N-CSR 1 nvg.htm NVG

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 811-09475

Nuveen AMT-Free Municipal Credit Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: Date: October 31

Date of reporting period: October 31, 2021

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

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

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Table of Contents

Important Notices | 4
Chair’s Letter to Shareholders | 5
Portfolio Managers’ Comments | 6
Fund Leverage | 12
Common Share Information | 14
Performance Overview and Holding Summaries | 18
Shareholder Meeting Report | 28
Report of Independent Registered Public Accounting Firm | 30
Portfolios of Investments | 31
Statement of Assets and Liabilities | 172
Statement of Operations | 173
Statement of Changes in Net Assets | 174
Statement of Cash Flows | 177
Financial Highlights | 180
Notes to Financial Statements | 188
Shareholder Update | 205
Additional Fund Information | 237
Glossary of Terms Used in this Report | 238
Annual Investment Management Agreement Approval Process | 240
Board Members & Officers | 260

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Important Notices

For Shareholders of

Nuveen Municipal Credit Income Fund (NZF)

Fund Reorganization

After the end of the reporting period, during December 2021, NZF’s Board of Trustees approved a proposal that, if approved by Shareholders and if other customary closing conditions are met, would result in the reorganization of Nuveen Enhanced Municipal Value Fund (NEV) into NZF (the “Reorganization”). More details about the Fund’s Reorganization is available on www.nuveen.com/cef.

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Chair’s Letter
to Shareholders

Dear Shareholders,

In 2021, we have seen a nearly full recovery in the economy and began to approach more normalcy in our daily lives, enabled by unprecedented help from governments and central banks and the development of effective COVID-19 vaccines and therapies. However, the newly discovered omicron variant is a reminder that pandemic risks are still with us, which has created uncertainty about the economic outlook in the coming year and contributed to recent short-term volatility in the markets.

As some factors that drove 2021’s rebound fade and the pandemic continues to pose some downside risk, global economic growth is expected to be slower but remain expansionary. In the U.S., the Federal Reserve has begun winding down its pandemic bond buying program and could begin raising short-term interest rates in 2022. The crisis-related fiscal stimulus totaling $5.3 trillion to support individuals and families, small and large businesses, state and local governments, education, public health and vaccinations will also phase out. Government spending will be lower from here but should continue to aid the global recovery in the coming year. In the U.S., the $1.2 trillion Infrastructure Investment and Jobs Act recently went into effect on November 15, 2021, funding upgrades to road, rail and air transportation, broadband internet, and power and water systems. Europe, Japan and China are also expected to roll out additional fiscal support in 2022.

Investors will continue to closely monitor inflation. The spread of the COVID-19 delta variant in 2021 exacerbated shortages of raw materials and labor and disrupted transportation and logistics, which contributed to inflation staying elevated for longer than expected. This prompted some central banks to begin withdrawing monetary stimulus measures and others to raise interest rates. The timing of monetary policy normalization will be a key focus in the markets, as will the progression of the virus, which can be difficult to predict given uneven vaccination rates around the world and the potential for new variants.

We anticipate periodic volatility as markets digest incoming data on economic activity levels, inflation, interest rates and COVID-19, as well as their impacts to consumer behavior and corporate profits. Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.

As the global economy shifts from the fast recovery phase to a new phase of expansion potentially impacted by inflations and new COVID strains, it may be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional.

On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Terence J. Toth
Chair of the Board
December 22, 2021

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Portfolio Managers’ Comments

Nuveen AMT-Free Municipal Credit Income Fund (NVG)

Nuveen Municipal Credit Income Fund (NZF)

Nuveen Municipal High Income Opportunity Fund (NMZ)

Nuveen Municipal Credit Opportunities Fund (NMCO)

Nuveen Dynamic Municipal Opportunities Fund (NDMO)

These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC, the Funds' investment adviser. Portfolio managers include John V. Miller, CFA, Steve M. Hlavin, Paul L. Brennan, CFA, Scott R. Romans, PhD, and Timothy T. Ryan, CFA. Paul has managed NVG since 2006, Scott assumed portfolio management responsibility for NZF in 2016, John has managed NMZ since its inception in 2003, John and Steve have managed NMCO since its inception in 2019 and John and Tim have managed NDMO since its inception in 2020.

Here the portfolio management team discusses U.S. economic and municipal market conditions, key investment strategies and the Funds’ performance for the twelve-month reporting period ended October 31, 2021. For more information on the Funds’ investment objectives and policies, please refer to the Shareholder Update section at the end of the report.

What factors affected the U.S. economy and financial markets during the twelve-month reporting period ended October 31, 2021?

Supported by massive fiscal and monetary stimulus and economic reopening, the U.S. economy rebounded more quickly than expected from the deep downturn caused by the COVID-19 crisis and containment measures. The federal government’s relief measures have totaled approximately $5.3 trillion across six aid packages, which included direct payments to individuals and families, expanded unemployment insurance, loans to large and small businesses, funding for hospitals and health agencies, state and local governments, education and public health/vaccinations. Additionally, while not technically a pandemic spending measure, the $1.2 trillion Infrastructure Investment and Jobs Act that funds improvements to roads/bridges, broadband internet, airports and ports, and water and power systems was signed into law after the close of this reporting period on November 15, 2021. The U.S. Federal Reserve (Fed) has maintained short-term interest rates near zero and enacted credit facilities to help keep the financial system stable, lowering borrowing costs for businesses and individuals.

By the start of this reporting period, markets had largely stabilized from the initial shock of the health crisis. To recap, in March 2020, equity and commodity markets sold off and safe-haven assets rallied as countries initiated quarantines, restricted travel and

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

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

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

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

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

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shuttered factories and businesses, while an ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia further amplified oil price volatility. In late 2020, the announcement of high efficacy rates in several COVID 19 vaccine trials, followed by regulatory authorizations and public vaccination drives across Western countries, improved the outlook for 2021, which contributed to risk-on sentiment in the markets. The positive sentiment was realized during the first half of 2021 as U.S. gross domestic product (GDP) expanded at an annualized rate of 6.3% in the first quarter of 2021 and 6.7% in the second quarter of 2021. However, economic growth slowed considerably in the third quarter of 2021 to a 2.1% annualized rate, dampened by the spread of the COVID-19 delta variant and constricted supply chains, according to the “second” estimate released by the Bureau of Economic Analysis.

Although supply bottlenecks, labor shortages and higher inflation have weighed on economic growth in the short term, consumer demand remains strong. Given the U.S. economy’s progress, the Fed began signaling a timeline for tapering pandemic monetary support by reducing its monthly bond purchases (which was initially announced at the November 2021 policy meeting, after the close of this reporting period), as well as suggested interest rate normalization that could start later in 2022. In addition to monetary policy tightening, markets remained concerned about the political gridlock over raising the debt ceiling – the amount the U.S. is allowed to borrow. (After the close of this reporting period, the government approved a $2.5 trillion increase to the debt limit, averting a default at the end of 2021.)

Although U.S. Treasury yields moved higher in the twelve-month reporting period, most notably in 10-year maturities, municipal yields at the long end of the yield curve were broadly unchanged. While a rising rate environment would typically signal a more challenging environment for municipal bonds, the improving fundamental credit backdrop and favorable supply-demand dynamics helped the municipal market stay resilient. Economic reopening and vaccine distribution bolstered investor confidence while the revenue recovery for many municipal issuers was V-shaped and strong. Additionally, the American Rescue Plan Act signed into law in March 2021 provided federal aid to the already improving financial positions of state and local governments. Credit ratings agencies upgraded their outlooks for most municipal sectors from negative to stable, and individual credit upgrades exceeded downgrades by a 2-to-1 margin in this reporting period. Overall, default risk stayed notably moderate. Supply issuance in 2021 year-to-date remained on pace with 2020’s record volume, with a significant, albeit moderating, proportion of issuance in taxable municipals and refunding deals. Demand also stayed strong, with consistently positive inflows that further supported credit spread narrowing and municipal bond performance.

Municipal bonds generally performed well in the twelve-month reporting period. Municipal yields increased across the short to intermediate maturity range while remaining nearly unchanged at the long end, leading to the outperformance of longer maturity municipal bonds. Credit spreads tightened significantly as the economic recovery progressed and demand remained strong for credits offering higher yields.

Nuveen AMT-Free Municipal Credit Income Fund (NVG) & Nuveen Municipal Credit Income Fund (NZF)

What key strategies were used to manage the Funds during the twelve-month reporting period ended October 31, 2021?

NVG’s investment objectives are to provide current income exempt from regular federal income tax and to enhance portfolio value relative to the municipal bond market. The Fund invests in tax-exempt municipal bonds that the portfolio management team believes are underrated or undervalued or that represent municipal market sectors that are undervalued, and uses leverage. The Fund continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that the portfolio management team believed had the potential to perform well over the long term.

NVG’s trading activity continued to focus on pursuing its investment objectives. NVG’s portfolio positioning remained stable. The Fund used the cash flows from called and maturing bonds and coupon income, as well as some tactical selling of bonds from vari-

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Portfolio Managers’ Comments (continued)

ous sectors, to reinvest mainly into long maturity bonds across a diverse group of sectors. While NVG made some sizeable purchases in AA rated credits, the Fund also found opportunities to add to lower rated investment grade and high yield bonds. High grade purchases included tax supported, single- and multi-family housing, health care, transportation, and utility bonds. NVG added lower rated investment grade and below investment grade bonds, which included Puerto Rico Aqueduct and Sewer (PRASA), Puerto Rico Sales Tax Revenue (COFINA), New Jersey state debt, Energy Harbor senior debt, and New York Metropolitan Transit Authority (MTA). Bond calls and maturities from NVG’s portfolio during the reporting period were mainly pre-refunded bonds, with some tactical selling across various sectors.

NZF’s investment objective is to provide current income exempt from regular federal income tax. The Fund invests in an actively managed portfolio of tax-exempt municipal securities, and uses leverage. The Fund continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that the portfolio management team believed had the potential to perform well over the long term.

NZF’s trading activity continued to focus on pursuing its investment objectives. NZF’s purchases were primarily driven by incoming cash from called and maturing bonds and, when needed, selling some very short dated pre-refunded bonds to make opportunistic investments. The Fund focused on buying maturities of 20 years and longer in 4% and 5% coupon structures, with some additions of 3% coupon bonds toward the end of the reporting period. Management sought opportunities to add mid-grade and lower rated bonds trading at attractive relative valuations, such as A rated health care and toll roads and below investment grade issues for Puerto Rico (PRASA and COFINA), Florida high-speed passenger train Brightline, and selected health care names.

As of October 31, 2021, both Funds continued to use inverse floating rate securities. The Funds employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement.

How did the Funds perform during the twelve-month reporting period ended October 31, 2021?

For the twelve months ended October 31, 2021, NVG and NZF outperformed the NVG and NZF Blended Benchmark, which is composed of 60% S&P Municipal Bond Investment Grade Index and 40% S&P Municipal Bond High Yield Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the NVG and NZF Blended Benchmark.

The main factors contributing to the outperformance of the portfolios during this reporting period were yield curve and duration positioning, credit quality allocation and individual credit selection. During the reporting period, longer duration bonds generally outperformed. The portfolios remained favorably positioned for this environment, with longer durations than their benchmark. The portfolios were well positioned from a credit quality standpoint as well, with overweights to lower rated investment grade and high yield credits, which generally outperformed, and underweights to the highest credit quality bonds, which generally lagged relative to the broad market.

Individual credit selection was a positive driver of relative performance for both portfolios. One of the top contributors was Energy Harbor common stock. The stock price appreciated on several tailwinds, namely, strong demand for energy generation as the economy reopened, rising electricity prices, and U.S. and global governments’ focus on low carbon energy sources like nuclear power, as well as the company’s increasing distance from the bankruptcy of its parent company. For NVG’s portfolio, other strong contributors to relative performance included positions in tax supported debt for the state of Illinois, Chicago Board of Education, Metropolitan Pier and Exposition Authority McCormick Place, state of New Jersey, Puerto Rico sales tax revenue bonds (COFINA), New Jersey retail and entertainment complex American Dream and Birmingham Civic Center, all of which were supported by revenue recoveries in the economic reopening, credit outlook upgrades and improved investor confidence. Similarly, NZF’s portfolio benefited from its positions in tax supported debt for the state of Illinois and the state of New Jersey, along with its positions in

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Metropolitan Pier and Exposition Authority McCormick Place and Brightline Trains. Brightline’s prospects continued to improve with the ongoing construction of its Orlando route and planned extension to Disney World, new contracts for commuter rail in Miami-Dade and Broward Counties, and the full-service reopening of its Miami, Fort Lauderdale and West Palm Beach stations in early November 2021 (after the close of this reporting period).

Partially offsetting the outperformance of NVG’s portfolio was sector positioning, primarily driven by an overweight to the pre-refunded sector, which lagged, and a slight underweight to the strong performing mass transit subsector. The portfolio’s underweight to the industrial development revenue (IDR) sector also detracted from relative performance as the sector outperformed during the reporting period. At the same time, sector allocations in NZF’s portfolio were a very modest contributor to relative performance.

Nuveen Municipal High Income Opportunity Fund (NMZ)

What key strategies were used to manage the Funds during the twelve-month reporting period ended October 31, 2021?

The Fund’s primary investment objective is to provide high current income exempt from regular federal income tax. Its secondary investment objective is to seek attractive total return consistent with its primary objective. NMZ invests in an actively managed portfolio of tax-exempt municipal securities, and uses leverage. The Fund continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that the portfolio management team believed had the potential to perform well over the long term.

Trading activity continued to focus on pursuing the Fund’s investment objectives. NMZ reinvested the proceeds from called and maturing bonds as well as capital raised from a shelf offering during the reporting period. There were no active sales of positions. NMZ added to some of its longstanding positions in land-secured bonds and charter schools, which offered several attractively priced new issues. The Fund also added to positions in Brightline and Puerto Rico Electric Power Authority (PREPA). The senior living sector, which was among the hardest hit and slowest to recover sectors, began to show more attractive long-term risk-reward prospects. NMZ very selectively bought small positions in a Westchester County senior living project in Purchase, New York, and Sanctuary Long-Term Care, a portfolio of senior living projects in Texas.

As of October 31, 2021, the Fund continued to use inverse floating rate securities. The Fund employed inverse floaters for a variety of reasons, including duration management and income and total return enhancement.

How did the Fund perform during the twelve-month reporting period ended October 31, 2021?

For the twelve months ended October 31, 2021, NMZ outperformed the S&P Municipal Yield Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the S&P Municipal Yield Index.

NMZ’s portfolio benefited from its overweight to below investment grade and non-rated bonds. At the same time, individual credit selection was the largest driver of relative performance. Some of the portfolio’s largest positions were strong outperformers in this reporting period, including Energy Harbor common stock, Brightline Trains, American Dream, Buckeye Tobacco and Puerto Rico Sales Tax Revenue Bonds (COFINA). Energy Harbor’s stock price appreciated on several tailwinds, namely, strong demand for energy generation as the economy reopened, rising electricity prices, and U.S. and global governments’ focus on low carbon energy sources like nuclear power, as well as the company’s increasing distance from the bankruptcy of its parent company. Brightline’s prospects continued to improve with the ongoing construction of its Orlando route and planned extension to Disney World, new contracts for commuter rail in Miami-Dade and Broward Counties, and the full-service reopening of its Miami, Fort Lauderdale and West Palm Beach stations in early November 2021 (after the close of this reporting period). American Dream has

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Portfolio Managers’ Comments (continued)

benefited from stores reopening, the strong consumer spending rebound and people seeking more normalcy as restrictions have eased. Buckeye Tobacco and COFINA also performed well, as large, well-known high yield benchmark names such as these generally do well when the market rises.

There were few detractors in NMZ’s portfolio during the reporting period. However, proton therapy bonds had a small negative impact as they have continued to lag the broader recovery despite some marginal improvement towards the end of the reporting period. This small sector in the municipal bond universe had been underperforming prior to the health crisis, and upon its outset the underperformance accelerated from diminishing demand as patients postponed testing and delayed treatment at proton therapy treatment facilities. The Fund continued to hold these positions on the view that they can add incremental value over time.

Nuveen Municipal Credit Opportunities Fund (NMCO)

What key strategies were used to manage the Funds during the twelve-month reporting period ended October 31, 2021?

The Fund’s primary investment objective is to provide a high level of current income exempt from regular U.S. federal income tax and secondarily, total return. NMCO invests primarily in high yielding, low to medium-quality municipal securities, and uses leverage. The Fund continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that the portfolio management team believed had the potential to perform well over the long term.

Trading activity continued to focus on pursuing the Fund’s investment objectives. NMCO focused on higher yielding credits that still represented good relative values and wider credit spreads. New purchases were mainly funded from the proceeds from called and maturing bonds, including larger refundings such as Northern Tobacco Settlement Bonds from Alaska and Verity Health Revenue Bonds. NMCO continued to build a position in Puerto Rico general obligations (GOs), where the credit outlook has improved and the restructuring has meaningfully progressed. NMCO participated in a new issue for Brightline after holdings in some older, lower coupon Brightline bonds were refunded, and bought a refunding deal for the Foothill/Eastern Transportation Corridor Agency Toll Road in California. There were no notable sales from NMCO’s portfolio in this reporting period.

As of October 31, 2021, the Fund continued to use inverse floating rate securities. The Fund employed inverse floaters for a variety of reasons, including duration management and income and total return enhancement.

How did the Fund perform during the twelve-month reporting period ended October 31, 2021?

For the twelve months ended October 31, 2021, NMCO outperformed the S&P Municipal Yield Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the S&P Municipal Yield Index.

The primary contributor to the portfolio’s relative performance was its credit quality allocation which was driven by its overweight to below investment grade and non-rated bonds. The portfolio also benefited from its overweight to the industrial development revenue (IDR), state general obligation (GOs), sales tax and utility sectors and its underweight to hospitals, senior living and tobacco sectors. Individual credit selection was a positive driver of relative performance as well. One of the top contributors was Energy Harbor common stock. The stock price appreciated on several tailwinds, namely, strong demand for energy generation as the economy reopened, rising electricity prices, and U.S. and global governments’ focus on low carbon energy sources like nuclear power, as well as the company’s increasing distance from the bankruptcy of its parent company. Additional contributors included Metropolitan Pier and Exposition Authority McCormick Place (commonly known as Illinois Met Pier) and Brightline Trains, along with New Jersey retail and entertainment complex American Dream.

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Partially offsetting the outperformance was the portfolio’s holdings in proton therapy names, along with its position in Carousel Center Mall in Syracuse, New York and a few zero coupon tobacco settlement bonds that had modest negative returns during the reporting period. The Fund continued to hold these positions on the view that they can add incremental value over time. The portfolio’s underweight to local GOs and Puerto Rico, which generally outperformed during the reporting period, were additional modest detractors.

Nuveen Dynamic Municipal Opportunities Fund (NDMO)

What key strategies were used to manage the Funds during the twelve-month reporting period ended October 31, 2021?

The Fund’s investment objective is to provide total return through income exempt from regular federal income taxes and capital appreciation. NDMO invests primarily in municipal securities, the income on which is exempt from regular U.S. federal income tax, and uses leverage. The Fund continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that the portfolio management team believed had the potential to perform well over the long term.

Trading activity continued to focus on pursuing the Fund’s investment objective. NDMO continued to emphasize longer duration and lower rated, higher yielding bonds for their higher income earnings and total return potential. In the first half of the reporting period, the Fund tended to favor intermediate maturities, but as the yield curve adjusted and longer dated bonds declined in value, the portfolio management team sought buying opportunities in 30-year maturities and actively sold 10- to 20-year bonds. NDMO maintained its strategic allocation to higher yielding, lower rated credits. The portfolio management team looked to sell high yield securities that appeared overvalued when bids were favorable while still investing in attractive new high yield opportunities. New purchases were mostly funded from cash flows from coupon income and maturing bonds.

As of October 31, 2021, the Fund continued to use inverse floating rate securities. The Fund employed inverse floaters for a variety of reasons, including duration management and income and total return enhancement.

How did the Fund perform during the twelve-month reporting period ended October 31, 2021?

For the twelve months ended October 31, 2021, NDMO outperformed the S&P Municipal Bond Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the S&P Municipal Bond Index.

The primary contributor to the portfolio’s relative performance was its credit quality allocation, which was driven by its overweight to below investment grade and non-rated bonds. The portfolio also benefited from its overweight to revenue sectors and underweight to general obligation bonds (GOs). Notably, the portfolio benefited from positions in the industrial development revenue (IDR) sector such as plastics recycler PureCycle Ohio LLC, Big River Steel and American Airlines, and transportation names, including New York Metropolitan Transit Authority (MTA) and Brightline Trains. Brightline’s prospects continued to improve with the ongoing construction of its Orlando route and planned extension to Disney World, new contracts for commuter rail in Miami-Dade and Broward Counties, and the full-service reopening of its Miami, Fort Lauderdale and West Palm Beach stations in early November 2021 (after the close of this reporting period).

There were few detractors in NDMO’s portfolio in this reporting period. However, the portfolio’s position in Gunderson Lutheran Health System had a small negative impact. The position was bought at a point during the reporting period when prevailing rates were lower and subsequently underperformed when rates increased. Following the end of the reporting period, the Fund exited a majority of the position in favor of other opportunities.

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Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares, reverse repurchase agreements, borrowings and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest a Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value. All this will make the shares’ total return performance more variable over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

The use of leverage had a positive impact on the total return performance of the Funds over the reporting period.

As of October 31, 2021, the Funds’ percentages of leverage are as shown in the accompanying table.

| NVG | NZF | NMZ | NMCO | NDMO
Effective Leverage* | 37.21% | 36.50% | 34.81% | 36.60% | 32.57%
Regulatory Leverage* | 34.35% | 36.17% | 15.47% | 35.31% | 20.58%

* |  | Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings and reverse repurchase agreements are included in effective 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.

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THE FUNDS’ REGULATORY LEVERAGE

As of October 31, 2021, the following Funds have issued and outstanding preferred shares as shown in the accompanying table.

|  | Variable Rate |
| Variable Rate | Remarketed |
| Preferred* | Preferred** |
| Shares Issued | Shares Issued at |
| at Liquidation | at Liquidation |
| Preference | Preference | Total
NVG | $ 317,400,000 | $1,611,600,000 | $1,929,000,000
NZF | $1,172,000,000 | $ 196,000,000 | $1,368,000,000
NMZ | $ 257,000,000 | $ — | $ 257,000,000
NMCO | $ 350,000,000 | $ 100,000,000 | $ 450,000,000

* |  | Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details.

** |  | Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares, for further details.

Refer to Notes to Financial Statements, Note 5 – Fund Shares and Note 11 – Subsequent Events for further details on preferred shares and each Fund’s respective transactions.

Reverse Repurchase Agreements

As noted previously, during the current fiscal period, NDMO (and NMZ, subsequent to the close of the reporting period) used reverse repurchase agreements, in which each Fund sells to a counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed upon price and date. The Funds’ transactions in reverse repurchase agreements are as shown in the accompanying table.

|  |  |  |  |  | Subsequent to the Close of
|  | Current Reporting Period |  | the Reporting Period
| Outstanding |  |  | Outstanding | Average |  |  | Outstanding
| Balance as of |  |  | Balance as of | Balance |  |  | Balance as of
| November 1, 2020 | Sales | Purchases | October 31, 2021 | Outstanding | Sales | Purchases | December 28, 2021
NMZ | $ — | $ — | $ — | $ — | $ — | $74,310,000 | $ — | $74,310,000
NDMO | $ — | $44,800,000 | $ — | $44,800,000 | $41,797,596* | $ — | $ — | $44,800,000

* |  | For the period April 7, 2020 (initial sales on reverse repurchase agreements) through October 31, 2021.

Refer to Notes to Financial Statements, Note 9 – Borrowing Arrangements and Note 11 – Subsequent Events for further details.

Bank Borrowings

As noted previously, NDMO employs leverage through the use of bank borrowings. The Fund’s bank borrowing activities are as shown in the accompanying table. Paydowns reflect on-going leverage management activity that seeks to maintain the Fund’s leverage ratio within a specified internal operating range.

|  |  |  |  | Subsequent to the Close of
| Current Reporting Period |  |  | the Reporting Period
Outstanding |  |  | Outstanding | Average |  |  | Outstanding
Balance as of |  |  | Balance as of | Balance |  |  | Balance as of
November 1, 2020 | Draws | Paydowns | October 31, 2021 | Outstanding* | Draws | Paydowns | December 28, 2021
$ — | $191,900,000 | $ — | $191,900,000 | $168,246,417 | $ — | $ — | $191,900,000

* |  | For the period December 15, 2020 (initial draw on borrowings) through October 31, 2021.

Refer to Notes to Financial Statements, Note 9 – Borrowing Arrangements for further details.

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Common Share Information

NVG, NZF, NMZ and NMCO COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the distributions for NVG, NZF, NMZ and NMCO are current as of October 31, 2021. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.

During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.

|  | Per Common Share Amounts |
Monthly Distributions (Ex-Dividend Date) | NVG | NZF | NMZ | NMCO
November 2020 | $ 0.0675 | $ 0.0660 | $ 0.0620 | $ 0.0620
December | 0.0675 | 0.0660 | 0.0620 | 0.0620
January | 0.0675 | 0.0660 | 0.0620 | 0.0620
February | 0.0675 | 0.0660 | 0.0620 | 0.0620
March | 0.0675 | 0.0660 | 0.0620 | 0.0620
April | 0.0675 | 0.0660 | 0.0650 | 0.0620
May | 0.0675 | 0.0660 | 0.0650 | 0.0620
June | 0.0675 | 0.0660 | 0.0650 | 0.0620
July | 0.0675 | 0.0660 | 0.0650 | 0.0620
August | 0.0675 | 0.0660 | 0.0650 | 0.0620
September | 0.0675 | 0.0660 | 0.0650 | 0.0620
October 2021 | 0.0675 | 0.0660 | 0.0650 | 0.0620
Total Distributions from Net Investment Income | $0.8100 | $0.7920 | $0.7650 | $0.7440
Total Distributions from Long Term Capital Gains* | $ 0.0874 | $ — | $ — | $ —
Total Distributions | $ 0.8974 | $ 0.7920 | $ 0.7650 | $ 0.7440
Yields |  |  |  |
Market Yield** | 4.68% | 4.73% | 5.30% | 4.95%
Taxable-Equivalent Yield** | 7.91% | 7.99% | 8.95% | 8.36%

* |  | Distribution paid in December 2020.

** |  | Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on an income tax rate of 40.8%. Your actual federal income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was not exempt from federal income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.

NVG, NZF, NMZ and NMCO seek to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 — Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.

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All monthly dividends paid by NVG, NZF, NMZ and NMCO 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 DISTRIBUTION INFORMATION FOR NDMO

The following information regarding NDMO’s distributions is current as of October 31, 2021, the Fund’s fiscal and tax year end, and may differ from previously issued distribution notifications. The Fund’s distribution levels may vary over time based on the Fund’s investment activities and portfolio investment value changes.

The Fund has adopted a managed distribution program. The goal of the Fund’s managed distribution program is to provide shareholders relatively consistent and predictable cash flow by systematically converting its expected long-term return potential into regular distributions. As a result, regular distributions throughout the year will likely include a portion of expected long-term and/or short-term gains (both realized and unrealized), along with net investment income.

Important points to understand about Nuveen fund managed distributions are:

• |  | The Fund seeks to establish a relatively stable common share distribution rate that roughly corresponds to the projected total return from its investment strategy over an extended period of time. However, you should not draw any conclusions about the Fund’s past or future investment performance from its current distribution rate.

• |  | Actual common share returns will differ from projected long-term returns (and therefore the Fund’s distribution rate), at least over shorter time periods. Over a specific timeframe, the difference between actual returns and total distributions will be reflected in an increasing (returns exceed distributions) or a decreasing (distributions exceed returns) Fund net asset value.

• |  | Each period’s distributions are expected to be paid from some or all of the following sources:

• net investment income consisting of regular interest and dividends,

• net realized gains from portfolio investments, and

• unrealized gains, or, in certain cases, a return of principal (non-taxable distributions).

• |  | A non-taxable distribution is a payment of a portion of the Fund’s capital. When the Fund’s returns exceed distributions, it may represent portfolio gains generated, but not realized as a taxable capital gain. In periods when the Fund’s returns fall short of distributions, it will represent a portion of your original principal unless the shortfall is offset during other time periods over the life of your investment (previous or subsequent) when the Fund’s total return exceeds distributions.

• |  | Because distribution source estimates are updated throughout the current fiscal year based on the Fund’s performance, these estimates may differ from both the tax information reported to you in the Fund’s 1099 statement, as well as the ultimate economic sources of distributions over the life of your investment.

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Common Share Information (continued)

The following table provides information regarding the Fund’s distributions and total return performance over various time periods. This information is intended to help you better understand whether the Fund’s returns for the specified time periods were sufficient to meet its distributions.

Data as of October 31, 2021

| Latest | Annualized | Cumulative
| Monthly | Current | 1-Year | Fiscal YTD | Fiscal
Inception | Per Share | Distribution | Return | Distributions | YTD Return
Date | Distribution | on NAV | on NAV | on NAV | on NAV
8/26/20 | $0.0765 | 5.88% | 10.77% | 5.88% | 10.77%

The following table provides the Fund’s distribution sources as of October 31, 2021.

The amounts and sources of distributions reported in this notice are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year-end. More details about the Fund’s distributions and the basis for these estimates are available on www.nuveen.com/cef.

Data as of October 31, 2021

| Fiscal YTD |  |  |  | Fiscal YTD
Percentage of Distributions |  |  | Per Share Amounts
Net |  |  |  |  | Net |  |
Investment | Realized | Return of |  | Total | Investment | Realized | Return of
Income | Gains | Capital |  | Distribution | Income | Gains | Capital
54.68% | 33.25% | 12.07% |  | $0.9180 | $0.5020 | $0.3052 | $0.1108

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closedendfunds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE EQUITY SHELF PROGRAM

During the current reporting period, NMZ, NMCO and NDMO were authorized by the Securities and Exchange Commission (SEC) to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, NMZ, NMCO and NDMO, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a

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net price at or above each Fund’s NAV per common share. The maximum aggregate offering under these Shelf Offerings, are as shown in the accompanying table.

| NMZ* | NMCO** | NDMO***
Maximum aggregate offering | Unlimited | 90,000,000 | 250,000,000

* |  | Represents maximum aggregate offering for the period March 8, 2021 through October 31, 2021. The Fund carried forward 13,340,607 common shares from the 19,500,000 additional previously authorized common shares.

** |  | Represents maximum aggregate offering for the period March 25, 2021 through October 31, 2021.

*** |  | Represents maximum aggregate offering for the period August 26, 2021 through October 31, 2021.

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

| NMZ | NMCO | NDMO
Common shares sold through shelf offering | 13,616,818 | 10,000 | 1,449,334
Weighted average premium to NAV per common share sold | 2.75% | 1.09% | 1.58%

Subsequent to the reporting period, NVG was authorized by the SEC to issue additional common shares through a Shelf Offering. Refer to Notes to Financial Statements, Note 5 – Fund Shares and Note 11 – Subsequent Events for further details on Shelf Offerings and each Fund’s transactions.

COMMON SHARE REPURCHASES

During August 2021, 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 common shares.

As of October 31, 2021, 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 | NMCO | NDMO
Common shares cumulatively repurchased and retired | 202,500 | 47,500 | 0 | 0 | 0
Common shares authorized for repurchase | 21,335,000 | 14,210,000 | 9,220,000 | 5,325,000 | 5,700,000

During the current reporting period, the Funds did not repurchase any of their outstanding common shares.

OTHER COMMON SHARE INFORMATION

As of October 31, 2021, the Funds’ common share prices were trading at an average premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows.

| NVG | NZF | NMZ | NMCO | NDMO
Common share NAV | 17.28 | 16.98 | 14.53 | 15.47 | 15.60
Common share price | 17.29 | 16.73 | 14.71 | 15.04 | 15.64
Premium/(Discount) to NAV | 0.06% | (1.47)% | 1.24% | (2.78)% | 0.26%
Average premium/(discount) to NAV | (2.02)% | (2.88)% | 2.08% | (3.27)% | 1.83%

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NVG | Nuveen AMT-Free Municipal Credit Income Fund Performance Overview and Holding Summaries as of October 31, 2021

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

Average Annual Total Returns as of October 31, 2021

| Average Annual
| 1-Year | 5-Year | 10-Year
NVG at Common Share NAV | 8.54% | 6.11% | 6.90%
NVG at Common Share Price | 16.65% | 8.64% | 7.89%
S&P Municipal Bond Index | 2.76% | 3.33% | 3.95%
NVG Blended Benchmark1,2 | 5.04% | 4.17% | 4.56%

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.

Daily Common Share NAV and Share Price

1 |  | For purposes of Fund performance, relative results are measured against this benchmark/index.

2 |  | NVG Blended Benchmark consists of the returns of the S&P Municipal Bond Index prior to 4/11/16 and thereafter: 1) 60% of the return of the S&P Municipal Bond Investment Grade Index and 2) 40% of the return of the S&P Municipal Bond High Yield Index.

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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 | 154.9%
Common Stocks | 0.9%
Other Assets Less Liabilities | 1.5%

Net Assets Plus Floating Rate Obligations, |
AMTP Shares, net of deferred offering |
costs, MFP Shares, net of deferred |
offering costs & VRDP Shares, |
net of deferred offering costs | 157.3%
Floating Rate Obligations | (5.1)%
AMTP Shares, net of deferred |
offering costs | (3.0)%
MFP Shares, net of deferred |
offering costs | (11.0)%
VRDP Shares, net of deferred |
offering costs | (38.2)%
Net Assets | 100%

Portfolio Credit Quality |
(% of total investment exposure) |
U.S. Guaranteed | 10.2%
AAA | 4.2%
AA | 21.8%
A | 20.0%
BBB | 17.5%
BB or Lower | 9.4%
N/R (not rated) | 16.3%
N/A (not applicable) | 0.6%
Total | 100%

Portfolio Composition |
(% of total investments) |
Tax Obligation/Limited | 20.0%
Health Care | 17.4%
Transportation | 10.7%
U.S. Guaranteed | 10.6%
Utilities | 9.7%
Education and Civic Organizations | 9.5%
Tax Obligation/General | 9.4%
Consumer Staples | 5.1%
Other | 7.6%
Total | 100%

States and Territories |
(% of total municipal bonds) |
Illinois | 15.1%
California | 7.8%
Texas | 7.0%
Colorado | 6.6%
Ohio | 5.9%
New York | 5.1%
Pennsylvania | 3.9%
New Jersey | 3.7%
Connecticut | 3.7%
Puerto Rico | 2.9%
Florida | 2.9%
Wisconsin | 2.3%
Massachusetts | 2.1%
Georgia | 2.0%
South Carolina | 1.9%
Michigan | 1.9%
District of Columbia | 1.7%
Arizona | 1.6%
Indiana | 1.5%
Missouri | 1.5%
Other1 | 18.9%
Total | 100%

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

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NZF | Nuveen Municipal Credit Income Fund
| Performance Overview and Holding Summaries as of October 31, 2021

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

Average Annual Total Returns as of October 31, 2021

| Average Annual
| 1-Year | 5-Year | 10-Year
NZF at Common Share NAV | 11.45% | 6.00% | 6.95%
NZF at Common Share Price | 19.05% | 8.10% | 7.47%
S&P Municipal Bond Index | 2.76% | 3.33% | 3.95%
NZF Blended Benchmark1,2 | 5.04% | 4.17% | 4.56%

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.

Daily Common Share NAV and Share Price

1 |  | For purposes of Fund performance, relative results are measured against this benchmark/index.

2 |  | NZF Blended Benchmark consists of the returns of the S&P Municipal Bond Index prior to 4/11/16 and thereafter: 1) 60% of the return of the S&P Municipal Bond Investment Grade Index and 2) 40% of the return of the S&P Municipal Bond High Yield Index.

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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 | 151.3%
Common Stocks | 2.3%
Investment Companies | 0.1%
Corporate Bonds | 0.0%
Other Assets Less Liabilities | 3.3%

Net Assets Plus Floating Rate |
Obligations, MFP Shares, net of |
deferred offering costs & VRDP |
Shares, net of deferred offering costs | 157.0%
Floating Rate Obligations | (0.6)%
MFP Shares, net of deferred |
offering costs | (26.5)%
VRDP Shares, net of deferred |
offering costs | (29.9)%
Net Assets | 100%

Portfolio Credit Quality |
(% of total investment exposure) |
U.S. Guaranteed | 6.3%
AAA | 1.5%
AA | 21.5%
A | 22.0%
BBB | 23.1%
BB or Lower | 9.6%
N/R (not rated) | 14.4%
N/A (not applicable) | 1.6%
Total | 100%

Portfolio Composition |
(% of total investments) |
Tax Obligation/Limited | 21.1%
Transportation | 18.3%
Health Care | 15.9%
Tax Obligation/General | 14.3%
Utilities | 12.7%
U.S. Guaranteed | 7.4%
Other | 10.3%
Total | 100%

States and Territories |
(% of total municipal bonds) |
Illinois | 18.7%
California | 14.7%
New York | 12.8%
Texas | 9.7%
Florida | 4.9%
Colorado | 4.0%
New Jersey | 3.9%
Puerto Rico | 3.5%
Pennsylvania | 3.5%
Missouri | 2.3%
Indiana | 2.0%
South Carolina | 1.7%
Other1 | 18.3%
Total | 100%

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

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NMZ | Nuveen Municipal High Income Opportunity Fund Performance Overview and Holding Summaries as of October 31, 2021

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

Average Annual Total Returns as of October 31, 2021

| Average Annual
| 1-Year | 5-Year | 10-Year
NMZ at Common Share NAV | 15.80% | 6.96% | 8.79%
NMZ at Common Share Price | 17.32% | 7.86% | 8.84%
S&P Municipal Yield Index | 8.87% | 5.69% | 6.50%

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.

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

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

Fund Allocation |
(% of net assets) |
Long-Term Municipal Bonds | 146.8%
Common Stocks | 2.9%
Corporate Bonds | 0.8%
Other Assets Less Liabilities | 0.3%

Net Assets Plus Floating Rate |
Obligations & AMTP Shares, |
net of deferred offering costs | 150.8%
Floating Rate Obligations | (32.5)%
AMTP Shares, net of deferred |
offering costs | (18.3)%
Net Assets | 100%

Portfolio Credit Quality |
(% of total investment exposure) |
U.S. Guaranteed | 2.9%
AAA | 0.6%
AA | 10.2%
A | 10.5%
BBB | 17.0%
BB or Lower | 11.7%
N/R (not rated) | 46.9%
N/A (not applicable) | 0.2%
Total | 100%

Portfolio Composition |
(% of total investments) |
Tax Obligation/Limited | 29.5%
Transportation | 13.3%
Education and Civic Organizations | 12.2%
Health Care | 11.8%
Tax Obligation/General | 6.8%
Utilities | 6.4%
Housing/Multifamily | 5.5%
Other | 14.5%
Total | 100%

States and Territories |
(% of total municipal bonds) |
Illinois | 15.3%
California | 11.5%
Florida | 10.7%
Puerto Rico | 7.0%
New York | 6.7%
Colorado | 6.6%
Ohio | 4.9%
Wisconsin | 4.2%
Texas | 4.0%
Kentucky | 3.4%
New Jersey | 3.1%
Arizona | 2.6%
South Carolina | 1.6%
Other1 | 18.4%
Total | 100%

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

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NMCO | Nuveen Municipal Credit Opportunities Fund
| Performance Overview and Holding Summaries as of October 31, 2021

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

Average Annual Total Returns as of October 31, 2021

| Average Annual
|  | Since
| 1-Year | Inception
NMCO at Common Share NAV | 26.91% | 6.54%
NMCO at Common Share Price | 35.55% | 5.29%
S&P Municipal Yield Index | 8.87% | 5.77%

Since inception returns are from 9/16/19. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

1 Value on 9/16/19 is $15.00, which represents the Fund’s public offering price less sales load.

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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 | 149.7%
Common Stocks | 5.0%
Exchange-Traded Funds | 0.2%
Short-Term Municipal Bonds | 0.1%
Other Assets Less Liabilities | 2.6%

Net Assets Plus Floating |
Rate Obligations, MFP Shares, |
net of deferred offerings | 157.6%
Floating Rate Obligations | (3.1)%
MFP Shares, net of deferred |
offerings | (54.5)%
Net Assets | 100%

Portfolio Credit Quality |
(% of total investment exposure) |
U.S. Guaranteed | 0.4%
AA | 2.0%
A | 1.0%
BBB | 9.0%
BB or Lower | 32.5%
N/R (not rated) | 51.7%
N/A (not applicable) | 3.4%
Total | 100%

Portfolio Composition |
(% of total investments) |
Tax Obligation/Limited | 20.7%
Industrials | 15.8%
Transportation | 12.8%
Education and Civic Organizations | 9.9%
Tax Obligation/General | 9.3%
Utilities | 8.0%
Health Care | 7.6%
Long-Term Care | 6.8%
Consumer Staples | 6.0%
Other | 3.1%
Total | 100%

States and Territories |
(% of total municipal bonds) |
Florida | 12.3%
Illinois | 11.0%
Puerto Rico | 9.2%
New York | 7.5%
Ohio | 6.4%
Colorado | 5.8%
Wisconsin | 5.7%
California | 4.9%
Alabama | 4.6%
Pennsylvania | 4.5%
Arizona | 2.9%
New Jersey | 2.7%
Virgin Islands | 2.4%
Arkansas | 2.4%
Other1 | 17.7%
Total | 100%

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

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NDMO | Nuveen Dynamic Municipal Opportunities Fund
| Performance Overview and Holding Summaries as of October 31, 2021

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

Average Annual Returns as of October 31, 2021

| Average Annual
|  | Since
| 1-Year | Inception
NDMO at Common Share NAV | 10.77% | 9.03%
NDMO at Common Share Price | 10.47% | 9.27%
S&P Municipal Yield Index | 8.87% | 9.02%
S&P Municipal Bond Index1 | 2.76% | 2.54%

Since inception returns are from 8/26/20. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

1 For purposes of Fund performance, relative results are measured against this benchmark/index.

2 Value on 8/26/20 is $15.00, which represents the Fund’s public offering price less sales load.

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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 | 148.6%
Corporate Bonds | 0.2%
Other Assets Less Liabilities | (0.5)%

Net Assets Plus Borrowings, Floating |
Rate Obligations & Reverse |
Repurchase Agreements, including |
accrued interest | 148.3%
Borrowings | (21.0)%
Floating Rate Obligations | (22.4)%
Reverse Repurchase Agreements, |
including accrued interest | (4.9)%
Net Assets | 100%

Portfolio Credit Quality |
(% of total investment exposure) |
U.S. Guaranteed | 0.3%
AAA | 1.3%
AA | 19.0%
A | 20.2%
BBB | 15.1%
BB or Lower | 11.0%
N/R (not rated) | 33.1%
Total | 100%

Portfolio Composition |
(% of total investments) |
Tax Obligation/Limited | 31.6%
Health Care | 16.4%
Education and Civic Organizations | 13.5%
Transportation | 11.3%
Tax Obligation/General | 7.3%
Utilities | 7.0%
Other | 12.9%
Total | 100%

States and Territories |
(% of total municipal bonds) |
California | 13.6%
New York | 13.5%
Florida | 11.5%
Colorado | 8.2%
Illinois | 6.2%
Arizona | 5.6%
Texas | 4.9%
Puerto Rico | 4.7%
Ohio | 4.7%
New Jersey | 4.3%
Wisconsin | 2.8%
Virginia | 2.2%
Other1 | 17.8%
Total | 100%

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

27

Table of Contents

Shareholder Meeting Report

The annual meeting of shareholders was held on April 6, 2021 for NMCO. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members. The annual meeting of shareholders was held on August 4, 2021 for NVG, NZF, NMZ and NDMO. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.

| NVG |  | NZF | NMZ
| Common and |  | Common and |  |  | Common and |
| Preferred | Preferred | Preferred |  | Preferred | Preferred |
| shares voting | shares voting | shares voting |  | shares voting | shares voting |
| together | together | together |  | together | together | Preferred
| as a class | as a class | as a class |  | as a class | as a class | Shares
Approval of the Board Members was reached as follows: |  |  |  |  |
Jack B. Evans |  |  |  |  |  |  |
For | 136,310,091 | — | 85,071,581 |  | — | 52,373,963 | —
Withhold | 25,017,752 | — | 24,763,343 |  | — | 11,956,650 | —
Total | 161,327,843 | — | 109,834,924 |  | — | 64,330,613 | —
Joanne T. Medero |  |  |  |  |  |  |
For | 157,571,374 | — | 107,060,540 |  | — | 62,804,850 | —
Withhold | 3,756,469 | — | 2,774,384 |  | — | 1,525,763 | —
Total | 161,327,843 | — | 109,834,924 |  | — | 64,330,613 | —
Matthew Thornton III |  |  |  |  |  |  |
For | 157,511,149 | — | 107,029,179 |  | — | 62,520,503 | —
Withhold | 3,816,694 | — | 2,805,745 |  | — | 1,810,110 | —
Total | 161,327,843 | — | 109,834,924 |  | — | 64,330,613 | —
William C. Hunter |  |  |  |  |  |  |
For | — | 149,564 | — |  | 5,010 | — | 1,700
Withhold | — | 67,451 | — |  | 5,310 | — | 810
Total | — | 217,015 | — |  | 10,320 | — | 2,510
Albin F. Moschner |  |  |  |  |  |  |
For | — | 149,564 | — |  | 5,010 | — | 1,700
Withhold | — | 67,451 | — |  | 5,310 | — | 870
Total | — | 217,015 | — |  | 10,320 | — | 2,570

28

Table of Contents

| NMCO | NDMO
| Common and |  |
| Preferred |  |
| shares voting |  |
| together | Preferred | Common
| as a class | Shares | shares
Approval of the Board Members was reached as follows: |  |  |
Jack B. Evans |  |  |
For | 23,255,165 | — | 30,241,146
Withhold | 18,194,559 | — | 20,205,312
Total | 41,449,724 | — | 50,446,458
Joanne T. Medero |  |  |
For | — | — | 49,826,020
Withhold | — | — | 620,438
Total | — | — | 50,446,458
Matthew Thornton III |  |  |
For | 40,529,982 | — | 48,722,614
Withhold | 919,742 | — | 1,723,844
Total | 41,449,724 | — | 50,446,458
William C. Hunter |  |  |
For | — | 900 | —
Withhold | — | 3,600 | —
Total | — | 4,500 | —
Albin F. Moschner |  |  |
For | — | 900 | 31,395,136
Withhold | — | 3,600 | 19,051,322
Total | — | 4,500 | 50,446,458

29

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees
Nuveen AMT-Free Municipal Credit Income Fund
Nuveen Municipal Credit Income Fund
Nuveen Municipal High Income Opportunity Fund
Nuveen Municipal Credit Opportunities Fund
Nuveen Dynamic Municipal Opportunities Fund:
Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Nuveen AMT-Free Municipal Credit Income Fund, Nuveen Municipal Credit Income Fund, Nuveen Municipal High Income Opportunity Fund, Nuveen Municipal Credit Opportunities Fund, and Nuveen Dynamic Municipal Opportunities Fund (the Funds), including the portfolios of investments, as of October 31, 2021, 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 (the year then ended and the period from August 26, 2020 (commencement of operations) to October 31, 2020 for Nuveen Dynamic Municipal Opportunities Fund), and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended (the two-year period then ended and the period from September 16, 2019 (commencement of operations) to October 31, 2019 for Nuveen Municipal Credit Opportunities Fund and the year then ended and the period from August 26, 2020 to October 31, 2020 for Nuveen Dynamic Municipal Opportunities Fund). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2021, the results of their operations and 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 (the year then ended and the period from August 26, 2020 to October 31, 2020 for Nuveen Dynamic Municipal Opportunities Fund), and the financial highlights for each of the years in the five-year period then ended (the two-year period then ended and the period from September 16, 2019 to October 31, 2019 for Nuveen Municipal Credit Opportunities Fund and the year then ended and the period from August 26, 2020 to October 31, 2020 for Nuveen Dynamic Municipal Opportunities Fund), in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2021, by correspondence with custodians and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Nuveen investment companies since 2014.

