
Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A 
 
 
 
1,245 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
883,950 
 
 
FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (Mandatory put 
 
 
 
 
 
7/01/21) (7) 
 
 
 
7,750 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
7,517,500 
 
 
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory 
 
 
 
 
 
put 4/01/21) (7) 
 
 
 
 
52


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$ 3,145 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
$ 2,232,950 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41 
 
 
 
 
 
(Mandatory put 6/01/20) (7) 
 
 
 
13,235 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
12,837,950 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 
 
 
 
 
 
(Mandatory put 7/01/22) (7) 
 
 
 
1,240 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
880,400 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 
 
 
 
 
 
(Mandatory put 6/01/20) (7) 
 
 
 
10,000 
 
Berks County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, 
11/27 at 100.00 
A3 
10,525,300 
 
 
Tower Health Project, Series 2017, 5.000%, 11/01/50 
 
 
 
 
 
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane 
 
 
 
 
 
Charter School Project, Series 2016: 
 
 
 
2,410 
 
5.125%, 3/15/36 
3/27 at 100.00 
BBB– 
2,527,656 
6,420 
 
5.125%, 3/15/46 
3/27 at 100.00 
BBB– 
6,656,128 
1,580 
 
Chester County Health and Education Facilities Authority, Pennsylvania, Health System Revenue 
5/20 at 100.00 
AA 
1,630,449 
 
 
Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40 
 
 
 
4,435 
 
Chester County Health and Education Facilities Authority, Pennsylvania, Health System Revenue 
5/20 at 100.00 
N/R (4) 
4,627,701 
 
 
Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 
 
 
 
10,850 
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master 
6/28 at 100.00 
A1 
10,684,972 
 
 
Settlement, Series 2018, 4.000%, 6/01/39 – AGM Insured 
 
 
 
1,000 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social 
1/25 at 100.00 
BBB+ 
1,076,730 
 
 
Ministries Project, Series 2015, 5.000%, 1/01/29 
 
 
 
7,665 
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health 
6/22 at 100.00 
A+ 
8,122,754 
 
 
System Project, Series 2012A, 5.000%, 6/01/42 
 
 
 
8,750 
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 
1/20 at 100.00 
A2 
8,986,862 
 
 
5.000%, 1/01/40 – AGM Insured 
 
 
 
3,000 
 
Dubois Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Penn Highlands Healthcare, 
1/28 at 100.00 
A– 
3,214,590 
 
 
Series 2018, 5.000%, 7/15/48 
 
 
 
1,250 
 
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement 
7/25 at 100.00 
BBB– 
1,282,675 
 
 
Community Project, Refunding Series 2015A, 5.000%, 7/01/45 
 
 
 
1,500 
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, 
12/23 at 100.00 
A 
1,622,670 
 
 
Series 2013A, 5.125%, 12/01/47 
 
 
 
 
 
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) 
8,394,004 
5,295 
 
5.375%, 8/01/38 (Pre-refunded 8/01/20) 
8/20 at 100.00 
N/R (4) 
5,587,972 
 
 
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+ 
11,025,481 
1,200 
 
5.250%, 1/15/46 
1/25 at 100.00 
BB+ 
1,265,424 
11,810 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding 
9/25 at 100.00 
B2 
11,840,942 
 
 
Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 
 
 
 
13,500 
 
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Series 2018A, 
12/28 at 100.00 
Aa3 
15,381,090 
 
 
5.250%, 12/01/44 
 
 
 
6,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Series 2018A-2, 
12/28 at 100.00 
A1 
6,571,800 
 
 
5.000%, 12/01/43 
 
 
 
3,705 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 
6/25 at 100.00 
A+ 
3,972,760 
11,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 
6/26 at 100.00 
A2 
13,152,150 
 
 
6.250%, 6/01/33 – AGM Insured 
 
 
 
15,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 
12/25 at 100.00 
A3 
15,784,200 
 
 
5.000%, 12/01/45 
 
 
 
 
53

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$ 10,305 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/22 at 100.00 
Ba1 
$ 10,837,562 
 
 
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 
 
 
 
 
 
5.625%, 7/01/42 
 
 
 
 
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A: 
 
 
 
5,000 
 
5.000%, 6/15/35 – AGM Insured 
6/20 at 100.00 
A2 
5,184,100 
17,850 
 
5.000%, 6/15/40 – AGM Insured 
6/20 at 100.00 
A2 
18,478,498 
7,055 
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room 
8/20 at 100.00 
A2 
7,333,531 
 
 
Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured 
 
 
 
5,180 
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax 
8/20 at 100.00 
A1 
5,397,146 
 
 
Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured 
 
 
 
 
 
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A: 
 
 
 
1,125 
 
5.250%, 12/01/31 (Pre-refunded 12/01/21) – AGM Insured 
12/21 at 100.00 
AA (4) 
1,226,284 
1,000 
 
5.500%, 12/01/35 (Pre-refunded 12/01/21) – AGM Insured 
12/21 at 100.00 
AA (4) 
1,097,440 
5,790 
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, 
1/23 at 100.00 
BB+ 
5,673,100 
 
 
Series 2012B, 4.000%, 1/01/33 
 
 
 
250,520 
 
Total Pennsylvania 
 
 
258,514,497 
 
 
Puerto Rico – 1.2% (0.7% of Total Investments) 
 
 
 
7,235 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
1/19 at 100.00 
C 
6,891,338 
 
 
6.000%, 7/01/44 
 
 
 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: 
 
 
 
2,000 
 
5.250%, 7/01/42 
7/22 at 100.00 
C 
1,855,000 
5,000 
 
6.000%, 7/01/47 
7/22 at 100.00 
C 
4,687,500 
590 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 
1/19 at 100.00 
Baa2 
590,590 
 
 
5.000%, 7/01/29 – NPFG Insured 
 
 
 
 
 
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 
10,750,500 
86,250 
 
0.000%, 8/01/54 – AMBAC Insured 
No Opt. Call 
D 
12,551,100 
151,075 
 
Total Puerto Rico 
 
 
37,326,028 
 
 
Rhode Island – 1.1% (0.7% of Total Investments) 
 
 
 
1,000 
 
Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England 
9/23 at 100.00 
BB– (4) 
1,164,230 
 
 
Health System, Series 2013A, 6.000%, 9/01/33 (Pre-refunded 9/01/23) 
 
 
 
292,435 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
1/19 at 100.00 
CCC+ 
32,931,105 
 
 
Series 2007A, 0.000%, 6/01/52 
 
 
 
293,435 
 
Total Rhode Island 
 
 
34,095,335 
 
 
South Carolina – 2.8% (1.7% of Total Investments) 
 
 
 
7,600 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 
No Opt. Call 
A– 
4,722,564 
 
 
0.000%, 1/01/31 – AMBAC Insured 
 
 
 
3,155 
 
Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment 
4/21 at 100.00 
A2 (4) 
3,383,043 
 
 
Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 
 
 
 
 
 
(Pre-refunded 4/01/21) – AGC Insured 
 
 
 
 
 
South Carolina Jobs-Economic Development Authority, 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 
1,025,040 
750 
 
5.000%, 5/01/42 
5/23 at 104.00 
N/R 
764,558 
1,250 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, 
8/21 at 100.00 
AA (4) 
1,392,475 
 
 
Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured 
 
 
 
34,000 
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Series 
6/25 at 100.00 
A– 
35,251,540 
 
 
2015A, 5.000%, 12/01/50 (UB) (5) 
 
 
 
20 
 
South Carolina Public Service Authority, Revenue Obligation Bonds, Santee Cooper Electric 
1/19 at 100.00 
A2 (4) 
20,119 
 
 
System, Series 2008A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) 
 
 
 
11,170 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
6/25 at 100.00 
A2 
11,581,168 
 
 
Improvement Series 2015A, 5.000%, 12/01/50 
 
 
 
 
54


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
South Carolina (continued) 
 
 
 
$ 5,000 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 
12/24 at 100.00 
A2 
$ 5,204,350 
 
 
2014C, 5.000%, 12/01/46 
 
 
 
1,310 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 
12/23 at 100.00 
A2 
1,365,478 
 
 
5.125%, 12/01/43 
 
 
 
10,285 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 
6/24 at 100.00 
A2 
10,906,934 
 
 
5.500%, 12/01/54 
 
 
 
10,250 
 
Spartanburg Regional Health Services District, Inc., Hospital Refunding Revenue Bonds, Series 
4/22 at 100.00 
A3 
10,827,792 
 
 
2012A, 5.000%, 4/15/32 
 
 
 
85,790 
 
Total South Carolina 
 
 
86,445,061 
 
 
South Dakota – 0.8% (0.5% of Total Investments) 
 
 
 
15,000 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, 
7/27 at 100.00 
A1 
15,975,300 
 
 
Refunding Series 2017, 5.000%, 7/01/46 
 
 
 
3,765 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional Health, 
9/27 at 100.00 
A1 
4,077,533 
 
 
Refunding Series 2017, 5.000%, 9/01/40 
 
 
 
 
 
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 
264,940 
4,350 
 
5.000%, 7/01/42 
7/21 at 100.00 
A1 
4,559,583 
23,365 
 
Total South Dakota 
 
 
24,877,356 
 
 
Tennessee – 1.0% (0.6% of Total Investments) 
 
 
 
12,895 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic 
1/23 at 100.00 
BBB+ 
13,572,632 
 
 
Health Initiatives, Series 2013A, 5.250%, 1/01/45 
 
 
 
1,850 
 
Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger 
10/24 at 100.00 
Baa2 
1,941,538 
 
 
Health System, Refunding Series 2014A, 5.000%, 10/01/39 
 
 
 
2,645 
 
Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, 
7/27 at 100.00 
N/R 
2,786,296 
 
 
Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 
 
 
 
 
 
5.500%, 7/01/37 
 
 
 
3,560 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
6/27 at 100.00 
N/R 
3,350,352 
 
 
Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 5.500%, 
 
 
 
 
 
6/15/37, 144A 
 
 
 
10,000 
 
The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue Bonds, 
6/27 at 100.00 
N/R 
10,382,800 
 
 
Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, 6/01/47, 144A 
 
 
 
30,950 
 
Total Tennessee 
 
 
32,033,618 
 
 
Texas – 12.1% (7.5% of Total Investments) 
 
 
 
735 
 
Arlington Higher Education Finance Corporation, Education Revenue Bonds, Wayside Schools, 
8/21 at 100.00 
BB+ 
703,807 
 
 
Series 2016A, 4.375%, 8/15/36 
 
 
 
3,685 
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public 
3/23 at 103.00 
N/R 
3,713,559 
 
 
Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 
 
 
 
3,160 
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public 
3/23 at 103.00 
N/R 
3,184,711 
 
 
Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 
 
 
 
5,480 
 
Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (5) 
11/25 at 100.00 
Aa3 
6,020,931 
6,685 
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 2010, 
8/19 at 100.00 
A– 
6,843,568 
 
 
5.500%, 8/15/49 – AGM Insured 
 
 
 
2,500 
 
Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage 
12/25 at 100.00 
BB 
2,424,150 
 
 
Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 12/01/45 
 
 
 
2,410 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District 
3/23 at 103.00 
N/R 
2,316,299 
 
 
Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 
 
 
 
4,300 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District 
3/23 at 103.00 
N/R 
4,156,122 
 
 
Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 8.250%, 9/01/40 
 
 
 
400 
 
Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District 
9/24 at 100.00 
N/R 
408,756 
 
 
Neighborhood Improvement Area 1 Project, Series 2015, 6.250%, 9/01/45 
 
 
 
 
55

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: 
 
 
 
$ 1,500 
 
5.750%, 1/01/31 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa1 (4) 
$ 1,608,585 
1,700 
 
6.250%, 1/01/46 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa1 (4) 
1,840,896 
13,685 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 
7/25 at 100.00 
Baa1 
14,667,994 
 
 
5.000%, 1/01/45 
 
 
 
10,375 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016, 
1/26 at 100.00 
Baa1 
8,865,645 
 
 
3.375%, 1/01/41 
 
 
 
1,035 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public 
No Opt. Call 
BBB+ 
1,055,358 
 
 
Schools, Series 2012, 3.750%, 8/15/22 
 
 
 
 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift 
 
 
 
 
 
Education Charter School, Series 2013A: 
 
 
 
765 
 
4.350%, 12/01/42 
12/22 at 100.00 
BBB– 
730,866 
685 
 
4.400%, 12/01/47 
12/22 at 100.00 
BBB– 
651,538 
4,000 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education 
6/25 at 100.00 
BBB– 
4,168,160 
 
 
Charter School, Series 2015A, 5.000%, 12/01/45 
 
 
 
 
 
Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement 
 
 
 
 
 
Area 1 Project, Series 2016: 
 
 
 
715 
 
5.750%, 9/01/28 
9/23 at 103.00 
N/R 
679,901 
770 
 
6.500%, 9/01/46 
9/23 at 103.00 
N/R 
704,812 
11,735 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement 
11/21 at 100.00 
A+ 
12,286,193 
 
 
Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured 
 
 
 
2,520 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A, 
9/23 at 100.00 
N/R 
2,789,690 
 
 
6.375%, 9/01/42 
 
 
 
400 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 
9/24 at 100.00 
BBB– 
419,180 
 
 
5.250%, 9/01/44 
 
 
 
1,255 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. 
11/22 at 100.00 
Baa3 
1,276,925 
 
 
Project, Series 2012A. RMKT, 4.750%, 5/01/38 
 
 
 
8,920 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. 
11/22 at 100.00 
Baa3 
9,062,720 
 
 
Project, Series 2012B, 4.750%, 11/01/42 
 
 
 
20,000 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien 
10/23 at 100.00 
AA 
22,022,000 
 
 
Series 2013B, 5.250%, 10/01/51 
 
 
 
5,470 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option 
10/23 at 100.00 
AA 
7,103,287 
 
 
Bond Trust 2015-XF0228, 13.326%, 11/01/44, 144A (IF) 
 
 
 
10,000 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Series 2013B, 
10/23 at 100.00 
AA 
10,746,300 
 
 
5.000%, 4/01/53 (UB) 
 
 
 
4,255 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston 
6/25 at 100.00 
AA 
4,580,465 
 
 
Methodist Hospital System, Series 2015, 5.000%, 12/01/45 
 
 
 
1,545 
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender 
11/21 at 100.00 
Aa2 
1,831,072 
 
 
Option Bond Trust 2016-XG0054, 10.701%, 11/01/41, 144A (IF) (5) 
 
 
 
4,080 
 
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust 
No Opt. Call 
AAA 
6,812,702 
 
 
2015-XF0064, 11.183%, 8/15/32 – AGM Insured, 144A (IF) 
 
 
 
6,000 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding 
11/31 at 44.13 
A2 
1,458,060 
 
 
Senior Lien Series 2014A, 0.000%, 11/15/48 
 
 
 
6,000 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 
11/24 at 100.00 
A– 
6,411,720 
 
 
2014A, 5.000%, 11/15/53 
 
 
 
14,055 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 
11/24 at 55.69 
BB 
6,141,192 
 
 
0.000%, 11/15/34 – NPFG Insured 
 
 
 
1,940 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 
11/24 at 55.69 
Baa2 (4) 
912,925 
 
 
0.000%, 11/15/34 (Pre-refunded 11/15/24) – NPFG Insured 
 
 
 
5,000 
 
Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, Inc., 
8/25 at 100.00 
AAA 
4,920,600 
 
 
Refunding Series 2015, 4.000%, 8/15/44 
 
 
 
 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
 
 
 
 
 
Project, Series 2001B: 
 
 
 
4,130 
 
0.000%, 9/01/26 – AMBAC Insured 
No Opt. Call 
A2 
3,171,716 
4,865 
 
0.000%, 9/01/27 – AMBAC Insured 
No Opt. Call 
A2 
3,553,250 
 
56


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 4,715 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015, 
9/24 at 100.00 
A– 
$ 5,064,287 
 
 
5.000%, 9/01/40 
 
 
 
17,000 
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A, 
No Opt. Call 
A2 (4) 
21,927,450 
 
 
5.750%, 12/01/32 – AGM Insured (ETM) 
 
 
 
6,700 
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, 
8/21 at 100.00 
A+ 
7,077,746 
 
 
Refunding Series 2012A, 5.000%, 8/01/46 
 
 
 
3,500 
 
Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B, 5.000%, 8/15/43 
8/19 at 100.00 
BBB+ 
3,509,380 
940 
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson 
8/25 at 100.00 
BBB+ 
1,008,028 
 
 
Memorial Hospital Project, Series 2015, 5.000%, 8/15/30 
 
 
 
1,000 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission 
5/25 at 100.00 
A 
1,080,880 
 
 
Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 
 
 
 
 
 
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: 
 
 
 
3,095 
 
5.750%, 12/01/33 
12/25 at 100.00 
B1 
3,189,057 
3,125 
 
6.125%, 12/01/38 
12/25 at 100.00 
B1 
3,234,406 
 
 
Montgomery County Toll Road Authority, Texas, Toll Road Revenue Bonds, Senior Lien Series 2018: 
 
 
 
1,900 
 
5.000%, 9/15/43 
9/25 at 100.00 
BBB– 
2,011,891 
1,785 
 
5.000%, 9/15/48 
9/25 at 100.00 
BBB– 
1,884,621 
 
 
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– 
2,373,457 
6,015 
 
5.000%, 11/01/51 
11/23 at 103.00 
BBB– 
6,094,097 
745 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue 
1/25 at 100.00 
N/R 
778,957 
 
 
Bonds, Wesleyan Homes, Inc. Project, Series 2014, 5.500%, 1/01/43 
 
 
 
210 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/26 at 100.00 
Ba2 
206,810 
 
 
Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus Christi 
 
 
 
 
 
Project, Series 2016A, 5.000%, 4/01/48 
 
 
 
4,530 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/24 at 100.00 
A2 
4,538,607 
 
 
Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University 
 
 
 
 
 
Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured 
 
 
 
820 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/26 at 100.00 
BBB– 
803,871 
 
 
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 
 
 
 
 
 
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– 
1,044,240 
2,200 
 
5.000%, 4/01/39 
4/24 at 100.00 
BBB– 
2,278,980 
1,600 
 
5.000%, 4/01/46 
4/24 at 100.00 
BBB– 
1,651,184 
5,540 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/24 at 100.00 
Baa3 
5,639,609 
 
 
Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, Series 
 
 
 
 
 
2014A, 5.000%, 4/01/39 
 
 
 
3,220 
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 
12/21 at 100.00 
A2 
3,433,067 
 
 
12/15/36 – AGM Insured 
 
 
 
 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital 
 
 
 
 
 
Appreciation Series 2011C: 
 
 
 
2,590 
 
0.000%, 9/01/43 (Pre-refunded 9/01/31) (6) 
9/31 at 100.00 
N/R (4) 
2,773,113 
3,910 
 
0.000%, 9/01/45 (Pre-refunded 9/01/31) (6) 
9/31 at 100.00 
N/R (4) 
4,589,714 
3,000 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 
9/21 at 100.00 
N/R (4) 
3,261,510 
 
 
9/01/41 (Pre-refunded 9/01/21) (UB) (5) 
 
 
 
6,155 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/23 at 100.00 
A+ 
6,585,912 
 
 
5.000%, 1/01/40 
 
 
 
2,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 
1/25 at 100.00 
A 
2,158,040 
 
 
5.000%, 1/01/38 
 
 
 
610 
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 
2/24 at 100.00 
Ba2 
619,900 
 
 
5.125%, 2/01/39 
 
 
 
 
57

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 1,000 
 
Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint Edward’s 
6/26 at 100.00 
Baa2 
$ 943,090 
 
 
University Project, Series 2016, 4.000%, 6/01/41 
 
 
 
2,410 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
11/21 at 100.00 
AA– 
2,559,661 
 
 
Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 
 
 
 
1,870 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
9/23 at 100.00 
A 
2,031,325 
 
 
Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 
 
 
 
 
 
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) 
227,429 
2,675 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
AA– (4) 
2,832,076 
17,640 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
5/26 at 100.00 
AA– 
19,099,711 
 
 
Bonds, Scott & White Healthcare Project, Series 2015A, 5.000%, 11/15/45 (UB) 
 
 
 
4,300 
 
Texas City Industrial Development Corporation, Texas, Industrial Development Revenue Bonds, 
2/25 at 100.00 
Baa3 
4,122,367 
 
 
NRG Energy, Inc. Project, Fixed Rate Series 2012, 4.125%, 12/01/45 
 
 
 
4,000 
 
Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, 
9/27 at 100.00 
AA+ 
4,023,240 
 
 
Series 2018A, 4.250%, 9/01/43 
 
 
 
 
 
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 
3,961,750 
2,500 
 
5.000%, 12/15/26 
12/22 at 100.00 
BBB 
2,696,350 
2,500 
 
5.000%, 12/15/29 
12/22 at 100.00 
BBB 
2,670,300 
4,355 
 
5.000%, 12/15/30 
12/22 at 100.00 
BBB 
4,639,556 
2,975 
 
5.000%, 12/15/32 
12/22 at 100.00 
BBB 
3,158,766 
3,150 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier 
8/22 at 100.00 
A– 
3,326,337 
 
 
Refunding Series 2012A, 5.000%, 8/15/41 
 
 
 
 
 
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– 
5,228,618 
10,000 
 
0.000%, 8/15/37 
8/24 at 56.94 
A– 
4,414,800 
 
 
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 
5,282,150 
31,810 
 
5.000%, 8/15/42 
8/24 at 100.00 
BBB 
33,386,504 
4,400 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 
No Opt. Call 
A– 
3,578,168 
 
 
2002A, 0.000%, 8/15/25 – AMBAC Insured 
 
 
 
1,840 
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding 
11/18 at 100.00 
AA– 
1,872,347 
 
 
Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured 
 
 
 
384,550 
 
Total Texas 
 
 
379,119,014 
 
 
Virginia – 0.7% (0.4% 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 
1,198,620 
1,085 
 
5.600%, 3/01/45, 144A 
3/25 at 100.00 
N/R 
1,088,917 
11,380 
 
Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads Transportation 
1/28 at 100.00 
AA 
13,131,268 
 
 
Fund Revenue Bonds, Senior Lien Series 2018A, 5.500%, 7/01/57 
 
 
 
2,000 
 
Peninsula Town Center Community Development Authority, Virginia, Special Obligation Bonds, 
9/27 at 100.00 
N/R 
2,057,400 
 
 
Refunding Series 2018, 5.000%, 9/01/45, 144A 
 
 
 
985 
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health 
7/20 at 100.00 
A1 
1,017,672 
 
 
System Obligated Group, Series 2005B, 5.000%, 7/01/38 
 
 
 
15 
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health 
7/20 at 100.00 
A1 (4) 
15,705 
 
 
System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20) 
 
 
 
1,000 
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount 
7/25 at 100.00 
BB+ 
1,045,050 
 
 
University Project, Green Series 2015B, 5.250%, 7/01/35, 144A 
 
 
 
 
58


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Virginia (continued) 
 
 
 
$ 2,070 
 
Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue 
4/28 at 112.76 
N/R 
$ 2,348,456 
 
 
Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, 8.375%, 
 
 
 
 
 
4/01/41, 144A 
 
 
 
19,735 
 
Total Virginia 
 
 
21,903,088 
 
 
Washington – 1.8% (1.1% of Total Investments) 
 
 
 
5,000 
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Series 
7/25 at 100.00 
AA– 
5,529,750 
 
 
2015A, 5.000%, 7/01/38 (UB) (5) 
 
 
 
3,750 
 
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information 
6/19 at 100.00 
AA 
3,813,263 
 
 
Services Project, Series 2009, 5.500%, 6/01/39 (UB) (5) 
 
 
 
7,500 
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 2016-XL0009, 8.269%, 
1/19 at 100.00 
AAA 
7,584,300 
 
 
1/01/39 – AGC Insured, 144A (Pre-refunded 1/01/19) (IF) (5) 
 
 
 
5,750 
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 
1/21 at 100.00 
A3 
6,037,787 
 
 
Center, Series 2011A, 5.625%, 1/01/35 
 
 
 
1,250 
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, 
10/24 at 100.00 
AA– 
1,575,863 
 
 
Tender Option Bond Trust 2015-XF0148, 13.421%, 10/01/44, 144A (IF) (5) 
 
 
 
6,540 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
10/22 at 100.00 
Aa2 
7,014,477 
 
 
Series 2012A, 5.000%, 10/01/42 
 
 
 
 
 
Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian 
 
 
 
 
 
Retirement Communities Northwest Project, Refunding Series 2016A: 
 
 
 
5,450 
 
5.000%, 1/01/46, 144A 
1/25 at 102.00 
BB+ 
5,660,534 
3,650 
 
5.000%, 1/01/51, 144A 
1/25 at 102.00 
BB+ 
3,778,371 
21,510 
 
Washington State, General Obligation Bonds, Series 2002C, 0.000%, 6/01/28 – NPFG 
No Opt. Call 
AA+ 
15,974,186 
 
 
Insured (UB) (5) 
 
 
 
60,400 
 
Total Washington 
 
 
56,968,531 
 
 
West Virginia – 1.8% (1.1% of Total Investments) 
 
 
 
1,900 
 
Monongalia County Commission, West Virginia, Special District Excise Tax Revenue, University 
6/27 at 100.00 
N/R 
1,928,462 
 
 
Town Centre Economic Opportunity Development District, Refunding & Improvement 
 
 
 
 
 
Series 2017A, 5.500%, 6/01/37, 144A 
 
 
 
10,000 
 
West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A, 
6/20 at 100.00 
A1 (4) 
10,457,500 
 
 
5.000%, 6/15/40 (Pre-refunded 6/15/20) 
 
 
 
40,855 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/23 at 100.00 
A 
44,015,134 
 
 
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
52,755 
 
Total West Virginia 
 
 
56,401,096 
 
 
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 
1,670,480 
305 
 
5.125%, 2/01/46, 144A 
2/26 at 100.00 
N/R 
280,859 
500 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School 
6/24 at 100.00 
N/R 
482,870 
 
 
Bonds, North Carolina, Series 2017A, 5.125%, 6/15/47, 144A 
 
 
 
1,480 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy 
5/26 at 100.00 
N/R 
1,381,891 
 
 
Project, Series 2016A, 5.125%, 5/01/36, 144A 
 
 
 
6,000 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Phoenix Academy Charter 
6/24 at 100.00 
N/R 
5,602,980 
 
 
School, North Carolina, Series 2017A, 5.625%, 6/15/37, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter Academy, 
 
 
 
 
 
North Carolina, Series 2017A: 
 
 
 
1,000 
 
5.500%, 6/15/37, 144A 
6/27 at 100.00 
N/R 
927,930 
1,790 
 
5.625%, 6/15/47, 144A 
6/27 at 100.00 
N/R 
1,626,179 
35,100 
 
Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American 
12/27 at 100.00 
N/R 
39,570,687 
 
 
Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A 
 
 
 
 
59

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
$ 1,700 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior 
10/27 at 100.00 
N/R 
$ 1,626,985 
 
 
Series 2017A, 7.000%, 10/01/47, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., 
 
 
 
 
 
Series 2017A: 
 
 
 
1,830 
 
5.000%, 12/01/27 
No Opt. Call 
BBB– 
1,884,937 
1,815 
 
5.200%, 12/01/37 
12/27 at 100.00 
BBB– 
1,866,510 
 
 
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– 
4,224,312 
1,575 
 
5.000%, 6/15/48, 144A 
6/26 at 100.00 
BBB– 
1,631,417 
2,500 
 
Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, 
5/26 at 100.00 
BBB– 
2,485,900 
 
 
Refunding Series 2016C, 4.050%, 11/01/30, 144A 
 
 
 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, American Baptist Homes 
8/24 at 103.00 
N/R 
1,005,560 
 
 
of the Midwest Obligated Group, Refunding Series 2017, 5.000%, 8/01/37 
 
 
 
8,460 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, 
7/21 at 100.00 
Aa3 (4) 
9,082,571 
 
 
Inc., Series 2012A, 5.000%, 7/15/25 (Pre-refunded 7/15/21) 
 
 
 
2,500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, 
4/23 at 100.00 
Aa3 (4) 
2,793,900 
 
 
Inc., Series 2013A, 5.125%, 4/15/31 (Pre-refunded 4/15/23) 
 
 
 
6,620 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. 
10/22 at 100.00 
AA– 
6,982,577 
 
 
Obligated Group, Series 2012A, 5.000%, 4/01/42 
 
 
 
 
 
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– 
1,556,325 
3,490 
 
4.500%, 2/15/40 
2/22 at 100.00 
A– 
3,577,634 
 
 
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 
11,622,600 
1,500 
 
5.000%, 6/01/39 
6/22 at 100.00 
A3 
1,568,370 
1,250 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., 
5/21 at 100.00 
N/R (4) 
1,356,612 
 
 
Series 2011A, 5.750%, 5/01/35 (Pre-refunded 5/01/21) 
 
 
 
1,450 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rocket Education 
6/26 at 100.00 
N/R 
1,476,245 
 
 
Obligated Group, Series 2017C, 5.250%, 6/01/40, 144A 
 
 
 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial 
7/24 at 100.00 
A 
1,060,060 
 
 
Hospital, Inc., Series 2014A, 5.000%, 7/01/34 
 
 
 
 
 
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– 
566,726 
1,350 
 
5.000%, 9/15/45 
9/22 at 100.00 
BBB– 
1,386,194 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior 
8/23 at 100.00 
A 
1,057,840 
 
 
Living Communities, Refunding Series 2013, 5.000%, 8/15/33 
 
 
 
 
 
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 
2,635,204 
1,775 
 
5.250%, 12/01/49 
12/22 at 102.00 
N/R 
1,843,142 
16,190 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, 
10/21 at 100.00 
A1 
17,136,467 
 
 
Series 2011A, 5.250%, 10/15/39 
 
 
 
 
 
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 
1,059,330 
1,500 
 
5.500%, 10/01/49 
10/22 at 102.00 
N/R 
1,595,700 
127,080 
 
Total Wisconsin 
 
 
134,626,994 
 
60


 
           
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 
7/19 at 100.00 
A3 
$2,083,291 
 
 
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 
 
 
 
 
 
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 
A– 
1,056,100 
1,000 
 
6.000%, 12/01/36 
12/21 at 100.00 
A– 
1,068,150 
4,035 
 
Total Wyoming 
 
 
4,207,541 
$5,778,204 
 
Total Municipal Bonds (cost $4,836,508,113) 
 
 
5,056,655,179 
 
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) 
 
 
 
 
$1,224 
 
Las Vegas Monorail Company, Senior Interest Bonds (8), (9) 
5.500% 
7/15/19 
N/R 
$797,397 
344 
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (8), (9) 
5.500% 
7/15/55 
N/R 
174,978 
$1,568 
 
Total Corporate Bonds (cost $76,646) 
 
 
 
972,375 
 
 
Total Long-Term Investments (cost $4,836,584,759) 
 
 
 
5,057,627,554 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
SHORT-TERM INVESTMENTS – 0.2% (0.1% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 0.2% (0.1% of Total Investments) 
 
 
 
 
 
Florida – 0.2% (0.1% of Total Investments) 
 
 
 
$5,000 
 
Miami-Dade County School Board, Florida, Variable Rate Demand Bond Obligations, 
No Opt. Call 
A2 
$5,000,000 
 
 
Certificates of Participation, Tender Option Bond Floater 2013-002, 1.830%, 5/01/31, 144A (10) 
 
 
 
$5,000 
 
Total Short-Term Investments (cost $5,000,000) 
 
 
5,000,000 
 
 
Total Investments (cost $4,841,584,759) – 161.5% 
 
 
5,062,627,554 
 
 
Floating Rate Obligations – (5.7)% 
 
 
(179,000,000) 
 
 
MuniFund Term Preferred Shares, net of deferred offering costs – (12.9)% (11) 
 
 
(405,038,488) 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (44.9)% (12) 
 
 
(1,407,720,496) 
 
 
Other Assets Less Liabilities – 2.0% (13) 
 
 
64,101,248 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$3,134,969,818 
 
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 (14) 
Maturity 
Date 
Value 
Premiums 
Paid 
(Received) 
Unrealized 
Appreciation 
(Depreciation) 
Variation 
Margin 
Receivable/ 
(Payable) 
$79,400,000 
Receive 
3-Month LIBOR 
2.979% 
Semi-Annually 
10/04/19 
10/04/29 
$1,925,895 
$1,072 
$1,924,823 
$331,347 
 
61

   
NVG 
Nuveen AMT-Free Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
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) 
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(7) 
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. 
(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) 
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. 
(10) 
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. 
(11) 
MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 8.0%. 
(12) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 27.8%. 
(13) 
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. 
(14) 
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 
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.
62

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 164.6% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 164.4% (99.9% of Total Investments) 
 
 
 
 
 
Alabama – 1.2% (0.7% of Total Investments) 
 
 
 
$ 8,585 
 
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, 
9/25 at 100.00 
N/R 
$ 8,231,298 
 
 
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A 
 
 
 
8,100 
 
Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, 
1/19 at 100.00 
Aaa 
8,685,144 
 
 
Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital, 
 
 
 
 
 
Series 1995, 5.000%, 11/01/25 (ETM) 
 
 
 
5,835 
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 
No Opt. Call 
A3 
6,555,214 
2,375 
 
Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, 
5/20 at 100.00 
BBB 
2,496,291 
 
 
International Paper Company Project, Series 2010A, 5.800%, 5/01/34 
 
 
 
24,895 
 
Total Alabama 
 
 
25,967,947 
 
 
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 
1,063,950 
2,950 
 
5.000%, 1/01/33 (Alternative Minimum Tax) 
7/25 at 100.00 
Baa2 
3,115,613 
2,900 
 
5.000%, 1/01/34 (Alternative Minimum Tax) 
7/25 at 100.00 
Baa2 
3,054,135 
 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
 
Series 2006A: 
 
 
 
120 
 
4.625%, 6/01/23 
12/18 at 100.00 
Ba2 
120,024 
7,010 
 
5.000%, 6/01/46 
12/18 at 100.00 
B3 
6,842,391 
13,980 
 
Total Alaska 
 
 
14,196,113 
 
 
Arizona – 2.7% (1.7% of Total Investments) 
 
 
 
1,300 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, 
3/22 at 100.00 
A– 
1,358,422 
 
 
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
 
 
 
2,820 
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, 
12/24 at 100.00 
A2 
3,051,409 
 
 
Refunding Series 2014A, 5.000%, 12/01/39 
 
 
 
2,930 
 
Arizona Industrial Development Authority, Education Revenue Bonds, Legacy Traditional School 
7/19 at 101.00 
N/R 
2,885,874 
 
 
Southwest Las Vegas Nevada Campus, Series 2018, 5.250%, 7/01/22, 144A 
 
 
 
10,450 
 
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility 
7/22 at 100.00 
A1 
10,995,176 
 
 
Project, Refunding Senior Series 2012A, 5.000%, 7/01/30 
 
 
 
2,300 
 
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 
7/27 at 100.00 
N/R 
2,299,701 
 
 
2017A, 7.000%, 7/01/41, 144A 
 
 
 
3,185 
 
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 
7/25 at 100.00 
N/R 
3,193,759 
 
 
2015, 5.000%, 7/15/39, 144A 
 
 
 
4,500 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 
7/20 at 100.00 
A+ (4) 
4,710,645 
 
 
2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
4,360 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy 
7/19 at 101.00 
N/R 
4,243,850 
 
 
Traditional Schools East Mesa and Cadence, Nevada Campuses, Series 2017A, 4.000%, 7/01/22, 144A 
 
 
 
3,065 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy 
7/19 at 101.00 
N/R 
2,983,348 
 
 
Traditional Schools Phoenix/East Mesa and Cadence, Nevada Campuses, Series 2017B, 4.000%, 
 
 
 
 
 
7/01/22, 144A 
 
 
 
 
 
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 
AA+ 
426,972 
950 
 
5.000%, 7/01/32 (Alternative Minimum Tax) 
7/22 at 100.00 
AA+ 
1,008,634 
 
63

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Arizona (continued) 
 
 
 
 
 
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– 
$ 322,896 
365 
 
6.000%, 7/01/43 
7/20 at 102.00 
BB– 
336,691 
205 
 
6.000%, 7/01/48 
7/20 at 102.00 
BB– 
186,780 
1,390 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey 
7/20 at 102.00 
BB– 
1,352,873 
 
 
Charter Schools Project, Series 2014A, 7.375%, 7/01/49 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey 
 
 
 
 
 
Charter Schools Project, Series 2016: 
 
 
 
1,790 
 
5.375%, 7/01/46 
7/26 at 100.00 
BB– 
1,519,585 
2,140 
 
5.500%, 7/01/51 
7/26 at 100.00 
BB– 
1,809,841 
595 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San 
2/24 at 100.00 
N/R 
541,694 
 
 
Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A 
 
 
 
2,060 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San 
2/28 at 100.00 
N/R 
1,928,160 
 
 
Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A 
 
 
 
865 
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster 
7/20 at 102.00 
BB– 
843,211 
 
 
Schools ? Pima Project, Series 2014A, 7.250%, 7/01/39 
 
 
 
650 
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise 
6/19 at 100.00 
BB+ (4) 
665,483 
 
 
Education Center Project, Series 2010, 6.100%, 6/01/45 (Pre-refunded 6/01/19) 
 
 
 
3,710 
 
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 
7/21 at 100.00 
A (4) 
4,003,090 
 
 
2011, 5.250%, 7/01/41 (Pre-refunded 7/01/21) 
 
 
 
7,235 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
8,225,254 
 
 
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
 
 
 
57,600 
 
Total Arizona 
 
 
58,893,348 
 
 
California – 25.7% (15.6% of Total Investments) 
 
 
 
1,500 
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue 
5/20 at 100.00 
AA– (4) 
1,593,360 
 
 
Bonds, Channing House, Series 2010, 6.000%, 5/15/30 (Pre-refunded 5/15/20) 
 
 
 
2,000 
 
ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Series 
No Opt. Call 
Aa3 
1,764,220 
 
 
2000B, 0.000%, 8/01/23 – FGIC Insured 
 
 
 
4,225 
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 
No Opt. Call 
AA 
3,106,516 
 
 
2005B, 0.000%, 8/01/28 – AGM Insured 
 
 
 
8,000 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
1/19 at 100.00 
A1 
8,008,320 
 
 
Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured 
 
 
 
535 
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 
3/26 at 100.00 
Ba3 
550,841 
1,900 
 
Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopment 
11/25 at 100.00 
N/R 
1,999,560 
 
 
Project 1, Refunding Series 2015, 5.000%, 5/01/38 
 
 
 
 
 
Calexico Unified School District, Imperial County, California, General Obligation Bonds, 
 
 
 
 
 
Series 2005B: 
 
 
 
4,070 
 
0.000%, 8/01/32 – FGIC Insured 
No Opt. Call 
A 
2,351,687 
6,410 
 
0.000%, 8/01/34 – FGIC Insured 
No Opt. Call 
A 
3,336,341 
1,295 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden 
12/18 at 100.00 
N/R 
1,290,442 
 
 
Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/36 
 
 
 
 
 
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 
3,289,774 
13,500 
 
5.600%, 6/01/36 
12/18 at 100.00 
B2 
13,518,225 
12,024 
 
5.650%, 6/01/41 
12/18 at 100.00 
B2 
12,038,708 
200 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Merced 
1/19 at 100.00 
Baa1 
200,516 
 
 
County Tobacco Funding Corporation, Series 2005A, 5.000%, 6/01/26 
 
 
 
3,400 
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/19 at 100.00 
AA– 
3,505,298 
 
 
Series 2009B, 5.500%, 10/01/39 
 
 
 
 
64


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
 
 
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– 
$ 4,194,509 
710 
 
5.000%, 7/01/37 
7/23 at 100.00 
AA– 
771,671 
825 
 
California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa Academy 
7/25 at 100.00 
BB+ 
856,969 
 
 
Project, Series 2015, 5.375%, 7/01/45, 144A 
 
 
 
1,330 
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects 
8/20 at 100.00 
BBB (4) 
1,419,070 
 
 
Series 2010A, 6.400%, 8/15/45 (Pre-refunded 8/15/20) 
 
 
 
10,120 
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego 
1/19 at 100.00 
Baa3 
10,240,023 
 
 
County Water Authority Desalination Project Pipeline, Series 2012, 5.000%, 11/21/45, 144A 
 
 
 
2,000 
 
California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep – 
6/26 at 100.00 
N/R 
2,001,160 
 
 
Obligated Group, Series 2016, 5.000%, 6/01/51, 144A 
 
 
 
2,000 
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, 
3/23 at 100.00 
A+ 
2,159,540 
 
 
Various Projects Series 2013A, 5.000%, 3/01/38 
 
 
 
1,220 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
11/19 at 100.00 
Aaa 
1,276,279 
 
 
2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19) 
 
 
 
1,500 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
3/20 at 100.00 
Aaa 
1,577,505 
 
 
2010A-1, 5.750%, 3/01/30 (Pre-refunded 3/01/20) 
 
 
 
4,500 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
10/21 at 100.00 
A+ 
4,853,565 
 
 
2011A, 5.125%, 10/01/31 
 
 
 
 
 
California State, General Obligation Bonds, Various Purpose Series 2010: 
 
 
 
1,000 
 
5.500%, 3/01/40 
3/20 at 100.00 
AA– 
1,043,410 
8,500 
 
5.250%, 11/01/40 
11/20 at 100.00 
AA– 
9,008,980 
3,000 
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32 
10/21 at 100.00 
AA– 
3,249,750 
10,000 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
12/24 at 100.00 
BB 
10,504,700 
 
 
University Medical Center, Series 2014A, 5.500%, 12/01/54 
 
 
 
 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
 
 
 
 
 
University Medical Center, Series 2016A: 
 
 
 