Chicago, Illinois
December 28, 2021

30

Table of Contents

NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| LONG-TERM INVESTMENTS – 155.8% (100.0% of Total Investments) |  |  |
| MUNICIPAL BONDS – 154.9% (99.4% of Total Investments) |  |  |
| Alabama – 2.0% (1.3% of Total Investments) |  |  |
$ 3,645 | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, | 9/25 at 100.00 | N/R | $ 3,967,437
| University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A |  |  |
5,000 | Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A, | 7/28 at 100.00 | Aa3 | 5,553,900
| 4.000%, 7/01/43 |  |  |
22,655 | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, | No Opt. Call | A2 | 32,223,566
| 5.000%, 9/01/46 |  |  |
8,100 | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, | 4/25 at 100.00 | N/R | 8,805,996
| Spring Hill College Project, Series 2015, 5.875%, 4/15/45 |  |  |
| The Improvement District of the City of Mobile – McGowin Park Project, Alabama, Sales |  |  |
| Tax Revenue Bonds, Series 2016A: |  |  |
1,000 | 5.250%, 8/01/30 | 8/26 at 100.00 | N/R | 1,048,440
1,300 | 5.500%, 8/01/35 | 8/26 at 100.00 | N/R | 1,358,643
5,970 | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone | 5/29 at 100.00 | N/R | 6,874,455
| Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A |  |  |
12,000 | UAB Medicine Finance Authority, Alabama, Revenue Bonds, Series 2019B, 4.000%, 9/01/44 | 9/29 at 100.00 | AA– | 13,794,360
59,670 | Total Alabama |  |  | 73,626,797
| Alaska – 0.5% (0.3% of Total Investments) |  |  |
| Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed |  |  |
| Bonds, Senior Series 2021A Class 1: |  |  |
2,490 | 4.000%, 6/01/41 | 6/31 at 100.00 | A– | 2,888,276
8,100 | 4.000%, 6/01/50 | 6/31 at 100.00 | BBB+ | 8,997,966
720 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | 6/31 at 100.00 | BBB– | 794,311
| Bonds, Series 2021B-1 Class 2, 4.000%, 6/01/50 |  |  |
26,570 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | 6/31 at 30.73 | N/R | 4,303,989
| Bonds, Series 2021B-2 Class 2, 0.010%, 6/01/66 |  |  |
37,880 | Total Alaska |  |  | 16,984,542
| Arizona – 2.5% (1.6% of Total Investments) |  |  |
4,230 | Apache County Industrial Development Authority, Arizona, Pollution Control Revenue | 3/22 at 100.00 | A– | 4,283,425
| Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 |  |  |
1,475 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/27 at 100.00 | BB | 1,687,828
| Basis Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47, 144A |  |  |
6,290 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of | 7/29 at 100.00 | BB | 7,113,109
| Math & Science Projects, Series 2019, 5.000%, 7/01/54, 144A |  |  |
3,260 | Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus | 6/28 at 100.00 | N/R | 3,695,862
| Academy Project, Series 2018A, 6.375%, 6/01/39, 144A |  |  |
10,000 | Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility | 7/22 at 100.00 | A1 | 10,256,500
| Project, Refunding Senior Series 2012A, 5.000%, 7/01/31 |  |  |
3,142 | Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, | 7/27 at 100.00 | N/R | 2,419,491
| Series 2017A, 7.000%, 7/01/41, 144A (4) |  |  |
4,885 | Glendale Industrial Development Authority, Arizona, Senior Living Revenue Bonds, Royal | 5/26 at 103.00 | BBB– | 5,468,953
| Oaks Royal Oaks – Inspirata Pointe Project, Series 2020A, 5.000%, 5/15/56 |  |  |
| Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, |  |  |
| Legacy Traditional Schools Projects, Taxable Series 2019B: |  |  |
1,730 | 5.000%, 7/01/49, 144A | 7/29 at 100.00 | BB+ | 1,976,698
1,975 | 5.000%, 7/01/54, 144A | 7/29 at 100.00 | BB+ | 2,249,367

31

Table of Contents

NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Arizona (continued) |  |  |
$ 800 | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Reid | 7/26 at 100.00 | Baa3 | $ 893,184
| Traditional School Projects, Series 2016, 5.000%, 7/01/47 |  |  |
| Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion |  |  |
| Project, Series 2005B: |  |  |
6,000 | 5.500%, 7/01/37 – FGIC Insured | No Opt. Call | AA | 8,791,620
8,755 | 5.500%, 7/01/39 – FGIC Insured | No Opt. Call | AA | 13,161,479
| 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 | 687,233
1,025 | 5.000%, 7/01/46, 144A | 7/25 at 100.00 | BB | 1,126,977
2,045 | Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, | 7/24 at 101.00 | N/R | 2,045,102
| Deer Valley Veterans Assisted Living Project, Series 2016A, 5.125%, 7/01/36 |  |  |
| Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, |  |  |
| Edkey Charter Schools Project, Series 2016: |  |  |
1,130 | 5.250%, 7/01/36 | 7/26 at 100.00 | BB– | 1,229,722
1,850 | 5.375%, 7/01/46 | 7/26 at 100.00 | BB– | 1,997,389
2,135 | 5.500%, 7/01/51 | 7/26 at 100.00 | BB– | 2,299,374
2,920 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/26 at 103.00 | N/R | 3,282,927
| Edkey Charter Schools Project, Series 2019, 5.875%, 7/01/51, 144A |  |  |
885 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 2/24 at 100.00 | N/R | 925,427
| San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A |  |  |
3,050 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 2/28 at 100.00 | N/R | 3,444,609
| San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A |  |  |
| Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy |  |  |
| Inc Prepay Contract Obligations, Series 2007: |  |  |
6,820 | 5.000%, 12/01/32 | No Opt. Call | A3 | 8,900,305
2,465 | 5.000%, 12/01/37 | No Opt. Call | A3 | 3,383,410
2,000 | Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, | 8/23 at 100.00 | A+ | 2,158,580
| Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33 |  |  |
79,487 | Total Arizona |  |  | 93,478,571
| Arkansas – 0.3% (0.2% of Total Investments) |  |  |
| Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas |  |  |
| Cancer Research Center Project, Series 2006: |  |  |
2,635 | 0.000%, 7/01/36 – AMBAC Insured | No Opt. Call | Aa2 | 1,807,083
20,480 | 0.000%, 7/01/46 – AMBAC Insured | No Opt. Call | Aa2 | 9,537,741
23,115 | Total Arkansas |  |  | 11,344,824
| California – 12.1% (7.8% of Total Investments) |  |  |
6,135 | Alhambra Unified School District, Los Angeles County, California, General Obligation | No Opt. Call | AA | 5,307,204
| Bonds, Capital Appreciation Series 2009B, 0.010%, 8/01/30 – AGC Insured |  |  |
| Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement |  |  |
| Project, Series 1997C: |  |  |
5,795 | 0.000%, 9/01/35 – AGM Insured | No Opt. Call | AA | 4,318,434
6,820 | 0.000%, 9/01/35 – AGM Insured (ETM) | No Opt. Call | AA (5) | 5,383,231
4,100 | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, | 3/26 at 100.00 | BBB | 4,491,509
| 5.000%, 3/01/41 |  |  |
5,000 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, | 4/23 at 100.00 | A1 (5) | 5,340,000
| Series 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23) |  |  |
5,825 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 5,436,356
| Fountains at Emerald Park, Senior Lien Series 2021A-1, 3.000%, 8/01/56, 144A |  |  |
1,430 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 100.00 | BBB+ | 1,640,439
| Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49 |  |  |
580 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 100.00 | BBB– | 692,329
| Los Angeles County Securitization Corporation, Series 2020B-1, 5.000%, 6/01/49 |  |  |

32

Table of Contents

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 50,460 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 26.72 | N/R | $ 9,636,851
| Los Angeles County Securitization Corporation, Series 2020B-2, 0.010%, 6/01/55 |  |  |
22,965 | California Educational Facilities Authority, Revenue Bonds, Stanford University Series | No Opt. Call | AAA | 34,535,686
| 2016U-7, 5.000%, 6/01/46 (UB) (6) |  |  |
15,850 | California Educational Facilities Authority, Revenue Bonds, Stanford University Series | No Opt. Call | AAA | 24,361,608
| 2019V-1, 5.000%, 5/01/49 |  |  |
10,000 | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard | 8/22 at 100.00 | AA– | 10,379,100
| Children’s Hospital, Series 2012A, 5.000%, 8/15/51 |  |  |
1,600 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health | 7/23 at 100.00 | AA– | 1,722,752
| System, Series 2013A, 5.000%, 7/01/37 |  |  |
6,665 | California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and | 8/25 at 100.00 | AA | 7,631,892
| Clinics, Series 2015A, 5.000%, 8/15/54 (UB) (6) |  |  |
| California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and |  |  |
| Clinics, Tender Option Bond Trust 2016-XG0049: |  |  |
1,555 | 9.434%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) (6) | 8/22 at 100.00 | AA (5) | 1,672,791
1,650 | 9.442%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) (6) | 8/22 at 100.00 | AA (5) | 1,775,103
4,075 | 9.442%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) | 8/22 at 100.00 | AA (5) | 4,383,967
5,000 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series | 8/23 at 100.00 | A1 (5) | 5,424,250
| 2013A, 5.000%, 8/15/52 (Pre-refunded 8/15/23) |  |  |
| California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace |  |  |
| Academy Project, Series 2016A: |  |  |
3,065 | 5.000%, 7/01/31, 144A | 7/26 at 100.00 | BB | 3,476,813
1,000 | 5.000%, 7/01/36, 144A | 7/26 at 100.00 | BB | 1,126,270
555 | 5.000%, 7/01/41, 144A | 7/26 at 100.00 | BB | 620,890
195 | 5.000%, 7/01/46, 144A | 7/26 at 100.00 | BB | 216,965
| 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– | 294,778
435 | 5.000%, 6/01/46 | 6/26 at 100.00 | BBB– | 486,300
3,000 | California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A, | 10/27 at 103.00 | N/R | 3,362,250
| 6.000%, 10/01/50 |  |  |
5,425 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San | 1/29 at 100.00 | BBB | 6,410,722
| Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%, |  |  |
| 11/21/45, 144A |  |  |
2,050 | California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series | 10/26 at 100.00 | BBB– | 2,372,363
| 2017, 5.000%, 10/15/47 |  |  |
735 | California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep | 6/26 at 100.00 | N/R | 791,904
| - 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 | 778,656
| ? 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 | 624,275
| ? Obligated Group, Series 2017A, 5.125%, 6/01/47, 144A |  |  |
80 | California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – | 11/21 at 100.00 | Aa2 | 80,294
| NPFG Insured |  |  |
5 | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – | 11/21 at 100.00 | Aa2 | 5,018
| AMBAC Insured |  |  |
12,710 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 12/24 at 100.00 | BB | 14,377,679
| Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 |  |  |
65,505 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/26 at 100.00 | BB | 74,957,371
| Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A |  |  |
10,130 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/28 at 100.00 | BB | 12,297,516
| Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A |  |  |
4,000 | California Statewide Communities Development Authority, Revenue Bonds, Huntington | 7/24 at 100.00 | A– | 4,294,840
| Memorial Hospital, Refunding Series 2014B, 4.000%, 7/01/39 |  |  |

33

Table of Contents

NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
| California Statewide Community Development Authority, Revenue Bonds, Daughters of |  |  |
| Charity Health System, Series 2005A: |  |  |
$ 280 | 5.750%, 7/01/30 (4), (7) | 11/21 at 100.00 | N/R | $ 244,900
807 | 5.750%, 7/01/35 (4), (7) | 11/21 at 100.00 | N/R | 706,779
5,000 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, | No Opt. Call | AA+ (5) | 4,898,450
| Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM) |  |  |
1,205 | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Senior | 8/31 at 100.00 | N/R | 1,114,083
| Lien Series 2021A-1, 3.000%, 8/01/56, 144A |  |  |
3,400 | Coachella Valley Unified School District, Riverside County, California, General | No Opt. Call | AA | 2,676,650
| Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured |  |  |
14,375 | Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, | No Opt. Call | AA | 8,700,181
| 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 (8) | 8/28 at 100.00 | A1 | 3,163,679
3,600 | 0.000%, 8/01/34 – AGM Insured (8) | 8/28 at 100.00 | A1 | 4,347,108
| 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 | AA | 3,042,508
5,000 | 0.010%, 1/15/35 – AGM Insured | No Opt. Call | AA | 3,727,700
| Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, |  |  |
| Refunding Series 2013A: |  |  |
910 | 0.000%, 1/15/42 (8) | 1/31 at 100.00 | A– | 1,145,963
6,610 | 6.000%, 1/15/49 (Pre-refunded 1/15/24) | 1/24 at 100.00 | A– (5) | 7,430,169
4,445 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | 7/29 at 100.00 | A– | 4,864,830
| Refunding Term Rate Sub-Series 2013B-1, 3.500%, 1/15/53 |  |  |
| Golden State Tobacco Securitization Corporation, California, Tobacco Settlement |  |  |
| Asset-Backed Bonds, Series 2018A-1: |  |  |
9,795 | 5.000%, 6/01/47 | 6/22 at 100.00 | N/R | 10,030,178
6,240 | 5.250%, 6/01/47 | 6/22 at 100.00 | N/R | 6,400,742
10,250 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R | 10,496,102
| Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 |  |  |
| Kern Community College District, California, General Obligation Bonds, Safety, Repair & |  |  |
| Improvement, Election 2002 Series 2006: |  |  |
5,600 | 0.000%, 11/01/24 – AGM Insured | No Opt. Call | AA | 5,516,672
5,795 | 0.000%, 11/01/25 – AGM Insured | No Opt. Call | AA | 5,628,046
1,090 | Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited | 11/21 at 100.00 | AA | 1,092,932
| 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 | Aa1 | 8,503,392
| Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (8) |  |  |
3,310 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | A | 5,174,788
| Series 2009B, 6.500%, 11/01/39 |  |  |
| Oceanside Unified School District, San Diego County, California, General Obligation |  |  |
| Bonds, Capital Appreciation, 2008 Election Series 2009A: |  |  |
530 | 0.000%, 8/01/26 – AGC Insured (ETM) | No Opt. Call | AA (5) | 509,871
605 | 0.000%, 8/01/26 – AGC Insured (ETM) | No Opt. Call | Aa3 (5) | 582,022
4,770 | 0.000%, 8/01/26 – AGC Insured | No Opt. Call | AA | 4,531,500
225 | 0.000%, 8/01/28 – AGC Insured (ETM) | No Opt. Call | AA (5) | 207,860
1,995 | 0.000%, 8/01/28 – AGC Insured | No Opt. Call | AA | 1,808,268
525 | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue | 11/21 at 100.00 | N/R (5) | 547,454
| Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM) |  |  |
3,905 | Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 | 8/25 at 100.00 | N/R | 4,206,076
| Esencia Village, Series 2015A, 4.250%, 8/15/38 |  |  |
| Palo Alto, California, Certificates of Participation, Public Safety Building, Series 2021: |  |  |
2,560 | 2.000%, 11/01/42 | 11/30 at 100.00 | AA+ | 2,397,440
2,070 | 2.125%, 11/01/44 | 11/30 at 100.00 | AA+ | 1,944,330

34

Table of Contents

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 3,700 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, | No Opt. Call | A2 | $ 3,554,664
| Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured |  |  |
7,935 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%, | 8/29 at 100.00 | AA | 11,045,758
| 8/01/38 – AGC Insured |  |  |
9,145 | Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community | No Opt. Call | AA– | 7,917,924
| Development Project, Series 1999, 0.000%, 8/01/30 – AMBAC Insured |  |  |
670 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, | 6/23 at 100.00 | A | 727,037
| Series 2013A, 5.750%, 6/01/48 |  |  |
| San Clemente, California, Special Tax Revenue Bonds, Community Facilities District |  |  |
| 2006-1 Marblehead Coastal, Series 2015: |  |  |
480 | 5.000%, 9/01/40 | 9/25 at 100.00 | N/R | 536,846
905 | 5.000%, 9/01/46 | 9/25 at 100.00 | N/R | 1,005,536
4,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/23 at 100.00 | A1 | 4,264,520
| International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 |  |  |
| San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road |  |  |
| Revenue Bonds, Refunding Senior Lien Series 2014A: |  |  |
2,680 | 5.000%, 1/15/44 | 1/25 at 100.00 | A– | 2,987,101
8,275 | 5.000%, 1/15/50 | 1/25 at 100.00 | A– | 9,207,013
7,210 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | No Opt. Call | Baa2 | 7,061,546
| Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured |  |  |
3,400 | San Mateo County Community College District, California, General Obligation Bonds, | No Opt. Call | AAA | 2,989,620
| Series 2006C, 0.000%, 9/01/30 – NPFG Insured |  |  |
4,340 | San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 | No Opt. Call | AA | 3,336,722
| Election Series 2012G, 0.000%, 8/01/34 – AGM Insured |  |  |
5,690 | San Ysidro School District, San Diego County, California, General Obligation Bonds, | 8/25 at 41.10 | AA | 2,200,949
| Refunding Series 2015, 0.000%, 8/01/42 |  |  |
| Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration |  |  |
| and Housing Facility, Series 1994A: |  |  |
3,575 | 6.250%, 7/01/24 (ETM) | No Opt. Call | Baa2 (5) | 3,924,707
3,575 | 6.250%, 7/01/24 | No Opt. Call | Baa2 | 3,925,672
3,500 | Saugus Union School District, Los Angeles County, California, General Obligation Bonds, | No Opt. Call | Aa1 | 3,465,560
| Series 2006, 0.000%, 8/01/23 – FGIC Insured |  |  |
610 | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities | 9/27 at 100.00 | N/R | 675,435
| District 16-01, Series 2017, 6.250%, 9/01/47, 144A |  |  |
454,677 | Total California |  |  | 445,175,689
| Colorado – 10.2% (6.6% of Total Investments) |  |  |
4,300 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series | 12/26 at 103.00 | N/R | 4,263,708
| 2021, 4.375%, 12/01/52 |  |  |
850 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax | 9/24 at 103.00 | N/R | 906,568
| General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/39 |  |  |
| Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding |  |  |
| Series 2016A: |  |  |
883 | 5.500%, 12/01/36 | 12/21 at 103.00 | N/R | 911,230
1,175 | 5.750%, 12/01/46 | 12/21 at 103.00 | N/R | 1,212,483
1,100 | Belleview Station Metropolitan District 2, Denver City and County, Colorado, General | 12/21 at 103.00 | N/R | 1,137,158
| Obligation Bonds, Limited Tax Convertible to Unlimited Tax Refunding & Improvement |  |  |
| Series 2017, 5.000%, 12/01/36 |  |  |
700 | Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited | 12/22 at 103.00 | N/R | 733,460
| Tax Convertible to Unlimited Tax, Series 2017A, 5.000%, 12/01/47 |  |  |
3,410 | Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General Obligation | 12/22 at 103.00 | N/R | 3,568,838
| and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 |  |  |
1,690 | Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General Obligation | 12/22 at 103.00 | N/R | 1,768,720
| and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 |  |  |

35

Table of Contents

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
| 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 | $ 1,197,023
5,465 | 5.000%, 12/01/47, 144A | 12/22 at 103.00 | N/R | 5,722,183
1,475 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & | 12/25 at 103.00 | N/R | 1,602,720
| Improvement Series 2020A, 5.000%, 12/01/51 |  |  |
195 | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, | 12/23 at 100.00 | BB+ | 204,114
| Refunding Series 2014, 5.000%, 12/01/43 |  |  |
1,200 | Clear Creek Station Metropolitan District 2, Adams County, Colorado, Limited Tax General | 12/22 at 103.00 | N/R | 1,255,572
| 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+ | 971,273
| Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46 |  |  |
1,165 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 12/24 at 100.00 | A+ | 1,273,310
| The Classical Academy Project, Refunding Series 2015A, 5.000%, 12/01/38 |  |  |
3,675 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 6/26 at 100.00 | A+ | 3,853,201
| Vanguard School Project, Refunding & Improvement Series 2016, 3.750%, 6/15/47 |  |  |
1,750 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 6/26 at 100.00 | A+ | 1,800,033
| Weld County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, |  |  |
| 3.250%, 6/01/46 |  |  |
| Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The |  |  |
| Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017: |  |  |
2,460 | 5.000%, 6/01/42 (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (5) | 3,001,741
23,470 | 5.000%, 6/01/47 (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (5) | 28,638,563
11,520 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 1/23 at 100.00 | BBB+ (5) | 12,182,861
| Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) |  |  |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, |  |  |
| Series 2019A-2: |  |  |
2,585 | 4.000%, 8/01/49 | 8/29 at 100.00 | BBB+ | 2,871,754
3,320 | 4.000%, 8/01/49 (UB) (6) | 8/29 at 100.00 | BBB+ | 3,688,288
4,900 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living | 12/27 at 103.00 | A– | 5,542,684
| Communities & Services, Series 2020A, 4.000%, 12/01/50 |  |  |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement |  |  |
| Communities Inc., Refunding Series 2012B: |  |  |
1,640 | 5.000%, 12/01/22 (ETM) | No Opt. Call | A– (5) | 1,725,149
2,895 | 5.000%, 12/01/23 (Pre-refunded 12/01/22) | 12/22 at 100.00 | A– (5) | 3,045,308
4,200 | 5.000%, 12/01/24 (Pre-refunded 12/01/22) | 12/22 at 100.00 | A– (5) | 4,418,064
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good |  |  |
| Samaritan Society Project, Series 2013: |  |  |
765 | 5.500%, 6/01/33 (Pre-refunded 6/01/23) | 6/23 at 100.00 | N/R (5) | 828,640
1,575 | 5.625%, 6/01/43 (Pre-refunded 6/01/23) | 6/23 at 100.00 | N/R (5) | 1,709,127
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good |  |  |
| Samaritan Society Project, Series 2013A: |  |  |
1,410 | 5.000%, 6/01/32 (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (5) | 1,637,870
2,000 | 5.000%, 6/01/33 (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (5) | 2,323,220
5,870 | 5.000%, 6/01/40 (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (5) | 6,818,651
6,920 | 5.000%, 6/01/45 (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (5) | 8,038,341
2,035 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, | 5/27 at 100.00 | BB+ | 2,320,368
| Refunding & Improvement Series 2017A, 5.250%, 5/15/47 |  |  |
13,610 | Colorado Housing and Finance Authority, Multifamily Project Bonds, Class I Series 2020B, | 10/29 at 100.00 | AAA | 13,655,866
| 2.350%, 10/01/43 |  |  |
4,105 | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax | 12/23 at 103.00 | N/R | 4,408,647
| General Obligation Bonds, Refunding & Improvement Series 2018, 5.875%, 12/01/46 |  |  |
600 | Copperleaf Metropolitan District 4, Arapahoe County, Colorado, Limited Tax General | 3/25 at 103.00 | N/R | 645,846
| Obligation Bonds, Convertible to Unlimited Tax Series 2020A, 5.000%, 12/01/49 |  |  |

36

Table of Contents

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 1,480 | Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, | 12/22 at 103.00 | N/R | $ 1,550,256
| Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A, 5.250%, 12/01/47 |  |  |
1,273 | Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, | 12/22 at 103.00 | N/R | 1,333,022
| Limited Tax Convertible to Unlimited Tax, Refunding Series 2017B, 5.250%, 12/01/47 |  |  |
500 | Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, | 12/25 at 100.00 | N/R | 538,250
| Refunding Series 2016, 5.250%, 12/01/40 |  |  |
10,640 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series | 11/23 at 100.00 | A+ | 11,574,937
| 2013B, 5.000%, 11/15/43 |  |  |
505 | Denver Connection West Metropolitan District, City and County of Denver, Colorado, Limited | 12/22 at 103.00 | N/R | 529,917
| Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2017A, 5.375%, 8/01/47 |  |  |
| Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado |  |  |
| Urban Redevelopement Area, Series 2018A: |  |  |
485 | 5.250%, 12/01/39, 144A | 12/23 at 103.00 | N/R | 526,118
2,310 | 5.250%, 12/01/39, 144A | 12/23 at 103.00 | N/R | 2,506,743
11,700 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation | No Opt. Call | A | 7,189,884
| Series 2010A, 0.000%, 9/01/41 |  |  |
| E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: |  |  |
35,995 | 0.000%, 9/01/23 – NPFG Insured | No Opt. Call | A | 35,698,401
6,525 | 0.000%, 9/01/26 – NPFG Insured | No Opt. Call | A | 6,204,753
| E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: |  |  |
17,030 | 0.010%, 9/01/25 – NPFG Insured | No Opt. Call | A | 16,481,975
10,005 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 8,133,765
43,090 | 0.010%, 9/01/33 – NPFG Insured | No Opt. Call | A | 34,135,467
| E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: |  |  |
20,000 | 0.000%, 9/01/27 – NPFG Insured | No Opt. Call | A | 18,598,600
1,180 | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | A | 1,071,192
7,000 | 0.000%, 9/01/34 – NPFG Insured | No Opt. Call | A | 5,390,770
500 | Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation | 12/21 at 103.00 | N/R | 515,610
| Limited Tax Bonds, Series 2016, 5.125%, 12/01/46 |  |  |
590 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series | 12/24 at 100.00 | N/R | 606,791
| 2014, 6.000%, 12/01/38 |  |  |
825 | Forest Trace Metropolitan District 3, Aurora City, Arapahoe County, Colorado, General | 12/21 at 103.00 | N/R (5) | 852,951
| Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016A, 5.000%, 12/01/46 |  |  |
| (Pre-refunded 12/01/21) |  |  |
1,355 | Great Western Park Metropolitan District 2, Broomfield City and County, Colorado, | 12/21 at 100.00 | N/R | 1,400,880
| General Obligation Bonds, Series 2016A, 5.000%, 12/01/46 |  |  |
742 | Green Gables Metropolitan District No. 1, Jefferson County, Colorado, General Obligation | 12/21 at 103.00 | N/R (5) | 767,094
| Bonds, Series 2016A, 5.300%, 12/01/46 (Pre-refunded 12/01/21) |  |  |
700 | Harmony Technology Park Metropolitan District 2, Fort Collins, Colorado, General | 12/22 at 103.00 | N/R (5) | 755,286
| Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2017, 5.000%, 9/01/47 |  |  |
| (Pre-refunded 12/01/22) |  |  |
500 | Iron Mountain Metropolitan District 2, Windsor, Weld County, Colorado, Limited Tax | 12/24 at 103.00 | N/R | 534,725
| General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/39 |  |  |
| Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: |  |  |
2,325 | 5.250%, 12/01/36 | 12/21 at 103.00 | N/R | 2,398,121
8,955 | 5.375%, 12/01/46 | 12/21 at 103.00 | N/R | 9,235,739
| 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 | 865,757
5,355 | 6.000%, 12/15/50 | 12/23 at 100.00 | N/R | 4,692,640
980 | Leyden Rock Metropolitan District No. 10, In the City of Arvada, Colorado, Limited Tax | 12/21 at 103.00 | N/R | 1,013,183
| General Obligation Bonds, Refunding and Improvement Series 20016A, 5.000%, 12/01/45 |  |  |
500 | Littleton Village Metropolitan District No. 2, Colorado, Limited Tax General Obligation | 11/21 at 103.00 | N/R | 515,665
| and Special Revenue Bonds, Series 2015, 5.375%, 12/01/45 |  |  |

37

Table of Contents

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 860 | Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, | 12/25 at 100.00 | N/R | $ 925,910
| Refunding Series 2016, 5.000%, 12/01/35 |  |  |
5,155 | North Range Metropolitan District 1, Adams County, Colorado, General Obligation Bonds, | 12/25 at 100.00 | A2 | 5,440,587
| Series 2016B, 3.500%, 12/01/45 |  |  |
| North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General |  |  |
| Obligation Bonds, Refunding Special Revenue & Improvement Series 2017A: |  |  |
1,000 | 5.625%, 12/01/37 | 12/22 at 103.00 | N/R | 1,056,020
1,000 | 5.750%, 12/01/47 | 12/22 at 103.00 | N/R | 1,054,590
585 | Overlook Metropolitan District, Parker, Douglas County, Colorado, General Obligation | 12/21 at 103.00 | N/R | 605,019
| Limited Tax Bonds, Series 2016A, 5.500%, 12/01/46 |  |  |
| Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, |  |  |
| Series 2019: |  |  |
3,380 | 5.000%, 12/01/39 | 12/24 at 103.00 | N/R | 3,677,271
6,900 | 5.000%, 12/01/49 | 12/24 at 103.00 | N/R | 7,449,102
| Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax |  |  |
| Refunding & Improvement Series 2016: |  |  |
660 | 5.000%, 12/01/36 | 12/26 at 100.00 | Baa3 | 754,360
1,060 | 5.000%, 12/01/46 | 12/26 at 100.00 | Baa3 | 1,194,631
660 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/25 at 100.00 | A | 744,282
| Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 |  |  |
665 | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax | 3/26 at 103.00 | N/R | 725,854
| General Obligation Bonds, Series 2021A, 5.000%, 12/01/41, 144A |  |  |
2,760 | Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, | 12/26 at 100.00 | N/R | 2,978,702
| Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding |  |  |
| Series 2017A, 5.000%, 12/15/41, 144A |  |  |
1,500 | Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax | 10/26 at 102.00 | N/R | 1,528,650
| Supported and Special Revenue Bonds, Series 2021, 4.000%, 12/01/41 |  |  |
| 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 | 1,402,499
2,765 | 5.500%, 12/01/47 | 12/23 at 103.00 | N/R | 2,950,946
5,050 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit | 1/31 at 100.00 | A– | 5,307,297
| Partners Eagle P3 Project, Series 2020A, 3.000%, 7/15/37 |  |  |
1,280 | Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation | 12/21 at 103.00 | N/R | 1,320,371
| Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 |  |  |
930 | SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series | 12/21 at 103.00 | N/R | 958,988
| 2016, 5.000%, 12/01/46 |  |  |
1,000 | St. Vrain Lakes Metropolitan District No. 2, Weld County, Colorado, Limited Tax General | 12/22 at 103.00 | N/R | 1,056,340
| Obligation Bonds, Series 2017A, 5.000%, 12/01/37 |  |  |
| STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General |  |  |
| Obligation and Special Revenue Bonds, Refunding & improvement Series 2019A: |  |  |
1,000 | 5.000%, 12/01/38 | 12/24 at 103.00 | N/R | 1,088,890
570 | 5.000%, 12/01/49 | 12/24 at 103.00 | N/R | 616,415
765 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax | 12/25 at 102.00 | N/R | 843,030
| Supported District 2, Refunding & Improvement Senior Series 2020A, 4.250%, 12/01/50 |  |  |
2,765 | Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation | 12/25 at 103.00 | N/R | 3,017,500
| Limited Tax Bonds, Series 2020, 5.125%, 12/01/50 |  |  |
500 | Table Mountain Metropolitan District, Jefferson County, Colorado, Limited Tax General | 12/21 at 103.00 | N/R (5) | 515,795
| Obligation Bonds, Series 2016A, 5.250%, 12/01/45 (Pre-refunded 12/01/21) |  |  |
500 | The Village at Dry Creek Metropolitan District No. 2, In the City of Thornton, Adams | 9/24 at 103.00 | N/R | 524,215
| County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2019, |  |  |
| 4.375%, 12/01/44 |  |  |

38

Table of Contents

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 500 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | $ 446,325
| General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2, 5.500%, |  |  |
| 12/01/51 (8) |  |  |
900 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | 992,151
| General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/51 |  |  |
8,500 | University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, | 11/22 at 100.00 | AA | 8,897,035
| 5.000%, 11/15/42 |  |  |
3,410 | Vauxmont Metropolitan District, Arvada, Colorado, Limited Tax General Obligation and | 12/29 at 100.00 | AA | 4,189,356
| Special Revenue Bonds, Convertible to Unlimited Tax Refunding Subordinate Series 2020, |  |  |
| 5.000%, 12/01/50 – AGM Insured |  |  |
378,963 | Total Colorado |  |  | 377,763,205
| Connecticut – 5.7% (3.7% of Total Investments) |  |  |
| Bridgeport, Connecticut, General Obligation Bonds, Series 2014A: |  |  |
2,345 | 5.000%, 7/01/32 – AGM Insured | 7/24 at 100.00 | AA | 2,593,875
1,600 | 5.000%, 7/01/34 – AGM Insured | 7/24 at 100.00 | AA | 1,766,912
2,800 | Bridgeport, Connecticut, General Obligation Bonds, Series 2016D, 5.000%, 8/15/41 – | 8/26 at 100.00 | AA | 3,282,188
| AGM Insured |  |  |
| Bridgeport, Connecticut, General Obligation Bonds, Series 2017A: |  |  |
1,470 | 5.000%, 11/01/36 | 11/27 at 100.00 | A | 1,756,194
750 | 5.000%, 11/01/37 | 11/27 at 100.00 | A | 894,323
5,505 | Connecticut Health and Educational Facilities Authority Revenue Bonds, Hartford | 7/25 at 100.00 | A+ | 6,269,810
| HealthCare, Series 2015F, 5.000%, 7/01/45 |  |  |
4,250 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut | 7/26 at 100.00 | A2 | 4,683,628
| College, Refunding Series 2016L-1, 4.000%, 7/01/46 |  |  |
1,100 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Duncaster, Inc., | 8/24 at 100.00 | BBB | 1,178,287
| Series 2014A, 5.000%, 8/01/44 |  |  |
5,565 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield | 7/26 at 100.00 | A– | 6,476,213
| University, Series 2016Q-1, 5.000%, 7/01/46 |  |  |
500 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford | 7/24 at 100.00 | A+ | 555,395
| HealthCare, Series 2014E, 5.000%, 7/01/42 |  |  |
| Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare |  |  |
| Facility Expansion Church Home of Hartford Inc. Project, Series 2016A: |  |  |
590 | 5.000%, 9/01/46, 144A | 9/26 at 100.00 | BB | 649,083
740 | 5.000%, 9/01/53, 144A | 9/26 at 100.00 | BB | 811,639
3,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home | 10/24 at 104.00 | BB | 3,274,380
| Issue, Series 2019A-1, 5.000%, 10/01/54, 144A |  |  |
1,915 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex | 7/25 at 100.00 | A3 | 2,184,019
| Hospital, Series 2015O, 5.000%, 7/01/36 |  |  |
1,125 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Norwich Free | 7/23 at 100.00 | Aa3 (5) | 1,194,604
| Academy, Series 2013B, 4.000%, 7/01/34 (Pre-refunded 7/01/23) |  |  |
| Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health |  |  |
| Series 2019A: |  |  |
1,000 | 4.000%, 7/01/41 | 7/29 at 100.00 | A– | 1,136,070
1,370 | 4.000%, 7/01/49 | 7/29 at 100.00 | A– | 1,530,646
| Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac |  |  |
| University, Refunding Series 2015L: |  |  |
10,105 | 4.125%, 7/01/41 | 7/25 at 100.00 | A– | 10,930,275
7,030 | 5.000%, 7/01/45 | 7/25 at 100.00 | A– | 7,827,553
| Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac |  |  |
| University, Series 2016M: |  |  |
500 | 5.000%, 7/01/34 | 7/26 at 100.00 | A– | 578,785
1,250 | 5.000%, 7/01/36 | 7/26 at 100.00 | A– | 1,443,038
6,145 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart | 7/27 at 100.00 | A | 7,200,527
| University, Series 2017I-1, 5.000%, 7/01/42 |  |  |

39

Table of Contents

NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Connecticut (continued) |  |  |
| Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford |  |  |
| Hospital, Series 2012J: |  |  |
$ 1,000 | 5.000%, 7/01/37 | 7/22 at 100.00 | BBB+ | $ 1,031,190
8,055 | 5.000%, 7/01/42 | 7/22 at 100.00 | BBB+ | 8,306,235
4,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford | 7/26 at 100.00 | BBB+ | 4,361,200
| Hospital, Series 2016K, 4.000%, 7/01/46 |  |  |
| Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health |  |  |
| Credit Group, Series 2016CT: |  |  |
2,650 | 5.000%, 12/01/41 | 6/26 at 100.00 | AA– | 3,124,589
770 | 5.000%, 12/01/45 | 6/26 at 100.00 | AA– | 904,873
2,250 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of | 7/28 at 100.00 | BBB– | 2,640,105
| New Haven, Series 2018K-1, 5.000%, 7/01/38 |  |  |
| Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven |  |  |
| Health Issue, Series 2014E: |  |  |
2,610 | 5.000%, 7/01/32 | 7/24 at 100.00 | AA– | 2,910,907
2,740 | 5.000%, 7/01/33 | 7/24 at 100.00 | AA– | 3,053,593
900 | 5.000%, 7/01/34 | 7/24 at 100.00 | AA– | 1,002,240
5,580 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut | 11/23 at 100.00 | Aa3 (5) | 6,103,348
| State University System, Series 2013N, 5.000%, 11/01/31 (Pre-refunded 11/01/23) |  |  |
| Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, |  |  |
| Tender Option Bond Trust 2016-XG0059: |  |  |
1,295 | 17.876%, 1/01/32, 144A (IF) (6) | 1/23 at 100.00 | Aa3 | 1,560,410
410 | 17.709%, 1/01/38, 144A (IF) | 1/23 at 100.00 | Aa3 | 489,524
3,500 | Connecticut State, General Obligation Bonds, Series 2014F, 5.000%, 11/15/34 | 11/24 at 100.00 | Aa3 | 3,939,635
2,630 | Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/34 | 11/25 at 100.00 | Aa3 | 3,058,322
3,730 | Connecticut State, General Obligation Bonds, Series 2017A, 5.000%, 4/15/35 | 4/27 at 100.00 | Aa3 | 4,477,902
| Connecticut State, General Obligation Bonds, Series 2018A: |  |  |
3,500 | 5.000%, 4/15/35 (UB) (6) | 4/28 at 100.00 | Aa3 | 4,315,850
5,000 | 5.000%, 4/15/38 (UB) (6) | 4/28 at 100.00 | Aa3 | 6,134,850
3,855 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes | 10/23 at 100.00 | AA– | 4,178,126
| Series 2013A, 5.000%, 10/01/33 |  |  |
1,380 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes | 8/25 at 100.00 | AA– | 1,593,955
| Series 2015A, 5.000%, 8/01/33 |  |  |
| Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes |  |  |
| Series 2016A: |  |  |
5,300 | 5.000%, 9/01/33 | 9/26 at 100.00 | AA– | 6,323,642
1,075 | 5.000%, 9/01/34 | 9/26 at 100.00 | AA– | 1,282,056
3,500 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, | 9/24 at 100.00 | AA– | 3,931,095
| Series 2014A, 5.000%, 9/01/33 |  |  |
| Connecticut Transmission Municipal Electric Energy Cooperative, Transmission System |  |  |
| Revenue Bonds, Series 2012A: |  |  |
655 | 5.000%, 1/01/31 | 1/22 at 100.00 | Aa3 | 660,148
500 | 5.000%, 1/01/32 | 1/22 at 100.00 | Aa3 | 503,930
2,830 | 5.000%, 1/01/42 | 1/22 at 100.00 | Aa3 | 2,852,244
| Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater |  |  |
| System Revenue Bonds, Refunding Series 2014B: |  |  |
500 | 5.000%, 8/15/30 (Pre-refunded 8/15/24) | 8/24 at 100.00 | AA+ (5) | 564,755
1,000 | 5.000%, 8/15/31 (Pre-refunded 8/15/24) | 8/24 at 100.00 | AA+ (5) | 1,129,510
55 | Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater | 11/21 at 100.00 | AA+ | 55,200
| System Revenue Bonds, Series 2005A, 5.000%, 8/15/35 – NPFG Insured |  |  |
225 | Hamden, Connecticut, General Obligation Bonds, Series 2016, 5.000%, 8/15/32 – | 8/24 at 100.00 | AA | 249,795
| BAM Insured |  |  |
2,315 | Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation | 4/27 at 100.00 | N/R | 2,633,012
| Revenue Bonds, Harbor Point Project, Refunding Series 2017, 5.000%, 4/01/39, 144A |  |  |

40

Table of Contents

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Connecticut (continued) |  |  |
$ 10,015 | Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, | 11/24 at 100.00 | Aa2 | $ 11,385,953
| Refunding Green Bond Series 2014A, 5.000%, 11/01/42 |  |  |
| Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, |  |  |
| Series 2013A: |  |  |
4,100 | 5.000%, 4/01/36 (Pre-refunded 4/01/22) | 4/22 at 100.00 | Aa2 (5) | 4,182,123
2,500 | 5.000%, 4/01/39 (Pre-refunded 4/01/22) | 4/22 at 100.00 | Aa2 (5) | 2,550,075
2,285 | Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Series | 7/28 at 100.00 | AA | 2,802,255
| 2018, 5.000%, 7/15/36 |  |  |
870 | Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28 – | 11/21 at 100.00 | AA | 873,062
| AGC Insured |  |  |
| Milford, Connecticut, General Obligation Bonds, Series 2018: |  |  |
1,055 | 4.000%, 11/01/36 | 11/24 at 100.00 | AA+ | 1,142,227
1,055 | 4.000%, 11/01/37 | 11/24 at 100.00 | AA+ | 1,141,056
1,550 | New Haven, Connecticut, General Obligation Bonds, Refunding Series 2016A, 5.000%, | 8/26 at 100.00 | AA | 1,812,214
| 8/15/35 – AGM Insured |  |  |
985 | New Haven, Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 8/01/33 – | 8/24 at 100.00 | AA | 1,089,893
| AGM Insured |  |  |
| New Haven, Connecticut, General Obligation Bonds, Series 2015: |  |  |
790 | 5.000%, 9/01/32 – AGM Insured | 9/25 at 100.00 | AA | 904,740
1,620 | 5.000%, 9/01/33 – AGM Insured | 9/25 at 100.00 | AA | 1,852,664
500 | 5.000%, 9/01/35 – AGM Insured | 9/25 at 100.00 | AA | 570,800
| New Haven, Connecticut, General Obligation Bonds, Series 2017A: |  |  |
1,000 | 5.000%, 8/01/35 | 8/27 at 100.00 | BBB+ | 1,180,150
1,425 | 5.000%, 8/01/36 | 8/27 at 100.00 | BBB+ | 1,678,493
900 | North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24 | No Opt. Call | Aa1 | 1,013,454
795 | South Central Connecticut Regional Water Authority Water System Revenue Bonds, Thirtieth | 8/24 at 100.00 | AA– (5) | 896,529
| Series 2014A, 5.000%, 8/01/44 (Pre-refunded 8/01/24) |  |  |
| South Central Connecticut Regional Water Authority, Water System Revenue Bonds, |  |  |
| Refunding Thirty-Second Series 2016B: |  |  |
2,715 | 4.000%, 8/01/36 | 8/26 at 100.00 | AA– | 3,070,882
2,220 | 5.000%, 8/01/37 | 8/26 at 100.00 | AA– | 2,634,829
3,250 | South Central Connecticut Regional Water Authority, Water System Revenue Bonds, | 8/22 at 100.00 | AA– (5) | 3,367,098
| Twenty-Seventh Series 2012, 5.000%, 8/01/33 (Pre-refunded 8/01/22) |  |  |
500 | Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series | 8/23 at 100.00 | AA+ | 541,150
| 2013A, 5.250%, 8/15/43 |  |  |
| Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2019: |  |  |
200 | 4.000%, 4/01/37 | 4/29 at 100.00 | AA+ | 234,344
250 | 4.000%, 4/01/38 | 4/29 at 100.00 | AA+ | 292,375
1,285 | Steel Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue | 4/30 at 100.00 | N/R | 1,321,982
| Bonds, Steelpointe Harbor Project, Series 2021, 4.000%, 4/01/51 |  |  |
600 | Stratford, Connecticut, General Obligation Bonds, Series 2014, 5.000%, 12/15/32 | 12/22 at 100.00 | AA– (5) | 632,088
| (Pre-refunded 12/15/22) |  |  |
1,500 | Stratford, Connecticut, General Obligation Bonds, Series 2017, 4.000%, 1/01/39 – | 1/27 at 100.00 | AA | 1,675,320
| BAM Insured |  |  |
1,000 | Town of Hamden, Connecticut, General Obligation Bonds, Refunding Series 2018A, 5.000%, | 8/28 at 100.00 | AA | 1,224,440
| 8/15/30 – BAM Insured |  |  |
2,500 | University of Connecticut, General Obligation Bonds, Series 2013A, 5.000%, 8/15/32 | 8/23 at 100.00 | Aa3 | 2,684,450
760 | University of Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 2/15/31 | 2/24 at 100.00 | Aa3 | 835,020
2,250 | University of Connecticut, General Obligation Bonds, Series 2015A, 5.000%, 3/15/31 | 3/26 at 100.00 | Aa3 | 2,635,110

41

Table of Contents

NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Connecticut (continued) |  |  |
| Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015: |  |  |
$ 445 | 5.000%, 8/01/30 – BAM Insured | 8/25 at 100.00 | AA | $ 512,569
390 | 5.000%, 8/01/31 – BAM Insured | 8/25 at 100.00 | AA | 449,062
610 | 5.000%, 8/01/32 – BAM Insured | 8/25 at 100.00 | AA | 701,890
445 | 5.000%, 8/01/33 – BAM Insured | 8/25 at 100.00 | AA | 511,679
445 | 5.000%, 8/01/34 – BAM Insured | 8/25 at 100.00 | AA | 511,145
187,275 | Total Connecticut |  |  | 210,500,806
| Delaware – 0.1% (0.1% of Total Investments) |  |  |
| Kent County, Delaware, Student Housing & Dining Facility Revenue Bonds, Collegiate |  |  |
| Housing Foundation – Dover LLC Delaware State University Project, Series 2018A: |  |  |
2,585 | 5.000%, 7/01/53 | 1/28 at 100.00 | BB– | 2,863,120
1,000 | 5.000%, 7/01/58 | 1/28 at 100.00 | BB– | 1,104,630
3,585 | Total Delaware |  |  | 3,967,750
| District of Columbia – 2.6% (1.7% of Total Investments) |  |  |
3,780 | District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard | 10/22 at 100.00 | BB– | 3,898,503
| Properties LLC Issue, Series 2013, 5.000%, 10/01/45 |  |  |
2,570 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | No Opt. Call | A– | 2,816,155
| Bonds, Series 2001, 6.500%, 5/15/33 |  |  |
186,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | 11/21 at 22.08 | N/R | 40,879,080
| Bonds, Series 2006A, 0.000%, 6/15/46 |  |  |
1,500 | District of Columbia, Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A, | 7/24 at 103.00 | N/R | 1,601,685
| 5.000%, 7/01/42 |  |  |
1,810 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/29 at 100.00 | AA | 2,059,255
| Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B, |  |  |
| 4.000%, 10/01/53 – AGM Insured |  |  |
3,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/28 at 100.00 | A | 3,675,450
| Dulles Metrorail & Capital Improvement Projects, Refunding First Senior Lien Series 2019A, |  |  |
| 5.000%, 10/01/44 |  |  |
14,945 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 4/22 at 100.00 | A– | 15,231,346
| Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, |  |  |
| 5.000%, 10/01/53 |  |  |
11,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/26 at 100.00 | AA | 13,848,230
| Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, |  |  |
| 10/01/41 – AGC Insured |  |  |
10,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/28 at 100.00 | A– | 13,169,800
| Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 |  |  |
234,605 | Total District of Columbia |  |  | 97,179,504
| Florida – 4.5% (2.9% of Total Investments) |  |  |
990 | Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue | 5/26 at 100.00 | N/R | 1,057,211
| Bonds, Series 2016, 4.700%, 5/01/36 |  |  |
1,000 | Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin | 7/26 at 100.00 | N/R | 1,065,810
| Academy Projects, Series 2020, 5.000%, 12/15/50, 144A |  |  |
| Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2018: |  |  |
1,290 | 6.100%, 8/15/38, 144A | 8/28 at 100.00 | N/R | 1,413,389
1,045 | 6.200%, 8/15/48, 144A | 8/28 at 100.00 | N/R | 1,131,934
| Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2021: |  |  |
1,040 | 4.000%, 8/15/51, 144A | 8/28 at 100.00 | N/R | 984,474
1,000 | 4.250%, 8/15/61, 144A | 8/28 at 100.00 | N/R | 941,510
| Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, Series 2017A: |  |  |
1,065 | 5.375%, 7/01/37, 144A | 7/27 at 100.00 | Ba1 | 1,211,853
1,470 | 5.500%, 7/01/47, 144A | 7/27 at 100.00 | Ba1 | 1,656,778

42

Table of Contents

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 5,225 | Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center, | 6/28 at 100.00 | N/R | $ 2,860,740
| Orlando Project, Series 2018, 7.500%, 6/01/48, 144A (4), (7) |  |  |
| Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2017A: |  |  |
6,050 | 5.125%, 6/15/37, 144A | 6/27 at 100.00 | N/R | 6,693,296
1,885 | 5.250%, 6/15/47, 144A | 6/27 at 100.00 | N/R | 2,074,405
880 | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series | 10/27 at 100.00 | Ba2 | 983,409
| 2017A, 5.000%, 10/15/37, 144A |  |  |
735 | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series | 10/27 at 100.00 | Ba2 | 807,434
| 2019A, 5.000%, 10/15/49, 144A |  |  |
4,670 | City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 | 9/25 at 100.00 | AA– | 5,357,751
1,025 | Cityplace Community Development District, Florida, Special Assessment and Revenue | No Opt. Call | A | 1,145,991
| Bonds, Refunding Series 2012, 5.000%, 5/01/26 |  |  |
1,480 | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges | 11/23 at 100.00 | N/R (5) | 1,646,278
| University, Refunding Series 2013, 6.125%, 11/01/43 (Pre-refunded 11/01/23) |  |  |
| Creekside at Twin Creeks Community Development District, Florida, Special Assessment |  |  |
| Bonds, Area 1 Project, Series 2016A-1: |  |  |
240 | 5.250%, 11/01/37 | 11/28 at 100.00 | N/R | 269,539
305 | 5.600%, 11/01/46 | 11/28 at 100.00 | N/R | 345,281
| Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University |  |  |
| Project, Series 2013A: |  |  |
3,445 | 6.000%, 4/01/42 (Pre-refunded 4/01/23) | 4/23 at 100.00 | Baa1 (5) | 3,722,219
1,720 | 5.625%, 4/01/43 (Pre-refunded 4/01/23) | 4/23 at 100.00 | Baa1 (5) | 1,850,084
| Downtown Doral Community Development District, Florida, Special Assessment Bonds, |  |  |
| Series 2015: |  |  |
280 | 5.250%, 5/01/35 | 5/26 at 100.00 | N/R | 300,345
315 | 5.300%, 5/01/36 | 5/26 at 100.00 | N/R | 337,860
475 | 5.500%, 5/01/45 | 5/26 at 100.00 | N/R | 511,879
655 | 5.500%, 5/01/46 | 5/26 at 100.00 | N/R | 705,566
| 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 | 273,967
665 | 6.125%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 710,147
415 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical | 6/26 at 100.00 | N/R | 445,868
| 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 | 2,683,418
3,735 | 5.750%, 7/01/47, 144A | 7/27 at 101.00 | N/R | 4,173,452
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida |  |  |
| Charter Foundation Inc. Projects, Series 2016A: |  |  |
2,075 | 4.750%, 7/15/36, 144A | 7/26 at 100.00 | N/R | 2,226,475
1,335 | 5.000%, 7/15/46, 144A | 7/26 at 100.00 | N/R | 1,433,950
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater |  |  |
| Academy Projects, Series 2020A: |  |  |
4,330 | 5.000%, 6/15/50, 144A | 6/27 at 100.00 | BBB | 4,913,208
3,405 | 5.000%, 6/15/55, 144A | 6/27 at 100.00 | BBB | 3,852,042
| 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 | 3,471,028
3,450 | 6.125%, 6/15/46, 144A | 6/25 at 100.00 | N/R | 3,839,954
550 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 6/24 at 100.00 | N/R | 591,525
| Renaissance Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44 |  |  |
4,380 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest | 6/27 at 100.00 | N/R | 4,673,679
| Charter Foundation Inc Projects, Series 2017A, 6.125%, 6/15/47, 144A |  |  |

43

Table of Contents

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The |  |  |
| Florida Charter Educational Foundation Inc. Projects, Series 2016A: |  |  |
$ 1,485 | 6.250%, 6/15/36, 144A | 6/26 at 100.00 | N/R | $ 1,719,437
4,350 | 6.375%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 4,990,842
5,500 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Social Series | 7/30 at 100.00 | Aaa | 5,282,310
| 2021-2, 2.200%, 7/01/46 |  |  |
1,435 | Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special | 5/26 at 100.00 | N/R | 1,519,450
| Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 |  |  |
600 | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series | 10/22 at 100.00 | Aa3 | 625,842
| 2012, 5.000%, 10/01/30 |  |  |
2,215 | Jacksonville, Florida, Educational Facilities Revenue Bonds, Jacksonville University | 6/28 at 100.00 | N/R | 2,527,381
| Project, Series 2018B, 5.000%, 6/01/53, 144A |  |  |
625 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb | 5/27 at 100.00 | N/R | 689,913
| Project, Series 2017, 5.000%, 5/01/37, 144A |  |  |
4,125 | Martin County Health Facilities Authority, Florida, Hospital Revenue Bonds, Martin | 11/24 at 100.00 | N/R (5) | 4,696,972
| Memorial Medical Center, Series 2015, 5.000%, 11/15/45 (Pre-refunded 11/15/24) |  |  |
| Miami Dade County Industrial Development Authority, Florida, Educational Facilities |  |  |
| Revenue Bonds, South Florida Autism Charter School Project, Series 2017: |  |  |
1,080 | 5.875%, 7/01/37, 144A | 7/27 at 100.00 | N/R | 1,182,794
1,920 | 6.000%, 7/01/47, 144A | 7/27 at 100.00 | N/R | 2,083,392
5,965 | Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, | 10/24 at 100.00 | A– | 6,626,041
| 5.000%, 10/01/43 |  |  |
2,130 | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami | 7/27 at 100.00 | BB+ | 2,152,259
| Jewish Health System Inc. Project, Series 2017, 5.125%, 7/01/46 |  |  |
5,000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series | 7/24 at 100.00 | A | 5,517,600
| 2014A, 5.000%, 7/01/44 |  |  |
2,400 | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series | 10/22 at 100.00 | A+ (5) | 2,505,624
| 2012B, 5.000%, 10/01/37 (Pre-refunded 10/01/22) |  |  |
6,305 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, | 10/22 at 100.00 | AA– (5) | 6,582,483
| 10/01/42 (Pre-refunded 10/01/22) |  |  |
4,785 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement | 8/26 at 100.00 | N/R | 5,382,407
| Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35 |  |  |
4,270 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando | 4/22 at 100.00 | A+ (5) | 4,354,631
| Health, Inc., Series 2012A, 5.000%, 10/01/42 (Pre-refunded 4/01/22) |  |  |
| Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & |  |  |
| Improvement Series 2019A-1: |  |  |
1,245 | 5.000%, 10/01/44 | 10/29 at 100.00 | BBB+ | 1,532,421
1,645 | 5.000%, 10/01/49 | 10/29 at 100.00 | BBB+ | 2,012,756
3,345 | 4.000%, 10/01/54 | 10/29 at 100.00 | BBB+ | 3,777,575
230 | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences | 6/22 at 102.00 | N/R | 241,226
| of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 |  |  |
825 | Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 | 11/26 at 100.00 | N/R | 888,665
| Project, Series 2016, 5.000%, 11/01/46 |  |  |
220 | Seminole County Industrial Development Authority, Florida, Educational Facilities | 6/31 at 100.00 | Ba1 | 240,761
| Revenue Bonds, Galileo Schools for Gifted Learning, Series 2021A, 4.000%, 6/15/51, 144A |  |  |
| Six Mile Creek Community Development District, Florida, Capital Improvement Revenue |  |  |
| Bonds, Assessment Area 2, Series 2016: |  |  |
200 | 4.750%, 11/01/28 | 11/27 at 100.00 | N/R | 213,140
375 | 5.375%, 11/01/36 | 11/27 at 100.00 | N/R | 412,740
920 | South Fork III Community Development District, Florida, Special Assessment Revenue | 5/27 at 100.00 | N/R | 1,013,996
| Bonds, Refunding Series 2016, 5.375%, 5/01/37 |  |  |
4,120 | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, | 5/22 at 100.00 | Aa2 | 4,219,045
| 5.000%, 11/15/33 |  |  |

44

Table of Contents

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 560 | Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s | 11/21 at 100.00 | N/R (5) | $ 587,451
| Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM) |  |  |
1,735 | Tampa, Florida, Revenue Bonds, H. Lee Moffitt Cancer Center and Research Institute, | 7/30 at 100.00 | A2 | 2,128,325
| Series 2020B, 5.000%, 7/01/50 |  |  |
10,105 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series | 7/22 at 100.00 | A2 (5) | 10,427,147
| 2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) |  |  |
5,000 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson | 6/25 at 100.00 | A– | 5,664,500
| University Inc. Project, Series 2015, 5.000%, 6/01/40 |  |  |
153,060 | Total Florida |  |  | 164,162,875
| Georgia – 3.1% (2.0% of Total Investments) |  |  |
13,235 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia | 5/31 at 100.00 | AA– | 13,148,973
| Transmission Corporation Vogtle Project, Series 2012, 2.750%, 1/01/52 |  |  |
5,715 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe | 2/28 at 100.00 | BBB+ | 6,415,202
| Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45 |  |  |
11,255 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe | 2/28 at 100.00 | BBB+ | 12,633,963
| Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 |  |  |
2,000 | Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 (Pre-refunded | 12/21 at 100.00 | AA (5) | 2,009,060
| 12/01/21) – AGM Insured |  |  |
10,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. | 7/29 at 100.00 | AA– | 11,383,400
| Project, Series 2019A, 4.000%, 7/01/49 |  |  |
15,305 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | 2/25 at 100.00 | AA (5) | 17,800,786
| Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54 |  |  |
| (Pre-refunded 2/15/25) |  |  |
| Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A: |  |  |
2,730 | 3.950%, 12/01/43 | 6/27 at 100.00 | AAA | 2,836,770
4,085 | 4.000%, 12/01/48 | 6/27 at 100.00 | AAA | 4,243,743
1,300 | Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for | 6/27 at 100.00 | N/R | 1,493,700
| Classical Education, Series 2017, 5.750%, 6/15/37, 144A |  |  |
4,000 | Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life | 11/27 at 100.00 | Ba3 | 4,367,240
| University, Inc. Project, Refunding Series 2017A, 5.000%, 11/01/47, 144A |  |  |
10,825 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, | 7/25 at 100.00 | A | 12,215,255
| Series 2015A, 5.000%, 7/01/60 |  |  |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, |  |  |
| Series 2019A: |  |  |
8,680 | 5.000%, 1/01/49 | 7/28 at 100.00 | A | 10,416,347
4,000 | 5.000%, 1/01/59 | 7/28 at 100.00 | A | 4,780,360
1,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, | 10/22 at 100.00 | Baa1 | 1,041,240
| Refunding Series 2012C, 5.250%, 10/01/27 |  |  |
10,090 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, | 10/25 at 100.00 | Baa1 | 11,371,228
| Series 2015, 5.000%, 10/01/40 |  |  |
104,220 | Total Georgia |  |  | 116,157,267
| Guam – 0.5% (0.3% of Total Investments) |  |  |
1,500 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, | 11/25 at 100.00 | BB | 1,685,400
| 5.000%, 11/15/39 |  |  |
| Government of Guam, Business Privilege Tax Bonds, Series 2011A: |  |  |
840 | 5.250%, 1/01/36 | 1/22 at 100.00 | BB | 846,880
3,200 | 5.125%, 1/01/42 | 1/22 at 100.00 | BB | 3,225,536
| Guam Government Waterworks Authority, Water and Wastewater System Revenue |  |  |
| Bonds, Refunding Series 2017: |  |  |
1,335 | 5.000%, 7/01/36 | 7/27 at 100.00 | A– | 1,535,744
890 | 5.000%, 7/01/40 | 7/27 at 100.00 | A– | 1,019,611

45

Table of Contents

NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Guam (continued) |  |  |
$ 3,695 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/23 at 100.00 | A– (5) | $ 4,005,860
| 2013, 5.500%, 7/01/43 (Pre-refunded 7/01/23) |  |  |
235 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/26 at 100.00 | A– | 262,528
| 2016, 5.000%, 1/01/46 |  |  |
4,770 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/30 at 100.00 | A– | 5,750,807
| 2020A, 5.000%, 1/01/50 |  |  |
250 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 – AGM Insured | 10/22 at 100.00 | AA | 258,980
16,715 | Total Guam |  |  | 18,591,346
| Hawaii – 0.3% (0.2% of Total Investments) |  |  |
1,500 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade | 1/25 at 100.00 | BB+ | 1,552,995
| University of Honolulu, Series 2015A, 5.000%, 1/01/45, 144A |  |  |
5,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | AA– | 5,385,800
| Health Obligated Group, Series 2013A, 5.500%, 7/01/43 |  |  |
170 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | BB | 182,126
| University, Series 2013A, 6.875%, 7/01/43 |  |  |
5,075 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health | 7/25 at 100.00 | AA– | 5,505,360
| Systems, Series 2015A, 4.000%, 7/01/40 |  |  |
11,745 | Total Hawaii |  |  | 12,626,281
| Idaho – 1.1% (0.7% 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 | 3,558,489
12,495 | 4.750%, 7/01/44, 144A | 7/24 at 100.00 | A | 13,238,452
1,250 | Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, | 9/26 at 100.00 | BB+ | 1,416,888
| Refunding Series 2016, 5.000%, 9/01/37 |  |  |
8,730 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, | 3/22 at 100.00 | A | 8,846,196
| Series 2012A, 5.000%, 3/01/47 |  |  |
1,000 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, | 3/24 at 100.00 | A | 1,057,040
| Series 2014A, 4.125%, 3/01/37 |  |  |
| Idaho Housing and Finance Association NonProfit Facilities Revenue Bonds, Gem Prep |  |  |
| Meridian North LLC, Series 2020A.: |  |  |
500 | 5.000%, 7/01/40, 144A | 7/25 at 100.00 | N/R | 511,715
1,415 | 5.250%, 7/01/55, 144A | 7/25 at 100.00 | N/R | 1,447,503
10,055 | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment | 12/26 at 103.00 | N/R | 10,071,390
| Bonds, Series 2021, 3.750%, 9/01/51, 144A |  |  |
38,745 | Total Idaho |  |  | 40,147,673
| Illinois – 23.4% (15.0% of Total Investments) |  |  |
675 | Bolingbrook, Will and DuPage Counties, Illinois, General Obligation Bonds, Refunding | 7/23 at 100.00 | A2 (5) | 728,548
| Series 2013A, 5.000%, 1/01/25 (Pre-refunded 7/01/23) |  |  |
67,135 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 80,821,888
| Series 2016, 6.000%, 4/01/46 |  |  |
1,000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 1,151,450
| Series 2017, 5.000%, 4/01/46 |  |  |
| Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues |  |  |
| Series 2011A: |  |  |
6,210 | 5.500%, 12/01/39 | 12/21 at 100.00 | BB | 6,231,797
1,810 | 5.000%, 12/01/41 | 12/21 at 100.00 | BB | 1,815,557
5,245 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues | 12/22 at 100.00 | BB | 5,443,261
| Series 2012A, 5.000%, 12/01/42 |  |  |
8,400 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | 10,827,348
| Refunding Series 2017B, 7.000%, 12/01/42, 144A |  |  |

46

Table of Contents

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
| Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, |  |  |
| Refunding Series 2017H: |  |  |
$ 5,835 | 5.000%, 12/01/36 | 12/27 at 100.00 | BB | $ 6,881,391
4,940 | 5.000%, 12/01/46 | 12/27 at 100.00 | BB | 5,751,840
6,055 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/28 at 100.00 | BB | 7,175,720
| Refunding Series 2018D, 5.000%, 12/01/46 |  |  |
38,905 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/25 at 100.00 | BB | 46,584,458
| Series 2016A, 7.000%, 12/01/44 |  |  |
14,805 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/26 at 100.00 | BB | 18,011,023
| Series 2016B, 6.500%, 12/01/46 |  |  |
19,585 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | 25,105,228
| Series 2017A, 7.000%, 12/01/46, 144A |  |  |
1,410 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated | No Opt. Call | Baa2 | 1,179,832
| Tax Revenues, Series 1998B-1, 0.000%, 12/01/30 – NPFG Insured |  |  |
| Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien |  |  |
| Series 2020A: |  |  |
1,405 | 4.000%, 12/01/50 | 12/29 at 100.00 | A+ | 1,598,918
2,585 | 5.000%, 12/01/55 | 12/29 at 100.00 | A+ | 3,124,076
1,100 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, | 12/21 at 100.00 | AA (5) | 1,104,521
| 5.250%, 12/01/40 (Pre-refunded 12/01/21) |  |  |
12,215 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, | 12/24 at 100.00 | AA | 13,859,994
| 5.250%, 12/01/49 |  |  |
| Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: |  |  |
1,500 | 0.000%, 1/01/31 – NPFG Insured | No Opt. Call | BBB+ | 1,239,015
32,670 | 0.000%, 1/01/32 – FGIC Insured | No Opt. Call | BBB+ | 26,189,905
12,360 | 0.000%, 1/01/37 – FGIC Insured | No Opt. Call | BBB+ | 8,454,734
2,500 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, | 1/24 at 100.00 | BBB+ | 2,704,975
| 5.250%, 1/01/33 |  |  |
17,605 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, | 1/27 at 100.00 | BBB+ | 21,381,977
| 6.000%, 1/01/38 |  |  |
1,000 | Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 | 11/21 at 100.00 | BBB+ | 1,007,620
10,200 | Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33 | 1/22 at 100.00 | BBB+ | 10,261,404
2,605 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 | 1/26 at 100.00 | BBB+ | 2,949,094
3,000 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, | 1/25 at 100.00 | A | 3,380,010
| 5.000%, 1/01/39 |  |  |
10,000 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago | 12/23 at 100.00 | A+ | 10,663,100
| City Colleges, Series 2013, 5.250%, 12/01/43 |  |  |
| Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural |  |  |
| History, Series 2002.RMKT: |  |  |
2,500 | 4.450%, 11/01/36 | 11/25 at 102.00 | A2 | 2,876,175
3,400 | 5.500%, 11/01/36 | 11/23 at 100.00 | A | 3,738,504
| 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 | 1,917,957
115 | 6.000%, 12/01/45, 144A | 12/25 at 100.00 | N/R | 129,424
| Illinois Finance Authority, Health Services Facility Lease Revenue Bonds, Provident |  |  |
| Group – UIC Surgery Center, LLC – University of Illinois Health Services Facility Project, |  |  |
| Series 2020: |  |  |
3,835 | 4.000%, 10/01/50 | 10/30 at 100.00 | BBB+ | 4,268,892
5,190 | 4.000%, 10/01/55 | 10/30 at 100.00 | BBB+ | 5,750,780

47

Table of Contents

NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
| Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health |  |  |
| Network, Series 2016C: |  |  |
$ 80 | 4.000%, 2/15/41 (Pre-refunded 2/15/27) | 2/27 at 100.00 | N/R (5) | $ 92,833
1,755 | 4.000%, 2/15/41 (Pre-refunded 2/15/27) | 2/27 at 100.00 | N/R (5) | 2,036,520
37,840 | 4.000%, 2/15/41 | 2/27 at 100.00 | AA+ | 42,383,070
6,750 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, | 9/22 at 100.00 | AA+ (5) | 7,019,122
| 9/01/38 (Pre-refunded 9/01/22) |  |  |
| Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: |  |  |
1,485 | 5.000%, 9/01/34 (Pre-refunded 9/01/24) | 9/24 at 100.00 | AA+ (5) | 1,677,768
19,025 | 5.000%, 9/01/42 (Pre-refunded 9/01/24) | 9/24 at 100.00 | AA+ (5) | 21,494,635
1,750 | Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, | 5/22 at 100.00 | A1 (5) | 1,787,083
| 5/15/43 (Pre-refunded 5/15/22) |  |  |
4,000 | Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A, | 11/26 at 103.00 | N/R | 4,385,480
| 5.000%, 11/01/49 |  |  |
15,805 | Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, | 6/26 at 100.00 | A3 | 18,348,183
| 5.000%, 12/01/46 |  |  |
1,630 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series | 8/22 at 100.00 | AA+ (5) | 1,691,793
| 2013, 5.000%, 8/15/37 (Pre-refunded 8/15/22) |  |  |
1,435 | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series | 7/23 at 100.00 | A– | 1,529,567
| 2013A, 6.000%, 7/01/43 |  |  |
| Illinois Finance Authority, Revenue Bonds, Rosalind Franklin University Research |  |  |
| Building Project, Series 2017C: |  |  |
1,000 | 5.000%, 8/01/42 | 8/27 at 100.00 | BBB+ | 1,154,070
1,000 | 5.000%, 8/01/46 | 8/27 at 100.00 | BBB+ | 1,147,220
1,000 | 5.000%, 8/01/47 | 8/27 at 100.00 | BBB+ | 1,146,410
| 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 | A3 | 642,365
6,140 | 5.000%, 8/15/44 | 8/25 at 100.00 | A3 | 7,020,906
| Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A: |  |  |
2,235 | 5.000%, 10/01/46 (UB) | 10/25 at 100.00 | AA+ | 2,573,625
17,765 | 5.000%, 10/01/46 (Pre-refunded 10/01/25) (UB) (6) | 10/25 at 100.00 | N/R (5) | 20,821,468
5,670 | Illinois Housing Development Authority, Multifamily Housing Revenue Bonds, Series 2021C, | 7/30 at 100.00 | Aaa | 5,682,020
| 2.850%, 7/01/56 |  |  |
3,665 | Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, | 6/24 at 100.00 | AA | 4,018,196
| 5.250%, 6/15/31 – AGM Insured |  |  |
| Illinois State, General Obligation Bonds, December Series 2017A: |  |  |
11,800 | 5.000%, 12/01/38 | 12/27 at 100.00 | BBB | 13,702,278
1,330 | 5.000%, 12/01/39 | 12/27 at 100.00 | BBB | 1,541,018
| Illinois State, General Obligation Bonds, February Series 2014: |  |  |
3,275 | 5.000%, 2/01/24 | No Opt. Call | BBB | 3,595,655
1,575 | 5.250%, 2/01/34 | 2/24 at 100.00 | BBB | 1,725,932
7,500 | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB | 8,145,600
5,200 | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/29 | 1/26 at 100.00 | BBB | 6,027,684
| Illinois State, General Obligation Bonds, May Series 2014: |  |  |
510 | 5.000%, 5/01/36 | 5/24 at 100.00 | BBB | 559,521
1,915 | 5.000%, 5/01/39 | 5/24 at 100.00 | BBB | 2,095,968
4,460 | Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 | 5/30 at 100.00 | BBB | 5,536,956
13,200 | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/41 | 11/26 at 100.00 | BBB | 15,155,448
31,485 | Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 | 11/27 at 100.00 | BBB | 37,315,077
2,040 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 | No Opt. Call | BBB | 2,447,266
5,000 | Illinois State, General Obligation Bonds, November Series 2019B, 4.000%, 11/01/35 | 11/29 at 100.00 | BBB | 5,639,250
5,000 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 | 2/27 at 100.00 | BBB | 5,856,550

48

Table of Contents

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
$ 1,190 | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 | 8/22 at 100.00 | BBB | $ 1,229,901
| Illinois State, General Obligation Bonds, Series 2013: |  |  |
2,000 | 5.250%, 7/01/31 | 7/23 at 100.00 | BBB | 2,148,000
4,140 | 5.500%, 7/01/38 | 7/23 at 100.00 | BBB | 4,453,025
5,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, | 1/23 at 100.00 | AA– | 5,264,150
| 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– | 21,636,723
| 5.000%, 1/01/40 |  |  |
10,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2019A, | 7/29 at 100.00 | AA– | 12,270,800
| 5.000%, 1/01/44 |  |  |
12,010 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2020A, | 1/31 at 100.00 | AA– | 15,016,703
| 5.000%, 1/01/45 |  |  |
1,395 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust | 1/23 at 100.00 | AA– | 1,688,745
| 2015-XF0052, 17.687%, 1/01/38, 144A (IF) |  |  |
17,510 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 6/22 at 100.00 | BBB+ | 18,019,541
| Bonds, Refunding Series 2012B, 5.000%, 6/15/52 |  |  |
540 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/25 at 100.00 | BBB+ | 605,183
| Bonds, Refunding Series 2015B, 5.000%, 6/15/52 |  |  |
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Refunding Series 2020A: |  |  |
12,325 | 4.000%, 6/15/50 | 12/29 at 100.00 | BBB+ | 13,611,237
15,160 | 5.000%, 6/15/50 | 12/29 at 100.00 | BBB+ | 17,916,694
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Refunding Series 2022A: |  |  |
2,910 | 4.000%, 12/15/42, (WI/DD, Settling 3/17/22) | 12/31 at 100.00 | BBB+ | 3,275,612
4,320 | 4.000%, 12/15/47, (WI/DD, Settling 3/17/22) | 12/31 at 100.00 | BBB+ | 4,814,770
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Series 2015A: |  |  |
2,890 | 0.000%, 12/15/52 | No Opt. Call | BBB+ | 1,105,512
5,185 | 5.000%, 6/15/53 | 12/25 at 100.00 | BBB+ | 5,810,881
5,700 | 5.500%, 6/15/53 | 12/25 at 100.00 | BBB+ | 6,500,394
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place |  |  |
| Expansion Project, Capital Appreciation Refunding Series 2010B-1: |  |  |
25,000 | 0.010%, 6/15/44 – AGM Insured | No Opt. Call | AA | 13,470,000
43,200 | 0.000%, 6/15/45 – AGM Insured | No Opt. Call | AA | 22,470,480
10,000 | 0.010%, 6/15/46 – AGM Insured | No Opt. Call | AA | 5,038,400
8,750 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | BBB+ | 7,798,087
| Expansion Project, Series 1994B, 0.000%, 6/15/28 – NPFG Insured |  |  |
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place |  |  |
| Expansion Project, Series 2002A: |  |  |
18,085 | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | BBB+ | 17,525,088
20,045 | 0.000%, 12/15/35 – AGM Insured | No Opt. Call | AA | 14,462,868
9,010 | 0.000%, 6/15/37 – NPFG Insured | No Opt. Call | BBB+ | 6,083,912
465 | Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment | 1/26 at 100.00 | N/R | 479,899
| Project, Senior Lien Series 2019, 5.000%, 1/01/39 |  |  |
1,842 | Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, | 3/24 at 100.00 | AA | 1,988,771
| 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 | AA+ | 3,439,410
| Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured |  |  |
7,025 | Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial | 11/23 at 100.00 | N/R (5) | 8,031,401
| Group, Inc., Series 2013, 7.625%, 11/01/48 (Pre-refunded 11/01/23) |  |  |
4,000 | Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District | No Opt. Call | A | 3,799,320
| 2, Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured |  |  |

49

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NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
$ 12,125 | Springfield, Illinois, Electric Revenue Bonds, Refunding Senior Lien Series 2015, | 3/25 at 100.00 | AA | $ 13,737,504
| 5.000%, 3/01/40 – AGM Insured |  |  |
| Will County Community Unit School District 201-U Crete-Monee, Illinois, General |  |  |
| Obligation Bonds, Capital Appreciation Series 2004: |  |  |
165 | 0.000%, 11/01/22 – NPFG Insured (ETM) | No Opt. Call | N/R (5) | 164,457
780 | 0.000%, 11/01/22 – NPFG Insured (ETM) | No Opt. Call | Baa2 (5) | 776,662
2,390 | 0.000%, 11/01/22 – NPFG Insured | No Opt. Call | A | 2,374,059
6,415 | Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital | No Opt. Call | Aa3 | 6,238,908
| Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured |  |  |
827,467 | Total Illinois |  |  | 863,554,050
| Indiana – 2.3% (1.5% of Total Investments) |  |  |
2,650 | Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown | No Opt. Call | AA+ | 2,612,688
| Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured |  |  |
12,045 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University | 10/24 at 100.00 | Baa1 | 13,212,401
| Project, Series 2014, 5.000%, 10/01/44 |  |  |
10,425 | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, | 5/23 at 100.00 | A (5) | 11,161,526
| Series 2012A, 5.000%, 5/01/42 (Pre-refunded 5/01/23) |  |  |
10,000 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation | 12/29 at 100.00 | AA | 11,428,700
| Group, Fixed Rate Series 2019A, 4.000%, 12/01/49 |  |  |
17,970 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/24 at 100.00 | AA | 20,043,918
| Series 2014A, 5.000%, 10/01/44 |  |  |
| Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: |  |  |
10,000 | 0.000%, 2/01/26 – AMBAC Insured | No Opt. Call | AA | 9,631,400
20,000 | 0.000%, 2/01/28 – AMBAC Insured | No Opt. Call | AA | 18,496,600
83,090 | Total Indiana |  |  | 86,587,233
| Iowa – 1.7% (1.1% of Total Investments) |  |  |
10,000 | Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, | 2/23 at 100.00 | AA– (5) | 10,648,300
| Series 2013A, 5.250%, 2/15/44 (Pre-refunded 2/15/23) |  |  |
10,690 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/23 at 100.00 | BB– | 11,521,682
| Company Project, Series 2013, 5.250%, 12/01/25 |  |  |
21,280 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/22 at 105.00 | BB– | 23,156,683
| Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/37) |  |  |
5,700 | Iowa Finance Authority, Senior Housing Revenue Bonds, PHS Council Bluffs, Inc. Project, | 8/23 at 102.00 | N/R | 5,929,995
| Series 2018, 5.250%, 8/01/55 |  |  |
56,850 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Class 2 | 6/31 at 25.58 | N/R | 9,654,267
| Capital Appreciation Senior Lien Series 2021B-2, 0.000%, 6/01/65 |  |  |
3,065 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Senior Lien | 6/31 at 100.00 | BBB | 3,393,844
| Series Class 2 Series 2021B-1, 4.000%, 6/01/49 |  |  |
107,585 | Total Iowa |  |  | 64,304,771
| Kansas – 0.3% (0.2% of Total Investments) |  |  |
1,000 | Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc, Series | 5/27 at 100.00 | BB+ | 1,120,250
| 2017A, 5.000%, 5/15/43 |  |  |
| Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation |  |  |
| Bonds, Vacation Village Project Area 1 and 2A, Series 2015: |  |  |
3,725 | 5.000%, 9/01/27 | 9/25 at 100.00 | N/R | 3,740,347
2,380 | 5.750%, 9/01/32 | 9/25 at 100.00 | N/R | 2,401,063
2,575 | 6.000%, 9/01/35 | 9/25 at 100.00 | N/R | 2,597,660
9,680 | Total Kansas |  |  | 9,859,320
| Kentucky – 1.7% (1.1% of Total Investments) |  |  |
5,915 | Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series | 2/26 at 100.00 | BBB– | 6,704,002
| 2016, 5.500%, 2/01/44 |  |  |

50

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Kentucky (continued) |  |  |
$ 2,480 | Kentucky Bond Development Corporation, Tax Increment Revenue Bonds, Summit Lexington | No Opt. Call | N/R | $ 2,501,154
| Project, Series 2016A, 4.400%, 10/01/24 |  |  |
10,000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro | 6/27 at 100.00 | Baa2 | 11,651,200
| Health, Refunding Series 2017A, 5.000%, 6/01/37 |  |  |
| Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky |  |  |
| Information Highway Project, Senior Series 2015A: |  |  |
4,345 | 5.000%, 7/01/37 | 7/25 at 100.00 | BBB+ | 4,864,705
17,615 | 5.000%, 1/01/45 | 7/25 at 100.00 | BBB+ | 19,657,812
| Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown |  |  |
| Crossing Project, Convertible Capital Appreciation First Tier Series 2013C: |  |  |
4,360 | 0.000%, 7/01/43 (8) | 7/31 at 100.00 | Baa2 | 5,341,872
8,510 | 0.000%, 7/01/46 (8) | 7/31 at 100.00 | Baa2 | 10,448,153
| Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown |  |  |
| Crossing Project, First Tier Series 2013A: |  |  |
2,390 | 5.750%, 7/01/49 (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (5) | 2,608,948
480 | 6.000%, 7/01/53 (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (5) | 525,710
56,095 | Total Kentucky |  |  | 64,303,556
| Louisiana – 1.2% (0.7% of Total Investments) |  |  |
2,650 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala | 7/23 at 100.00 | N/R | 2,778,843
| Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 |  |  |
| Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries |  |  |
| of Our Lady Health System, Series 1998A: |  |  |
135 | 5.750%, 7/01/25 (ETM) (UB) | No Opt. Call | A2 (5) | 160,651
6,915 | 5.750%, 7/01/25 (UB) | No Opt. Call | A2 | 7,677,102
5,080 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Louisiana Children’s | 6/30 at 100.00 | A+ | 5,773,776
| Medical Center Hospital, Series 2020A, 4.000%, 6/01/50 |  |  |
11,000 | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, | 10/33 at 100.00 | Baa1 | 11,925,760
| Refunding Series 2017, 5.250%, 10/01/46 (8) |  |  |
| Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, |  |  |
| Series 2015: |  |  |
1,000 | 4.250%, 5/15/40 | 5/25 at 100.00 | A | 1,091,220
6,970 | 5.000%, 5/15/47 | 5/25 at 100.00 | A | 7,815,182
1,000 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, | 6/24 at 100.00 | A (5) | 1,098,450
| 6/01/34 (Pre-refunded 6/01/24) |  |  |
3,275 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | 6/30 at 100.00 | BB– | 4,299,420
| 2010A, 6.350%, 10/01/40, 144A |  |  |
38,025 | Total Louisiana |  |  | 42,620,404
| Maine – 1.6% (1.0% of Total Investments) |  |  |
7,530 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/23 at 100.00 | BBB (5) | 8,119,524
| Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 (Pre-refunded 7/01/23) |  |  |
| 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 | BBB | 5,948,075
10,215 | 4.000%, 7/01/46 | 7/26 at 100.00 | BBB | 11,080,415
10,000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth | 7/24 at 100.00 | A+ | 10,875,200
| Issue, Series 2015, 5.000%, 7/01/39 |  |  |
| Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineHealth |  |  |
| Issue, Series 2020A: |  |  |
2,745 | 4.000%, 7/01/45 | 7/30 at 100.00 | A+ | 3,152,221
5,000 | 4.000%, 7/01/50 | 7/30 at 100.00 | A+ | 5,688,800
4,500 | Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2021A, | 5/30 at 100.00 | AA+ | 4,178,160
| 2.200%, 11/15/51 |  |  |

51

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NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Maine (continued) |  |  |
$ 7,695 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2020D, | 5/29 at 100.00 | AA+ | $ 7,865,059
| 2.800%, 11/15/45 |  |  |
915 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series | 11/30 at 100.00 | AA+ | 859,258
| 2021C, 2.300%, 11/15/46 |  |  |
54,050 | Total Maine |  |  | 57,766,712
| Maryland – 1.8% (1.1% of Total Investments) |  |  |
| Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: |  |  |
1,280 | 5.000%, 9/01/33 | 9/27 at 100.00 | CCC | 1,365,875
3,050 | 5.000%, 9/01/39 | 9/27 at 100.00 | CCC | 3,224,887
3,025 | 5.000%, 9/01/46 | 9/27 at 100.00 | CCC | 3,180,152
1,000 | Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series | 2/26 at 100.00 | N/R | 1,051,990
| 2017A, 4.375%, 2/15/39, 144A |  |  |
10,170 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist | 1/32 at 100.00 | BBB | 11,500,338
| HealthCare Issue, Series 2021B, 4.000%, 1/01/51 |  |  |
2,500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist | 1/22 at 100.00 | Baa3 | 2,523,775
| Healthcare, Series 2011A, 6.000%, 1/01/26 |  |  |
13,315 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist | 1/27 at 100.00 | Baa3 | 15,759,634
| Healthcare, Series 2016A, 5.500%, 1/01/46 |  |  |
10,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge | 7/25 at 100.00 | A+ | 11,385,500
| Health System, Series 2015, 5.000%, 7/01/47 |  |  |
1,500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula | 7/24 at 100.00 | A (5) | 1,683,990
| Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 (Pre-refunded 7/01/24) |  |  |
3,010 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University | 7/22 at 100.00 | A (5) | 3,106,982
| of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22) |  |  |
| Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, |  |  |
| Suitland-Naylor Road Project, Series 2016: |  |  |
2,000 | 4.750%, 7/01/36, 144A | 1/26 at 100.00 | N/R | 2,200,120
2,300 | 5.000%, 7/01/46, 144A | 1/26 at 100.00 | N/R | 2,540,350
| Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B: |  |  |
1,335 | 4.250%, 11/01/37 | 11/24 at 103.00 | B– | 1,399,040
1,250 | 4.500%, 11/01/43 | 11/24 at 103.00 | B– | 1,326,088
2,650 | 5.000%, 11/01/47 | 11/24 at 103.00 | B– | 2,846,444
58,385 | Total Maryland |  |  | 65,095,165
| Massachusetts – 3.3% (2.1% of Total Investments) |  |  |
| Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, |  |  |
| Series 2014A: |  |  |
2,245 | 5.250%, 7/01/34 | 7/24 at 100.00 | B– | 2,263,117
6,195 | 5.500%, 7/01/44 | 7/24 at 100.00 | B– | 6,272,500
| Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the |  |  |
| Charles, Inc. Issue, Series 2017: |  |  |
8,200 | 4.125%, 10/01/42, 144A | 10/22 at 105.00 | BB+ | 8,782,364
3,000 | 5.000%, 10/01/57, 144A | 10/22 at 105.00 | BB+ | 3,242,280
10,000 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series | 7/28 at 100.00 | A | 11,950,900
| 2018J-2, 5.000%, 7/01/53 |  |  |
| Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: |  |  |
4,020 | 4.500%, 1/01/45 | 1/25 at 100.00 | BBB+ | 4,307,792
2,950 | 5.000%, 1/01/45 | 1/25 at 100.00 | BBB+ | 3,233,584
4,035 | Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, | 10/26 at 100.00 | Baa2 | 4,410,053
| 4.000%, 10/01/46 |  |  |
16,280 | Massachusetts Development Finance Agency, Revenue Bonds, Massachusetts Institute of | No Opt. Call | AAA | 25,009,499
| Technology, Series 2020P, 5.000%, 7/01/50 |  |  |
900 | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center | 7/30 at 100.00 | BB+ | 1,079,334
| Issue, Series 2020G, 5.000%, 7/15/46, 144A |  |  |

52

Table of Contents

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Massachusetts (continued) |  |  |
$ 6,000 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, | No Opt. Call | AAA | $ 9,098,400
| Series 2002A, 5.750%, 1/01/42 – AMBAC Insured |  |  |
7,405 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts | No Opt. Call | AAA | 10,451,935
| Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB) (6) |  |  |
2,800 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2014D, 3.875%, 12/01/39 | 6/24 at 100.00 | AA | 2,931,348
| Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2021A-1: |  |  |
3,340 | 2.375%, 12/01/46 | 6/30 at 100.00 | AA | 3,272,432
3,600 | 2.450%, 12/01/51 | 6/30 at 100.00 | AA | 3,501,072
8,310 | 2.550%, 12/01/56 | 6/30 at 100.00 | AA | 7,952,088
4,500 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series | 6/30 at 100.00 | AA+ | 4,356,135
| 2020-220, 2.300%, 12/01/44 |  |  |
4,560 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 5/23 at 100.00 | AAA (5) | 4,894,202
| Series 2013A, 5.000%, 5/15/43 (Pre-refunded 5/15/23) |  |  |
3,500 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2021B, | 4/31 at 100.00 | Aa1 | 3,059,770
| 2.000%, 4/01/50 |  |  |
425 | Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, | 11/21 at 100.00 | AAA | 426,789
| Subordinate Series 1999A, 5.750%, 8/01/29 |  |  |
102,265 | Total Massachusetts |  |  | 120,495,594
| Michigan – 2.9% (1.8% of Total Investments) |  |  |
5,490 | Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and | No Opt. Call | Aa1 | 6,713,556
| Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB) |  |  |
3,665 | Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst | 7/24 at 100.00 | AA | 4,041,359
| Development Project, Series 2018A, 5.000%, 7/01/48 – AGM Insured |  |  |
2,985 | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, | 7/22 at 100.00 | AA– (5) | 3,086,132
| Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 (Pre-refunded 7/01/22) |  |  |
| Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding |  |  |
| Series 2015: |  |  |
4,495 | 4.000%, 11/15/35 | 5/25 at 100.00 | A | 4,885,076
2,550 | 4.000%, 11/15/36 | 5/25 at 100.00 | A | 2,770,192
| Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, |  |  |
| Refunding Series 2016MI: |  |  |
145 | 5.000%, 12/01/45 (Pre-refunded 6/01/26) (UB) (6) | 6/26 at 100.00 | N/R (5) | 172,762
9,855 | 5.000%, 12/01/45 (UB) | 6/26 at 100.00 | AA– | 11,581,202
| Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding |  |  |
| Series 2011MI: |  |  |
10 | 5.000%, 12/01/39 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (5) | 10,038
3,240 | 5.000%, 12/01/39 (Pre-refunded 12/01/21) | 12/21 at 100.00 | AA– (5) | 3,252,668
2,705 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco | 12/30 at 100.00 | BBB+ | 3,374,244
| Receipts Senior Current Interest Series 2020A-2, 5.000%, 6/01/40 |  |  |
1,000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco | 12/30 at 100.00 | BBB+ | 1,108,300
| Receipts, Series 2020A-CL-1, 4.000%, 6/01/49 |  |  |
| Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social |  |  |
| Series 2021A: |  |  |
21,675 | 2.350%, 12/01/46 | 12/30 at 100.00 | AA+ | 20,550,718
8,280 | 2.500%, 6/01/52 | 12/30 at 100.00 | AA+ | 7,785,022
4,000 | Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 | 1/22 at 100.00 | A2 | 4,025,440
10,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series | 10/31 at 100.00 | Aa2 | 9,916,400
| 2020-I, 2.625%, 10/15/56 |  |  |
13,855 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, | 6/22 at 100.00 | AA– (5) | 14,241,139
| Series 2009C, 5.000%, 12/01/48 (Pre-refunded 6/01/22) |  |  |

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NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Michigan (continued) |  |  |
| 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 | A1 | $ 4,118,852
3,600 | 5.000%, 12/01/45 | 12/25 at 100.00 | A1 | 4,172,184
101,100 | Total Michigan |  |  | 105,805,284
| Minnesota – 1.8% (1.2% of Total Investments) |  |  |
| Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory |  |  |
| Academy, Refunding Series 2016A: |  |  |
155 | 4.000%, 8/01/36 | 8/26 at 100.00 | BB+ | 164,342
440 | 4.000%, 8/01/41 | 8/26 at 100.00 | BB+ | 462,299
2,000 | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Prairie Seeds Academy | 3/25 at 100.00 | BB– | 2,104,380
| Project, Refunding Series 2015A, 5.000%, 3/01/34 |  |  |
1,720 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, | 7/25 at 100.00 | BB+ | 1,900,153
| Series 2015A, 5.500%, 7/01/50 |  |  |
| Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, |  |  |
| Essentia Health Obligated Group, Series 2018A: |  |  |
9,585 | 4.250%, 2/15/43 | 2/28 at 100.00 | A– | 10,875,141
27,325 | 4.250%, 2/15/48 | 2/28 at 100.00 | A– | 30,822,873
1,410 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, | 7/24 at 102.00 | N/R | 1,498,294
| Series 2016A, 5.000%, 7/01/47 |  |  |
2,485 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020E, | 7/29 at 100.00 | AA+ | 2,539,869
| 2.700%, 7/01/44 |  |  |
| Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I: |  |  |
2,380 | 2.150%, 7/01/45 | 1/30 at 100.00 | AA+ | 2,286,990
3,815 | 2.200%, 1/01/51 | 1/30 at 100.00 | AA+ | 3,623,258
| Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, |  |  |
| Series 2016A: |  |  |
405 | 5.000%, 4/01/36 | 4/26 at 100.00 | N/R | 375,111
605 | 5.000%, 4/01/46 | 4/26 at 100.00 | N/R | 530,046
2,500 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue | 7/25 at 100.00 | A | 2,731,800
| Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 |  |  |
110 | Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue | 4/23 at 100.00 | N/R | 112,255
| Bonds, 2700 University at Westgate Station, Series 2015B, 4.250%, 4/01/25 |  |  |
| St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, |  |  |
| HealthEast Inc., Series 2015A: |  |  |
2,785 | 5.000%, 11/15/40 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R (5) | 3,271,372
3,190 | 5.000%, 11/15/44 (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R (5) | 3,747,102
60,910 | Total Minnesota |  |  | 67,045,285
| Mississippi – 0.2% (0.1% of Total Investments) |  |  |
5,445 | Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System | No Opt. Call | AA (5) | 5,883,867
| Project, Series 2005, 5.250%, 7/01/24 – AGM Insured (ETM) |  |  |
1,000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2021A, | 6/30 at 100.00 | Aaa | 963,080
| 2.125%, 12/01/44 |  |  |
6,445 | Total Mississippi |  |  | 6,846,947
| Missouri – 2.3% (1.5% of Total Investments) |  |  |
2,960 | Chesterfield Valley Transportation Development District, Missouri, Transportation Sales | 5/23 at 100.00 | A– | 3,026,659
| Tax Revenue Bonds, Series 2015, 3.625%, 5/15/31 |  |  |
| Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward |  |  |
| Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016: |  |  |
400 | 5.000%, 4/01/36, 144A | 4/26 at 100.00 | N/R | 417,832
1,520 | 5.000%, 4/01/46, 144A | 4/26 at 100.00 | N/R | 1,572,790

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Missouri (continued) |  |  |
$ 15,000 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, | No Opt. Call | AA– | $ 13,727,550
| Improvement Series 2004B-1, 0.000%, 4/15/28 – AMBAC Insured |  |  |
4,345 | Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, | 5/27 at 100.00 | BB | 4,763,510
| 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 | 1,624,124
1,055 | 6.000%, 6/01/46, 144A | 6/25 at 100.00 | N/R | 1,092,632
2,460 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 5/23 at 100.00 | BBB | 2,603,123
| Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 |  |  |
| Missouri Health and Educational Facilities Authority, Educational Facilities Revenue |  |  |
| Bonds, Saint Louis College of Pharmacy, Series 2015B: |  |  |
1,410 | 5.000%, 5/01/40 | 11/23 at 100.00 | BBB | 1,502,228
2,000 | 5.000%, 5/01/45 | 11/23 at 100.00 | BBB | 2,124,320
7,040 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/23 at 100.00 | A2 | 7,621,222
| 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 | AA– | 2,276,910
| Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43 |  |  |
| Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, |  |  |
| Mosaic Health System, Series 2019A: |  |  |
6,330 | 4.000%, 2/15/44 | 2/29 at 100.00 | AA– | 7,182,967
13,545 | 4.000%, 2/15/49 | 2/29 at 100.00 | AA– | 15,284,043
405 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/23 at 100.00 | BB+ | 431,544
| Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 |  |  |
| Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint |  |  |
| Andrew’s Resources for Seniors, Series 2015A: |  |  |
1,650 | 5.000%, 12/01/35 | 12/25 at 100.00 | N/R | 1,803,005
455 | 5.125%, 12/01/45 | 12/25 at 100.00 | N/R | 493,866
4,125 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, | No Opt. Call | A2 | 5,391,458
| Series 2005, 5.500%, 7/01/29 – NPFG Insured |  |  |
15,350 | Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley | No Opt. Call | N/R | 11,650,957
| Park Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured |  |  |
83,875 | Total Missouri |  |  | 84,590,740
| Montana – 0.0% (0.0% of Total Investments) |  |  |
| Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran |  |  |
| Corporation, Series 2017A: |  |  |
1,175 | 5.250%, 5/15/37 | 5/25 at 102.00 | N/R | 1,280,045
375 | 5.250%, 5/15/47 | 5/25 at 102.00 | N/R | 404,449
1,550 | Total Montana |  |  | 1,684,494
| Nebraska – 1.1% (0.7% of Total Investments) |  |  |
10,665 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding | No Opt. Call | A | 15,307,048
| Crossover Series 2017A, 5.000%, 9/01/42 |  |  |
4,435 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, | 9/22 at 100.00 | A2 | 4,606,014
| 5.000%, 9/01/32 |  |  |
1,330 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska | 11/25 at 100.00 | A | 1,520,921
| 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 | 2,299,167
2,325 | 5.000%, 11/01/48 | 11/25 at 100.00 | A | 2,626,762
7,760 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series | 3/29 at 100.00 | AA+ | 7,966,494
| 2020A, 2.700%, 9/01/43 |  |  |