8,905 
 
5.000%, 12/01/36, 144A 
6/26 at 100.00 
BB– 
9,234,307 
10,500 
 
5.000%, 12/01/46, 144A 
6/26 at 100.00 
BB– 
10,698,555 
24,540 
 
5.250%, 12/01/56, 144A 
6/26 at 100.00 
BB– 
25,375,587 
 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
 
 
 
 
 
University Medical Center, Series 2018A: 
 
 
 
3,340 
 
5.250%, 12/01/48, 144A 
6/28 at 100.00 
BB– 
3,469,826 
7,000 
 
5.500%, 12/01/58, 144A 
6/28 at 100.00 
BB– 
7,361,480 
1,030 
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB+ 
1,067,224 
 
 
of the West, Series 2010, 6.250%, 10/01/39 
 
 
 
1,050 
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire 
1/19 at 100.00 
N/R (4) 
1,057,529 
 
 
Public Schools, Series 2010, 6.000%, 7/01/40 (Pre-refunded 1/01/19) 
 
 
 
1,000 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
1/19 at 100.00 
CC 
851,820 
 
 
Health System, Series 2005A, 5.500%, 7/01/39 
 
 
 
675 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
1/19 at 100.00 
CC 
574,877 
 
 
Health System, Series 2005H, 5.750%, 7/01/25 
 
 
 
2,455 
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
N/R (4) 
2,546,571 
 
 
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 
 
 
 
9,955 
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community 
No Opt. Call 
Baa2 
5,884,400 
 
 
Facilities District 98-2, Series 2005, 0.000%, 9/01/31 – FGIC Insured 
 
 
 
3,000 
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Election 
8/23 at 100.00 
AA 
3,296,970 
 
 
2012 Series 2013B, 5.000%, 8/01/38 
 
 
 
4,000 
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 
No Opt. Call 
AA+ 
3,664,720 
 
 
2005, 0.000%, 8/01/22 – NPFG Insured 
 
 
 
3,795 
 
Colton Joint Unified School District, San Bernardino County, California, General Obligation 
No Opt. Call 
A+ 
1,768,053 
 
 
Bonds, Series 2006C, 0.000%, 2/01/37 – FGIC Insured 
 
 
 
 
65

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 2,935 
 
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage 
No Opt. Call 
Aaa 
$ 3,198,710 
 
 
Revenue Bonds, Series 1989, 7.750%, 5/01/22 (Alternative Minimum Tax) (ETM) 
 
 
 
1,320 
 
Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015, 
9/25 at 100.00 
N/R 
1,407,080 
 
 
5.000%, 9/01/40 
 
 
 
5,000 
 
Escondido Union School District, San Diego County, California, General Obligation Bonds, 
8/27 at 100.00 
AAA 
5,010,750 
 
 
Election 2014 Series 2018B, 4.000%, 8/01/47 
 
 
 
2,510 
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation 
No Opt. Call 
AA– 
1,791,613 
 
 
Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%, 10/01/28 – NPFG Insured 
 
 
 
3,360 
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation 
No Opt. Call 
Aa2 
2,543,352 
 
 
Bonds, School Facilities Improvement District 2, Series 2002A, 0.000%, 7/01/27 – NPFG Insured 
 
 
 
3,725 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
No Opt. Call 
AA 
2,006,844 
 
 
Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured 
 
 
 
 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
 
 
 
 
 
Refunding Series 2013A: 
 
 
 
3,000 
 
0.000%, 1/15/26 (5) 
No Opt. Call 
A– 
2,578,500 
1,560 
 
5.750%, 1/15/46 
1/24 at 100.00 
A– 
1,745,219 
3,560 
 
6.000%, 1/15/49 
1/24 at 100.00 
A– 
4,065,200 
4,505 
 
Foothill-De Anza Community College District, Santa Clara County, California, Election of 1999 
No Opt. Call 
AAA 
3,045,785 
 
 
General Obligation Bonds, Series A, 0.000%, 8/01/30 – NPFG Insured 
 
 
 
2,315 
 
Gateway Unified School District, California, General Obligation Bonds, Series 2004B, 0.000%, 
No Opt. Call 
A+ 
1,355,780 
 
 
8/01/32 – FGIC Insured 
 
 
 
1,000 
 
Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, 
8/21 at 100.00 
Aa2 (4) 
1,102,830 
 
 
General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35 (Pre-refunded 8/01/21) 
 
 
 
8,495 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/25 at 100.00 
A+ 
9,149,965 
 
 
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45 
 
 
 
3,170 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
No Opt. Call 
AA 
2,546,524 
 
 
Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured 
 
 
 
3,490 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R 
3,413,499 
 
 
Bonds, Series 2018A-1, 5.000%, 6/01/47 
 
 
 
28,190 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R 
27,572,075 
 
 
Bonds, Series 2018A-2, 5.000%, 6/01/47 
 
 
 
7,150 
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 
7/21 at 100.00 
Aaa 
7,935,928 
 
 
7/15/40 (Pre-refunded 7/15/21) 
 
 
 
3,190 
 
Hillsborough City School District, San Mateo County, California, General Obligation Bonds, 
No Opt. Call 
AAA 
2,450,271 
 
 
Series 2006B, 0.000%, 9/01/27 
 
 
 
5,000 
 
Huntington Beach Union High School District, Orange County, California, General Obligation 
No Opt. Call 
Aa2 
3,133,350 
 
 
Bonds, Series 2005, 0.000%, 8/01/31 – NPFG Insured 
 
 
 
2,500 
 
Huntington Beach Union High School District, Orange County, California, General Obligation 
No Opt. Call 
Aa2 
1,494,050 
 
 
Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured 
 
 
 
14,565 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/28 at 100.00 
AA– 
15,976,494 
 
 
Airport, Subordinate Lien Series 2018A, 5.000%, 5/15/44 (Alternative Minimum Tax) 
 
 
 
2,750 
 
Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Bonds, 
1/22 at 100.00 
A 
2,834,893 
 
 
LAXFUEL Corporation at Los Angeles International Airport, Refunding Series 2012, 4.500%, 
 
 
 
 
 
1/01/27 (Alternative Minimum Tax) 
 
 
 
540 
 
Madera County, California, Certificates of Participation, Children’s Hospital Central 
3/20 at 100.00 
AA– (4) 
565,234 
 
 
California, Series 2010, 5.375%, 3/15/36 (Pre-refunded 3/15/20) 
 
 
 
2,000 
 
Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, 
8/24 at 100.00 
AA 
2,355,660 
 
 
Series 2011, 5.875%, 8/01/31 
 
 
 
1,000 
 
Mendocino-Lake Community College District, Mendocino and Lake Counties, California, General 
8/26 at 100.00 
AA 
1,176,230 
 
 
Obligation Bonds, Election 2006, Series 2011B, 5.600%, 8/01/31 – AGM Insured 
 
 
 
2,775 
 
Morgan Hill Unified School District, Santa Clara County, California, General Obligation Bonds, 
8/27 at 100.00 
Aa1 
2,813,767 
 
 
Election 2012 Series 2017B, 4.000%, 8/01/47 
 
 
 
 
66


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 2,335 
 
Morongo Band of Mission Indians, Enterprise Revenue Bonds, Series 2018A, 5.000%, 10/01/42, 144A 
10/28 at 100.00 
N/R 
$ 2,375,092 
 
 
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 (5) 
2/28 at 100.00 
Aa1 
980,404 
2,320 
 
0.000%, 8/01/43 (5) 
8/35 at 100.00 
Aa1 
1,844,702 
5,420 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
7,258,085 
 
 
2009B, 6.500%, 11/01/39 
 
 
 
 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C: 
 
 
 
2,700 
 
7.000%, 11/01/34 
No Opt. Call 
A 
3,693,114 
2,200 
 
6.500%, 11/01/39 
No Opt. Call 
A 
2,946,086 
 
 
North Orange County Community College District, California, General Obligation Bonds, Election 
 
 
 
 
 
of 2002 Series 2003B: 
 
 
 
7,735 
 
0.000%, 8/01/25 – FGIC Insured 
No Opt. Call 
AA+ 
6,428,945 
4,180 
 
0.000%, 8/01/26 – FGIC Insured 
No Opt. Call 
AA+ 
3,341,743 
10,885 
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
Aa3 
8,992,969 
 
 
Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/25 – FGIC Insured 
 
 
 
3,000 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
N/R (4) 
3,143,940 
 
 
6.625%, 11/01/29 (Pre-refunded 11/01/19) 
 
 
 
590 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 
11/20 at 100.00 
Ba1 (4) 
610,508 
 
 
5.250%, 11/01/21 (Pre-refunded 11/01/20) 
 
 
 
6,000 
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election 
No Opt. Call 
A2 
5,022,000 
 
 
of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured 
 
 
 
12,210 
 
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital 
8/30 at 100.00 
A2 
13,955,297 
 
 
Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/40 (5) 
 
 
 
5,000 
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – 
8/29 at 100.00 
AA 
6,089,850 
 
 
AGC Insured (5) 
 
 
 
1,750 
 
Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
AA 
1,539,562 
 
 
Series 2001B, 0.000%, 9/01/23 – AGM Insured 
 
 
 
9,315 
 
Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue 
No Opt. Call 
Aaa 
11,214,887 
 
 
Bonds, Series 1989A, 7.600%, 1/01/23 (Alternative Minimum Tax) (ETM) 
 
 
 
2,500 
 
Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 
5/21 at 100.00 
AA (4) 
2,717,200 
 
 
5/01/32 (Pre-refunded 5/01/21) 
 
 
 
3,850 
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of 
10/25 at 100.00 
AA 
4,292,288 
 
 
Participation, Refunding Series 2011, 6.250%, 10/01/28 – AGM Insured 
 
 
 
3,200 
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, 
No Opt. Call 
AA 
2,401,664 
 
 
Series 2003, 0.000%, 7/01/27 – AGM Insured 
 
 
 
2,000 
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation 
6/20 at 100.00 
A– (4) 
2,138,480 
 
 
Bonds, Refunding Series 2010, 6.125%, 6/30/37 (Pre-refunded 6/30/20) 
 
 
 
205 
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 
6/23 at 100.00 
BBB 
223,542 
 
 
2013A, 5.750%, 6/01/44 
 
 
 
2,755 
 
Sacramento City Unified School District, Sacramento County, California, General Obligation 
No Opt. Call 
Aa3 
2,239,953 
 
 
Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured 
 
 
 
3,550 
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 
12/21 at 100.00 
BB 
3,882,883 
 
 
7.500%, 12/01/41 
 
 
 
165 
 
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 
9/25 at 100.00 
N/R 
175,478 
 
 
Marblehead Coastal, Series 2015, 5.000%, 9/01/40 
 
 
 
3,000 
 
San Diego Community College District, California, General Obligation Bonds, Tender Option Bond 
8/21 at 100.00 
Aaa 
3,745,620 
 
 
Trust 2016-XG0053, 10.690%, 8/01/41, 144A (IF) (6) 
 
 
 
1,830 
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, 
8/19 at 100.00 
N/R 
2,035,948 
 
 
Tender Option Bond Trust 2015-XF0098, 15.248%, 8/01/39, 144A (IF) 
 
 
 
50,510 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International 
5/28 at 100.00 
A+ 
54,884,671 
 
 
Airport, Second Series 2018D, 5.000%, 5/01/48 (Alternative Minimum Tax) 
 
 
 
 
67

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 670 
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, 
8/19 at 100.00 
A– (4) 
$ 694,013 
 
 
Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19) 
 
 
 
2,700 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
1/25 at 100.00 
BBB+ 
2,894,346 
 
 
Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 
 
 
 
 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
 
 
 
 
 
Bonds, Refunding Senior Lien Series 2014A: 
 
 
 
6,630 
 
5.000%, 1/15/44 
1/25 at 100.00 
A– 
7,073,149 
3,160 
 
5.000%, 1/15/50 
1/25 at 100.00 
A– 
3,360,439 
7,205 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
No Opt. Call 
Baa2 
6,367,995 
 
 
Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured 
 
 
 
15,570 
 
San Luis Obispo County Community College District, California, General Obligation Bonds, 
8/28 at 100.00 
Aa2 
15,782,842 
 
 
Series 2018B, 4.000%, 8/01/43 
 
 
 
10,000 
 
Santa Monica Community College District, Los Angeles County, California, General Obligation 
8/28 at 100.00 
AA+ 
10,120,500 
 
 
Bonds, 2016 Election Series 2018A, 4.000%, 8/01/47 (WI/DD, Settling 11/02/18) 
 
 
 
5,760 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding 
No Opt. Call 
AA 
1,529,683 
 
 
Series 2015, 0.000%, 8/01/45 
 
 
 
690 
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, 
12/19 at 100.00 
A+ (4) 
713,515 
 
 
California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 (Pre-refunded 12/01/19) 
 
 
 
5,520 
 
Silicon Valley Clean Water, Mateo County, California, Wastewater Revenue Bonds, Series 2018, 
2/28 at 100.00 
AA 
5,596,507 
 
 
4.000%, 8/01/42 
 
 
 
 
 
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A: 
 
 
 
7,500 
 
0.000%, 6/01/36 
12/18 at 100.00 
N/R 
2,782,650 
37,555 
 
0.000%, 6/01/47 
12/18 at 100.00 
N/R 
6,503,775 
1,820 
 
Southwestern Community College District, San Diego County, California, General Obligation 
8/27 at 100.00 
Aa2 
1,835,980 
 
 
Bonds, Election of 2016, Series 2017A, 4.000%, 8/01/42 
 
 
 
 
 
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 
12/18 at 100.00 
BB+ 
11,623,872 
3,090 
 
5.125%, 6/01/46 
12/18 at 100.00 
B+ 
3,097,694 
1,800 
 
Walnut Valley Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
Aa1 
1,383,660 
 
 
Bonds, Election 2000 Series 2003D, 0.000%, 8/01/27 – FGIC Insured 
 
 
 
4,005 
 
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 
8/31 at 100.00 
AA 
3,415,744 
 
 
2011B, 0.000%, 8/01/36 – AGM Insured (5) 
 
 
 
3,900 
 
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 
8/21 at 100.00 
AA (4) 
4,282,551 
 
 
2011B, 5.625%, 5/01/41 (Pre-refunded 8/01/21) – AGM Insured 
 
 
 
3,000 
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 
8/21 at 100.00 
Aa2 (4) 
3,268,530 
 
 
2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21) 
 
 
 
596,139 
 
Total California 
 
 
550,334,817 
 
 
Colorado – 6.6% (4.0% of Total Investments) 
 
 
 
1,250 
 
Adams County School District 1, Mapleton Public Schools, Colorado, General Obligation Bonds, 
12/20 at 100.00 
Aa2 (4) 
1,353,700 
 
 
Series 2010, 6.250%, 12/01/35 (Pre-refunded 12/01/20) 
 
 
 
1,500 
 
Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015, 
12/25 at 100.00 
AA 
1,641,960 
 
 
5.000%, 12/01/35 – BAM Insured 
 
 
 
1,215 
 
Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 
12/21 at 103.00 
N/R 
1,204,369 
 
 
2016A, 5.500%, 12/01/36 
 
 
 
 
 
Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General Obligation and 
 
 
 
 
 
Special Revenue Bonds, Refunding & Improvement Series 2017A: 
 
 
 
775 
 
6.000%, 12/01/37 
12/22 at 103.00 
N/R 
778,054 
2,320 
 
6.125%, 12/01/47 
12/22 at 103.00 
N/R 
2,327,122 
685 
 
Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General Obligation and 
12/22 at 103.00 
N/R 
658,491 
 
 
Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 
 
 
 
 
68


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 500 
 
Castle Oaks Metropolitan District 3, Castle Rock, Douglas County, Colorado, General Obligation 
12/20 at 103.00 
N/R (4) 
$ 547,700 
 
 
Limited Tax Bonds, Series 2016, 5.500%, 12/01/45 (Pre-refunded 12/01/20) 
 
 
 
 
 
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & 
 
 
 
 
 
Improvement Series 2017: 
 
 
 
770 
 
5.000%, 12/01/37, 144A 
12/22 at 103.00 
N/R 
777,284 
2,210 
 
5.000%, 12/01/47, 144A 
12/22 at 103.00 
N/R 
2,211,193 
625 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding 
12/23 at 100.00 
BBB 
700,219 
 
 
Series 2013A, 6.000%, 12/01/38 
 
 
 
1,000 
 
Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, 
12/25 at 100.00 
N/R 
971,670 
 
 
Refunding Senior Lien Series 2015A, 5.000%, 6/01/37 
 
 
 
1,240 
 
Colorado City Metropolitan District, Oueblo county, Colorado, Water and Wastewater Enterprise 
12/19 at 100.00 
N/R 
1,255,897 
 
 
Revenue Bonds, Refunding & Improvement Series 2012, 4.500%, 12/01/34 
 
 
 
1,000 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Pinnacle 
12/19 at 100.00 
AA– 
1,016,270 
 
 
Charter School, Inc. High School Project, Series 2010, 5.000%, 12/01/29 
 
 
 
1,945 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks 
1/19 at 100.00 
N/R 
1,883,324 
 
 
Academy, Series 2006A, 5.400%, 5/01/26 
 
 
 
9,440 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
1/19 at 100.00 
BBB+ 
9,448,590 
 
 
Series 2006A, 4.500%, 9/01/38 
 
 
 
3,335 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
7/19 at 100.00 
BBB+ 
3,410,171 
 
 
Series 2009A, 5.500%, 7/01/34 
 
 
 
9,335 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
1/23 at 100.00 
BBB+ 
9,825,554 
 
 
Series 2013A, 5.250%, 1/01/45 
 
 
 
2,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital Colorado 
12/23 at 100.00 
A+ 
2,143,280 
 
 
Project, Series 2013A, 5.000%, 12/01/36 
 
 
 
2,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, Series 
12/22 at 100.00 
A 
2,000,700 
 
 
2012, 4.000%, 12/01/42 
 
 
 
3,655 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
6/25 at 100.00 
A– 
3,825,762 
 
 
Samaritan Society Project, Series 2013A, 5.000%, 6/01/45 
 
 
 
585 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
6/23 at 100.00 
BBB 
629,220 
 
 
Samaritan Society Project, Series 2013, 5.625%, 6/01/43 
 
 
 
11,500 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
11,806,015 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
2,105 
 
Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General 
12/23 at 103.00 
N/R 
2,185,011 
 
 
Obligation Bonds, Refunding & Improvement Series 2018, 5.875%, 12/01/46 
 
 
 
2,250 
 
Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 
11/23 at 100.00 
AA 
2,477,655 
 
 
5.000%, 11/15/38 
 
 
 
20 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/19 at 100.00 
AA 
20,182 
 
 
Revenue Bonds, Series 2009A, 5.000%, 3/01/34 
 
 
 
 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
 
 
 
 
 
Revenue Bonds, Series 2009A: 
 
 
 
1,175 
 
5.000%, 3/01/34 (Pre-refunded 3/01/19) 
3/19 at 100.00 
N/R (4) 
1,186,903 
5 
 
5.000%, 3/01/34 (Pre-refunded 3/01/19) 
3/19 at 100.00 
N/R (4) 
5,051 
1,945 
 
Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Refunding Series 2015, 5.000%, 
8/25 at 100.00 
AA 
2,137,283 
 
 
8/01/36 – BAM Insured 
 
 
 
1,000 
 
Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding 
12/20 at 100.00 
BBB+ 
1,017,350 
 
 
Series 2010, 5.375%, 12/01/40 
 
 
 
500 
 
Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 
12/20 at 103.00 
N/R 
520,530 
 
 
2006, 5.250%, 12/01/30 
 
 
 
2,200 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 
11/22 at 100.00 
AA– 
2,379,982 
3,870 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 
11/23 at 100.00 
A+ 
4,208,470 
 
 
5.000%, 11/15/43 
 
 
 
 
69

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado Urban 
 
 
 
 
 
Redevelopment Area, Series 2018A: 
 
 
 
$ 1,310 
 
5.250%, 12/01/39, 144A 
12/23 at 103.00 
N/R 
$ 1,301,682 
835 
 
5.250%, 12/01/39, 144A 
12/23 at 103.00 
N/R 
819,310 
10,000 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 
No Opt. Call 
A 
3,819,900 
 
 
2010A, 0.000%, 9/01/41 
 
 
 
8,845 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/26 – 
No Opt. Call 
A 
6,803,220 
 
 
NPFG Insured 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
7,550 
 
0.000%, 9/01/29 – NPFG Insured 
No Opt. Call 
A 
5,016,748 
11,100 
 
0.000%, 9/01/31 – NPFG Insured 
No Opt. Call 
A 
6,711,504 
10,000 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
A 
5,782,400 
8,135 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28 – 
9/20 at 63.98 
A 
4,918,421 
 
 
NPFG Insured 
 
 
 
 
 
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 
503,030 
180 
 
5.250%, 12/01/34 
12/22 at 100.00 
N/R 
187,081 
500 
 
Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado, 
12/20 at 103.00 
N/R 
501,280 
 
 
General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45 
 
 
 
968 
 
Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation Limited 
12/21 at 103.00 
N/R 
911,072 
 
 
Tax Bonds, Series 2016, 5.125%, 12/01/46 
 
 
 
 
 
Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014: 
 
 
 
1,125 
 
5.750%, 12/01/30 
12/24 at 100.00 
N/R 
1,138,736 
1,000 
 
6.000%, 12/01/38 
12/24 at 100.00 
N/R 
1,003,470 
770 
 
Great Western Park Metropolitan District 2, Broomfield City and County, Colorado, General 
12/21 at 100.00 
N/R 
747,354 
 
 
Obligation Bonds, Series 2016A, 5.000%, 12/01/46 
 
 
 
 
 
Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: 
 
 
 
1,590 
 
5.250%, 12/01/36 
12/21 at 103.00 
N/R 
1,484,329 
6,130 
 
5.375%, 12/01/46 
12/21 at 103.00 
N/R 
5,643,646 
1,000 
 
Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, 
12/21 at 100.00 
A 
1,061,130 
 
 
Series 2011A, 5.000%, 12/01/41 
 
 
 
825 
 
North Range Metropolitan District No. 2 , In the City of Commerce City, Adams County, Colorado, 
12/22 at 103.00 
N/R 
806,726 
 
 
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 
12/25 at 100.00 
N/R 
1,973,635 
 
 
Bonds, Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
3,015 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/20 at 100.00 
AA (4) 
3,257,527 
 
 
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
500 
 
Parker Automotive Metropolitan District (In the Town of Parker, Colorado), General Obligation 
12/26 at 100.00 
N/R 
451,975 
 
 
Bonds, Refunding Series 2016, 5.000%, 12/01/45 
 
 
 
1,590 
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 
6/20 at 100.00 
Aa3 
1,661,391 
 
 
5.375%, 6/01/31 
 
 
 
 
 
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 
BBB+ 
4,507,599 
2,365 
 
6.000%, 1/15/41 
7/20 at 100.00 
BBB+ 
2,445,103 
1,034 
 
Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General Obligation 
12/26 at 100.00 
N/R 
1,008,491 
 
 
Bonds, Refunding Series 2016A, 5.000%, 12/01/45 
 
 
 
525 
 
Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, 
12/21 at 103.00 
N/R 
529,016 
 
 
Limited Tax Series 2016A, 5.500%, 12/01/46 
 
 
 
650 
 
Thompson Crossing Metropolitan District No. 6 in the Town of Johnstown, Larimer County, 
12/20 at 103.00 
N/R 
649,961 
 
 
Colorado, General Obligation Limited Tax Bonds Series 2015A, 6.000%, 12/01/44 
 
 
 
 
70


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 55 
 
Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding Series 
12/26 at 100.00 
N/R 
$ 56,306 
 
 
2016, 5.250%, 12/01/40 
 
 
 
105 
 
Water Valley Metropolitan District 2, Windsor, Colorado, General Obligation Bonds, Refunding 
12/26 at 100.00 
N/R 
109,847 
 
 
Series 2016, 5.250%, 12/01/40 
 
 
 
162,357 
 
Total Colorado 
 
 
142,366,852 
 
 
Connecticut – 0.1% (0.0% of Total Investments) 
 
 
 
1,500 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, 
7/21 at 100.00 
A 
1,565,235 
 
 
Series 2011A, 5.000%, 7/01/41 
 
 
 
 
 
District of Columbia – 0.7% (0.4% of Total Investments) 
 
 
 
3,390 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
4/22 at 100.00 
BBB+ 
3,538,855 
 
 
Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
 
5.000%, 10/01/53 
 
 
 
10,935 
 
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding 
10/27 at 100.00 
AA– 
11,832,982 
 
 
Series 2017, 5.000%, 10/01/47 (Alternative Minimum Tax) 
 
 
 
14,325 
 
Total District of Columbia 
 
 
15,371,837 
 
 
Florida – 4.1% (2.5% of Total Investments) 
 
 
 
1,250 
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter 
9/20 at 100.00 
BBB 
1,289,613 
 
 
Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40 
 
 
 
 
 
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 
1,024,788 
865 
 
5.000%, 9/01/45 
9/23 at 100.00 
BBB 
881,279 
635 
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 
11/27 at 100.00 
N/R 
644,963 
 
 
2016A, 5.375%, 11/01/36 
 
 
 
400 
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 
No Opt. Call 
N/R 
397,968 
 
 
2016B, 5.625%, 11/01/35 
 
 
 
665 
 
Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue 
5/26 at 100.00 
N/R 
657,186 
 
 
Bonds, Series 2016, 4.700%, 5/01/36 
 
 
 
2,115 
 
Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health 
4/19 at 100.00 
A2 (4) 
2,159,013 
 
 
First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19) 
 
 
 
3,430 
 
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%, 
1/19 at 100.00 
Caa1 
3,430,755 
 
 
11/01/20 (Alternative Minimum Tax) 
 
 
 
5,005 
 
Broward County, Florida, Airport System Revenue Bonds, Refunding Series 2009O, 5.375%, 10/01/29 
10/19 at 100.00 
A+ 
5,149,745 
1,480 
 
Broward County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC 
4/23 at 100.00 
AA 
1,571,893 
 
 
Project, Series 2013A, 5.000%, 4/01/33 – AGM Insured (Alternative Minimum Tax) 
 
 
 
4,390 
 
Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments 
7/25 at 100.00 
A– 
4,421,871 
 
 
Project, Series 2015A, 5.000%, 7/04/50 
 
 
 
 
 
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 
126,064 
160 
 
5.600%, 11/01/46 
11/28 at 100.00 
N/R 
163,227 
290 
 
Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, 
No Opt. Call 
N/R 
295,577 
 
 
Area 1 Project, Series 2016A-2, 5.625%, 11/01/35 
 
 
 
 
 
Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015: 
 
 
 
555 
 
5.250%, 5/01/35 
5/26 at 100.00 
N/R 
559,446 
615 
 
5.300%, 5/01/36 
5/26 at 100.00 
N/R 
619,914 
955 
 
5.500%, 5/01/45 
5/26 at 100.00 
N/R 
957,321 
1,305 
 
5.500%, 5/01/46 
5/26 at 100.00 
N/R 
1,307,375 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral 
 
 
 
 
 
Charter Upper School Project, Series 2017C: 
 
 
 
1,115 
 
5.650%, 7/01/37, 144A 
7/27 at 101.00 
N/R 
1,057,065 
3,385 
 
5.750%, 7/01/47, 144A 
7/27 at 101.00 
N/R 
3,156,005 
 
71

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
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 
$ 1,063,720 
1,420 
 
4.750%, 7/15/36, 144A 
7/26 at 100.00 
N/R 
1,324,704 
2,575 
 
6.375%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
2,700,454 
1,465 
 
5.000%, 7/15/46, 144A 
7/26 at 100.00 
N/R 
1,353,499 
 
 
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 
914,300 
6,785 
 
5.125%, 7/01/46 
7/26 at 100.00 
N/R 
6,021,077 
 
 
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 
929,682 
560 
 
6.125%, 6/15/46, 144A 
6/25 at 100.00 
N/R 
570,153 
1,100 
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern 
4/21 at 100.00 
A– 
1,184,722 
 
 
University, Refunding Series 2011, 6.375%, 4/01/31 
 
 
 
3,310 
 
Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, 
1/19 at 105.00 
N/R 
3,425,453 
 
 
Brightline Passenger Rail Project – South Segment, Series 2017, 0.000%, 1/01/47 (Alternative 
 
 
 
 
 
Minimum Tax), 144A 
 
 
 
320 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
5/26 at 100.00 
N/R 
313,667 
 
 
Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 
 
 
 
5,000 
 
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, 
10/27 at 100.00 
A+ 
5,367,750 
 
 
Priority Subordinated Series 2017, 5.000%, 10/01/47 (Alternative Minimum Tax) 
 
 
 
1,750 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, 
10/24 at 100.00 
A+ 
1,862,140 
 
 
Subordinate Lien Series 2015B, 5.000%, 10/01/40 (Alternative Minimum Tax) 
 
 
 
4,695 
 
Hillsborough County Aviation Authority, Florida, Tampa International Airport Customer Facility 
10/24 at 100.00 
A 
5,024,119 
 
 
Charge Revenue Bonds, Series 2015A, 5.000%, 10/01/44 
 
 
 
2,490 
 
Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 
10/22 at 100.00 
A+ 
2,672,542 
 
 
5.000%, 10/01/37 
 
 
 
7,045 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 
10/22 at 100.00 
Aa3 
7,556,115 
 
 
5.000%, 10/01/42 
 
 
 
2,140 
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement 
8/26 at 100.00 
N/R 
2,250,938 
 
 
Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35 
 
 
 
2,185 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, 
4/22 at 100.00 
A+ 
2,305,393 
 
 
Inc., Series 2012A, 5.000%, 10/01/42 
 
 
 
2,335 
 
Orlando, Florida, Capital Improvement Special Revenue Bonds, Series 2014B, 5.000%, 10/01/46 
10/24 at 100.00 
AA+ 
2,584,962 
85 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of 
6/22 at 102.00 
N/R 
95,481 
 
 
Boca Raton Project, Series 2014A, 7.250%, 6/01/34 
 
 
 
545 
 
Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 
11/26 at 100.00 
N/R 
532,160 
 
 
Project, Series 2016, 5.000%, 11/01/46 
 
 
 
 
 
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, 
 
 
 
 
 
Assessment Area 2, Series 2016: 
 
 
 
160 
 
4.750%, 11/01/28 
11/27 at 100.00 
N/R 
159,496 
265 
 
5.375%, 11/01/36 
11/27 at 100.00 
N/R 
265,655 
375 
 
South Village Community Development District, Clay County, Florida, Capital Improvement 
5/26 at 100.00 
BBB 
354,660 
 
 
Revenue Bonds, Refunding Series 2016A1, 3.625%, 5/01/35 
 
 
 
 
 
South Village Community Development District, Clay County, Florida, Capital Improvement 
 
 
 
 
 
Revenue Bonds, Refunding Series 2016A2: 
 
 
 
140 
 
4.350%, 5/01/26 
No Opt. Call 
N/R 
139,626 
100 
 
4.875%, 5/01/35 
5/26 at 100.00 
N/R 
98,939 
1,350 
 
Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central 
1/24 at 100.00 
A– 
1,436,346 
 
 
Florida Health Alliance Projects, Series 2014A, 5.125%, 7/01/34 
 
 
 
3,300 
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 
5/22 at 100.00 
Aa2 
3,548,523 
 
 
5.000%, 11/15/33 
 
 
 
 
72


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 200 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/19 at 100.00 
N/R 
$ 194,460 
 
 
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (5) 
 
 
 
85 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
69,171 
 
 
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (5) 
 
 
 
110 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 
1/19 at 100.00 
N/R 
1 
 
 
2007-3, 6.650%, 5/01/40 (7) 
 
 
 
10 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing 
1/19 at 100.00 
N/R 
9,561 
 
 
Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 
 
 
 
295 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
1/19 at 100.00 
N/R 
234,950 
 
 
2015-1, 0.000%, 5/01/40 (7) 
 
 
 
180 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
1/19 at 100.00 
N/R 
117,949 
 
 
2015-2, 0.000%, 5/01/40 (7) 
 
 
 
195 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
1/19 at 100.00 
N/R 
2 
 
 
2015-3, 6.610%, 5/01/40 (7) 
 
 
 
300 
 
Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 
11/27 at 100.00 
N/R 
302,448 
 
 
2016A-1, 5.375%, 11/01/37 
 
 
 
35 
 
Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 
No Opt. Call 
N/R 
34,662 
 
 
2016A-2, 5.625%, 11/01/35 
 
 
 
85,565 
 
Total Florida 
 
 
86,890,548 
 
 
Georgia – 2.4% (1.5% of Total Investments) 
 
 
 
2,725 
 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, 
7/25 at 100.00 
Aa3 
3,024,941 
 
 
Senior Lien Series 2015A-1, 5.250%, 7/01/40 
 
 
 
15,000 
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30 
1/21 at 100.00 
Aa3 
15,872,850 
980 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 
11/19 at 100.00 
AA (4) 
1,011,879 
 
 
11/01/34 (Pre-refunded 11/01/19) – AGM Insured 
 
 
 
520 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 
11/19 at 100.00 
AA 
535,402 
 
 
11/01/34 – AGM Insured 
 
 
 
4,400 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – 
No Opt. Call 
Aa2 
4,806,164 
 
 
FGIC Insured 
 
 
 
3,250 
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb 
9/20 at 100.00 
N/R (4) 
3,470,870 
 
 
Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 (Pre-refunded 9/01/20) 
 
 
 
590 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/20 at 100.00 
A 
608,762 
 
 
Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 
 
 
 
1,910 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/20 at 100.00 
N/R (4) 
1,977,881 
 
 
Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 (Pre-refunded 2/15/20) 
 
 
 
 
 
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– 
490,314 
1,180 
 
5.125%, 2/15/40 
2/20 at 100.00 
AA– 
1,213,618 
 
 
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) 
1,584,002 
3,820 
 
5.125%, 2/15/40 (Pre-refunded 2/15/20) 
2/20 at 100.00 
N/R (4) 
3,961,798 
4,650 
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 
No Opt. Call 
A1 (4) 
4,678,365 
 
 
1/01/19 – FGIC Insured (ETM) 
 
 
 
4,010 
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 
7/25 at 100.00 
A 
4,073,318 
 
 
5.000%, 7/01/60 
 
 
 
840 
 
Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical 
6/27 at 100.00 
N/R 
845,191 
 
 
Education, Series 2017, 5.875%, 6/15/47, 144A 
 
 
 
3,000 
 
Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life University, 
11/27 at 100.00 
Ba3 
3,092,070 
 
 
Inc. Project, Refunding Series 2017A, 5.000%, 11/01/47, 144A 
 
 
 
48,875 
 
Total Georgia 
 
 
51,247,425 
 
73

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Guam – 0.2% (0.1% of Total Investments) 
 
 
 
$ 4,000 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 
7/20 at 100.00 
A– (4) 
$ 4,218,400 
 
 
5.500%, 7/01/30 (Pre-refunded 7/01/20) 
 
 
 
810 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 
7/23 at 100.00 
A– 
855,886 
 
 
5.500%, 7/01/43 
 
 
 
4,810 
 
Total Guam 
 
 
5,074,286 
 
 
Hawaii – 0.3% (0.2% of Total Investments) 
 
 
 
1,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health 
7/20 at 100.00 
AA– (4) 
1,054,940 
 
 
Obligated Group, Series 2010A, 5.500%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
3,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health 
7/23 at 100.00 
AA– 
3,276,210 
 
 
Obligated Group, Series 2013A, 5.500%, 7/01/43 
 
 
 
1,175 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
BB 
1,221,271 
 
 
University, Series 2013A, 6.625%, 7/01/33 
 
 
 
5,175 
 
Total Hawaii 
 
 
5,552,421 
 
 
Idaho – 0.1% (0.1% of Total Investments) 
 
 
 
1,175 
 
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding 
9/26 at 100.00 
BB+ 
1,214,903 
 
 
Series 2016, 5.000%, 9/01/37 
 
 
 
595 
 
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights 
9/22 at 100.00 
A3 
641,089 
 
 
Mitigation Series 2012A, 5.000%, 9/01/32 
 
 
 
1,770 
 
Total Idaho 
 
 
1,855,992 
 
 
Illinois – 30.8% (18.7% of Total Investments) 
 
 
 
50,000 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 
4/27 at 100.00 
A 
57,140,500 
 
 
2016, 6.000%, 4/01/46 
 
 
 
1,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 
12/21 at 100.00 
BB– 
1,016,350 
 
 
2011A, 5.500%, 12/01/39 
 
 
 
8,400 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding 
12/27 at 100.00 
B+ 
9,834,636 
 
 
Series 2017B, 7.000%, 12/01/42, 144A 
 
 
 
8,455 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding 
12/27 at 100.00 
B+ 
8,540,734 
 
 
Series 2017H, 5.000%, 12/01/36 
 
 
 
 
 
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+ 
2,104,650 
51,780 
 
7.000%, 12/01/44 
12/25 at 100.00 
B+ 
58,680,203 
6,210 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/27 at 100.00 
B+ 
7,250,548 
 
 
2017A, 7.000%, 12/01/46, 144A 
 
 
 
450 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 
No Opt. Call 
Baa2 
317,327 
 
 
12/01/26 – NPFG Insured 
 
 
 
 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
 
 
 
 
 
Revenues, Series 1998B-1: 
 
 
 
1,715 
 
0.000%, 12/01/26 – NPFG Insured 
No Opt. Call 
Baa2 
1,209,367 
1,765 
 
0.000%, 12/01/30 – NPFG Insured 
No Opt. Call 
Baa2 
1,004,585 
 
 
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 
Baa2 
1,730,296 
8,565 
 
0.000%, 12/01/31 – FGIC Insured 
No Opt. Call 
Baa2 
4,623,130 
4,300 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
AA 
4,517,838 
 
 
5.250%, 12/01/40 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 
 
 
 
25,755 
 
0.000%, 1/01/29 – NPFG Insured 
No Opt. Call 
BBB+ 
16,400,526 
8,765 
 
0.000%, 1/01/34 – FGIC Insured 
No Opt. Call 
BBB+ 
4,238,053 
17,310 
 
0.000%, 1/01/37 – FGIC Insured 
No Opt. Call 
BBB+ 
7,083,771 
670 
 
Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, 
1/25 at 100.00 
BBB+ 
716,826 
 
 
5.500%, 1/01/31 
 
 
 
 
74


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 2,695 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.000%, 1/01/35 
1/24 at 100.00 
BBB+ 
$ 2,767,549 
27,095 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 
1/27 at 100.00 
BBB+ 
30,117,989 
2,000 
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 5.500%, 1/01/40 
1/25 at 100.00 
BBB+ 
2,101,000 
 
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C: 
 
 
 
1,450 
 
5.000%, 1/01/34 
1/19 at 100.00 
BBB+ 
1,452,509 
590 
 
5.000%, 1/01/40 
1/19 at 100.00 
BBB+ 
590,791 
4,930 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 
1/21 at 100.00 
BBB+ 
5,018,346 
550 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/34 
1/22 at 100.00 
BBB+ 
560,753 
 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2007E: 
 
 
 
10,115 
 
5.500%, 1/01/35 
1/25 at 100.00 
BBB+ 
10,698,130 
5,890 
 
5.500%, 1/01/42 
1/25 at 100.00 
BBB+ 
6,180,966 
275 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2008A, 5.250%, 1/01/37 – 
12/18 at 100.00 
BBB+ 
275,294 
 
 
FGIC Insured 
 
 
 
765 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/35 
1/26 at 100.00 
BBB+ 
791,469 
1,610 
 
Chicago, Illinois, General Obligation Bonds, Series 1999, 0.000%, 1/01/30 – AGM Insured 
No Opt. Call 
AA 
994,739 
 
 
Chicago, Illinois, General Obligation Bonds, Series 2015A: 
 
 
 
1,000 
 
5.500%, 1/01/35 
1/25 at 100.00 
BBB+ 
1,057,650 
9,800 
 
5.500%, 1/01/39 
1/25 at 100.00 
BBB+ 
10,300,290 
5,630 
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.250%, 1/01/38 
1/22 at 100.00 
N/R (4) 
6,139,233 
 
 
(Pre-refunded 1/01/22) 
 
 
 
3,095 
 
Cook County Forest Preserve District, Illinois, General Obligation Bonds, Personal Property 
6/22 at 100.00 
AA– 
3,197,135 
 
 
Replacement Tax Alternate Source, Series 2012C, 5.000%, 12/15/37 – AGM Insured 
 
 
 
25,375 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 
11/20 at 100.00 
AA– 
26,412,584 
800 
 
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont 
12/25 at 100.00 
N/R 
805,752 
 
 
School Project, Series 2015A, 5.500%, 12/01/30, 144A 
 
 
 
 
 
Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, 
 
 
 
 
 
Refunding and Improvement Series 2011A: 
 
 
 
1,455 
 
6.875%, 10/01/31 
10/21 at 100.00 
BB+ 
1,528,841 
2,535 
 
7.125%, 10/01/41 
10/21 at 100.00 
BB+ 
2,656,148 
1,500 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 
11/19 at 100.00 
AA+ (4) 
1,550,970 
 
 
11/01/39 (Pre-refunded 11/01/19) 
 
 
 
1,000 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 
11/19 at 100.00 
AA+ (4) 
1,031,530 
 
 
11/01/39 (Pre-refunded 11/01/19) 
 
 
 
2,675 
 
Illinois Finance Authority, Revenue Bonds, Columbia College Chicago, Series 2015A, 
12/25 at 100.00 
BBB+ 
2,717,934 
 
 
5.000%, 12/01/37 
 
 
 
5,220 
 
Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011A, 5.750%, 10/01/27 
4/21 at 100.00 
A (4) 
5,645,534 
 
 
(Pre-refunded 4/01/21) 
 
 
 