55

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NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Nebraska (continued) |  |  |
$ 6,800 | Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional | 2/27 at 100.00 | BB+ | $ 7,582,816
| West Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/01/37 |  |  |
35,405 | Total Nebraska |  |  | 41,909,222
| Nevada – 1.1% (0.7% of Total Investments) |  |  |
410 | Director of the State of Nevada Department of Business and Industry, Charter School | 12/25 at 100.00 | BB | 450,885
| Lease Revenue Bonds, Somerset Academy, Series 2018A, 5.000%, 12/15/38, 144A |  |  |
23,605 | Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue | 7/28 at 100.00 | Aa3 | 26,270,241
| Bonds, Series 2018B, 4.000%, 7/01/49 |  |  |
3,150 | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Refunding Series | 7/27 at 100.00 | Aa3 | 3,515,368
| 2017B, 4.000%, 7/01/36 |  |  |
1,000 | Las Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement | 11/21 at 100.00 | N/R | 1,000,330
| District, Series 2016, 4.375%, 6/15/35, 144A |  |  |
500 | Neveda State Director of the Department of Business and Industry, Charter School Revenue | 7/25 at 100.00 | BB+ | 543,370
| Bonds, Doral Academy of Nevada, Series 2017A, 5.000%, 7/15/37, 144A |  |  |
4,000 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno | 12/28 at 100.00 | A3 | 4,318,800
| Transportation Rail Access Corridor Project, Series 2018A, 4.000%, 6/01/43 |  |  |
4,000 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, | 7/38 at 31.26 | N/R | 682,200
| ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018C, 0.010%, 7/01/58, 144A |  |  |
3,210 | Tahoe-Douglas Visitors Authority, Nevada, Stateline Revenue Bonds, Series 2020, | 7/30 at 100.00 | N/R | 3,651,375
| 5.000%, 7/01/51 |  |  |
39,875 | Total Nevada |  |  | 40,432,569
| New Hampshire – 0.6% (0.4% of Total Investments) |  |  |
13,120 | National Finance Authority, New Hampshire, Hospital Facilities Revenue Bonds, Saint | 5/31 at 100.00 | AA | 14,926,886
| Elizabeth Medical Center, Inc., Series 2021A, 4.000%, 5/01/51 |  |  |
5,000 | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta | 7/23 at 100.00 | B1 | 5,192,700
| Project, Refunding Series 2018B, 4.625%, 11/01/42, 144A |  |  |
1,185 | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta | 7/25 at 100.00 | B1 | 1,240,257
| Project, Refunding Series 2020A, 3.625%, 7/01/43 (Mandatory Put 7/02/40), 144A |  |  |
500 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Kendal at | 10/26 at 100.00 | BBB+ | 570,110
| Hanover, Series 2016, 5.000%, 10/01/40 |  |  |
19,805 | Total New Hampshire |  |  | 21,929,953
| New Jersey – 5.8% (3.7% of Total Investments) |  |  |
| New Jersey Economic Development Authority, School Facilities Construction Bonds, |  |  |
| Refunding Series 2016BBB: |  |  |
34,310 | 5.500%, 6/15/29 | 12/26 at 100.00 | Baa1 | 41,876,384
2,110 | 5.500%, 6/15/30 | 12/26 at 100.00 | Baa1 | 2,572,069
| New Jersey Economic Development Authority, School Facilities Construction Bonds, |  |  |
| Series 2005N-1: |  |  |
6,835 | 5.500%, 9/01/24 – AMBAC Insured | No Opt. Call | Baa1 | 7,793,335
5,045 | 5.500%, 9/01/28 – NPFG Insured | No Opt. Call | Baa1 | 6,492,360
| New Jersey Economic Development Authority, School Facilities Construction Bonds, |  |  |
| Series 2015WW: |  |  |
655 | 5.250%, 6/15/40 (Pre-refunded 6/15/25) | 6/25 at 100.00 | N/R (5) | 767,870
11,335 | 5.250%, 6/15/40 | 6/25 at 100.00 | Baa1 | 12,956,698
600 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint | 11/21 at 100.00 | BBB– | 601,782
| Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26 |  |  |
1,500 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint | 11/21 at 100.00 | BBB– | 1,504,530
| Peters University Hospital, Series 2007, 5.750%, 7/01/37 |  |  |
3,310 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, | 7/24 at 100.00 | AA– | 3,686,943
| Refunding Series 2014A, 5.000%, 7/01/44 |  |  |

56

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New Jersey (continued) |  |  |
$ 2,035 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | No Opt. Call | Baa1 | $ 1,893,120
| Appreciation Series 2010A, 0.000%, 12/15/26 |  |  |
20,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding | No Opt. Call | AA | 15,604,600
| Series 2006C, 0.000%, 12/15/33 – AGM Insured |  |  |
20,040 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/24 at 100.00 | Baa1 | 21,944,401
| 2014AA, 5.000%, 6/15/44 |  |  |
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: |  |  |
13,690 | 4.750%, 6/15/38 | 6/25 at 100.00 | Baa1 | 15,140,866
8,355 | 5.000%, 6/15/45 | 6/25 at 100.00 | Baa1 | 9,422,685
5,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | Baa1 | 6,082,550
| 2019AA, 5.250%, 6/15/43 |  |  |
7,255 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/30 at 100.00 | Baa1 | 8,877,000
| 2020AA, 5.000%, 6/15/50 |  |  |
33,200 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, | No Opt. Call | AA | 39,400,100
| 1/01/26 – AGM Insured |  |  |
| New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: |  |  |
74 | 17.437%, 1/01/43 (Pre-refunded 7/01/22), 144A (IF) | 7/22 at 100.00 | A+ (5) | 83,404
126 | 17.437%, 1/01/43 (Pre-refunded 7/01/22), 144A (IF) | 7/22 at 100.00 | N/R (5) | 142,317
1,150 | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, | 5/23 at 100.00 | Aa3 (5) | 1,232,156
| 5/01/43 (Pre-refunded 5/01/23) |  |  |
5,000 | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, | 11/30 at 100.00 | BBB+ | 5,608,900
| Series 2020A, 4.000%, 11/01/50 |  |  |
3,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BBB+ | 3,555,630
| Bonds, Series 2018A, 5.250%, 6/01/46 |  |  |
3,410 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 3,925,353
| Bonds, Series 2018B, 5.000%, 6/01/46 |  |  |
1,330 | Washington Township Board of Education, Mercer County, New Jersey, General Obligation | No Opt. Call | A2 | 1,552,536
| Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured |  |  |
189,365 | Total New Jersey |  |  | 212,717,589
| New Mexico – 0.1% (0.1% of Total Investments) |  |  |
3,385 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 | 7/30 at 100.00 | Aaa | 3,282,333
| Series 2021C, 2.250%, 7/01/46 |  |  |
| Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement |  |  |
| Residences Project, Series 2019A: |  |  |
670 | 5.000%, 5/15/44 | 5/26 at 103.00 | BB+ | 748,249
1,200 | 5.000%, 5/15/49 | 5/26 at 103.00 | BB+ | 1,336,320
5,255 | Total New Mexico |  |  | 5,366,902
| New York – 7.9% (5.1% of Total Investments) |  |  |
14,975 | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of | 9/25 at 100.00 | N/R | 16,815,428
| Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A |  |  |
9,320 | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | 12/30 at 100.00 | N/R | 9,519,821
| School, Series 2020A-1, 5.500%, 6/01/55, 144A |  |  |
7,390 | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | 12/30 at 100.00 | N/R | 7,690,625
| School, Series 2020B-1, 5.000%, 6/01/55, 144A |  |  |
20,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 3/31 at 100.00 | AA+ | 23,091,600
| General Purpose, Series 2021B, 4.000%, 3/15/47 |  |  |
2,250 | Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School | No Opt. Call | AAA | 2,423,048
| of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured |  |  |
9,700 | Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series | No Opt. Call | AAA | 14,846,626
| 2017A, 5.000%, 10/01/47 (UB) (6) |  |  |
4,070 | Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at | 7/25 at 100.00 | A– | 4,593,524
| Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/45 |  |  |

57

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NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
| Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical |  |  |
| Center Obligated Group, Series 2015: |  |  |
$ 2,700 | 5.000%, 12/01/40, 144A | 6/25 at 100.00 | BBB– | $ 3,050,703
5,600 | 5.000%, 12/01/45, 144A | 6/25 at 100.00 | BBB– | 6,325,312
7,520 | Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, | 7/29 at 100.00 | Aa1 | 8,775,013
| Series 2019C, 4.000%, 7/01/49 |  |  |
2,120 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/30 at 100.00 | N/R | 2,378,152
| Academy Charter School Project, Refunding Series 2020B, 5.570%, 2/01/41 |  |  |
2,695 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/27 at 100.00 | N/R | 3,022,793
| Academy Charter School Project, Series 2017A, 6.240%, 2/01/47 |  |  |
2,965 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/28 at 100.00 | N/R | 3,473,913
| Academy Charter School Project, Series 2018A, 6.760%, 2/01/48 |  |  |
1,270 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/30 at 100.00 | N/R | 1,422,260
| Academy Charter School Project, Series 2020A, 5.730%, 2/01/50 |  |  |
| Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The |  |  |
| Academy Charter School Project, Series 2021A: |  |  |
1,210 | 4.450%, 2/01/41 | 2/30 at 100.00 | A2 | 1,219,063
2,130 | 4.600%, 2/01/51 | 2/30 at 100.00 | A2 | 2,140,011
| Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A: |  |  |
225 | 5.000%, 9/01/42 | 9/22 at 100.00 | A | 233,582
3,320 | 5.000%, 9/01/42 (Pre-refunded 9/01/22) | 9/22 at 100.00 | N/R (5) | 3,453,497
6,455 | 5.000%, 9/01/42 (Pre-refunded 9/01/22) | 9/22 at 100.00 | N/R (5) | 6,712,748
6,850 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond | No Opt. Call | N/R | 7,244,423
| Anticipation Note Series 2020A-1, 5.000%, 2/01/23 |  |  |
| Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green |  |  |
| Climate Bond Certified Series 2020C-1: |  |  |
2,790 | 5.000%, 11/15/50 | 5/30 at 100.00 | A3 | 3,320,156
3,155 | 5.250%, 11/15/55 | 5/30 at 100.00 | A3 | 3,799,346
8,390 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 11/30 at 100.00 | A3 | 9,308,789
| Climate Bond Certified Series 2020D-2, 4.000%, 11/15/48 |  |  |
5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 11/30 at 100.00 | A3 | 5,542,250
| Climate Bond Certified Series 2020D-3, 4.000%, 11/15/49 |  |  |
2,210 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | No Opt. Call | A3 | 2,498,714
| Green Climate Certified Series 2017C-1, 5.000%, 11/15/24 |  |  |
7,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | 11/30 at 100.00 | A3 | 8,359,575
| Green Climate Certified Series 2020E, 4.000%, 11/15/45 |  |  |
3,585 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann?s | 1/26 at 103.00 | N/R | 3,984,082
| Community Project, Series 2019, 5.000%, 1/01/50 |  |  |
1,000 | Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic | 7/24 at 100.00 | A– | 1,109,950
| Health Services of Long Island Obligated Group Project, Series 2014, 5.000%, 7/01/31 |  |  |
15,000 | New York City Housing Development Corporation, New York, Sustainable Impact Revenue | 2/28 at 100.00 | Aa2 | 15,144,450
| Bonds, Williamsburg Housing Preservation LP, Series 2020A, 2.800%, 2/01/50 |  |  |
11,570 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/25 at 100.00 | AA+ | 13,227,865
| General Resolution Revenue Bonds, Fiscal 2016 Series BB-1, 5.000%, 6/15/46 (UB) (6) |  |  |
11,245 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 12/30 at 100.00 | AA+ | 13,145,517
| General Resolution Revenue Bonds, Fiscal 2021 Series BB-2, 4.000%, 6/15/42 |  |  |
5 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 | 11/21 at 100.00 | AA | 5,018
| – FGIC Insured |  |  |
28,615 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 31,219,537
| Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A |  |  |
2,560 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Bank of | 3/29 at 100.00 | Baa2 | 2,599,475
| America Tower at One Bryant Park Project, Second Priority Refunding Series 2019 Class 3, |  |  |
| 2.800%, 9/15/69 |  |  |

58

Table of Contents

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
$ 3,500 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond | 5/28 at 100.00 | Aa2 | $ 3,599,785
| Certified/Sustainability Series 2019P, 3.050%, 11/01/49 |  |  |
6,500 | New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 211, | 4/27 at 100.00 | Aa1 | 6,931,600
| 3.750%, 10/01/43 |  |  |
5,670 | Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s | 7/22 at 100.00 | N/R (5) | 5,851,100
| Hospital Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) |  |  |
20,925 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior | 5/31 at 100.00 | AA+ | 26,325,742
| Lien Subseries 2021A-1, 5.000%, 5/15/51 |  |  |
7,110 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 7,668,633
259,095 | Total New York |  |  | 292,073,726
| North Carolina – 0.6% (0.4% of Total Investments) |  |  |
10,000 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke | 6/22 at 100.00 | Aa2 (5) | 10,280,400
| University Health System, Series 2012A, 5.000%, 6/01/42 (Pre-refunded 6/01/22) |  |  |
4,725 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant | 6/22 at 100.00 | A+ (5) | 4,858,103
| Health, Refunding Series 2012A, 5.000%, 6/01/36 (Pre-refunded 6/01/22) |  |  |
2,150 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, | 10/22 at 100.00 | A+ | 2,233,700
| 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 | 2,348,918
| 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 | 1,896,856
| 5.000%, 7/01/54 |  |  |
1,625 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien | 1/30 at 100.00 | AA | 1,851,314
| Series 2019, 4.000%, 1/01/55 – AGM Insured |  |  |
22,340 | Total North Carolina |  |  | 23,469,291
| North Dakota – 2.3% (1.5% of Total Investments) |  |  |
9,950 | Cass County, North Dakota, Health Care Facilities Revenue Bonds, Essential Health | 2/28 at 100.00 | A– | 11,223,699
| Obligated Group, Series 2018B, 4.250%, 2/15/48 |  |  |
| Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System |  |  |
| Obligated Group, Series 2012: |  |  |
7,000 | 5.000%, 12/01/29 | 12/21 at 100.00 | Baa2 | 7,027,090
6,650 | 5.000%, 12/01/32 | 12/21 at 100.00 | Baa2 | 6,675,736
2,245 | 5.000%, 12/01/35 | 12/21 at 100.00 | Baa2 | 2,253,688
4,525 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/27 at 100.00 | Baa2 | 5,291,083
| Obligated Group, Series 2017A, 5.000%, 12/01/42 |  |  |
1,000 | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley | 12/26 at 100.00 | N/R | 1,041,790
| Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 |  |  |
4,125 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2020B, | 1/30 at 100.00 | Aa1 | 4,166,745
| 2.500%, 7/01/44 |  |  |
| Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, |  |  |
| Series 2017C: |  |  |
10,000 | 5.000%, 6/01/38 | 6/28 at 100.00 | BBB– | 11,740,500
28,050 | 5.000%, 6/01/53 | 6/28 at 100.00 | BBB– | 32,203,363
2,535 | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC | 9/23 at 100.00 | N/R | 1,419,600
| Project, Series 2013, 7.750%, 9/01/38 (4) |  |  |
76,080 | Total North Dakota |  |  | 83,043,294
| Ohio – 9.1% (5.9% of Total Investments) |  |  |
2,000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities | 11/30 at 100.00 | BBB+ | 2,053,180
| Revenue Bonds, Summa Health Obligated Group, Refunding Series 2020, 3.000%, 11/15/40 |  |  |
4,185 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, | 5/22 at 100.00 | AA– | 4,284,226
| Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 |  |  |

59

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NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Ohio (continued) |  |  |
| Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, |  |  |
| Refunding and Improvement Series 2012A: |  |  |
$ 2,740 | 4.000%, 5/01/33 (Pre-refunded 5/01/22) | 5/22 at 100.00 | AA– (5) | $ 2,792,252
1,930 | 5.000%, 5/01/33 (Pre-refunded 5/01/22) | 5/22 at 100.00 | AA– (5) | 1,976,397
3,405 | 5.000%, 5/01/42 (Pre-refunded 5/01/22) | 5/22 at 100.00 | AA– (5) | 3,486,856
70,220 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | 10,973,279
| Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, |  |  |
| 0.000%, 6/01/57 |  |  |
| Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed |  |  |
| Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1: |  |  |
41,785 | 3.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 42,099,641
8,035 | 4.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 8,894,986
44,230 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 49,667,194
| Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 |  |  |
10,000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/22 at 100.00 | N/R (5) | 10,353,000
| Revenue Bonds, Senior Lien Series 2007A-3, 6.250%, 6/01/37 (Pre-refunded 6/01/22) |  |  |
| Centerville, Ohio Health Care Improvement Revenue Bonds, Graceworks Lutheran Services, |  |  |
| Refunding & Improvement Series 2017: |  |  |
2,750 | 5.250%, 11/01/37 | 11/27 at 100.00 | N/R | 3,047,495
3,200 | 5.250%, 11/01/47 | 11/27 at 100.00 | N/R | 3,498,752
3,345 | Cleveland Heights-University Heights City School District, Ohio, General Obligation | 6/23 at 100.00 | AA– (5) | 3,594,136
| Bonds, 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, | 11/28 at 100.00 | BBB | 5,957,600
| Series 2018A, 5.250%, 11/15/48 |  |  |
37,150 | Cuyahoga County, Ohio, Certificates of Participation, Convention Hotel Project, Series | 6/24 at 100.00 | AA– | 39,374,170
| 2014, 4.375%, 12/01/44 (UB) (6) |  |  |
| Darke County, Ohio, Hospital Facilities Revenue Bonds, Wayne Healthcare Project, Series 2019A: |  |  |
1,165 | 4.000%, 9/01/40 | 9/29 at 100.00 | BB+ | 1,240,970
1,750 | 4.000%, 9/01/45 | 9/29 at 100.00 | BB+ | 1,844,167
2,000 | 5.000%, 9/01/49 | 9/29 at 100.00 | BB+ | 2,274,140
6,840 | Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, | 12/29 at 100.00 | BBB– | 7,866,958
| Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51 |  |  |
7,870 | Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, | 5/22 at 100.00 | Aa2 | 8,054,788
| Improvement Series 2012A, 5.000%, 11/01/42 |  |  |
3,985 | Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, | 12/27 at 100.00 | AA– | 4,288,657
| 3.250%, 12/01/42 |  |  |
6,425 | JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien | 1/23 at 100.00 | AA+ (5) | 6,779,917
| Series 2013A, 5.000%, 1/01/38 (Pre-refunded 1/01/23) (UB) (6) |  |  |
| JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, |  |  |
| Tender Option Bond Trust 2016-XG0052: |  |  |
390 | 17.852%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (6) | 1/23 at 100.00 | AA+ (5) | 475,523
1,750 | 17.976%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (6) | 1/23 at 100.00 | AA+ (5) | 2,136,487
625 | 17.985%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (6) | 1/23 at 100.00 | AA+ (5) | 763,106
1,250 | 17.985%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) | 1/23 at 100.00 | AA+ (5) | 1,526,212
1,725 | 17.985%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (6) | 1/23 at 100.00 | AA+ (5) | 2,106,173
2,000 | 17.985%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) | 1/23 at 100.00 | AA+ (5) | 2,441,940
| 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 | 5,415,520
6,000 | 5.250%, 12/01/31 – AGM Insured | No Opt. Call | A2 | 7,835,760
12,000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System | 2/23 at 100.00 | BB+ | 12,440,760
| Obligated Group Project, Series 2013, 5.000%, 2/15/48 |  |  |
8,500 | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, | No Opt. Call | N/R | 10,625
| FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/22 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Ohio (continued) |  |  |
$ 1,050 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | $ 1,313
| FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 |  |  |
2,020 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 2,525
| FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010B, 3.750%, 6/01/33 (4) |  |  |
1,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 1,250
| FirstEnergy Nuclear Generation Project, Refunding Series 2005B, 3.125%, 1/01/34 (4) |  |  |
20,765 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 21,084,781
| FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.375%, 6/01/33 |  |  |
| (Mandatory Put 6/01/22) |  |  |
490 | Ohio Higher Educational Facility Commission, Senior Hospital Parking Revenue Bonds, | 1/30 at 100.00 | A3 | 583,110
| University Circle Incorporated 2020 Project, Series 2020, 5.000%, 1/15/50 |  |  |
1,240 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission | 2/31 at 100.00 | Aa3 | 1,542,486
| Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-3, 0.000%, 2/15/36 (8) |  |  |
4,995 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission | 2/23 at 100.00 | Aa3 (5) | 5,299,445
| Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.000%, 2/15/48 |  |  |
| (Pre-refunded 2/15/23) |  |  |
1,610 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 2,013
| Generating Corporation Project, Refunding Series 2010C, 4.000%, 6/01/33 |  |  |
1,130 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 1,413
| Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (4) |  |  |
20,405 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 20,719,237
| Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory Put 6/01/22) |  |  |
20,480 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 20,795,392
| Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory Put 6/01/22) |  |  |
3,000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment | 11/30 at 100.00 | N/R | 3,037,830
| Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, |  |  |
| Senior Lien Series 2019A, 5.000%, 11/01/51 |  |  |
| Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health |  |  |
| System Obligated Group Project, Refunding and Improvement Series 2012: |  |  |
1,095 | 5.750%, 12/01/32 | 12/22 at 100.00 | BB– | 1,135,427
870 | 6.000%, 12/01/42 | 12/22 at 100.00 | BB– | 900,476
1,330 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education | 3/25 at 100.00 | N/R | 1,435,336
| Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, |  |  |
| 6.000%, 3/01/45 |  |  |
390,110 | Total Ohio |  |  | 336,096,901
| Oklahoma – 0.6% (0.4% of Total Investments) |  |  |
| 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 | Baa3 | 6,481,149
10,600 | 5.500%, 8/15/57 | 8/28 at 100.00 | Baa3 | 12,949,066
2,340 | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, | 11/25 at 102.00 | BBB– | 2,657,983
| Montereau, Inc Project, Refunding Series 2017, 5.250%, 11/15/45 |  |  |
18,230 | Total Oklahoma |  |  | 22,088,198
| Oregon – 0.1% (0.1% of Total Investments) |  |  |
| Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., |  |  |
| Series 2020A: |  |  |
500 | 5.125%, 11/15/40 | 11/25 at 102.00 | N/R | 548,565
220 | 5.250%, 11/15/50 | 11/25 at 102.00 | N/R | 241,080
315 | 5.375%, 11/15/55 | 11/25 at 102.00 | N/R | 346,034
| 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 | 1,070,500
800 | 5.500%, 10/01/49 | 10/24 at 100.00 | N/R | 857,000
2,835 | Total Oregon |  |  | 3,063,179

61

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NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Pennsylvania – 6.0% (3.8% of Total Investments) |  |  |
14,855 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny | 4/28 at 100.00 | A | 16,415,518
| Health Network Obligated Group Issue, Series 2018A, 4.000%, 4/01/44 |  |  |
2,540 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/27 at 100.00 | Ba3 | 2,882,392
| Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A |  |  |
| Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue |  |  |
| Bonds, FirstEnergy Generation Project, Refunding Series 2006A: |  |  |
13,235 | 4.375%, 1/01/35 (Mandatory Put 7/01/22) | No Opt. Call | N/R | 13,452,451
3,145 | 3.500%, 4/01/41 (4) | No Opt. Call | N/R | 3,931
1,245 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 1,556
| Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (4) |  |  |
1,240 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 1,550
| Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (4) |  |  |
9,365 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | 4/31 at 100.00 | N/R | 9,674,232
| Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 (Mandatory |  |  |
| Put 4/01/21) |  |  |
21,945 | Berks County Industrial Development Authority, Pennsylvania, Health System Revenue | 11/27 at 100.00 | BB– | 24,070,812
| Bonds, Tower Health Project, Series 2017, 5.000%, 11/01/50 |  |  |
| Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane |  |  |
| Charter School Project, Series 2016: |  |  |
2,410 | 5.125%, 3/15/36 | 3/27 at 100.00 | BBB– | 2,769,837
6,420 | 5.125%, 3/15/46 | 3/27 at 100.00 | BBB– | 7,277,584
10,850 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | 6/28 at 100.00 | AA | 12,288,710
| Settlement, Series 2018, 4.000%, 6/01/39 – AGM Insured (UB) (6) |  |  |
| Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran |  |  |
| Social Ministries Project, Series 2015: |  |  |
170 | 5.000%, 1/01/29 (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (5) | 193,742
830 | 5.000%, 1/01/29 | 1/25 at 100.00 | BBB+ | 919,416
7,665 | Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle | 6/22 at 100.00 | A | 7,864,903
| Health System Project, Series 2012A, 5.000%, 6/01/42 |  |  |
3,000 | Dubois Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Penn Highlands | 1/28 at 100.00 | A– | 3,483,030
| Healthcare, Series 2018, 5.000%, 7/15/48 |  |  |
1,250 | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes | 7/25 at 100.00 | BBB– | 1,351,875
| Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45 |  |  |
| Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown |  |  |
| Concession, Series 2013A: |  |  |
695 | 5.125%, 12/01/47 | 12/23 at 100.00 | A | 754,735
815 | 5.125%, 12/01/47 (Pre-refunded 12/01/23) | 12/23 at 100.00 | N/R (5) | 895,653
| Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue |  |  |
| Bonds, Albert Einstein Healthcare Network Issue, Series 2015A: |  |  |
10,530 | 5.250%, 1/15/45 | 1/25 at 100.00 | Ba1 | 11,870,575
1,200 | 5.250%, 1/15/46 | 1/25 at 100.00 | Ba1 | 1,352,472
10,765 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue | 9/25 at 100.00 | Caa1 | 8,237,916
| Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 |  |  |
3,500 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 4/29 at 100.00 | AA+ | 3,669,645
| 2019-131A, 3.100%, 10/01/44 |  |  |
13,540 | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Series 2018A, | 12/28 at 100.00 | AA | 17,112,258
| 5.250%, 12/01/44 |  |  |
3,705 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, | 6/25 at 100.00 | A+ | 4,190,466
| 5.000%, 12/01/45 |  |  |
6,450 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2018A-2, | 12/28 at 100.00 | A1 | 7,920,600
| 5.000%, 12/01/43 |  |  |
11,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, | 6/26 at 100.00 | AA | 13,550,130
| 6.250%, 6/01/33 – AGM Insured |  |  |

62

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Pennsylvania (continued) |  |  |
$ 15,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, | 12/25 at 100.00 | A | $ 17,194,350
| 5.000%, 12/01/45 |  |  |
5,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2019A, | 12/29 at 100.00 | A3 | 5,603,650
| 4.000%, 12/01/49 |  |  |
10,305 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital | 7/22 at 100.00 | BBB– | 10,597,250
| Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 |  |  |
7,055 | Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel | 11/21 at 100.00 | AA | 7,073,625
| Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGM Insured |  |  |
| Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A: |  |  |
1,125 | 5.250%, 12/01/31 (Pre-refunded 12/01/21) – AGM Insured | 12/21 at 100.00 | AA (5) | 1,129,646
1,000 | 5.500%, 12/01/35 (Pre-refunded 12/01/21) – AGM Insured | 12/21 at 100.00 | AA (5) | 1,004,330
5,790 | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, | 1/23 at 100.00 | Baa3 | 5,921,665
| Series 2012B, 4.000%, 1/01/33 |  |  |
207,640 | Total Pennsylvania |  |  | 220,730,505
| Puerto Rico – 4.6% (2.9% of Total Investments) |  |  |
4,934 | Cofina Class 2 Trust Tax-Exempt Class 2047, Puerto Rico. Unit Exchanged From Cusip | No Opt. Call | N/R | 1,632,780
| 74529JAN5, 0.000%, 8/01/47 |  |  |
9,761 | Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit Exchanged From Cusip | No Opt. Call | N/R | 2,290,109
| 74529JAP0, 0.010%, 8/01/54 |  |  |
10,280 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien | 7/32 at 100.00 | N/R | 12,357,691
| Forward Delivery Series 2022A, 5.000%, 7/01/37, 144A (WI/DD, Settling 6/15/22) |  |  |
26,925 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series | 7/30 at 100.00 | N/R | 31,452,977
| 2020A, 5.000%, 7/01/47, 144A |  |  |
| Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien |  |  |
| Series 2021B: |  |  |
1,910 | 5.000%, 7/01/37, 144A | 7/31 at 100.00 | N/R | 2,317,613
7,510 | 4.000%, 7/01/42, 144A | 7/31 at 100.00 | N/R | 8,296,072
8,070 | 4.000%, 7/01/47, 144A | 7/31 at 100.00 | N/R | 8,813,166
600 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, | 11/21 at 100.00 | Baa2 | 608,304
| 5.000%, 7/01/29 – NPFG Insured |  |  |
695 | Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, | No Opt. Call | Aaa | 738,118
| 5.125%, 6/01/24 – AMBAC Insured |  |  |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: |  |  |
3,014 | 0.000%, 7/01/31 | 7/28 at 91.88 | N/R | 2,397,547
9,828 | 0.000%, 7/01/33 | 7/28 at 86.06 | N/R | 7,282,745
259 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 283,115
7,384 | 0.010%, 7/01/46 | 7/28 at 41.38 | N/R | 2,407,110
17,562 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 4,158,155
19,012 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 21,236,784
24,906 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 28,179,645
723 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured | 7/28 at 100.00 | N/R | 797,360
| Cofina Project Series 2019B-2, 4.536%, 7/01/53 |  |  |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable |  |  |
| Restructured Cofina Project Series 2019A-2: |  |  |
7,857 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 8,642,464
11,680 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 12,847,650
10,210 | 4.784%, 7/01/58 | 7/28 at 100.00 | N/R | 11,392,931
183,120 | Total Puerto Rico |  |  | 168,132,336
| Rhode Island – 1.4% (0.9% of Total Investments) |  |  |
1,000 | Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New | 9/23 at 100.00 | N/R (5) | 1,104,860
| England Health System, Series 2013A, 6.000%, 9/01/33 (Pre-refunded 9/01/23) |  |  |
3,425 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond | 4/29 at 100.00 | AA+ | 3,579,125
| Program, 2019 Series 71, 3.100%, 10/01/44 |  |  |

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NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Rhode Island (continued) |  |  |
$ 292,435 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 11/21 at 16.44 | CCC– | $ 48,842,494
| Bonds, Series 2007A, 0.010%, 6/01/52 |  |  |
296,860 | Total Rhode Island |  |  | 53,526,479
| South Carolina – 3.0% (1.9% of Total Investments) |  |  |
7,600 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, | No Opt. Call | A– | 6,329,128
| 0.000%, 1/01/31 – AMBAC Insured |  |  |
| South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, |  |  |
| Bishop Gadsden Episcopal Retirement Community, Series 2019A: |  |  |
890 | 5.000%, 4/01/49 | 4/26 at 103.00 | BBB– | 1,005,033
1,165 | 4.000%, 4/01/54 | 4/26 at 103.00 | BBB– | 1,254,565
1,630 | 5.000%, 4/01/54 | 4/26 at 103.00 | BBB– | 1,836,374
| South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, |  |  |
| Hilton Head Christian Academy, Series 2020: |  |  |
405 | 5.000%, 1/01/40, 144A | 1/30 at 100.00 | N/R | 428,895
1,000 | 5.000%, 1/01/55, 144A | 1/30 at 100.00 | N/R | 1,040,020
| 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 | 1,052,430
750 | 5.000%, 5/01/42 | 5/23 at 104.00 | N/R | 778,058
4,000 | South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Prisma | 5/28 at 100.00 | A | 4,763,280
| Health Obligated Group, Series 2018A, 5.000%, 5/01/48 |  |  |
| South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & |  |  |
| Improvement Series 2015A: |  |  |
11,430 | 5.000%, 12/01/50 | 6/25 at 100.00 | A | 12,998,767
34,000 | 5.000%, 12/01/50 (UB) (6) | 6/25 at 100.00 | A | 38,666,500
8,630 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 12/30 at 100.00 | A | 10,848,946
| Improvement Series 2020A, 5.000%, 12/01/43 |  |  |
5,075 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 12/24 at 100.00 | A | 5,710,035
| Series 2014C, 5.000%, 12/01/46 |  |  |
1,310 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 12/23 at 100.00 | A | 1,428,280
| 2013A, 5.125%, 12/01/43 |  |  |
10,300 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 6/24 at 100.00 | A | 11,522,095
| 2014A, 5.500%, 12/01/54 |  |  |
10,250 | Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue | 4/22 at 100.00 | A | 10,450,797
| Bonds, Refunding Series 2012A, 5.000%, 4/15/32 |  |  |
99,435 | Total South Carolina |  |  | 110,113,203
| South Dakota – 1.0% (0.6% of Total Investments) |  |  |
15,000 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, | 7/27 at 100.00 | AA– | 17,685,000
| Refunding Series 2017, 5.000%, 7/01/46 |  |  |
11,400 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument | 9/30 at 100.00 | AA– | 12,978,216
| Health, Inc., Series 2020A, 4.000%, 9/01/50 |  |  |
3,765 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional | 9/27 at 100.00 | AA– | 4,454,823
| Health, Refunding Series 2017, 5.000%, 9/01/40 |  |  |
30,165 | Total South Dakota |  |  | 35,118,039
| Tennessee – 0.7% (0.5% of Total Investments) |  |  |
12,895 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 1/23 at 100.00 | BBB+ (5) | 13,629,112
| Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) |  |  |
1,850 | Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, | 10/24 at 100.00 | Baa2 | 2,050,670
| Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/39 |  |  |
2,000 | Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue | 2/29 at 100.00 | A | 2,225,760
| Bonds, East Tennessee Children’s Hospital, Series 2019, 4.000%, 11/15/48 |  |  |

64

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Tennessee (continued) |  |  |
$ 2,645 | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, | 7/27 at 100.00 | N/R | $ 2,529,096
| Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.500%, 7/01/37 |  |  |
3,560 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 6/27 at 100.00 | N/R | 2,136,000
| Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 0.000%, |  |  |
| 6/15/37, 144A (4) |  |  |
1,010 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2020-3A, | 7/29 at 100.00 | AA+ | 1,019,353
| 2.550%, 1/01/45 |  |  |
10,000 | The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue | 6/27 at 100.00 | N/R | 3,000,000
| Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, |  |  |
| 6/01/47, 144A (4) |  |  |
33,960 | Total Tennessee |  |  | 26,589,991
| Texas – 10.9% (7.0% of Total Investments) |  |  |
3,520 | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public | 9/23 at 103.00 | N/R | 3,744,048
| Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 |  |  |
2,980 | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public | 9/23 at 103.00 | N/R | 3,164,790
| Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 |  |  |
5,480 | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, | 11/25 at 100.00 | AA | 6,275,148
| 11/15/45 (UB) (6) |  |  |
2,500 | Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage | 12/25 at 100.00 | BB | 2,660,300
| Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 12/01/45 |  |  |
2,280 | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement | 3/23 at 103.00 | N/R | 2,387,570
| District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 |  |  |
4,055 | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement | 3/23 at 103.00 | N/R | 4,240,070
| District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, |  |  |
| 8.250%, 9/01/40 |  |  |
370 | Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District | 9/24 at 100.00 | N/R | 386,498
| Neighborhood Improvement Area 1 Project, Series 2015, 6.250%, 9/01/45 |  |  |
| Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020A: |  |  |
3,000 | 5.000%, 1/01/44 | 1/30 at 100.00 | A– | 3,666,450
3,940 | 5.000%, 1/01/49 | 1/30 at 100.00 | A– | 4,782,924
3,335 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020E, | 1/30 at 100.00 | A– | 4,063,564
| 5.000%, 1/01/45 |  |  |
13,685 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, | 7/25 at 100.00 | A– (5) | 15,896,906
| 5.000%, 1/01/45 (Pre-refunded 7/01/25) |  |  |
6,375 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016, | 1/26 at 100.00 | A– | 6,699,806
| 3.375%, 1/01/41 |  |  |
270 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea | No Opt. Call | A– | 277,276
| Public Schools, Series 2012, 3.750%, 8/15/22 |  |  |
| Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift |  |  |
| Education Charter School, Series 2013A: |  |  |
765 | 4.350%, 12/01/42 | 12/22 at 100.00 | BBB– | 781,409
685 | 4.400%, 12/01/47 | 12/22 at 100.00 | BBB– | 699,159
4,000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift | 6/25 at 100.00 | BBB– | 4,389,800
| Education Charter School, Series 2015A, 5.000%, 12/01/45 |  |  |
| Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, |  |  |
| Improvement Area 1 Project, Series 2016: |  |  |
525 | 5.750%, 9/01/28 | 9/23 at 103.00 | N/R | 569,378
745 | 6.500%, 9/01/46 | 9/23 at 103.00 | N/R | 807,736
2,520 | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series | 9/23 at 100.00 | N/R | 2,742,541
| 2013A, 6.375%, 9/01/42 |  |  |
400 | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series | 9/24 at 100.00 | BBB– | 439,388
| 2014A, 5.250%, 9/01/44 |  |  |

65

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NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 1,255 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy | 11/22 at 100.00 | Baa2 | $ 1,300,318
| Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 |  |  |
8,920 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy | 11/22 at 100.00 | Baa2 | 9,240,496
| Inc. Project, Series 2012B, 4.750%, 11/01/42 |  |  |
6,660 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding | 4/30 at 100.00 | A+ | 7,597,728
| First Tier Series 2020C, 4.000%, 10/01/49 |  |  |
| Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate |  |  |
| Lien Series 2013B: |  |  |
20,000 | 5.250%, 10/01/51 (Pre-refunded 10/01/23) | 10/23 at 100.00 | AA (5) | 21,888,400
10,000 | 5.000%, 4/01/53 (Pre-refunded 10/01/23) (UB) (6) | 10/23 at 100.00 | AA (5) | 10,896,500
5,470 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender | 10/23 at 100.00 | AA (5) | 7,432,198
| Option Bond Trust 2015-XF0228, 18.108%, 11/01/44 (Pre-refunded 10/01/23), 144A (IF) (6) |  |  |
4,255 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 6/25 at 100.00 | AA | 4,801,555
| Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 |  |  |
4,080 | Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond | No Opt. Call | AAA | 8,857,150
| Trust 2015-XF0074, 14.403%, 8/15/32 – AGM Insured, 144A (IF) |  |  |
10,000 | Harris County, Texas, Toll Road Revenue Bonds, Refunding First Lien Series 2021A, | 8/30 at 100.00 | Aa2 | 11,567,800
| 4.000%, 8/15/50 |  |  |
6,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation | 11/31 at 44.13 | AA | 1,924,020
| Refunding Senior Lien Series 2014A, 0.000%, 11/15/48 |  |  |
6,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien | 11/24 at 100.00 | A3 | 6,626,220
| Series 2014A, 5.000%, 11/15/53 |  |  |
| Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3: |  |  |
1,940 | 0.000%, 11/15/34 (Pre-refunded 11/15/24) – NPFG Insured | 11/24 at 55.69 | Baa2 (5) | 1,059,337
14,055 | 0.000%, 11/15/34 – NPFG Insured | 11/24 at 55.69 | Baa2 | 7,198,549
5,000 | Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, | 8/25 at 100.00 | AAA | 5,314,100
| Inc., 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 | AA | 3,863,698
4,865 | 0.000%, 9/01/27 – AGM Insured | No Opt. Call | AA | 4,435,907
4,715 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015, | 9/24 at 100.00 | A | 5,195,836
| 5.000%, 9/01/40 |  |  |
17,000 | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series | No Opt. Call | AAA (5) | 24,817,620
| 2002A, 5.750%, 12/01/32 – AGM Insured (ETM) |  |  |
940 | Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson | 8/25 at 100.00 | A | 1,062,529
| Memorial Hospital Project, Series 2015, 5.000%, 8/15/30 |  |  |
1,000 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA | 5/25 at 100.00 | A+ | 1,131,980
| Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 |  |  |
| McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: |  |  |
3,095 | 5.750%, 12/01/33 | 12/25 at 100.00 | B1 | 3,346,964
3,125 | 6.125%, 12/01/38 | 12/25 at 100.00 | B1 | 3,393,531
| 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– | 2,117,702
1,785 | 5.000%, 9/15/48 | 9/25 at 100.00 | BBB– | 1,982,867
| 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– | 2,496,559
6,015 | 5.000%, 11/01/51 | 11/23 at 103.00 | BBB– | 6,425,042
745 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility | 1/25 at 100.00 | N/R | 774,487
| Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014, 5.500%, 1/01/43 |  |  |

66

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 210 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/26 at 100.00 | N/R (5) | $ 248,993
| Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus |  |  |
| Christi Project, Series, 5.000%, 4/01/48 (Pre-refunded 4/01/26) |  |  |
4,530 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | AA | 4,810,362
| Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M |  |  |
| University Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured |  |  |
820 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/26 at 100.00 | N/R (5) | 970,290
| Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M |  |  |
| University – San Antonio Project,, 5.000%, 4/01/48 (Pre-refunded 4/01/26) |  |  |
| New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing |  |  |
| Revenue Bonds, CHF-Collegiate Housing Foundation – Stephenville II, L.L.C. – Tarleton State |  |  |
| University Project, Series: |  |  |
1,000 | 5.000%, 4/01/34 (Pre-refunded 4/01/24) | 4/24 at 100.00 | N/R (5) | 1,102,490
2,200 | 5.000%, 4/01/39 (Pre-refunded 4/01/24) | 4/24 at 100.00 | N/R (5) | 2,425,478
1,600 | 5.000%, 4/01/46 (Pre-refunded 4/01/24) | 4/24 at 100.00 | N/R (5) | 1,763,984
5,540 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | N/R (5) | 6,121,922
| Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, |  |  |
| Series 2014A, 5.000%, 4/01/39 (Pre-refunded 4/01/24) |  |  |
3,220 | North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, | 12/21 at 100.00 | AA (5) | 3,238,451
| 12/15/36 (Pre-refunded 12/15/21) – 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) (8) | 9/31 at 100.00 | N/R (5) | 3,593,521
3,910 | 6.750%, 9/01/45 (Pre-refunded 9/01/31) | 9/31 at 100.00 | N/R (5) | 5,869,418
6,155 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, | 1/23 at 100.00 | A+ | 6,480,169
| 5.000%, 1/01/40 |  |  |
2,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series | 1/25 at 100.00 | A | 2,253,340
| 2015A, 5.000%, 1/01/38 |  |  |
610 | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series | 2/24 at 100.00 | Ba1 | 648,473
| 2014A, 5.125%, 2/01/39 |  |  |
1,000 | Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint | 6/26 at 100.00 | BBB | 1,083,440
| Edward?s University Project, Series 2016, 4.000%, 6/01/41 |  |  |
1,870 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 9/23 at 100.00 | A3 (5) | 2,046,491
| Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 |  |  |
| (Pre-refunded 9/01/23) |  |  |
17,640 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 5/26 at 100.00 | AA– | 20,611,811
| Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 (UB) (6) |  |  |
4,565 | Texas City Industrial Development Corporation, Texas, Industrial Development Revenue | 2/25 at 100.00 | Baa2 | 4,950,834
| Bonds, NRG Energy, inc. Project, Fixed Rate Series 2012, 4.125%, 12/01/45 |  |  |
3,435 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, | 9/27 at 100.00 | Aaa | 3,704,441
| Series 2018A, 4.250%, 9/01/43 |  |  |
| Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, |  |  |
| Series 2021A: |  |  |
7,250 | 2.250%, 9/01/46 | 3/30 at 100.00 | Aaa | 7,002,630
7,000 | 2.350%, 9/01/51 | 3/30 at 100.00 | Aaa | 6,720,210
| Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue |  |  |
| Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A: |  |  |
5,810 | 4.000%, 12/31/36 | 12/30 at 100.00 | Baa2 | 6,813,445
2,735 | 4.000%, 6/30/37 | 12/30 at 100.00 | Baa2 | 3,198,364
3,175 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | 8/22 at 100.00 | A (5) | 3,296,126
| First Tier Series 2012A, 5.000%, 8/15/41 (Pre-refunded 8/15/22) |  |  |
| Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding |  |  |
| First Tier Series 2015B: |  |  |
11,280 | 0.000%, 8/15/36 | 8/24 at 59.60 | A | 6,491,189
10,000 | 0.000%, 8/15/37 | 8/24 at 56.94 | A | 5,494,600

67

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NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
| Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding |  |  |
| Second Tier Series 2015C: |  |  |
$ 5,000 | 5.000%, 8/15/37 | 8/24 at 100.00 | A– | $ 5,589,150
31,810 | 5.000%, 8/15/42 | 8/24 at 100.00 | A– | 35,505,686
7,500 | Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll | 2/29 at 100.00 | Baa3 | 8,637,900
| Series 2019A, 5.000%, 8/01/57 |  |  |
4,400 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series | No Opt. Call | A | 4,254,712
| 2002A, 0.000%, 8/15/25 – AMBAC Insured |  |  |
1,415 | Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue | 5/22 at 100.00 | AA– | 1,453,573
| Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured |  |  |
376,985 | Total Texas |  |  | 401,805,347
| Utah – 0.1% (0.1% of Total Investments) |  |  |
| Black Desert Public Infrastructure District, Limited Tax General Obligation Bonds, |  |  |
| Series 2021A: |  |  |
510 | 3.750%, 3/01/41, 144A | 9/26 at 103.00 | N/R | 517,584
1,095 | 4.000%, 3/01/51, 144A | 9/26 at 103.00 | N/R | 1,112,498
3,360 | MIDA Military Installation Development Authority Golf and Equestrian Center Public | 12/26 at 103.00 | N/R | 3,348,206
| Infrastructure District, Utah, Limited Tax and Tax Allocation Revenue Bonds, Series 2021, |  |  |
| 4.625%, 6/01/57, 144A (WI/DD, Settling 9/01/21) |  |  |
500 | Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, | 2/26 at 103.00 | N/R | 515,925
| Series 2021A, 4.375%, 2/01/51, 144A |  |  |
5,465 | Total Utah |  |  | 5,494,213
| Vermont – 0.1% (0.0% of Total Investments) |  |  |
1,835 | Vermont Economic Development Authority, Mortgage Revenue Bonds, Wake Robin Corporation | 5/28 at 103.00 | N/R | 1,951,302
| Project, Series 2021A, 4.000%, 5/01/45 |  |  |
| Virgin Islands – 0.0% (0.0% of Total Investments) |  |  |
1,790 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding | 10/22 at 100.00 | AA | 1,846,886
| Series 2012A, 5.000%, 10/01/32 – AGM Insured |  |  |
| Virginia – 0.9% (0.6% 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 | 1,264,968
1,085 | 5.600%, 3/01/45, 144A | 3/25 at 100.00 | N/R | 1,143,405
5,500 | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton | 7/30 at 100.00 | AA | 6,825,225
| Roads Transportation Fund, Senior Lien Series 2020A, 5.000%, 7/01/60 |  |  |
11,380 | Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads | 1/28 at 100.00 | AA+ | 13,854,126
| Transportation Fund Revenue Bonds, Senior Lien Series 2018A, 5.500%, 7/01/57 |  |  |
| James City County Economic Development Authority, Virginia, Residential Care Facility |  |  |
| Revenue Bonds, Williamsburg Landing Inc., Refunding Series 2021A: |  |  |
1,115 | 4.000%, 12/01/40 | 12/27 at 103.00 | N/R | 1,221,516
2,690 | 4.000%, 12/01/50 | 12/27 at 103.00 | N/R | 2,916,794
2,000 | Peninsula Town Center Community Development Authority, Virginia, Special Obligation | 9/27 at 100.00 | N/R | 2,162,320
| Bonds, Refunding Series 2018, 5.000%, 9/01/45, 144A |  |  |
1,000 | Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount | 7/25 at 100.00 | BB+ | 1,070,650
| University Project, Green Series 2015B, 5.250%, 7/01/35, 144A |  |  |
2,020 | Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue | 4/28 at 112.76 | N/R | 2,349,523
| Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, 8.375%, |  |  |
| 4/01/41, 144A |  |  |
27,990 | Total Virginia |  |  | 32,808,527