845 
 
Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding Series 
9/26 at 100.00 
A– 
879,932 
 
 
2016, 5.000%, 9/01/46 
 
 
 
5,015 
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43 
5/22 at 100.00 
Baa2 
5,170,415 
20,000 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series 2017A, 
1/28 at 100.00 
AA+ 
21,750,800 
 
 
5.000%, 7/15/42 
 
 
 
630 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
A 
655,843 
 
 
6.000%, 5/15/39 
 
 
 
2,030 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
N/R (4) 
2,145,548 
 
 
6.000%, 5/15/39 (Pre-refunded 5/15/20) 
 
 
 
5 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
N/R (4) 
5,221 
 
 
(Pre-refunded 8/15/19) 
 
 
 
495 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
N/R (4) 
516,909 
 
 
(Pre-refunded 8/15/19) 
 
 
 
 
75

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A: 
 
 
 
$ 415 
 
5.500%, 7/01/28 
7/23 at 100.00 
A– 
$ 454,334 
905 
 
6.000%, 7/01/43 
7/23 at 100.00 
A– 
981,663 
100 
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding 
5/19 at 100.00 
N/R (4) 
102,226 
 
 
Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19) 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding 
 
 
 
 
 
Series 2009: 
 
 
 
90 
 
6.125%, 5/15/25 (Pre-refunded 5/15/19) 
5/19 at 100.00 
N/R (4) 
92,003 
2,810 
 
6.125%, 5/15/25 (Pre-refunded 5/15/19) 
5/19 at 100.00 
AA+ (4) 
2,872,551 
1,665 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
5/19 at 100.00 
Aaa 
1,703,828 
 
 
Series 2009C, 6.625%, 11/01/39 (Pre-refunded 5/01/19) 
 
 
 
1,050 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
8/25 at 100.00 
Baa1 
1,099,718 
 
 
Refunding Series 2015C, 5.000%, 8/15/44 
 
 
 
 
 
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) 
7,264,530 
2,000 
 
7.000%, 8/15/44 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
2,076,880 
500 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
AA (4) 
520,275 
 
 
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 
2/21 at 100.00 
AA– (4) 
2,679,975 
 
 
2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (6) 
 
 
 
4,125 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 
10/21 at 100.00 
AA+ 
4,340,490 
 
 
5.000%, 10/01/51 
 
 
 
3,000 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2015A, 
10/25 at 100.00 
AA– 
3,258,780 
 
 
5.000%, 10/01/46 (UB) (6) 
 
 
 
 
 
Illinois State, General Obligation Bonds, April Series 2014: 
 
 
 
6,165 
 
5.000%, 4/01/38 
4/24 at 100.00 
BBB 
6,214,135 
5,000 
 
5.000%, 4/01/39 
4/24 at 100.00 
BBB 
5,035,100 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
2,010 
 
5.250%, 2/01/30 
2/24 at 100.00 
BBB 
2,089,134 
3,435 
 
5.250%, 2/01/33 
2/24 at 100.00 
BBB 
3,541,004 
3,745 
 
5.250%, 2/01/34 
2/24 at 100.00 
BBB 
3,853,568 
6,000 
 
5.000%, 2/01/39 
2/24 at 100.00 
BBB 
6,040,800 
8,565 
 
Illinois State, General Obligation Bonds, June Series 2016, 5.000%, 6/01/26 
No Opt. Call 
BBB 
8,909,741 
 
 
Illinois State, General Obligation Bonds, November Series 2016: 
 
 
 
3,100 
 
5.000%, 11/01/35 
11/26 at 100.00 
BBB 
3,144,888 
3,000 
 
5.000%, 11/01/37 
11/26 at 100.00 
BBB 
3,033,510 
2,400 
 
5.000%, 11/01/40 
11/26 at 100.00 
BBB 
2,414,136 
5,795 
 
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/28 
11/27 at 100.00 
BBB 
5,977,137 
4,900 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/26 
No Opt. Call 
BBB 
5,095,853 
27,215 
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 
7/23 at 100.00 
BBB 
28,474,782 
7,250 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
AA– 
7,751,773 
 
 
5.000%, 1/01/38 
 
 
 
2,755 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 
7/25 at 100.00 
AA– 
2,996,889 
 
 
5.000%, 1/01/40 
 
 
 
560 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 
1/23 at 100.00 
AA– 
715,131 
 
 
2015-XF0051, 13.175%, 1/01/38, 144A (IF) 
 
 
 
2,500 
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, 
No Opt. Call 
Aa2 
2,142,575 
 
 
Series 2006, 0.000%, 12/01/23 – NPFG Insured 
 
 
 
9,795 
 
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, 
No Opt. Call 
A2 
10,112,064 
 
 
Illinois, General Obligation Bonds, Series 2002, 5.250%, 12/01/19 – AGM Insured (UB) 
 
 
 
 
 
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) 
1,219,206 
85 
 
6.250%, 2/01/21 (Pre-refunded 2/01/20) – AGM Insured 
2/20 at 100.00 
Aa3 (4) 
89,338 
 
76


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 570 
 
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, 
No Opt. Call 
N/R 
$ 535,686 
 
 
General Obligation Bonds, Series 2003, 0.000%, 1/01/21 – NPFG Insured 
 
 
 
745 
 
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, 
No Opt. Call 
N/R (4) 
708,272 
 
 
General Obligation Bonds, Series 2003, 0.000%, 1/01/21 (ETM) 
 
 
 
930 
 
McHenry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General 
2/20 at 100.00 
Aa3 (4) 
974,621 
 
 
Obligation Bonds, Series 2011A, 6.000%, 2/01/24 (Pre-refunded 2/01/20) – AGM Insured 
 
 
 
 
 
McHenry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General 
 
 
 
 
 
Obligation Bonds, Series 2011A: 
 
 
 
70 
 
6.000%, 2/01/24 (Pre-refunded 2/01/20) – AGM Insured 
2/20 at 100.00 
Aa3 (4) 
73,359 
960 
 
6.000%, 2/01/25 (Pre-refunded 2/01/20) – AGM Insured 
2/20 at 100.00 
Aa3 (4) 
1,006,061 
70 
 
6.000%, 2/01/25 (Pre-refunded 2/01/20) – AGM Insured 
2/20 at 100.00 
Aa3 (4) 
73,359 
13,785 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
6/22 at 100.00 
BBB– 
14,016,726 
 
 
Refunding Series 2012A, 5.000%, 6/15/42 – NPFG Insured 
 
 
 
2,500 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
6/22 at 100.00 
BBB– 
2,533,700 
 
 
Refunding Series 2012B, 5.000%, 6/15/52 
 
 
 
5,400 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
12/25 at 100.00 
BB+ 
5,549,418 
 
 
Refunding Series 2015B, 5.000%, 6/15/52 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
 
 
 
 
 
Series 2015A: 
 
 
 
23,110 
 
0.000%, 12/15/52 
No Opt. Call 
BBB– 
3,702,222 
2,455 
 
5.000%, 6/15/53 
12/25 at 100.00 
BB+ 
2,521,408 
6,000 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
12/27 at 100.00 
BB+ 
6,176,820 
 
 
Series 2017A, 5.000%, 6/15/57 
 
 
 
9,080 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/20 at 100.00 
BB+ 
9,157,634 
 
 
Refunding Bonds, Series 2010A, 5.500%, 6/15/50 
 
 
 
2,920 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/20 at 100.00 
N/R 
3,074,322 
 
 
Refunding Bonds, Series 2010A, 5.500%, 6/15/50 
 
 
 
45,000 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
AA 
13,567,050 
 
 
Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/43 – AGM Insured 
 
 
 
2,680 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
Baa2 
2,936,476 
 
 
Project, Refunding Series 1998A, 5.500%, 6/15/29 – NPFG Insured 
 
 
 
145 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
6/25 at 100.00 
Baa2 (4) 
168,603 
 
 
Project, Refunding Series 1998A, 5.500%, 6/15/29 (Pre-refunded 6/15/25) – NPFG Insured 
 
 
 
1,040 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
BB+ 
1,047,394 
 
 
Project, Refunding Series 2002B, 5.550%, 6/15/21 
 
 
 
10,960 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
6/20 at 100.00 
BBB– 
11,011,622 
 
 
Project, Refunding Series 2010B-2, 5.250%, 6/15/50 
 
 
 
1,165 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
Baa2 
1,062,969 
 
 
Project, Series 1993A, 0.000%, 6/15/21 – FGIC Insured 
 
 
 
 
 
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+ 
7,957,848 
2,195 
 
5.700%, 6/15/24 (Pre-refunded 6/15/22) 
6/22 at 101.00 
N/R (4) 
2,472,909 
8,400 
 
0.000%, 12/15/30 – NPFG Insured 
No Opt. Call 
Baa2 
4,761,036 
7,940 
 
0.000%, 6/15/33 – NPFG Insured 
No Opt. Call 
Baa2 
3,895,840 
450 
 
0.000%, 12/15/34 – NPFG Insured 
No Opt. Call 
Baa2 
203,634 
12,500 
 
0.000%, 6/15/35 – NPFG Insured 
No Opt. Call 
Baa2 
5,474,500 
10,620 
 
0.000%, 12/15/35 – NPFG Insured 
No Opt. Call 
Baa2 
4,537,076 
11,505 
 
0.000%, 12/15/36 – NPFG Insured 
No Opt. Call 
Baa2 
4,635,825 
65,000 
 
0.000%, 12/15/38 – NPFG Insured 
No Opt. Call 
Baa2 
23,367,500 
38,040 
 
0.000%, 6/15/40 – NPFG Insured 
No Opt. Call 
Baa2 
12,512,117 
3,720 
 
0.000%, 6/15/41 – NPFG Insured 
No Opt. Call 
Baa2 
1,159,673 
 
 
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 
520,733 
400 
 
5.000%, 10/01/26 
10/22 at 100.00 
Baa1 
432,244 
 
77

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 780 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 
No Opt. Call 
A 
$ 832,260 
 
 
2010, 5.250%, 6/01/21 
 
 
 
1,860 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
AA 
1,952,312 
 
 
Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured 
 
 
 
10,000 
 
Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series 2018A, 
1/28 at 100.00 
AA– 
10,776,300 
 
 
5.000%, 1/01/38 
 
 
 
3,815 
 
Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, 
8/22 at 100.00 
BB– 
3,815,877 
 
 
US Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) 
 
 
 
1,580 
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 
10/23 at 100.00 
A– 
1,761,384 
 
 
6.000%, 10/01/32 
 
 
 
11,350 
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation 
No Opt. Call 
A2 
9,425,834 
 
 
Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured 
 
 
 
805,715 
 
Total Illinois 
 
 
658,817,785 
 
 
Indiana – 4.0% (2.4% of Total Investments) 
 
 
 
 
 
Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005: 
 
 
 
1,950 
 
0.000%, 2/01/24 
No Opt. Call 
AA 
1,679,184 
2,705 
 
0.000%, 2/01/25 
No Opt. Call 
AA 
2,254,158 
4,400 
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point 
No Opt. Call 
AA+ 
3,813,216 
 
 
Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured 
 
 
 
680 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, 
2/22 at 100.00 
A– 
725,009 
 
 
Refunding Series 2012B, 5.000%, 2/01/29 
 
 
 
1,050 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
B 
1,055,429 
 
 
Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 
 
 
 
520 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
6/20 at 100.00 
BB– 
535,673 
 
 
Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 
 
 
 
1,230 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
8/22 at 100.00 
BB– 
1,230,283 
 
 
Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) 
 
 
 
4,465 
 
Indiana Finance Authority, Health System Revenue Bonds, Sisters of Saint Francis Health 
11/19 at 100.00 
Aa3 (4) 
4,605,781 
 
 
Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 (Pre-refunded 11/01/19) 
 
 
 
1,815 
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 
5/23 at 100.00 
A 
1,917,312 
 
 
2012A, 5.000%, 5/01/42 
 
 
 
1,500 
 
Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services 
3/20 at 100.00 
N/R (4) 
1,558,500 
 
 
Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20) 
 
 
 
9,300 
 
Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A, 
10/23 at 100.00 
A 
9,572,769 
 
 
5.000%, 10/01/44 
 
 
 
 
 
Indiana Finance Authority, Provate 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 
A– 
5,639,208 
5,100 
 
5.000%, 7/01/48 (Alternative Minimum Tax) 
7/23 at 100.00 
A– 
5,332,407 
5,370 
 
5.250%, 1/01/51 (Alternative Minimum Tax) 
7/23 at 100.00 
A– 
5,662,074 
6,730 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 
12/19 at 100.00 
AA– (4) 
6,958,887 
 
 
5.250%, 12/01/38 (Pre-refunded 12/01/19) 
 
 
 
6,700 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 
10/21 at 100.00 
AA– 
7,096,037 
 
 
2011B, 5.000%, 10/01/41 
 
 
 
13,000 
 
Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, First 
10/24 at 100.00 
AA 
14,119,950 
 
 
Lien Series 2014A, 5.000%, 10/01/44 
 
 
 
10,000 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – 
No Opt. Call 
AA 
8,013,100 
 
 
AMBAC Insured 
 
 
 
1,000 
 
Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, Series 
4/24 at 102.00 
N/R 
920,470 
 
 
2016, 5.750%, 4/01/36 
 
 
 
1,250 
 
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 
11/23 at 100.00 
N/R 
1,377,650 
 
 
2013, 7.250%, 11/01/43 (Alternative Minimum Tax) 
 
 
 
 
78


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana (continued) 
 
 
 
$ 830 
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 
1/24 at 100.00 
N/R 
$ 953,836 
 
 
7.000%, 1/01/44 (Alternative Minimum Tax) 
 
 
 
84,975 
 
Total Indiana 
 
 
85,020,933 
 
 
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 
7,068,546 
1,255 
 
5.250%, 12/01/25 
12/23 at 100.00 
B 
1,327,614 
1,470 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
6/19 at 105.00 
B 
1,556,289 
 
 
Project, Series 2016, 5.875%, 12/01/27, 144A 
 
 
 
1,710 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/22 at 103.00 
B 
1,789,532 
 
 
Project, Series 2018A, 5.250%, 12/01/50 (Mandatory put 12/01/22) 
 
 
 
1,630 
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of 
10/21 at 100.00 
BBB 
1,713,260 
 
 
Dubuque Project, Refunding Series 2011, 6.000%, 10/01/31 
 
 
 
1,900 
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa 
9/23 at 100.00 
N/R (4) 
2,125,834 
 
 
University Project, Series 2012, 5.000%, 9/01/43 (Pre-refunded 9/01/23) 
 
 
 
2,000 
 
Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 
12/19 at 100.00 
AAA 
2,056,160 
 
 
5.500%, 12/01/25 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
6,425 
 
5.375%, 6/01/38 
1/19 at 100.00 
B+ 
6,441,962 
525 
 
5.500%, 6/01/42 
1/19 at 100.00 
B+ 
526,223 
5,045 
 
5.625%, 6/01/46 
1/19 at 100.00 
B 
5,051,508 
6,590 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
1/19 at 100.00 
BB– 
6,608,781 
 
 
5.600%, 6/01/34 
 
 
 
35,605 
 
Total Iowa 
 
 
36,265,709 
 
 
Kansas – 0.4% (0.3% of Total Investments) 
 
 
 
 
 
Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, 
 
 
 
 
 
Series 2011A: 
 
 
 
2,000 
 
5.000%, 9/01/26 (Pre-refunded 9/01/21) 
9/21 at 100.00 
Aa3 (4) 
2,136,320 
1,000 
 
5.000%, 9/01/27 (Pre-refunded 9/01/21) 
9/21 at 100.00 
Aa3 (4) 
1,068,160 
2,000 
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt 
5/22 at 100.00 
AA 
2,145,040 
 
 
Obligated Group, Series 2012A, 5.000%, 11/15/28 
 
 
 
1,485 
 
Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 
12/20 at 100.00 
A3 (4) 
1,569,081 
 
 
2012A, 5.000%, 12/01/31 (Pre-refunded 12/01/20) 
 
 
 
2,035 
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park 
1/19 at 100.00 
BB+ 
2,037,951 
 
 
Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured 
 
 
 
440 
 
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park 
4/20 at 100.00 
BBB 
449,904 
 
 
Mall Project, Series 2010, 5.900%, 4/01/32 
 
 
 
8,960 
 
Total Kansas 
 
 
9,406,456 
 
 
Kentucky – 1.9% (1.1% 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+ 
5,255,000 
435 
 
5.500%, 2/01/44 
2/26 at 100.00 
BB+ 
455,045 
1,000 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical 
6/20 at 100.00 
Baa3 (4) 
1,059,330 
 
 
Health System, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20) 
 
 
 
6,015 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical 
6/20 at 100.00 
Baa3 (4) 
6,406,757 
 
 
Health System, Series 2010B, 6.375%, 3/01/40 (Pre-refunded 6/01/20) 
 
 
 
 
 
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 
509,535 
2,250 
 
5.750%, 11/15/50 
11/25 at 100.00 
N/R 
2,286,337 
 
79

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
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, Senior Series 2015A: 
 
 
 
$ 2,130 
 
5.000%, 7/01/40 
7/25 at 100.00 
BBB+ 
$ 2,222,250 
2,940 
 
5.000%, 1/01/45 
7/25 at 100.00 
BBB+ 
3,053,455 
 
 
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 (5) 
7/31 at 100.00 
Baa3 
1,225,784 
2,295 
 
0.000%, 7/01/46 (5) 
7/31 at 100.00 
Baa3 
2,115,669 
 
 
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 
3,307,088 
615 
 
6.000%, 7/01/53 
7/23 at 100.00 
Baa3 
667,503 
5,400 
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease 
6/21 at 100.00 
A1 
5,729,778 
 
 
Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29 
 
 
 
 
 
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, 
 
 
 
 
 
Improvement and Refunding Series 2011: 
 
 
 
500 
 
6.250%, 3/01/31 
3/21 at 100.00 
Baa2 
545,740 
4,500 
 
6.250%, 3/01/31 
3/21 at 100.00 
Baa2 
4,789,980 
215 
 
Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community 
10/22 at 100.00 
A+ 
220,399 
 
 
Hospital Corporation, Series 2012A, 4.000%, 10/01/29 
 
 
 
38,210 
 
Total Kentucky 
 
 
39,849,650 
 
 
Louisiana – 2.1% (1.3% of Total Investments) 
 
 
 
2,000 
 
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East 
7/21 at 100.00 
B+ 
1,955,440 
 
 
Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41 
 
 
 
7,130 
 
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) 
7/23 at 100.00 
N/R 
7,748,314 
 
 
LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax), 144A 
 
 
 
1,450 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
7/25 at 100.00 
A 
1,551,515 
 
 
Lady Health System, Refunding Series 2015A, 5.000%, 7/01/39 
 
 
 
10 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
7/25 at 100.00 
N/R (4) 
11,473 
 
 
Lady Health System, Refunding Series 2015A, 5.000%, 7/01/39 (Pre-refunded 7/01/25) 
 
 
 
16,190 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/27 at 100.00 
A3 
17,039,651 
 
 
Refunding Series 2017, 5.000%, 5/15/46 
 
 
 
4,425 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/21 at 100.00 
A3 (4) 
4,915,467 
 
 
Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) 
 
 
 
1,060 
 
Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter Academy 
12/23 at 100.00 
N/R 
1,094,609 
 
 
Foundation Project, Series 2013A, 8.375%, 12/15/43 
 
 
 
2,235 
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 
7/23 at 100.00 
AA– 
2,427,098 
 
 
5.000%, 7/01/36 
 
 
 
5,100 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, 
1/25 at 100.00 
A– 
5,393,046 
 
 
Series 2015B, 5.000%, 1/01/45 (Alternative Minimum Tax) 
 
 
 
2,560 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 
6/24 at 100.00 
A 
2,736,998 
42,160 
 
Total Louisiana 
 
 
44,873,611 
 
 
Maine – 0.6% (0.4% of Total Investments) 
 
 
 
4,965 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/26 at 100.00 
BBB 
5,124,128 
 
 
Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/46 
 
 
 
2,750 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth Issue, 
7/28 at 100.00 
A+ 
2,989,168 
 
 
Series 2018A, 5.000%, 7/01/43 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical 
 
 
 
 
 
Center, Series 2011: 
 
 
 
2,000 
 
6.750%, 7/01/36 
7/21 at 100.00 
BB 
2,130,240 
1,050 
 
6.750%, 7/01/41 
7/21 at 100.00 
BB 
1,114,564 
1,250 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 
7/20 at 100.00 
AA 
1,296,225 
 
 
7/01/40 
 
 
 
12,015 
 
Total Maine 
 
 
12,654,325 
 
80


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Maryland – 0.6% (0.3% of Total Investments) 
 
 
 
$ 2,000 
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference 
1/19 at 100.00 
N/R 
$ 1,360,000 
 
 
Center, Series 2006A, 5.000%, 12/01/31 (7) 
 
 
 
7,145 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/27 at 100.00 
Baa3 
7,739,821 
 
 
Healthcare, Series 2016A, 5.500%, 1/01/46 
 
 
 
555 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge 
12/18 at 100.00 
A– 
555,500 
 
 
Retirement Community, Series 2007, 4.750%, 7/01/34 
 
 
 
2,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional 
7/24 at 100.00 
A 
2,128,500 
 
 
Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 
 
 
 
355 
 
Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor 
1/26 at 100.00 
N/R 
337,140 
 
 
Road Project, Series 2016, 5.000%, 7/01/46, 144A 
 
 
 
12,055 
 
Total Maryland 
 
 
12,120,961 
 
 
Massachusetts – 2.8% (1.7% of Total Investments) 
 
 
 
8,825 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
A+ 
9,070,070 
 
 
Refunding Senior Lien Series 2010B, 5.000%, 1/01/32 
 
 
 
475 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green 
7/25 at 100.00 
BBB 
496,864 
 
 
Bonds, Series 2015D, 5.000%, 7/01/44 
 
 
 
1,525 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 
1/25 at 100.00 
BBB+ 
1,520,257 
 
 
4.500%, 1/01/45 
 
 
 
2,375 
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 
4/19 at 100.00 
N/R 
2,379,394 
 
 
5.250%, 10/01/26 
 
 
 
26,765 
 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2016J, 
7/24 at 100.00 
AA 
25,663,620 
 
 
3.500%, 7/01/33 (Alternative Minimum Tax) 
 
 
 
1,500 
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare 
7/19 at 100.00 
AA– (4) 
1,530,795 
 
 
System, Series 2010J-1, 5.000%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
1,940 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, 
7/19 at 100.00 
Baa2 
1,975,618 
 
 
Refunding Series 2009A, 5.750%, 7/01/39 
 
 
 
3,860 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, 
7/19 at 100.00 
N/R (4) 
3,958,237 
 
 
Refunding Series 2009A, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
400 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 
7/21 at 100.00 
A 
421,588 
 
 
5.125%, 7/01/41 
 
 
 
4,560 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 
5/23 at 100.00 
AAA 
4,952,114 
 
 
2013A, 5.000%, 5/15/43 
 
 
 
7,175 
 
Metropolitan Boston Transit Parking Corporation, Systemwide Parking Revenue Bonds, Senior Lien 
7/21 at 100.00 
A+ 
7,556,423 
 
 
Series 2011, 5.000%, 7/01/41 
 
 
 
59,400 
 
Total Massachusetts 
 
 
59,524,980 
 
 
Michigan – 2.8% (1.7% of Total Investments) 
 
 
 
 
 
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding 
 
 
 
 
 
Series 2013: 
 
 
 
920 
 
6.000%, 10/01/33 
10/23 at 100.00 
N/R 
865,564 
1,250 
 
6.000%, 10/01/43 
10/23 at 100.00 
N/R 
1,103,075 
15,000 
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2001A, 
No Opt. Call 
AA 
17,377,500 
 
 
6.000%, 5/01/29 – AGM Insured (UB) 
 
 
 
1,930 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A+ 
2,044,430 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
5 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 
1/19 at 100.00 
A 
5,006 
 
 
7/01/35 – NPFG Insured 
 
 
 
3,000 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 
No Opt. Call 
A 
3,401,310 
 
 
7/01/29 – FGIC Insured 
 
 
 
5 
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 
1/19 at 100.00 
A 
5,011 
 
 
7/01/36 – FGIC Insured 
 
 
 
2,000 
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 
7/21 at 100.00 
AA– 
2,119,040 
 
81

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Michigan (continued) 
 
 
 
$ 2,000 
 
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson 
7/24 at 100.00 
AA– 
$ 2,115,940 
 
 
Healthcare, Series 2014A, 5.000%, 7/01/47 
 
 
 
1,500 
 
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, W.A. Foote 
6/20 at 100.00 
AA (4) 
1,565,820 
 
 
Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 (Pre-refunded 6/01/20) – 
 
 
 
 
 
AGM Insured 
 
 
 
3,080 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist 
5/20 at 100.00 
A2 
3,202,738 
 
 
Hospital, Refunding Series 2010, 5.500%, 5/15/36 
 
 
 
3,800 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist 
5/20 at 100.00 
N/R (4) 
3,987,758 
 
 
Hospital, Refunding Series 2010, 5.500%, 5/15/36 (Pre-refunded 5/15/20) 
 
 
 
3,580 
 
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 
7/21 at 100.00 
AA– 
3,854,013 
 
 
5.500%, 7/01/41 
 
 
 
1,000 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/24 at 100.00 
A+ 
1,065,300 
 
 
Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36 – 
 
 
 
 
 
NPFG Insured 
 
 
 
4,980 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 
12/21 at 100.00 
AA– 
5,252,854 
 
 
2011MI, 5.000%, 12/01/39 
 
 
 
20 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 
12/21 at 100.00 
N/R (4) 
21,622 
 
 
2011MI, 5.000%, 12/01/39 (Pre-refunded 12/01/21) 
 
 
 
2,500 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 
10/19 at 100.00 
AA 
2,568,500 
 
 
5.000%, 10/15/23 – AGC Insured 
 
 
 
2,250 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/21 at 100.00 
Aa2 
2,419,020 
 
 
2011-I-A, 5.375%, 10/15/41 
 
 
 
3,220 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
N/R (4) 
3,341,845 
 
 
Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 
 
 
 
1,525 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
12/18 at 100.00 
B2 
1,528,263 
 
 
Series 2008A, 6.875%, 6/01/42 
 
 
 
2,000 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County 
12/22 at 100.00 
A 
2,149,320 
 
 
Airport, Series 2012A, 5.000%, 12/01/37 
 
 
 
55,565 
 
Total Michigan 
 
 
59,993,929 
 
 
Minnesota – 0.8% (0.5% of Total Investments) 
 
 
 
700 
 
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, 
7/24 at 102.00 
N/R 
675,171 
 
 
Series 2016A, 5.000%, 7/01/47 
 
 
 
1,500 
 
Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language 
8/22 at 102.00 
BB+ 
1,569,180 
 
 
Academy, Series 2014A, 5.750%, 8/01/44 
 
 
 
795 
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 
7/24 at 102.00 
N/R 
776,715 
 
 
2016A, 5.000%, 7/01/36 
 
 
 
 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, 
 
 
 
 
 
Hmong College Prep Academy Project, Series 2016A: 
 
 
 
750 
 
5.750%, 9/01/46 
9/26 at 100.00 
BB+ 
775,710 
4,000 
 
6.000%, 9/01/51 
9/26 at 100.00 
BB+ 
4,174,600 
5,265 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, 
7/25 at 100.00 
A+ 
5,760,015 
 
 
HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/33 
 
 
 
4,250 
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp 
1/19 at 100.00 
N/R 
4,256,162 
 
 
Project, Series 2007-1, 5.000%, 8/01/36 
 
 
 
17,260 
 
Total Minnesota 
 
 
17,987,553 
 
 
Mississippi – 0.3% (0.2% of Total Investments) 
 
 
 
620 
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
4/19 at 100.00 
BBB+ 
621,271 
 
 
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
 
 
 
5,215 
 
Mississippi State, General Obligation Bonds, Refunding Series 2002A, 5.500%, 12/01/18 
No Opt. Call 
AA 
5,230,124 
5,835 
 
Total Mississippi 
 
 
5,851,395 
 
82


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri – 2.1% (1.3% of Total Investments) 
 
 
 
$ 1,400 
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales 
10/22 at 100.00 
AA+ 
$ 1,518,258 
 
 
Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 
 
 
 
1,190 
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue 
3/23 at 103.00 
BBB– 
1,325,922 
 
 
Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33 
 
 
 
1,000 
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, 
10/19 at 100.00 
A– 
1,018,250 
 
 
Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 
 
 
 
135 
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway 
4/26 at 100.00 
N/R 
134,395 
 
 
Center Community Improvement District, Senior Refunding & Improvement Series 2016, 5.000%, 
 
 
 
 
 
4/01/46, 144A 
 
 
 
12,005 
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 
No Opt. Call 
AA– 
8,183,328 
 
 
2004B-1, 0.000%, 4/15/29 – AMBAC Insured 
 
 
 
650 
 
Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, 
2/28 at 100.00 
N/R 
660,322 
 
 
Convention Center Hotel Project – TIF Financing, Series 2018B, 5.000%, 2/01/40, 144A 
 
 
 
1,000 
 
Liberty Public School District 53, Clay County, Missouri, Lease Participation Certificates, 
4/22 at 100.00 
AA– 
1,070,120 
 
 
School Boards Association, Series 2014, 5.000%, 4/01/31 
 
 
 
 
 
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty 
 
 
 
 
 
Commons Project, Series 2015A: 
 
 
 
1,560 
 
5.125%, 6/01/25, 144A 
No Opt. Call 
N/R 
1,525,462 
3,810 
 
5.750%, 6/01/35, 144A 
6/25 at 100.00 
N/R 
3,626,168 
3,695 
 
6.000%, 6/01/46, 144A 
6/25 at 100.00 
N/R 
3,518,194 
 
 
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 
1,732,225 
2,700 
 
5.000%, 6/01/33 
6/23 at 100.00 
A1 
2,933,064 
665 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
5/23 at 100.00 
BBB+ 
711,038 
 
 
Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 
 
 
 
505 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
10/23 at 100.00 
A+ 
550,814 
 
 
University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
 
 
 
 
 
CoxHealth, Series 2013A: 
 
 
 
50 
 
5.000%, 11/15/44 
11/23 at 100.00 
A2 
52,632 
6,930 
 
5.000%, 11/15/48 
11/23 at 100.00 
A2 
7,281,836 
2,000 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy 
11/24 at 100.00 
AA– 
2,143,940 
 
 
Health, Series 2014F, 5.000%, 11/15/45 
 
 
 
2,500 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, 
11/21 at 100.00 
AA+ 
2,677,825 
 
 
Series 2011B, 5.000%, 11/15/37 
 
 
 
 
 
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 
1,283,989 
1,105 
 
5.000%, 11/15/46 
11/25 at 100.00 
N/R 
1,108,227 
430 
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village 
9/23 at 100.00 
BB+ 
461,553 
 
 
of Sunset Hills, Series 2013A, 5.875%, 9/01/43 
 
 
 
 
 
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 
462,672 
130 
 
5.125%, 12/01/45 
12/25 at 100.00 
N/R 
133,684 
965 
 
Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, 
3/23 at 103.00 
BBB– 
1,068,641 
 
 
Southeasthealth, Series 2016B, 6.000%, 3/01/37 
 
 
 
700 
 
The Industrial Development Authority of the City of Saint Louis, Missouri, Development 
11/26 at 100.00 
N/R 
705,572 
 
 
Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47 
 
 
 
48,440 
 
Total Missouri 
 
 
45,888,131 
 
83

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Nebraska – 0.4% (0.3% of Total Investments) 
 
 
 
$ 580 
 
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska 
11/25 at 100.00 
A 
$ 620,206 
 
 
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 
 
 
 
 
 
Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation 
 
 
 
 
 
Hospital Project, Series 2014: 
 
 
 
1,930 
 
5.000%, 5/15/27 
5/24 at 100.00 
BBB+ 
2,082,586 
3,000 
 
5.000%, 5/15/36 
5/24 at 100.00 
BBB+ 
3,144,570 
 
 
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 
695,058 
2,110 
 
5.000%, 11/01/48 
11/25 at 100.00 
A 
2,248,268 
500 
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great 
11/21 at 100.00 
A– 
521,600 
 
 
Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 
 
 
 
8,770 
 
Total Nebraska 
 
 
9,312,288 
 
 
Nevada – 2.5% (1.5% 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 
Aa3 
30,155,070 
6,000 
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
Aa3 
6,192,120 
 
 
International Airport, Series 2010A, 5.250%, 7/01/42 
 
 
 
1,700 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 
6/19 at 100.00 
BBB+ (4) 
1,761,880 
 
 
6/15/30 (Pre-refunded 6/15/19) 
 
 
 
10,000 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011C, 
6/21 at 100.00 
AA+ 
10,589,900 
 
 
5.000%, 6/01/38 
 
 
 
4,000 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 
12/24 at 100.00 
AA+ 
4,381,000 
 
 
5.000%, 6/01/39 
 
 
 
50,700 
 
Total Nevada 
 
 
53,079,970 
 
 
New Hampshire – 0.1% (0.0% of Total Investments) 
 
 
 
1,500 
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group 
10/19 at 100.00 
Baa1 (4) 
1,555,860 
 
 
Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 
 
 
 
 
 
New Jersey – 4.4% (2.7% of Total Investments) 
 
 
 
615 
 
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue 
No Opt. Call 
BBB– 
651,291 
 
 
Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax) 
 
 
 
1,100 
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
1/24 at 100.00 
AA 
1,175,141 
 
 
Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax) 
 
 
 
17,580 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding 
12/26 at 100.00 
A– 
19,327,979 
 
 
Series 2016BBB, 5.500%, 6/15/31 
 
 
 
 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
 
 
 
 
 
Series 2016AAA: 
 
 
 
1,000 
 
5.000%, 6/15/36 
12/26 at 100.00 
A– 
1,044,020 
10,000 
 
5.000%, 6/15/41 
12/26 at 100.00 
A– 
10,343,300 
2,000 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/27 at 100.00 
A– 
2,096,920 
 
 
2017DDD, 5.000%, 6/15/35 
 
 
 
3,050 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
3/21 at 100.00 
A– 
3,180,601 
 
 
Bonds, Refunding Series 2011GG, 5.000%, 9/01/24 
 
 
 
 
 
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 
882,653 
3,000 
 
5.875%, 6/01/42 (Pre-refunded 6/01/20) 
6/20 at 100.00 
Aaa 
3,177,030 
1,120 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 
7/23 at 100.00 
A– 
1,219,826 
 
 
2013D, 5.000%, 7/01/33 
 
 
 
600 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
7/21 at 100.00 
BB+ 
633,264 
 
 
University Hospital, Refunding Series 2011, 6.000%, 7/01/26 
 
 
 
405 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital 
7/25 at 100.00 
AA 
433,601 
 
 
Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 
 
 
 
 
84


           
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 
A– 
$ 2,022,982 
3,000 
 
0.000%, 12/15/31 
No Opt. Call 
A– 
1,641,390 
12,715 
 
0.000%, 12/15/33 
No Opt. Call 
A– 
6,225,010 
610 
 
0.000%, 12/15/34 
No Opt. Call 
A– 
282,631 
2,480 
 
0.000%, 12/15/40 
No Opt. Call 
A– 
819,367 
10,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 
No Opt. Call 
AA 
5,186,300 
 
 
2006C, 0.000%, 12/15/33 – AGM Insured 
 
 
 
19,175 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2008A, 
No Opt. Call 
A– 
8,399,800 
 
 
0.000%, 12/15/35 
 
 
 
15,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 
No Opt. Call 
A– 
5,242,650 
 
 
0.000%, 12/15/39 
 
 
 
5,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009C, 
12/24 at 100.00 
A– 
5,341,650 
 
 
5.250%, 6/15/32 
 
 
 
6,305 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 
6/25 at 100.00 
A– 
6,501,653 
 
 
5.000%, 6/15/45 
 
 
 
7,060 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2018A, 
12/28 at 100.00 
BBB+ 
7,408,482 
 
 
5.000%, 12/15/36 
 
 
 
1,595 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/28 at 100.00 
BBB 
1,619,212 
 
 
Series 2018B, 5.000%, 6/01/46 
 
 
 
127,375 
 
Total New Jersey 
 
 
94,856,753 
 
 
New Mexico – 0.3% (0.2% of Total Investments) 
 
 
 
1,500 
 
New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena 
7/20 at 100.00 
BBB 
1,550,970 
 
 
Project, Series 2010A, 6.125%, 7/01/40 
 
 
 
4,180 
 
Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross 
5/20 at 103.00 
N/R 
4,162,611 
 
 
Receipts Tax Increment Bonds, Senior Lien Series 2015, 5.750%, 5/01/30, 144A 
 
 
 
5,680 
 
Total New Mexico 
 
 
5,713,581 
 
 
New York – 17.5% (10.7% of Total Investments) 
 
 
 
1,755 
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter 
1/19 at 100.00 
B 
1,599,296 
 
 
Schools, Series 2007A, 5.000%, 4/01/32 
 
 
 
 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
 
 
 
 
 
Bonds, Barclays Center Project, Series 2009: 
 
 
 
3,400 
 
0.000%, 7/15/44 
No Opt. Call 
BBB– 
989,604 
12,020 
 
0.000%, 7/15/46 
No Opt. Call 
BBB– 
3,135,537 
 
 
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) 
3,374,979 
3,065 
 
6.250%, 7/15/40 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (4) 
3,221,560 
450 
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, 
7/25 at 100.00 
BBB+ 
484,776 
 
 
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 
11/24 at 100.00 
BB 
193,436 
 
 
York, Series 2014, 5.000%, 11/01/39 
 
 
 
3,170 
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 
7/25 at 100.00 
A– 
3,409,335 
 
 
2015A, 5.000%, 7/01/50 
 
 
 
15,270 
 
Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & 
12/26 at 100.00 
BB– 
15,690,078 
 
 
Technology, Series 2016A, 5.500%, 12/01/46, 144A 
 
 
 
4,675 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General 
3/21 at 100.00 
AAA 
4,929,973 
 
 
Purpose Series 2011C, 5.000%, 3/15/41 
 
 
 
 
 
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 
AAA 
15,030,930 
10,000 
 
5.000%, 3/15/45 
3/28 at 100.00 
AAA 
11,104,600 
69,130 
 
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
1/19 at 100.00 
N/R 
9,055,339 
 
 
Asset-Backed Bonds, 1st Subordinate Series 2005B, 0.000%, 6/01/47 
 
 
 
 
85

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
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 
1/19 at 100.00 
N/R 
$ 7,318,364 
 
 
Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50 
 
 
 
 
 
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– 
856,464 
5,890 
 
5.250%, 2/15/47 
2/21 at 100.00 
AA– 
6,238,040 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
 
Series 2011A: 
 
 
 
1,300 
 
5.750%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 (4) 
1,406,535 
270 
 
5.250%, 2/15/47 (Pre-refunded 2/15/21) 
2/21 at 100.00 
Aa3 (4) 
289,130 
3,000 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 
9/24 at 100.00 
A– 
3,275,010 
 
 
5.000%, 9/01/39 
 
 
 
1,200 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 
5/21 at 100.00 
AA (4) 
1,284,840 
 
 
5.000%, 5/01/36 (Pre-refunded 5/01/21) – AGM Insured 
 
 
 
6,000 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 
9/22 at 100.00 
A– 
6,430,920 
 
 
5.000%, 9/01/42 
 
 
 
1,070 
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 
11/19 at 100.00 
AA (4) 
1,104,315 
 
 
5.000%, 11/15/34 (Pre-refunded 11/15/19) 
 
 
 
285 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 
11/21 at 100.00 
N/R (4) 
309,447 
 
 
5.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
465 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 
11/21 at 100.00 
AA– 
504,888 
 
 
5.000%, 11/15/41 
 
 
 
2,500 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 
5/23 at 100.00 
AA– 
2,664,625 
 
 
5.000%, 11/15/38 
 
 
 
16,290 
 
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball 
1/19 at 100.00 
BBB 
16,521,318 
 
 
Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured 
 
 
 
4,375 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
12/20 at 100.00 
AA+ 
4,645,069 
 
 
Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 
 
 
 
3,750 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/24 at 100.00 
AA+ 
3,743,888 
 
 
General Resolution Revenue Bonds, Fiscal 2015 Series AA, 4.000%, 6/15/44 
 
 
 
5,625 
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 
7/28 at 100.00 
AA 
6,369,244 
 
 
2018, Series 2017S-3, 5.250%, 7/15/45 
 
 
 
5,000 
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 
7/28 at 100.00 
AA 
5,521,300 
 
 
2019 Subseries S-1, 5.000%, 7/15/45 
 
 
 
4,440 
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 
7/28 at 100.00 
AA 
4,979,815 
 
 
2019 Subseries S-3A, 5.000%, 7/15/36 
 
 
 
10,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate 
5/23 at 100.00 
AAA 
10,839,900 
 
 
Fiscal 2013 Series I, 5.000%, 5/01/38 
 
 
 
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 
5,569,900 
10 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 – 
1/19 at 100.00 
AA 
10,033 
 
 
NPFG Insured 
 
 
 
67,290 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
69,013,970 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
 
 
 
 
 
Center Project, Series 2011: 
 
 
 
1,870 
 
5.000%, 11/15/44 
11/21 at 100.00 
A+ 
1,976,627 
2,000 
 
5.750%, 11/15/51 
11/21 at 100.00 
A+ 
2,181,540 
3,000 
 
New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38 
11/21 at 100.00 
Aa1 
3,221,580 
5,000 
 
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 
1/26 at 100.00 
A– 
5,366,450 
 
 
2016A, 5.000%, 1/01/51 
 
 
 
 
 
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– 
3,642,730 
15,265 
 
5.000%, 8/01/31 (Alternative Minimum Tax) 
8/21 at 100.00 
BB– 
15,765,845 
 
86


           
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, 
1/28 at 100.00 
Baa3 
$ 2,942,832 
 
 
Delta Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, 
 
 
 
 
 
5.000%, 1/01/36 (Alternative Minimum Tax) 
 
 
 
 
 
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 
BBB 
11,149,920 
21,810 
 
5.000%, 7/01/46 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
22,724,711 
24,150 
 
5.250%, 1/01/50 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
25,452,408 
10,000 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Series 
4/27 at 100.00 
AA– 
11,123,800 
 
 
2017, 5.250%, 10/15/57 
 
 
 
 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
 
Terminal LLC Project, Eighth Series 2010: 
 
 
 
6,065 
 
6.500%, 12/01/28 
1/19 at 100.00 
Baa1 
6,371,586 
3,430 
 
6.000%, 12/01/36 
12/20 at 100.00 
Baa1 
3,679,052 
795 
 
6.000%, 12/01/42 
12/20 at 100.00 
Baa1 
851,723 
20,000 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA 
5/27 at 100.00 
AA– 
22,337,800 
 
 
Bridges & Tunnels, Series 2017A, 5.000%, 11/15/37 
 
 
 
2,500 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding 
5/25 at 100.00 
AA– 
2,734,175 
 
 
Series 2015A, 5.000%, 11/15/50 
 
 
 
3,000 
 
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2017, 5.000%, 12/15/39 
12/27 at 100.00 
AAA 
3,378,570 
501,500 
 
Total New York 
 
 
376,017,807 
 
 
North Carolina – 0.4% (0.3% of Total Investments) 
 
 
 
3,500 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/19 at 100.00 
Aa2 (4) 
3,563,525 
 
 
Health System, Series 2009A, 5.000%, 6/01/42 (Pre-refunded 6/01/19) 
 
 
 
3,300 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, 
10/22 at 100.00 
A+ 
3,568,554 
 
 
Refunding Series 2012A, 5.000%, 10/01/31 
 
 
 
1,900 
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 
1/19 at 100.00 
AA (4) 
1,912,084 
 
 
5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured 
 
 
 
8,700 
 
Total North Carolina 
 
 
9,044,163 
 
 
North Dakota – 1.9% (1.1% of Total Investments) 
 
 
 
1,000 
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center 
7/21 at 100.00 
N/R (4) 
1,069,880 
 
 
Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21) 
 
 
 
 
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011: 
 
 
 
1,500 
 
6.000%, 11/01/28 
11/21 at 100.00 
A+ 
1,664,460 
2,190 
 
6.250%, 11/01/31 
11/21 at 100.00 
A+ 
2,441,171 
 
 
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 
A– 
3,140,070 
1,875 
 
5.000%, 12/01/32 
12/21 at 100.00 
A– 
1,953,619 
28,900 
 
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C, 
6/28 at 100.00 
BBB– 
29,516,726 
 
 
5.000%, 6/01/53 
 
 
 
38,465 
 
Total North Dakota 
 
 
39,785,926 
 
 
Ohio – 6.8% (4.2% of Total Investments) 
 
 
 
800 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and 
5/22 at 100.00 
AA– 
847,288 
 
 
Improvement Series 2012A, 5.000%, 5/01/42 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
 
 
 
 
 
Bonds, Senior Lien, Series 2007A-2: 
 
 
 
655 
 
5.375%, 6/01/24 
12/18 at 100.00 
B– 
640,027 
480 
 
5.125%, 6/01/24 
12/18 at 100.00 
B– 
464,448 
16,555 
 
5.875%, 6/01/30 
12/18 at 100.00 
B– 
16,315,284 
20,485 
 
5.750%, 6/01/34 
12/18 at 100.00 
B– 
19,785,028 
5,240 
 
6.000%, 6/01/42 
12/18 at 100.00 
B– 
5,174,605 
44,590 
 
6.500%, 6/01/47 
12/18 at 100.00 
B– 
45,070,234 
 
87

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 17,550 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
B– 
$ 17,733,397 
 
 
Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 
 
 
 
 
 
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) 
2,116,940 
3,000 
 
5.750%, 11/01/40 (Pre-refunded 11/01/20) 
11/20 at 100.00 
A (4) 
3,204,540 
3,040 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/20 at 100.00 
BBB 
3,150,382 
 
 
Services, Improvement Series 2010A, 5.625%, 7/01/26 
 
 
 
5,800 
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 
11/21 at 100.00 
AA+ 
6,144,520 
 
 
5.000%, 11/15/41 
 
 
 
4,615 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
Baa1 (4) 
5,118,681 
 
 
2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
1,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
N/R 
710,000 
 
 
Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (Mandatory put 5/01/20) 
 
 
 
 
 
(Alternative Minimum Tax) (7) 
 
 
 
10 
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, AK Steel Holding Corporation, 
2/22 at 100.00 
B– 
10,214 
 
 
Refunding Series 2012A, 6.750%, 6/01/24 (Alternative Minimum Tax) 
 
 
 
2,000 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 
2/23 at 100.00 
Aa3 
2,197,380 
 
 
2013A-1, 5.250%, 2/15/33 
 
 
 
330 
 
Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States Steel 
11/21 at 100.00 
BB– 
337,623 
 
 
Corporation Project, Refunding Series 2011, 6.600%, 5/01/29 
 
 
 
3,000 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
2,130,000 
 
 
Nuclear Generating Corporation Project, Series 2008C, 3.950%, 11/01/32 (Mandatory put 
 
 
 
 
 
5/01/20) (Alternative Minimum Tax) (7) 
 
 
 
13,350 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
12,949,500 
 
 
Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory 
 
 
 
 
 
put 6/01/22) (7) 
 
 
 
2,500 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
2,425,000 
 
 
Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory 
 
 
 
 
 
put 6/01/22) (7) 
 
 
 
147,000 
 
Total Ohio 
 
 
146,525,091 
 
 
Oklahoma – 2.7% (1.7% of Total Investments) 
 
 
 
1,925 
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue 
8/21 at 100.00 
N/R 
2,194,519 
 
 
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A 
 
 
 
3,500 
 
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40 
6/20 at 100.00 
AA– (4) 
3,672,690 
 
 
(Pre-refunded 6/01/20) 
 
 
 
 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, 
 
 
 
 
 
Series 2018B: 
 
 
 
3,515 
 
5.250%, 8/15/43 
8/28 at 100.00 
Baa3 
3,741,647 
11,870 
 
5.250%, 8/15/48 
8/28 at 100.00 
Baa3 
12,596,563 
4,555 
 
5.500%, 8/15/52 
8/28 at 100.00 
Baa3 
4,904,551 
27,375 
 
5.500%, 8/15/57 
8/28 at 100.00 
Baa3 
29,363,794 
2,055 
 
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 
6/23 at 100.00 
AA 
2,237,587 
 
 
5.375%, 6/01/33 – BAM Insured (Alternative Minimum Tax) 
 
 
 
54,795 
 
Total Oklahoma 
 
 
58,711,351 
 
 
Oregon – 0.1% (0.0% of Total Investments) 
 
 
 
1,270 
 
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding 
5/22 at 100.00 
BBB 
1,326,667 
 
 
Series 2014A, 5.000%, 5/01/40 
 
 
 
 
 
Pennsylvania – 5.5% (3.3% 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 
BB– 
122,346 
95 
 
6.875%, 5/01/30 
11/19 at 100.00 
BB– 
96,058 
 
88


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$ 380 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement 
8/22 at 100.00 
BB– 
$ 380,087 
 
 
Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
5,000 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of 
8/19 at 100.00 
AA– 
5,121,450 
 
 
Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39 
 
 
 
1,355 
 
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/27 at 100.00 
Ba1 
1,410,176 
 
 
Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A 
 
 
 
10,650 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
10,330,500 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 
 
 
 
 
 
(Mandatory put 7/01/22) (7) 
 
 
 
32,785 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
23,277,350 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 
 
 
 
 
 
(Mandatory put 6/01/20) (7) 
 
 
 
2,950 
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master 
6/28 at 100.00 
A1 
3,224,527 
 
 
Settlement, Series 2018, 5.000%, 6/01/35 
 
 
 
2,080 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social 
1/25 at 100.00 
BBB+ 
2,187,890 
 
 
Ministries Project, Series 2015, 5.000%, 1/01/38 
 
 
 
 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social 
 
 
 
 
 
Ministries Project, Series 2009: 
 
 
 
900 
 
6.125%, 1/01/29 (Pre-refunded 1/01/19) 
1/19 at 100.00 
N/R (4) 
905,958 
100 
 
6.125%, 1/01/29 (Pre-refunded 1/01/19) 
1/19 at 100.00 
BBB+ (4) 
100,687 
 
 
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 
AA (4) 
606,555 
3,160 
 
5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 
12/18 at 100.00 
AA (4) 
3,168,121 
370 
 
5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 
12/18 at 100.00 
AA (4) 
370,951 
590 
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 
12/18 at 100.00 
AA 
591,493 
 
 
12/01/43 – AGM Insured 
 
 
 
6,335 
 
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger 
2/27 at 100.00 
AA 
6,861,312 
 
 
Health System, Series 2017A-1, 5.000%, 2/15/45 
 
 
 
 
 
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 
Baa3 
6,569,076 
3,535 
 
5.250%, 1/15/45 
1/25 at 100.00 
Baa3 
3,729,672 
2,206 
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, 
1/19 at 100.00 
N/R 
661,717 
 
 
Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23 (7) 
 
 
 
401 
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, 
1/19 at 100.00 
N/R 
120,409 
 
 
Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23 (cash 
 
 
 
 
 
5.000%, PIK 5.000%) (8) 
 
 
 
4,135 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
11/24 at 100.00 
N/R 
4,279,932 
 
 
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax) 
 
 
 
11,750 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding 
9/25 at 100.00 
B+ 
11,780,785 
 
 
Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 
 
 
 
1,085 
 
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, 
6/26 at 100.00 
BBB 
1,140,574 
 
 
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38 (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
600 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
7/20 at 100.00 
N/R (4) 
635,304 
 
 
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) 
 
 
 
 
 
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) 
336,354 
1,435 
 
5.500%, 12/01/34 (Pre-refunded 12/01/20) 
12/20 at 100.00 
AA– (4) 
1,532,279 
5,140 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 
12/21 at 100.00 
AA– (4) 
5,572,685 
 
 
Bonds, Subordinate Series 2011B, 5.000%, 12/01/34 (Pre-refunded 12/01/21) 
 
 
 
5,660 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 
6/25 at 100.00 
A+ 
6,069,048 
 
89

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
$ 3,170 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 
12/25 at 100.00 
A3 
$ 3,333,731 
 
 
5.000%, 12/01/46 
 
 
 
1,595 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System 
5/20 at 100.00 
N/R (4) 
1,663,059 
 
 
Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 
 
 
 
 
 
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) 
5,809,162 
1,425 
 
6.500%, 8/01/41 (Pre-refunded 8/01/20) 
8/20 at 100.00 
A (4) 
1,532,203 
 
 
The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, 
 
 
 
 
 
Guaranteed Lease Revenue Bonds, Series 2016A: 
 
 
 
620 
 
5.000%, 11/15/21 
No Opt. Call 
BB+ 
633,634 
1,255 
 
5.000%, 11/15/28 
5/24 at 100.00 
BB+ 
1,257,987 
1,670 
 
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community 
No Opt. Call 
A– (4) 
1,710,765 
 
 
Hospital Project, Refunding & Improvement Series 2011, 5.250%, 8/01/19 (ETM) 
 
 
 
125,107 
 
Total Pennsylvania 
 
 
117,123,837 
 
 
Puerto Rico – 0.2% (0.1% of Total Investments) 
 
 
 
215 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 
No Opt. Call 
C 
237,796 
 
 
7/01/29 – AMBAC Insured 
 
 
 
30,000 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 
No Opt. Call 
Ca 
4,365,600 
 
 
8/01/54 – AMBAC Insured 
 
 
 
30,215 
 
Total Puerto Rico 
 
 
4,603,396 
 
 
Rhode Island – 0.1% (0.1% of Total Investments) 
 
 
 
21,570 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
1/19 at 100.00 
CCC+ 
2,428,998 
 
 
Series 2007A, 0.000%, 6/01/52 
 
 
 
 
 
South Carolina – 2.4% (1.4% of Total Investments) 
 
 
 
5,000 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 
No Opt. Call 
A– 
5,409,950 
 
 
1991, 6.250%, 1/01/21 – FGIC Insured 
 
 
 
 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: 
 
 
 
1,220 
 
0.000%, 1/01/23 – FGIC Insured 
No Opt. Call 
A– 
1,078,175 
21,570 
 
0.000%, 1/01/30 – AMBAC Insured 
No Opt. Call 
A– 
14,014,676 
5,560 
 
0.000%, 1/01/31 – AMBAC Insured 
No Opt. Call 
AA 
3,500,576 
10,000 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
6/25 at 100.00 
A+ 
10,368,100 
 
 
Improvement Series 2015A, 5.000%, 12/01/50 
 
 
 
6,930 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 
12/24 at 100.00 
A+ 
7,247,255 
 
 
2014C, 5.000%, 12/01/39 
 
 
 
9,155 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 
6/24 at 100.00 
A+ 
9,708,603 
 
 
5.500%, 12/01/54 
 
 
 
59,435 
 
Total South Carolina 
 
 
51,327,335 
 
 
South Dakota – 0.2% (0.1% of Total Investments) 
 
 
 
4,455 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
11/24 at 100.00 
A+ 
4,741,768 
 
 
Series 2014B, 5.000%, 11/01/44 
 
 
 
 
 
Tennessee – 0.7% (0.4% of Total Investments) 
 
 
 
8,890 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic 
1/23 at 100.00 
BBB+ 
9,357,169 
 
 
Health Initiatives, Series 2013A, 5.250%, 1/01/45 
 
 
 
2,395 
 
Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger 
10/24 at 100.00 
Baa2 
2,501,985 
 
 
Health System, Refunding Series 2014A, 5.000%, 10/01/44 
 
 
 
2,540 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
6/27 at 100.00 
N/R 
2,390,419 
 
 
Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 5.500%, 
 
 
 
 
 
6/15/37, 144A 
 
 
 
685 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
No Opt. Call 
N/R 
695,213 
 
 
Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, 
 
 
 
 
 
Series 1996, 6.000%, 12/01/19 – AMBAC Insured 
 
 
 
14,510 
 
Total Tennessee 
 
 
14,944,786 
 
90


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas – 16.4% (10.0% of Total Investments) 
 
 
 
$ 495 
 
Arlington Higher Education Finance Corporation, Education Revenue Bonds, Wayside Schools, 
8/21 at 100.00 
BB+ 
$ 473,992 
 
 
Series 2016A, 4.375%, 8/15/36 
 
 
 
 
 
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– 
175,116 
130 
 
5.000%, 12/01/46 
12/26 at 100.00 
BBB– 
136,423 
760 
 
5.000%, 12/01/51 
12/26 at 100.00 
BBB– 
792,277 
930 
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public 
3/23 at 103.00 
N/R 
937,208 
 
 
Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 
 
 
 
795 
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public 
3/23 at 103.00 
N/R 
801,217 
 
 
Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 
 
 
 
 
 
Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage 
 
 
 
 
 
Revenue Bonds, Refunding & Improvement Series 2015: 
 
 
 
3,135 
 
5.250%, 12/01/35 
12/25 at 100.00 
BB 
3,264,538 
3,340 
 
5.000%, 12/01/40 
12/25 at 100.00 
BB 
3,269,927 
6,000 
 
Brazos River Authority, Texas, Revenue Refunding Bonds, Houston Lighting and Power Company, 
No Opt. Call 
A1 
6,000,000 
 
 
Series 1998, 5.050%, 11/01/18 – AMBAC Insured (Alternative Minimum Tax) 
 
 
 
2,000 
 
Capital Area Cultural Education Facilities Finance Corporation, Revenue Bonds, The Roman 
4/20 at 100.00 
Baa1 
2,085,540 
 
 
Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 
 
 
 
1,060 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District 
3/23 at 103.00 
N/R 
1,018,787 
 
 
Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 
 
 
 
1,885 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District 
3/23 at 103.00 
N/R 
1,821,928 
 
 
Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 8.250%, 9/01/40 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: 
 
 
 
3,250 
 
6.000%, 1/01/41 (Pre-refunded 1/01/21) 
1/21 at 100.00 
A– (4) 
3,502,297 
2,700 
 
6.250%, 1/01/46 (Pre-refunded 1/01/21) 
1/21 at 100.00 
A– (4) 
2,923,776 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: 
 
 
 
2,000 
 
5.000%, 1/01/40 
7/25 at 100.00 
A– 
2,144,880 
3,625 
 
5.000%, 1/01/45 
7/25 at 100.00 
A– 
3,885,384 
 
 
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 
513,112 
520 
 
6.500%, 9/01/46 
9/23 at 103.00 
N/R 
475,977 
4,500 
 
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 
1/21 at 100.00 
AA– (4) 
4,774,545 
 
 
5.000%, 1/01/36 (Pre-refunded 1/01/21) 
 
 
 
4,000 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 
11/22 at 100.00 
A+ 
4,243,480 
 
 
5.000%, 11/01/38 (Alternative Minimum Tax) 
 
 
 
2,600 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement 
11/21 at 100.00 
A+ 
2,722,122 
 
 
Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured 
 
 
 
1,000 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. 
11/22 at 100.00 
Baa3 
1,017,470 
 
 
Project, Series 2012A. RMKT, 4.750%, 5/01/38 
 
 
 
2,335 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 
10/23 at 100.00 
A– 
2,509,238 
 
 
2013A, 5.125%, 10/01/43 
 
 
 
17,000 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien 
10/23 at 100.00 
AA+ 
18,718,700 
 
 
Series 2013B, 5.250%, 10/01/51 
 
 
 
4,410 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien 
4/28 at 100.00 
AA+ 
4,858,409 
 
 
Series 2018A. Tela Supported, 5.000%, 10/01/48 
 
 
 
1,140 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option 
10/23 at 100.00 
AA 
1,480,393 
 
 
Bond Trust 2015-XF0228, 13.326%, 11/01/44, 144A (IF) 
 
 
 
10,000 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo 
1/19 at 100.00 
BB+ 
10,096,800 
 
 
Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax) 
 
 
 
3,480 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston 
6/25 at 100.00 
AA 
3,746,185 
 
 
Methodist Hospital System, Series 2015, 5.000%, 12/01/45 
 
 
 
 
91

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
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 
AA 
$ 103,215 
590 
 
0.000%, 11/15/42 – AGM Insured 
11/31 at 59.73 
AA 
196,287 
1,000 
 
0.000%, 11/15/43 – AGM Insured 
11/31 at 56.93 
AA 
316,290 
2,000 
 
0.000%, 11/15/44 – AGM Insured 
11/31 at 54.25 
AA 
601,260 
2,600 
 
0.000%, 11/15/45 – AGM Insured 
11/31 at 51.48 
AA 
739,778 
4,180 
 
0.000%, 11/15/53 – AGM Insured 
11/31 at 33.96 
AA 
776,644 
6,170 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 
11/31 at 69.08 
Baa2 
2,356,076 
 
 
0.000%, 11/15/37 – NPFG Insured 
 
 
 
4,565 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 
11/24 at 52.47 
Baa2 
1,876,991 
 
 
0.000%, 11/15/35 – NPFG Insured 
 
 
 
40,500 
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien 
11/30 at 54.04 
AA 
13,224,060 
 
 
Series 2001A, 0.000%, 11/15/40 – NPFG Insured 
 
 
 
3,855 
 
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012A, 5.000%, 
7/22 at 100.00 
A+ 
4,110,818 
 
 
7/01/32 (Alternative Minimum Tax) 
 
 
 
235 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. 
7/24 at 100.00 
BB 
250,099 
 
 
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax) 
 
 
 
10,000 
 
Houston, Texas, Combined Utility System Revenue Bonds, First Lien Series 2011D, 5.000%, 
11/21 at 100.00 
AA 
10,570,200 
 
 
11/15/40 
 
 
 
 
 
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 
A2 
19,531,299 
5,000 
 
0.000%, 9/01/30 – AMBAC Insured 
No Opt. Call 
A2 
3,100,650 
5,765 
 
0.000%, 9/01/31 – AMBAC Insured 
No Opt. Call 
A2 
3,390,627 
6,000 
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2001B, 
No Opt. Call 
AA+ (4) 
7,105,680 
 
 
5.500%, 12/01/29 – NPFG Insured (ETM) 
 
 
 
7,500 
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A, 
No Opt. Call 
AA (4) 
9,673,875 
 
 
5.750%, 12/01/32 – AGM Insured (ETM) 
 
 
 
720 
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson 
8/25 at 100.00 
BBB+ 
758,880 
 
 
Memorial Hospital Project, Series 2015, 5.000%, 8/15/35 
 
 
 
8,000 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission 
5/20 at 100.00 
A1 
8,281,120 
 
 
Services Corporation Project, Refunding & Improvement Series 2010, 5.000%, 5/15/40 
 
 
 
2,750 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission 
5/25 at 100.00 
A+ 
2,980,752 
 
 
Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 
 
 
 
1,750 
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 
4/21 at 100.00 
BBB 
1,857,187 
 
 
2011A, 7.250%, 4/01/36 
 
 
 
2,505 
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston 
No Opt. Call 
A1 
2,834,608 
 
 
Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
8,630 
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior 
10/21 at 105.00 
BB– 
8,625,426 
 
 
Lien Series 2018, 4.625%, 10/01/31, 144A (WI/DD, Settling 11/14/18) (Alternative Minimum Tax) 
 
 
 
15,600 
 
Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro Water 
1/26 at 102.00 
N/R 
13,092,768 
 
 
Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45, 144A (Alternative Minimum Tax) (7) 
 
 
 
150 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/26 at 100.00 
BBB– 
147,722 
 
 
Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus Christi 
 
 
 
 
 
Project, Series 2016A, 5.000%, 4/01/48 
 
 
 
565 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/26 at 100.00 
BBB– 
553,886 
 
 
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 
 
 
 
 
 
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) (5) 
9/31 at 100.00 
N/R (4) 
6,777,531 
9,130 
 
0.000%, 9/01/45 (Pre-refunded 9/01/31) (5) 
9/31 at 100.00 
N/R (4) 
10,717,159 
 
92


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 205 
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 
1/19 at 100.00 
A+ 
$ 206,312 
895 
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 
1/19 at 100.00 
N/R (4) 
901,229 
 
 
(Pre-refunded 1/01/19) 
 
 
 
 
 
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 
AA 
2,994,613 
7,000 
 
6.500%, 1/01/43 
1/25 at 100.00 
A+ 
8,286,880 
10,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 
No Opt. Call 
AA 
7,315,700 
 
 
0.000%, 1/01/28 – AGC Insured 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B: 
 
 
 
2,870 
 
5.000%, 1/01/40 
1/23 at 100.00 
A+ 
3,070,929 
4,880 
 
5.000%, 1/01/45 
1/25 at 100.00 
A+ 
5,246,049 
 
 
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 
8,580,174 
2,205 
 
5.000%, 1/01/34 
1/25 at 100.00 
A 
2,402,171 
1,000 
 
5.000%, 1/01/35 
1/25 at 100.00 
A 
1,086,520 
2,345 
 
5.000%, 1/01/38 
1/25 at 100.00 
A 
2,530,302 
1,570 
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 
2/24 at 100.00 
Ba2 
1,627,007 
 
 
5.000%, 2/01/34 
 
 
 
3,500 
 
Southwest Higher Education Authority Inc., Texas, Revenue Bonds, Southern Methodist 
10/20 at 100.00 
AA– (4) 
3,690,050 
 
 
University, Series 2010, 5.000%, 10/01/41 (Pre-refunded 10/01/20) 
 
 
 
 
 
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) 
449,569 
5,410 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
AA– (4) 
5,727,675 
11,250 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas 
8/26 at 100.00 
AA 
12,159,788 
 
 
Health Resources System, Series 2016A, 5.000%, 2/15/47 
 
 
 
1,980 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
No Opt. Call 
A– 
2,259,338 
 
 
Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
2,500 
 
5.000%, 12/15/27 
12/22 at 100.00 
A3 
2,688,300 
4,835 
 
5.000%, 12/15/28 
12/22 at 100.00 
A3 
5,179,784 
13,234 
 
5.000%, 12/15/29 
12/22 at 100.00 
A3 
14,136,568 
435 
 
5.000%, 12/15/32 
12/22 at 100.00 
A3 
461,870 
1,620 
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility 
12/19 at 100.00 
Baa2 
1,694,034 
 
 
Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 
 
 
 
 
 
12/31/39 
 
 
 
2,000 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE 
9/23 at 100.00 
Baa3 
2,315,240 
 
 
Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 7.000%, 12/31/38 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
 
 
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 
2,131,600 
500 
 
7.000%, 6/30/40 
6/20 at 100.00 
Baa3 
532,565 
5,355 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier 
8/22 at 100.00 
A– 
5,654,773 
 
 
Refunding Series 2012A, 5.000%, 8/15/41 
 
 
 
 
 
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+ 
4,281,320 
1,875 
 
5.000%, 8/15/37 
8/24 at 100.00 
BBB+ 
1,980,806 
4,590 
 
5.000%, 8/15/42 
8/24 at 100.00 
BBB+ 
4,817,480 
 
93

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
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– 
$ 949,957 
3,600 
 
0.000%, 8/15/25 – AMBAC Insured 
No Opt. Call 
A– 
2,927,592 
300 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 
No Opt. Call 
A3 (4) 
280,785 
 
 
2002A, 0.000%, 8/15/21 – AMBAC Insured (ETM) 
 
 
 
5,000 
 
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust 
10/27 at 100.00 
AAA 
5,071,400 
 
 
Series 2017A, 4.000%, 10/15/37 
 
 
 
4,400 
 
Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, 
1/19 at 100.00 
Aaa 
4,601,652 
 
 
Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM) 
 
 
 
391,704 
 
Total Texas 
 
 
351,180,641 
 
 
Utah – 0.5% (0.3% of Total Investments) 
 
 
 
2,030 
 
Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC, Senior 
12/27 at 100.00 
N/R 
1,876,349 
 
 
Series 2017A , 8.000%, 12/01/39 (Alternative Minimum Tax), 144A 
 
 
 
3,000 
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 
8/19 at 100.00 
AA+ (4) 
3,071,910 
 
 
8/15/41 (Pre-refunded 8/15/19) 
 
 
 
3,000 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018A, 5.000%, 
7/28 at 100.00 
A+ 
3,245,850 
 
 
7/01/48 (Alternative Minimum Tax) 
 
 
 
810 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis 
7/20 at 100.00 
BBB– 
843,615 
 
 
Preparatory Academy, Series 2010, 6.375%, 7/15/40 
 
 
 
1,555 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High 
7/20 at 100.00 
BB 
1,579,445 
 
 
School, Series 2010A, 6.375%, 7/15/40 
 
 
 
10,395 
 
Total Utah 
 
 
10,617,169 
 
 
Virginia – 1.1% (0.7% of Total Investments) 
 
 
 
540 
 
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, 
3/25 at 100.00 
N/R 
541,949 
 
 
Series 2015, 5.600%, 3/01/45, 144A 
 
 
 
1,800 
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health 
11/22 at 100.00 
A 
1,945,224 
 
 
System Obligated Group, Series 2013, 5.000%, 11/01/30 
 
 
 
6,000 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
12/18 at 100.00 
B– 
5,904,660 
 
 
Series 2007B1, 5.000%, 6/01/47 
 
 
 
2,855 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, 
6/21 at 100.00 
B– 
2,861,024 
 
 
Series 2007B2, 5.200%, 6/01/46 
 
 
 
1,810 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC 
1/22 at 100.00 
BBB 
1,887,251 
 
 
Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax) 
 
 
 
 
 
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 
2,002,077 
4,480 
 
6.000%, 1/01/37 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
4,879,437 
3,810 
 
5.500%, 1/01/42 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
4,066,718 
23,180 
 
Total Virginia 
 
 
24,088,340 
 
 
Washington – 2.1% (1.3% of Total Investments) 
 
 
 
1,260 
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise 
2/19 at 100.00 
AAA 
1,362,614 
 
 
Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured 
 
 
 
6,000 
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Series 
7/25 at 100.00 
AA– 
6,635,700 
 
 
2015A, 5.000%, 7/01/38, 144A (UB) (6) 
 
 
 
2,500 
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 
1/19 at 100.00 
AA+ (4) 
2,514,050 
 
 
(Pre-refunded 1/01/19) 
 
 
 
10,000 
 
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series 2011A, 
2/21 at 100.00 
BBB+ 
10,242,600 
 
 
5.000%, 2/01/41 
 
 
 
6,065 
 
Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services 
7/25 at 100.00 
A– 
5,819,368 
 
 
Association, Refunding Series 2015, 4.000%, 7/01/36 
 
 
 
7,190 
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 
1/21 at 100.00 
A+ 
7,549,859 
 
 
Center, Series 2011A, 5.625%, 1/01/35 
 
 
 
 
94


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Washington (continued) 
 
 
 
$ 2,940 
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, 
12/20 at 100.00 
N/R (4) 
$ 3,136,186 
 
 
Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) 
 
 
 
2,185 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
10/22 at 100.00 
Aa2 
2,343,522 
 
 
Series 2012A, 5.000%, 10/01/42 
 
 
 
4,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A+ (4) 
4,104,320 
 
 
Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 
 
 
 
1,410 
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 
No Opt. Call 
AA+ 
1,195,680 
 
 
12/01/24 – NPFG Insured 
 
 
 
43,550 
 
Total Washington 
 
 
44,903,899 
 
 
West Virginia – 0.5% (0.3% of Total Investments) 
 
 
 
2,950 
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, 
12/20 at 100.00 
A– 
3,107,943 
 
 
Appalachian Power Company – Amos Project, Series 2010, 5.375%, 12/01/38 
 
 
 
1,950 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical 
9/19 at 100.00 
Baa1 
1,994,830 
 
 
Center, Series 2009A, 5.625%, 9/01/32 
 
 
 
5,160 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/23 at 100.00 
A 
5,559,126 
 
 
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
10,060 
 
Total West Virginia 
 
 
10,661,899 
 
 
Wisconsin – 1.9% (1.1% of Total Investments) 
 
 
 
815 
 
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., 
2/19 at 100.00 
N/R (4) 
824,307 
 
 
Series 2009, 5.875%, 2/15/39 (Pre-refunded 2/15/19) 
 
 
 
1,000 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy 
5/26 at 100.00 
N/R 
933,710 
 
 
Project, Series 2016A, 5.125%, 5/01/36, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter 
 
 
 
 
 
Educational Foundation Project, Series 2016A: 
 
 
 
5,375 
 
5.000%, 6/15/36, 144A 
6/26 at 100.00 
N/R 
4,971,015 
4,440 
 
5.000%, 6/15/46, 144A 
6/26 at 100.00 
N/R 
3,903,781 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard 
 
 
 
 
 
Public Facilities Corporation, First Tier Series 2018A-1: 
 
 
 
80 
 
0.000%, 1/01/47 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,468 
70 
 
0.000%, 1/01/48 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,148 
69 
 
0.000%, 1/01/49 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,105 
66 
 
0.000%, 1/01/50 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,029 
65 
 
0.000%, 1/01/51 – ACA Insured, 144A 
No Opt. Call 
N/R 
1,987 
85 
 
0.000%, 1/01/52 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,572 
84 
 
0.000%, 1/01/53 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,529 
81 
 
0.000%, 1/01/54 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,437 
79 
 
0.000%, 1/01/55 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,378 
78 
 
0.000%, 1/01/56 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,320 
3,767 
 
5.500%, 7/01/56 – ACA Insured, 144A 
3/28 at 100.00 
N/R 
3,672,877 
86 
 
0.000%, 1/01/57 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,563 
84 
 
0.000%, 1/01/58 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,489 
82 
 
0.000%, 1/01/59 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,415 
80 
 
0.000%, 1/01/60 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,358 
79 
 
0.000%, 1/01/61 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,319 
77 
 
0.000%, 1/01/62 – ACA Insured, 144A 
3/28 at 17.35 
N/R 
2,246 
75 
 
0.000%, 1/01/63 – ACA Insured, 144A 
3/28 at 16.48 
N/R 
2,191 
73 
 
0.000%, 1/01/64 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,136 
72 
 
0.000%, 1/01/65 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,098 
78 
 
0.000%, 1/01/66 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,254 
935 
 
0.000%, 1/01/67 – ACA Insured, 144A 
No Opt. Call 
N/R 
27,084 
1,055 
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum 
11/24 at 100.00 
N/R 
1,105,218 
 
 
Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax) 
 
 
 
1,200 
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum 
8/26 at 100.00 
N/R 
1,124,496 
 
 
Company Project, Refunding Series 2016, 4.000%, 8/01/35 (Alternative Minimum Tax) 
 
 
 
1,000 
 
Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, 
5/26 at 100.00 
BBB– 
1,015,380 
 
 
Refunding Series 2016C, 4.300%, 11/01/30 (Alternative Minimum Tax), 144A 
 
 
 
 
95

   
NZF 
Nuveen Municipal Credit Income Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
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, 
No Opt. Call 
AA– (4) 
$3,117,300 
 
 
Series 1998A, 5.500%, 12/15/19 – NPFG Insured (ETM) 
 
 
 
1,400 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, 
4/20 at 100.00 
A– 
1,433,362 
 
 
Inc., Series 2010B, 5.000%, 4/01/30 
 
 
 
1,250 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/22 at 100.00 
A– 
1,317,200 
 
 
Series 2012B, 5.000%, 2/15/32 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., 
 
 
 
 
 
Series 2012: 
 
 
 
2,105 
 
5.000%, 6/01/32 
6/22 at 100.00 
A3 
2,224,143 
2,500 
 
5.000%, 6/01/39 
6/22 at 100.00 
A3 
2,613,950 
4,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. 
8/24 at 100.00 
A+ 
4,251,280 
 
 
Obligated Group, Refunding Series 2015, 5.000%, 8/15/39 
 
 
 
 
 
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 
1,526,148 
1,310 
 
5.000%, 7/01/29 
7/24 at 100.00 
A 
1,404,543 
3,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial 
7/24 at 100.00 
A 
3,141,240 
 
 
Hospital, Inc., Series 2014B, 5.000%, 7/01/44 
 
 
 
1,120 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson 
10/22 at 102.00 
N/R 
1,181,443 
 
 
Hollow Project. Series 2014, 5.250%, 10/01/39 
 
 
 
42,230 
 
Total Wisconsin 
 
 
39,834,519 
$3,965,352 
 
Total Municipal Bonds (cost $3,357,064,981) 
 
 
3,519,958,283 
 
 
Shares 
 
Description (1), (9) 
Value 
 
 
INVESTMENT COMPANIES – 0.1% (0.1% of Total Investments) 
 
6,266 
 
BlackRock MuniHoldings Fund Inc. 
$87,912 
26,880 
 
Dreyfus Strategic Municipal Fund 
190,848 
131,278 
 
DWS Municipal Income Trust 
1,340,348 
43,020 
 
Invesco VK Investment Grade Municipal Trust 
486,986 
30,000 
 
Invesco VK Municipal Opportunity Trust 
328,800 
43,420 
 
PIMCO Municipal Income Fund II 
542,316 
 
 
Total Investment Companies (cost $3,325,133) 
2,977,210 
 
             
Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.1% (0.0% of Total Investments) 
 
 
 
 
 
 
Commercial Services & Supplies – 0.1% (0.0% of Total Investments) 
 
 
 
 
$2,327 
 
EWM P1 LLC (cash 15.000%, PIK 1.250%) (7) 
15.000% 
9/01/28 
N/R 
$1,628,936 
 
 
Transportation – 0.0% (0.0% of Total Investments) 
 
 
 
 
568 
 
Las Vegas Monorail Company, Senior Interest Bonds (10), (11) 
5.500% 
7/15/19 
N/R 
370,049 
160 
 
Las Vegas Monorail Company, Senior Interest Bonds (5), (10), (11) 
5.500% 
7/15/55 
N/R 
81,206 
728 
 
Total Transportation 
 
 
 
451,255 
$3,055 
 
Total Corporate Bonds (cost $2,362,613) 
 
 
 
2,080,191 
 
 
Total Long-Term Investments (cost $3,362,752,727) 
 
 
 
3,525,015,684 
 
 
Borrowings – (1.1)% (12) 
 
 
 
(24,400,000) 
 
 
Floating Rate Obligations – (1.1)% 
 
 
 
(23,620,000) 
 
 
MuniFund Preferred Shares, net of deferred offering costs – (29.9)% (13) 
 
 
 
(639,945,548) 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (33.7)% (14) 
 
 
 
(722,065,638) 
 
 
Other Assets Less Liabilities – 1.2% 
 
 
 
26,695,748 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
 
$2,141,680,246 
 
96

 

 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
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) 
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. 
(6) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(7) 
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. 
(8) 
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%. 
(9) 
A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. 
(10) 
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. 
(11) 
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. 
(12) 
Borrowings as a percentage of Total Investments is 0.7%. 
(13) 
MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 18.2%. 
(14) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 20.5%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
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
97

   
NMZ 
Nuveen Municipal High Income 
 
Opportunity Fund 
 
Portfolio of Investments 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 152.4% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 151.0% (99.1% of Total Investments) 
 
 
 
 
 
Alabama – 0.6% (0.4% of Total Investments) 
 
 
 
$ 182 
 
Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big 
1/19 at 100.00 
N/R 
$ 2 
 
 
Sky Environmental LLC Project, Refunding Taxable Series 2017C, 0.000%, 9/01/37, 144A 
 
 
 
1,000 
 
Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big 
9/27 at 100.00 
N/R 
979,040 
 
 
Sky Environmental LLC Project, Series 2017A, 6.750%, 9/01/37 (Alternative Minimum Tax), 144A 
 
 
 
212 
 
Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Big 
9/27 at 100.00 
N/R 
197,929 
 
 
Sky Environmental LLC Project, Taxable Series 2017B, 6.750%, 9/01/37, 144A 
 
 
 
1,000 
 
Alabama Industrial Development Authority, Solid Waste Disposal Revenue Bonds, Pine City Fiber 
1/19 at 100.00 
B3 
999,990 
 
 
Co. Project, Series 1993, 6.450%, 12/01/23 (Alternative Minimum Tax) 
 
 
 
2,000 
 
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, 
9/25 at 100.00 
N/R 
1,917,600 
 
 
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A 
 
 
 
1,000 
 
Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013C, 0.000%, 10/01/38 – 
10/23 at 105.00 
AA 
871,000 
 
 
AGM Insured 
 
 
 
5,394 
 
Total Alabama 
 
 
4,965,561 
 
 
Arizona – 2.4% (1.6% of Total Investments) 
 
 
 
3,000 
 
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University 
6/22 at 100.00 
A3 
3,645,960 
 
 
Project, Tender Option Bond Trust 2016-XF2337, 12.910%, 6/01/42 – AGM Insured, 144A (IF) (4) 
 
 
 
440 
 
Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, Deer 
7/24 at 101.00 
N/R 
419,558 
 
 
Valley Veterans Assisted Living Project, Series 2016A, 5.125%, 7/01/36 
 
 
 
1,000 
 
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Desert 
5/24 at 100.00 
N/R 
1,057,800 
 
 
Heights Charter School, Series 2014, 7.250%, 5/01/44 
 
 
 
100 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey 
7/20 at 102.00 
BB– 
96,222 
 
 
Charter Schools Project, Series 2014A, 6.875%, 7/01/34 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey 
 
 
 
 
 
Charter Schools Project, Series 2016: 
 
 
 
245 
 
5.250%, 7/01/36 
7/26 at 100.00 
BB– 
214,997 
400 
 
5.375%, 7/01/46 
7/26 at 100.00 
BB– 
339,572 
475 
 
5.500%, 7/01/51 
7/26 at 100.00 
BB– 
401,717 
2,000 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San 
2/24 at 100.00 
N/R 
2,210,560 
 
 
Tan Montessori School Project, Series 2014A , 9.000%, 2/01/44 
 
 
 
465 
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds Legacy 
7/19 at 100.00 
N/R (5) 
484,590 
 
 
Traditional School Project, Series 2009, 8.500%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
2,500 
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden 
1/22 at 100.00 
B 
2,198,225 
 
 
Traditional Schools Project, Series 2012, 7.500%, 1/01/42 
 
 
 
 
 
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+ (5) 
1,345,574 
500 
 
6.100%, 6/01/45 (Pre-refunded 6/01/19) 
6/19 at 100.00 
BB+ (5) 
511,910 
1,150 
 
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract 
1/19 at 100.00 
BBB– 
1,150,552 
 
 
Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.250%, 10/01/22 – ACA Insured 
 
 
 
1,665 
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, 
5/22 at 100.00 
BB– 
1,840,608 
 
 
Series 2012A, 9.750%, 5/01/25 
 
 
 
2,500 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB 
2,898,450 
 
 
Prepay Contract Obligations, Series 2007, 5.500%, 12/01/37, 144A 
 
 
 
1,000 
 
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & 
1/19 at 100.00 
N/R 
928,970 
 
 
Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax) 
 
 
 
18,755 
 
Total Arizona 
 
 
19,745,265 
 
98


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California – 21.3% (14.0% of Total Investments) 
 
 
 
$ 18,875 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Series 2016B, 5.000%, 
10/26 at 100.00 
Baa2 
$ 20,369,900 
 
 
10/01/37 (UB) (4) 
 
 
 
1,000 
 
California Enterprise Development Authority, Recovery Zone Facility Revenue Bonds, SunPower 
4/21 at 100.00 
N/R 
1,053,260 
 
 
Corporation – Headquarters Project, Series 2010, 8.500%, 4/01/31 
 
 
 