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Washington – 1.9% (1.2% of Total Investments) |  |  |
$ 5,000 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, | 7/25 at 100.00 | Aa2 | $ 5,745,200
| Refunding Series 2015A, 5.000%, 7/01/38 (UB) (6) |  |  |
1,250 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & | 10/24 at 100.00 | AA– | 1,842,500
| Services, Tender Option Bond Trust 2015-XF0148, 17.952%, 10/01/44, 144A (IF) (6) |  |  |
20,455 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center | 9/30 at 100.00 | A+ | 25,414,315
| Alliance, Series 2020, 5.000%, 9/01/55 |  |  |
6,655 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, | 10/22 at 100.00 | Aa2 (5) | 6,944,759
| Series 2012A, 5.000%, 10/01/42 (Pre-refunded 10/01/22) |  |  |
| 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 | 5,891,177
3,650 | 5.000%, 1/01/51, 144A | 1/25 at 102.00 | BB | 3,939,664
21,510 | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, | No Opt. Call | Aaa | 19,787,049
| 0.000%, 6/01/28 – NPFG Insured (UB) (6) |  |  |
63,970 | Total Washington |  |  | 69,564,664
| West Virginia – 1.3% (0.8% of Total Investments) |  |  |
1,900 | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, | 6/27 at 100.00 | N/R | 2,159,065
| University Town Centre Economic Opportunity Development District, Refunding & Improvement |  |  |
| Series 2017A, 5.500%, 6/01/37, 144A |  |  |
465 | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, | 6/31 at 100.00 | N/R | 512,337
| University Town Centre Economic Opportunity Development District, Refunding & Improvement |  |  |
| Series 2021A, 4.125%, 6/01/43, 144A |  |  |
40,950 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/23 at 100.00 | A (5) | 44,322,642
| Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 |  |  |
| (Pre-refunded 6/01/23) |  |  |
43,315 | Total West Virginia |  |  | 46,994,044
| Wisconsin – 3.6% (2.3% 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 | 1,871,205
305 | 5.125%, 2/01/46, 144A | 2/26 at 100.00 | N/R | 323,520
1,715 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community | 6/26 at 100.00 | N/R | 1,808,793
| School Bonds, North Carolina, Series 2019A, 5.000%, 6/15/49, 144A |  |  |
500 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community | 6/24 at 100.00 | N/R | 517,860
| School, North Carolina, Series 2017A, 5.125%, 6/15/47, 144A |  |  |
1,480 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science | 5/26 at 100.00 | N/R | 1,562,244
| Academy Project, Series 2016A, 5.125%, 5/01/36, 144A |  |  |
6,000 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Phoenix Academy | 6/24 at 100.00 | N/R | 6,096,480
| Charter School, North Carolina, Series 2017A, 5.625%, 6/15/37, 144A |  |  |
| Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter |  |  |
| Academy, North Carolina, Series 2017A: |  |  |
1,000 | 5.500%, 6/15/37, 144A | 6/27 at 100.00 | N/R | 1,018,530
1,790 | 5.625%, 6/15/47, 144A | 6/27 at 100.00 | N/R | 1,837,936
35,100 | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American | 12/27 at 100.00 | N/R | 38,527,866
| Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A |  |  |
1,700 | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, | 10/27 at 100.00 | N/R | 1,717,595
| Senior Series 2017A, 7.000%, 10/01/47, 144A |  |  |
| Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., |  |  |
| Series 2017A: |  |  |
1,410 | 5.000%, 12/01/27 | No Opt. Call | BBB– | 1,570,670
1,815 | 5.200%, 12/01/37 | 12/27 at 100.00 | BBB– | 2,147,091

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NVG | Nuveen AMT-Free Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Wisconsin (continued) |  |  |
| Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health |  |  |
| Sciences, Series 2020: |  |  |
$ 1,300 | 5.000%, 4/01/40, 144A | 4/30 at 100.00 | BB | $ 1,536,548
4,765 | 5.000%, 4/01/50, 144A | 4/30 at 100.00 | BB | 5,553,607
| 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– | 4,446,495
1,575 | 5.000%, 6/15/48, 144A | 6/26 at 100.00 | BBB– | 1,709,347
2,500 | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, | 5/26 at 100.00 | BBB | 2,747,625
| Refunding Series 2016C, 4.050%, 11/01/30 |  |  |
6,620 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health | 10/22 at 100.00 | AA | 6,839,387
| Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42 |  |  |
| Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, |  |  |
| Series 2012B: |  |  |
3,505 | 4.500%, 2/15/40 | 2/22 at 100.00 | A– | 3,531,568
1,485 | 5.000%, 2/15/40 | 2/22 at 100.00 | A– | 1,504,157
| 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 | 11,284,240
1,500 | 5.000%, 6/01/39 | 6/22 at 100.00 | A3 | 1,536,885
| Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. |  |  |
| Project, Series 2021: |  |  |
2,405 | 4.000%, 10/01/51 | 10/28 at 102.00 | N/R | 2,457,453
3,845 | 4.000%, 10/01/61 | 10/28 at 102.00 | N/R | 3,885,142
1,450 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rocket Education | 6/26 at 100.00 | N/R | 1,586,010
| Obligated Group, Series 2017C, 5.250%, 6/01/40, 144A |  |  |
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 8/24 at 103.00 | N/R | 1,057,200
| American Baptist Homes of the Midwest Obligated Group, Refunding Series 2017, 5.000%, 8/01/37 |  |  |
2,505 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Aurora | 4/23 at 100.00 | Aa3 (5) | 2,680,375
| Health Care, Inc., Series 2013A, 5.125%, 4/15/31 (Pre-refunded 4/15/23) |  |  |
| Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson |  |  |
| Hollow Project. Series 2014: |  |  |
1,000 | 5.375%, 10/01/44 | 10/22 at 102.00 | N/R | 1,034,220
1,500 | 5.500%, 10/01/49 | 10/22 at 102.00 | N/R | 1,552,725
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers | 7/24 at 100.00 | A | 1,111,630
| Memorial Hospital, Inc., Series 2014A, 5.000%, 7/01/34 |  |  |
1,850 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint | 11/26 at 103.00 | N/R | 2,039,107
| Camillus Health System Inc, Series 2019A, 5.000%, 11/01/54 |  |  |
| Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint |  |  |
| John’s Communities Inc., Series 2015B: |  |  |
550 | 5.000%, 9/15/37 | 9/22 at 100.00 | BBB– | 572,055
1,350 | 5.000%, 9/15/45 | 9/22 at 100.00 | BBB– | 1,404,135
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Three | 8/23 at 100.00 | BBB+ (5) | 1,084,170
| Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/33 (Pre-refunded 8/15/23) |  |  |
| Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, |  |  |
| Woodland Hills Senior Housing Project, Series 2014: |  |  |
2,565 | 5.000%, 12/01/44 | 12/22 at 102.00 | N/R | 2,648,952
1,775 | 5.250%, 12/01/49 | 12/22 at 102.00 | N/R | 1,836,397
| Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, |  |  |
| Series 2019A: |  |  |
2,800 | 3.150%, 11/01/44 | 11/28 at 100.00 | AA | 2,928,492
4,000 | 3.200%, 11/01/49 | 11/28 at 100.00 | AA | 4,160,280
123,460 | Total Wisconsin |  |  | 131,727,992

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Wyoming – 0.1% (0.0% of Total Investments) |  |  |
| Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical |  |  |
| Center Project, Series 2011B: |  |  |
$ 1,000 | 5.500%, 12/01/27 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (5) | $ 1,004,200
1,000 | 6.000%, 12/01/36 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (5) | 1,004,590
2,000 | Total Wyoming |  |  | 2,008,790
$ 5,930,649 | Total Municipal Bonds (cost $5,140,995,422) |  |  | 5,712,869,827

Shares | Description (1) |  |  | Value
| COMMON STOCKS – 0.9% (0.6% of Total Investments) |  |  |
| Electric Utilities – 0.9% (0.6% of Total Investments) |  |  |
676,308 | Energy Harbor Corp (9), (10), (11) |  |  | $ 32,378,245
| Total Common Stocks (cost $15,015,822) |  |  | 32,378,245
| Total Long-Term Investments (cost $5,156,011,244) |  |  | 5,745,248,072
| Floating Rate Obligations – (5.1)% |  |  | (187,400,000)
| MuniFund Preferred Shares, net of deferred offering costs – (11.0)% (12) |  |  | (404,033,874)
| Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (3.0)% (13) |  | (111,923,894)
| Variable Rate Demand Preferred Shares, net of deferred offering costs – (38.2)% (14) |  |  | (1,408,222,865)
| Other Assets Less Liabilities – 1.5% |  |  | 53,668,682
| Net Assets Applicable to Common Shares – 100% |  | $ 3,687,336,121

(1) |  | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2) |  | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.

(3) |  | The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.

(4) |  | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(5) |  | 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) |  | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(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.

(8) |  | 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.

(9) |  | Common Stock received as part of the bankruptcy settlements during February 2020 for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35, Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010B, 3.750%, 6/01/33, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2006B, 3.125%, 1/01/34, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010C, 4.000%, 6/01/33.

(10) |  | For fair value measurement disclosure purposes, investment classified as Level 2.

(11) |  | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(12) |  | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 7.0%.

(13) |  | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 1.9%.

(14) |  | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 24.5%.

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 which are normally those transactions with qualified institutional buyers.

ETM |  | Escrowed to maturity.

IF |  | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.

UB |  | Underlying bond of an inverse floating rate trust reflected as a financing transaction.

WI/DD |  | Purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

71

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NZF | Nuveen Municipal Credit Income Fund Portfolio of Investments October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| LONG-TERM INVESTMENTS – 153.7% (100.0% of Total Investments) |  |  |
| MUNICIPAL BONDS – 151.3% (98.4% of Total Investments) |  |  |
| Alabama – 0.9% (0.6% of Total Investments) |  |  |
$ 8,585 | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, | 9/25 at 100.00 | N/R | $ 9,344,429
| University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A |  |  |
3,720 | Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, | 11/21 at 100.00 | N/R (4) | 3,975,415
| Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital, |  |  |
| Series 1995, 5.000%, 11/01/25 (ETM) |  |  |
5,835 | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, | No Opt. Call | A2 | 8,299,471
| 5.000%, 9/01/46 |  |  |
18,140 | Total Alabama |  |  | 21,619,315
| Alaska – 0.3% (0.2% of Total Investments) |  |  |
| Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham |  |  |
| Hydroelectric Project, Refunding Series 2015: |  |  |
1,000 | 5.000%, 1/01/31 (AMT) | 7/25 at 100.00 | Baa2 | 1,091,490
2,950 | 5.000%, 1/01/33 (AMT) | 7/25 at 100.00 | Baa2 | 3,212,904
2,900 | 5.000%, 1/01/34 (AMT) | 7/25 at 100.00 | Baa2 | 3,153,286
6,850 | Total Alaska |  |  | 7,457,680
| Arizona – 1.7% (1.1% of Total Investments) |  |  |
1,300 | Apache County Industrial Development Authority, Arizona, Pollution Control Revenue | 3/22 at 100.00 | A– | 1,316,419
| Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 |  |  |
2,820 | Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals | 12/24 at 100.00 | A+ | 3,178,366
| Project, Refunding Series 2014A, 5.000%, 12/01/39 |  |  |
10,450 | Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility | 7/22 at 100.00 | A1 | 10,720,237
| Project, Refunding Senior Series 2012A, 5.000%, 7/01/30 |  |  |
2,131 | Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, | 7/27 at 100.00 | N/R | 1,640,888
| Series 2017A, 7.000%, 7/01/41, 144A (5) |  |  |
3,185 | Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, | 7/25 at 100.00 | N/R | 3,360,684
| Series 2015, 5.000%, 7/15/39, 144A |  |  |
1,750 | Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, | 9/28 at 100.00 | A+ | 2,131,447
| HonorHealth, Series 2019A, 5.000%, 9/01/42 |  |  |
| Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa |  |  |
| Project, Series 2012: |  |  |
400 | 5.000%, 7/01/27 (AMT) | 7/22 at 100.00 | AA+ | 412,296
950 | 5.000%, 7/01/32 (AMT) | 7/22 at 100.00 | AA+ | 978,234
| 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– | 1,932,609
2,140 | 5.500%, 7/01/51 | 7/26 at 100.00 | BB– | 2,304,759
595 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 2/24 at 100.00 | N/R | 622,180
| San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A |  |  |
2,060 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 2/28 at 100.00 | N/R | 2,326,523
| San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A |  |  |
7,235 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy | No Opt. Call | A3 | 9,930,616
| Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 |  |  |
36,806 | Total Arizona |  |  | 40,855,258
| California – 22.2% (14.4% of Total Investments) |  |  |
2,000 | ABC Unified School District, Los Angeles County, California, General Obligation Bonds, | No Opt. Call | Aa2 | 1,986,900
| Series 2000B, 0.000%, 8/01/23 – FGIC Insured |  |  |

72

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 4,225 | Alameda Unified School District, Alameda County, California, General Obligation Bonds, | No Opt. Call | AA | $ 3,855,313
| Series 2005B, 0.000%, 8/01/28 – AGM Insured |  |  |
535 | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, | 3/26 at 100.00 | BBB | 586,087
| 5.000%, 3/01/41 |  |  |
1,900 | Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, | 11/25 at 100.00 | N/R | 2,130,432
| Redevelopment Project 1, Refunding Series 2015, 5.000%, 5/01/38 |  |  |
| Calexico Unified School District, Imperial County, California, General Obligation Bonds, |  |  |
| Series 2005B: |  |  |
4,070 | 0.000%, 8/01/32 – FGIC Insured | No Opt. Call | A | 3,294,014
6,410 | 0.000%, 8/01/34 – FGIC Insured | No Opt. Call | A | 4,909,547
1,515 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/29 at 100.00 | N/R | 1,674,454
| Verdant at Green Valley Apartments, Series 2019A, 5.000%, 8/01/49, 144A |  |  |
1,295 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 11/21 at 100.00 | N/R | 1,295,492
| Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/36 |  |  |
| California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health |  |  |
| System, Series 2013A: |  |  |
3,840 | 5.000%, 7/01/33 | 7/23 at 100.00 | AA– | 4,137,254
710 | 5.000%, 7/01/37 | 7/23 at 100.00 | AA– | 764,471
825 | California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa | 7/25 at 100.00 | BB+ | 899,349
| Academy Project, Series 2015, 5.375%, 7/01/45, 144A |  |  |
1,795 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San | 1/29 at 100.00 | BBB | 2,147,394
| Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%, |  |  |
| 7/01/39, 144A |  |  |
2,000 | California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep – | 6/26 at 100.00 | N/R | 2,150,420
| Obligated Group, Series 2016, 5.000%, 6/01/51, 144A |  |  |
2,000 | California State Public Works Board, Lease Revenue Bonds, Judicial Council of | 3/23 at 100.00 | Aa3 | 2,119,300
| California, Various Projects Series 2013A, 5.000%, 3/01/38 |  |  |
16,050 | California State, General Obligation Bonds, Refunding Various Purpose Series 2021, | 12/30 at 100.00 | Aa2 | 20,954,719
| 5.000%, 12/01/35 |  |  |
10,000 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 12/24 at 100.00 | BB | 11,312,100
| Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 |  |  |
| California Statewide Communities Development Authority, California, Revenue Bonds, Loma |  |  |
| Linda University Medical Center, Series 2016A: |  |  |
2,250 | 5.000%, 12/01/41, 144A | 6/26 at 100.00 | BB | 2,567,250
17,155 | 5.000%, 12/01/46, 144A | 6/26 at 100.00 | BB | 19,530,624
7,335 | 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB | 8,393,441
27,545 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/28 at 100.00 | BB | 33,438,804
| Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A |  |  |
182 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 11/21 at 100.00 | N/R | 159,544
| Charity Health System, Series 2005A, 5.500%, 7/01/39 (6), (5) |  |  |
123 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 11/21 at 100.00 | N/R | 107,692
| Charity Health System, Series 2005H, 5.750%, 7/01/25 (6), (5) |  |  |
9,955 | Capistrano Unified School District, Orange County, California, Special Tax Bonds, | No Opt. Call | Baa2 | 8,026,617
| Community Facilities District 98-2, Series 2005, 0.000%, 9/01/31 – FGIC Insured |  |  |
| Clovis Unified School District, Fresno County, California, General Obligation Bonds, |  |  |
| Election 2012 Series 2013B: |  |  |
1,135 | 5.000%, 8/01/38 (Pre-refunded 8/01/23) | 8/23 at 100.00 | AA (4) | 1,229,829
1,865 | 5.000%, 8/01/38 (Pre-refunded 8/01/23) | 8/23 at 100.00 | N/R (4) | 2,019,590
4,000 | Coast Community College District, Orange County, California, General Obligation Bonds, | No Opt. Call | AA+ | 3,996,040
| Series 2005, 0.000%, 8/01/22 – NPFG Insured |  |  |
3,795 | Colton Joint Unified School District, San Bernardino County, California, General | No Opt. Call | Aa3 | 2,710,313
| Obligation Bonds, Series 2006C, 0.000%, 2/01/37 – FGIC Insured |  |  |

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NZF | Nuveen Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 470 | Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage | No Opt. Call | AA+ (4) | $ 478,728
| Revenue Bonds, Series 1989, 7.750%, 5/01/22 (AMT) (ETM) |  |  |
6,050 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 10/31 at 100.00 | N/R | 6,039,836
| Altana Glendale, Series 2021A-1, 3.500%, 10/01/46, 144A |  |  |
6,215 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 10/31 at 100.00 | N/R | 6,407,479
| Altana Glendale, Series 2021A-2, 4.000%, 10/01/56, 144A |  |  |
1,320 | Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015, | 9/25 at 100.00 | N/R | 1,476,842
| 5.000%, 9/01/40 |  |  |
5,000 | Escondido Union School District, San Diego County, California, General Obligation Bonds, | 8/27 at 100.00 | AAA | 5,639,350
| Election 2014 Series 2018B, 4.000%, 8/01/47 |  |  |
2,510 | Folsom Cordova Unified School District, Sacramento County, California, General | No Opt. Call | Aa2 | 2,274,386
| Obligation Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%, 10/01/28 – |  |  |
| NPFG Insured |  |  |
3,360 | Folsom Cordova Unified School District, Sacramento County, California, General | No Opt. Call | Aa2 | 3,128,664
| Obligation Bonds, School Facilities Improvement District 2, Series 2002A, 0.000%, 7/01/27 – |  |  |
| NPFG Insured |  |  |
3,725 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | No Opt. Call | AA | 2,861,955
| 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 (7) | No Opt. Call | A– | 3,205,110
1,560 | 5.750%, 1/15/46 (Pre-refunded 1/15/24) | 1/24 at 100.00 | A– (4) | 1,746,124
3,560 | 6.000%, 1/15/49 (Pre-refunded 1/15/24) | 1/24 at 100.00 | A– (4) | 4,001,725
4,505 | Foothill-De Anza Community College District, Santa Clara County, California, Election of | No Opt. Call | AAA | 3,968,815
| 1999 General Obligation Bonds, Series A, 0.000%, 8/01/30 – NPFG Insured |  |  |
5,855 | Fremont Union High School District, Santa Clara County, California, General Obligation | 8/27 at 100.00 | AAA | 6,733,250
| Bonds, Refunding Series 2017A, 4.000%, 8/01/46 |  |  |
2,315 | Gateway Unified School District, California, General Obligation Bonds, Series 2004B, | No Opt. Call | A+ | 1,853,783
| 0.000%, 8/01/32 – FGIC Insured |  |  |
5,000 | Glendale Community College District, Los Angeles County, California, General Obligation | 8/29 at 100.00 | Aa2 | 5,783,650
| Bonds, Election 2016 Taxable Refunding Series 2020B, 4.000%, 8/01/50 |  |  |
8,495 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | 6/25 at 100.00 | Aa3 (4) | 9,884,357
| Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45 (Pre-refunded 6/01/25) |  |  |
3,170 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | No Opt. Call | AA (4) | 3,060,223
| Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured (ETM) |  |  |
8,550 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R | 8,770,248
| Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47 |  |  |
500 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R | 512,005
| Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 |  |  |
3,190 | Hillsborough City School District, San Mateo County, California, General Obligation | No Opt. Call | AAA | 3,013,274
| Bonds, Series 2006B, 0.000%, 9/01/27 |  |  |
5,000 | Huntington Beach Union High School District, Orange County, California, General | No Opt. Call | Aa2 | 4,191,450
| Obligation Bonds, Series 2005, 0.000%, 8/01/31 – NPFG Insured |  |  |
2,500 | Huntington Beach Union High School District, Orange County, California, General | No Opt. Call | Aa2 | 2,042,825
| Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured |  |  |
14,565 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/28 at 100.00 | Aa3 | 17,583,596
| Airport, Subordinate Lien Series 2018A, 5.000%, 5/15/44 (AMT) |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
| Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, |  |  |
| Series 2021B: |  |  |
$ 2,000 | 5.000%, 7/01/39 | 1/31 at 100.00 | Aa2 | $ 2,607,100
3,835 | 5.000%, 7/01/40 | 1/31 at 100.00 | Aa2 | 4,981,358
1,000 | 5.000%, 7/01/41 | 1/31 at 100.00 | Aa2 | 1,295,580
6,010 | 5.000%, 7/01/42 | 1/31 at 100.00 | Aa2 | 7,765,160
3,000 | 5.000%, 7/01/46 | 1/31 at 100.00 | Aa2 | 3,844,410
2,750 | Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Bonds, | 1/22 at 100.00 | A– | 2,767,573
| LAXFUEL Corporation at Los Angeles International Airport, Refunding Series 2012, 4.500%, |  |  |
| 1/01/27 (AMT) |  |  |
2,000 | Martinez Unified School District, Contra Costa County, California, General Obligation | 8/24 at 100.00 | AA (4) | 2,305,620
| Bonds, Series 2011, 5.875%, 8/01/31 (Pre-refunded 8/01/24) |  |  |
1,000 | Mendocino-Lake Community College District, Mendocino and Lake Counties, California, | 8/26 at 100.00 | AA | 1,218,790
| General Obligation Bonds, Election 2006, Series 2011B, 5.600%, 8/01/31 – AGM Insured |  |  |
10,000 | Milpitas Municipal Financing Authority, California, Wastewater Revenue Bonds, Series | 11/29 at 100.00 | AA+ | 11,615,100
| 2019, 4.000%, 11/01/49 |  |  |
2,335 | Morongo Band of Mission Indians, California, Enterprise Revenue Bonds, Series 2018A, | 10/28 at 100.00 | BBB– | 2,747,244
| 5.000%, 10/01/42, 144A |  |  |
| Mount San Antonio Community College District, Los Angeles County, California, General |  |  |
| Obligation Bonds, Election of 2008, Series 2013A: |  |  |
1,030 | 0.000%, 8/01/28 (7) | 2/28 at 100.00 | Aa1 | 1,209,508
2,320 | 0.000%, 8/01/43 (7) | 8/35 at 100.00 | Aa1 | 2,604,339
5,420 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | A | 8,473,520
| Series 2009B, 6.500%, 11/01/39 |  |  |
| M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, |  |  |
| Series 2009C: |  |  |
2,700 | 7.000%, 11/01/34 | No Opt. Call | A | 4,051,647
2,200 | 6.500%, 11/01/39 | No Opt. Call | A | 3,439,436
| North Orange County Community College District, California, General Obligation Bonds, |  |  |
| Election of 2002 Series 2003B: |  |  |
7,735 | 0.000%, 8/01/25 – FGIC Insured | No Opt. Call | AA+ | 7,506,353
4,180 | 0.000%, 8/01/26 – FGIC Insured | No Opt. Call | AA+ | 3,987,929
10,885 | Norwalk La Mirada Unified School District, Los Angeles County, California, General | No Opt. Call | Aa3 | 10,539,619
| Obligation Bonds, Election 2002 Series 2005B, 0.000%, 8/01/25 – FGIC Insured |  |  |
6,000 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, | No Opt. Call | A2 | 5,862,360
| Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured |  |  |
12,210 | Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital | 8/30 at 100.00 | A2 | 16,751,998
| Appreciation, Election 2004 Series 2010A, 6.750%, 8/01/40 |  |  |
5,000 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%, | 8/29 at 100.00 | AA | 6,960,150
| 8/01/38 – AGC Insured |  |  |
1,750 | Paramount Unified School District, Los Angeles County, California, General Obligation | No Opt. Call | AA | 1,736,525
| Bonds, Series 2001B, 0.000%, 9/01/23 – AGM Insured |  |  |
9,315 | Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage | No Opt. Call | AA+ (4) | 10,062,529
| Revenue Bonds, Series 1989A, 7.600%, 1/01/23 (AMT) (ETM) |  |  |
3,200 | Redlands Unified School District, San Bernardino County, California, General Obligation | No Opt. Call | AA | 2,959,648
| Bonds, Series 2003, 0.000%, 7/01/27 – AGM Insured |  |  |
205 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, | 6/23 at 100.00 | A | 222,452
| Series 2013A, 5.750%, 6/01/44 |  |  |
2,755 | Sacramento City Unified School District, Sacramento County, California, General | No Opt. Call | A2 | 2,659,154
| Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured |  |  |
3,550 | San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series | 12/21 at 100.00 | BB (4) | 3,570,697
| 2011, 7.500%, 12/01/41 (Pre-refunded 12/01/21) |  |  |

75

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NZF | Nuveen Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 165 | San Clemente, California, Special Tax Revenue Bonds, Community Facilities District | 9/25 at 100.00 | N/R | $ 184,541
| 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40 |  |  |
50,510 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/28 at 100.00 | A1 | 60,558,964
| International Airport, Second Series 2018D, 5.000%, 5/01/48 (AMT) |  |  |
| San Francisco Airports Commission, California, Revenue Bonds, San Francisco |  |  |
| International Airport, Second Series 2019A: |  |  |
1,000 | 5.000%, 5/01/44 (AMT) | 5/29 at 100.00 | A1 | 1,213,120
22,975 | 5.000%, 5/01/49 (AMT) | 5/29 at 100.00 | A1 | 27,661,670
2,700 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | 1/25 at 100.00 | BBB+ | 2,998,107
| Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 |  |  |
| San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road |  |  |
| Revenue Bonds, Refunding Senior Lien Series 2014A: |  |  |
6,630 | 5.000%, 1/15/44 | 1/25 at 100.00 | A– | 7,389,732
3,160 | 5.000%, 1/15/50 | 1/25 at 100.00 | A– | 3,515,911
7,205 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | No Opt. Call | Baa2 | 7,056,649
| Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured |  |  |
9,750 | San Luis Obispo County Community College District, California, General Obligation Bonds, | 8/28 at 100.00 | Aa2 | 11,340,322
| Election of 2014 Series 2018B, 4.000%, 8/01/43 |  |  |
5,760 | San Ysidro School District, San Diego County, California, General Obligation Bonds, | 8/25 at 34.92 | AA | 1,887,034
| Refunding Series 2015, 0.000%, 8/01/45 |  |  |
5,520 | Silicon Valley Clean Water, Mateo County, California, Wastewater Revenue Bonds, Series | 2/28 at 100.00 | AA | 6,295,229
| 2018, 4.000%, 8/01/42 |  |  |
| Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement |  |  |
| Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A: |  |  |
7,500 | 0.000%, 6/01/36 | 11/21 at 44.72 | N/R | 3,342,150
37,555 | 0.000%, 6/01/47 | 11/21 at 23.85 | N/R | 8,922,317
1,820 | Southwestern Community College District, San Diego County, California, General | 8/27 at 100.00 | Aa2 | 2,088,395
| Obligation Bonds, Election of 2016, Series 2017A, 4.000%, 8/01/42 |  |  |
1,800 | Walnut Valley Unified School District, Los Angeles County, California, General | No Opt. Call | Aa1 | 1,685,520
| Obligation Bonds, Election 2000 Series 2003D, 0.000%, 8/01/27 – FGIC Insured |  |  |
4,005 | Wiseburn School District, Los Angeles County, California, General Obligation Bonds, | 8/31 at 100.00 | AA | 4,528,173
| Series 2011B, 0.000%, 8/01/36 – AGM Insured (7) |  |  |
517,365 | Total California |  |  | 535,468,298
| Colorado – 6.0% (3.9% of Total Investments) |  |  |
1,500 | Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series | 12/25 at 100.00 | AA | 1,747,560
| 2015, 5.000%, 12/01/35 – BAM Insured |  |  |
1,206 | Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding | 12/21 at 103.00 | N/R | 1,244,556
| Series 2016A, 5.500%, 12/01/36 |  |  |
| Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General |  |  |
| Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A: |  |  |
775 | 6.000%, 12/01/37 | 12/22 at 103.00 | N/R | 811,185
2,320 | 6.125%, 12/01/47 | 12/22 at 103.00 | N/R | 2,428,066
685 | Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General | 12/22 at 103.00 | N/R | 716,907
| Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 |  |  |
| Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & |  |  |
| Improvement Series 2017: |  |  |
770 | 5.000%, 12/01/37, 144A | 12/22 at 103.00 | N/R | 808,515
2,210 | 5.000%, 12/01/47, 144A | 12/22 at 103.00 | N/R | 2,314,003
625 | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, | 12/23 at 100.00 | BBB | 670,787
| Refunding Series 2013A, 6.000%, 12/01/38 |  |  |
976 | Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue | 12/25 at 100.00 | N/R | 1,043,832
| Bonds, Refunding Senior Lien Series 2015A, 5.000%, 6/01/37 |  |  |

76

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 14,060 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated | 11/31 at 100.00 | AA | $ 16,339,688
| Group, Series 2021A, 4.000%, 11/15/50 |  |  |
9,335 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 1/23 at 100.00 | BBB+ (4) | 9,872,136
| Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) |  |  |
2,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital | 12/23 at 100.00 | A+ | 2,175,000
| Colorado Project, Series 2013A, 5.000%, 12/01/36 |  |  |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, |  |  |
| Series 2019A-2: |  |  |
4,000 | 5.000%, 8/01/37 | 8/29 at 100.00 | BBB+ | 4,918,400
8,335 | 5.000%, 8/01/38 | 8/29 at 100.00 | BBB+ | 10,215,543
6,500 | 5.000%, 8/01/39 | 8/29 at 100.00 | BBB+ | 7,939,685
2,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, | 12/22 at 100.00 | A+ | 2,038,920
| Series 2012, 4.000%, 12/01/42 |  |  |
585 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good | 6/23 at 100.00 | N/R (4) | 634,819
| Samaritan Society Project, Series 2013, 5.625%, 6/01/43 (Pre-refunded 6/01/23) |  |  |
3,655 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good | 6/25 at 100.00 | N/R (4) | 4,245,685
| Samaritan Society Project, Series 2013A, 5.000%, 6/01/45 (Pre-refunded 6/01/25) |  |  |
2,105 | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax | 12/23 at 103.00 | N/R | 2,260,707
| General Obligation Bonds, Refunding & Improvement Series 2018, 5.875%, 12/01/46 |  |  |
2,250 | Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, | 11/23 at 100.00 | AA+ | 2,445,300
| 5.000%, 11/15/38 |  |  |
2,200 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, | 11/22 at 100.00 | AA– (4) | 2,308,482
| 11/15/32 (Pre-refunded 11/15/22) |  |  |
3,870 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series | 11/23 at 100.00 | A+ | 4,210,057
| 2013B, 5.000%, 11/15/43 |  |  |
| Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado |  |  |
| Urban Redevelopment Area, Series 2018A: |  |  |
400 | 5.250%, 12/01/39, 144A | 12/23 at 103.00 | N/R | 433,912
1,310 | 5.250%, 12/01/39, 144A | 12/23 at 103.00 | N/R | 1,421,573
10,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation | No Opt. Call | A | 6,145,200
| Series 2010A, 0.000%, 9/01/41 |  |  |
8,845 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, | No Opt. Call | A | 8,410,887
| 9/01/26 – NPFG Insured |  |  |
| E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: |  |  |
7,550 | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | A | 6,668,764
11,100 | 0.000%, 9/01/31 – NPFG Insured | No Opt. Call | A | 9,259,953
10,000 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 8,129,700
| Eaton Area Park and Recreation District, Colorado, General Obligation Limited Tax Bonds, |  |  |
| Series 2015: |  |  |
475 | 5.500%, 12/01/30 (Pre-refunded 12/01/22) | 12/22 at 100.00 | N/R (4) | 501,956
180 | 5.250%, 12/01/34 (Pre-refunded 12/01/22) | 12/22 at 100.00 | N/R (4) | 189,729
896 | Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation | 12/21 at 103.00 | N/R | 923,973
| Limited Tax Bonds, Series 2016, 5.125%, 12/01/46 |  |  |
| Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, |  |  |
| Series 2014: |  |  |
1,125 | 5.750%, 12/01/30 | 12/24 at 100.00 | N/R | 1,179,484
1,000 | 6.000%, 12/01/38 | 12/24 at 100.00 | N/R | 1,028,460
770 | Great Western Park Metropolitan District 2, Broomfield City and County, Colorado, | 12/21 at 100.00 | N/R | 796,072
| General Obligation Bonds, Series 2016A, 5.000%, 12/01/46 |  |  |
| Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: |  |  |
1,590 | 5.250%, 12/01/36 | 12/21 at 103.00 | N/R | 1,640,005
6,130 | 5.375%, 12/01/46 | 12/21 at 103.00 | N/R | 6,322,175

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NZF | Nuveen Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 1,000 | Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding | 12/21 at 100.00 | A (4) | $ 1,003,840
| Bonds, Series 2011A, 5.000%, 12/01/41 (Pre-refunded 12/01/21) |  |  |
825 | North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General | 12/22 at 103.00 | N/R | 870,037
| Obligation Bonds, Refunding Special Revenue & Improvement Series 2017A, 5.750%, 12/01/47 |  |  |
4,310 | Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, | 12/24 at 103.00 | N/R | 4,689,064
| Series 2019, 5.000%, 12/01/39 |  |  |
1,870 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/25 at 100.00 | A | 2,108,799
| Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 |  |  |
500 | Parker Automotive Metropolitan District (In the Town of Parker, Colorado), General | 12/26 at 100.00 | N/R | 540,660
| Obligation Bonds, Refunding Series 2016, 5.000%, 12/01/45 |  |  |
989 | Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General | 12/26 at 100.00 | N/R | 1,067,022
| Obligation Bonds, Refunding Series 2016A, 5.000%, 12/01/45 |  |  |
525 | Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation | 12/21 at 103.00 | N/R | 541,559
| Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 |  |  |
55 | Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding | 12/26 at 100.00 | N/R | 60,409
| Series 2016, 5.250%, 12/01/40 |  |  |
105 | Water Valley Metropolitan District 2, Windsor, Colorado, General Obligation Bonds, | 12/26 at 100.00 | N/R | 115,585
| Refunding Series 2016, 5.250%, 12/01/40 |  |  |
143,512 | Total Colorado |  |  | 145,438,651
| Connecticut – 0.2% (0.2% of Total Investments) |  |  |
5,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health | 6/26 at 100.00 | AA– | 5,875,800
| Credit Group, Series 2016CT, 5.000%, 12/01/45 |  |  |
| District of Columbia – 0.5% (0.4% of Total Investments) |  |  |
10,935 | Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding | 10/27 at 100.00 | Aa3 | 13,073,995
| Series 2017, 5.000%, 10/01/47 (AMT) |  |  |
| Florida – 7.5% (4.9% of Total Investments) |  |  |
6,495 | Alachua County Health Facilities Authority, Florida, Health Facilties Revenue Bonds, | 12/29 at 100.00 | A | 7,428,137
| Shands Teaching Hospital & Clinics, Inc. at the University of Florida Project, Series 2019A, |  |  |
| 4.000%, 12/01/49 |  |  |
| Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter |  |  |
| Academy, Inc. Project, Series 2013A: |  |  |
1,005 | 5.000%, 9/01/43 | 9/23 at 100.00 | BBB | 1,056,054
865 | 5.000%, 9/01/45 | 9/23 at 100.00 | BBB | 907,930
625 | Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, | 11/27 at 100.00 | N/R | 696,950
| Series 2016A, 5.375%, 11/01/36 |  |  |
665 | Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue | 5/26 at 100.00 | N/R | 710,147
| Bonds, Series 2016, 4.700%, 5/01/36 |  |  |
1,480 | Brwoard County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC | 4/23 at 100.00 | AA | 1,566,299
| Project, Series 2013A, 5.000%, 4/01/33 – AGM Insured (AMT) |  |  |
4,390 | Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments | 7/25 at 100.00 | CCC+ | 3,854,903
| Project, Series 2015A, 5.000%, 7/01/50 |  |  |
| Creekside at Twin Creeks Community Development District, Florida, Special Assessment |  |  |
| Bonds, Area 1 Project, Series 2016A-1: |  |  |
120 | 5.250%, 11/01/37 | 11/28 at 100.00 | N/R | 134,770
155 | 5.600%, 11/01/46 | 11/28 at 100.00 | N/R | 175,471
| Downtown Doral Community Development District, Florida, Special Assessment Bonds, |  |  |
| Series 2015: |  |  |
555 | 5.250%, 5/01/35 | 5/26 at 100.00 | N/R | 595,326
615 | 5.300%, 5/01/36 | 5/26 at 100.00 | N/R | 659,631
955 | 5.500%, 5/01/45 | 5/26 at 100.00 | N/R | 1,029,146
1,305 | 5.500%, 5/01/46 | 5/26 at 100.00 | N/R | 1,405,746

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown |  |  |
| Doral Charter Upper School Project, Series 2017C: |  |  |
$ 1,115 | 5.650%, 7/01/37, 144A | 7/27 at 101.00 | N/R | $ 1,259,794
3,385 | 5.750%, 7/01/47, 144A | 7/27 at 101.00 | N/R | 3,782,365
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida |  |  |
| Charter Foundation Inc. Projects, Series 2016A: |  |  |
1,420 | 4.750%, 7/15/36, 144A | 7/26 at 100.00 | N/R | 1,523,660
1,465 | 5.000%, 7/15/46, 144A | 7/26 at 100.00 | N/R | 1,573,586
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin |  |  |
| Academies Inc., Series 2016A: |  |  |
1,000 | 5.000%, 7/01/36 | 7/26 at 100.00 | N/R | 1,038,650
6,785 | 5.125%, 7/01/46 | 7/26 at 100.00 | N/R | 6,978,440
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, |  |  |
| Renaissance Charter School Income Projects, Series 2015A: |  |  |
900 | 6.000%, 6/15/35, 144A | 6/25 at 100.00 | N/R | 1,010,979
560 | 6.125%, 6/15/46, 144A | 6/25 at 100.00 | N/R | 623,297
120 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 9/27 at 100.00 | N/R | 133,096
| Renaissance Charter School, Inc. Projects, Series 2020C, 5.000%, 9/15/40, 144A |  |  |
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The |  |  |
| Florida Charter Educational Foundation Inc. Projects, Series 2016A: |  |  |
1,015 | 6.250%, 6/15/36, 144A | 6/26 at 100.00 | N/R | 1,175,238
2,475 | 6.375%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 2,839,617
10,000 | Florida Development Finance Corporation, Florida, Surface Transportation Facility | 1/24 at 107.00 | N/R | 10,799,800
| Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49 |  |  |
| (AMT), 144A |  |  |
| Florida Development Finance Corporation, Florida, Surface Transportation Facility |  |  |
| Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A: |  |  |
19,155 | 6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A | 11/21 at 103.00 | N/R | 19,422,978
10,000 | 6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A | 11/21 at 104.00 | N/R | 10,151,500
10,000 | 6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A | 11/21 at 104.00 | N/R | 10,135,300
320 | Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special | 5/26 at 100.00 | N/R | 338,832
| Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 |  |  |
14,505 | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series | 10/29 at 100.00 | Aa3 | 16,377,305
| 2019A, 4.000%, 10/01/44 (AMT) |  |  |
5,000 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, | 10/27 at 100.00 | A1 | 5,962,450
| Priority Subordinated Series 2017A, 5.000%, 10/01/47 (AMT) |  |  |
14,375 | Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, | 6/26 at 100.00 | A– | 16,655,594
| Refunding & Improvement Series 2016, 5.000%, 6/01/36 |  |  |
1,750 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/24 at 100.00 | A+ | 1,956,832
| Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 (AMT) |  |  |
4,695 | Hillsborough County Aviation Authority, Florida, Tampa International Airport Customer | 10/24 at 100.00 | A– | 5,257,132
| Facility Charge Revenue Bonds, Series 2015A, 5.000%, 10/01/44 |  |  |
2,490 | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series | 10/22 at 100.00 | A+ (4) | 2,599,585
| 2012B, 5.000%, 10/01/37 (Pre-refunded 10/01/22) |  |  |
7,045 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, | 10/22 at 100.00 | AA– (4) | 7,355,050
| 10/01/42 (Pre-refunded 10/01/22) |  |  |
2,140 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement | 8/26 at 100.00 | N/R | 2,407,179
| Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35 |  |  |
2,185 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando | 4/22 at 100.00 | A+ (4) | 2,228,307
| Health, Inc., Series 2012A, 5.000%, 10/01/42 (Pre-refunded 4/01/22) |  |  |
2,335 | Orlando, Florida, Capital Improvement Special Revenue Bonds, Series 2014B, | 10/24 at 100.00 | AA+ | 2,609,526
| 5.000%, 10/01/46 |  |  |
13,080 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist | 8/29 at 100.00 | AA– | 14,835,467
| Health Systems of South Florida Obligated Group, Series 2019, 4.000%, 8/15/49 |  |  |

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NZF | Nuveen Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 85 | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences | 6/22 at 102.00 | N/R | $ 89,149
| of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 |  |  |
1,745 | Palm Beach County, Florida, Revenue Bonds, Provident Group – PBAU Properties LLC – Palm | 4/29 at 100.00 | Ba1 | 1,990,329
| Beach Atlantic University Housing Project, Series 2019A, 5.000%, 4/01/39, 144A |  |  |
545 | Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 | 11/26 at 100.00 | N/R | 587,058
| Project, Series 2016, 5.000%, 11/01/46 |  |  |
| Six Mile Creek Community Development District, Florida, Capital Improvement Revenue |  |  |
| Bonds, Assessment Area 2, Series 2016: |  |  |
145 | 4.750%, 11/01/28 | 11/27 at 100.00 | N/R | 154,526
265 | 5.375%, 11/01/36 | 11/27 at 100.00 | N/R | 291,670
365 | South Village Community Development District, Clay County, Florida, Capital Improvement | 5/26 at 100.00 | A | 385,681
| Revenue Bonds, Refunding Series 2016A1, 3.625%, 5/01/35 |  |  |
| South Village Community Development District, Clay County, Florida, Capital Improvement |  |  |
| Revenue Bonds, Refunding Series 2016A2: |  |  |
100 | 4.350%, 5/01/26 | No Opt. Call | N/R | 105,221
100 | 4.875%, 5/01/35 | 5/26 at 100.00 | N/R | 107,995
1,350 | Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central | 1/24 at 100.00 | A– | 1,471,608
| 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 | 3,379,332
| 5.000%, 11/15/33 |  |  |
85 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, | 5/22 at 100.00 | N/R | 75,757
| Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (7) |  |  |
110 | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, | 11/21 at 100.00 | N/R | 1
| Series 2007-3, 6.650%, 5/01/40 (5) |  |  |
295 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 11/21 at 100.00 | N/R | 295,838
| Series 2015-1, 0.000%, 5/01/40 (7) |  |  |
180 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 11/21 at 100.00 | N/R | 140,020
| Series 2015-2, 0.000%, 5/01/40 (7) |  |  |
195 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 11/21 at 100.00 | N/R | 2
| Series 2015-3, 6.610%, 5/01/40 (5) |  |  |
300 | Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, | 11/27 at 100.00 | N/R | 333,273
| Series 2016A-1, 5.375%, 11/01/37 |  |  |
167,710 | Total Florida |  |  | 180,659,529
| Georgia – 0.7% (0.5% of Total Investments) |  |  |
2,725 | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium | 7/25 at 100.00 | A1 | 3,118,653
| Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 |  |  |
1,545 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – | No Opt. Call | Aa2 | 1,582,590
| FGIC Insured |  |  |
840 | Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for | 6/27 at 100.00 | N/R | 957,474
| Classical Education, Series 2017, 5.875%, 6/15/47, 144A |  |  |
1,070 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A, | 5/29 at 100.00 | A3 | 1,275,108
| 5.000%, 5/15/43 |  |  |
3,000 | Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life | 11/27 at 100.00 | Ba3 | 3,275,430
| University, Inc. Project, Refunding Series 2017A, 5.000%, 11/01/47, 144A |  |  |
2,750 | Monroe County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia | 6/24 at 100.00 | BBB+ | 2,842,153
| Power Company – Scherer Plant, First Series 1995, 2.250%, 7/01/25 |  |  |
4,010 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, | 7/25 at 100.00 | A | 4,525,004
| Series 2015A, 5.000%, 7/01/60 |  |  |
15,940 | Total Georgia |  |  | 17,576,412

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Guam – 0.0% (0.0% of Total Investments) |  |  |
$ 810 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/23 at 100.00 | A– (4) | $ 878,145
| 2013, 5.500%, 7/01/43 (Pre-refunded 7/01/23) |  |  |
| Hawaii – 0.2% (0.1% of Total Investments) |  |  |
3,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | AA– | 3,231,480
| Health Obligated Group, Series 2013A, 5.500%, 7/01/43 |  |  |
1,175 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | BB | 1,262,044
| University, Series 2013A, 6.625%, 7/01/33 |  |  |
4,175 | Total Hawaii |  |  | 4,493,524
| Idaho – 0.1% (0.1% of Total Investments) |  |  |
1,175 | Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, | 9/26 at 100.00 | BB+ | 1,331,874
| Refunding Series 2016, 5.000%, 9/01/37 |  |  |
595 | Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights | 9/22 at 100.00 | A3 | 616,932
| Mitigation Series 2012A, 5.000%, 9/01/32 |  |  |
1,770 | Total Idaho |  |  | 1,948,806
| Illinois – 28.3% (18.4% of Total Investments) |  |  |
50,000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 60,179,500
| Series 2016, 6.000%, 4/01/46 |  |  |
1,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues | 12/21 at 100.00 | BB | 1,003,510
| Series 2011A, 5.500%, 12/01/39 |  |  |
8,500 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/22 at 100.00 | BB | 8,835,240
| Refunding Series 2012B, 5.000%, 12/01/33 |  |  |
8,400 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | 10,827,348
| Refunding Series 2017B, 7.000%, 12/01/42, 144A |  |  |
| Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, |  |  |
| Series 2016A: |  |  |
1,800 | 7.000%, 12/01/26 | 12/25 at 100.00 | BB | 2,227,482
51,780 | 7.000%, 12/01/44 | 12/25 at 100.00 | BB | 62,000,854
6,210 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | 7,960,351
| Series 2017A, 7.000%, 12/01/46, 144A |  |  |
450 | Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, | No Opt. Call | Baa2 | 420,260
| 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 | 1,601,656
1,765 | 0.000%, 12/01/30 – NPFG Insured | No Opt. Call | Baa2 | 1,476,881
| 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 | 2,352,531
8,565 | 0.000%, 12/01/31 – NPFG Insured | No Opt. Call | Baa2 | 6,956,579
2,430 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien | 12/29 at 100.00 | A+ | 2,978,184
| Series 2020A, 5.000%, 12/01/45 |  |  |
4,300 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, | 12/21 at 100.00 | AA (4) | 4,317,673
| 5.250%, 12/01/40 (Pre-refunded 12/01/21) |  |  |
15,000 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, | 12/24 at 100.00 | AA | 17,020,050
| 5.250%, 12/01/49 |  |  |
| Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: |  |  |
25,755 | 0.010%, 1/01/29 – NPFG Insured | No Opt. Call | BBB+ | 22,571,167
8,765 | 0.000%, 1/01/34 – FGIC Insured | No Opt. Call | BBB+ | 6,636,595
17,310 | 0.000%, 1/01/37 – FGIC Insured | No Opt. Call | BBB+ | 11,840,732
670 | Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series | 1/25 at 100.00 | BBB+ | 752,477
| 2002B, 5.500%, 1/01/31 |  |  |