2,205 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma 
1/19 at 100.00 
BB 
2,210,645 
 
 
County Tobacco Securitization Corporation, Series 2005, 5.125%, 6/01/38 
 
 
 
10,000 
 
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, 
11/26 at 100.00 
A+ 
10,903,700 
 
 
Series 2016B, 5.000%, 11/15/46 (UB) (4) 
 
 
 
 
 
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital 
 
 
 
 
 
and Clinics, Tender Option Bond Trust 2016-XF2353: 
 
 
 
1,875 
 
15.479%, 11/15/40, 144A (IF) (4) 
11/21 at 100.00 
AA– 
2,653,800 
1,250 
 
14.481%, 11/15/40, 144A (IF) (4) 
11/21 at 100.00 
AA– 
1,732,537 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital, Series 2017A: 
 
 
 
5,165 
 
5.000%, 8/15/42 (UB) (4) 
8/27 at 100.00 
Baa2 
5,648,237 
22,115 
 
5.000%, 8/15/47 (UB) (4) 
8/27 at 100.00 
Baa2 
24,063,110 
12,500 
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, 
11/27 at 100.00 
AA– 
12,622,500 
 
 
Series 2017A-2, 4.000%, 11/01/44 (UB) (4) 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and 
 
 
 
 
 
Clinics, Tender Option Bond Trust 2016-XG0049: 
 
 
 
250 
 
13.396%, 8/15/51, 144A (IF) (4) 
8/22 at 100.00 
AA– 
326,977 
1,000 
 
13.393%, 8/15/51, 144A (IF) (4) 
8/22 at 100.00 
AA– 
1,307,820 
1,020 
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable 
8/24 at 100.00 
N/R 
1,085,831 
 
 
Housing Inc. Projects, Series 2014B, 5.875%, 8/15/49 
 
 
 
970 
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects 
8/20 at 100.00 
N/R (5) 
1,047,396 
 
 
Series 2010B, 7.250%, 8/15/45 (Pre-refunded 8/15/20) 
 
 
 
500 
 
California Municipal Finance Authority, Revenue Bonds, California Baptist University, Series 
11/26 at 100.00 
N/R 
538,185 
 
 
2016A, 5.000%, 11/01/36, 144A 
 
 
 
7,430 
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 
7/27 at 100.00 
BBB– 
7,154,124 
 
 
2017B, 4.000%, 7/01/42 (UB) (4) 
 
 
 
1,000 
 
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 
11/19 at 100.00 
AA (5) 
1,064,990 
 
 
2009, 8.500%, 11/01/39 (Pre-refunded 11/01/19) 
 
 
 
10,000 
 
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien, Series 
6/28 at 100.00 
BBB+ 
9,519,600 
 
 
2018A, 4.000%, 12/31/47 (Alternative Minimum Tax) (UB) (4) 
 
 
 
400 
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Aemerge 
No Opt. Call 
N/R 
393,152 
 
 
Redpak Services Southern California, LLC Project, Subordinate Series 2017, 8.000%, 12/01/27 
 
 
 
 
 
(Alternative Minimum Tax), 144A 
 
 
 
1,950 
 
California School Finance Authority, Educational Facilities Revenue Bonds, Tri-Valley Learning 
6/20 at 102.00 
N/R 
1,452,750 
 
 
Corporation, Series 2012A, 7.000%, 6/01/47 (6) 
 
 
 
1,300 
 
California State, General Obligation Bonds, Tender Option Bond Trust 3162, 15.254%, 3/01/40 – 
3/20 at 100.00 
Aa3 
1,525,732 
 
 
AGM Insured, 144A (IF) (4) 
 
 
 
 
 
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 
837,640 
1,000 
 
5.500%, 12/01/54 
12/24 at 100.00 
BB 
1,050,470 
6,940 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/26 at 100.00 
BB– 
7,176,307 
 
 
University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A 
 
 
 
520 
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB+ 
538,793 
 
 
of the West, Series 2010, 6.250%, 10/01/39 
 
 
 
500 
 
California Statewide Communities Development Authority, Revenue Bonds, Lancer Educational 
6/26 at 100.00 
N/R 
526,385 
 
 
Student Housing Project, Refunding Series 2016A, 5.000%, 6/01/46, 144A 
 
 
 
1,000 
 
California Statewide Communities Development Authority, Special Tax Bonds, Community 
9/22 at 100.00 
N/R 
1,046,020 
 
 
Facilities District 2012-01, Fancher Creek, Series 2013A, 5.700%, 9/01/43 
 
 
 
 
99

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 1,580 
 
California Statewide Communities Development Authority, Statewide Community Infrastructure 
9/21 at 100.00 
N/R 
$ 1,638,981 
 
 
Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41 
 
 
 
500 
 
California Statewide Community Development Authority, Revenue Bonds, California Baptist 
11/21 at 100.00 
N/R (5) 
578,665 
 
 
University, Series 2011A, 7.500%, 11/01/41 (Pre-refunded 11/01/21) 
 
 
 
1,500 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
1/19 at 100.00 
CC 
1,277,730 
 
 
Health System, Series 2005A, 5.500%, 7/01/39 
 
 
 
1,845 
 
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, 
1/19 at 100.00 
N/R 
1,847,140 
 
 
Franciscan Mobile Home Park Project, Refunding Third Tier Series 2007C, 6.500%, 12/15/47 
 
 
 
2,000 
 
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, 
1/19 at 100.00 
A+ 
2,002,940 
 
 
Franciscan Mobile Home Park, Refunding Series 2007A, 5.000%, 12/15/37 
 
 
 
3,500 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
B+ 
3,581,410 
 
 
Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 
 
 
 
2,660 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R 
2,601,693 
 
 
Bonds, Series 2018A-1, 5.000%, 6/01/47 
 
 
 
5,000 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R 
4,890,400 
 
 
Bonds, Series 2018A-2, 5.000%, 6/01/47 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2015A: 
 
 
 
2,000 
 
5.000%, 6/01/40 (UB) (4) 
6/25 at 100.00 
A+ 
2,167,580 
2,000 
 
5.000%, 6/01/45 (UB) (4) 
6/25 at 100.00 
A+ 
2,154,200 
 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Tender Option Bond Trust XF1038-1: 
 
 
 
860 
 
12.890%, 6/01/45, 144A (IF) (4) 
6/25 at 100.00 
A+ 
1,125,207 
1,500 
 
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 
7/21 at 100.00 
Aaa 
2,159,535 
 
 
3253, 18.037%, 7/15/40, 144A (IF) (4) 
 
 
 
 
 
Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, 
 
 
 
 
 
Series 2005: 
 
 
 
1,000 
 
5.000%, 8/01/25 – AMBAC Insured 
1/19 at 100.00 
N/R 
1,016,290 
1,000 
 
5.000%, 8/01/35 – AMBAC Insured 
1/19 at 100.00 
N/R 
1,011,620 
 
 
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 (5) 
197,190 
145 
 
6.875%, 8/01/39 (Pre-refunded 8/01/19) 
8/19 at 100.00 
BBB (5) 
150,487 
390 
 
Lee Lake Public Financing Authority, California, Junior Lien Revenue Bonds, Series 2013B, 
9/23 at 100.00 
N/R 
412,690 
 
 
5.250%, 9/01/32 
 
 
 
850 
 
Los Angeles County, California, Community Development Commission Headquarters Office Building, 
9/21 at 100.00 
Aa3 
1,088,102 
 
 
Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender 
 
 
 
 
 
Option Bond Trust 2016-XL0022, 14.011%, 9/01/42, 144A (IF) (4) 
 
 
 
1,825 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/20 at 100.00 
AA 
2,092,673 
 
 
Airport, Tender Option Bond Trust 2016-XL0005, 13.540%, 5/15/40, 144A (IF) (4) 
 
 
 
1,000 
 
Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, 
9/21 at 100.00 
A 
1,125,990 
 
 
Subordinate Lien Series 2011A, 7.000%, 9/01/31 
 
 
 
 
 
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 (5) 
1,130,380 
1,500 
 
7.500%, 8/01/41 (Pre-refunded 8/01/21) 
8/21 at 100.00 
N/R (5) 
1,715,490 
500 
 
National City Community Development Commission, California, Tax Allocation Bonds, National 
8/21 at 100.00 
A (5) 
566,690 
 
 
City Redevelopment Project, Series 2011, 7.000%, 8/01/32 (Pre-refunded 8/01/21) 
 
 
 
330 
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment 
9/21 at 100.00 
A– 
361,911 
 
 
Project, Series 2011, 6.750%, 9/01/40 
 
 
 
 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010: 
 
 
 
295 
 
5.250%, 11/01/21 (Pre-refunded 11/01/20) 
11/20 at 100.00 
Ba1 (5) 
305,254 
1,000 
 
6.000%, 11/01/41 (Pre-refunded 11/01/20) 
11/20 at 100.00 
Ba1 (5) 
1,079,980 
1,200 
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project 
10/21 at 100.00 
A 
1,346,748 
 
 
Area, Series 2011B, 6.750%, 10/01/30 
 
 
 
 
100


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
 
 
Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program 
 
 
 
 
 
Facilities Projects, Tender Option Bond Trust 2016-XG0100: 
 
 
 
$ 750 
 
13.934%, 12/01/30 – AMBAC Insured, 144A (IF) (4) 
No Opt. Call 
A+ 
$ 1,230,637 
2,015 
 
13.934%, 12/01/33 – AMBAC Insured, 144A (IF) (4) 
No Opt. Call 
A+ 
3,560,606 
 
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011: 
 
 
 
960 
 
8.000%, 12/01/26 
12/21 at 100.00 
BB 
1,093,814 
1,000 
 
8.000%, 12/01/31 
12/21 at 100.00 
BB 
1,119,730 
4,095 
 
San Francisco City and County Redevelopment Agency Successor Agency, California, Tax 
8/21 at 61.78 
N/R 
2,182,021 
 
 
Allocation Bonds, Mission Bay South Redevelopment Project, Subordinate Series 2016D, 0.000%, 
 
 
 
 
 
8/01/31, 144A 
 
 
 
1,000 
 
Santa Margarita Water District, California, Special Tax Bonds, Community Facilities District 
9/23 at 100.00 
N/R 
1,070,680 
 
 
2013-1 Village of Sendero, Series 2013, 5.625%, 9/01/43 
 
 
 
1,000 
 
Santee Community Development Commission, California, Santee Redevelopment Project Tax 
2/21 at 100.00 
A (5) 
1,110,470 
 
 
Allocation Bonds, Series 2011A, 7.000%, 8/01/41 (Pre-refunded 2/01/21) 
 
 
 
1,065 
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities 
9/27 at 100.00 
N/R 
1,066,321 
 
 
District 16-01, Series 2017, 6.250%, 9/01/47, 144A 
 
 
 
1,890 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
12/18 at 100.00 
B– 
1,899,904 
 
 
Bonds, Series 2005A-1, 5.500%, 6/01/45 
 
 
 
650 
 
Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project 
9/21 at 100.00 
BBB+ (5) 
749,573 
 
 
Area, Series 2011A, 7.650%, 9/01/42 (Pre-refunded 9/01/21) 
 
 
 
1,250 
 
University of California, General Revenue Bonds, Tender Option Bond Trust 2016-XL0001, 
5/23 at 100.00 
AA 
1,693,237 
 
 
13.540%, 5/15/39, 144A (IF) (4) 
 
 
 
164,410 
 
Total California 
 
 
174,253,830 
 
 
Colorado – 7.9% (5.1% of Total Investments) 
 
 
 
500 
 
Aurora Single Tree Metropolitan District, City of Aurora, Adams County, Colorado, Limited Tax 
No Opt. Call 
N/R 
500,000 
 
 
General Obligation Bonds, Refunding Series 2006, 5.000%, 11/15/20 
 
 
 
500 
 
Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, 
12/21 at 103.00 
N/R 
462,750 
 
 
Refunding Subordinate Lien Series 2016B, 8.000%, 6/15/37 
 
 
 
750 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
1/19 at 100.00 
BB+ 
751,320 
 
 
Community Leadership Academy Project, Series 2008, 6.250%, 7/01/28 
 
 
 
1,000 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
1/19 at 100.00 
N/R 
992,810 
 
 
Jefferson County School District R-1 – Compass Montessori Secondary School, Series 2006, 
 
 
 
 
 
5.625%, 2/15/36 
 
 
 
2,220 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Mountain 
10/22 at 100.00 
N/R 
2,293,926 
 
 
Phoenix Community School, Series 2012, 7.000%, 10/01/42 
 
 
 
560 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Skyview 
7/24 at 100.00 
BB 
564,441 
 
 
Academy Project, Series 2014, 5.375%, 7/01/44, 144A 
 
 
 
5,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health System/Sunbelt 
5/26 at 100.00 
AA 
5,420,600 
 
 
Obligated Group, Series 2016A, 5.000%, 11/15/41 (UB) 
 
 
 
2,500 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes of the 
2/24 at 100.00 
N/R 
2,802,950 
 
 
Midwest Obligated Group, Series 2013, 8.000%, 8/01/43 
 
 
 
1,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, 
2/26 at 100.00 
N/R 
972,160 
 
 
Series 2016, 6.125%, 2/01/46, 144A 
 
 
 
750 
 
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
850,612 
 
 
Leavenworth Health Services Corporation, Tender Option Bond Trust 2015-XF0054, 14.164%, 
 
 
 
 
 
1/01/30, 144A (IF) 
 
 
 
1,285 
 
Colorado Health Facilities Authority, Revenue Bonds, Craig Hospital Project, Series 2012, 
12/22 at 100.00 
A+ 
1,374,822 
 
 
5.000%, 12/01/32 (UB) (4) 
 
 
 
518 
 
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 
1/19 at 100.00 
N/R 
 
 
 
2007, 5.000%, 12/01/18 (Alternative Minimum Tax) (7) 
 
 
 
 
 
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, 
 
 
 
 
 
Series 2017: 
 
 
 
5,045 
 
6.750%, 4/01/27 (Alternative Minimum Tax) (7) 
No Opt. Call 
N/R 
635,924 
2,224 
 
6.875%, 10/01/27 (Alternative Minimum Tax) (7) 
No Opt. Call 
N/R 
769,417 
 
101

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 2,000 
 
Compark Business Campus Metropolitan District, Douglas County, Colorado, General Obligation 
12/22 at 100.00 
N/R 
$ 2,055,640 
 
 
Bonds, Series 2012A, 6.750%, 12/01/39 
 
 
 
 
 
Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007: 
 
 
 
925 
 
5.400%, 12/01/27 
1/19 at 100.00 
N/R 
650,932 
1,500 
 
5.450%, 12/01/34 
1/19 at 100.00 
N/R 
1,034,205 
10,000 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2018A, 4.000%, 12/01/48 
12/28 at 100.00 
A 
9,528,500 
 
 
(Alternative Minimum Tax) (UB) (4) 
 
 
 
2,000 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – 
No Opt. Call 
A 
1,464,540 
 
 
NPFG Insured 
 
 
 
708 
 
Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado, 
12/20 at 103.00 
N/R 
686,880 
 
 
General Obligation Limited Tax Bonds, Series 2015B, 7.750%, 12/15/45 
 
 
 
923 
 
Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment 
3/20 at 100.00 
N/R 
945,364 
 
 
Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40 
 
 
 
1,000 
 
Fitzsimons Village Metropolitan District 3, Arapahoe County, Colorado, Tax Increment/Public 
3/20 at 100.00 
N/R 
970,780 
 
 
Improvement Fee Supported Revenue Bonds, Series 2014A, 6.000%, 3/01/44 
 
 
 
 
 
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 
1,012,210 
1,080 
 
6.000%, 12/01/38 
12/24 at 100.00 
N/R 
1,083,748 
1,989 
 
Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue Bonds, 
12/19 at 100.00 
N/R 
1,939,971 
 
 
Series 2009A-1, 9.000%, 8/01/39 (8), (9) 
 
 
 
2,000 
 
Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited Tax, 
12/24 at 100.00 
N/R 
2,008,420 
 
 
Refunding & Improvement Series 2015, 6.125%, 12/01/44 
 
 
 
933 
 
Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited Tax, 
1/19 at 100.00 
N/R 
899,860 
 
 
Series 2007A, 5.500%, 12/01/37 
 
 
 
1,000 
 
Iliff Commons Metropolitan District 2, Aurora, Arapahoe County, Colorado, General Obligation 
12/20 at 103.00 
N/R 
1,000,360 
 
 
Bonds, Limited Tax Convertible to Unlimited Tax Series 2015, 6.250%, 12/01/44 
 
 
 
305 
 
Iliff Commons Metropolitan District 2, Aurora, Arapahoe County, Colorado, General Obligation 
12/21 at 103.00 
N/R 
305,043 
 
 
Bonds, Subordinated Limited Tax Convertible to Unlimited Tax Series 2016B, 8.000%, 12/15/46 
 
 
 
2,000 
 
Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue Bonds, 
12/20 at 103.00 
N/R 
1,900,140 
 
 
Refunding Series 2015, 5.500%, 12/01/45 
 
 
 
 
 
Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: 
 
 
 
675 
 
5.250%, 12/01/36 
12/21 at 103.00 
N/R 
630,140 
1,265 
 
5.375%, 12/01/46 
12/21 at 103.00 
N/R 
1,164,635 
3,040 
 
Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, 
1/19 at 100.00 
N/R 
2,994,309 
 
 
Series 2007, 6.750%, 1/01/34 
 
 
 
1,250 
 
Lewis Pointe Metropolitan District, Thornton, Colorado, Limited Tax Convertible to Unlimited 
12/20 at 100.00 
N/R 
1,246,650 
 
 
Tax General Obligation Bonds, Series 2015A, 6.000%, 12/01/44 
 
 
 
500 
 
Leyden Rock Metropolitan District No. 10, In the City of Arvada, Colorado, Limited Tax General 
12/21 at 103.00 
N/R 
495,580 
 
 
Obligation Bonds, Refunding and Improvement Series 20016A, 5.000%, 12/01/45 
 
 
 
500 
 
Leyden Rock Metropolitan District No. 10, In the City of Arvada, Colorado, Limited Tax General 
12/21 at 103.00 
N/R 
481,095 
 
 
Obligation Bonds, Refunding and Improvement Series 20016B, 7.250%, 12/15/45 
 
 
 
500 
 
Midcities Metropolitan District No. 2, In the City and County of Broomfield, Colorado, 
12/21 at 103.00 
N/R 
482,250 
 
 
Subordinate Special Revenue Refunding Bonds, Series 2016B, 7.750%, 12/15/46 
 
 
 
2,000 
 
Murphy Creek Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, Refunding & 
1/19 at 100.00 
N/R 
1,640,000 
 
 
Improvement Series 2006, 6.125%, 12/01/35 (10) 
 
 
 
1,000 
 
Pinon Pines Metropolitan District No. 1, El Paso County, Colorado, General Obligation Limited 
12/21 at 103.00 
N/R 
881,220 
 
 
Tax Bonds, Series 2016, 5.375%, 12/01/46 
 
 
 
1,080 
 
Promenade at Castle Rock Metropolitan District 1, Colorado, General Obligation Bonds, Limited 
12/20 at 103.00 
N/R 
1,117,854 
 
 
Tax Series 2015A, 5.750%, 12/01/39 
 
 
 
 
 
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 
BBB+ 
1,048,430 
1,000 
 
6.000%, 1/15/41 
7/20 at 100.00 
BBB+ 
1,033,870 
 
102


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 978 
 
STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General 
12/19 at 103.00 
N/R 
$ 993,824 
 
 
Obligation Bonds, Series 2015A, 6.000%, 12/01/38 
 
 
 
875 
 
STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General 
12/19 at 103.00 
N/R 
878,771 
 
 
Obligation Bonds, Series 2015B, 7.750%, 12/15/38 
 
 
 
3,000 
 
Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax 
1/19 at 100.00 
N/R 
480,000 
 
 
Convertible to Unlimited, Series 2007, 7.250%, 12/01/31 (6) 
 
 
 
1,815 
 
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax 
12/20 at 100.00 
N/R 
1,850,937 
 
 
Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 
 
 
 
965 
 
VDW Metropolitan District 2, Larimer County, Colorado, General Obligation Bonds, Refunding 
12/21 at 103.00 
A2 
885,465 
 
 
Limited Tax Series 2016B, 7.250%, 12/15/45 
 
 
 
74,658 
 
Total Colorado 
 
 
64,183,355 
 
 
Connecticut – 1.4% (0.9% of Total Investments) 
 
 
 
4,000 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health Credit 
6/26 at 100.00 
AA– 
4,340,880 
 
 
Group, Series 2016, 5.000%, 12/01/45 (UB) 
 
 
 
28 
 
District of Columbia, Revenue Bonds, Howard University, Tender Option Bond Trust 2016-XG0094, 
4/21 at 100.00 
N/R 
33,391 
 
 
18.356%, 10/01/37, 144A (IF) (4) 
 
 
 
2,472 
 
District of Columbia, Revenue Bonds, Howard University, Tender Option Bond Trust 2016-XG0094, 
4/21 at 100.00 
Ba2 
2,947,984 
 
 
18.356%, 10/01/37, 144A (IF) (4) 
 
 
 
2,500 
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue 
4/20 at 100.00 
N/R (5) 
2,697,825 
 
 
Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 (Pre-refunded 4/01/20) 
 
 
 
6,047 
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 
No Opt. Call 
N/R 
212,846 
 
 
2013A, 0.240%, 7/01/31 (cash 4.000%, PIK 2.050%) (6) 
 
 
 
1,000 
 
Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 
4/21 at 100.00 
N/R (5) 
1,110,720 
 
 
2011aA, 7.000%, 4/01/41 (Pre-refunded 4/01/21) 
 
 
 
16,047 
 
Total Connecticut 
 
 
11,343,646 
 
 
Delaware – 0.3% (0.2% of Total Investments) 
 
 
 
2,500 
 
Delaware Economic Development Authority, Revenue Bonds, Odyssey Charter School Inc. Project, 
3/25 at 100.00 
N/R 
2,397,775 
 
 
Series 2015A, 7.000%, 9/01/45, 144A 
 
 
 
 
 
District of Columbia – 0.2% (0.1% of Total Investments) 
 
 
 
165 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
No Opt. Call 
A– 
180,320 
 
 
Series 2001, 6.500%, 5/15/33 
 
 
 
1,000 
 
District of Columbia, Revenue Bonds, Cesar Chavez Public Charter Schools for Public Policy, 
11/20 at 100.00 
B– 
1,020,460 
 
 
Series 2011, 7.500%, 11/15/31 
 
 
 
250 
 
District of Columbia, Revenue Bonds, KIPP DC Issue, Series 2013A, 6.000%, 7/01/33 
7/23 at 100.00 
BBB+ (5) 
289,958 
 
 
(Pre-refunded 7/01/23) 
 
 
 
1,415 
 
Total District of Columbia 
 
 
1,490,738 
 
 
Florida – 15.1% (9.9% of Total Investments) 
 
 
 
1,500 
 
Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Terraces 
11/21 at 100.00 
N/R 
1,640,640 
 
 
at Bonita Springs Project, Series 2011A, 8.125%, 11/15/46 
 
 
 
815 
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 
1/19 at 100.00 
N/R 
754,845 
 
 
2006A, 5.125%, 5/01/38 
 
 
 
1,840 
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 
5/22 at 100.00 
N/R 
1,867,950 
 
 
2012, 6.700%, 5/01/42 
 
 
 
1,735 
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 
5/25 at 100.00 
N/R 
1,656,110 
 
 
2015, 5.375%, 5/01/45 
 
 
 
995 
 
Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special 
11/25 at 100.00 
N/R 
992,105 
 
 
Assessment Bonds, Series 2015, 5.250%, 11/01/46 
 
 
 
905 
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Phase 1 
11/24 at 100.00 
N/R 
1,007,138 
 
 
Project, Series 2013A, 6.125%, 11/01/33 
 
 
 
 
103

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 1,850 
 
Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds, 
5/23 at 100.00 
N/R 
$ 1,835,070 
 
 
Refunding Series 2013, 5.125%, 5/01/43 
 
 
 
2,700 
 
Brevard County, Florida, Industrial Development Revenue Bonds, TUFF Florida Tech Project, 
11/19 at 100.00 
BB+ 
2,753,946 
 
 
Series 2009, 6.500%, 11/01/29 
 
 
 
700 
 
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%, 
1/19 at 100.00 
Caa1 
700,154 
 
 
11/01/20 (Alternative Minimum Tax) 
 
 
 
1,435 
 
Capital Projects Finance Authority, Student Housing Revenue Bonds, Capital Projects Loan 
1/19 at 100.00 
Baa2 
1,445,691 
 
 
Program, Series 2001F-1, 5.000%, 10/01/31 – NPFG Insured 
 
 
 
1,000 
 
Capital Trust Agency, Florida, Revenue Bonds, Palm Coast Senior Living Community Project, 
4/24 at 103.00 
N/R 
933,300 
 
 
Series 2017A, 7.000%, 10/01/49, 144A 
 
 
 
1,000 
 
Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior Housing, 
8/24 at 103.00 
N/R 
970,640 
 
 
Inc. Project, Series 2017, 5.875%, 8/01/52, 144A 
 
 
 
1,000 
 
Celebration Pointe Community Development District 1, Alachua County, Florida, Special 
5/24 at 100.00 
N/R 
994,970 
 
 
Assessment Revenue Bonds, Series 2014, 5.125%, 5/01/45 
 
 
 
2,000 
 
Collier County Industrial Development Authority, Florida, Continuing Care Community Revenue 
5/24 at 100.00 
N/R 
1,946,260 
 
 
Bonds, Arlington of Naples Project, Series 2014A, 7.750%, 5/15/35, 144A 
 
 
 
940 
 
Copperstone Community Development District, Manatee County, Florida, Capital Improvement 
1/19 at 100.00 
N/R 
926,417 
 
 
Revenue Bonds, Series 2007, 5.200%, 5/01/38 
 
 
 
935 
 
Cordoba Ranch Community Development District, Hillsborough County, Florida, Special Assessment 
1/19 at 100.00 
N/R 
931,653 
 
 
Revenue Bonds, Series 2006, 5.550%, 5/01/37 
 
 
 
800 
 
Fishhawk Community Development District IV, Hillsborough County, Florida, Special Assessment 
5/23 at 100.00 
N/R 
826,680 
 
 
Revenue Bonds, Series 2013A, 7.000%, 5/01/33 
 
 
 
1,850 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral 
7/24 at 100.00 
N/R 
1,853,256 
 
 
Charter Elementary School Project, Series 2014A, 6.500%, 7/01/44 
 
 
 
1,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral 
7/27 at 100.00 
N/R 
957,920 
 
 
Charter Elementary School Project, Series 2017A, 5.750%, 7/01/44, 144A 
 
 
 
565 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter 
7/26 at 100.00 
N/R 
521,998 
 
 
Foundation Inc. Projects, Series 2016A, 5.000%, 7/15/46, 144A 
 
 
 
1,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
9/20 at 100.00 
BB+ 
1,031,250 
 
 
Charter School, Inc. Projects, Series 2010A, 6.000%, 9/15/40 
 
 
 
2,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
6/21 at 100.00 
BB 
2,153,700 
 
 
Charter School, Inc. Projects, Series 2011A, 7.625%, 6/15/41 
 
 
 
4,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
6/23 at 100.00 
N/R 
4,485,000 
 
 
Charter School, Inc. Projects, Series 2013A, 8.500%, 6/15/44 
 
 
 
14,300 
 
Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, 
1/19 at 105.00 
N/R 
14,798,784 
 
 
Brightline Passenger Rail Project – South Segment, Series 2017, 0.000%, 1/01/47 (Alternative 
 
 
 
 
 
Minimum Tax), 144A 
 
 
 
2,500 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
11/22 at 100.00 
N/R 
2,640,100 
 
 
Assessment Bonds, Doral Breeze Project Series 2012, 5.500%, 11/01/32 
 
 
 
1,000 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
5/24 at 100.00 
N/R 
1,034,450 
 
 
Assessment Improvement Bonds, Assessment Area Two Project, Refunding Series 2014A-2, 
 
 
 
 
 
6.500%, 5/01/39 
 
 
 
1,940 
 
Harmony Community Development District, Florida, Capital Improvement Revenue Bonds, Special 
5/24 at 100.00 
N/R 
1,971,447 
 
 
Assessment, Refunding Series 2014, 5.250%, 5/01/32 
 
 
 
1,000 
 
Jacksonville Economic Development Commission, Industrial Development Revenue Bonds, Gerdau 
12/18 at 100.00 
BBB– 
1,000,100 
 
 
Ameristeel US Inc. Project, Series 2007, 5.300%, 5/01/37 (Alternative Minimum Tax) 
 
 
 
1,000 
 
Lakes by the Bay South Community Development District, Florida, Special Assessment Bonds, 
11/22 at 100.00 
N/R 
1,020,700 
 
 
Series 2012, 5.750%, 11/01/42 
 
 
 
665 
 
Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Lakewood 
5/25 at 100.00 
N/R 
642,450 
 
 
Centre North Project, Series 2015, 4.875%, 5/01/45 
 
 
 
2,000 
 
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County 
1/19 at 100.00 
BB– 
1,862,940 
 
 
Community Charter Schools, Series 2007A, 5.375%, 6/15/37 
 
 
 
 
104


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 630 
 
Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, 
12/22 at 105.00 
N/R 
$ 630,403 
 
 
Preserve Project, Series 2017A, 5.750%, 12/01/52, 144A 
 
 
 
 
 
Miami Beach, Florida, Resort Tax Revenue Bonds, Series 2015: 
 
 
 
12,190 
 
5.000%, 9/01/45 (UB) (4) 
9/25 at 100.00 
AA– 
13,299,534 
750 
 
Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue 
7/27 at 100.00 
N/R 
704,220 
 
 
Bonds, South Florida Autism Charter School Project, Series 2017, 6.000%, 7/01/47, 144A 
 
 
 
1,085 
 
Miami World Center Community Development District, Miami-Dade County, Florida, Special 
11/27 at 100.00 
N/R 
1,101,318 
 
 
Assessment Bonds, Series 2017, 5.250%, 11/01/49 
 
 
 
750 
 
Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op 
9/25 at 100.00 
N/R 
742,043 
 
 
Charter Schools Project, Series 2015A, 6.000%, 9/15/45, 144A 
 
 
 
12,430 
 
Miami-Dade County, Florida, General Obligation Bonds, Series 2015D, 5.000%, 7/01/45 (UB) 
7/26 at 100.00 
AA 
13,611,969 
1,250 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Tender Option Bond Trust 
10/20 at 100.00 
A+ 
1,521,500 
 
 
2016-XG0030, 13.235%, 10/01/39, 144A – AGM Insured (IF) 
 
 
 
930 
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, 
8/26 at 100.00 
N/R 
950,841 
 
 
Development Unit 53, Series 2015, 5.500%, 8/01/46 
 
 
 
 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of 
 
 
 
 
 
Boca Raton Project, Series 2014A: 
 
 
 
620 
 
7.000%, 6/01/29 
6/22 at 102.00 
N/R 
691,771 
3,110 
 
7.500%, 6/01/49 
6/22 at 102.00 
N/R 
3,513,554 
3,665 
 
Pine Island Community Development District, Florida, Special Assessment Bonds, Bella Collina, 
1/19 at 100.00 
N/R 
3,665,220 
 
 
Series 2004, 5.750%, 5/01/35 
 
 
 
1,710 
 
Reunion West Community Development District, Florida, Special Assessment Bonds, Series 
5/22 at 100.00 
N/R 
1,805,281 
 
 
2004A-1, 6.250%, 5/01/36 
 
 
 
2,500 
 
Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series 2016, 
11/27 at 100.00 
N/R 
2,598,575 
 
 
6.000%, 11/01/47 
 
 
 
990 
 
Shingle Creek Community Development District, Florida, Special Assessment Revenue Bonds, 
11/25 at 100.00 
N/R 
970,705 
 
 
Series 2015, 5.400%, 11/01/45 
 
 
 
875 
 
Sweetwater Creek Community Development District, Saint John’s County, Florida, Capital 
1/19 at 100.00 
N/R 
874,930 
 
 
Improvement Revenue Bonds, Series 2007A, 5.500%, 5/01/38 
 
 
 
2,500 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/19 at 100.00 
N/R 
2,430,750 
 
 
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (9) 
 
 
 
1,540 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
1,253,221 
 
 
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (9) 
 
 
 
 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, 
 
 
 
 
 
Series 2007-3: 
 
 
 
120 
 
6.375%, 5/01/19 (6) 
No Opt. Call 
N/R 
1 
1,360 
 
6.650%, 5/01/40 (6) 
1/19 at 100.00 
N/R 
14 
2,845 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 
5/19 at 100.00 
N/R 
28 
 
 
2007A-2, 5.250%, 5/01/39 (6) 
 
 
 
120 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing 
1/19 at 100.00 
N/R 
114,726 
 
 
Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 
 
 
 
600 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing 
5/19 at 100.00 
N/R 
519,366 
 
 
Parcel Series 2007A-1. RMKT, 5.250%, 5/01/39 
 
 
 
3,740 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
1/19 at 100.00 
N/R 
2,978,686 
 
 
2015-1, 0.000%, 5/01/40 (6) 
 
 
 
2,300 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
1/19 at 100.00 
N/R 
1,507,121 
 
 
2015-2, 0.000%, 5/01/40 (6) 
 
 
 
2,505 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
1/19 at 100.00 
N/R 
25 
 
 
2015-3, 6.610%, 5/01/40 (6) 
 
 
 
3,545 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 
1/19 at 100.00 
N/R 
3,547,978 
 
 
5.400%, 5/01/37 
 
 
 
 
105

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 3,405 
 
Twin Creeks North Community Development District, Florida, Special Assessment Bonds, Master 
11/31 at 100.00 
N/R 
$ 3,463,225 
 
 
Infrastructure Improvements, Series 2016A-2, 6.375%, 11/01/47 
 
 
 
1,000 
 
Venetian Parc Community Development District, Miami-Dade County, Florida, Special Assessment 
11/28 at 100.00 
N/R 
1,266,710 
 
 
Bonds, Area One Project, Series 2013, 6.500%, 11/01/43 
 
 
 
975 
 
Waterset North Community Development District, Hillsborough County, Florida, Special 
11/24 at 100.00 
N/R 
1,006,093 
 
 
Assessment Revenue Bonds, Series 2014, 5.500%, 11/01/45 
 
 
 
1,000 
 
Windsor at Westside Community Development District, Osceola County, Florida, Special 
11/25 at 100.00 
N/R 
950,270 
 
 
Assessment Bonds, Area 1 Project, Series 2015, 5.125%, 11/01/45 
 
 
 
128,010 
 
Total Florida 
 
 
123,877,742 
 
 
Georgia – 1.0% (0.6% of Total Investments) 
 
 
 
1,000 
 
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, 
11/23 at 100.00 
BBB+ 
983,210 
 
 
Testletree Village Apartments, Series 2013A, 5.000%, 11/01/48 
 
 
 
800 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 
1/19 at 100.00 
A2 (5) 
807,376 
 
 
1/01/31 (Pre-refunded 1/01/19) 
 
 
 
1,250 
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air 
6/20 at 100.00 
Baa3 
1,361,512 
 
 
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 
 
 
 
1,880 
 
Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten Academy 
10/23 at 100.00 
N/R 
1,946,138 
 
 
Project, Series 2013A, 7.125%, 10/01/43 
 
 
 
1,000 
 
Fulton County Development Authority, Georgia, Revenue Bonds, Amana Academy Project, Series 
4/23 at 100.00 
N/R 
923,210 
 
 
2013A, 6.500%, 4/01/43 
 
 
 
 
 
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014: 
 
 
 
392 
 
5.500%, 7/15/23 
7/21 at 100.00 
N/R 
392,341 
767 
 
5.500%, 7/15/30 
7/21 at 100.00 
N/R 
767,418 
842 
 
5.500%, 1/15/36 
7/21 at 100.00 
N/R 
842,693 
7,931 
 
Total Georgia 
 
 
8,023,898 
 
 
Guam – 0.4% (0.2% of Total Investments) 
 
 
 
2,445 
 
Guam Government, General Obligation Bonds, 2009 Series A, 7.000%, 11/15/39 
11/19 at 100.00 
N/R (5) 
2,569,964 
 
 
(Pre-refunded 11/15/19) 
 
 
 
330 
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 
10/23 at 100.00 
BBB+ 
364,482 
 
 
(Alternative Minimum Tax) 
 
 
 
2,775 
 
Total Guam 
 
 
2,934,446 
 
 
Hawaii – 0.2% (0.1% of Total Investments) 
 
 
 
1,655 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric 
7/19 at 100.00 
Baa2 
1,699,139 
 
 
Company, Inc. and Subsidiary Projects, Series 2009, 6.500%, 7/01/39 
 
 
 
 
 
Idaho – 0.1% (0.0% of Total Investments) 
 
 
 
500 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Tender 
3/22 at 100.00 
A– 
588,965 
 
 
Option Bond Trust 2016-XG0066, 12.246%, 3/01/47, 144A- AGM Insured (IF) (4) 
 
 
 
 
 
Illinois – 20.2% (13.3% of Total Investments) 
 
 
 
730 
 
Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005, 6.250%, 1/01/24 
1/19 at 100.00 
N/R 
719,357 
10,670 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement 
4/27 at 100.00 
A 
12,193,783 
 
 
Revenues, Series 2017, 6.000%, 4/01/46 (UB) (4) 
 
 
 
1,500 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Project 
12/24 at 100.00 
BB– 
1,519,395 
 
 
Series 2015C, 5.250%, 12/01/39 
 
 
 
1,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding 
12/20 at 100.00 
BB– 
1,004,460 
 
 
Series 2010F, 5.000%, 12/01/31 
 
 
 
15,384 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/25 at 100.00 
B+ 
17,435,205 
 
 
2016A, 7.000%, 12/01/44 
 
 
 
2,025 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/26 at 100.00 
B+ 
2,267,615 
 
 
2016B, 6.500%, 12/01/46 
 
 
 
 
106


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 9,910 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/27 at 100.00 
B+ 
$ 11,570,520 
 
 
2017A, 7.000%, 12/01/46, 144A 
 
 
 
3,000 
 
Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Series 
12/24 at 100.00 
AA+ 
3,239,340 
 
 
2015A, 5.000%, 12/01/44 (UB) (4) 
 
 
 
7,500 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 
12/21 at 100.00 
A3 
7,879,950 
 
 
12/01/40 (UB) (4) 
 
 
 
1,595 
 
Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State 
12/18 at 100.00 
N/R 
1,580,534 
 
 
Redevelopment Project, Series 2012, 6.100%, 1/15/29 
 
 
 
2,567 
 
Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, 
1/19 at 100.00 
N/R 
1,879,090 
 
 
Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 (6) 
 
 
 
2,000 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.250%, 1/01/30 
1/24 at 100.00 
BBB+ 
2,101,200 
9,400 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 
1/27 at 100.00 
BBB+ 
10,448,758 
1,000 
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 5.500%, 1/01/37 
1/25 at 100.00 
BBB+ 
1,053,790 
1,880 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2008A, 5.250%, 1/01/37 – 
12/18 at 100.00 
BBB+ 
1,882,012 
 
 
FGIC Insured 
 
 
 
130 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 
1/26 at 100.00 
BBB+ 
133,375 
1,500 
 
Chicago, Illinois, General Obligation Bonds, Variable Rate Demand Series 2007F, 5.500%, 1/01/42 
1/25 at 100.00 
BBB+ 
1,574,100 
5,000 
 
City of Chicago, Illinois, Chicago O’Hare International Airport, Senior Special Facilities 
7/28 at 100.00 
BBB 
5,294,400 
 
 
Revenue Bonds, TRIPs Obligated Group, Series 2018, 5.000%, 7/01/48 (Alternative Minimum Tax) 
 
 
 
4,000 
 
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
B+ 
4,179,840 
 
 
Corporation Project, Series 2010, 6.750%, 10/15/40 
 
 
 
5,000 
 
Illinois Finance Authority Revenue Bonds, Ness Healthcare NFP, Series 2016A, 6.375%, 
11/26 at 100.00 
N/R 
4,601,450 
 
 
11/01/46, 144A 
 
 
 
1,000 
 
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
B+ 
1,049,600 
 
 
Corporation Project, Series 2010, 6.750%, 10/15/40 
 
 
 
1,000 
 
Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, 6.000%, 10/01/48 
10/22 at 100.00 
BBB– 
1,051,620 
5,000 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series 2017A, 
1/28 at 100.00 
Aa2 
4,850,100 
 
 
4.000%, 7/15/47 (UB) (4) 
 
 
 
11,175 
 
Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 4.000%, 
2/27 at 100.00 
Aa2 
10,774,600 
 
 
2/15/41 (UB) 
 
 
 
25 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
N/R (5) 
26,107 
 
 
(Pre-refunded 8/15/19) 
 
 
 
2,875 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
N/R (5) 
3,002,247 
 
 
(Pre-refunded 8/15/19) 
 
 
 
 
 
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 (5) 
2,075,580 
3,850 
 
7.000%, 8/15/44 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (5) 
3,997,994 
 
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 
 
 
 
 
 
2015-XF0121: 
 
 
 
250 
 
16.886%, 8/15/41 – AGM Insured, 144A (IF) (4) 
8/21 at 100.00 
A2 
332,627 
1,685 
 
16.876%, 8/15/41 – AGM Insured, 144A (IF) (4) 
8/21 at 100.00 
A2 
2,241,488 
5,000 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 
2/27 at 100.00 
AA– 
4,889,900 
 
 
2016B, 4.000%, 8/15/41 (UB) (4) 
 
 
 
3,000 
 
Illinois State, General Obligation Bonds, December Series 2017A, 5.250%, 12/01/30 
12/27 at 100.00 
BBB 
3,118,440 
 
 
Illinois State, General Obligation Bonds, November Series 2016: 
 
 
 
1,000 
 
5.000%, 11/01/35 
11/26 at 100.00 
BBB 
1,014,480 
1,000 
 
5.000%, 11/01/37 
11/26 at 100.00 
BBB 
1,011,170 
630 
 
Illinois State, General Obligation Bonds, Series 2012A, 5.000%, 3/01/36 
3/22 at 100.00 
BBB 
638,240 
5,445 
 
Illinois State, Sales Tax Revenue Bonds, Series 2016C, 4.000%, 6/15/31 (UB) (4) 
6/26 at 100.00 
BBB 
5,494,713 
 
107

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 2,000 
 
Lombard Public Facilities Corporation, Illinois, Conference Center and Hotel Revenue Bonds, 
1/19 at 100.00 
N/R 
$ 1,875,960 
 
 
First Tier Series 2005A-2, 5.500%, 1/01/36 – ACA Insured 
 
 
 
10,000 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
Baa2 
4,788,600 
 
 
Project, Series 2002A, 0.000%, 12/15/33 – NPFG Insured 
 
 
 
800 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 
6/21 at 100.00 
N/R (5) 
874,152 
 
 
2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21) 
 
 
 
930 
 
Rantoul, Champaign County, Illinois, Tax Increment Revenue Bonds, Evans Road Series 2013B, 
12/23 at 100.00 
N/R 
942,974 
 
 
7.000%, 12/01/33 
 
 
 
6,170 
 
Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series 2018A, 
1/28 at 100.00 
AA– 
6,813,531 
 
 
5.000%, 1/01/31 (UB) (4) 
 
 
 
1,000 
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, 
11/23 at 100.00 
N/R (5) 
1,216,530 
 
 
Inc., Series 2013, 7.125%, 11/01/43 (Pre-refunded 11/01/23) 
 
 
 
9,945 
 
Illinois State, General Obligation Bonds, Series 2017D, 5.000%, 11/01/27 (UB) (4) 
No Opt. Call 
BBB– 
10,331,960 
895 
 
Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project 
1/19 at 100.00 
N/R 
474,350 
 
 
Revenue Bonds, Series 2007, 6.000%, 1/01/26 (11) 
 
 
 
162,466 
 
Total Illinois 
 
 
165,445,137 
 
 
Indiana – 2.2% (1.5% of Total Investments) 
 
 
 
4,150 
 
Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A, 
1/19 at 100.00 
N/R 
4,076,130 
 
 
6.650%, 1/15/24 
 
 
 
1,000 
 
Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender Option 
No Opt. Call 
AA 
1,722,360 
 
 
Bond Trust 2016-XL0019, 14.011%, 4/01/30 – AMBAC Insured, 144A (IF) (4) 
 
 
 
1,250 
 
Indiana Bond Bank, Special Program Gas Revenue Bonds, JP Morgan Ventures Energy Corporation 
No Opt. Call 
A2 
1,513,337 
 
 
Guaranteed, Tender Option Bond Trust 2015-XF0115, 13.444%, 10/15/20, 144A (IF) (4) 
 
 
 
1,000 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Discovery Charter School 
12/25 at 100.00 
BB– 
985,920 
 
 
Project, Series 2015A, 7.250%, 12/01/45 
 
 
 
1,000 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
No Opt. Call 
BB– 
1,023,360 
 
 
Corporation Project, Refunding Series 2011, 6.000%, 12/01/19 
 
 
 
2,000 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
8/22 at 100.00 
BB– 
2,000,460 
 
 
Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) 
 
 
 
500 
 
Indiana Finance Authority, Hospital Revenue Bonds, King’s Daughters’ Hospital and Health 
8/20 at 100.00 
A 
517,580 
 
 
Services, Series 2010, 5.500%, 8/15/45 
 
 
 
 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group Revenue Bonds, Tender 
 
 
 
 
 
Option Bond Trust 2015-XF0106: 
 
 
 
1,290 
 
13.167%, 12/01/37, 144A (IF), (4) 
12/20 at 100.00 
AA– 
1,582,159 
1,250 
 
14.164%, 12/01/38, 144A (IF), (4) 
12/19 at 100.00 
AA– 
1,420,037 
1,000 
 
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 
11/23 at 100.00 
N/R 
1,102,120 
 
 
2013, 7.250%, 11/01/43 (Alternative Minimum Tax) 
 
 
 
955 
 
St. Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village 
7/19 at 100.00 
N/R 
934,468 
 
 
Apartments, Series 2005A, 7.500%, 7/01/35 
 
 
 
1,375 
 
Terre Haute, Indiana, Economic Development Solid Waste Facility Revenue Bonds, Pyrolyx USA 
No Opt. Call 
N/R 
1,337,641 
 
 
Indiana, LLC Project, Series 2017A, 7.250%, 12/01/28 (Alternative Minimum Tax) 
 
 
 
16,770 
 
Total Indiana 
 
 
18,215,572 
 
 
Iowa – 0.9% (0.6% of Total Investments) 
 
 
 
1,030 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, 
8/22 at 100.00 
BBB– 
1,046,882 
 
 
Series 2012, 4.750%, 8/01/42 
 
 
 
2,000 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/23 at 100.00 
B 
2,115,720 
 
 
Project, Series 2013, 5.250%, 12/01/25 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
1,000 
 
5.375%, 6/01/38 
1/19 at 100.00 
B+ 
1,002,640 
2,900 
 
5.625%, 6/01/46 
1/19 at 100.00 
B 
2,903,741 
6,930 
 
Total Iowa 
 
 
7,068,983 
 
108


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Kansas – 0.7% (0.5% of Total Investments) 
 
 
 
$ 5,305 
 
University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, 
9/25 at 100.00 
AA– 
$ 5,714,334 
 
 
Refunding & Improvement, Series 2015, 5.000%, 9/01/45 (UB) (4) 
 
 
 
 
 
Kentucky – 7.5% (4.9% of Total Investments) 
 
 
 
 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, 
 
 
 
 
 
Refunding Series 2017A: 
 
 
 
5,450 
 
5.000%, 6/01/41 
6/27 at 100.00 
Baa3 
5,606,797 
3,300 
 
5.000%, 6/01/45 
6/27 at 100.00 
Baa3 
3,383,193 
12,665 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, 
6/27 at 100.00 
BB+ 
12,984,285 
 
 
Series 2017A, 5.000%, 6/01/45 (UB) (4) 
 
 
 
500 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical 
6/20 at 100.00 
Baa3 (5) 
529,665 
 
 
Health System, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20) 
 
 
 
 
 
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 
11,627,330 
9,295 
 
5.000%, 7/01/40 (UB) 
7/25 at 100.00 
Baa2 
9,697,566 
16,800 
 
5.000%, 1/01/45 (UB) 
7/25 at 100.00 
Baa2 
17,448,312 
59,010 
 
Total Kentucky 
 
 
61,277,148 
 
 
Louisiana – 1.4% (0.9% of Total Investments) 
 
 
 
2,205 
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing 
7/23 at 100.00 
N/R 
2,331,192 
 
 
(US) LLC Project, Series 2013, 6.000%, 7/01/36 
 
 
 
1,825 
 
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation 
12/21 at 100.00 
N/R 
1,934,646 
 
 
Project, Series 2011A, 7.750%, 12/15/31 
 
 
 
100 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
No Opt. Call 
N/R 
1 
 
 
Revenue Bonds, Southgate Suites Retail Project, Series 2007B, 9.000%, 12/15/18 (6) 
 
 
 
500 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
11/20 at 100.00 
BBB 
536,400 
 
 
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35 
 
 
 
 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
 
 
 
 
 
Revenue Bonds, Womans Hospital Foundation Project, Tender Option Bonds Trust 2016-XF2336: 
 
 
 
750 
 
16.433%, 10/01/40, 144A (IF) (4) 
10/20 at 100.00 
A2 
956,040 
750 
 
16.424%, 10/01/40, 144A (IF) (4) 
10/20 at 100.00 
A2 
955,912 
1,000 
 
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) 
7/23 at 100.00 
N/R 
1,086,720 
 
 
LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax), 144A 
 
 
 
2,000 
 
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding 
No Opt. Call 
Baa1 
1,735,200 
 
 
Series 2017, 0.000%, 10/01/33 (9) 
 
 
 
2,110 
 
Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter Academy 
12/23 at 100.00 
N/R 
2,229,574 
 
 
Foundation Project, Series 2013A, 8.125%, 12/15/33 
 
 
 
2,000 
 
Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, Louisiana 
No Opt. Call 
N/R 
20 
 
 
Pellets Inc. Project, Series 2015, 7.000%, 7/01/24 (Alternative Minimum Tax) (6) 
 
 
 
13,240 
 
Total Louisiana 
 
 
11,765,705 
 
 
Maine – 0.4% (0.3% of Total Investments) 
 
 
 
3,155 
 
Portland Housing Development Corporation, Maine, Section 8 Assisted Senior Living Revenue 
1/19 at 100.00 
Baa2 
3,158,628 
 
 
Bonds, Avesta Housing Development Corporation, Series 2004A, 6.000%, 2/01/34 
 
 
 
 
 
Maryland – 0.9% (0.6% of Total Investments) 
 
 
 
3,000 
 
Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine Terminals 
9/20 at 100.00 
BB– 
3,099,090 
 
 
Inc. Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25 
 
 
 
4,000 
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference 
1/19 at 100.00 
N/R 
2,720,000 
 
 
Center, Series 2006A, 5.000%, 12/01/31 (6) 
 
 
 
2,500 
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference 
1/19 at 100.00 
N/R 
1,700,000 
 
 
Center, Series 2006B, 5.250%, 12/01/31 (6) 
 
 
 
9,500 
 
Total Maryland 
 
 
7,519,090 
 
109


   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Massachusetts – 1.8% (1.2% of Total Investments) 
 
 
 
 
 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2017B: 
 
 
 
$ 5,735 
 
4.250%, 7/01/46 (Alternative Minimum Tax) (UB) 
7/26 at 100.00 
A 
$ 5,615,827 
480 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 
1/19 at 100.00 
N/R 
489,562 
 
 
2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax) 
 
 
 
2,985 
 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016E, 4.000%, 
4/25 at 100.00 
AA 
3,071,744 
 
 
4/01/33 (UB) (4) 
 
 
 
5,000 
 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016A, 5.000%, 
3/24 at 100.00 
AA 
5,432,550 
 
 
3/01/46 (UB) (4) 
 
 
 
14,200 
 
Total Massachusetts 
 
 
14,609,683 
 
 
Michigan – 2.0% (1.3% of Total Investments) 
 
 
 
485 
 
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 
11/18 at 100.00 
B– 
478,971 
 
 
5.500%, 5/01/21 
 
 
 
10 
 
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 
1/19 at 100.00 
B– 
9,876 
 
 
5.500%, 5/01/21 – ACA Insured 
 
 
 
88 
 
Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/22 – 
1/19 at 100.00 
N/R 
84,889 
 
 
SYNCORA GTY Insured 
 
 
 
116 
 
Detroit, Michigan, General Obligation Bonds, Series 2004A-1, 5.250%, 4/01/19 – AMBAC Insured 
1/19 at 100.00 
N/R 
115,947 
930 
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope 
4/21 at 100.00 
B 
764,572 
 
 
Academy Project, Series 2011, 8.125%, 4/01/41 
 
 
 
1,245 
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Voyageur 
7/27 at 100.00 
N/R 
978,944 
 
 
Academy Project, Refunding Series 2017. Private Placement of 2017, 5.900%, 7/15/46, 144A 
 
 
 
 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2015A: 
 
 
 
2,225 
 
4.350%, 10/01/45 (UB) (4) 
10/24 at 100.00 
AA 
2,237,616 
4,500 
 
4.600%, 4/01/52 (UB) (4) 
10/24 at 100.00 
AA 
4,546,260 
1,620 
 
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American 
1/19 at 100.00 
N/R 
1,576,795 
 
 
Montessori Academy, Series 2007, 6.500%, 12/01/37 
 
 
 
1,000 
 
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler 
1/19 at 100.00 
BBB 
1,000,950 
 
 
Park Academy Project, Series 2008, 6.500%, 11/01/35 
 
 
 
1,000 
 
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Richfield 
1/19 at 100.00 
BBB– 
955,600 
 
 
Public School Academy, Series 2007, 5.000%, 9/01/36 
 
 
 
825 
 
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, David 
1/19 at 100.00 
N/R 
798,262 
 
 
Ellis Academy-West Charter School Project, Series 2007, 5.875%, 6/01/37 
 
 
 
885 
 
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Thermal LLC Project, Series 
12/23 at 100.00 
N/R 
985,722 
 
 
2018, 7.000%, 12/01/30 (Alternative Minimum Tax), 144A 
 
 
 
500 
 
Summit Academy, Michigan, Revenue Bonds, Public School Academy Series 2005, 6.375%, 11/01/35 
1/19 at 100.00 
B+ 
500,220 
1,200 
 
University of Michigan, General Revenue Bonds, Series 2015, 5.000%, 4/01/46 (UB) (4) 
4/26 at 100.00 
AAA 
1,330,668 
16,629 
 
Total Michigan 
 
 
16,365,292 
 
 
Minnesota – 0.8% (0.5% of Total Investments) 
 
 
 
665 
 
Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy 
7/25 at 100.00 
N/R 
668,259 
 
 
Project, Series 2015A, 5.500%, 7/01/35 
 
 
 
1,000 
 
Columbus, Minnesota, Charter School Lease Revenue Bonds, New Millennium Academy Project, 
7/25 at 100.00 
B– 
851,210 
 
 
Series 2015A, 6.000%, 7/01/45 
 
 
 
505 
 
Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing 
7/26 at 100.00 
N/R 
459,292 
 
 
Arts Project, Series 2016A, 5.000%, 7/01/47 
 
 
 
2,000 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, 
7/26 at 100.00 
N/R 
1,966,720 
 
 
Community School of Excellence, Series 2016A, 5.750%, 7/01/47, 144A 
 
 
 
3,000 
 
Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul 
10/22 at 100.00 
BBB– 
2,722,080 
 
 
Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax), 144A 
 
 
 
7,170 
 
Total Minnesota 
 
 
6,667,561 
 
110


 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Mississippi – 0.1% (0.0% of Total Investments) 
 
 
 
$ 630 
 
Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care 
10/19 at 100.00 
N/R 
$ 562,717 
 
 
Apartments, Series 2004-2, 6.125%, 9/01/34 (Alternative Minimum Tax) 
 
 
 
 
 
Missouri – 2.3% (1.5% of Total Investments) 
 
 
 
1,000 
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, 
10/19 at 100.00 
A– 
1,018,250 
 
 
Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 
 
 
 
2,000 
 
Joplin Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Joplin 
4/23 at 100.00 
N/R 
2,074,060 
 
 
Recovery TIF Redevelopment Project, Series 2013B, 5.875%, 4/01/36 
 
 
 
655 
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway 
4/26 at 100.00 
N/R 
652,066 
 
 
Center Community Improvement District, Senior Refunding & Improvement Series 2016, 5.000%, 
 
 
 
 
 
4/01/46, 144A 
 
 
 
2,000 
 
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty 
6/25 at 100.00 
N/R 
1,932,780 
 
 
Commons Project, Subordinate Lien Series 2015B, 8.500%, 6/15/46, 144A 
 
 
 
1,100 
 
Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, Series 
1/19 at 100.00 
N/R 
1,025,299 
 
 
2007A, 5.350%, 6/15/32 
 
 
 
960 
 
Saint Louis Land Clearance for Redevelopment Authority, Tax-Exempt Recovery Zone Facilities 
9/20 at 100.00 
N/R 
982,800 
 
 
Improvement, Special Revenue Bonds, Kiel Opera House Project, Series 2010B, 7.000%, 9/01/35 
 
 
 
1,353 
 
Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment 
2/19 at 100.00 
N/R 
1,321,150 
 
 
Project, Series 2008A, 6.300%, 8/22/26 
 
 
 
732 
 
Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment 
3/19 at 100.00 
N/R 
387,960 
 
 
Projects, Series 2007A, 6.000%, 3/27/26 
 
 
 
10,000 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy 
11/27 at 100.00 
AA– 
9,654,700 
 
 
Health, Series 2017C, 4.000%, 11/15/49 (UB) (4) 
 
 
 
19,800 
 
Total Missouri 
 
 
19,049,065 
 
 
Nevada – 1.4% (0.9% of Total Investments) 
 
 
 
10,000 
 
Clark County, Nevada, General Obligation Bonds, Las Vegas Convention and Visitors Authority, 
7/28 at 100.00 
A+ 
9,507,500 
 
 
Series 2018B, 4.000%, 7/01/49 (UB) (4) 
 
 
 
 
 
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax 
 
 
 
 
 
Revenue Bonds Series 2008A: 
 
 
 
305 
 
6.500%, 6/15/20, 144A 
12/18 at 100.00 
Ba3 
305,290 
1,500 
 
6.750%, 6/15/28, 144A 
12/18 at 100.00 
Ba3 
1,501,320 
11,805 
 
Total Nevada 
 
 
11,314,110 
 
 
New Jersey – 5.9% (3.8% of Total Investments) 
 
 
 
2,500 
 
New Jersey Economic Development Authority, Lease Revenue Bonds, Series 2018A, 5.000%, 
12/27 at 100.00 
BBB+ 
2,575,550 
 
 
6/15/47 (UB) (4) 
 
 
 
5,000 
 
New Jersey Economic Development Authority, Lease Revenue Bonds, Series 2018C, 5.000%, 
12/27 at 100.00 
BBB+ 
5,151,100 
 
 
6/15/47 (UB) (4) 
 
 
 
9,500 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
6/27 at 100.00 
BBB+ 
9,822,050 
 
 
Series 2017DDD, 5.000%, 6/15/42 (UB) (4) 
 
 
 
2,100 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
8/22 at 101.00 
BB 
2,252,649 
 
 
Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax) 
 
 
 
1,080 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
3/24 at 101.00 
BB 
1,200,409 
 
 
Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax) 
 
 
 
1,000 
 
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident 
6/20 at 100.00 
Aaa 
1,059,010 
 
 
Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 
 
 
 
 
 
2010A, 5.875%, 6/01/42 (Pre-refunded 6/01/20) 
 
 
 
600 
 
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and 
6/19 at 100.00 
N/R (5) 
619,296 
 
 
Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) 
 
 
 
 
111


   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
$ 5,200 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
1/19 at 100.00 
BB+ 
$ 5,211,492 
 
 
University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
40,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 
No Opt. Call 
BBB+ 
16,816,000 
 
 
0.000%, 12/15/36 – AMBAC Insured (UB) (4) 
 
 
 
1,000 
 
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Subordinate Series 
1/28 at 100.00 
Baa1 
1,052,500 
 
 
2017B, 5.000%, 1/01/42 (Alternative Minimum Tax) 
 
 
 
2,200 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/28 at 100.00 
BBB 
2,233,396 
 
 
Series 2018B, 5.000%, 6/01/46 
 
 
 
70,180 
 
Total New Jersey 
 
 
47,993,452 
 
 
New Mexico – 0.7% (0.4% of Total Investments) 
 
 
 
320 
 
Mariposa East Public Improvement District, New Mexico, Revenue Bonds, Capital Appreciation 
3/19 at 51.34 
N/R 
147,200 
 
 
Taxable Series 2015D, 0.000%, 9/01/32 (6) 
 
 
 
55 
 
Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 
9/25 at 100.00 
N/R 
53,726 
 
 
2015A, 5.900%, 9/01/32 
 
 
 
255 
 
Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 
9/25 at 100.00 
N/R 
249,094 
 
 
2015B, 5.900%, 9/01/32 
 
 
 
415 
 
Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 
9/25 at 100.00 
N/R 
391,349 
 
 
2015C, 5.900%, 9/01/32 
 
 
 
1,210 
 
Mesa Del Sol Public Improvement District 1, Albuquerque, New Mexico, Special Levy Revenue 
10/23 at 100.00 
N/R 
1,236,874 
 
 
Bonds, Series 2013, 7.250%, 10/01/43 
 
 
 
965 
 
New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena 
7/20 at 100.00 
BBB 
998,987 
 
 
Project, Series 2010A, 5.875%, 7/01/30 
 
 
 
1,020 
 
Volterra Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, 
10/24 at 100.00 
N/R 
1,030,781 
 
 
Series 2014, 6.750%, 10/01/33 
 
 
 
1,452 
 
Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross 
5/20 at 103.00 
N/R 
1,454,831 
 
 
Receipts Tax Increment Bonds, Senior Lien Series 2015, 6.000%, 5/01/40, 144A 
 
 
 
5,692 
 
Total New Mexico 
 
 
5,562,842 
 
 
New York – 10.7% (7.0% of Total Investments) 
 
 
 
3,830 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
1/27 at 100.00 
BBB– 
4,065,085 
 
 
Bonds, Barclays Center Project, Refunding Series 2016A, 5.000%, 7/15/42 
 
 
 
1,000 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
1/20 at 100.00 
AA+ (5) 
1,052,560 
 
 
Bonds, Barclays Center Project, Series 2009, 6.375%, 7/15/43 (Pre-refunded 1/15/20) 
 
 
 
4,000 
 
Build NYC Resource Corporation, Revenue Bonds, Albert Einstein College of Medicine, Inc., 
9/25 at 100.00 
N/R 
4,194,280 
 
 
Series 2015, 5.500%, 9/01/45, 144A 
 
 
 
500 
 
Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, 
8/28 at 100.00 
BBB 
486,645 
 
 
Series 2018A, 4.000%, 8/01/38 
 
 
 
200 
 
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center 
6/27 at 100.00 
BBB– 
214,398 
 
 
Obligated Group, Series 2017, 5.000%, 12/01/36, 144A 
 
 
 
10,000 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2016C-1, 
11/26 at 100.00 
A 
10,674,200 
 
 
5.000%, 11/15/56 (UB) (4) 
 
 
 
 
 
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 (6) 
1/19 at 100.00 
N/R 
945,000 
5,000 
 
5.875%, 10/01/46 (6) 
10/37 at 100.00 
N/R 
3,150,000 
470 
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special 
1/19 at 100.00 
N/R 
460,276 
 
 
Needs Facilities Pooled Program, Series 2008A-1, 5.800%, 7/01/23 
 
 
 
17,000 
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 
1/26 at 100.00 
AA 
18,452,480 
 
 
Series 2016S-1, 5.000%, 7/15/43 (UB) (4) 
 
 
 
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 
7,819,644 
500 
 
New York Liberty Development Corporation, Liberty Revenue Bonds, Secured by Port Authority 
12/21 at 100.00 
AA– 
632,965 
 
 
Consolidated Bonds, Tender Option Bonds Trust 2016-XG0062, 13.546%, 12/15/41, 144A (IF) (4) 
 
 
 
 
112


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 3,000 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
$ 3,076,860 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
3,250 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
3,355,333 
 
 
Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A 
 
 
 
6,000 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
6,911,460 
 
 
Center Project, Class 3 Series 2014, 7.250%, 11/15/44, 144A 
 
 
 
1,375 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Bank of America 
1/20 at 100.00 
A– 
1,429,010 
 
 
Tower at One Bryant Park Project, Second Priority Refunding Series 2010, 6.375%, 7/15/49 
 
 
 
 
 
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 
 
13.889%, 1/15/44, 144A (IF) (4) 
1/20 at 100.00 
AA 
703,994 
250 
 
13.889%, 1/15/44, 144A (IF) (4) 
1/20 at 100.00 
AA 
281,598 
4,985 
 
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport 
7/24 at 100.00 
A2 
5,323,681 
 
 
Terminal Project, Series 2016A, 5.000%, 7/01/46 – AGM Insured (Alternative Minimum Tax) (UB) (4) 
 
 
 
3,265 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Series 2017, 5.000%, 
4/27 at 100.00 
AA– 
3,568,155 
 
 
4/15/57 (UB) (4) 
 
 
 
530 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
567,816 
 
 
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
 
 
 
9,975 
 
Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester 
11/25 at 100.00 
BBB– 
10,374,698 
 
 
Medical Center Obligated Group Project, Series 2016, 5.000%, 11/01/46 (UB) (4) 
 
 
 
84,330 
 
Total New York 
 
 
87,740,138 
 
 
North Carolina – 0.1% (0.1% of Total Investments) 
 
 
 
940 
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas 
1/21 at 100.00 
AA– 
1,152,233 
 
 
HealthCare System, Tender Option Bond Trust 2016-XF2222, 14.271%, 1/15/42, 144A (IF) 
 
 
 
 
 
North Dakota – 0.1% (0.1% of Total Investments) 
 
 
 
2,000 
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC 
9/23 at 100.00 
N/R 
800,000 
 
 
Project, Series 2013, 7.750%, 9/01/38 (6) 
 
 
 
 
 
Ohio – 8.6% (5.6% of Total Investments) 
 
 
 
30,500 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
12/18 at 100.00 
N/R 
883,890 
 
 
Bonds, Second Subordinate Capital Appreciation Turbo Term Series 2007C, 0.000%, 6/01/52 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
 
 
 
 
 
Bonds, Senior Lien, Series 2007A-2: 
 
 
 
10,000 
 
5.875%, 6/01/30 
12/18 at 100.00 
B– 
9,855,200 
6,875 
 
5.750%, 6/01/34 
12/18 at 100.00 
B– 
6,640,081 
2,005 
 
6.500%, 6/01/47 
12/18 at 100.00 
B– 
2,026,594 
10,500 
 
5.875%, 6/01/47 
12/18 at 100.00 
B– 
10,236,975 
5,455 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/22 at 100.00 
B– 
5,512,005 
 
 
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 
 
 
 
1,500 
 
Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center 
12/22 at 100.00 
N/R 
1,423,680 
 
 
Project, Liberty Community Authority, Series 2014C, 6.000%, 12/01/43 
 
 
 
1,270 
 
Medina County Port Authority, Ohio, Development Revenue Bond, Fiber Network Project, Series 
12/20 at 100.00 
AA– 
1,328,445 
 
 
2010B, 6.000%, 12/01/30 
 
 
 
11,160 
 
Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Obligated 
8/26 at 100.00 
A2 
10,663,157 
 
 
Group, Series 2016, 4.000%, 8/01/47 (UB) (4) 
 
 
 
2,800 
 
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, 
No Opt. Call 
N/R 
1,988,000 
 
 
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (6) 
 
 
 
2,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
N/R 
1,940,000 
 
 
Generation Corporation Project, Refunding Series 2009C, 5.625%, 6/01/19 (6) 
 
 
 
4,750 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
N/R 
3,372,500 
 
 
Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (Mandatory put 5/01/20) 
 
 
 
 
 
(Alternative Minimum Tax) (6) 
 
 
 
 
113

   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 1,250 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/19 at 100.00 
AA 
$ 1,278,875 
 
 
Obligated Group, Tender Option Bond Trust 2015-XF0105, 15.162%, 1/01/39, 144A (IF) 
 
 
 
3,000 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
2,130,000 
 
 
Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory 
 
 
 
 
 
put 7/01/21) (6) 
 
 
 
3,085 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
2,190,350 
 
 
Nuclear Generating Corporation Project, Series 2006A, 3.000%, 5/15/19 (6) 
 
 
 
255 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
181,050 
 
 
Generating Corporation Project, Series 2008B, 3.625%, 10/01/33 (Mandatory put 4/01/20) (6) 
 
 
 
995 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
N/R 
706,450 
 
 
Nuclear Generating Corporation Project, Series 2008C, 3.950%, 11/01/32 (Mandatory put 
 
 
 
 
 
5/01/20) (Alternative Minimum Tax) (6) 
 
 
 
3,000 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear 
No Opt. Call 
N/R 
2,910,000 
 
 
Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory put 6/01/22) (6) 
 
 
 
3,000 
 
State of Ohio, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1997 
2/19 at 100.00 
BB+ 
3,004,080 
 
 
Remarketed, 5.600%, 8/01/32 (Alternative Minimum Tax) 
 
 
 
2,000 
 
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities 
3/25 at 100.00 
N/R 
1,984,100 
 
 
Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 
 
 
 
6,000 
 
Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., 
7/19 at 100.00 
N/R 
60 
 
 
Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (6) 
 
 
 
111,400 
 
Total Ohio 
 
 
70,255,492 
 
 
Oklahoma – 0.3% (0.2% of Total Investments) 
 
 
 
1,925 
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue 
8/21 at 100.00 
N/R 
2,194,519 
 
 
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A 
 
 
 
 
 
Pennsylvania – 2.2% (1.5% 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 
BB– 
509,775 
2,000 
 
6.875%, 5/01/30 
11/19 at 100.00 
BB– 
2,022,280 
2,500 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
1,775,000 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41 
 
 
 
 
 
(Mandatory put 6/01/20) (6) 
 
 
 
2,715 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
1,927,650 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 
 
 
 
 
 
(Mandatory put 6/01/20) (6) 
 
 
 
185 
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue 
8/20 at 100.00 
N/R 
225,944 
 
 
Bonds, New Regional Medical Center Project, Tender Option Bond Trust 2017-XF2454, 14.887%, 
 
 
 
 
 
8/01/38, 144A (IF) (4) 
 
 
 
5 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
No Opt. Call 
N/R 
3,550 
 
 
Shippingport Project, First Energy Guarantor., Series 2006A, 2.550%, 11/01/41 
 
 
 
 
 
(Mandatory put 6/01/19) (6) 
 
 
 
4,250 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding 
9/25 at 100.00 
B+ 
4,261,135 
 
 
Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 
 
 
 
4,115 
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, USG 
12/18 at 100.00 
BB+ 
4,047,103 
 
 
Corporation Project, Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) 
 
 
 
2,500 
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Nueva 
1/23 at 100.00 
N/R 
2,744,100 
 
 
Esperanza, Inc. – Esperanza Academy Charter School, Series 2013, 8.000%, 1/01/33 
 
 
 
510 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/22 at 100.00 
BBB– 
539,024 
 
 
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/36 
 
 
 
180 
 
The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, 
5/24 at 100.00 
BB+ 
180,428 
 
 
Guaranteed Lease Revenue Bonds, Series 2016A, 5.000%, 11/15/28 
 
 
 
19,460 
 
Total Pennsylvania 
 
 
18,235,989 
 
114


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Puerto Rico – 0.7% (0.5% of Total Investments) 
 
 
 
 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A: 
 
 
 
$ 5,260 
 
6.000%, 7/01/38 
1/19 at 100.00 
Ca 
$ 5,010,150 
1,000 
 
6.000%, 7/01/44 
1/19 at 100.00 
Ca 
952,500 
6,260 
 
Total Puerto Rico 
 
 
5,962,650 
 
 
Rhode Island – 0.4% (0.3% of Total Investments) 
 
 
 
1,000 
 
Rhode Island Health & Educational Building Corporation, Health Facilities Revenue Bonds, 
1/21 at 100.00 
Aaa 
1,128,610 
 
 
Tockwotton Home, Series 2011, 8.375%, 1/01/46 (Pre-refunded 1/01/21) 
 
 
 
18,260 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
1/19 at 100.00 
CCC+ 
2,056,259 
 
 
Series 2007A, 0.000%, 6/01/52 
 
 
 
19,260 
 
Total Rhode Island 
 
 
3,184,869 
 
 
South Carolina – 2.3% (1.5% of Total Investments) 
 
 
 
4,000 
 
Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, 
1/19 at 100.00 
N/R 
840,000 
 
 
Series 2007A, 7.750%, 11/01/39 (6) 
 
 
 
3,476 
 
Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, 
No Opt. Call 
N/R 
730,170 
 
 
Series 2007B, 7.700%, 11/01/19 (6) 
 
 
 
1,000 
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 
11/24 at 100.00 
N/R 
1,071,840 
 
 
Midland Valley Preparatory School Project, Series 2014, 7.750%, 11/15/45, 144A 
 
 
 
1,250 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, 
8/21 at 100.00 
AA (5) 
1,392,475 
 
 
Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured 
 
 
 
5,000 
 
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Series 2014A, 
6/24 at 100.00 
A– 
5,181,900 
 
 
5.000%, 12/01/49 (UB) (4) 
 
 
 
9,250 
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, 
12/26 at 100.00 
A– 
9,732,850 
 
 
Series 2016B, 5.000%, 12/01/46 (UB) (4) 
 
 
 
23,976 
 
Total South Carolina 
 
 
18,949,235 
 
 
Tennessee – 5.4% (3.5% of Total Investments) 
 
 
 
3,000 
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, 
7/20 at 100.00 
A– (5) 
3,210,540 
 
 
Mountain States Health Alliance, Refunding Series 2010A, 6.500%, 7/01/38 (Pre-refunded 7/01/20) 
 
 
 
 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
 
 
 
 
 
Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A: 
 
 
 
14,835 
 
5.000%, 7/01/46 (UB) (4) 
7/26 at 100.00 
A3 
15,794,972 
11,095 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
7/26 at 100.00 
A3 
11,858,336 
 
 
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, 
6/27 at 100.00 
N/R 
5,191,400 
 
 
Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, 6/01/47, 144A 
 
 
 
6,024 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26 
No Opt. Call 
BBB 
6,766,578 
950 
 
Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue Bonds, 
1/19 at 100.00 
N/R 
863,075 
 
 
Rutland Place Inc. Project, Series 2015A, 5.500%, 1/01/46 
 
 
 
40,904 
 
Total Tennessee 
 
 
43,684,901 
 
 
Texas – 6.3% (4.1% of Total Investments) 
 
 
 
4,005 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
1/19 at 100.00 
N/R 
40 
 
 
Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (6) 
 
 
 
1,000 
 
Celina, Texas, Special Assessment Revenue Bonds, Creeks of Legacy Public Improvement District 
9/22 at 103.00 
N/R 
991,040 
 
 
Phase 1 Project, Series 2014, 7.000%, 9/01/40 
 
 
 
 
 
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+ (5) 
1,093,150 
250 
 
6.000%, 1/01/41 (Pre-refunded 1/01/21) 
1/21 at 100.00 
A– (5) 
269,408 
 
 
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 
1/19 at 100.00 
B 
2,104,179 
2,000 
 
9.000%, 2/15/38 
1/19 at 100.00 
B 
2,003,680 
 
115

 
   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 4,165 
 
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Series 2016A, 5.000%, 12/01/48 (UB) (4) 
12/25 at 100.00 
Aa2 
$ 4,572,878 
 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A: 
 
 
 
410 
 
6.625%, 9/01/31 
9/23 at 100.00 
N/R 
468,815 
1,000 
 
6.375%, 9/01/42 
9/23 at 100.00 
N/R 
1,107,020 
1,500 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. 
11/22 at 100.00 
Baa3 
1,526,205 
 
 
Project, Series 2012A. RMKT, 4.750%, 5/01/38 
 
 
 
1,000 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo 
1/19 at 100.00 
BB+ 
1,009,680 
 
 
Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax) 
 
 
 
865 
 
Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series 2006A, 
1/19 at 100.00 
N/R 
799,295 
 
 
6.000%, 2/15/36 
 
 
 
3,500 
 
Jefferson County Industrial Development Corporation, Texas, Hurricane Ike Disaster Area 
7/22 at 100.00 
N/R 
3,549,875 
 
 
Revenue Bonds, Port of Beaumont Petroleum Transload Terminal, LLC Project, Series 2012, 
 
 
 
 
 
8.250%, 7/01/32 
 
 
 
2,000 
 
Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro Water 
1/26 at 102.00 
N/R 
1,678,560 
 
 
Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (Alternative Minimum Tax), 144A (6) 
 
 
 
1,000 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/24 at 100.00 
BBB– 
1,009,870 
 
 
Bonds, CHF-Collegiate Housing Corpus Christi I, L.L.C.-Texas A&M University-Corpus Christi 
 
 
 
 
 
Project, Series 2014A, 5.000%, 4/01/44 
 
 
 
1,000 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/26 at 100.00 
BBB– 
980,330 
 
 
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 
 
 
 
2,445 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
7/25 at 100.00 
B3 
2,100,279 
 
 
Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, Series 2015A, 
 
 
 
 
 
5.000%, 7/01/47 
 
 
 
2,250 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 
9/21 at 100.00 
N/R 
3,034,553 
 
 
2016-XG0036, Formerly Tender Option Bond Trust 11946, 15.386%, 9/01/41, 144A (IF) 
 
 
 
2,000 
 
Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden 
12/21 at 100.00 
N/R 
1,245,000 
 
 
Home Inc., Series 2012, 7.000%, 12/15/32 (6) 
 
 
 
175 
 
Rowlett, Texas, Special Assessment Revenue Bonds, Bayside Public Improvement District North 
3/24 at 102.00 
N/R 
164,393 
 
 
Improvement Area, Series 2016, 5.750%, 9/15/36 
 
 
 
2,000 
 
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Energy Company 
1/19 at 100.00 
N/R 
20 
 
 
LLC Project, Series 2003B, 6.150%, 8/01/22 (6) 
 
 
 
4,000 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
5/26 at 100.00 
AA– 
4,331,000 
 
 
Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 (UB) 
 
 
 
5,000 
 
Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, 
9/27 at 100.00 
AA+ 
5,010,700 
 
 
Series 2018A, 4.250%, 9/01/48 (UB) (4) 
 
 
 
2,810 
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility 
12/19 at 100.00 
Baa2 
2,938,417 
 
 
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: 
 
 
 
1,000 
 
7.000%, 6/30/34 
6/20 at 100.00 
Baa3 
1,065,800 
4,500 
 
7.000%, 6/30/40 
6/20 at 100.00 
Baa3 
4,793,085 
835 
 
Texas Public Finance Authority Charter School Finance Corporation, Charter School Revenue 
1/19 at 100.00 
BB– 
836,336 
 
 
Bonds, School of Excellence Education Project, Series 2004A, 7.000%, 12/01/34 
 
 
 
2,080 
 
Texas State Affordable Housing Corporation Multifamily Housing Revenue Bonds, Peoples El 
1/34 at 100.00 
N/R 
2,035,038 
 
 
Shaddai Village and St. James Manor Apartments Project, Series 2016, 4.850%, 12/01/56, 144A 
 
 
 
60 
 
Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster 
11/20 at 100.00 
N/R 
62,822 
 
 
Manor, Series 2010, 7.000%, 11/01/30 
 
 
 
440 
 
Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster 
11/20 at 100.00 
N/R (5) 
480,234 
 
 
Manor, Series 2010, 7.000%, 11/01/30 (Pre-refunded 11/01/20) 
 
 
 
340 
 
Trinity River Authority of Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
1/19 at 100.00 
C 
3 
 
 
Company, Series 20003, 6.250%, 5/01/28 (Alternative Minimum Tax) (6) 
 
 
 
56,730 
 
Total Texas 
 
 
51,261,705 
 
116


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Utah – 1.1% (0.8% of Total Investments) 
 
 
 
$ 1,690 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis 
7/20 at 100.00 
BBB– 
$ 1,760,135 
 
 
Preparatory Academy, Series 2010, 6.375%, 7/15/40 
 
 
 
1,980 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Summit Academy High 
5/21 at 100.00 
N/R 
2,111,056 
 
 
School, Series 2011A, 8.125%, 5/15/31 
 
 
 
5,420 
 
Utah State Charter School Finance Authority, Revenue Bonds, Summit Academy Project, Series 
1/19 at 100.00 
BBB– 
5,428,509 
 
 
2007A, 5.800%, 6/15/38 
 
 
 
9,090 
 
Total Utah 
 
 
9,299,700 
 
 
Vermont – 0.6% (0.4% of Total Investments) 
 
 
 
3,400 
 
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, University of 
6/26 at 100.00 
A 
3,696,786 
 
 
Vermont Medical Center Project, Series 2016B, 5.000%, 12/01/46 (UB) (4) 
 
 
 
1,155 
 
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School 
1/21 at 100.00 
N/R (5) 
1,250,726 
 
 
Project, Series 2011A, 6.250%, 1/01/41 (Pre-refunded 1/01/21) 
 
 
 
4,555 
 
Total Vermont 
 
 
4,947,512 
 
 
Virgin Islands – 0.8% (0.6% of Total Investments) 
 
 
 
 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2014C: 
 
 
 
1,000 
 
5.000%, 10/01/19 
No Opt. Call 
N/R 
995,000 
5,000 
 
5.000%, 10/01/39 
10/24 at 100.00 
N/R 
4,750,000 
1,000 
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, 
10/19 at 100.00 
Caa3 
1,013,500 
 
 
Series 2009A, 6.750%, 10/01/37 
 
 
 
7,000 
 
Total Virgin Islands 
 
 
6,758,500 
 
 
Virginia – 2.2% (1.5% of Total Investments) 
 
 
 
762 
 
Celebrate Virginia North Community Development Authority, Special Assessment Revenue Bonds, 
No Opt. Call 
N/R 
457,200 
 
 
Series 2003B, 6.250%, 3/01/19 (12) 
 
 
 
5,000 
 
Industrial Development Authority of the City of Newport News, Virginia, Health System Revenue 
7/27 at 100.00 
N/R 
5,066,350 
 
 
Bonds, Riverside Health System, Series 2017A, 5.000%, 7/01/46, 144A 
 
 
 
9,400 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
No Opt. Call 
BBB+ 
3,874,868 
 
 
Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B, 0.000%, 10/01/38 – 
 
 
 
 
 
AGC Insured 
 
 
 
1,000 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
12/18 at 100.00 
B– 
984,110 
 
 
Series 2007B1, 5.000%, 6/01/47 
 
 
 
7,380 
 
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 
6/27 at 100.00 
BBB 
7,706,417 
 
 
Project, Senior Lien Series 2017, 5.000%, 12/31/56 (Alternative Minimum Tax) 
 
 
 
 
 
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 
87,133 
130 
 
5.500%, 1/01/42 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
138,759 
23,752 
 