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NZF | Nuveen Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

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, | 1/24 at 100.00 | BBB+ | $ 2,897,368
| 5.000%, 1/01/35 |  |  |
13,205 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, | 1/27 at 100.00 | BBB+ | 16,038,001
| 6.000%, 1/01/38 |  |  |
2,000 | Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, | 1/25 at 100.00 | BBB+ | 2,235,760
| 5.500%, 1/01/40 |  |  |
4,930 | Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 | 11/21 at 100.00 | BBB+ | 4,967,567
550 | Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/34 | 1/22 at 100.00 | BBB+ | 553,311
| Chicago, Illinois, General Obligation Bonds, Refunding Series 2007E: |  |  |
10,115 | 5.500%, 1/01/35 | 1/25 at 100.00 | BBB+ | 11,328,193
5,890 | 5.500%, 1/01/42 | 1/25 at 100.00 | BBB+ | 6,571,885
765 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/35 | 1/26 at 100.00 | BBB+ | 866,378
1,610 | Chicago, Illinois, General Obligation Bonds, Series 1999, 0.000%, 1/01/30 | No Opt. Call | AA | 1,354,557
| Chicago, Illinois, General Obligation Bonds, Series 2015A: |  |  |
1,000 | 5.500%, 1/01/35 | 1/25 at 100.00 | BBB+ | 1,119,940
9,800 | 5.500%, 1/01/39 | 1/25 at 100.00 | BBB+ | 10,961,398
5,630 | Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.250%, 1/01/38 | 1/22 at 100.00 | N/R (4) | 5,677,067
| (Pre-refunded 1/01/22) |  |  |
3,095 | Cook County Forest Preserve District, Illinois, General Obligation Bonds, Personal | 6/22 at 100.00 | AA– | 3,180,298
| Property Replacement Tax Alternate Source, Series 2012C, 5.000%, 12/15/37 – AGM Insured |  |  |
800 | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools | 12/25 at 100.00 | N/R | 900,144
| Belmont School Project, Series 2015A, 5.500%, 12/01/30, 144A |  |  |
2,675 | Illinois Finance Authority, Revenue Bonds, Columbia College Chicago, Series 2015A, | 12/25 at 100.00 | BBB+ | 2,990,142
| 5.000%, 12/01/37 |  |  |
845 | Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding | 9/26 at 100.00 | A– | 989,013
| Series 2016, 5.000%, 9/01/46 |  |  |
5,015 | Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, | 5/22 at 100.00 | A1 (4) | 5,141,378
| 5/15/43 (Pre-refunded 5/15/22) |  |  |
20,000 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series | 1/28 at 100.00 | AA+ | 24,201,600
| 2017A, 5.000%, 7/15/42 |  |  |
| Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, |  |  |
| Series 2013A: |  |  |
415 | 5.500%, 7/01/28 | 7/23 at 100.00 | A– | 439,680
905 | 6.000%, 7/01/43 | 7/23 at 100.00 | A– | 964,640
1,050 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, | 8/25 at 100.00 | A3 | 1,200,644
| Refunding Series 2015C, 5.000%, 8/15/44 |  |  |
| Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding |  |  |
| Series 2015A: |  |  |
300 | 5.000%, 10/01/46 (UB) | 10/25 at 100.00 | AA+ | 345,453
2,700 | 5.000%, 10/01/46 (Pre-refunded 10/01/25) (UB) (8) | 10/25 at 100.00 | N/R (4) | 3,164,535
| Illinois State, General Obligation Bonds, April Series 2014: |  |  |
6,165 | 5.000%, 4/01/38 | 4/24 at 100.00 | BBB | 6,734,584
5,000 | 5.000%, 4/01/39 | 4/24 at 100.00 | BBB | 5,460,650
| Illinois State, General Obligation Bonds, February Series 2014: |  |  |
4,100 | 5.250%, 2/01/31 | 2/24 at 100.00 | BBB | 4,500,611
2,200 | 5.250%, 2/01/32 | 2/24 at 100.00 | BBB | 2,412,894
2,435 | 5.250%, 2/01/33 | 2/24 at 100.00 | BBB | 2,669,491
6,000 | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB | 6,516,480
1,785 | Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 | 5/30 at 100.00 | BBB | 2,216,024
| Illinois State, General Obligation Bonds, November Series 2016: |  |  |
3,100 | 5.000%, 11/01/35 | 11/26 at 100.00 | BBB | 3,601,022
3,000 | 5.000%, 11/01/37 | 11/26 at 100.00 | BBB | 3,470,790
2,400 | 5.000%, 11/01/40 | 11/26 at 100.00 | BBB | 2,761,728

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
$ 5,795 | Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 | 11/27 at 100.00 | BBB | $ 6,868,060
3,800 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 | No Opt. Call | BBB | 4,558,632
5,000 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 | No Opt. Call | BBB | 5,927,900
5,350 | Illinois State, General Obligation Bonds, Refunding April Series 2019B, 5.125%, 9/01/26 | No Opt. Call | BBB | 6,320,865
27,215 | Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 | 7/23 at 100.00 | BBB | 29,272,726
7,250 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, | 1/23 at 100.00 | AA– | 7,631,205
| 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– | 3,150,590
| 5.000%, 1/01/40 |  |  |
560 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust | 1/23 at 100.00 | AA– | 677,919
| 2015-XF0052, 17.687%, 1/01/38, 144A (IF) |  |  |
2,500 | Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation | No Opt. Call | Aa2 | 2,466,825
| Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured |  |  |
13,785 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 6/22 at 100.00 | BBB+ | 14,186,143
| Bonds, Refunding Series 2012A, 5.000%, 6/15/42 – NPFG Insured |  |  |
2,500 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 6/22 at 100.00 | BBB+ | 2,572,750
| Bonds, Refunding Series 2012B, 5.000%, 6/15/52 |  |  |
5,400 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/25 at 100.00 | BBB+ | 6,051,834
| Bonds, Refunding Series 2015B, 5.000%, 6/15/52 |  |  |
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Refunding Series 2020A: |  |  |
15,000 | 4.000%, 6/15/50 | 12/29 at 100.00 | BBB+ | 16,565,400
7,945 | 5.000%, 6/15/50 | 12/29 at 100.00 | BBB+ | 9,389,719
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Series 2015A: |  |  |
23,110 | 0.000%, 12/15/52 | No Opt. Call | BBB+ | 8,840,268
2,455 | 5.000%, 6/15/53 | 12/25 at 100.00 | BBB+ | 2,751,343
45,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | AA | 25,076,250
| Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.010%, 6/15/43 – AGM Insured |  |  |
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place |  |  |
| Expansion Project, Refunding Series 1998A: |  |  |
145 | 5.500%, 6/15/29 (Pre-refunded 6/15/25) – NPFG Insured (ETM) | No Opt. Call | Baa2 (4) | 166,860
2,680 | 5.500%, 6/15/29 – NPFG Insured | No Opt. Call | BBB+ | 3,149,509
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place |  |  |
| Expansion Project, Series 2002A: |  |  |
2,195 | 5.700%, 6/15/24 (Pre-refunded 6/15/22) | 6/22 at 101.00 | N/R (4) | 2,290,285
7,305 | 5.700%, 6/15/24 | 6/22 at 101.00 | BBB+ | 7,622,110
8,400 | 0.000%, 12/15/30 – NPFG Insured | No Opt. Call | BBB+ | 6,952,680
7,940 | 0.000%, 6/15/33 – NPFG Insured | No Opt. Call | BBB+ | 6,091,806
450 | 0.010%, 12/15/34 – NPFG Insured | No Opt. Call | BBB+ | 330,134
12,500 | 0.000%, 6/15/35 – NPFG Insured | No Opt. Call | BBB+ | 9,027,375
10,620 | 0.000%, 12/15/35 – NPFG Insured | No Opt. Call | BBB+ | 7,556,342
11,505 | 0.000%, 12/15/36 – NPFG Insured | No Opt. Call | BBB+ | 7,920,962
65,000 | 0.000%, 12/15/38 – NPFG Insured | No Opt. Call | BBB+ | 41,845,700
38,040 | 0.000%, 6/15/40 – NPFG Insured | No Opt. Call | BBB+ | 23,185,760
3,720 | 0.000%, 6/15/41 – NPFG Insured | No Opt. Call | BBB+ | 2,185,054
| 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 | 494,918
400 | 5.000%, 10/01/26 | 10/22 at 100.00 | Baa1 | 411,928
11,690 | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series | 1/28 at 100.00 | AA– | 13,991,176
| 2018A, 5.000%, 1/01/37 |  |  |
3,815 | Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US | 8/22 at 100.00 | BB– | 3,906,827
| Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (AMT) |  |  |

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NZF | Nuveen Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
$ 1,580 | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, | 10/23 at 100.00 | A– | $ 1,724,175
| 6.000%, 10/01/32 |  |  |
11,350 | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation | No Opt. Call | A2 | 11,121,752
| Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured |  |  |
724,410 | Total Illinois |  |  | 682,676,078
| Indiana – 3.1% (2.0% of Total Investments) |  |  |
| Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005: |  |  |
1,950 | 0.000%, 2/01/24 | No Opt. Call | AA | 1,906,827
2,705 | 0.000%, 2/01/25 | No Opt. Call | AA | 2,600,993
4,400 | Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown | No Opt. Call | AA+ | 4,338,048
| Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured |  |  |
680 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University | 2/22 at 100.00 | A– | 686,977
| Project, Refunding Series 2012B, 5.000%, 2/01/29 |  |  |
1,230 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | 8/22 at 100.00 | BB– | 1,259,606
| Corporation Project, Series 2012, 5.750%, 8/01/42 (AMT) |  |  |
1,815 | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, | 5/23 at 100.00 | A (4) | 1,943,230
| Series 2012A, 5.000%, 5/01/42 (Pre-refunded 5/01/23) |  |  |
9,300 | Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A, | 10/23 at 100.00 | N/R (4) | 10,133,745
| 5.000%, 10/01/44 (Pre-refunded 10/01/23) |  |  |
| Indiana Finance Authority, Provate Activity Bonds, Ohio River Bridges East End Crossing |  |  |
| Project, Series 2013A: |  |  |
5,380 | 5.000%, 7/01/44 (Pre-refunded 7/01/23) (AMT) | 7/23 at 100.00 | BBB+ (4) | 5,782,424
5,100 | 5.000%, 7/01/48 (Pre-refunded 7/01/23) (AMT) | 7/23 at 100.00 | BBB+ (4) | 5,481,480
5,370 | 5.250%, 1/01/51 (Pre-refunded 7/01/23) (AMT) | 7/23 at 100.00 | BBB+ (4) | 5,793,908
13,000 | Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, | 10/24 at 100.00 | AA | 14,500,330
| First Lien Series 2014A, 5.000%, 10/01/44 |  |  |
5,100 | Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project | 1/30 at 100.00 | A1 | 6,254,436
| Revenue Bonds, Series 2019I-1, 5.000%, 1/01/44 |  |  |
10,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – | No Opt. Call | AA | 9,631,400
| AMBAC Insured |  |  |
1,000 | Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, | 4/24 at 102.00 | N/R | 1,036,530
| Series 2016, 5.750%, 4/01/36 |  |  |
1,250 | Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, | 11/23 at 100.00 | N/R | 1,338,412
| Series 2013, 7.250%, 11/01/43 (AMT) |  |  |
830 | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series | 1/24 at 100.00 | N/R | 928,894
| 2013, 7.000%, 1/01/44 (AMT) |  |  |
69,110 | Total Indiana |  |  | 73,617,240
| Iowa – 0.2% (0.1% of Total Investments) |  |  |
1,255 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/23 at 100.00 | BB– | 1,352,639
| Company Project, Series 2013, 5.250%, 12/01/25 |  |  |
1,710 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/22 at 103.00 | BB– | 1,828,144
| Company Project, Series 2018A, 5.250%, 12/01/50 (Mandatory Put 12/01/33) |  |  |
1,900 | Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa | 9/23 at 100.00 | N/R (4) | 2,065,642
| University Project, Series 2012, 5.000%, 9/01/43 (Pre-refunded 9/01/23) |  |  |
4,865 | Total Iowa |  |  | 5,246,425
| Kansas – 0.1% (0.1% of Total Investments) |  |  |
2,000 | Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health | 5/22 at 100.00 | AA | 2,050,940
| System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Kansas (continued) |  |  |
$ 335 | Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak | 11/21 at 100.00 | BBB | $ 335,114
| Park Mall Project, Series 2010, 5.900%, 4/01/32 |  |  |
2,335 | Total Kansas |  |  | 2,386,054
| Kentucky – 1.9% (1.3% of Total Investments) |  |  |
| Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, |  |  |
| Series 2016: |  |  |
5,000 | 5.375%, 2/01/36 | 2/26 at 100.00 | BBB– | 5,682,800
435 | 5.500%, 2/01/44 | 2/26 at 100.00 | BBB– | 493,025
| 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 | 510,430
2,250 | 5.750%, 11/15/50 | 11/25 at 100.00 | N/R | 2,292,840
19,575 | Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 23,380,967
| Series 2019A-2, 5.000%, 8/01/49 |  |  |
5,070 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | 7/25 at 100.00 | BBB+ | 5,657,968
| Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 |  |  |
| Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown |  |  |
| Crossing Project, Convertible Capital Appreciation First Tier Series 2013C: |  |  |
1,335 | 0.000%, 7/01/43 (7) | 7/31 at 100.00 | Baa2 | 1,635,642
2,295 | 0.000%, 7/01/46 (7) | 7/31 at 100.00 | Baa2 | 2,817,686
| Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown |  |  |
| Crossing Project, First Tier Series 2013A: |  |  |
3,080 | 5.750%, 7/01/49 (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (4) | 3,362,159
615 | 6.000%, 7/01/53 (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (4) | 673,567
215 | Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community | 10/22 at 100.00 | A+ | 220,151
| Hospital Corporation, Series 2012A, 4.000%, 10/01/29 |  |  |
40,370 | Total Kentucky |  |  | 46,727,235
| Louisiana – 2.0% (1.3% of Total Investments) |  |  |
5,000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation | 5/27 at 100.00 | A | 5,875,800
| Project, Refunding Series 2017, 5.000%, 5/15/46 |  |  |
18,525 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation | 5/30 at 100.00 | A | 21,090,527
| Project, Series 2020A, 4.000%, 5/15/49 |  |  |
6,400 | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing | 7/23 at 100.00 | N/R | 6,773,440
| (US) LLC Project, Series 2013, 6.500%, 7/01/36 (AMT), 144A |  |  |
| Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries |  |  |
| of Our Lady Health System, Refunding Series 2015A: |  |  |
10 | 5.000%, 7/01/39 (Pre-refunded 7/01/25) | 7/25 at 100.00 | N/R (4) | 11,628
1,450 | 5.000%, 7/01/39 | 7/25 at 100.00 | A | 1,646,417
1,060 | Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter | 12/23 at 100.00 | N/R | 1,112,724
| Academy Foundation Project, Series 2013A, 8.375%, 12/15/43 |  |  |
2,235 | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series | 7/23 at 100.00 | A2 | 2,395,451
| 2013A, 5.000%, 7/01/36 |  |  |
5,100 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/25 at 100.00 | A2 | 5,701,902
| Project, Series 2015B, 5.000%, 1/01/45 (AMT) |  |  |
2,560 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, | 6/24 at 100.00 | A (4) | 2,861,261
| 6/01/44 (Pre-refunded 6/01/24) |  |  |
42,340 | Total Louisiana |  |  | 47,469,150
| Maine – 0.4% (0.2% of Total Investments) |  |  |
4,965 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/26 at 100.00 | BBB | 5,652,553
| Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/46 |  |  |

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NZF | Nuveen Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Maine (continued) |  |  |
$ 2,750 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth | 7/28 at 100.00 | A+ | $ 3,307,288
| Issue, Series 2018A, 5.000%, 7/01/43 |  |  |
7,715 | Total Maine |  |  | 8,959,841
| Maryland – 0.5% (0.3% of Total Investments) |  |  |
2,000 | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt | 11/21 at 100.00 | N/R | 1,200,000
| Conference Center, Series 2006A, 2.500%, 12/01/31 (5) |  |  |
7,145 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist | 1/27 at 100.00 | Baa3 | 8,456,822
| Healthcare, Series 2016A, 5.500%, 1/01/46 |  |  |
2,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula | 7/24 at 100.00 | A (4) | 2,245,320
| Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 (Pre-refunded 7/01/24) |  |  |
355 | Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, | 1/26 at 100.00 | N/R | 392,098
| Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46, 144A |  |  |
11,500 | Total Maryland |  |  | 12,294,240
| Massachusetts – 1.3% (0.8% of Total Investments) |  |  |
475 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | 7/25 at 100.00 | BBB | 535,444
| Green Bonds, Series 2015D, 5.000%, 7/01/44 |  |  |
1,525 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, | 1/25 at 100.00 | BBB+ | 1,634,175
| 4.500%, 1/01/45 |  |  |
15,220 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue J, | 7/24 at 100.00 | AA | 15,503,548
| Series 2016, 3.500%, 7/01/33 (AMT) |  |  |
7,000 | Massachusetts Port Authority, Revenue Bonds, Series 2021E, 5.000%, 7/01/46 (AMT) | 7/31 at 100.00 | Aa2 | 8,757,350
4,560 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 5/23 at 100.00 | AAA | 4,894,202
| Series 2013A, 5.000%, 5/15/43 (Pre-refunded 5/15/23) |  |  |
28,780 | Total Massachusetts |  |  | 31,324,719
| Michigan – 1.6% (1.0% of Total Investments) |  |  |
| Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, |  |  |
| Refunding Series 2013: |  |  |
795 | 6.000%, 10/01/33 | 10/23 at 100.00 | N/R | 812,347
1,250 | 6.000%, 10/01/43 | 10/23 at 100.00 | N/R | 1,267,925
15,000 | Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and | No Opt. Call | Aa1 | 18,343,050
| Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB) |  |  |
1,930 | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, | 7/22 at 100.00 | AA– (4) | 1,995,388
| Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 (Pre-refunded 7/01/22) |  |  |
5 | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, | 11/21 at 100.00 | A+ | 5,017
| 4.500%, 7/01/35 – NPFG Insured |  |  |
3,000 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, | No Opt. Call | A+ | 3,617,820
| 5.500%, 7/01/29 – NPFG Insured |  |  |
5 | Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, | 11/21 at 100.00 | A+ | 5,018
| 5.000%, 7/01/36 – FGIC Insured |  |  |
2,000 | Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson | 7/24 at 100.00 | AA | 2,217,660
| Healthcare, Series 2014A, 5.000%, 7/01/47 |  |  |
1,000 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit | 7/24 at 100.00 | A+ | 1,111,630
| Water & Sewerage Department Water Supply System Local Project, Series 2014D-6, |  |  |
| 5.000%, 7/01/36 – NPFG Insured |  |  |
| Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding |  |  |
| Series 2011MI: |  |  |
20 | 5.000%, 12/01/39 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (4) | 20,076
4,980 | 5.000%, 12/01/39 (Pre-refunded 12/01/21) | 12/21 at 100.00 | AA– (4) | 4,999,472
1,350 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco | 12/30 at 100.00 | BBB+ | 1,684,003
| Receipts Senior Current Interest Series 2020A-2, 5.000%, 6/01/40 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Michigan (continued) |  |  |
$ 2,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/22 at 100.00 | A1 | $ 2,100,700
| County Airport, Series 2012A, 5.000%, 12/01/37 |  |  |
33,335 | Total Michigan |  |  | 38,180,106
| Minnesota – 0.8% (0.5% of Total Investments) |  |  |
700 | City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy | 7/24 at 102.00 | N/R | 748,860
| Project, Series 2016A, 5.000%, 7/01/47 |  |  |
1,500 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language | 8/22 at 102.00 | BB+ | 1,564,320
| Academy, Series 2014A, 5.750%, 8/01/44 |  |  |
795 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, | 7/24 at 102.00 | N/R | 850,070
| Series 2016A, 5.000%, 7/01/36 |  |  |
| Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue |  |  |
| Bonds, Hmong College Prep Academy Project, Series 2016A: |  |  |
750 | 5.750%, 9/01/46 | 9/26 at 100.00 | BB+ | 852,180
4,000 | 6.000%, 9/01/51 | 9/26 at 100.00 | BB+ | 4,580,200
5,265 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue | 7/25 at 100.00 | A | 6,037,375
| Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/33 |  |  |
4,250 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp | 11/21 at 100.00 | N/R | 4,254,293
| Project, Series 2007-1, 5.000%, 8/01/36 |  |  |
17,260 | Total Minnesota |  |  | 18,887,298
| Missouri – 3.5% (2.3% of Total Investments) |  |  |
1,400 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit | 10/22 at 100.00 | Aa2 (4) | 1,461,614
| Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 |  |  |
| (Pre-refunded 10/01/22) |  |  |
1,025 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities | 3/23 at 103.00 | BBB– | 1,115,712
| Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33 |  |  |
| Kansas City Industrial Development Authority, Missouri, Airport Special Obligation |  |  |
| Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B: |  |  |
19,950 | 5.000%, 3/01/46 (AMT) | 3/29 at 100.00 | A2 | 23,810,524
13,000 | 5.000%, 3/01/54 (AMT) | 3/29 at 100.00 | A2 | 15,410,980
135 | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward | 4/26 at 100.00 | N/R | 139,689
| Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, |  |  |
| 5.000%, 4/01/46, 144A |  |  |
12,005 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, | No Opt. Call | AA– | 10,703,418
| Improvement Series 2004B-1, 0.000%, 4/15/29 – AMBAC Insured |  |  |
650 | Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue | 2/28 at 100.00 | N/R | 658,086
| Bonds, Convention Center Hotel Project – TIF Financing, Series 2018B, 5.000%, 2/01/40, 144A |  |  |
1,000 | Liberty Public School District 53, Clay County, Missouri, Lease Participation | 4/22 at 100.00 | AA– | 1,018,320
| Certificates, School Boards Association, Series 2014, 5.000%, 4/01/31 |  |  |
| Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty |  |  |
| Commons Project, Series 2015A: |  |  |
1,205 | 5.125%, 6/01/25, 144A | No Opt. Call | N/R | 1,256,707
3,810 | 5.750%, 6/01/35, 144A | 6/25 at 100.00 | N/R | 3,928,834
3,695 | 6.000%, 6/01/46, 144A | 6/25 at 100.00 | N/R | 3,826,801
| 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 | 1,702,031
2,700 | 5.000%, 6/01/33 | 6/23 at 100.00 | A1 | 2,889,594
665 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 5/23 at 100.00 | BBB | 704,022
| Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 |  |  |
505 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 10/23 at 100.00 | A+ | 547,622
| Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 |  |  |

87

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NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Missouri (continued) |  |  |
| Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, |  |  |
| CoxHealth, Series 2013A: |  |  |
$ 50 | 5.000%, 11/15/44 | 11/23 at 100.00 | A2 | $ 54,128
6,930 | 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 7,502,141
2,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/24 at 100.00 | A+ | 2,247,120
| Mercy Health, Series 2014F, 5.000%, 11/15/45 |  |  |
| 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 | 1,382,852
1,105 | 5.000%, 11/15/46 | 11/25 at 100.00 | N/R | 1,192,770
430 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/23 at 100.00 | BB+ | 458,182
| Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 |  |  |
| Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint |  |  |
| Andrew’s Resources for Seniors, Series 2015A: |  |  |
450 | 5.000%, 12/01/35 | 12/25 at 100.00 | N/R | 491,728
130 | 5.125%, 12/01/45 | 12/25 at 100.00 | N/R | 141,105
895 | Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue | 3/23 at 103.00 | BBB– | 972,400
| Bonds, Southeasthealth, Series 2016B, 6.000%, 3/01/37 |  |  |
700 | The Industrial Development Authority of the City of Saint Louis, Missouri, Development | 11/26 at 100.00 | N/R | 706,727
| Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47 |  |  |
77,300 | Total Missouri |  |  | 84,323,107
| Nebraska – 0.5% (0.3% of Total Investments) |  |  |
580 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska | 11/25 at 100.00 | A | 663,259
| Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 |  |  |
| Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna |  |  |
| Rehabilitation Hospital Project, Series 2014: |  |  |
1,930 | 5.000%, 5/15/27 | 5/24 at 100.00 | A– | 2,121,495
3,000 | 5.000%, 5/15/36 | 5/24 at 100.00 | A– | 3,251,220
| Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska |  |  |
| Methodist Health System, Refunding Series 2015: |  |  |
4,070 | 5.000%, 11/01/45 | 11/25 at 100.00 | A | 4,652,539
2,110 | 5.000%, 11/01/48 | 11/25 at 100.00 | A | 2,383,857
11,690 | Total Nebraska |  |  | 13,072,370
| Nevada – 0.2% (0.1% of Total Investments) |  |  |
4,000 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series | 12/24 at 100.00 | Aa1 | 4,501,800
| 2015, 5.000%, 6/01/39 |  |  |
| New Jersey – 5.9% (3.8% of Total Investments) |  |  |
420 | Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control | No Opt. Call | BBB– | 446,725
| Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (AMT) |  |  |
1,100 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge | 1/24 at 100.00 | AA | 1,206,590
| Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (AMT) |  |  |
17,580 | New Jersey Economic Development Authority, School Facilities Construction Bonds, | 12/26 at 100.00 | Baa1 | 21,372,885
| Refunding Series 2016BBB, 5.500%, 6/15/31 |  |  |
| New Jersey Economic Development Authority, School Facilities Construction Bonds, Series |  |  |
| 2016AAA: |  |  |
1,000 | 5.000%, 6/15/36 | 12/26 at 100.00 | Baa1 | 1,173,940
10,000 | 5.000%, 6/15/41 | 12/26 at 100.00 | Baa1 | 11,656,700
2,000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | 6/27 at 100.00 | Baa1 | 2,370,900
| 2017DDD, 5.000%, 6/15/35 |  |  |
15,040 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | 12/28 at 100.00 | Baa1 | 17,931,139
| 2018EEE, 5.000%, 6/15/48 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New Jersey (continued) |  |  |
$ 1,120 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, | 7/23 at 100.00 | BBB+ (4) | $ 1,204,952
| Series 2013D, 5.000%, 7/01/33 (Pre-refunded 7/01/23) |  |  |
600 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint | 11/21 at 100.00 | BBB– | 601,782
| Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26 |  |  |
405 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University | 7/25 at 100.00 | AA | 459,999
| Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured |  |  |
5,600 | New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A, | No Opt. Call | A3 | 6,806,576
| 4.000%, 6/01/31 |  |  |
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital |  |  |
| Appreciation Series 2010A: |  |  |
3,130 | 0.000%, 12/15/28 | No Opt. Call | Baa1 | 2,761,849
3,000 | 0.000%, 12/15/31 | No Opt. Call | Baa1 | 2,419,740
12,715 | 0.000%, 12/15/33 | No Opt. Call | Baa1 | 9,673,953
610 | 0.000%, 12/15/34 | No Opt. Call | Baa1 | 449,259
2,480 | 0.000%, 12/15/40 | No Opt. Call | Baa1 | 1,483,214
10,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding | No Opt. Call | AA | 7,802,300
| Series 2006C, 0.000%, 12/15/33 – AGM Insured |  |  |
19,175 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | Baa1 | 13,643,396
| 2008A, 0.000%, 12/15/35 |  |  |
15,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | Baa1 | 9,292,350
| 2009A, 0.000%, 12/15/39 |  |  |
5,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/24 at 100.00 | Baa1 | 5,678,000
| 2009C, 5.250%, 6/15/32 |  |  |
6,305 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/25 at 100.00 | Baa1 | 7,110,716
| 2015AA, 5.000%, 6/15/45 |  |  |
2,880 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/31 at 100.00 | Baa1 | 3,363,264
| 2021A, 4.000%, 6/15/35 |  |  |
1,595 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BBB+ | 1,855,495
| Bonds, Series 2018A, 5.000%, 6/01/46 |  |  |
10,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 11,511,300
| Bonds, Series 2018B, 5.000%, 6/01/46 |  |  |
146,755 | Total New Jersey |  |  | 142,277,024
| New Mexico – 0.4% (0.3% of Total Investments) |  |  |
4,185 | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian | 8/29 at 100.00 | AA | 5,185,884
| Healthcare Services, Series 2019A, 5.000%, 8/01/44 |  |  |
4,180 | Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross | 11/21 at 102.00 | N/R | 4,253,610
| Receipts Tax Increment Bonds, Senior Lien Series 2015, 5.750%, 5/01/30, 144A |  |  |
8,365 | Total New Mexico |  |  | 9,439,494
| New York – 19.3% (12.6% of Total Investments) |  |  |
1,755 | Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter | 12/21 at 100.00 | BB+ | 1,760,879
| Schools, Series 2007A, 5.000%, 4/01/32 |  |  |
| Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue |  |  |
| Bonds, Barclays Center Project, Series 2009: |  |  |
3,400 | 0.000%, 7/15/44 | No Opt. Call | Ba1 | 1,792,378
12,020 | 0.000%, 7/15/46 | No Opt. Call | Ba1 | 5,844,965
450 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue | 7/25 at 100.00 | BBB | 501,494
| Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 |  |  |
200 | Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College | 11/24 at 100.00 | BB | 216,884
| of New York, Series 2014, 5.000%, 11/01/39 |  |  |

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NZF | Nuveen Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
| Dormitory Authority of the State of New York, Revenue Bonds, New School University, |  |  |
| Series 2015A: |  |  |
$ 220 | 5.000%, 7/01/50 (Pre-refunded 7/01/25) | 7/25 at 100.00 | N/R (4) | $ 255,471
2,950 | 5.000%, 7/01/50 | 7/25 at 100.00 | A3 | 3,345,890
15,270 | Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of | 12/26 at 100.00 | BB– | 16,509,771
| Aeronautics & Technology, Series 2016A, 5.500%, 12/01/46, 144A |  |  |
27,715 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 3/31 at 100.00 | AA+ | 32,690,674
| General Purpose, Series 2021A, 4.000%, 3/15/38 |  |  |
81,270 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | 11/21 at 16.71 | N/R | 12,470,069
| Asset-Backed Bonds, Series 2005C, 0.010%, 6/01/50, 144A |  |  |
3,000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series | 9/24 at 100.00 | A | 3,352,410
| 2014A, 5.000%, 9/01/39 |  |  |
| Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A: |  |  |
135 | 5.000%, 9/01/42 | 9/22 at 100.00 | A | 140,149
1,990 | 5.000%, 9/01/42 (Pre-refunded 9/01/22) | 9/22 at 100.00 | N/R (4) | 2,070,018
3,875 | 5.000%, 9/01/42 (Pre-refunded 9/01/22) | 9/22 at 100.00 | N/R (4) | 4,029,729
6,280 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 5/30 at 100.00 | A3 | 7,562,564
| Climate Bond Certified Series 2020C-1, 5.250%, 11/15/55 |  |  |
4,210 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | 11/26 at 100.00 | A3 | 4,902,124
| Green Series 2016B, 5.000%, 11/15/34 |  |  |
1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | 11/25 at 100.00 | A3 | 1,136,520
| Series 2015F, 5.000%, 11/15/35 |  |  |
5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | 5/28 at 100.00 | A3 | 5,961,250
| Series 2017D, 5.000%, 11/15/32 |  |  |
2,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 5/23 at 100.00 | A3 | 2,642,450
| 2013A, 5.000%, 11/15/38 |  |  |
6,095 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 11/23 at 100.00 | A3 | 6,553,953
| 2013D, 5.000%, 11/15/38 |  |  |
4,400 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/30 at 100.00 | AA+ | 5,575,460
| General Resolution Revenue Bonds, Fiscal 2020 Series FF, 5.000%, 6/15/41 |  |  |
| New York City Municipal Water Finance Authority, New York, Water and Sewer System Second |  |  |
| General Resolution Revenue Bonds, Fiscal 2020 Series GG-1: |  |  |
11,000 | 4.000%, 6/15/50 | 6/30 at 100.00 | AA+ | 12,619,860
19,335 | 5.000%, 6/15/50 | 6/30 at 100.00 | AA+ | 24,129,307
19,305 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 12/29 at 100.00 | AA+ | 24,099,397
| General Resolution Revenue Bonds, Fiscal 2020 Series BB-1, 5.000%, 6/15/49 |  |  |
5,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 12/30 at 100.00 | AA+ | 5,845,050
| General Resolution Revenue Bonds, Fiscal 2021 Series BB-2, 4.000%, 6/15/42 |  |  |
24,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 12/31 at 100.00 | AA+ | 28,217,040
| General Resolution Revenue Bonds, Fiscal 2022 Series BB-1, 4.000%, 6/15/45 |  |  |
5,000 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, | 7/28 at 100.00 | AA | 6,098,850
| Fiscal 2019 Subseries S-1, 5.000%, 7/15/45 |  |  |
4,440 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, | 7/28 at 100.00 | AA | 5,489,838
| Fiscal 2019 Subseries S-3A, 5.000%, 7/15/36 |  |  |
10,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 5/23 at 100.00 | AAA | 10,687,800
| Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 |  |  |
10,000 | New York City, New York, Educational Construction Fund Revenue Bonds, Series 2021B, | 4/31 at 100.00 | AA– | 12,500,300
| 5.000%, 4/01/46 |  |  |
10,000 | New York City, New York, General Obligation Bonds, Fiscal 2021 Series F-1, | 3/31 at 100.00 | AA | 12,635,900
| 5.000%, 3/01/43 |  |  |
63,090 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 68,832,452
| Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A |  |  |

90

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
$ 5,200 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | $ 5,777,616
| Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A |  |  |
5,000 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, | 1/26 at 100.00 | A2 | 5,733,800
| Series 2016A, 5.000%, 1/01/51 |  |  |
3,450 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | 3/30 at 100.00 | AA+ | 4,005,105
| General Purpose, Series 2020E, 4.000%, 3/15/39 |  |  |
| New York Transportation Development Corporation, New York, Special Facilities Bonds, |  |  |
| LaGuardia Airport Terminal B Redevelopment Project, Series 2016A: |  |  |
1,800 | 4.000%, 7/01/41 (AMT) | 7/24 at 100.00 | BBB | 1,932,192
10,680 | 5.000%, 7/01/41 (AMT) | 7/24 at 100.00 | BBB | 11,844,654
16,810 | 5.000%, 7/01/46 (AMT) | 7/24 at 100.00 | BBB | 18,632,204
29,150 | 5.250%, 1/01/50 (AMT) | 7/24 at 100.00 | BBB | 32,462,314
| New York Transportation Development Corporation, New York, Special Facility Revenue |  |  |
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding |  |  |
| Series 2016: |  |  |
2,565 | 5.000%, 8/01/26 (AMT) | 11/21 at 100.00 | B | 2,570,104
16,200 | 5.000%, 8/01/31 (AMT) | 11/21 at 100.00 | B | 16,231,590
4,530 | New York Transportation Development Corporation, New York, Special Facility Revenue | 8/30 at 100.00 | B | 5,339,375
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, |  |  |
| 5.250%, 8/01/31 (AMT) |  |  |
4,350 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta | 1/28 at 100.00 | Baa3 | 5,194,988
| Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, 5.000%, |  |  |
| 1/01/31 (AMT) |  |  |
2,100 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta | 10/30 at 100.00 | Baa3 | 2,605,533
| Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, 5.000%, |  |  |
| 10/01/35 (AMT) |  |  |
10,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred | 4/27 at 100.00 | Aa3 | 12,083,300
| Series 2017, 5.250%, 10/15/57 |  |  |
2,500 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, | 5/25 at 100.00 | AA– | 2,840,200
| Refunding Series 2015A, 5.000%, 11/15/50 |  |  |
6,945 | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & | 11/30 at 100.00 | AA– | 8,744,102
| Tunnels, Series 2020A, 5.000%, 11/15/49 |  |  |
486,185 | Total New York |  |  | 466,467,973
| North Carolina – 0.1% (0.1% of Total Investments) |  |  |
3,300 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, | 10/22 at 100.00 | A+ | 3,433,122
| Refunding Series 2012A, 5.000%, 10/01/31 |  |  |
| North Dakota – 2.2% (1.4% of Total Investments) |  |  |
| Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System |  |  |
| Obligated Group, Series 2012: |  |  |
3,000 | 5.000%, 12/01/29 | 12/21 at 100.00 | Baa2 | 3,011,610
1,875 | 5.000%, 12/01/32 | 12/21 at 100.00 | Baa2 | 1,882,256
2,455 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/31 at 100.00 | Baa2 | 2,773,389
| Obligated Group, Series 2021, 4.000%, 12/01/46 |  |  |
39,670 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series | 6/28 at 100.00 | BBB– | 45,543,937
| 2017C, 5.000%, 6/01/53 |  |  |
47,000 | Total North Dakota |  |  | 53,211,192
| Ohio – 2.6% (1.7% of Total Investments) |  |  |
800 | Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, | 5/22 at 100.00 | AA– (4) | 819,232
| Refunding and Improvement Series 2012A, 5.000%, 5/01/42 (Pre-refunded 5/01/22) |  |  |
8,015 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | BBB+ | 8,872,845
| Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 |  |  |

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NZF | Nuveen Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Ohio (continued) |  |  |
$ 20,215 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | $ 22,700,030
| Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 |  |  |
2,550 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 2,533,553
| FirstEnergy Generation Corporation Project, Refunding Series 2009D, 3.375%, 8/01/29 |  |  |
| (Mandatory Put 9/15/21) |  |  |
1,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 1,250
| FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (5) |  |  |
10 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, AK Steel Holding | 2/22 at 100.00 | CCC+ | 10,099
| Corporation, Refunding Series 2012A, 6.750%, 6/01/24 (AMT) |  |  |
6,945 | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series | 1/30 at 100.00 | A | 8,477,761
| 2020A, 5.000%, 1/15/50 |  |  |
2,000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission | 2/23 at 100.00 | Aa3 | 2,123,140
| Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.250%, 2/15/33 |  |  |
330 | Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States | 11/21 at 100.00 | BB– | 331,119
| Steel Corporation Project, Refunding Series 2011, 6.600%, 5/01/29 |  |  |
3,000 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 3,750
| Generating Corporation Project, Refunding Series 2008C, 3.950%, 11/01/32 (5) |  |  |
13,350 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 13,555,590
| Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory Put 6/01/22) |  |  |
2,500 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 2,538,500
| Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory Put 6/01/22) |  |  |
60,715 | Total Ohio |  |  | 61,966,869
| Oklahoma – 2.6% (1.7% of Total Investments) |  |  |
| 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 | 4,273,010
11,870 | 5.250%, 8/15/48 | 8/28 at 100.00 | Baa3 | 14,383,829
10,570 | 5.500%, 8/15/52 | 8/28 at 100.00 | Baa3 | 12,950,047
22,735 | 5.500%, 8/15/57 | 8/28 at 100.00 | Baa3 | 27,773,303
2,055 | Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, | 6/23 at 100.00 | AA (4) | 2,215,084
| 5.375%, 6/01/33 (Pre-refunded 6/01/23) (AMT) |  |  |
50,745 | Total Oklahoma |  |  | 61,595,273
| Oregon – 0.1% (0.0% of Total Investments) |  |  |
1,270 | Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, | 5/22 at 100.00 | BBB (4) | 1,299,235
| Refunding Series 2014A, 5.000%, 5/01/40 (Pre-refunded 5/01/22) |  |  |
| Pennsylvania – 5.2% (3.4% of Total Investments) |  |  |
380 | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental | 8/22 at 100.00 | BB– | 389,147
| Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, |  |  |
| 8/01/42 (AMT) |  |  |
1,355 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/27 at 100.00 | Ba3 | 1,537,654
| 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 | 10,824,979
| Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 4.375%, 1/01/35 (Mandatory |  |  |
| Put 7/01/22) |  |  |
32,785 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 40,981
| Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (5) |  |  |
1,030 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | 4/31 at 100.00 | N/R | 1,064,011
| Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 (Mandatory |  |  |
| Put 4/01/21) |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Pennsylvania (continued) |  |  |
| Berks County Industrial Development Authority, Pennsylvania, Health System Revenue |  |  |
| Bonds, Tower Health Project, Series 2017: |  |  |
$ 7,480 | 5.000%, 11/01/47 | 11/27 at 100.00 | BB– | $ 8,223,213
16,190 | 5.000%, 11/01/50 | 11/27 at 100.00 | BB– | 17,758,325
2,950 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | 6/28 at 100.00 | A1 | 3,565,193
| Settlement, Series 2018, 5.000%, 6/01/35 |  |  |
| Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran |  |  |
| Social Ministries Project, Series 2015: |  |  |
205 | 5.000%, 1/01/38 (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (4) | 233,630
1,875 | 5.000%, 1/01/38 | 1/25 at 100.00 | BBB+ | 2,050,800
6,335 | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, | 2/27 at 100.00 | AA– | 7,409,606
| Geisinger Health System, Series 2017A-1, 5.000%, 2/15/45 |  |  |
22,875 | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, | 4/30 at 100.00 | AA– | 26,305,335
| Geisinger Health System, Series 2020A, 4.000%, 4/01/39 |  |  |
3,435 | Lancaster County Hospital Authority/PA, 5.000%, 11/01/46, (WI/DD, Settling 11/10/21) | 11/29 at 100.00 | A+ | 4,184,380
| Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue |  |  |
| Bonds, Albert Einstein Healthcare Network Issue, Series 2015A: |  |  |
6,190 | 5.250%, 1/15/36 | 1/25 at 100.00 | Ba1 | 6,972,292
3,535 | 5.250%, 1/15/45 | 1/25 at 100.00 | Ba1 | 3,985,041
2,206 | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue | 11/21 at 100.00 | N/R | 551,431
| Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 1.250%, 12/31/23 |  |  |
817 | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue | No Opt. Call | N/R | 204,424
| Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 1.250%, 12/31/23 |  |  |
| (cash 5.000%, PIK 5.000%) |  |  |
4,135 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | 11/24 at 100.00 | N/R | 4,362,342
| National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (AMT) |  |  |
11,750 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue | 9/25 at 100.00 | Caa1 | 8,991,687
| Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 |  |  |
1,085 | Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, | 6/26 at 100.00 | BBB | 1,266,021
| Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38 (AMT) |  |  |
5,140 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue | 12/21 at 100.00 | AA– (4) | 5,160,097
| Bonds, Subordinate Series 2011B, 5.000%, 12/01/34 (Pre-refunded 12/01/21) |  |  |
5,660 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, | 6/25 at 100.00 | A+ | 6,401,630
| 5.000%, 12/01/45 |  |  |
3,170 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, | 12/25 at 100.00 | A3 | 3,617,826
| 5.000%, 12/01/46 |  |  |
| The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, |  |  |
| Guaranteed Lease Revenue Bonds, Series 2016A: |  |  |
220 | 5.000%, 11/15/21 | No Opt. Call | BB+ | 220,097
1,255 | 5.000%, 11/15/28 | 5/24 at 100.00 | BB+ | 1,281,920
152,708 | Total Pennsylvania |  |  | 126,602,062
| Puerto Rico – 5.4% (3.5% of Total Investments) |  |  |
1,805 | Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit Exchanged From Cusip | No Opt. Call | N/R | 423,401
| 74529JAP0, 0.010%, 8/01/54 |  |  |
26,925 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series | 7/30 at 100.00 | N/R | 31,452,977
| 2020A, 5.000%, 7/01/47, 144A |  |  |
250 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series | No Opt. Call | N/R | 300,240
| 2021A, 5.000%, 7/01/28, 144A |  |  |
| Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien |  |  |
| Series 2021B: |  |  |
1,595 | 5.000%, 7/01/28, 144A | No Opt. Call | N/R | 1,915,531
5,785 | 5.000%, 7/01/37, 144A | 7/31 at 100.00 | N/R | 7,019,577
5,255 | 4.000%, 7/01/47, 144A | 7/31 at 100.00 | N/R | 5,738,933

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NZF | Nuveen Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Puerto Rico (continued) |  |  |
$ 215 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, | No Opt. Call | N/R | $ 227,498
| 5.500%, 7/01/29 – AMBAC Insured |  |  |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, |  |  |
| Restructured 2018A-1: |  |  |
15,985 | 0.010%, 7/01/46 | 7/28 at 41.38 | N/R | 5,210,950
24,954 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 5,908,359
62,339 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 70,532,838
493 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | 7/28 at 100.00 | N/R | 543,705
| Restructured Cofina Project Series 2019A-2, 4.536%, 7/01/53 |  |  |
145,601 | Total Puerto Rico |  |  | 129,274,009
| Rhode Island – 0.1% (0.1% of Total Investments) |  |  |
21,570 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 11/21 at 16.44 | CCC– | 3,602,621
| Bonds, Series 2007A, 0.010%, 6/01/52 |  |  |
| South Carolina – 2.6% (1.7% of Total Investments) |  |  |
| Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: |  |  |
1,220 | 0.000%, 1/01/23 – FGIC Insured | No Opt. Call | A– | 1,210,484
21,570 | 0.000%, 1/01/30 – AMBAC Insured | No Opt. Call | A– | 18,503,177
5,560 | 0.000%, 1/01/31 – AGC Insured | No Opt. Call | AA | 4,672,513
10,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 6/25 at 100.00 | A | 11,372,500
| Improvement Series 2015A, 5.000%, 12/01/50 |  |  |
7,110 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 12/30 at 100.00 | A | 8,274,547
| Improvement Series 2020A, 4.000%, 12/01/40 |  |  |
6,930 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 12/24 at 100.00 | A | 7,795,695
| Series 2014C, 5.000%, 12/01/39 |  |  |
9,155 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 6/24 at 100.00 | A | 10,241,241
| 2014A, 5.500%, 12/01/54 |  |  |
61,545 | Total South Carolina |  |  | 62,070,157
| 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 | AA– | 4,989,645
| Series 2014B, 5.000%, 11/01/44 |  |  |
| Tennessee – 1.1% (0.7% of Total Investments) |  |  |
8,890 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 1/23 at 100.00 | BBB+ (4) | 9,396,108
| Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) |  |  |
4,000 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 8/29 at 100.00 | BBB+ | 4,476,080
| CommonSpirit Health, Series 2019A-1, 4.000%, 8/01/44 |  |  |
1,665 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 8/29 at 100.00 | BBB+ | 2,000,248
| CommonSpirit Health, Series 2019A-2, 5.000%, 8/01/44 |  |  |
2,395 | Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, | 10/24 at 100.00 | Baa2 | 2,648,080
| Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/44 |  |  |
2,540 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 6/27 at 100.00 | N/R | 1,524,000
| Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 0.000%, |  |  |
| 6/15/37, 144A (5) |  |  |
5,830 | Metropolitan Nashville Airport Authority, Tennessee, Airport Revenue Bonds, Subordinate | 7/30 at 100.00 | A2 | 7,141,050
| Series 2019A, 5.000%, 7/01/54 |  |  |
25,320 | Total Tennessee |  |  | 27,185,566
| Texas – 14.7% (9.6% of Total Investments) |  |  |
| Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift |  |  |
| Education, Series 2016A: |  |  |
165 | 5.000%, 12/01/36 | 12/26 at 100.00 | BBB– | 190,227
130 | 5.000%, 12/01/46 | 12/26 at 100.00 | BBB– | 147,579
760 | 5.000%, 12/01/51 | 12/26 at 100.00 | BBB– | 861,285

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 885 | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public | 9/23 at 103.00 | N/R | $ 941,330
| Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 |  |  |
750 | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public | 9/23 at 103.00 | N/R | 796,508
| 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 | 3,435,019
3,340 | 5.000%, 12/01/40 | 12/25 at 100.00 | BB | 3,575,203
1,005 | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement | 3/23 at 103.00 | N/R | 1,052,416
| District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 |  |  |
1,775 | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement | 3/23 at 103.00 | N/R | 1,856,011
| District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, |  |  |
| 8.250%, 9/01/40 |  |  |
| Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: |  |  |
2,000 | 5.000%, 1/01/40 (Pre-refunded 7/01/25) | 7/25 at 100.00 | A– (4) | 2,323,260
3,625 | 5.000%, 1/01/45 (Pre-refunded 7/01/25) | 7/25 at 100.00 | A– (4) | 4,210,909
| Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, |  |  |
| Improvement Area 1 Project, Series 2016: |  |  |
530 | 6.250%, 9/01/35 | 9/23 at 103.00 | N/R | 575,034
505 | 6.500%, 9/01/46 | 9/23 at 103.00 | N/R | 547,526
4,000 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series | 11/22 at 100.00 | A1 | 4,185,760
| 2013C, 5.000%, 11/01/38 (AMT) |  |  |
1,000 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy | 11/22 at 100.00 | Baa2 | 1,036,110
| Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 |  |  |
2,335 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Frst Tier | 10/23 at 100.00 | A+ | 2,511,876
| Series 2013A, 5.125%, 10/01/43 |  |  |
38,140 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding | 4/30 at 100.00 | A+ | 43,510,112
| First Tier Series 2020C, 4.000%, 10/01/49 |  |  |
17,000 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | 10/23 at 100.00 | AA (4) | 18,605,140
| Lien Series 2013B, 5.250%, 10/01/51 (Pre-refunded 10/01/23) |  |  |
4,410 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | 4/28 at 100.00 | AA+ | 5,372,262
| Lien Series 2018A. Tela Supported, 5.000%, 10/01/48 |  |  |
1,140 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender | 10/23 at 100.00 | AA (4) | 1,548,941
| Option Bond Trust 2015-XF0228, 18.108%, 11/01/44 (Pre-refunded 10/01/23), 144A (IF) (8) |  |  |
10,000 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, | 11/21 at 100.00 | B3 | 10,013,000
| Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (AMT) |  |  |
3,480 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 6/25 at 100.00 | AA | 3,927,006
| Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 |  |  |
| Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation |  |  |
| Refunding Senior Lien Series 2014A: |  |  |
295 | 0.010%, 11/15/41 – AGM Insured | 11/31 at 62.66 | AA | 136,676
590 | 0.010%, 11/15/42 – AGM Insured | 11/31 at 59.73 | AA | 259,665
1,000 | 0.010%, 11/15/43 – AGM Insured | 11/31 at 56.93 | AA | 418,370
2,000 | 0.010%, 11/15/44 – AGM Insured | 11/31 at 54.25 | AA | 795,020
2,600 | 0.010%, 11/15/45 – AGM Insured | 11/31 at 51.48 | AA | 977,366
4,180 | 0.010%, 11/15/53 – AGM Insured | 11/31 at 33.96 | AA | 1,023,849
6,170 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, | 11/31 at 69.08 | Baa2 | 3,062,973
| 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 | 2,200,786
| 0.000%, 11/15/35 – NPFG Insured |  |  |
40,500 | Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior | 11/30 at 54.04 | AA | 16,787,655
| Lien Series 2001A, 0.000%, 11/15/40 – NPFG Insured |  |  |

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NZF | Nuveen Municipal Credit Income Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 3,855 | Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series Series | 7/22 at 100.00 | A (4) | $ 3,975,893
| 2012A, 5.000%, 7/01/32 (Pre-refunded 7/01/22) (AMT) |  |  |
2,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. | 7/25 at 100.00 | B | 2,195,720
| Terminal Improvement Project, Refunding Series 2015B-1, 5.000%, 7/15/35 (AMT) |  |  |
235 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | 7/24 at 100.00 | Ba3 | 254,771
| Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (AMT) |  |  |
2,845 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | No Opt. Call | B– | 3,306,459
| Terminal E Project, Refunding Series 2020A, 5.000%, 7/01/27 (AMT) |  |  |
335 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | 7/29 at 100.00 | B– | 354,557
| Terminal E Project, Series 2021A, 4.000%, 7/01/41 (AMT) |  |  |
1,330 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | 7/29 at 100.00 | B– | 1,407,991
| Terminal E Project, Series 2021B-1, 4.000%, 7/15/41 (AMT) |  |  |
3,750 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | No Opt. Call | B– | 4,360,762
| Terminal Improvements Project, Refunding Series 2020B-2, 5.000%, 7/15/27 (AMT) |  |  |
5,000 | Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series | 11/30 at 100.00 | Aa2 | 5,939,650
| 2020C, 4.000%, 11/15/43 |  |  |
| Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and |  |  |
| Entertainment Project, Series 2001B: |  |  |
28,305 | 0.000%, 9/01/28 – AMBAC Insured | No Opt. Call | A | 24,974,068
5,000 | 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | A | 4,142,450
5,765 | 0.000%, 9/01/31 – AMBAC Insured | No Opt. Call | A | 4,634,714
6,000 | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series | No Opt. Call | AAA | 7,576,920
| 2001B, 5.500%, 12/01/29 – NPFG Insured (ETM) |  |  |
7,500 | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series | No Opt. Call | AAA | 10,948,950
| 2002A, 5.750%, 12/01/32 – AGM Insured (ETM) |  |  |
720 | Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson | 8/25 at 100.00 | A | 806,501
| Memorial Hospital Project, Series 2015, 5.000%, 8/15/35 |  |  |
2,750 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA | 5/25 at 100.00 | A+ | 3,130,380
| Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 |  |  |
2,505 | Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, | No Opt. Call | A | 3,098,485
| Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (AMT) |  |  |
8,630 | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, | 11/21 at 105.00 | BB– | 9,075,567
| Senior Lien Series 2018, 4.625%, 10/01/31 (AMT), 144A |  |  |
15,329 | Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro | 1/26 at 102.00 | N/R | 393,446
| Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (AMT), 144A (5), (6) |  |  |
150 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/26 at 100.00 | N/R (4) | 177,852
| Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus |  |  |
| Christi Project, Series, 5.000%, 4/01/48 (Pre-refunded 4/01/26) |  |  |
565 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/26 at 100.00 | N/R (4) | 668,553
| Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M |  |  |
| University – San Antonio Project,, 5.000%, 4/01/48 (Pre-refunded 4/01/26) |  |  |
| North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible |  |  |
| Capital Appreciation Series 2011C: |  |  |
6,330 | 0.000%, 9/01/43 (Pre-refunded 9/01/31) (7) | 9/31 at 100.00 | N/R | 8,782,622
9,130 | 6.750%, 9/01/45 (Pre-refunded 9/01/31) | 9/31 at 100.00 | N/R (4) | 13,705,317
| North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital |  |  |
| Appreciation Series 2008I: |  |  |
2,555 | 6.200%, 1/01/42 (Pre-refunded 1/01/25) – AGC Insured | 1/25 at 100.00 | AA (4) | 3,018,503
7,000 | 6.500%, 1/01/43 (Pre-refunded 1/01/25) | 1/25 at 100.00 | A+ (4) | 8,321,110
10,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, | No Opt. Call | AA | 9,167,400
| 0.000%, 1/01/28 – AGC Insured |  |  |

96

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
| 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+ | $ 3,021,622
4,880 | 5.000%, 1/01/45 | 1/25 at 100.00 | A+ | 5,488,390
| 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 | 8,900,029
2,205 | 5.000%, 1/01/34 | 1/25 at 100.00 | A | 2,496,876
1,000 | 5.000%, 1/01/35 | 1/25 at 100.00 | A | 1,131,020
2,345 | 5.000%, 1/01/38 | 1/25 at 100.00 | A | 2,642,041
1,570 | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series | 2/24 at 100.00 | Ba1 | 1,671,045
| 2014A, 5.000%, 2/01/34 |  |  |
13,000 | San Antonio, Texas, Electric and Gas Systems Revenue Bonds, Refunding Junior Lien Series | 2/31 at 100.00 | Aa2 | 16,272,490
| 2021A, 5.000%, 2/01/46 |  |  |
1,500 | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, | No Opt. Call | A2 | 1,735,260
| Senior Lien Series 2008D, 6.250%, 12/15/26 |  |  |
2,000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue | 9/23 at 100.00 | Baa3 | 2,228,740
| Bonds, NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility, Series 2013, 7.000%, |  |  |
| 12/31/38 (AMT) |  |  |
5,355 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | 8/22 at 100.00 | A (4) | 5,559,293
| First Tier Series 2012A, 5.000%, 8/15/41 (Pre-refunded 8/15/22) |  |  |
13,000 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | 8/30 at 100.00 | A | 16,402,100
| First Tier Series 2020A, 5.000%, 8/15/39 |  |  |
| Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding |  |  |
| Second Tier Series 2015C: |  |  |
4,000 | 5.000%, 8/15/32 | 8/24 at 100.00 | A– | 4,474,920
1,875 | 5.000%, 8/15/37 | 8/24 at 100.00 | A– | 2,095,931
3,600 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series | No Opt. Call | A | 3,481,128
| 2002A, 0.000%, 8/15/25 – AMBAC Insured |  |  |
5,000 | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master | 10/27 at 100.00 | AAA | 5,798,850
| Trust Series 2017A, 4.000%, 10/15/37 |  |  |
1,200 | Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, | 11/21 at 100.00 | N/R (4) | 1,211,220
| Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM) |  |  |
372,849 | Total Texas |  |  | 355,914,470
| Utah – 0.2% (0.1% of Total Investments) |  |  |
2,030 | Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC, | 12/27 at 100.00 | N/R | 1,660,804
| Senior Series 2017A, 8.000%, 12/01/39 (AMT), 144A (5) |  |  |
3,000 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018A, 5.000%, | 7/28 at 100.00 | A | 3,571,680
| 7/01/48 (AMT) |  |  |
5,030 | Total Utah |  |  | 5,232,484
| Virginia – 0.6% (0.4% of Total Investments) |  |  |
540 | Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, | 3/25 at 100.00 | N/R | 569,068
| Series 2015, 5.600%, 3/01/45, 144A |  |  |
1,800 | Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours | 11/22 at 100.00 | N/R (4) | 1,886,022
| Health System Obligated Group, Series 2013, 5.000%, 11/01/30 (Pre-refunded 11/01/22) |  |  |
1,810 | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes | 1/22 at 100.00 | BBB | 1,823,086
| LLC Project, Series 2012, 5.000%, 1/01/40 (AMT) |  |  |
| Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River |  |  |
| Crossing, Opco LLC Project, Series 2012: |  |  |
1,885 | 5.250%, 1/01/32 (AMT) | 7/22 at 100.00 | BBB | 1,940,909
4,480 | 6.000%, 1/01/37 (AMT) | 7/22 at 100.00 | BBB | 4,638,458
3,810 | 5.500%, 1/01/42 (AMT) | 7/22 at 100.00 | BBB | 3,928,263
14,325 | Total Virginia |  |  | 14,785,806

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Washington – 1.4% (0.9% of Total Investments) |  |  |
$ 1,260 | Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle | 11/21 at 100.00 | AAA | $ 1,395,652
| Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured |  |  |
6,000 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, | 7/25 at 100.00 | Aa2 | 6,894,240
| Refunding Series 2015A, 5.000%, 7/01/38 (UB) (8) |  |  |
6,065 | Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health | 7/25 at 100.00 | A– | 6,539,465
| Services Association, Refunding Series 2015, 4.000%, 7/01/36 |  |  |
3,300 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center | 9/30 at 100.00 | A+ | 4,103,286
| Alliance, Series 2020, 5.000%, 9/01/50 |  |  |
2,185 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, | 10/22 at 100.00 | Aa2 (4) | 2,280,135
| Series 2012A, 5.000%, 10/01/42 (Pre-refunded 10/01/22) |  |  |
9,435 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue | 7/31 at 100.00 | Baa3 | 10,640,415
| Bonds, Refunding Subordinate Series 2021B. Exchange Purchase, 4.000%, 7/01/43 |  |  |
1,410 | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, | No Opt. Call | Aaa | 1,384,042
| 12/01/24 – NPFG Insured |  |  |
29,655 | Total Washington |  |  | 33,237,235
| West Virginia – 0.5% (0.3% of Total Investments) |  |  |
5,160 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/23 at 100.00 | A (4) | 5,584,978
| Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 |  |  |
| (Pre-refunded 6/01/23) |  |  |
5,000 | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health | 6/27 at 100.00 | A | 5,881,300
| System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/47 |  |  |
10,160 | Total West Virginia |  |  | 11,466,278
| Wisconsin – 1.4% (0.9% of Total Investments) |  |  |
1,000 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science | 5/26 at 100.00 | N/R | 1,055,570
| Academy Project, Series 2016A, 5.125%, 5/01/36, 144A |  |  |
| Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina |  |  |
| Charter Educational Foundation Project, Series 2016A: |  |  |
5,375 | 5.000%, 6/15/36, 144A | 6/26 at 100.00 | N/R | 5,585,592
4,430 | 5.000%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 4,543,497
| Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, |  |  |
| Lombard Public Facilities Corporation, First Tier Series 2018A-1: |  |  |
80 | 0.000%, 1/01/47, 144A (5) | No Opt. Call | N/R | 2,460
70 | 0.000%, 1/01/48, 144A (5) | No Opt. Call | N/R | 2,112
69 | 0.000%, 1/01/49, 144A (5) | No Opt. Call | N/R | 2,029
66 | 0.000%, 1/01/50, 144A (5) | No Opt. Call | N/R | 1,884
65 | 0.000%, 1/01/51, 144A (5) | No Opt. Call | N/R | 1,817
85 | 0.000%, 1/01/52, 144A (5) | No Opt. Call | N/R | 2,266
84 | 0.000%, 1/01/53, 144A (5) | No Opt. Call | N/R | 2,191
81 | 0.000%, 1/01/54, 144A (5) | No Opt. Call | N/R | 2,058
79 | 0.000%, 1/01/55, 144A (5) | No Opt. Call | N/R | 1,969
78 | 0.000%, 1/01/56, 144A (5) | No Opt. Call | N/R | 1,894
4,002 | 0.000%, 7/01/56, 144A (5) | 3/28 at 100.00 | N/R | 3,022,634
86 | 0.000%, 1/01/57, 144A (5) | No Opt. Call | N/R | 2,038
84 | 0.000%, 1/01/58, 144A (5) | No Opt. Call | N/R | 1,938
81 | 0.000%, 1/01/59, 144A (5) | No Opt. Call | N/R | 1,851
80 | 0.000%, 1/01/60, 144A (5) | No Opt. Call | N/R | 1,754
79 | 0.000%, 1/01/61, 144A (5) | No Opt. Call | N/R | 1,680
76 | 0.000%, 1/01/62, 144A (5) | No Opt. Call | N/R | 1,591
75 | 0.000%, 1/01/63, 144A (5) | No Opt. Call | N/R | 1,522
73 | 0.000%, 1/01/64, 144A (5) | No Opt. Call | N/R | 1,461
72 | 0.000%, 1/01/65, 144A (5) | No Opt. Call | N/R | 1,390
78 | 0.000%, 1/01/66, 144A (5) | No Opt. Call | N/R | 1,427
935 | 0.000%, 1/01/67, 144A (5) | No Opt. Call | N/R | 15,968

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Wisconsin (continued) |  |  |
$ 1,200 | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum | 8/26 at 100.00 | N/R | $ 1,220,196
| Company Project, Refunding Series 2016, 4.000%, 8/01/35 (AMT) |  |  |
1,000 | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, | 5/26 at 100.00 | BBB | 1,109,820
| Refunding Series 2016C, 4.300%, 11/01/30 (AMT) |  |  |
1,250 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, | 2/22 at 100.00 | A– | 1,266,413
| 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 | 2,159,393
2,500 | 5.000%, 6/01/39 | 6/22 at 100.00 | A3 | 2,561,475
1,120 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson | 10/22 at 102.00 | N/R | 1,158,214
| Hollow Project. Series 2014, 5.250%, 10/01/39 |  |  |
4,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 8/24 at 100.00 | A+ | 4,464,240
| ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39 |  |  |
| Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers |  |  |
| Memorial Hospital, Inc., Series 2014A: |  |  |
1,415 | 5.000%, 7/01/27 | 7/24 at 100.00 | A | 1,576,551
1,310 | 5.000%, 7/01/29 | 7/24 at 100.00 | A | 1,458,082
3,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers | 7/24 at 100.00 | A | 3,326,490
| Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44 |  |  |
36,183 | Total Wisconsin |  |  | 34,561,467
$ 3,687,759 | Total Municipal Bonds (cost $3,246,202,558) |  |  | 3,653,623,058

Shares | Description (1) | Value
| COMMON STOCKS – 2.3% (1.5% of Total Investments) |
| Electric Utilities – 2.3% (1.5% of Total Investments) |
1,189,215 | Energy Harbor Corp (9), (10), (11) | $ 56,933,668
| Total Common Stocks (cost $33,900,553) | 56,933,668

Shares | Description (1) | Value
| INVESTMENT COMPANIES – 0.1% (0.1% of Total Investments) |
6,266 | BlackRock MuniHoldings Fund Inc | $ 102,073
26,880 | BNY Mellon Strategic Municipals Inc | 229,018
30,000 | Invesco Municipal Opportunity Trust | 405,900
43,020 | Invesco Trust for Investment Grade Municipals | 582,921
43,420 | PIMCO Municipal Income Fund II | 601,801
| Total Investment Companies (cost $1,790,280) | 1,921,713

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Principal |  |  |  |  |
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value
| CORPORATE BONDS – 0.0% (0.0% of Total Investments) |  |  |  |
| Consumer Discretionary – 0.0% (0.0% of Total Investments) |  |  |  |
$ 340 | Lombard Starwood Westin Hotel Conference Center and Hotel Project Revenue | 7.500% | 12/31/23 | N/R | $ 339,544
| Bonds (cash 7.500%, PIK 7.500%) |  |  |  |
$ 340 | Total Corporate Bonds (cost $339,544) |  |  |  | 339,544
| Total Long-Term Investments (cost $3,282,232,935) |  |  |  | 3,712,817,983
| Floating Rate Obligations – (0.6)% |  |  |  | (14,400,000)
| MuniFund Preferred Shares, net of deferred offering costs – (26.5)% (12) |  |  |  | (640,046,873)
| Variable Rate Demand Preferred Shares, net of deferred offering costs – (29.9)% (13) |  |  | (722,756,919)
| Other Assets Less Liabilities–3.3% |  |  |  | 78,489,544
| Net Assets Applicable to Common Shares–100% |  |  | $ 2,414,103,735

(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) |  | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(6) |  | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3.

(7) |  | Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.

(8) |  | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(9) |  | Common Stock received as part of the bankruptcy settlements during February 2020 for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008C, 3.950%, 11/01/32.

(10) |  | For fair value measurement disclosure purposes, investment classified as Level 2.

(11) |  | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(12) |  | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 17.2%.

(13) |  | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 19.5%.

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 which are normally those transactions with qualified institutional buyers.

AMT |  | Alternative Minimum Tax.

ETM |  | Escrowed to maturity.

IF |  | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.

PIK |  | Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.

UB |  | Underlying bond of an inverse floating rate trust reflected as a financing transaction.

WI/DD |  | Purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| LONG-TERM INVESTMENTS – 150.5% (100.0% of Total Investments) |  |  |
| MUNICIPAL BONDS – 146.8% (97.5% of Total Investments) |  |  |
| Alabama – 2.1% (1.4% of Total Investments) |  |  |
$ 182 | Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, | 11/21 at 100.00 | N/R | $ 2
| Big Sky Environmental LLC Project, Refunding Taxable Series 2017C, 1.000%, 9/01/37, 144A (4) |  |  |
1,000 | Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, | 9/27 at 100.00 | N/R | 700,000
| Big Sky Environmental LLC Project, Series 2017A, 6.750%, 9/01/37, 144A (4) |  |  |
212 | Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, | 9/27 at 100.00 | N/R | 148,646
| Big Sky Environmental LLC Project, Taxable Series 2017B, 6.750%, 9/01/37, 144A (4) |  |  |
1,000 | Alabama Industrial Development Authority, Solid Waste Disposal Revenue Bonds, Pine City | 11/21 at 100.00 | B1 | 1,001,260
| Fiber Co. Project, Series 1993, 6.450%, 12/01/23 (AMT) |  |  |
2,000 | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, | 9/25 at 100.00 | N/R | 2,176,920
| University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A |  |  |
1,000 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | No Opt. Call | B3 | 1,261,290
| United States Steel Corporation Project, Green Series 2020, 6.375%, 11/01/50 (AMT) |  |  |
| (Mandatory Put 11/01/30) |  |  |
10,765 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | 10/29 at 100.00 | BB– | 12,733,595
| United States Steel Corporation Project, Series 2019, 5.750%, 10/01/49 (AMT) |  |  |
5,000 | Jefferson County, Alabama, Sewer Revenue Warrants, Capital Appreciation Subordinate Lien | 10/23 at 105.00 | BB | 5,144,700
| Series 2013F, 7.900%, 10/01/50 (5) |  |  |
1,000 | Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013C, 6.500%, | 10/23 at 105.00 | BB+ | 1,031,140
| 10/01/38 – AGM Insured (5) |  |  |
2,000 | Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020, | 11/29 at 100.00 | N/R | 2,153,060
| 4.000%, 11/01/45, 144A |  |  |
| Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone |  |  |
| Bonds, Hunt Refining Project, Refunding Series 2019A: |  |  |
2,100 | 4.500%, 5/01/32, 144A | 5/29 at 100.00 | N/R | 2,246,928
1,000 | 5.250%, 5/01/44, 144A | 5/29 at 100.00 | N/R | 1,151,500
27,259 | Total Alabama |  |  | 29,749,041
| Alaska – 0.1% (0.0% of Total Investments) |  |  |
695 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | 6/31 at 100.00 | BBB+ | 772,048
| Bonds, Senior Series 2021A Class 1, 4.000%, 6/01/50 |  |  |
| Arizona – 3.8% (2.5% of Total Investments) |  |  |
| Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona |  |  |
| Christian University Project, Series 2019A: |  |  |
400 | 5.500%, 10/01/40, 144A | 10/26 at 103.00 | N/R | 428,740
800 | 5.625%, 10/01/49, 144A | 10/26 at 103.00 | N/R | 852,752
10,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage | 7/28 at 103.00 | N/R | 10,003,100
| Academy – Gateway and Laveen Projects, Series 2021B, 5.000%, 7/01/51, 144A |  |  |
10,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage | 7/28 at 103.00 | N/R | 9,939,800
| Academy – Gateway and Laveen Projects, Taxable Series 2021A, 5.000%, 7/01/51, 144A |  |  |
1,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage | No Opt. Call | N/R | 1,000,080
| Academy – Gateway and Laveen Projects, Taxable Series 2021C, 6.000%, 7/01/29, 144A |  |  |
5,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest | 9/23 at 105.00 | BB+ | 5,574,700
| Academy of Nevada ? Sloan Canyon Campus Project, Series 2020A-2, 6.150%, 9/15/53, 144A |  |  |
1,000 | Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus | 6/28 at 100.00 | N/R | 1,124,270
| Academy Project, Series 2018A, 6.500%, 6/01/50, 144A |  |  |
1,000 | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, | 1/30 at 100.00 | N/R | 1,055,170
| Gateway Academy Project, Series 2019A, 5.750%, 1/01/50, 144A |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Arizona (continued) |  |  |
$ 3,000 | Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University | 6/22 at 100.00 | A | $ 3,286,530
| Project, Tender Option Bond Trust 2016-XF2337, 17.511%, 6/01/42, 144A (IF) |  |  |
435 | Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, | 7/24 at 101.00 | N/R | 435,022
| Deer Valley Veterans Assisted Living Project, Series 2016A, 5.125%, 7/01/36 |  |  |
1,000 | Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, | 5/24 at 100.00 | N/R | 1,081,950
| Desert Heights Charter School, Series 2014, 7.250%, 5/01/44 |  |  |
3,000 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/26 at 103.00 | N/R | 3,246,630
| Edkey Charter Schools Project, Refunding Series 2020, 5.000%, 7/01/49, 144A |  |  |
| 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– | 266,621
400 | 5.375%, 7/01/46 | 7/26 at 100.00 | BB– | 431,868
475 | 5.500%, 7/01/51 | 7/26 at 100.00 | BB– | 511,570
1,000 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/26 at 103.00 | N/R | 1,124,290
| Edkey Charter Schools Project, Series 2019, 5.875%, 7/01/51, 144A |  |  |
2,000 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 2/24 at 100.00 | N/R | 2,228,180
| San Tan Montessori School Project, Series 2014A, 9.000%, 2/01/44 |  |  |
350 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 6/28 at 100.00 | N/R | 369,537
| Synergy Public Charter School Project, Series 2020, 5.000%, 6/15/35, 144A |  |  |
100 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/25 at 100.00 | N/R | 104,905
| The Paideia Academies Project, 2019, 5.125%, 7/01/39 |  |  |
2,500 | Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden | 1/22 at 100.00 | B– | 2,501,475
| Traditional Schools Project, Series 2012, 7.500%, 1/01/42 |  |  |
315 | Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract | 11/21 at 100.00 | BBB– | 315,391
| Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.250%, 10/01/22 – ACA Insured |  |  |
1,095 | Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development | 5/22 at 100.00 | N/R | 1,116,966
| Bonds, Series 2012A, 9.750%, 5/01/25 |  |  |
2,500 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy | No Opt. Call | Ba3 | 3,566,075
| Inc Prepay Contract Obligations, Series 2007, 5.500%, 12/01/37, 144A |  |  |
2,000 | Sierra Vista Industrial Development Authority, 5.375%, 10/01/56 | 10/29 at 103.00 | N/R | 1,632,080
915 | Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West | 12/21 at 100.00 | N/R | 903,416
| Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (AMT) |  |  |
50,530 | Total Arizona |  |  | 53,101,118
| Arkansas – 0.3% (0.2% of Total Investments) |  |  |
4,000 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/26 at 103.00 | B | 4,358,560
| Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A |  |  |
| California – 16.8% (11.2% of Total Investments) |  |  |
18,875 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second | 10/26 at 100.00 | BBB+ | 22,022,217
| Subordinate Lien Series 2016B, 5.000%, 10/01/37 (UB) (6) |  |  |
5,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 5,208,900
| Creekwood, Series 2021A, 4.000%, 2/01/56, 144A |  |  |
2,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Ester | 8/31 at 100.00 | N/R | 2,103,860
| Apartments, Series 2021A-2, 4.000%, 2/01/43, 144A |  |  |
2,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/32 at 100.00 | N/R | 2,061,640
| Exchange at Bayfront Apartments, Junior Series 2021A-2, 4.000%, 8/01/51, 144A |  |  |
1,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 1,046,000
| Fountains at Emerald Park, Junior Lien Series 2021A-2, 4.000%, 8/01/46, 144A |  |  |
3,335 | California Community Housing Agency, California, Essential Housing Revenue Bonds, K | 8/32 at 100.00 | N/R | 3,055,660
| Street Flats, Series 2021A-1, 3.000%, 2/01/57, 144A |  |  |
2,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, K | 8/32 at 100.00 | N/R | 2,063,460
| Street Flats, Series 2021A-2, 4.000%, 8/01/50, 144A |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 1,600 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit | 8/32 at 100.00 | N/R | $ 1,671,072
| at Sausalito Apartments, Series 2021A-2, 4.000%, 2/01/50, 144A |  |  |
2,250 | California Enterprise Development Authority, Charter School Revenue Bonds, Norton | 7/27 at 102.00 | N/R | 2,406,082
| Science and Language Academy Project, Series 2020, 6.250%, 7/01/58, 144A |  |  |
1,875 | California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford | 11/21 at 100.00 | AA– (7) | 1,889,550
| Hospital and Clinics, Tender Option Bond Trust 2016-XF2353, Formerly Tender Option Bond |  |  |
| Trust 3267, 19.963%, 11/15/40 (Pre-refunded 11/15/21), 144A (IF) |  |  |
| California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los |  |  |
| Angeles, Series 2017A: |  |  |
5,165 | 5.000%, 8/15/42 (UB) (6) | 8/27 at 100.00 | BBB+ | 6,104,617
22,115 | 5.000%, 8/15/47 (UB) (6) | 8/27 at 100.00 | BBB+ | 26,002,817
12,500 | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente | 11/27 at 100.00 | AA– | 14,330,125
| System, Series 2017A-2, 4.000%, 11/01/44 (UB) (6) |  |  |
| California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and |  |  |
| Clinics, Tender Option Bond Trust 2016-XG0049: |  |  |
1,000 | 18.284%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) | 8/22 at 100.00 | AA (7) | 1,151,610
250 | 18.289%, 8/15/51 (Pre-refunded 8/15/22), 144A (IF) | 8/22 at 100.00 | AA (7) | 287,913
1,020 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas | 8/24 at 100.00 | N/R | 1,083,434
| Affordable Housing Inc Projects, Series 2014B, 5.875%, 8/15/49 |  |  |
500 | California Municipal Finance Authority, Revenue Bonds, California Baptist University, | 11/26 at 100.00 | N/R | 579,245
| Series 2016A, 5.000%, 11/01/36, 144A |  |  |
7,430 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, | 7/27 at 100.00 | Baa2 | 8,248,637
| Refunding Series 2017B, 4.000%, 7/01/42 (UB) (6) |  |  |
20,925 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien | 6/28 at 100.00 | A2 | 23,071,905
| Series 2018A, 4.000%, 12/31/47 (AMT) (UB) (6) |  |  |
2,000 | California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, | No Opt. Call | B+ | 2,254,560
| Inc. Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT) |  |  |
400 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, | No Opt. Call | N/R | 32,000
| Aemerge Redpak Services Southern California, LLC Project, Subordinate Series 2017, |  |  |
| 8.000%, 12/01/27 (AMT), 144A (4) |  |  |
1,000 | California Public Finance Authority, Charter School Lease Revenue Bonds, California | 7/28 at 100.00 | N/R | 1,056,190
| Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A |  |  |
1,000 | California School Finance Authority, California, Charter School Revenue Bonds, Alta | 6/28 at 102.00 | N/R | 1,091,110
| Public Schools – Obligated Group, Series 2020A, 6.000%, 6/01/59, 144A |  |  |
1,000 | California School Finance Authority, California, Charter School Revenue Bonds, Girls | 6/31 at 100.00 | N/R | 997,980
| Athletic Leadership School Los Angeles Project, Series 2021A, 4.000%, 6/01/61, 144A |  |  |
1,000 | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep | 6/28 at 100.00 | N/R | 1,016,770
| Public Schools ? Obligated Group, Series 2020A, 5.000%, 6/01/60, 144A |  |  |
| California Statewide Communities Development Authority, California, Revenue Bonds, Loma |  |  |
| Linda University Medical Center, Series 2014A: |  |  |
800 | 5.250%, 12/01/44 | 12/24 at 100.00 | BB– | 899,952
1,000 | 5.500%, 12/01/54 | 12/24 at 100.00 | BB– | 1,131,210
6,940 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/26 at 100.00 | BB– | 7,941,442
| Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A |  |  |
500 | California Statewide Communities Development Authority, Revenue Bonds, Lancer | 6/26 at 100.00 | N/R | 563,695
| Educational Student Housing Project, Refunding Series 2016A, 5.000%, 6/01/46, 144A |  |  |
1,000 | California Statewide Communities Development Authority, Special Tax Bonds, Community | 9/22 at 100.00 | N/R | 1,031,360
| Facilities District 2012-01, Fancher Creek, Series 2013A, 5.700%, 9/01/43 |  |  |
1,500 | California Statewide Communities Development Authority, Statewide Community | 11/21 at 100.00 | N/R | 1,500,015
| Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41 |  |  |
1,000 | California Statewide Communities Development Authority, Statewide Community | 9/31 at 100.00 | N/R | 1,116,910
| Infrastructure Program Revenue Bonds, Series 2021A, 4.000%, 9/02/51 |  |  |
273 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 11/21 at 100.00 | N/R | 239,316
| Charity Health System, Series 2005A, 5.500%, 7/01/39 (4), (8) |  |  |

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 1,000 | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Junior | 8/31 at 100.00 | N/R | $ 1,036,760
| Lien Series 2021A-2, 4.000%, 8/01/47, 144A |  |  |
2,000 | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Senior | 8/31 at 100.00 | N/R | 1,849,100
| Lien Series 2021A-1, 3.000%, 8/01/56, 144A |  |  |
1,000 | CMFA Special Financing Agency VIII, California, Essential Housing Revenue Bonds, Elan | 8/31 at 100.00 | N/R | 924,540
| Huntington Beach, Senior Lien Series 2021A-1, 3.000%, 8/01/56, 144A |  |  |
1,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 10/31 at 100.00 | N/R | 1,037,300
| Acadia on Santa Rosa Creek, Mezzanine Lien Series 2021B, 4.000%, 10/01/46, 144A |  |  |
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 10/31 at 100.00 | N/R | 2,108,840
| Acadia on Santa Rosa Creek, Senior Lien Series 2021A, 4.000%, 10/01/56, 144A |  |  |
1,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 2/32 at 100.00 | N/R | 1,042,290
| Dublin Mezzanine Lien Series 2021B, 4.000%, 2/01/57, 144A |  |  |
2,500 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 2/32 at 100.00 | N/R | 2,300,250
| Dublin Social Senior Lien Series 2021A-2, 3.000%, 2/01/57, 144A |  |  |
5,800 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 5,350,732
| Jefferson-Anaheim Series 2021A-2, 3.125%, 8/01/56, 144A |  |  |
6,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 7/31 at 100.00 | N/R | 6,194,040
| Link-Glendale, Series 2021A-2, 4.000%, 7/01/56, 144A |  |  |
1,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda | 10/31 at 100.00 | N/R | 1,000,810
| at Monrovia Station, Social Series 2021A-1, 3.400%, 10/01/46, 144A |  |  |
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 3/32 at 100.00 | N/R | 2,075,420
| Orange City Portfolio, Mezzanine Lien Series 2021B, 4.000%, 3/01/57, 144A |  |  |
500 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 12/31 at 100.00 | N/R | 517,195
| Pasadena Portfolio Social Bond, Mezzanine Senior Series 2021B, 4.000%, 12/01/56, 144A |  |  |
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 12/31 at 100.00 | N/R | 1,860,060
| Pasadena Portfolio Social Bond, Series 2021A-2, 3.000%, 12/01/56 |  |  |
7,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 7/31 at 100.00 | N/R | 7,243,880
| Union South Bay, Series 2021A-2, 4.000%, 7/01/56, 144A |  |  |
3,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 9/31 at 100.00 | N/R | 2,756,040
| Waterscape Apartments, Senior Lien Series 2021A, 3.000%, 9/01/56, 144A |  |  |
1,775 | Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue | 11/21 at 100.00 | N/R | 1,777,645
| Bonds, Franciscan Mobile Home Park Project, Refunding Third Tier Series 2007C, 6.500%, 12/15/47 |  |  |
2,000 | Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue | 11/21 at 100.00 | A+ | 2,001,800
| Bonds, Franciscan Mobile Home Park, Refunding Series 2007A, 5.000%, 12/15/37 |  |  |
5,000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | 1/31 at 100.00 | A– | 5,690,650
| Refunding Senior Lien Series 2021A, 4.000%, 1/15/46 (UB) |  |  |
| Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement |  |  |
| Asset-Backed Revenue Bonds, Refunding Series 2015A: |  |  |
900 | 5.000%, 6/01/40 (Pre-refunded 6/01/25) (UB) | 6/25 at 100.00 | AA– (7) | 1,047,195
1,100 | 5.000%, 6/01/40 (Pre-refunded 6/01/25) (UB) | 6/25 at 100.00 | N/R (7) | 1,275,637
2,000 | 5.000%, 6/01/45 (Pre-refunded 6/01/25) (UB) (6) | 6/25 at 100.00 | Aa3 (7) | 2,327,100
3,500 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | B– | 3,585,785
| Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 |  |  |
5,960 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R | 6,103,100
| Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47 |  |  |
5,000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R | 5,120,050
| Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 |  |  |
860 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/25 at 100.00 | Aa3 | 1,422,320
| Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038, 17.578%, 6/01/45, 144A (IF) |  |  |
| Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, |  |  |
| Series 2005: |  |  |
820 | 5.000%, 8/01/25 – AMBAC Insured | 11/21 at 100.00 | N/R | 822,468
1,000 | 5.000%, 8/01/35 – AMBAC Insured | 11/21 at 100.00 | N/R | 1,001,600

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 390 | Lee Lake Public Financing Authority, California, Junior Lien Revenue Bonds, Series | 9/23 at 100.00 | N/R | $ 415,561
| 2013B, 5.250%, 9/01/32 |  |  |
850 | Los Angeles County, California, Community Development Commission Headquarters Office | 9/21 at 100.00 | Aa3 | 858,032
| Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., |  |  |
| Tender Option Bond Trust, 18.809%, 9/01/42, 144A (IF) |  |  |
1,000 | Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, | 11/21 at 100.00 | A | 1,004,270
| Subordinate Lien Series 2011A, 7.000%, 9/01/31 |  |  |
650 | Ontario, California, Special Tax Bonds, Community Facilities District 53 Tevelde | 9/28 at 103.00 | N/R | 734,974
| Facilities, Series 2021, 4.000%, 9/01/42 |  |  |
| Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease |  |  |
| Program Facilities Projects, Tender Option Bond Trust 2016-XG0100: |  |  |
750 | 19.547%, 12/01/30 – AMBAC Insured, 144A (IF) | No Opt. Call | AA– | 1,602,067
2,015 | 19.300%, 12/01/33 – AMBAC Insured, 144A (IF) | No Opt. Call | AA– | 5,049,429
| San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011: |  |  |
960 | 8.000%, 12/01/26 (Pre-refunded 12/01/21) | 12/21 at 100.00 | BB (7) | 965,952
1,000 | 8.000%, 12/01/31 (Pre-refunded 12/01/21) | 12/21 at 100.00 | BB (7) | 1,006,200
4,095 | San Francisco City and County Redevelopment Agency Successor Agency, California, Tax | 11/21 at 62.76 | N/R | 2,564,985
| Allocation Bonds, Mission Bay South Redevelopment Project, Subordinate Series 2016D, |  |  |
| 0.000%, 8/01/31, 144A |  |  |
1,500 | San Francisco City and County, California, Special Tax Bonds, Community Facilities | 9/27 at 103.00 | N/R | 1,670,550
| District 2016-1 Treasure Island Improvement Area 1, Series 2021, 4.000%, 9/01/51 |  |  |
960 | Santa Margarita Water District, California, Special Tax Bonds, Community Facilities | 9/23 at 100.00 | N/R | 1,025,741
| District 2013-1 Village of Sendero, Series 2013, 5.625%, 9/01/43 |  |  |
1,065 | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities | 9/27 at 100.00 | N/R | 1,179,243
| District 16-01, Series 2017, 6.250%, 9/01/47, 144A |  |  |
1,500 | Three Rivers Levee Improvement Authority, California, Special Tax Revenue Bonds, | 9/28 at 103.00 | N/R | 1,681,260
| Community Facilities District 2006-1, Refunding Series 2021A, 4.000%, 9/01/51 |  |  |
1,250 | University of California, General Revenue Bonds, Tender Option Bond Trust 2016-XL0001, | 5/23 at 100.00 | AA | 1,600,175
| 18.020%, 5/15/39, 144A (IF) |  |  |
215,953 | Total California |  |  | 236,092,300
| Colorado – 9.7% (6.5% of Total Investments) |  |  |
500 | Alpine Mountain Ranch Metropolitan District, Routt County, Colorado, Special Assessment | 9/26 at 103.00 | N/R | 485,665
| Revenue Bonds, Special Improvement District 2, Series 2021, 4.000%, 12/01/40 |  |  |
1,000 | Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, | 9/26 at 103.00 | N/R | 971,270
| Junior Lien Series Series 2021B, 5.500%, 12/15/37 |  |  |
1,089 | Aspen Street Metropolitan District, Broomfield County and City, Colorado, Limited Tax | 6/26 at 103.00 | N/R | 1,116,944
| General Obligation Bonds, Series 2021A-3, 5.125%, 12/01/50 |  |  |
500 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax | 9/24 at 103.00 | N/R | 518,765
| General Obligation Bonds, Subordinate Series 2019B, 7.750%, 12/15/48 |  |  |
1,500 | Belford North Metropolitan District, Douglas County, Colorado, General Obligation | 12/25 at 103.00 | N/R | 1,627,725
| Limited Tax Bonds, Series 2020A, 5.500%, 12/01/50 |  |  |
1,000 | Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation | 3/26 at 103.00 | N/R | 1,072,960
| Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A, 5.000%, 12/01/51 |  |  |
2,000 | Bradley Heights Metropolitan District 2, Colorado Springs, El Paso County, Colorado, | 9/26 at 103.00 | N/R | 1,947,020
| General Obligation Limited Tax Bonds, Series 2021A-3, 4.750%, 12/01/51 |  |  |
1,835 | Broadway Station Metropolitan District 3, Denver City and County, Colorado, General | 6/24 at 103.00 | N/R | 1,980,240
| Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A, 5.000%, 12/01/39 |  |  |
740 | Broomfield Village Metropolitan District 2, In the City and County of Broomfield, Colorado, | 12/24 at 103.00 | N/R | 786,450
| General Obligation Limited Tax and Revenue Bonds, Series 2021A-2, 5.000%, 12/01/49, 144A |  |  |
3,000 | Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General | 11/21 at 100.00 | N/R | 2,254,440
| Obligation and Special Revenue Bonds, Junior Subordinate Series 2016, 7.000%, 12/15/57 |  |  |
500 | Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue | 12/21 at 103.00 | N/R | 511,565
| Bonds, Refunding Subordinate Lien Series 2016B, 8.000%, 6/15/37 |  |  |

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 1,000 | Cielo Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation | 6/26 at 103.00 | N/R | $ 1,037,310
| Bonds, Series 2021(3), 5.250%, 12/01/50 |  |  |
600 | Clear Creek Transit Metropolitan District 2, Adams County, Colorado, Revenue Supported | 12/26 at 103.00 | N/R | 650,454
| Limited Tax General Obligation Bonds, Series 2021A, 5.000%, 12/01/41 |  |  |
615 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 11/21 at 100.00 | BB+ | 617,017
| Community Leadership Academy Project, Series 2008, 6.250%, 7/01/28 |  |  |
2,100 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 10/22 at 100.00 | N/R | 2,152,626
| Mountain Phoenix Community School, Series 2012, 7.000%, 10/01/42 |  |  |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, |  |  |
| New Summit Charter Academy Project, Series 2021A: |  |  |
100 | 4.000%, 7/01/41, 144A | 7/31 at 100.00 | N/R | 106,601
100 | 4.000%, 7/01/51, 144A | 7/31 at 100.00 | N/R | 105,071
560 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 7/24 at 100.00 | BB | 594,518
| Skyview Academy Project, Series 2014, 5.375%, 7/01/44, 144A |  |  |
720 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village | 12/30 at 100.00 | N/R | 769,255
| Academy – Northglenn Project, Series 2020, 5.000%, 12/01/55, 144A |  |  |
2,500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes of | 2/24 at 100.00 | N/R | 2,643,625
| the Midwest Obligated Group, Series 2013, 8.000%, 8/01/43 |  |  |
1,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes | 2/26 at 100.00 | N/R | 1,019,340
| Project, Series 2016, 6.125%, 2/01/46, 144A |  |  |
1,285 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, | 12/22 at 100.00 | A+ | 1,335,166
| Series 2012, 5.000%, 12/01/32 (UB) (6) |  |  |
3,144 | Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited | 9/25 at 103.00 | N/R | 3,325,189
| Tax General Obligation Bonds, Series 2020, 6.500%, 12/01/50 |  |  |
2,000 | Compark Business Campus Metropolitan District, Douglas County, Colorado, General | 12/22 at 100.00 | N/R (7) | 2,135,800
| Obligation Bonds, Series 2012A, 6.750%, 12/01/39 (Pre-refunded 12/01/22) |  |  |
500 | Conestoga Metropolitan District 2, Ault, Weld County, Colorado, Limited Tax General | 9/26 at 103.00 | N/R | 514,055
| Obligation Bonds, Refunding & Improvement Series 2021A-3, 5.250%, 12/01/51 |  |  |
500 | Copperleaf Metropolitan District 3, Arapahoe County, Colorado, Limited Tax General | 9/26 at 103.00 | N/R | 485,565
| Obligation Bonds, Subordinate Series 2021B, 5.500%, 12/15/36 |  |  |
1,000 | Crowfoot Valley Ranch Metropolitan District No. 2, Douglas County, Colorado, Limited | 12/23 at 103.00 | N/R | 1,078,050
| Tax General Obligation Bonds, Series 2018A, 5.625%, 12/01/38 |  |  |
1,000 | Dacono Urban Renewal Authority, Weld County, Colorado, Tax Increment Revenue Bonds, | 12/25 at 103.00 | N/R | 1,061,380
| Series 2020, 6.250%, 12/01/39 |  |  |
10,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series | 12/28 at 100.00 | A+ | 11,148,000
| 2018A, 4.000%, 12/01/48 (AMT) (UB) (6) |  |  |
3,000 | Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United | 10/23 at 100.00 | B | 3,167,220
| Airlines, Inc. Project, Refunding Series 2017, 5.000%, 10/01/32 (AMT) |  |  |
495 | Dinosaur Ridge Metropolitan District, Golden, Jefferson County, Colorado, Special | 6/24 at 103.00 | N/R | 526,749
| Revenue Refunding and Improvement Bonds, Series 2019A, 5.000%, 6/01/49 |  |  |
1,030 | E-86 Metropolitan District, Elizabeth, Elbert County, Colorado, General Obligation | 6/26 at 103.00 | N/R | 1,049,972
| Limited Tax Cash Flow Bonds, Series 2021A-3, 5.125%, 12/01/51 |  |  |
1,000 | Elbert and Highway 86 Commercial Metropolitan District, Elbert County, Colorado, Special | 6/26 at 103.00 | N/R | 1,072,590
| Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2021A, |  |  |
| 5.000%, 12/01/51, 144A |  |  |
1,000 | Erie Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Series 2021, | 9/26 at 103.00 | N/R | 992,630
| 4.000%, 12/01/38 |  |  |
| 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 | 1,048,430
2,080 | 6.000%, 12/01/38 | 12/24 at 100.00 | N/R | 2,139,197
500 | Fourth Street Crossing Business Improvement District, Silverthorne, Summit County, | 6/24 at 103.00 | N/R | 535,825
| Colorado, Special Revenue and Tax Supported Bonds, Senior Series 2019A, 5.375%, 12/01/49, 144A |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 3,000 | Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General | 6/25 at 103.00 | N/R | $ 2,974,200
| Obligation Bonds, Series 2020A, 5.500%, 6/01/50, 144A |  |  |
1,000 | Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue | 12/25 at 102.00 | N/R | 1,078,390
| Bonds, Refunding Series 2020, 4.750%, 12/01/50 |  |  |
2,000 | Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited | 12/24 at 100.00 | N/R | 2,135,100
| Tax, Refunding & Improvement Series 2015, 6.125%, 12/01/44 |  |  |
305 | Iliff Commons Metropolitan District 2, Aurora, Arapahoe County, Colorado, General Obligation | 12/21 at 103.00 | N/R | 313,214
| Bonds, Subordinated Limited Tax Convertible to Unlimited Tax Series 2016B, 8.000%, 12/15/46 |  |  |
810 | Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special | 12/23 at 103.00 | N/R | 861,605
| Revenue Bonds, Subordinate Series 2020B, 5.750%, 12/15/50 |  |  |
| Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: |  |  |
675 | 5.250%, 12/01/36 | 12/21 at 103.00 | N/R | 696,229
1,265 | 5.375%, 12/01/46 | 12/21 at 103.00 | N/R | 1,304,658
1,000 | Johnstown Village Metropolitan District 2, Weld County, own of Johnstown, Colorado, | 9/25 at 103.00 | N/R | 1,077,110
| General Obligation Limited Tax Bonds, Series 2020A, 5.000%, 12/01/50 |  |  |
1,700 | Jones District Community Authority Board, Centennial, Colorado, Special Revenue | 12/25 at 103.00 | N/R | 1,500,471
| Convertible Capital Appreciation Bonds, Series 2020A, 5.750%, 12/01/50 |  |  |
1,000 | Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 1,083,300
| Obligation Bonds, Series 2020A, 5.125%, 12/01/50 |  |  |
2,685 | Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, | 11/21 at 100.00 | N/R | 2,685,832
| Series 2007, 6.750%, 1/01/34 |  |  |
500 | Lanterns Metropolitan District 1, Castle Rock, Douglas County, Colorado, Limited Tax | 9/24 at 103.00 | N/R | 535,005
| General Obligation Bonds, Series 2019A, 5.000%, 12/01/49 |  |  |
500 | Lanterns Metropolitan District 2, Castle Rock, Douglas County, Colorado, Limited Tax | 9/26 at 103.00 | N/R | 483,590
| General Obligation Bonds, Series 2021A-3, 4.500%, 12/01/50 |  |  |
500 | Larkridge Metropolitan District No. 2, In the City of Thornton, Adams County, Colorado, | 12/23 at 103.00 | N/R | 532,185
| General Obligation, Limited Tax Convertible to Unlimited Tax, Improvement Bonds, |  |  |
| Refunding Series 2019, 5.250%, 12/01/48 |  |  |
500 | Leyden Rock Metropolitan District No. 10, In the City of Arvada, Colorado, Limited Tax | 12/21 at 103.00 | N/R | 516,930
| General Obligation Bonds, Refunding and Improvement Series 20016A, 5.000%, 12/01/45 |  |  |
500 | Leyden Rock Metropolitan District No. 10, In the City of Arvada, Colorado, Limited Tax | 12/21 at 103.00 | N/R | 519,180
| General Obligation Bonds, Refunding and Improvement Series 20016B, 7.250%, 12/15/45 |  |  |
| Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special |  |  |
| Revenue Bonds, Series 2021A: |  |  |
500 | 5.000%, 12/01/41 | 6/26 at 103.00 | N/R | 523,405
500 | 5.000%, 4/15/51 | 6/26 at 103.00 | N/R | 516,210
1,000 | Meadowbrook Heights Metropolitan District, Jefferson County, Colorado, General | 9/26 at 103.00 | N/R | 989,070
| Obligation Limited Tax Bonds, Series 2021A(3), 4.875%, 12/01/51 |  |  |
500 | Midcities Metropolitan District No. 2, In the City and County of Broomfield, Colorado, | 12/21 at 103.00 | N/R | 514,355
| Subordinate Special Revenue Refunding Bonds, Series 2016B, 7.750%, 12/15/46 |  |  |
2,000 | Murphy Creek Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, | 11/21 at 100.00 | N/R | 2,000,000
| Refunding & Improvement Series 2006, 6.125%, 12/01/35 (4) |  |  |
500 | North Pine Vistas Metropolitan District 3, Castle Pines, Douglas County, Colorado, Limited | 12/26 at 103.00 | N/R | 499,460
| Tax General Obligation Bonds, Subordinate Series 2021B, 4.625%, 12/15/51 – AGM Insured |  |  |
1,000 | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 1,098,070
| Obligation Bonds, Series 2020A-3, 5.250%, 12/01/50 |  |  |
1,535 | North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax | 3/25 at 103.00 | N/R | 1,651,691
| General Obligation Bonds, Series 2020, 5.125%, 12/01/49 |  |  |
1,000 | Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax | 12/25 at 103.00 | N/R | 1,073,320
| General Obligation Bonds, Series 2020A, 5.000%, 12/01/50 |  |  |
| Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, |  |  |
| Series 2019: |  |  |
1,500 | 5.000%, 12/01/39 | 12/24 at 103.00 | N/R | 1,631,925
5,000 | 5.000%, 12/01/49 | 12/24 at 103.00 | N/R | 5,397,900