Total Virginia 
 
 
18,314,837 
 
 
Washington – 2.1% (1.4% of Total Investments) 
 
 
 
2,415 
 
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information 
6/19 at 100.00 
AA 
2,581,345 
 
 
Services Project, Tender Option Bond Trust 2016-XL0006, 15.026%, 6/01/34, 144A (IF) (4) 
 
 
 
500 
 
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information 
6/19 at 100.00 
AA 
533,740 
 
 
Services Project, Tender Option Bond Trust 2016-XL0007, 15.026%, 6/01/39, 144A (IF) (4) 
 
 
 
1,000 
 
King County Public Hospital District 4, Washington, Hospital Revenue Bonds, Snoqualmie Valley 
12/25 at 100.00 
N/R 
968,270 
 
 
Hospital, Series 2015A, 6.250%, 12/01/45 
 
 
 
1,000 
 
Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing Revenue 
1/19 at 100.00 
N/R 
1,000,510 
 
 
Bonds, Series 2007, 5.600%, 6/01/37 (Alternative Minimum Tax) 
 
 
 
 
117


   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Washington (continued) 
 
 
 
$ 275 
 
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, 
4/19 at 100.00 
N/R 
$ 274,970 
 
 
Series 2013, 5.750%, 4/01/43 
 
 
 
3,215 
 
Washington Economic Development Finance Authority, Environmental Facilities Revenue Bonds, 
1/28 at 100.00 
N/R 
3,596,492 
 
 
Columbia Pulp I, LLC Project, Series 2017A, 7.500%, 1/01/32 (Alternative Minimum Tax), 144A 
 
 
 
570 
 
Washington Economic Development Finance Authority, Environmental Facilities Revenue Bonds, 
1/28 at 100.00 
N/R 
554,878 
 
 
Columbia Pulp I, LLC Project, Series 2018, 7.250%, 1/01/32, 144A 
 
 
 
7,330 
 
Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, 
8/27 at 100.00 
BBB 
6,899,876 
 
 
Series 2017, 4.000%, 8/15/42 (UB) 
 
 
 
1,000 
 
Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Mirabella 
10/22 at 100.00 
N/R 
1,068,410 
 
 
Project, Series 2012A, 6.750%, 10/01/47, 144A 
 
 
 
17,305 
 
Total Washington 
 
 
17,478,491 
 
 
West Virginia – 0.2% (0.2% of Total Investments) 
 
 
 
1,411 
 
Berkeley, Hardy and Jefferson Counties, West Virginia, as Joint Issuers, Commercial 
12/23 at 100.00 
N/R 
1,418,196 
 
 
Development Revenue Bonds, Scattered Site Housing Projects, Series 2010, 5.750%, 12/01/44 
 
 
 
500 
 
Monongalia County Commission, West Virginia, Special District Excise Tax Revenue, University 
6/27 at 100.00 
N/R 
512,210 
 
 
Town Centre Economic Opportunity Development District, Refunding & Improvement Series 2017A, 
 
 
 
 
 
5.750%, 6/01/43, 144A 
 
 
 
1,911 
 
Total West Virginia 
 
 
1,930,406 
 
 
Wisconsin – 6.8% (4.5% of Total Investments) 
 
 
 
30 
 
Green Bay Redevelopment Authority, Wisconsin, Industrial Development Revenue Bonds, Fort James 
No Opt. Call 
N/R 
30,364 
 
 
Project, Series 1999, 5.600%, 5/01/19 (Alternative Minimum Tax) 
 
 
 
2,000 
 
Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, General Revenue Bonds, 
12/27 at 100.00 
N/R 
1,912,680 
 
 
Refunding Series 2017, 6.750%, 6/01/32 
 
 
 
5,000 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter 
6/26 at 100.00 
N/R 
4,396,150 
 
 
Educational Foundation Project, Series 2016A, 5.000%, 6/15/46, 144A 
 
 
 
1,650 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Thomas Jefferson 
7/19 at 100.00 
BBB– 
1,664,817 
 
 
Classical Academy of Mooresboro, North Carolina, Series 2011, 7.125%, 7/01/42 
 
 
 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard 
 
 
 
 
 
Public Facilities Corporation, First Tier Series 2018A-1: 
 
 
 
13 
 
0.000%, 1/01/47, 144A – ACA Insured 
No Opt. Call 
N/R 
390 
11 
 
0.000%, 1/01/48, 144A – ACA Insured 
No Opt. Call 
N/R 
339 
11 
 
0.000%, 1/01/49, 144A – ACA Insured 
No Opt. Call 
N/R 
332 
10 
 
0.000%, 1/01/50, 144A – ACA Insured 
No Opt. Call 
N/R 
320 
10 
 
0.000%, 1/01/51, 144A – ACA Insured 
No Opt. Call 
N/R 
314 
13 
 
0.000%, 1/01/52, 144A – ACA Insured 
No Opt. Call 
N/R 
406 
13 
 
0.000%, 1/01/53, 144A – ACA Insured 
No Opt. Call 
N/R 
399 
13 
 
0.000%, 1/01/54, 144A – ACA Insured 
No Opt. Call 
N/R 
385 
13 
 
0.000%, 1/01/55, 144A – ACA Insured 
No Opt. Call 
N/R 
375 
12 
 
0.000%, 1/01/56, 144A – ACA Insured 
No Opt. Call 
N/R 
366 
595 
 
5.500%, 7/01/56, 144A – ACA Insured 
3/28 at 100.00 
N/R 
579,789 
14 
 
0.000%, 1/01/57, 144A – ACA Insured 
No Opt. Call 
N/R 
405 
13 
 
0.000%, 1/01/58, 144A – ACA Insured 
No Opt. Call 
N/R 
393 
13 
 
0.000%, 1/01/59, 144A – ACA Insured 
No Opt. Call 
N/R 
381 
13 
 
0.000%, 1/01/60, 144A – ACA Insured 
No Opt. Call 
N/R 
372 
12 
 
0.000%, 1/01/61, 144A – ACA Insured 
No Opt. Call 
N/R 
366 
12 
 
0.000%, 1/01/62, 144A – ACA Insured 
3/28 at 17.35 
N/R 
355 
12 
 
0.000%, 1/01/63, 144A – ACA Insured 
3/28 at 16.48 
N/R 
346 
12 
 
0.000%, 1/01/64, 144A – ACA Insured 
No Opt. Call 
N/R 
337 
11 
 
0.000%, 1/01/65, 144A – ACA Insured 
No Opt. Call 
N/R 
331 
12 
 
0.000%, 1/01/66, 144A – ACA Insured 
No Opt. Call 
N/R 
356 
148 
 
0.000%, 1/01/67, 144A – ACA Insured 
No Opt. Call 
N/R 
4,275 
 
118


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard 
 
 
 
 
 
Public Facilities Corporation, Second Tier Series 2018B: 
 
 
 
$ 24 
 
0.000%, 1/01/46, 144A – ACA Insured 
No Opt. Call 
N/R 
$ 748 
24 
 
0.000%, 1/01/47, 144A – ACA Insured 
No Opt. Call 
N/R 
735 
24 
 
0.000%, 1/01/48, 144A – ACA Insured 
No Opt. Call 
N/R 
726 
23 
 
0.000%, 1/01/49, 144A – ACA Insured 
No Opt. Call 
N/R 
718 
23 
 
0.000%, 1/01/50, 144A – ACA Insured 
No Opt. Call 
N/R 
705 
25 
 
0.000%, 1/01/51, 144A – ACA Insured 
No Opt. Call 
N/R 
770 
659 
 
3.750%, 7/01/51, 144A – ACA Insured 
3/28 at 100.00 
N/R 
624,842 
25 
 
0.000%, 1/01/52, 144A – ACA Insured 
No Opt. Call 
N/R 
762 
25 
 
0.000%, 1/01/53, 144A – ACA Insured 
No Opt. Call 
N/R 
749 
25 
 
0.000%, 1/01/54, 144A – ACA Insured 
No Opt. Call 
N/R 
741 
24 
 
0.000%, 1/01/55, 144A – ACA Insured 
No Opt. Call 
N/R 
728 
24 
 
0.000%, 1/01/56, 144A – ACA Insured 
No Opt. Call 
N/R 
716 
24 
 
0.000%, 1/01/57, 144A – ACA Insured 
No Opt. Call 
N/R 
709 
23 
 
0.000%, 1/01/58, 144A – ACA Insured 
No Opt. Call 
N/R 
696 
23 
 
0.000%, 1/01/59, 144A – ACA Insured 
No Opt. Call 
N/R 
689 
23 
 
0.000%, 1/01/60, 144A – ACA Insured 
No Opt. Call 
N/R 
682 
23 
 
0.000%, 1/01/61, 144A – ACA Insured 
No Opt. Call 
N/R 
670 
23 
 
0.000%, 1/01/62, 144A – ACA Insured 
No Opt. Call 
N/R 
663 
22 
 
0.000%, 1/01/63, 144A – ACA Insured 
No Opt. Call 
N/R 
651 
22 
 
0.000%, 1/01/64, 144A – ACA Insured 
No Opt. Call 
N/R 
645 
22 
 
0.000%, 1/01/65, 144A – ACA Insured 
No Opt. Call 
N/R 
638 
22 
 
0.000%, 1/01/66, 144A – ACA Insured 
No Opt. Call 
N/R 
626 
281 
 
0.000%, 1/01/67, 144A – ACA Insured 
No Opt. Call 
N/R 
8,139 
4,700 
 
Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public 
3/27 at 100.00 
N/R 
4,472,379 
 
 
Improvement District Project, Series 2017, 7.000%, 3/01/47, 144A 
 
 
 
830 
 
Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood 
12/22 at 100.00 
N/R 
823,825 
 
 
Classical Preparatory School in Albuquerque, New Mexico, Series 2012A, 6.250%, 12/01/42 
 
 
 
335 
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum 
8/26 at 100.00 
N/R 
313,922 
 
 
Company Project, Refunding Series 2016, 4.000%, 8/01/35 (Alternative Minimum Tax) 
 
 
 
1,000 
 
Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American 
No Opt. Call 
N/R 
1,079,020 
 
 
Dream @ Meadowlands Project, Series 2017A, 6.750%, 8/01/31, 144A 
 
 
 
 
 
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 
2,237,360 
14,000 
 
7.000%, 12/01/50, 144A 
12/27 at 100.00 
N/R 
15,783,180 
3,500 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Gulf Coast Zoo, Series 2018A, 
9/28 at 100.00 
N/R 
3,400,950 
 
 
6.500%, 9/01/48 
 
 
 
500 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, Senior 
10/27 at 100.00 
N/R 
478,525 
 
 
Series 2017A, 7.000%, 10/01/47, 144A 
 
 
 
 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, Senior 
 
 
 
 
 
Series 2018A: 
 
 
 
2,415 
 
6.950%, 7/01/38, 144A 
7/28 at 100.00 
N/R 
2,515,198 
4,585 
 
7.000%, 7/01/48, 144A 
7/28 at 100.00 
N/R 
4,754,599 
1,060 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, 
4/25 at 100.00 
BB 
1,116,837 
 
 
Series 2015, 5.875%, 4/01/45 
 
 
 
1,000 
 
Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community of Cary 
6/22 at 104.00 
N/R 
1,015,740 
 
 
North Carolina, Series 2016, 6.000%, 6/01/49, 144A 
 
 
 
5,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 
5/26 at 100.00 
Aa2 
4,876,350 
 
 
2016A, 4.000%, 11/15/46 (UB) (4) 
 
 
 
 
119

 
   
NMZ 
Nuveen Municipal High Income Opportunity Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
$1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community 
4/19 at 100.00 
AA 
$1,055,390 
 
 
Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118, 14.164%, 
 
 
 
 
 
4/01/39, 144A (IF) (4) 
 
 
 
1,985 
 
Wisconsin Public Finance Authority, Revenue Bonds, SearStone Retirement Community of Cary 
6/22 at 100.00 
N/R (5) 
2,377,891 
 
 
North Carolina, Series 2012A, 8.625%, 6/01/47 (Pre-refunded 6/01/22) 
 
 
 
55,009 
 
Total Wisconsin 
 
 
55,544,257 
$1,332,339 
 
Total Municipal Bonds (cost $1,236,621,057) 
 
 
1,235,489,113 
 
 
Shares 
 
Description (1) 
Value 
 
 
COMMON STOCKS – 1.0% (0.6% of Total Investments) 
 
 
 
Airlines – 1.0% (0.6% of Total Investments) 
 
227,514 
 
American Airlines Group Inc. (13) 
$7,981,191 
 
 
Total Common Stocks (cost $6,316,916) 
7,981,191 
 
 
Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.4% (0.3% of Total Investments) 
 
 
 
 
 
 
Commercial Services & Supplies – 0.0% (0.0% of Total Investments) 
 
 
 
 
$302 
 
EWM P1 LLC (cash 15.000%, PIK 1.250%) (WI/DD, Settling 11/01/18) (6) 
15.000% 
9/01/28 
N/R 
$211,449 
 
 
Real Estate Management & Development – 0.4% (0.3% of Total Investments) 
 
 
 
 
300 
 
Zilkha Biomass Selma LLC 
5.000% 
8/01/28 
N/R 
297,479 
3,200 
 
Zilkha Biomass Selma LLC 
10.000% 
8/01/38 
N/R 
3,143,864 
3,500 
 
Total Real Estate Management & Development 
 
 
 
3,441,343 
 
 
Transportation – 0.0% (0.0% of Total Investments) 
 
 
 
 
26 
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (14) 
5.500% 
7/15/19 
N/R 
16,695 
7 
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (9), (14) 
5.500% 
7/15/55 
N/R 
3,664 
33 
 
Total Transportation 
 
 
 
20,359 
$3,835 
 
Total Corporate Bonds (cost $4,200,094) 
 
 
 
3,673,151 
 
 
Total Long-Term Investments (cost $1,247,138,067) 
 
 
 
1,247,143,455 
 
 
Floating Rate Obligations – (43.7)% 
 
 
 
(357,413,000) 
 
 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (10.6)% (15) 
 
 
(86,851,312) 
 
 
Other Assets Less Liabilities – 1.9% 
 
 
 
15,559,706 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
 
$818,438,849 
 
120

 

 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(6) 
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. 
(7) 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. 
(8) 
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%. 
(9) 
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. 
(10) 
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%. 
(11) 
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%. 
(12) 
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%. 
(13) 
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. 
(14) 
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. 
(15) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 7.0%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
PIK 
Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 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.
121

Statement of Assets and Liabilities
October 31, 2018
 
                   
 
 
NVG
   
NZF
   
NMZ
 
Assets 
                 
Long-term investments, at value (cost $4,836,584,759, $3,362,752,727 and 
                 
$1,247,138,067, respectively) 
 
$
5,057,627,554
   
$
3,525,015,684
   
$
1,247,143,455
 
Short-term investments, at value (cost $5,000,000, $— and $— , respectively) 
   
5,000,000
     
     
 
Cash 
   
19,766,214
     
     
 
Cash collateral at brokers for investments in swaps(1) 
   
3,690,391
     
     
 
Interest rate swaps premiums paid 
   
1,072
     
     
 
Receivable for: 
                       
Dividends and interest 
   
73,418,671
     
51,782,950
     
21,117,289
 
Investments sold 
   
13,002,179
     
28,657,345
     
1,519,538
 
Variation margin on swap contracts 
   
331,347
     
     
 
Other assets 
   
1,809,786
     
816,661
     
417,364
 
Total assets 
   
5,174,647,214
     
3,606,272,640
     
1,270,197,646
 
Liabilities 
                       
Cash overdraft 
   
     
7,674,018
     
2,837,889
 
Borrowings 
   
     
24,400,000
     
 
Floating rate obligations 
   
179,000,000
     
23,620,000
     
357,413,000
 
Payable for: 
                       
Dividends 
   
12,492,812
     
8,936,377
     
3,539,461
 
Interest 
   
97,532
     
     
177,909
 
Investments purchased 
   
30,827,345
     
34,923,715
     
3,729
 
Offering costs 
   
232,449
     
136,955
     
 
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering 
                       
costs (liquidation preference $—, $—, $87,000,000, respectively) 
   
     
     
86,851,312
 
MuniFund Term Preferred (“MFP”) Shares, net of deferred offering costs (liquidation 
                       
preference $405,400,000, $641,000,000 and $—, respectively) 
   
405,038,488
     
639,945,548
     
 
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering 
                       
costs (liquidation preference $1,411,600,000, $727,000,000 and $—, respectively) 
   
1,407,720,496
     
722,065,638
     
 
Accrued expenses: 
                       
Management fees 
   
2,674,455
     
1,831,149
     
684,652
 
Trustees fees 
   
969,264
     
648,343
     
98,224
 
Other 
   
624,555
     
410,651
     
152,621
 
Total liabilities 
   
2,039,677,396
     
1,464,592,394
     
451,758,797
 
Net assets applicable to common shares 
 
$
3,134,969,818
   
$
2,141,680,246
   
$
818,438,849
 
Common shares outstanding 
   
202,552,895
     
142,125,906
     
64,078,935
 
Net asset value (“NAV”) per common share outstanding 
 
$
15.48
   
$
15.07
   
$
12.77
 
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 
   
2,905,670,055
     
2,008,658,156
     
814,128,332
 
Total distributable earnings 
   
227,274,234
     
131,600,831
     
3,669,728
 
Net assets applicable to common shares 
 
$
3,134,969,818
   
$
2,141,680,246
   
$
818,438,849
 
Authorized shares: 
                       
Common 
 
Unlimited
   
Unlimited
   
Unlimited
 
Preferred 
 
Unlimited
   
Unlimited
   
Unlimited
 
    
(1)
Cash pledged to collateralize the net payment obligations for investments in derivatives.
 
See accompanying notes to financial statements.
122

 
Statement of Operations 
 
Year Ended October 31, 2018 
 
 
 
 
   
 
 
NVG
   
NZF
   
NMZ
 
Investment Income 
 
$
242,016,801
   
$
168,495,371
   
$
68,970,272
 
Expenses 
                       
Management fees 
   
31,846,782
     
21,779,753
     
8,259,131
 
Interest expense and amortization of offering costs 
   
34,408,204
     
28,690,022
     
7,703,196
 
Liquidity fees 
   
9,178,395
     
1,809,699
     
 
Remarketing fees 
   
1,120,419
     
193,486
     
 
Custodian fees 
   
503,909
     
370,124
     
145,493
 
Trustees fees 
   
141,872
     
101,210
     
26,453
 
Professional fees 
   
194,725
     
232,689
     
98,049
 
Shareholder reporting expenses 
   
279,213
     
188,643
     
81,037
 
Shareholder servicing agent fees 
   
102,321
     
65,205
     
14,941
 
Stock exchange listing fees 
   
56,487
     
39,635
     
20,192
 
Investor relations expenses 
   
134,864
     
96,830
     
29,579
 
Other 
   
275,843
     
448,161
     
215,419
 
Total expenses 
   
78,243,034
     
54,015,457
     
16,593,490
 
Net investment income (loss) 
   
163,773,767
     
114,479,914
     
52,376,782
 
Realized and Unrealized Gain (Loss) 
                       
Net realized gain (loss) from: 
                       
Investments 
   
11,735,734
     
(6,595,116
)
   
(3,425,012
)
Swaps 
   
5,165,658
     
     
 
Change in net unrealized appreciation (depreciation) of: 
                       
Investments 
   
(195,930,797
)
   
(126,617,701
)
   
(46,142,642
)
Swaps 
   
776,750
     
     
 
Net realized and unrealized gain (loss) 
   
(178,252,655
)
   
(133,212,817
)
   
(49,567,654
)
Net increase (decrease) in net assets applicable to common shares from operations 
 
$
(14,478,888
)
 
$
(18,732,903
)
 
$
2,809,128
 
 
See accompanying notes to financial statements.
123

Statement of Changes in Net Assets
 
 
                                     
 
 
NVG
   
NZF
   
NMZ
 
 
 
Year
Ended
10/31/18
   
Year(1)
Ended
10/31/17
   
Year
Ended
10/31/18
   
Year(1)
Ended
10/31/17
   
Year
Ended
10/31/18
   
Year(1)
Ended
10/31/17
 
Operations 
                                   
Net investment income (loss) 
 
$
163,773,767
   
$
170,282,507
   
$
114,479,914
   
$
124,118,718
   
$
52,376,782
   
$
48,542,922
 
Net realized gain (loss) from: 
                                               
Investments 
   
11,735,734
     
2,532,777
     
(6,595,116
)
   
3,067,720
     
(3,425,012
)
   
4,675,860
 
Swaps 
   
5,165,658
     
5,171,946
     
     
     
     
 
Change in net unrealized appreciation 
                                               
(depreciation) of: 
                                               
Investments 
   
(195,930,797
)
   
(45,476,888
)
   
(126,617,701
)
   
(43,006,732
)
   
(46,142,642
)
   
(15,666,329
)
Swaps 
   
776,750
     
175,850
     
     
     
     
 
Net increase (decrease) in net assets 
                                               
applicable to common shares 
                                               
from operations 
   
(14,478,888
)
   
132,686,192
     
(18,732,903
)
   
84,179,706
     
2,809,128
     
37,552,453
 
Distributions to Common Shareholders(2)
                                               
Dividends(3) 
   
(170,326,725
)
   
(183,067,304
)
   
(118,490,365
)
   
(127,032,132
)
   
(47,475,440
)
   
(48,660,423
)
Decrease in net assets applicable to 
                                               
common shares from distributions 
                                               
to common shareholders 
   
(170,326,725
)
   
(183,067,304
)
   
(118,490,365
)
   
(127,032,132
)
   
(47,475,440
)
   
(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 
   
(184,805,613
)
   
(50,381,112
)
   
(137,223,268
)
   
(42,852,426
)
   
(35,306,615
)
   
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 
 
$
3,134,969,818
   
$
3,319,775,431
   
$
2,141,680,246
   
$
2,278,903,514
   
$
818,438,849
   
$
853,745,464
 
 
(1)
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details.
(2)
The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.
(3) 
For the fiscal year ended October 31, 2017, NMZ’s distributions to shareholders were paid from net investment income, while NVG’s and NZF’s distributions were paid from net investment income and accumulated net realized gains.
 
See accompanying notes to financial statements.
124

 
Statement of Cash Flows 
 
Year Ended October 31, 2018 
 
 
   
 
 
NVG
   
NZF
   
NMZ
 
Cash Flows from Operating Activities: 
                 
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations 
 
$
(14,478,888
)
 
$
(18,732,903
)
 
$
2,809,128
 
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 
   
(913,907,849
)
   
(1,030,819,845
)
   
(258,431,658
)
Proceeds from sales and maturities of investments 
   
751,043,838
     
878,672,557
     
126,993,493
 
Proceeds from (Purchases of) short-term investments, net 
   
20,880,000
     
2,170,000
     
3,852,450
 
Payment-in-kind distributions 
   
     
(149,199
)
   
(342,877
)
Premiums received (paid) for interest rate swaps 
   
(7
)
   
     
 
Taxes paid 
   
(34,884
)
   
(48,981
)
   
(2,745
)
Amortization (Accretion) of premiums and discounts, net 
   
(16,936,109
)
   
(14,652,207
)
   
1,582,820
 
Amortization of deferred offering costs 
   
115,049
     
281,225
     
213,048
 
(Increase) Decrease in: 
                       
Receivable for dividends and interest 
   
(3,944,249
)
   
(825,058
)
   
1,054,252
 
Receivable for investments sold 
   
4,762,225
     
(22,338,823
)
   
19,484,712
 
Receivable for variation margin on swap contracts 
   
(331,347
)
   
     
 
Other assets 
   
(194,097
)
   
326,349
     
(117,813
)
Increase (Decrease) in: 
                       
Payable for interest 
   
(279,797
)
   
(561,626
)
   
43,571
 
Payable for investments purchased 
   
26,190,840
     
19,214,069
     
(2,213,031
)
Payable for offering costs 
   
232,449
     
136,955
     
 
Payable for variation margin on swap contracts 
   
(407,570
)
   
     
 
Accrued management fees 
   
(21,091
)
   
(8,389
)
   
(17,089
)
Accrued Trustees fees 
   
91,782
     
63,588
     
11,721
 
Accrued other expenses 
   
(138,675
)
   
(140,432
)
   
(219,480
)
Net realized (gain) loss from investments 
   
(11,735,734
)
   
6,595,116
     
3,425,012
 
Change in net unrealized (appreciation) depreciation of: 
                       
Investments 
   
195,930,797
     
126,617,701
     
46,142,642
 
Swaps(2) 
   
(507,863
)
   
     
 
Net cash provided by (used in) operating activities 
   
36,328,820
     
(54,199,903
)
   
(55,731,844
)
Cash Flows from Financing Activities 
                       
Proceeds from borrowings 
   
     
283,249,018
     
 
Repayments of borrowings 
   
     
(258,849,018
)
   
 
Proceeds from AMTP Shares issued, at liquidation preference 
   
     
     
87,000,000
 
Proceeds from MFP Shares issued, at liquidation preference 
   
405,400,000
     
491,000,000
     
 
(Payments for) VMTP Shares redeemed, at liquidation preference 
   
(240,400,000
)
   
(336,000,000
)
   
(87,000,000
)
(Payments for deferred offering costs) 
   
(295,000
)
   
(750,000
)
   
(135,000
)
Proceeds from shelf offering, net of offering costs 
   
     
     
9,084,815
 
Increase (Decrease) in: 
                       
Cash overdraft 
   
     
7,674,018
     
2,837,889
 
Floating rate obligations 
   
(14,305,000
)
   
(15,810,000
)
   
89,183,000
 
Cash distribution paid to common shareholders 
   
(171,803,027
)
   
(119,573,536
)
   
(47,677,251
)
Net cash provided by (used in) financing activities 
   
(21,403,027
)
   
50,940,482
     
53,293,453
 
Net Increase (Decrease) in Cash and Cash Collateral at Brokers 
   
14,925,793
     
(3,259,421
)
   
(2,438,391
)
Cash and cash collateral at brokers at the beginning of period 
   
8,530,812
     
3,259,421
     
2,438,391
 
Cash and cash collateral at brokers at the end of period(1) 
 
$
23,456,605
   
$
   
$
 
 
Supplemental Disclosure of Cash Flow Information 
 
NVG
   
NZF
   
NMZ
 
Cash paid for interest on borrowings (excluding borrowing and amortization of offering costs) 
 
$
34,688,000
   
$
29,251,648
   
$
7,659,625
 
Non-cash financing activities not included herein consists of 
                       
reinvestments of common share distributions 
   
     
     
274,882
 
   
(1) 
Comprised of “cash” and “cash collateral at broker” as presented on the Statement of Assets and Liabilities. 
(2)
Excluding over-the-counter cleared swaps. 
 
See accompanying notes to financial statements.
125

 
Financial Highlights 
 
 
 
 
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 
 
$
16.39
   
$
0.81
   
$
(0.88
)
 
$
(0.07
)
 
$
(0.84
)
 
$
   
$
(0.84
)
 
$
   
$
   
$
15.48
   
$
13.40
 
2017 
   
16.64
     
0.84
     
(0.19
)
   
0.65
     
(0.87
)
   
(0.03
)
   
(0.90
)
   
     
     
16.39
     
15.17
 
2016 
   
16.03
     
0.73
     
0.77
     
1.50
     
(0.86
)
   
(0.03
)
   
(0.89
)
   
     
     
16.64
     
15.05
 
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
 
   
NZF 
                                                                                       
Year Ended 10/31:
                                                                         
2018 
   
16.03
     
0.81
     
(0.94
)
   
(0.13
)
   
(0.83
)
   
     
(0.83
)
   
     
     
15.07
     
13.29
 
2017 
   
16.34
     
0.87
     
(0.29
)
   
0.58
     
(0.89
)
   
*
   
(0.89
)
   
     
     
16.03
     
15.01
 
2016 
   
15.75
     
0.72
     
0.74
     
1.46
     
(0.87
)
   
     
(0.87
)
   
     
     
16.34
     
14.82
 
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
 
   
(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
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)
 
   
   
(0.50
)%
   
(6.49
)%
 
$
3,134,970
     
2.40
%
   
5.02
%
   
N/A
     
N/A
     
15
%
4.25
     
7.10
     
3,319,775
     
2.05
     
5.26
     
2.04(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
 
   
   
   
(0.85
)
   
(6.21
)
   
2,141,680
     
2.43
     
5.17
     
N/A
     
N/A
     
25
 
3.88
     
7.61
     
2,278,904
     
2.12
     
5.58
     
2.11(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
 
   
(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 follow 
         
NVG 
 
 
NZF 
 
Year Ended 10/31: 
 
Year Ended 10/31: 
2018 
1.37% 
 
2018 
1.38% 
2017 
1.02 
 
2017 
1.09 
2016 
0.78 
 
2016 
0.84 
2015 
0.46 
 
2015 
0.46 
2014 
0.75 
 
2014 
0.72 
   
(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. 
N/A 
Fund does not have or no longer has a contractual reimbursement with the Adviser. 
* 
Rounds to less than $0.01 per share. 
 
See accompanying notes to financial statements.
127

 
Financial Highlights (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 
 
$
13.47
   
$
0.82
   
$
(0.78
)
 
$
0.04
   
$
(0.74
)
 
$
   
$
(0.74
)
 
$
*
 
$
   
$
12.77
   
$
11.76
 
2017 
   
13.68
     
0.80
     
(0.22
)
   
0.58
     
(0.81
)
   
     
(0.81
)
   
0.02
     
     
13.47
     
13.53
 
2016 
   
13.66
     
0.86
     
0.04
     
0.90
     
(0.91
)
   
     
(0.91
)
   
0.03
     
     
13.68
     
13.32
 
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
 
   
(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. 
 
128


                                 
           
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)
 
   
   
0.25
%
   
(7.93
)%
 
$
818,439
     
1.95
%
   
6.17
%
   
11
%
4.73
     
8.04
     
853,745
     
1.54
     
6.14
     
10
 
6.91
     
3.34
     
788,577
     
1.28
     
6.27
     
11
 
6.54
     
11.49
     
684,109
     
1.25
     
6.64
     
9
 
18.90
     
18.31
     
686,299
     
1.28
     
7.14
     
13
 
   
(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 
0.91% 
 
2017 
0.49 
 
2016 
0.24 
 
2015 
0.17 
 
2014 
0.19 
 
   
(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. 
* 
Rounds to less than $0.01 per share. 
 
See accompanying notes to financial statements.
129

Financial Highlights (continued)
 
                                                       
 
 
iMTP Shares
at the End of Period
   
MFP Shares
at the End of Period
   
VMTP Shares
at the End of Period
   
VRDP Shares
at the End of Period
   
iMTP, MFP,
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 $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 
 
$
   
$
   
$
405,400
   
$
272,535
   
$
   
$
   
$
1,411,600
   
$
272,535
   
$
2.73
 
2017 
   
     
     
     
     
240,400
     
300,955
     
1,411,600
     
300,955
     
3.01
 
2016 
   
     
     
     
     
240,400
     
304,005
     
1,411,600
     
304,005
     
3.04
 
2015 
   
     
     
     
     
     
     
179,000
     
338,606
     
 
2014(a) 
   
     
     
     
     
     
     
179,000
     
341,951
     
 
   
NZF 
                                                                       
Year Ended 10/31:
                                                                 
2018 
   
     
     
641,000
     
256,556
     
     
     
727,000
     
256,556
     
2.57
 
2017 
   
     
     
150,000
     
287,873
     
336,000
     
287,873
     
727,000
     
287,873
     
2.88
 
2016 
   
150,000
     
14,570
     
     
     
336,000
     
291,406
     
727,000
     
291,406
     
2.91
 
2015 
   
150,000
     
17,376
     
     
     
81,000
     
347,528
     
     
     
3.48
 
2014(a) 
   
150,000
     
17,440
     
     
     
81,000
     
348,797
     
     
     
3.49
 
   
(a) 
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows: 
     
 
2014
 
NVG 
   
Series 2014 (NVG PRCCL) 
   
Ending Market Value per Share 
 
$
 
Average Market Value per Share 
10.05
         
NZF 
       
Series 2016 (NZF PRC) 
       
Ending Market Value per Share 
 
$
 
Average Market Value per Share 
10.05
^^
   
^ 
For the period November 1, 2013 through December 23, 2013. 
^^ 
For the period November 1, 2013 through April 11, 2014. 
 
130

 

                         
 
 
AMTP Shares
   
VMTP Shares
at the End of Period
 
   
 
 
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
 
NMZ 
                       
Year Ended 10/31: 
                       
2018 
 
$
87,000
   
$
1,040,734
   
$
   
$
 
2017 
   
     
     
87,000
     
1,081,317
 
2016 
   
     
     
87,000
     
1,006,411
 
2015 
   
     
     
87,000
     
886,333
 
2014 
   
     
     
87,000
     
888,850
 
 
131

Notes to
Financial Statements
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 October 31, 2018, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 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, each Fund’s outstanding when-issued/delayed delivery purchase commitments were as follows:
                   
 
 
NVG
   
NZF
   
NMZ
 
Outstanding when-issued/delayed delivery purchase commitments 
 
$
11,203,816
   
$
18,808,599
   
$
3,729
 
 
132


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
133

Notes to Financial Statements (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, credit spreads, 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* 
 
$
   
$
5,056,655,179
   
$
   
$
5,056,655,179
 
Corporate Bonds** 
   
     
     
972,375
****
   
972,375
 
Short-Term Investments: 
                               
Municipal Bonds* 
   
     
5,000,000
     
     
5,000,000
 
Investments in Derivatives: 
                               
Interest Rate Swaps*** 
   
     
1,924,823
     
     
1,924,823
 
Total 
 
$
   
$
5,063,580,002
   
$
972,375
   
$
5,064,552,377
 
 
134


                         
NZF 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments: 
                       
Municipal Bonds* 
 
$
   
$
3,519,958,283
   
$
   
$
3,519,958,283
 
Investment Companies 
   
2,977,210
     
     
     
2,977,210
 
Corporate Bonds** 
   
     
1,628,936
     
451,255
****
   
2,080,191
 
Total 
 
$
2,977,210
   
$
3,521,587,219
   
$
451,255
   
$
3,525,015,684
 
   
NMZ 
                               
Long-Term Investments: 
                               
Municipal Bonds* 
 
$
   
$
1,234,083,772
   
$
1,405,341
****
 
$
1,235,489,113
 
Common Stock** 
   
7,981,191
     
     
     
7,981,191
 
Corporate Bonds** 
   
     
3,652,792
     
20,359
****
   
3,673,151
 
Total 
 
$
7,981,191
   
$
1,237,736,564
   
$
1,425,700
   
$
1,247,143,455
 
   
* 
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. 
 
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
135

Notes to Financial Statements (continued)
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 
 
$
179,000,000
   
$
23,620,000
   
$
357,413,000
 
Floating rate obligations: externally-deposited Inverse Floaters 
   
97,007,500
     
16,585,000
     
122,560,000
 
Total 
 
$
276,007,500
   
$
40,205,000
   
$
479,973,000
 
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
                   
Self-Deposited Inverse Floaters 
 
NVG
   
NZF
   
NMZ
 
Average floating rate obligations outstanding 
 
$
189,598,795
   
$
26,762,411
   
$
307,156,611
 
Average annual interest rate and fees 
   
1.90
%
   
1.90
%
   
1.88
%
 
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
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 $64,194 and $252,792, 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 
 
$
147,035,000
   
$
8,775,000
   
$
288,343,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
   
56,080,000
     
6,000,000
     
116,560,000
 
Total 
 
$
203,115,000
   
$
14,775,000
   
$
404,903,000
 
 
136


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 other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
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 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 received and/or paid” 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.
137

Notes to Financial Statements (continued)

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* 
 
$
113,800,000
 
 
 
*
The average notional amount is calculated based on the outstanding notional at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.
 
The following table presents the fair value of all 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 
Receivable for variation margin 
 
$
1,924,823
   
   
 
 
Cleared)
on swap contracts* 
                   
 
*
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 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.
                 
Fund 
Underlying 
Risk Exposure 
Derivative 
Instrument 
 
Net Realized
Gain (Loss) from
Swaps
   
Change in Net
Unrealized Appreciation
(Depreciation) of
Swaps
 
NVG 
Interest rate 
Swaps 
 
$
5,165,658
   
$
776,750
 
 
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.
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 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.
138


Additional authorized common shares, common shares sold and offering proceeds, net of offering costs under the Fund’s Shelf Offering during the Fund’s current and prior fiscal period were as follows:
             
 
 
NMZ
 
 
 
Year
Ended
10/31/18
   
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
 
   
*
Represents additional authorized common shares for the period November 1, 2017 through August 31, 2018. 
 
Costs incurred by the Fund in connection with its initial shelf registration are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as 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
 
 
 
Year
Ended
10/31/18
   
Year
Ended
10/31/17
 
Common shares: 
           
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 has issued and has outstanding Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publicly available.
The details of NMZ’s AMTP Shares outstanding as of the end of the reporting period, were as follows:
                     
Fund 
Series 
 
Shares
Outstanding
   
Liquidation
Preference
   
Liquidation
Preference
Net of
Deferred
Offering Costs
 
NMZ 
2028 
   
870
   
$
87,000,000
   
$
86,851,312
 
 
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.
139

Notes to Financial Statements (continued)
In addition, the Fund may be obligated to redeem a certain amount of the AMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Fund’s AMTP Shares are as follows:
         
Fund 
Notice 
Period 
Series 
Term 
Redemption Date 
Premium 
Expiration Date 
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 
   
2.25
%
   
*
For the period February 26, 2018 through October 31, 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 share- holder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
Each Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.
·
Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
140

 

·
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 $750,000, 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 $405,038,488 and $639,945,548 of MFP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund’s MFP Shares outstanding as of the end of the reporting period, were as follows:
             
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 8, 2019 
 
B 
1,550 
155,000,000 
February 3, 2048 
VRM 
February 3, 2048* 
 
C 
3,360 
336,000,000 
June 1, 2048 
VRM 
June 26, 2019 
   
*
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
   
$
375,550,685
 
Annualized dividend rate 
   
2.12
%
   
2.20
%
   
**
For the period January 29, 2018 (first issuance of shares) through October 31, 2018.
 
Variable Rate MuniFund Term Preferred Shares
The Funds had issued and had outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation preference per share. VMTP Shares were issued via private placement and were not publicly available.
On January 29, 2018, NVG redeemed all of its outstanding Series 2018 VMTP Shares, on June 28, 2018, NZF redeemed all of its outstanding Series 2019 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).
141

Notes to Financial Statements (continued)
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
%
   
2.32
%
   
2.03
%
   
* 
For the period November 1, 2017 through January 28, 2018. 
** 
For the period November 1, 2017 through June 27, 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, and were 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.
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 $1,407,720,496 and $722,065,638 of VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ VRDP Shares outstanding as of the end of the reporting period, were as follows:
         
Fund 
Series 
Shares 
Outstanding 
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.
142


NVG’s Series 1 are considered to be Special Rate Period VRDP, which are sold to institutional investors. NVG’s Series 4 VRDP Shares were considered to be Special Rate Period VRDP during the period November 1, 2018 through June 21, 2018. 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 
   
1.60
%
   
2.00
%
 
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in AMTP Shares for the Funds, where applicable, were as follows:
               
 
Year Ended
October 31, 2018
 
NMZ 
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
)
 
143

Notes to Financial Statements (continued)
Transactions in MFP Shares for the Funds, where applicable, were as follows:
               
 
Year Ended
October 31, 2018
 
NVG 
Series
 
Shares
   
Amount
 
MFP Shares issued 
A
   
4,054
   
$
405,400,000
 
 
 
Year Ended
October 31, 2018
 
NZF 
Series
 
Shares
   
Amount
 
MFP Shares issued 
B
   
1,550
   
$
155,000,000
 
 
C
   
3,360
   
$
336,000,000
 
 
 
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:
               
 
Year Ended
October 31, 2018
 
NVG 
Series 
 
Shares
   
Amount
 
VMTP Shares redeemed 
2018 
   
(2,404
)
 
$
(240,400,000
)
 
 
Year Ended
October 31, 2018
 
NZF 
Series 
 
Shares
   
Amount
 
VMTP Shares redeemed 
2019 
   
(3,360
)
 
$
(336,000,000
)
 
 
Year Ended
October 31, 2018
 
NMZ 
Series 
 
Shares
   
Amount
 
VMTP Shares redeemed 
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) 
     
   
$
 
 
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 
 
$
913,907,849
   
$
1,030,819,845
   
$
258,431,658
 
Sales and maturities 
   
751,043,838
     
878,672,557
     
126,993,493
 
 
144


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 October 31, 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 
 
$
4,653,495,951
   
$
3,332,808,422
   
$
885,469,455
 
Gross unrealized: 
                       
Appreciation 
 
$
276,717,774
   
$
205,761,700
   
$
62,627,733
 
Depreciation 
   
(46,585,161
)
   
(37,174,420
)
   
(58,365,297
)
Net unrealized appreciation (depreciation) of investments 
 
$
230,132,613
   
$
168,587,280
   
$
4,262,436
 
 
 
 
NVG
 
Tax cost of swaps 
 
$
1,072
 
Net unrealized appreciation (depreciation) of swaps 
 
$
1,924,823
 
 
Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, taxable market discount, and expiration of capital loss carryforwards resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2018, the Funds’ tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2018, the Funds’ tax year end, were as follows:
                   
 
 
NVG
   
NZF
   
NMZ
 
Undistributed net tax-exempt income1 
 
$
530,536
   
$
2,727,243
   
$
5,642,764
 
Undistributed net ordinary income2 
   
1,357,218
     
717,163
     
740,628
 
Undistributed net long-term capital gains 
   
6,596,258
     
     
 
 
 
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2018 and paid on November 1, 2018. 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
145

Notes to Financial Statements (continued)
The tax character of distributions paid during the Funds’ tax years ended October 31, 2018 and October 31, 2017 was designated for purposes of the dividends paid deduction as follows:
                   
2018 
 
NVG
   
NZF
   
NMZ
 
Distributions from net tax-exempt income3 
 
$
201,231,024
   
$
146,346,063
   
$
49,242,889
 
Distributions from net ordinary income2 
   
1,195,062
     
1,378,621
     
579,883
 
Distributions from net long-term capital gains 
   
     
     
 
2017 
 
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. 
3
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2018, as Exempt Interest Dividends.
 
As of October 31, 2018, the Funds’ tax year end, the following Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
             
 
 
NZF4
   
NMZ
 
Not subject to expiration: 
           
Short-term 
 
$
26,907,141
   
$
82,969
 
Long-term 
   
4,143,404
     
3,094,762
 
Total 
 
$
31,050,545
   
$
3,177,731
 
   
4
A portion of NZF’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.
 
As of October 31, 2018, the Funds’ tax year end, $1,362,739 of NMZ’s capital loss carryforward expired.
During the Funds’ tax year ended October 31, 2018, NVG utilized $11,069,711 of its capital loss carryforward.
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:
       
Average Daily Managed Assets* 
 
NVG
NZF
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
 
 
146


       
Average Daily Managed Assets* 
 
NMZ
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 October 31, 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 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 
 
$
79,991,045
 
Sales 
   
75,962,499
 
 
147

Notes to Financial Statements (continued)
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 $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in July 2019 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 Funds utilized this facility. Each Fund’s maximum outstanding balance during the utilization period was as follows:
                   
 
 
NVG
   
NZF
   
NMZ
 
Maximum Outstanding Balance 
 
$
42,557,485
   
$
78,500,000
   
$
4,000,000
 
 
During each Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
                   
 
 
NVG
   
NZF
   
NMZ
 
Average daily balance outstanding 
 
$
14,129,515
   
$
19,976,140
   
$
4,000,000
 
Average annual interest rate 
   
2.73
%
   
2.83
%
   
3.26
%
 
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
148


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.
Disclosure Update and Simplification
During August 2018, the SEC issued Final Rule Release No. 33-10532, Disclosure Update and Simplification (“Final Rule Release No. 33-10532”). Final Rule Release No. 33-10532 amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.
The requirements of Final Rule Release No. 33-10532 are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to Final Rule Release No. 33-10532.
For the prior fiscal period, the total amount of distributions paid to shareholders from net investment income and from accumulated net realized gains, if any, are recognized as “Dividends” on the Statement of Changes in Net Assets.
As of October 31, 2017, the Funds’ Statement of Changes in Net Assets reflected the following balances.
                   
Distributions to Shareholders 
 
NVG
   
NZF
   
NMZ
 
From net investment income 
   
(177,152,759
)
   
(126,776,305
)
   
(48,660,423
)
From accumulated net realized gains 
   
(5,914,545
)
   
(255,827
)
   
 
Decrease in net assets from distributions to shareholders 
   
(183,067,304
)
   
(127,032,132
)
   
(48,660,423
)
UNII at the end of period 
 
$
5,099,022
   
$
4,424,727
   
$
2,297,858
 
 
10. Subsequent Events
MuniFund Preferred Shares
During November 2018, NVG announced that it has filed notice with the SEC of its intent to redeem a portion of its outstanding MFP Shares. The Fund expects to finance the MFP share redemptions with the proceeds of newly issued preferred shares and the redemptions are contingent upon the completion of all aspects of such preferred share placements by the Fund, which may not occur as planned.
Variable Rate Demand Preferred Shares
During November 2018, the Board approved a subsequent special rate period for NZF’s Series 1 and Series 2 VRDP Shares through their maturities.
149

Additional Fund Information (Unaudited)
           
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. 
** 
Retired from the Funds’ Board of Trustees effective December 31, 2018. 

         
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.

150

Glossary of Terms Used in this Report (Unaudited)
 
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 cumula- tive performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
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 peri- odic 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.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value.
Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
151


Glossary of Terms Used in this Report (Unaudited) (continued)
 
NVG and NZF Custom Blended Fund Performance Benchmark: The Fund Performance Benchmark is an unleveraged index consisting of the returns of the S&P Municipal Bond Index prior to 4/11/16 and thereafter the returns of an 60%/40% blend of the S&P Municipal Bond Investment Grade Index and the S&P Municipal Bond High Yield Index, respectively. The S&P Municipal Bond Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds. The S&P Municipal Bond Investment Grade Index is an unmanaged, market value-weighted index designed to measure the perform- ance of tax-exempt municipal bonds rated investment grade by Standard & Poor’s, Moody’s and/or Fitch. The S&P Municipal Bond High Yield Index is an unmanaged, market value-weighted index designed to measure the performance of the tax-exempt, high yield municipal bonds. Index returns assume compounding and do not include the effects of any fees or expenses.
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 govern- ments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
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 resid- ual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
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.
 
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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 asset 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 immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by 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.
153

Annual Investment Management Agreement Approval Process (Unaudited)
At a meeting held on May 22-24, 2018 (the “May Meeting”), the Board of Trustees (each, a “Board,” and each Trustee, a “Board Member”) of each Fund, including the Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), approved, for its respective Fund, the renewal of the management agreement (the “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as investment adviser to such Fund and the sub-advisory agreement (the “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as investment sub-adviser to such Fund. Following an initial two-year period, the Board, including the Independent Board Members, is required under the 1940 Act to review and approve each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.”
In response to a request on behalf of the Independent Board Members by independent legal counsel, the Board received and reviewed prior to the May Meeting extensive materials specifically prepared for the annual review of Advisory Agreements by the Adviser as well as by Broadridge Financial Solutions, Inc. (“Broadridge” or “Lipper”), an independent provider of investment company data. The materials provided in connection with the annual review covered a breadth of subject matter including, but not limited to, a description of the nature, extent and quality of services provided by each Fund Adviser; a review of the Sub-Adviser and the applicable investment team(s); an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a description of portfolio manager compensation; a review of the secondary market for Nuveen closed-end funds (including, among other things an analysis of performance, distribution and valuation and capital raising trends in the broader closed-end fund market and in particular to Nuveen closed-end funds; a review of the leverage management actions taken on behalf of the Nuveen closed-end funds and the resulting impact on performance; and a description of the distribution management process and any capital management activities); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular Nuveen fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the various sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Board Members held an in-person meeting on April 10-11, 2018 (the “April Meeting”), in part, to review and discuss the performance of the Nuveen funds and the Adviser’s evaluation of the various sub-advisers to the Nuveen funds. Prior to the May Meeting, the Board Members also received and reviewed supplemental information provided in response to questions posed by the Board Members.
The information prepared specifically for the annual review of the Advisory Agreements supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed were relevant to the review of the Advisory Agreements. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Nuveen funds; strategic plans of the Adviser which may impact the services it provides to the Nuveen funds; the review of the Nuveen funds and applicable investment teams; the management of leveraging financing for the Nuveen closed-end funds; the secondary market trading of the Nuveen closed-end funds and any actions to address discounts; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers; valuation of securities; fund expenses; and overall market and regulatory developments. The Board further continued its practice of seeking to meet periodically with the various sub-advisers to the Nuveen funds and their investment teams, when feasible. As a result, the Independent Board Members considered the review of the Advisory Agreements to be an
154


ongoing process and employed the accumulated information, knowledge, and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Fund Advisers in their review of the Advisory Agreements. Throughout the year and during the annual review of Advisory Agreements, the Independent Board Members met in executive sessions with independent legal counsel and had the benefit of counsel’s advice.
In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor as determinative, but rather the decision reflected the comprehensive consideration of all the information provided, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors, but not all the factors, the Board considered in deciding to renew the Advisory Agreements and its conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund and the resulting performance of each Fund. With respect to the Adviser, the Board recognized the comprehensive set of management, oversight and administrative services the Adviser and its affiliates provided to manage and operate the Nuveen funds in a highly regulated industry. As illustrative, these services included, but were not limited to, product management; investment oversight, risk management and securities valuation services; fund accounting and administration services; board support and administration services; compliance and regulatory oversight services; legal support; and with respect to closed-end funds, leverage, capital and distribution management services.
In addition to the services necessary to operate and maintain the Nuveen funds, the Board recognized the Adviser’s continued program of improvements and innovations to make the Nuveen fund complex more relevant and attractive to existing and new investors and to accommodate the new and changing regulatory requirements in an increasingly complex regulatory environment. The Board noted that some of the initiatives the Adviser had taken over recent years to benefit the complex and particular Nuveen funds included, among other things:
·
Fund Rationalizations – continuing efforts to rationalize the product line through mergers, liquidations and repositionings in seeking to enhance shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches more relevant to current shareholder needs;
·
Product Innovations – developing product innovations and launching new products that will help the Nuveen fund complex offer a variety of products that will attract new investors and retain existing investors, such as launching the target term funds, exchange-traded funds (“ETFs”) and multi-asset class funds;
·
Risk Management Enhancements – continuing efforts to enhance risk management, including enhancing reporting to increase the efficiency of risk monitoring, implementing programs to strengthen the ability to detect and mitigate operational risks, dedicating resources and staffing necessary to create standards to help ensure compliance with new liquidity requirements, and implementing a price verification system;
·
Additional Compliance Services – the continuing investment of significant resources, time and additional staffing to meet the various new regulatory requirements affecting the Nuveen funds over the past several years, the further implementation of unified compliance policies and processes, the development of additional compliance training modules, and the reorganiza- tion of the compliance team adding further depth to its senior leadership;
·
Expanded Dividend Management Services – as the Nuveen fund complex has grown, the additional services necessary to manage the distributions of the varied funds offered and investing in automated systems to assist in this process; and
·
with respect specifically to closed-end funds, such initiatives also included:
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
··
Leverage Management Services – continuing activities to expand financing relationships and develop new product structures to lower fund leverage expenses and to manage associated risks, particularly in an interest rate increasing environment;
··
Capital Management Services – continuing capital management activities through the share repurchase program and additional equity offerings in seeking to increase net asset value and/or improve fund performance for the respective Nuveen funds;
··
Data and Market Analytics – continuing development of databases that help with obtaining and analyzing ownership data of closed-end funds;
··
Enhanced Secondary Market Reporting – providing enhanced reporting and commentary on the secondary market trading of closed-end funds which permit more efficient analysis of the performance of the Nuveen funds compared to peers and of trends in the marketplace; and
··
Tender Option Bond Services – providing the additional support services necessary for Nuveen funds that seek to use tender option bonds to meet new regulatory requirements.
The Board also recognized the Adviser’s investor relations program which seeks to advance the Nuveen closed-end funds through, among other things, raising awareness and delivering education regarding closed-end funds to investors and financial advisors and promoting the Nuveen closed-end funds with such investors.
In addition to the services provided by the Adviser, the Board also noted the business related risks the Adviser incurred in managing the Nuveen funds, including entrepreneurial, legal and litigation risks.
The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and the investment and compliance oversight over the Sub-Adviser provided by the Adviser. The Board recognized that the Sub-Adviser generally provided the portfolio advisory services for the Funds. The Board reviewed the Adviser’s analysis of the Sub-Adviser which evaluated, among other things, the investment team, the members’ experience and any changes to the team during the year, the team’s assets under management, the stability and history of the organization, the team’s investment approach and the performance of the Funds over various periods. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
As part of its evaluation of the services provided by the Fund Advisers, the Board considered the investment performance of each Fund. In this regard, the Board reviewed fund performance over the quarter, one-, three- and five-year periods ending December 31, 2017 as well as performance data for the first quarter of 2018 ending March 31, 2018. The Independent Board Members noted that they reviewed and discussed fund performance over various time periods with management at their quarterly meetings throughout the year and their review and analysis of performance during the annual review of Advisory Agreements incorporated such discussions.
The Board reviewed performance on an absolute basis and in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). The Board considered the Adviser’s analysis of each Nuveen fund’s performance, including, in particular, an analysis of the Nuveen funds determined to be performance outliers and the factors contributing to their underperformance. In addition to the foregoing, in recognizing the importance of secondary market trading to shareholders of closed-end funds, the Board reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a speci-
156


fied date as well as relative to the premiums or discounts of certain peers and the funds’ total return based on net asset value and market price over various periods. The Board considers the review of premiums and discounts of the closed-end funds to be a continuing priority and as such, the Board and/or its Closed-end Fund Committee also receives an update on the secondary closed-end fund market and evaluates the premiums and discounts of the Nuveen closed-end funds at each quarterly meeting, reviewing, among other things, the premium and discount trends in the broader closed-end fund market, by asset category and by closed-end fund; the historical total return performance data for the Nuveen closed-end funds based on net asset value and price over various periods; the volatility trends in the market; the distribution data of the Nuveen closed-end funds and as compared to peer averages; and a summary of the common share shelf offerings and share repurchase activity during the applicable quarter. As the Board’s Closed-end Fund Committee oversees matters particularly impacting the closed-end fund product line, the committee further engages in more in-depth discussions of the premiums and discounts of the Nuveen closed-end funds at each of its quarterly meetings.
In reviewing performance data, the Independent Board Members appreciated some of the inherent limitations of such data. In this regard, the Independent Board Members recognized that there may be limitations with the comparative data of certain peer groups or benchmarks as they may pursue objective(s), strategies or have other characteristics that are different from the respective Nuveen fund and therefore the performance results necessarily are different and limit the value of the comparisons. As an example, some funds may utilize leverage which may add to or detract from performance compared to an unlevered benchmark. The Independent Board Members also noted that management had ranked the relevancy of the peer group as low, medium or high to help the Board evaluate the value of the comparative peer performance data. The Board was aware that the performance data was measured as of a specific date and a different time period may reflect significantly different results and a period of underperformance can significantly impact long term performance figures. The Board further recognized that a shareholder’s experience in a Fund depends on his or her own holding period which may differ from that reviewed by the Independent Board Members.
In their review of performance, the Independent Board Members focused, in particular, on the Adviser’s analysis of Nuveen funds determined to be underperforming performance outliers. The Independent Board Members noted that only a limited number of the Nuveen funds appeared to be underperforming performance outliers at the end of 2017 and considered the factors contributing to the respective fund’s performance and whether there were any performance concerns that needed to be addressed. The Board recognized that some periods of underperformance may only be temporary while other periods of underperformance may indicate a broader issue that may require a corrective action. Accordingly, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
For Nuveen AMT-Free Municipal Credit Income Fund (the “AMT-Free Municipal Fund”), the Board noted that the Fund ranked in the first quartile of its Performance Peer Group and outperformed its benchmark and blended benchmark in the one-, three-, and five-year periods. In its review, the Board noted that the Performance Peer Group was classified as low in relevancy. The Board was satisfied with the Fund’s overall performance.
For Nuveen Municipal Credit Income Fund (the “Credit Income Fund”), the Board noted that the Fund ranked in the first quartile of its Performance Peer Group and outperformed its benchmark and blended benchmark in the one-, three- and five-year periods. In its review, the Board noted that the Performance Peer Group was classified as low in relevancy. The Board was satisfied with the Fund’s overall performance.
For Nuveen Municipal High Income Opportunity Fund (the “High Income Fund”), the Board noted that the Fund ranked in the first quartile of its Performance Peer Group and outperformed its benchmark for the one-, three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
C. Fees, Expenses and Profitability
1. Fees and Expenses
In its annual review, the Board considered the fees paid to the Fund Advisers and the total operating expense ratio of each Fund. More specifically, the Independent Board Members reviewed, among other things, each Fund’s gross and net management fee rates and net total expense ratio in relation to those of a comparable universe of funds (the “Peer Universe”) established by Broadridge. The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the applicable fund and its respective Peer Universe may limit some of the value of the comparative data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund. In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio (excluding investment-related costs of leverage for closed-end funds) of six basis points or higher compared to that of its peer average (each an “Expense Outlier Fund”). The Board noted that the number of Nuveen funds classified as an Expense Outlier Fund pursuant to the foregoing criteria had decreased over the past few years with only a limited number of the Nuveen funds identified as Expense Outlier Funds in 2017. The Independent Board Members reviewed an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. In addition, although the Board reviewed a fund’s total net expenses both including and excluding investment-related expenses (i.e., leverage costs) and taxes for certain of the Nuveen closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees (excluding leverage costs and leveraged assets for the closed-end funds) to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe.
In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules, as applicable. The Board considered that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by $47.4 million and fund-level breakpoints reduced fees by $54.6 million in 2017.
The Board considered the sub-advisory fees paid to the Sub-Adviser, including any breakpoint schedule, and as described below, comparative data of the fees the Sub-Adviser charges to other clients.
The Independent Board Members noted that the AMT-Free Municipal Fund and the Credit Income Fund each had a net management fee higher than the peer average, but a net expense ratio in line with the peer average, and the High Income Fund had a net management fee slightly higher than its peer average, but a net expense ratio in line with its peer average.
Based on their review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
In determining the appropriateness of fees, the Board also reviewed information regarding the fee rates the respective Fund Advisers charged for certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or affiliated sub-advisers to the municipal funds, such other clients may include retail and institutional managed accounts, passively managed ETFs sub-advised by the Sub-Adviser but that are offered by another fund complex and municipal managed accounts offered by an unaffiliated adviser.
The Board recognized that each Fund had an affiliated sub-adviser and reviewed, among other things, the range of fees and average fee rates assessed for managed accounts. In addition to the comparative fee data, the Board also reviewed, among other things, a description of the different levels of services provided to other clients compared to the services provided to the Nuveen funds as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory require-
158


ments, all of which contribute to the variations in the fee schedules. In general, the Board noted that the higher fee levels reflect higher levels of services provided by Nuveen, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members considered Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2017 and 2016. In considering profitability, the Independent Board Members reviewed the level of profitability realized by Nuveen including and excluding any distribution expenses incurred by Nuveen from its own resources. The Independent Board Members also reviewed a description of the expense allocation methodology employed to develop the financial information and a summary of the history of changes to the methodology over the years. For comparability purposes, the Board recognized that a prior year’s profitability would be restated to reflect any refinements to the methodology. The Independent Board Members were aware of the inherent limitations in calculating profitability as the use of different reasonable allocation methodologies may lead to significantly different results and in reviewing profitability margins over extended periods given the refinements to the methodology over time. The Board noted that two Independent Board Members, along with independent counsel, serve as the Board’s liaisons to review and discuss any proposed changes to the methodology prior to the full Board’s review.
In their review, the Independent Board Members evaluated, among other things, Nuveen’s adjusted operating margins, gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax and before distribution) of Nuveen for fund advisory services for each of the last two calendar years. The Independent Board Members also reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2017 versus 2016. The Board noted that Nuveen recently launched its ETF product line in 2016 and reviewed the revenues, expenses and operating margin from this product line.
In addition to reviewing Nuveen’s profitability in absolute terms, the Independent Board Members also examined comparative profitability data reviewing, among other things, the revenues, expenses and adjusted total company margins of other advisory firms that had publicly available information and comparable assets under management (based on asset size and asset composition) for 2017 and as compared to their adjusted operating margins for 2016. The Independent Board Members, however, recognized the difficulty in comparing the profitability of various fund managers given the limited public information available and the subjective nature of calculating profitability which may be affected by numerous factors including the fund manager’s organizational structure, types of funds, other lines of business, methodology used to allocate expenses and cost of capital. Nevertheless, considering such limitations and based on the information provided, the Board noted that Nuveen’s adjusted operating margins appeared reasonable when compared to the adjusted margins of the peers.
Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). As such, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2017 and 2016 calendar years to consider the financial strength of TIAA.
In reviewing profitability, the Independent Board Members also considered the profitability of the various sub-advisers from their relationships with the respective Nuveen fund(s). The Independent Board Members reviewed the Sub-Adviser’s revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2017. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin
159

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
(pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2017 and the pre- and post-tax revenue margin from 2017 and 2016.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Independent Board Members considered the extent to which economies of scale may be achieved as a Fund grows and whether these economies of scale have been shared with shareholders. Although the Board recognized that economies of scale are difficult to measure, the Independent Board Members noted that there are several methods that may be used in seeking to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waivers and/or expense limitation agreements and the Adviser’s investment in its business which can enhance the services provided to the Nuveen funds. With respect to breakpoint schedules, because the Board had previously recognized that economies of scale may occur not only when the assets of a particular fund grow but also when the assets in the complex grow, the Nuveen funds generally pay the Adviser a management fee comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. In general terms, the breakpoint schedule at the fund level reduces fees as assets in the particular fund pass certain thresholds and the breakpoint schedule at the complex level reduces fees on certain funds as the eligible assets in the complex pass certain thresholds. Subject to exceptions for certain Nuveen funds, the Independent Board Members reviewed the fund-level and complex-level fee schedules and any resulting savings in fees. In addition, with respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds’ investment portfolios. Further, the Independent Board Members recognized the Adviser’s continued reinvestment in its business through, among other things, improvements in technology, additional staffing, product innovations and other organizational changes designed to expand or enhance the services provided to the benefit of all of the Nuveen funds.
Based on its review, the Board concluded that the current fee arrangements together with the Adviser’s reinvestment in its business appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members reviewed the revenues that an affiliate of the Adviser received in 2017 as a result of serving as co-manager in the initial public offerings of new closed-end funds and as the underwriter on shelf offerings of existing closed-end funds.
In addition to the above, the Independent Board Members considered whether the Sub-Adviser uses commissions paid by the Funds on portfolio transactions to obtain research products and other services (“soft dollar transactions”). The Board recognized that the Sub-Adviser may benefit from research received from broker-dealers that execute Fund portfolio transactions. The Board, however, noted that the benefits for sub-advisers transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions. Further, the Board noted that although the Sub-Adviser may benefit from the receipt of research and other services that it may otherwise have to pay for out of its own resources, the research may also benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds or is acquired through the commissions paid on portfolio transactions of other funds or clients.
Based on their review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
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F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
161

Board Members & Officers (Unaudited)
 
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is set at eleven. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members: 
 
 
 
 
 ■ TERENCE J. TOTH 
 
 
Formerly, a Co-Founding Partner, Promus Capital (2008-2017); 
 
1959 
 
 
Director, Fulcrum IT Service LLC (since 2010) and Quality Control 
 
333 W. Wacker Drive 
Chairman and 
2008 
Corporation (since 2012); member: Catalyst Schools of Chicago Board 
169 
Chicago, IL 6o6o6 
Board Member 
Class II 
(since 2008) and Mather Foundation Board (since 2012), and chair of 
 
 
 
 
its Investment Committee; formerly, Director, Legal & General Investment 
 
 
 
 
Management America, Inc. (2008-2013); formerly, CEO and President, 
 
 
 
 
Northern Trust Global Investments (2004-2007): Executive Vice President, 
 
 
 
 
Quantitative Management & Securities Lending (2000-2004); prior thereto, 
 
 
 
 
various positions with Northern Trust Company (since 1994); formerly, 
 
 
 
 
Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust 
 
 
 
 
Global Investments Board (2004-2007), Northern Trust Japan Board 
 
 
 
 
(2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern 
 
 
 
Trust Hong Kong Board (1997-2004). 
 
 
 ■ JACK B. EVANS 
 
 
President, The Hall-Perrine Foundation, a private philanthropic 
 
1948 
 
 
corporation (since 1996); Director and Chairman, United Fire 
 
333 W. Wacker Drive 
Board Member 
1999 
Group, a publicly held company; Director, Public Member, American 
169 
Chicago, IL 6o6o6 
 
Class III 
Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College 
 
 
 
 
and the Iowa College Foundation; formerly, President Pro-Tem of the 
 
 
 
 
Board of Regents for the State of Iowa University System; formerly, 
 
 
 
 
Director, Alliant Energy and The Gazette Company; formerly, Director, 
 
 
 
 
Federal Reserve Bank of Chicago; formerly, President and Chief Operating 
 
 
 
 
Officer, SCI Financial Group, Inc., a regional financial services firm. 
 
 
 ■ WILLIAM C. HUNTER 
 
 
Dean Emeritus, formerly, Dean, Tippie College of Business, University 
 
1948 
 
 
of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director 
 
333 W. Wacker Drive 
Board Member 
2003 
(2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., 
169 
Chicago, IL 6o6o6 
 
Class I 
The International Business Honor Society; formerly, Director (2004-2018) 
 
 
 
 
of Xerox Corporation; Dean and Distinguished Professor of Finance, School 
 
 
 
 
of Business at the University of Connecticut (2003-2006); previously, Senior 
 
 
 
 
Vice President and Director of Research at the Federal Reserve Bank of 
 
 
 
 
Chicago (1995-2003); formerly, Director (1997-2007), Credit Research 
 
 
 
 
Center at Georgetown University. 
 
 
 ■ ALBIN F. MOSCHNER 
 
 
Founder and Chief Executive Officer, Northcroft Partners, LLC, a 
 
1952 
 
 
management consulting firm (since 2012); Director, USA Technologies, Inc., 
 
333 W. Wacker Drive 
Board Member 
2016 
a provider of solutions and services to facilitate electronic payment 
169 
Chicago, IL 6o6o6 
 
Class III 
transactions (since 2012); formerly, Director, Wintrust Financial 
 
 
 
 
Corporation (1996-2016); previously, held positions at Leap Wireless 
 
 
 
 
International, Inc., including Consultant (2011-2012), Chief Operating 
 
 
 
 
Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, 
 
 
 
 
President, Verizon Card Services division of Verizon Communications, Inc. 
 
 
 
 
(2000-2003); formerly, President, One Point Services at One Point 
 
 
 
 
Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, 
 
 
 
 
Incorporated (1996-1997); formerly, various executive positions with Zenith 
 
 
 
 
Electronics Corporation (1991-1996). 
 
 
162


         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members (continued): 
 
 
 
 
 ■ JOHN K. NELSON 
 
 
Member of Board of Directors of Core12 LLC (since 2008), a private firm 
 
1962 
 
 
which develops branding, marketing and communications strategies 
 
333 W. Wacker Drive 
Board Member 
2013 
for clients; Director of The Curran Center for Catholic American Studies 
169 
Chicago, IL 6o6o6 
 
Class II 
(since 2009) and The President’s Council, Fordham University (since 2010); 
 
 
 
 
formerly, senior external advisor to the financial services practice of Deloitte 
 
 
 
 
Consulting LLP (2012-2014): formerly, Chairman of the Board of Trustees of 
 
 
 
 
Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief 
 
 
 
 
Executive Officer of ABN AMRO N.V. North America, and Global Head of 
 
 
 
 
its Financial Markets Division (2007-2008); prior senior positions held at 
 
 
 
 
ABN AMRO include Corporate Executive Vice President and Head of 
 
 
 
 
Global Markets-the Americas (2006-2007), CEO of Wholesale Banking 
 
 
 
 
North America and Global Head of Foreign Exchange and Futures Markets 
 
 
 
 
(2001-2006), and Regional Commercial Treasurer and Senior Vice President 
 
 
 
 
Trading-North America (1996-2001); formerly, Trustee at St. Edmund 
 
 
 
 
Preparatory School in New York City. 
 
 
 ■ WILLIAM J. SCHNEIDER(1) 
 
 
Chairman of Miller-Valentine Partners, a real estate investment 
 
1944 
 
 
company; Board Member of WDPR Public Radio station; formerly, 
 
333 W. Wacker Drive 
Board Member 
1996 
Senior Partner and Chief Operating Officer (retired (2004) of 
169 
Chicago, IL 6o6o6 
 
Class III 
Miller-Valentine Group; formerly, Board member, Business Advisory 
 
 
 
 
Council of the Cleveland Federal Reserve Bank and University of 
 
 
 
 
Dayton Business School Advisory Council; past Chair and Director, 
 
 
 
 
Dayton Development Coalition. 
 
 
 ■ JUDITH M. STOCKDALE 
 
 
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment 
 
1947 
 
 
for Forestry and Communities (since 2013); formerly, Executive Director 
 
333 W. Wacker Drive 
Board Member 
1997 
(1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, 
169 
Chicago, IL 6o6o6 
 
Class I 
Executive Director, Great Lakes Protection Fund (1990-1994). 
 
 
 ■ CAROLE E. STONE 
 
 
Former Director, Chicago Board Options Exchange, Inc. (2006-2017); 
 
1947 
 
 
and C2 Options Exchange, Incorporated (2009-2017); Director, CBOE 
 
333 W. Wacker Drive 
Board Member 
2007 
Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); 
169 
Chicago, IL 6o6o6 
 
Class I 
formerly, Commissioner, New York State Commission on Public 
 
 
 
 
Authority Reform (2005-2010). 
 
 
 ■ MARGARET L. WOLFF 
 
 
Formerly, member of the Board of Directors (2013-2017) of Travelers 
 
1955 
 
 
Insurance Company of Canada and The Dominion of Canada General 
 
333 W. Wacker Drive 
Board Member 
2016 
Insurance Company (each, a part of Travelers Canada, the Canadian 
169 
Chicago, IL 6o6o6 
 
Class I 
operation of The Travelers Companies, Inc.); formerly, Of Counsel, 
 
 
 
 
Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions 
 
 
 
 
Group) (2005-2014); Member of the Board of Trustees of New York- 
 
 
 
 
Presbyterian Hospital (since 2005); Member (since 2004) and Chair 
 
 
 
 
(since 2015) of the Board of Trustees of The John A. Hartford Foundation 
 
 
 
 
(a philanthropy dedicated to improving the care of older adults); formerly, 
 
 
 
 
Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of 
 
 
 
 
Mt. Holyoke College. 
 
 
163

Board Members & Officers (Unaudited) (continued)
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members (continued): 
 
 
 
 
 ■ ROBERT L. YOUNG(2) 
 
 
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment 
 
1963 
 
 
Management Inc. (2010-2016); formerly, President and Principal Executive 
 
333 W. Wacker Drive 
Board Member 
2017 
Officer (2013-2016), and Senior Vice President and Chief Operating Officer 
167 
Chicago, IL 6o6o6 
 
Class II 
(2005-2010), of J.P.Morgan Funds; formerly, Director and various officer 
 
 
 
 
positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan 
 
 
 
 
Funds Management, Inc. and formerly, One Group Administrative Services) 
 
 
 
 
and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer 
 
 
 
 
Services, Inc.) (1999-2017). 
 
Interested Board Member: 
 
 
 
 
 ■ MARGO L. COOK(3)(4) 
 
 
President (since 2017), formerly, Co-Chief Executive Officer and 
 
1964 
 
 
Co-President (2016-2017), formerly, Senior Executive Vice President of 
 
333 W. Wacker Drive 
Board Member 
2016 
Nuveen Investments, Inc.; President, Global Products and Solutions (since 
169 
Chicago, IL 6o6o6 
 
Class III 
2017), and, Co-Chief Executive Officer (since 2015), formerly, Executive 
 
 
 
 
Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice 
 
 
 
 
President (since 2017) of Nuveen, LLC; President (since August 
 
 
 
 
2017), formerly Co-President (2016- 2017), formerly, Senior Executive 
 
 
 
 
Vice President of Nuveen Fund Advisors, LLC (Executive Vice 
 
 
 
 
President since 2011); President (since 2017), Nuveen Alternative 
 
 
 
 
Investments, LLC; Chartered Financial Analyst. 
 
 
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed(4) 
During Past 5 Years 
in Fund Complex 
 
 
 
 
Overseen by 
 
 
 
 
Officer 
 
Officers of the Funds: 
 
 
 
 
 
 ■ CEDRIC H. ANTOSIEWICZ 
 
 
Senior Managing Director (since 2017), formerly, Managing Director 
 
1962 
Chief 
 
(2004-2017) of Nuveen Securities, LLC; Senior Managing Director 
 
333 W. Wacker Drive 
Administrative 
2007 
(since 2017), formerly, Managing Director (2014-2017) of Nuveen 
75 
Chicago, IL 6o6o6 
Officer 
 
Fund Advisors, LLC. 
 
 
 ■ STEPHEN D. FOY 
 
 
Managing Director (since 2014), formerly, Senior Vice President (2013- 
 
1954 
 
 
2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; 
 
333 W. Wacker Drive 
Vice President 
1998 
Managing Director (since 2016) of Nuveen Securities, LLC Managing 
169 
Chicago, IL 6o6o6 
and Controller 
 
Director (since 2016) of Nuveen Alternative Investments, LLC; Certified 
 
 
 
 
Public Accountant. 
 
 
 ■ NATHANIEL T. JONES 
 
 
Managing Director (since 2017), formerly, Senior Vice President (2016- 
 
1979 
 
 
2017), formerly, Vice President (2011-2016) of Nuveen; Managing 
169 
333 W. Wacker Drive 
Vice President 
2016 
Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. 
 
Chicago, IL 6o6o6 
and Treasurer 
 
 
 
 
 ■ WALTER M. KELLY 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
 
1970 
Chief Compliance 
 
(2008-2017) of Nuveen. 
169 
333 W. Wacker Drive 
Officer and 
2003 
 
 
Chicago, IL 6o6o6 
Vice President 
 
 
 
 
164


         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed(4) 
During Past 5 Years 
in Fund Complex 
 
 
 
 
Overseen by 
 
 
 
 
Officer 
 
Officers of the Funds (continued): 
 
 
 
 
 ■ DAVID J. LAMB 
 
 
Managing Director (since 2017), formerly, Senior Vice President of 
 
1963 
 
 
Nuveen (since 2006), Vice President prior to 2006. 
75 
333 W. Wacker Drive 
Vice President 
2015 
 
 
Chicago, IL 6o6o6 
 
 
 
 
 
 ■ TINA M. LAZAR 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
 
1961 
 
 
(2014-2017) of Nuveen Securities, LLC. 
169 
333 W. Wacker Drive 
Vice President 
2002 
 
 
Chicago, IL 6o6o6 
 
 
 
 
 
 ■ KEVIN J. MCCARTHY 
 
 
Senior Managing Director (since 2017) and Secretary and General Counsel 
 
1966 
Vice President 
 
(since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President 
 
333 W. Wacker Drive 
and Assistant 
2007 
(2016-2017) and Managing Director and Assistant Secretary (2008-2016); 
169 
Chicago, IL 6o6o6 
Secretary 
 
Senior Managing Director (since 2017) and Assistant Secretary (since 2008) 
 
 
 
 
of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and 
 
 
 
Managing Director (2008-2016); Senior Managing Director (since 2017), 
 
 
 
 
Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund 
 
 
 
 
Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing 
 
 
 
 
Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing 
 
 
 
 
Director (since 2017), Secretary (since 2016) and Associate General Counsel 
 
 
 
 
(since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice 
 
 
 
 
President (2016-2017) and Managing Director and Assistant Secretary (2011- 
 
 
 
 
2016); Senior Managing Director (since 2017) and Secretary (since 2016) of 
 
 
 
 
Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016- 
 
 
 
 
2017); Vice President (since 2007) and Secretary (since 2016), formerly, 
 
 
 
 
Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony 
 
 
 
Asset Management LLC, Santa Barbara Asset Management, LLC and Winslow 
 
 
 
Capital Management, LLC (since 2010). Senior Managing Director (since 2017) 
 
 
 
and Secretary (since 2016) of Nuveen Alternative Investments, LLC. 
 
 
 ■ WILLIAM T. MEYERS 
 
 
Senior Managing Director (since 2017), formerly, Managing Director 
 
1966 
Vice President 
 
(2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC; 
 
333 W. Wacker Drive 
 
2018 
and Nuveen Fund Advisors, LLC; Senior Managing Director (since 2017), 
75 
Chicago, IL 60606 
 
 
formerly, Managing Director (2016-2017), Senior Vice President (2010- 
 
 
 
 
2016) of Nuveen, has held various positions with Nuveen since 1991. 
 
 
 ■ MICHAEL A. PERRY 
 
 
Executive Vice President (since 2017), previously Managing Director 
 
1967 
 
 
from 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative 
 
333 W. Wacker Drive 
Vice President 
2017 
Investments, LLC; Executive Vice President (since 2017), formerly, 
75 
Chicago, IL 6o6o6 
 
 
Managing Director (2015-2017), of Nuveen Securities, LLC; 
 
 
 
 
formerly, Managing Director (2010-2015) of UBS Securities, LLC. 
 
 
 ■ CHRISTOPHER M. ROHRBACHER 
 
 
Managing Director (since 2017) and Assistant Secretary of Nuveen 
 
1971 
Vice President 
 
Securities, LLC; Managing Director (since 2017), formerly, Senior 
 
333 W. Wacker Drive 
and Assistant 
2008 
Vice President (2016-2017) and Assistant Secretary (since 2016) of 
169 
Chicago, IL 6o6o6 
Secretary 
 
Nuveen Fund Advisors, LLC. 
 
 
 ■ WILLIAM A. SIFFERMANN 
 
 
Managing Director (since 2017), formerly Senior Vice President 
 
1975 
 
 
(2016-2017) and Vice President (2011-2016) of Nuveen. 
169 
333 W. Wacker Drive 
Vice President 
2017 
 
 
Chicago, IL 6o6o6 
 
 
 
 
 
 ■ JOEL T. SLAGER 
 
 
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice 
 
1978 
Vice President 
 
President of Morgan Stanley Investment Management, Inc., Assistant 
 
333 W. Wacker Drive 
and Assistant 
2013 
Treasurer of the Morgan Stanley Funds (from 2010 to 2013). 
169 
Chicago, IL 6o6o6 
Secretary 
 
 
 
 
165

Board Members & Officers (Unaudited) (continued)
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed(4) 
During Past 5 Years 
in Fund Complex 
 
 
 
 
Overseen by 
 
 
 
 
Officer 
 
Officers of the Funds (continued): 
 
 
 
 
 ■ MARK L. WINGET 
 
 
Vice President and Assistant Secretary of Nuveen Securities, LLC 
 
1968 
Vice President 
 
(since 2008); Vice President (since 2010) and Associate General 
169 
333 W. Wacker Drive 
and Assistant 
2008 
Counsel (since 2008) of Nuveen. 
 
Chicago, IL 60606 
Secretary 
 
 
 
 
 ■ GIFFORD R. ZIMMERMAN 
 
 
Managing Director (since 2002), and Assistant Secretary of Nuveen 
 
1956 
Vice President 
 
Securities, LLC; Managing Director (since 2004) and Assistant Secretary 
 
333 W. Wacker Drive 
Secretary 
1988 
(since 1994) of Nuveen Investments, Inc.; Managing Director (since 
169 
Chicago, IL 60606 
 
 
2002), Assistant Secretary (since 1997) and Co-General Counsel (since 
 
 
 
 
2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary 
 
 
 
and Associate General Counsel of Nuveen Asset Management, LLC (since 
 
 
 
 
2011); Vice President (since 2017), formerly, Managing Director (2003-2017) 
 
 
 
 
and Assistant Secretary (since 2003) of Symphony Asset Management LLC; 
 
 
 
 
Managing Director and Assistant Secretary (since 2002) of Nuveen Investments 
 
 
 
Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment 
 
 
 
 
Management Company, LLC (since 2002), Santa Barbara Asset Management, 
 
 
 
LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); 
 
 
 
 
Chartered Financial Analyst. 
 
 
   
(1)
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. Mr. Schneider will retire from the Board as of December 31, 2018. 
(2)
On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund. 
(3)
“Interested person” as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. 
(4)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. 
 
166

Notes
167

 
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.
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
EAN-C-1018D 690643-INV-Y-12/19





 
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Municipal High Income Opportunity Fund

The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
October 31, 2018
 
$
27,900
   
$
4,000
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2017
 
$
27,150
   
$
15,000
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                                 
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
 
financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
 
                                 
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
 
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
 
                                 
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
 
represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
                 
                                 

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

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

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
 
 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
October 31, 2018
 $                            0
 $                                  0
 $                                0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
October 31, 2017
 $                            0
 $                                  0
 $                                0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
 
NON-AUDIT SERVICES

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

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2018
 $                            0
 $                                  0
 $                                0
 $                        0
October 31, 2017
 $                            0
 $                                  0
 $                                0
 $                        0
         
         
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
 
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, Chair, William C. Hunter, John K. Nelson, Carole E. Stone and Terence J. Toth.
ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

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

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”.)  The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

Item 8(a)(1). PORTFOLIO MANAGER BIOGRAPHY

As of the date of filing this report, the following individuals had primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

John V. Miller, CFA, joined Nuveen’s investment management team as a credit analyst in 1996, with three prior years of experience in the municipal market with a private account management firm. He has a BA in Economics and Political Science from Duke University, and an MA in Economics from Northwestern University and an MBA with honors in Finance from the University of Chicago. He has been responsible for analysis of high yield credits in the utility, solid waste and energy related sectors. He is a Managing Director and Co-Head of Fixed Income of Nuveen Asset Management. He manages investments for nine Nuveen-sponsored investment companies.

Item 8(a)(2). OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER

In addition to managing the registrant, the portfolio managers are also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
John V. Miller
Registered Investment Company
10
$28.76 billion
 
Other Pooled Investment Vehicles
9
$697 million
 
Other Accounts
13
$64 million
*
Assets are as of October 31, 2018.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

As of the most recently completed fiscal year end, portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s pre-tax investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management‘s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation.  Certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Item 8(a)(4). OWNERSHIP OF NMZ SECURITIES AS OF OCTOBER 31, 2018

Name of Portfolio Manager
None
$1 - $10,000
$10,001-$50,000
$50,001-$100,000
$100,001-$500,000
$500,001-$1,000,000
Over $1,000,000
John V. Miller
         
X
 
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.
 
ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
 
(a)(4)     Change in the registrant’s independent public accountant. Not applicable.
(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.




SIGNATURES


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

(Registrant) Nuveen Municipal High Income Opportunity Fund

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary
 
Date: January 7, 2019

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: January 7, 2019
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 7, 2019