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 500 | Palisade Park West Metropolitan District, Broomfield County, Colorado, Limited Tax | 6/24 at 103.00 | N/R | $ 533,710
| General Obligation Bonds, Convertible to Unlimited Tax, Series 2019A, 5.125%, 12/01/49 |  |  |
500 | Parkdale Community Authority, Erie, Colorado, Limited Tax Supported Revenue Bonds, | 9/25 at 103.00 | N/R | 541,075
| District 1, Series 2020A, 5.250%, 12/01/50 |  |  |
550 | Patriot Park Metropolitan District 2, Colorado Springs, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 563,382
| Obligation Bonds, Series 2021, 4.300%, 12/01/50 |  |  |
500 | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax | 3/26 at 103.00 | N/R | 545,755
| General Obligation Bonds, Series 2021A, 5.000%, 12/01/41, 144A |  |  |
500 | Prairie Corner Metropolitan District, Adams County, Colorado, Limited Tax General | 12/26 at 103.00 | N/R | 494,530
| Obligation Bonds, Series 2021, 4.875%, 12/01/51, 144A |  |  |
1,000 | Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, | 12/30 at 100.00 | N/R | 1,117,940
| Series 2021A, 4.750%, 12/01/45, 144A |  |  |
500 | Raindance Metropolitan District 1, Acting by and through its Water Activity Enterprise | 12/25 at 103.00 | N/R | 542,270
| In the Town of Windsor, Weld County, Colorado, Non-Potable Water Enterprise Revenue |  |  |
| Bonds, Series 2020, 5.250%, 12/01/50 |  |  |
1,000 | Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax | 10/26 at 102.00 | N/R | 1,012,030
| Supported and Special Revenue Bonds, Series 2021, 4.000%, 12/01/51 |  |  |
1,000 | Remuda Ranch Metropolitan District, Douglas County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 1,093,050
| Obligation Bonds, Series 2020A, 5.000%, 12/01/50 |  |  |
750 | Reunion Metropolitan District, Acting By and Through its Water Activity Enterprise, | 6/26 at 103.00 | N/R | 724,890
| Adams County, Colorado, Special Revenue Bonds, Series 2021, 3.625%, 12/01/44 |  |  |
500 | Ritoro Metropolitan District In the Town of Elizabeth, Elbert County, Colorado, Limited Tax , | 6/24 at 103.00 | N/R | 533,855
| Convertible to Unlimited Tax, General Obligation Bonds, Series 2019A, 5.000%, 12/01/49 |  |  |
500 | Riverdale Ranch Metropolitan District, Thornton City, Adams County, Colorado, Limited | 9/24 at 103.00 | N/R | 533,500
| Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49 |  |  |
570 | Riverview Metropolitan District, Steamboat Springs, Routt County, Colorado, General Obligation | 6/26 at 103.00 | N/R | 603,305
| Limited Tax Bonds, Convertible to Unlimited Tax Refunding Series 2021, 5.000%, 12/01/51 |  |  |
| Siena Lake Metropolitan District, Gypsum, Colorado, General Obligation Limited Tax |  |  |
| Bonds, Series 2021: |  |  |
500 | 3.750%, 12/01/41 | 9/26 at 103.00 | N/R | 489,365
2,000 | 4.000%, 12/01/51 | 9/26 at 103.00 | N/R | 1,955,380
1,025 | Silver Leaf Metropolitan District, Jefferson County, Colorado, General Obligation | 6/26 at 103.00 | N/R | 1,026,968
| Limited Tax Bonds, Series 2021A-3, 5.250%, 12/01/50 |  |  |
1,000 | South Aurora Regional Improvement Authority, Aurora, Colorado, Special Revenue Bonds, | 12/23 at 103.00 | N/R | 1,061,920
| Series 2018, 6.250%, 12/01/57 |  |  |
2,790 | Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation | 12/25 at 103.00 | N/R | 3,044,783
| Limited Tax Bonds, Series 2020, 5.125%, 12/01/50 |  |  |
3,000 | Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax | 11/21 at 100.00 | N/R | 480,000
| Convertible to Unlimited, Series 2007, 0.000%, 12/01/31 (4) |  |  |
685 | Three Springs Metropolitan District 1, Durango, La Plata County, Colorado, Limited Tax | 12/25 at 103.00 | N/R | 690,062
| General Obligation Bonds, Refunding Subordinate Series 2020B, 7.125%, 12/15/50 |  |  |
2,000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | 2,204,780
| General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/51 |  |  |
1,000 | Tree Farm Metropolitan District, 4.750%, 12/01/50, 144A | 12/26 at 103.00 | N/R | 1,001,950
965 | VDW Metropolitan District 2, Larimer County, Colorado, General Obligation Bonds, | 12/21 at 103.00 | N/R | 995,841
| Refunding Limited Tax Series 2016B, 7.250%, 12/15/45 |  |  |
1,000 | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General | 12/23 at 103.00 | N/R | 1,076,740
| Obligation Bonds, Series 2019, 5.375%, 12/01/39 |  |  |
1,500 | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General | 12/23 at 81.31 | N/R | 1,090,425
| Obligation Bonds, Convertible Capital Appreciation Series 2020A-2, 6.000%, 12/01/50 |  |  |
1,570 | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General | 12/23 at 103.00 | N/R | 1,660,244
| Obligation Bonds, Series 2020A-1, 5.375%, 12/01/50 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 1,000 | Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, | 3/26 at 103.00 | N/R | $ 1,082,600
| Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021, |  |  |
| 5.000%, 12/01/51 |  |  |
500 | Village East Community Metropolitan District, Frederick, Weld County, Colorado, Limited | 9/25 at 103.00 | N/R | 542,895
| Tax General Obligation Bonds, Series 2020A, 5.250%, 12/01/50 |  |  |
1,100 | Village Metropolitan District In the Town of Avon, Eagle County, Colorado, Special | 12/25 at 103.00 | N/R | 1,228,964
| Revenue and Limited Property Tax Bonds, Refunding & Improvement Series 2020, 5.000%, 12/01/40 |  |  |
2,000 | Westwood Metropolitan District, Thornton, Adams County, Colorado, Limited Tax General | 9/26 at 103.00 | N/R | 1,980,920
| Obligation Bonds, Senior Series 2021A, 4.000%, 12/01/51, 144A |  |  |
1,390 | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue | 9/26 at 97.28 | N/R | 1,029,142
| Bonds, Convertible Capital Appreciation Series 2021A-2, 0.000%, 12/01/51, 144A |  |  |
14,000 | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue | 9/26 at 103.00 | N/R | 13,473,880
| Bonds, Series 2021A-1, 4.125%, 12/01/51, 144A |  |  |
705 | Windsor Highlands Metropolitan District 9, Windsor, Larimer County, Colorado, Limited | 9/24 at 103.00 | N/R | 751,593
| Tax Supported Revenue Bonds, Series 2019, 5.000%, 12/01/49 |  |  |
1,000 | Winsome Metropolitan District No. 3, El Paso County, Colorado, General Obligation | 9/26 at 103.00 | N/R | 964,950
| Limited Tax Bonds, Series 2021A, 5.125%, 12/01/50, 144A |  |  |
830 | Woodmen Heights Metropolitan District 2, El Paso County, Colorado, General Obligation | 12/25 at 103.00 | N/R | 896,724
| Limited Tax Bonds, Taxable Converting to Tax-Exempt Refunding Subordinate Series 2020B-1, |  |  |
| 6.250%, 12/15/40 |  |  |
135,398 | Total Colorado |  |  | 136,346,502
| Connecticut – 0.6% (0.4% of Total Investments) |  |  |
2,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford | 7/32 at 100.00 | BBB+ | 2,262,460
| Hospital, Forward Delivery Series 2022M, 4.000%, 7/01/42 (WI/DD, Settling 4/05/22) |  |  |
3,000 | Connecticut State Health & Educational Facilities Authority, Revenue Bonds, Hartford | 7/31 at 100.00 | N/R | 3,433,470
| HealthCare Obligated Group, Series 2021A, 4.000%, 7/01/51 (UB) |  |  |
500 | Great Pond Improvement District, Connecticut, Special Obligation Revenue Bonds, Great | 10/26 at 102.00 | N/R | 524,855
| Pond Phase 1 Project, Series 20019, 4.750%, 10/01/48, 144A |  |  |
6,266 | Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate | No Opt. Call | N/R | 939,983
| Series 2013A, 0.070%, 7/01/31 (cash 4.000%, PIK 2.050%) (4) |  |  |
| Steel Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue |  |  |
| Bonds, Steelpointe Harbor Project, Series 2021: |  |  |
110 | 4.000%, 4/01/41 | 4/30 at 100.00 | N/R | 115,284
410 | 4.000%, 4/01/51 | 4/30 at 100.00 | N/R | 421,800
12,286 | Total Connecticut |  |  | 7,697,852
| Delaware – 0.2% (0.1% of Total Investments) |  |  |
2,500 | Delaware Economic Development Authority, Revenue Bonds, Odyssey Charter School Inc. | 3/25 at 100.00 | N/R | 2,772,650
| Project, Series 2015A, 7.000%, 9/01/45, 144A |  |  |
| District of Columbia – 0.3% (0.2% of Total Investments) |  |  |
65 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | No Opt. Call | BBB | 71,226
| Bonds, Series 2001, 6.500%, 5/15/33 |  |  |
250 | District of Columbia, Revenue Bonds, KIPP DC Issue, Series 2013A, 6.000%, 7/01/33 | 7/23 at 100.00 | N/R (7) | 273,630
| (Pre-refunded 7/01/23) |  |  |
2,000 | District of Columbia, Revenue Bonds, Saint Paul on Fouth Street, Inc., Series 2019A, | 5/30 at 100.00 | N/R | 2,010,880
| 5.250%, 5/15/55, 144A |  |  |
1,800 | District of Columbia, Tax Increment Revenue Bonds, Union Market Infrastructure Project, | 6/28 at 100.00 | N/R | 1,451,178
| Series 2021A, 4.250%, 6/01/46, 144A |  |  |
4,115 | Total District of Columbia |  |  | 3,806,914
| Florida – 15.7% (10.4% of Total Investments) |  |  |
500 | Academical Village Community Development District, Davie, Florida, Special Assessment | 5/30 at 100.00 | N/R | 521,480
| Revenue Bonds, Series 2020, 4.000%, 5/01/51 |  |  |

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 1,500 | Alachua County Health Facilities Authority, Florida, Health Facilties Revenue Bonds, | 11/21 at 100.00 | N/R | $ 1,500,030
| Terraces at Bonita Springs Project, Series 2011A, 8.125%, 11/15/46 |  |  |
2,000 | Ave Maria Stewardship Community District, Florida, Bond Anticipation Notes, Phase 4 | 5/23 at 100.00 | N/R | 1,990,100
| Master Improvements Project, Series 2021, 3.500%, 5/01/26, 144A |  |  |
2,245 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 2,328,514
| Ave Maria National Project, Series 2021, 4.000%, 5/01/51 |  |  |
500 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/32 at 100.00 | N/R | 520,015
| Maple Ridge Phase 3 Master Improvements Project, Series 2021, 4.000%, 5/01/52, 144A |  |  |
1,740 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/22 at 100.00 | N/R | 1,774,313
| Series 2012, 6.700%, 5/01/42 |  |  |
1,685 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/25 at 100.00 | N/R | 1,786,319
| Series 2015, 5.375%, 5/01/45 |  |  |
1,000 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special | 5/31 at 100.00 | N/R | 1,035,190
| Assessment Bonds, 2021 Project Series 2021, 4.000%, 5/01/52, 144A |  |  |
995 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special | 11/25 at 100.00 | N/R | 1,079,127
| Assessment Bonds, Series 2015, 5.250%, 11/01/46 |  |  |
905 | Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, | No Opt. Call | N/R | 1,087,801
| Phase 1 Project, Series 2013A, 6.125%, 11/01/33 |  |  |
1,695 | Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds, | 5/23 at 100.00 | N/R | 1,771,207
| Refunding Series 2013, 5.125%, 5/01/43 |  |  |
1,000 | Brightwater Community Development District, Florida, Capital Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 1,029,490
| Assessment Area 1 Project, Series 2021, 4.000%, 5/01/52 |  |  |
| Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, AcadeMir Charter |  |  |
| Schools, Series 2021A: |  |  |
285 | 4.000%, 7/01/41, 144A | 7/31 at 100.00 | Ba2 | 309,493
545 | 4.000%, 7/01/51, 144A | 7/31 at 100.00 | Ba2 | 582,382
445 | 4.000%, 7/01/56, 144A | 7/31 at 100.00 | Ba2 | 471,713
2,500 | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, LLT Academy South | 6/25 at 105.00 | N/R | 2,694,925
| Bay Project, Series 2020A, 6.000%, 6/15/55, 144A |  |  |
| Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2021: |  |  |
500 | 4.000%, 8/15/51, 144A | 8/28 at 100.00 | N/R | 473,305
1,000 | 4.200%, 8/15/56, 144A | 8/28 at 100.00 | N/R | 944,100
1,000 | 4.250%, 8/15/61, 144A | 8/28 at 100.00 | N/R | 941,510
6,000 | Capital Trust Agency, Florida, Revenue Bonds, Educational Growth Fund, LLC, Charter | 7/31 at 100.00 | N/R | 6,763,740
| School Portfolio Projects, Series 2021A-1, 5.000%, 7/01/56, 144A |  |  |
3,135 | Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center, | 6/28 at 100.00 | N/R | 1,716,444
| Orlando Project, Series 2018, 7.500%, 6/01/48, 144A (4), (8) |  |  |
830 | Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series | 6/26 at 100.00 | N/R | 901,081
| 2019A, 5.000%, 6/15/39, 144A |  |  |
1,000 | Capital Trust Agency, Florida, Revenue Bonds, St. Johns Classical Academy, Refunding | 6/30 at 100.00 | N/R | 1,013,440
| Series 2021A, 4.000%, 6/15/56, 144A |  |  |
1,000 | Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens of Palm Coast Project, | 4/24 at 103.00 | N/R | 498,160
| Series 2017A, 7.000%, 10/01/49, 144A |  |  |
1,000 | Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior | 8/24 at 103.00 | N/R | 885,910
| Housing, Inc. Project, Series 2017, 5.875%, 8/01/52, 144A |  |  |
955 | Celebration Pointe Community Development District 1, Alachua County, Florida, Special | 5/24 at 100.00 | N/R | 992,493
| Assessment Revenue Bonds, Series 2014, 5.125%, 5/01/45 |  |  |
500 | Celebration Pointe Community Development District 1, Alachua County, Florida, Special | 5/31 at 100.00 | N/R | 514,140
| Assessment Revenue Bonds, Series 2021, 4.000%, 5/01/53 |  |  |
500 | Charlotte County Industrial Development Authority, Florida, Utility System Revenue | 10/27 at 100.00 | N/R | 548,110
| Bonds, Town & Country Utilities Project, Series 2019, 5.000%, 10/01/49 (AMT), 144A |  |  |
2,000 | Collier County Industrial Development Authority, Florida, Continuing Care Community | 5/24 at 100.00 | N/R | 1,360,000
| Revenue Bonds, Arlington of Naples Project, Series 2014A, 0.000%, 5/15/35, 144A (4) |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 995 | Cross Creek North Community Development District, Clay County, Florida, Special | 11/29 at 100.00 | N/R | $ 1,120,012
| Assessment Bonds, Series 2018, 5.375%, 11/01/50, 144A |  |  |
1,000 | Crystal Cay Community Development District, Florida, Special Assessment Bonds, 2021 | 5/31 at 100.00 | N/R | 1,038,460
| Project, Series 2021, 4.000%, 5/01/51 |  |  |
1,605 | Cypress Mill Community Development District, Hillsborough County, Florida, Special | 6/30 at 100.00 | N/R | 1,698,347
| Assessment Bonds, Assessment Area 2, Series 2020, 4.000%, 6/15/40 |  |  |
525 | East Nassau Stewardship District, Florida, Special Assessment Revenue Bonds, Series | 5/31 at 100.00 | N/R | 539,632
| 2021, 4.000%, 5/01/51 |  |  |
700 | Fishhawk Community Development District IV, Hillsborough County, Florida, Special | 5/23 at 100.00 | N/R | 750,400
| Assessment Revenue Bonds, Series 2013A, 7.000%, 5/01/33 |  |  |
1,245 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Creative | 6/29 at 102.00 | N/R | 1,349,144
| Inspiration Journey School of St. Cloud, Series 2021A, 5.000%, 6/15/41, 144A |  |  |
1,850 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown | 7/24 at 100.00 | N/R | 1,973,358
| Doral Charter Elementary School Project, Series 2014A, 6.500%, 7/01/44 |  |  |
1,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown | 7/27 at 100.00 | N/R | 1,073,350
| Doral Charter Elementary School Project, Series 2017A, 5.750%, 7/01/44, 144A |  |  |
565 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida | 7/26 at 100.00 | N/R | 606,878
| Charter Foundation Inc. Projects, Series 2016A, 5.000%, 7/15/46, 144A |  |  |
1,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Miami | 6/24 at 100.00 | N/R | 934,370
| Arts Charter School Projects, Series 2014, 6.000%, 6/15/44, 144A |  |  |
655 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin | 1/27 at 100.00 | N/R | 701,335
| Academies of Pasco County Inc., Series 2020A, 5.000%, 1/01/50, 144A |  |  |
5,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance | 6/23 at 100.00 | N/R (7) | 5,645,700
| Charter School, Inc. Projects, Series 2013A, 8.500%, 6/15/44 (Pre-refunded 6/15/23) |  |  |
120 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 9/27 at 100.00 | N/R | 131,538
| Renaissance Charter School, Inc. Projects, Series 2020C, 5.000%, 9/15/50, 144A |  |  |
17,750 | Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue | 1/24 at 107.00 | N/R | 19,169,645
| Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49 (AMT), 144A |  |  |
| Florida Development Finance Corporation, Florida, Surface Transportation Facility |  |  |
| Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A: |  |  |
5,590 | 6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A | 11/21 at 103.00 | N/R | 5,668,204
31,170 | 6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A | 11/21 at 104.00 | N/R | 31,642,225
6,485 | 6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A | 11/21 at 104.00 | N/R | 6,572,742
| FRERC Community Development District, Ocoee, Florida, Special Assessment Bonds, |  |  |
| Series 2020: |  |  |
2,750 | 5.375%, 11/01/40 | 11/29 at 100.00 | N/R | 2,933,947
2,000 | 5.500%, 11/01/50 | 11/29 at 100.00 | N/R | 2,139,140
1,000 | Gracewater Sarasota Community Development District, Sarasota County, Florida, Capital | 5/31 at 100.00 | N/R | 1,024,640
| Improvement Revenue Bonds, Series 2021, 4.000%, 5/01/52, 144A |  |  |
2,500 | Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special | 11/22 at 100.00 | N/R | 2,572,900
| 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 | 1,088,380
| Assessment Improvement Bonds, Assessment Area Two Project, Refunding Series 2014A-2, |  |  |
| 6.500%, 5/01/39 |  |  |
200 | Gulfstream Polo Community Development District, Palm Beach County, Florida, Special | 11/29 at 100.00 | N/R | 214,348
| Assessment Bonds, Phase 2 Project, Series 2019, 4.375%, 11/01/49 |  |  |
1,000 | Hammock Reserve Community Development District, Haines City, Florida, Special Assessment | 5/31 at 100.00 | N/R | 1,038,460
| Revenue Bonds, Area 2 Project, Series 2021, 4.000%, 5/01/51 |  |  |
1,895 | Harmony Community Development District, Florida, Capital Improvement Revenue Bonds, | 5/24 at 100.00 | N/R | 1,981,943
| Special Assessment, Refunding Series 2014, 5.250%, 5/01/32 |  |  |
200 | Hawkstone Community Development District, Florida, Special Assessment Revenue Bonds, | 11/29 at 100.00 | N/R | 210,332
| Assessment Area 2, Series 2019, 4.000%, 11/01/39 |  |  |
1,000 | Lakes by the Bay South Community Development District, Florida, Special Assessment | 11/22 at 100.00 | N/R | 1,031,230
| Bonds, Series 2012, 5.750%, 11/01/42 |  |  |

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 265 | Lakes of Sarasota Community Development District, Florida, Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | $ 268,750
| Capital Phase 1 Project 2021A-1, 4.100%, 5/01/51 |  |  |
500 | Lakes of Sarasota Community Development District, Florida, Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 505,050
| Capital Phase 1 Project 2021B-1, 4.300%, 5/01/51 |  |  |
610 | Lakewood Park Community Development District, Florida, Special Assessment Revenue Bonds, | 5/31 at 100.00 | N/R | 626,019
| Assessment Area 1, Series 2021, 4.000%, 5/01/52 |  |  |
625 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Lakewood | 5/25 at 100.00 | N/R | 659,400
| Centre North Project, Series 2015, 4.875%, 5/01/45 |  |  |
2,000 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee | 11/21 at 100.00 | BB– | 2,003,000
| County Community Charter Schools, Series 2007A, 5.375%, 6/15/37 |  |  |
630 | Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue | 12/22 at 105.00 | N/R | 646,853
| Bonds, Preserve Project, Series 2017A, 5.750%, 12/01/52, 144A |  |  |
750 | Leomas Landing Community Development District, Florida, Capital Improvement Revenue | 5/31 at 100.00 | N/R | 768,480
| Bonds, Assessment Area 2, Series 2021, 4.000%, 5/01/52 |  |  |
1,000 | Magic Place Community Development District, Osceola County, Florida, Special Assessment | 5/30 at 100.00 | N/R | 1,033,530
| Revenue Bonds, Series 2019, 4.500%, 5/01/51 |  |  |
12,190 | Miami Beach, Florida, Resort Tax Revenue Bonds, Series 2015, 5.000%, 9/01/45 (UB) (6) | 9/25 at 100.00 | AA– | 13,920,614
750 | Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue | 7/27 at 100.00 | N/R | 813,825
| Bonds, South Florida Autism Charter School Project, Series 2017, 6.000%, 7/01/47, 144A |  |  |
2,085 | Miami World Center Community Development District, Miami-Dade County, Florida, Special | 11/27 at 100.00 | N/R | 2,373,835
| Assessment Bonds, Series 2017, 5.250%, 11/01/49 |  |  |
1,750 | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op | 9/25 at 100.00 | N/R | 1,900,658
| Charter Schools Project, Series 2015A, 6.000%, 9/15/45, 144A |  |  |
3,000 | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2021A-1, 4.000%, | 10/31 at 100.00 | N/R | 3,462,240
| 10/01/45 – AGM Insured (AMT) (UB) |  |  |
| Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Subordinate Series 2021B-1: |  |  |
2,000 | 4.000%, 10/01/46 (AMT) (UB) | 10/31 at 100.00 | N/R | 2,297,200
3,000 | 4.000%, 10/01/50 (AMT) (UB) | 10/31 at 100.00 | N/R | 3,432,210
505 | Mirada Community Development District, Pasco County, Florida, Bond Anticipation Note, | 11/21 at 100.00 | N/R | 505,722
| Assessment Area 3, Series 2019, 4.500%, 5/01/24 |  |  |
400 | North Park Isle Community Development District, Plant City, Florida, Special Assessment | 5/29 at 100.00 | N/R | 429,844
| Revenue Bonds, Assessment Area 1, Series 2019, 4.750%, 5/01/50 |  |  |
930 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement | 8/26 at 100.00 | N/R | 1,034,662
| Bonds, Development Unit 53, Series 2015, 5.500%, 8/01/46 |  |  |
1,000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement | 8/31 at 100.00 | N/R | 1,043,470
| Bonds, Development Unit 53, Series 2021, 4.000%, 8/01/51 |  |  |
| Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences |  |  |
| of Boca Raton Project, Series 2014A: |  |  |
620 | 7.000%, 6/01/29 | 6/22 at 102.00 | N/R | 650,306
3,110 | 7.500%, 6/01/49 | 6/22 at 102.00 | N/R | 3,261,581
1,355 | Palm Beach County, Florida, Revenue Bonds, Provident Group – LU Properties LLC Lynn | 6/31 at 100.00 | N/R | 1,584,090
| University Housing Project, Series 2021A, 5.000%, 6/01/57, 144A |  |  |
500 | Palm Beach County, Florida, Revenue Bonds, Provident Group – PBAU Properties LLC – Palm | 4/29 at 100.00 | Ba1 | 560,720
| Beach Atlantic University Housing Project, Series 2019A, 5.000%, 4/01/51, 144A |  |  |
3,215 | Pine Island Community Development District, Florida, Special Assessment Bonds, Bella | 11/21 at 100.00 | N/R | 3,220,755
| Collina, Series 2004, 5.750%, 5/01/35 |  |  |
500 | Portico Community Development District, Lee County, Florida, Special Assessment, | 5/30 at 100.00 | N/R | 519,345
| Improvement Series 2020-2, 4.000%, 5/01/50 |  |  |
1,245 | Reunion East Community Development District, Osceola County, Florida, Special Assessment | 5/31 at 100.00 | N/R | 1,218,295
| Bonds, Series 2021, 3.150%, 5/01/41 |  |  |
1,545 | Reunion West Community Development District, Florida, Special Assessment Bonds, Series | 5/22 at 100.00 | N/R | 1,570,662
| 2004A-1, 6.250%, 5/01/36 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 910 | Rivers Edge II Community Development District, Florida, Capital Improvement Revenue | 5/31 at 100.00 | N/R | $ 938,319
| Bonds, Series 2021, 4.000%, 5/01/51 |  |  |
2,500 | Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series | 11/27 at 100.00 | N/R | 2,880,700
| 2016, 6.000%, 11/01/47 |  |  |
1,000 | Saddle Creek Preserve of Polk County Community Development District, Florida, Special | 6/30 at 100.00 | N/R | 1,044,470
| Assessment Bonds, Series 2020, 4.000%, 6/15/50 |  |  |
1,000 | Saint Johns County Housing Authority, Florida, Multifamily Mortgage Revenue Bonds, | 11/31 at 100.00 | N/R | 999,990
| Victoria Crossing, Series 2021A, 3.920%, 4/01/59 (Mandatory Put 4/01/39), 144A |  |  |
| Sawyers Landing Community Development District, Florida, Special Assessment Revenue |  |  |
| Bonds, Series 2021: |  |  |
1,000 | 4.125%, 5/01/41, 144A | 5/31 at 100.00 | N/R | 1,059,560
1,000 | 4.250%, 5/01/53, 144A | 5/31 at 100.00 | N/R | 1,051,860
610 | Seminole County Industrial Development Authority, Florida, Educational Facilities | 6/31 at 100.00 | Ba1 | 667,566
| Revenue Bonds, Galileo Schools for Gifted Learning, Series 2021A, 4.000%, 6/15/51, 144A |  |  |
500 | Shingle Creek at Branson Community Development District, Osceola County, Florida, | 6/31 at 100.00 | N/R | 519,010
| Special Assessment Revenue Bonds, Series 2021, 4.000%, 6/15/51 |  |  |
990 | Shingle Creek Community Development District, Osceola County, Florida, Special | 11/25 at 100.00 | N/R | 1,084,733
| Assessment Revenue Bonds, Series 2015, 5.400%, 11/01/45 |  |  |
1,000 | Southern Grove Community Development District 5, Port Saint Lucie, Florida, Special | 5/31 at 100.00 | N/R | 1,041,730
| Assessment Bonds, Community Infrastructure Series 2021, 4.000%, 5/01/48 |  |  |
750 | Summit View Community Development District, Dade City, Florida, Special Assessment | No Opt. Call | N/R | 736,253
| Revenue Bonds, Series 2021B, 5.000%, 5/01/41 |  |  |
660 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, | No Opt. Call | N/R | 662,792
| Series 2021B, 4.500%, 5/01/36 |  |  |
1,000 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, | 9/23 at 100.00 | N/R | 985,460
| South Assessment Area Series 2021B, 4.625%, 5/01/36, 144A |  |  |
1,540 | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, | 5/22 at 100.00 | N/R | 1,372,540
| Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (5) |  |  |
| Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, |  |  |
| Series 2007-3: |  |  |
120 | 6.375%, 5/01/22 (4) | No Opt. Call | N/R | 1
1,360 | 6.650%, 5/01/40 (4) | 11/21 at 100.00 | N/R | 14
2,845 | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, | 11/21 at 100.00 | N/R | 28
| Series 2007A-2, 5.250%, 5/01/39 (4) |  |  |
3,740 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 11/21 at 100.00 | N/R | 3,750,622
| Series 2015-1, 0.000%, 5/01/40 (5) |  |  |
2,300 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 11/21 at 100.00 | N/R | 1,789,147
| Series 2015-2, 0.000%, 5/01/40 (5) |  |  |
2,505 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 11/21 at 100.00 | N/R | 25
| Series 2015-3, 6.610%, 5/01/40 (4) |  |  |
1,230 | Touchstone Community Development District, Hillsborough County, Florida, Special | 12/29 at 100.00 | N/R | 1,321,795
| Assessment Bonds, 2019 Project, Series 2019, 4.000%, 12/15/40 |  |  |
400 | Tradition Community Development District 9, Port Saint Lucie, Florida, Special | 5/31 at 100.00 | N/R | 416,040
| Assessment Bonds, Series 2021, 4.000%, 5/01/52 |  |  |
| Turtle Run Community Development District, Florida, Special Assessment Benefit Tax |  |  |
| Bonds, Series 2017-2: |  |  |
1,000 | 5.000%, 5/01/37 | 5/28 at 100.00 | A2 | 1,162,080
2,020 | 5.000%, 5/01/47 | 5/28 at 100.00 | A2 | 2,317,485
1,725 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, | 11/31 at 100.00 | N/R | 1,987,579
| Master Infrastructure Improvements, Series 2016A-1, 6.375%, 11/01/47 |  |  |
3,570 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, | 11/31 at 100.00 | N/R | 4,113,425
| Master Infrastructure Improvements, Series 2016A-2, 6.375%, 11/01/47 |  |  |
500 | Two Lakes Community Development District, Hialeah, Florida, Special Assessment Bonds, | 12/29 at 100.00 | N/R | 526,555
| Expansion Area Project, Series 2019, 4.000%, 12/15/49 |  |  |

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 505 | Union Park East Community Development District, Florida, Capital Improvement Revenue | 5/31 at 100.00 | N/R | $ 515,413
| Bonds, Assessment Area 3 Series 2021, 4.000%, 5/01/51, 144A |  |  |
1,000 | V-Dana Community Development District, Lee County, Florida, Special Assessment Bonds, | 5/31 at 100.00 | N/R | 1,029,490
| Area 1 – 2021 Project, Series 2021, 4.000%, 5/01/52 |  |  |
1,000 | Venetian Parc Community Development District, Miami-Dade County, Florida, Special | 11/28 at 100.00 | N/R | 1,288,700
| Assessment Bonds, Area One Project, Series 2013, 6.500%, 11/01/43 |  |  |
975 | Waterset North Community Development District, Hillsborough County, Florida, Special | 11/24 at 100.00 | N/R | 1,034,582
| Assessment Revenue Bonds, Series 2014, 5.500%, 11/01/45 |  |  |
500 | Westside Haines City Community Development District, Florida, Special Assessment Bonds, | 5/31 at 100.00 | N/R | 511,110
| Area 1 Project, Series 2021, 4.000%, 5/01/52 |  |  |
217,595 | Total Florida |  |  | 220,005,382
| Georgia – 0.3% (0.2% of Total Investments) |  |  |
1,000 | Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, | 11/23 at 100.00 | BB+ | 1,004,510
| Testletree Village Apartments, Series 2013A, 5.000%, 11/01/48 |  |  |
1,880 | Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten | 10/23 at 100.00 | N/R | 1,979,659
| Academy Project, Series 2013A, 7.125%, 10/01/43 |  |  |
1,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Amana Academy Project, | 4/23 at 100.00 | N/R (7) | 1,084,540
| Series 2013A, 6.500%, 4/01/43 (Pre-refunded 4/01/23) |  |  |
3,880 | Total Georgia |  |  | 4,068,709
| Guam – 0.0% (0.0% of Total Investments) |  |  |
| Guam A.B. Won Pat International Airport Authority, Revenue Bonds, Series 2013C: |  |  |
160 | 6.375%, 10/01/43 (AMT) | 10/23 at 100.00 | Baa2 | 173,381
170 | 6.375%, 10/01/43 (Pre-refunded 10/01/23) (AMT) | 10/23 at 100.00 | Baa2 (7) | 189,149
330 | Total Guam |  |  | 362,530
| Idaho – 0.7% (0.4% of Total Investments) |  |  |
7,400 | Idaho Falls Auditorium District, Idaho, Certifications of Participation, Annual | 5/26 at 102.00 | N/R | 7,407,918
| Appropriation Series 2021, 5.250%, 5/15/51, 144A |  |  |
500 | Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, | 3/22 at 100.00 | A– | 526,630
| Tender Option Bond Trust 2016-XG0066, 17.171%, 3/01/47, 144A (IF) |  |  |
565 | Idaho Housing and Finance Association NonProfit Facilities Revenue Bonds, Gem Prep | 7/25 at 100.00 | N/R | 577,978
| Meridian North LLC, Series 2020A., 5.250%, 7/01/55, 144A |  |  |
1,000 | Idaho Housing and Finance Association NonProfit Facilities Revenue Bonds, Gem Prep | 11/25 at 100.00 | N/R | 965,490
| Meridian South Charter School Project, Series 2021, 4.000%, 5/01/56, 144A |  |  |
9,465 | Total Idaho |  |  | 9,478,016
| Illinois – 22.5% (14.9% of Total Investments) |  |  |
447 | Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005, 6.250%, 1/01/24 | 11/21 at 100.00 | N/R | 439,671
10,670 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 12,842,305
| Series 2016, 6.000%, 4/01/46 (UB) (6) |  |  |
1,500 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/24 at 100.00 | BB | 1,653,465
| Project Series 2015C, 5.250%, 12/01/39 |  |  |
2,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | 2,328,680
| Refunding Series 2017H, 5.000%, 12/01/46 |  |  |
15,385 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/25 at 100.00 | BB | 18,421,845
| Series 2016A, 7.000%, 12/01/44 |  |  |
2,025 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/26 at 100.00 | BB | 2,463,514
| Series 2016B, 6.500%, 12/01/46 |  |  |
9,910 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | 12,703,233
| Series 2017A, 7.000%, 12/01/46, 144A |  |  |
3,000 | Chicago Greater Metropolitan Water Reclamation District, Illinois, General Obligation | 12/24 at 100.00 | AAA | 3,375,360
| Bonds, Capital Improvement, Green 2014 Series 2015A, 5.000%, 12/01/44 (UB) (6) |  |  |

114

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
$ 7,500 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, | 12/21 at 100.00 | AA (7) | $ 7,530,825
| 5.250%, 12/01/40 (Pre-refunded 12/01/21) (UB) (6) |  |  |
1,308 | Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State | 11/21 at 100.00 | N/R | 1,308,130
| Redevelopment Project, Series 2012, 6.100%, 1/15/29 |  |  |
2,125 | Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue | 11/21 at 100.00 | N/R | 1,633,105
| Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 (4) |  |  |
5,000 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, | 1/29 at 100.00 | AA | 5,599,350
| Refunding Senior Lien Series 2018A, 4.000%, 1/01/43 (AMT) (UB) (6) |  |  |
30,500 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior | 1/29 at 100.00 | A | 36,696,380
| Lien Series 2018B, 5.000%, 1/01/48 (UB) (6) |  |  |
2,000 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, | 1/24 at 100.00 | Ba1 | 2,172,880
| 5.250%, 1/01/30 |  |  |
9,400 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, | 1/27 at 100.00 | BBB– | 11,416,676
| 6.000%, 1/01/38 |  |  |
1,000 | Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, | 1/25 at 100.00 | Ba1 | 1,119,170
| 5.500%, 1/01/37 |  |  |
130 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 | 1/26 at 100.00 | BBB– | 147,172
| Chicago, Illinois, General Obligation Bonds, Series 2019A: |  |  |
3,500 | 5.000%, 1/01/44 | 1/29 at 100.00 | BBB– | 4,100,495
7,500 | 5.000%, 1/01/44 (UB) (6) | 1/29 at 100.00 | BBB+ | 8,786,775
8,000 | 5.500%, 1/01/49 (UB) (6) | 1/29 at 100.00 | BBB+ | 9,610,320
1,500 | Chicago, Illinois, General Obligation Bonds, Variable Rate Demand Series 2007F, | 1/25 at 100.00 | Ba1 | 1,673,655
| 5.500%, 1/01/42 |  |  |
5,000 | Illinois Finance Authority Revenue Bonds, Ness Healthcare NFP, Series 2016A, 6.375%, | 11/26 at 100.00 | N/R | 3,931,550
| 11/01/46, 144A (4) |  |  |
250 | Illinois Finance Authority, Revenue Bonds, Acero Charter Schools, Inc., Series 2021, | 10/31 at 100.00 | BB+ | 273,090
| 4.000%, 10/01/42, 144A |  |  |
| Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, |  |  |
| Series 2016C: |  |  |
25 | 4.000%, 2/15/41 (Pre-refunded 2/15/27) (UB) | 2/27 at 100.00 | N/R (7) | 29,010
495 | 4.000%, 2/15/41 (Pre-refunded 2/15/27) (UB) | 2/27 at 100.00 | N/R (7) | 574,403
10,655 | 4.000%, 2/15/41 (UB) | 2/27 at 100.00 | AA+ | 11,934,239
1,000 | Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, | 10/22 at 100.00 | BBB– | 1,021,910
| 6.000%, 10/01/48 |  |  |
5,000 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series | 1/28 at 100.00 | AA+ | 5,687,500
| 2017A, 4.000%, 7/15/47 (UB) (6) |  |  |
2,000 | Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2018B, 6.125%, | 10/28 at 100.50 | N/R | 2,390,180
| 4/01/58, 144A |  |  |
5,000 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, | 2/27 at 100.00 | AA– | 5,573,450
| Series 2016B, 4.000%, 8/15/41 (UB) (6) |  |  |
1,715 | Illinois State, General Obligation Bonds, May Series 2020, 5.750%, 5/01/45 | 5/30 at 100.00 | BBB– | 2,130,647
| Illinois State, General Obligation Bonds, November Series 2016: |  |  |
1,000 | 5.000%, 11/01/35 | 11/26 at 100.00 | BBB– | 1,161,620
1,000 | 5.000%, 11/01/37 | 11/26 at 100.00 | BBB– | 1,156,930
9,945 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 (UB) (6) | No Opt. Call | BBB | 11,930,420
630 | Illinois State, General Obligation Bonds, Series 2012A, 5.000%, 3/01/36 | 3/22 at 100.00 | BBB– | 638,474
5,445 | Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation | 6/26 at 100.00 | BBB+ | 6,021,244
| September Series 2016C, 4.000%, 6/15/31 (UB) (6) |  |  |
2,000 | Lombard Public Facilities Corporation, Illinois, Conference Center and Hotel Revenue | 3/28 at 100.00 | N/R | 2,000,900
| Bonds, First Tier Series 2005A-2, 5.500%, 1/01/36, 144A (4) |  |  |
4,695 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | No Opt. Call | BB+ | 1,927,204
| Bonds, Refunding Series 2012B, 0.010%, 12/15/50 |  |  |

115

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Refunding Series 2020A: |  |  |
$ 16,000 | 4.000%, 6/15/50 | 12/29 at 100.00 | BBB+ | $ 17,669,760
45,550 | 4.000%, 6/15/50 (UB) (6) | 12/29 at 100.00 | BBB+ | 50,303,598
2,500 | 5.000%, 6/15/50 | 12/29 at 100.00 | BBB+ | 2,954,600
5,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/31 at 100.00 | BB+ | 5,557,150
| Bonds, Refunding Series 2022A, 4.000%, 6/15/52 (WI/DD, Settling 3/17/22) |  |  |
830 | Rantoul, Champaign County, Illinois, Tax Increment Revenue Bonds, Evans Road Series | 12/23 at 100.00 | N/R | 854,502
| 2013B, 7.000%, 12/01/33 |  |  |
| Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series 2018C: |  |  |
9,875 | 5.000%, 1/01/36 (UB) (6) | 1/29 at 100.00 | AA– | 12,113,267
17,750 | 5.250%, 1/01/48 (UB) (6) | 1/29 at 100.00 | AA– | 21,638,137
895 | Yorkville United City Business District, Illinois, Storm Water and Water Improvement | 11/21 at 100.00 | N/R | 366,950
| Project Revenue Bonds, Series 2007, 4.800%, 1/01/26 (4) |  |  |
278,655 | Total Illinois |  |  | 315,863,741
| Indiana – 0.8% (0.5% of Total Investments) |  |  |
2,070 | Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A, | 11/21 at 100.00 | N/R | 2,091,942
| 6.650%, 7/15/24 |  |  |
1,000 | Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender | No Opt. Call | AA | 2,188,620
| Option Bond Trust 2016-XL0019, 18.735%, 4/01/30 – AMBAC Insured, 144A (IF) |  |  |
1,000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Discovery Charter | 12/25 at 100.00 | BB– | 1,125,600
| School Project, Series 2015A, 7.250%, 12/01/45 |  |  |
1,000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | No Opt. Call | B | 1,098,900
| Corporation Project, Refunding Series 2021A, 4.125%, 12/01/26 |  |  |
2,000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | 8/22 at 100.00 | B3 | 2,048,140
| Corporation Project, Series 2012, 5.750%, 8/01/42 (AMT) |  |  |
500 | Indiana Finance Authority, Hospital Revenue Bonds, King’s Daughters’ Hospital and Health | 11/21 at 100.00 | Baa2 | 501,620
| Services, Series 2010, 5.500%, 8/15/45 |  |  |
865 | Saint Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village | 11/21 at 100.00 | N/R | 870,233
| Apartments, Series 2005A, 7.500%, 7/01/35 |  |  |
1,000 | Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, | 11/23 at 100.00 | N/R | 1,070,730
| Series 2013, 7.250%, 11/01/43 (AMT) |  |  |
1,375 | Terre Haute, Indiana, Economic Development Solid Waste Facility Revenue Bonds, Pyrolyx | No Opt. Call | N/R | 455,768
| USA Indiana, LLC Project, Series 2017A, 7.250%, 12/01/28 (AMT) (4), (8) |  |  |
10,810 | Total Indiana |  |  | 11,451,553
| Iowa – 0.2% (0.2% of Total Investments) |  |  |
1,030 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. | 8/22 at 100.00 | Ba2 | 1,052,114
| Project, Series 2012, 4.750%, 8/01/42 |  |  |
2,000 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/23 at 100.00 | B+ | 2,155,600
| Company Project, Series 2013, 5.250%, 12/01/25 |  |  |
3,030 | Total Iowa |  |  | 3,207,714
| Kansas – 0.5% (0.3% of Total Investments) |  |  |
5,305 | University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health | 9/25 at 100.00 | AA– | 6,079,795
| System, Refunding & Improvement Series 2015, 5.000%, 9/01/45 (UB) (6) |  |  |
1,000 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation | 9/25 at 100.00 | N/R | 1,008,850
| Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32 |  |  |
6,305 | Total Kansas |  |  | 7,088,645
| Kentucky – 5.0% (3.3% of Total Investments) |  |  |
1,385 | Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone’s | 12/30 at 100.00 | N/R | 1,451,037
| Ridge Project, Series 2020, 6.000%, 12/01/40 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Kentucky (continued) |  |  |
| 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 | BBB– | $ 6,330,938
3,300 | 5.000%, 6/01/45 | 6/27 at 100.00 | BBB– | 3,818,991
12,665 | 5.000%, 6/01/45 (UB) (6) | 6/27 at 100.00 | Baa2 | 14,656,824
1,000 | Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue | 7/29 at 102.00 | N/R | 1,071,150
| Bonds, Christian Care Communities, Inc. Obligated Group, Series 2021, 5.125%, 7/01/55 |  |  |
| Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation |  |  |
| Kentucky Information Highway Project, Senior Series 2015A: |  |  |
11,000 | 5.000%, 7/01/37 (UB) | 7/25 at 100.00 | BBB+ | 12,315,710
9,295 | 5.000%, 7/01/40 (UB) | 7/25 at 100.00 | BBB+ | 10,390,416
16,800 | 5.000%, 1/01/45 (UB) | 7/25 at 100.00 | BBB+ | 18,748,296
1,000 | Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series | 12/30 at 100.00 | N/R | 1,017,820
| 2020B, 5.500%, 12/01/60 |  |  |
61,895 | Total Kentucky |  |  | 69,801,182
| Louisiana – 1.0% (0.7% of Total Investments) |  |  |
1,965 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala | 7/23 at 100.00 | N/R | 2,060,538
| Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 |  |  |
1,000 | Lakeshore Villages Master Community Development District, Louisiana, Special Assessment | 6/31 at 100.00 | N/R | 1,032,140
| Revenue Bonds, Series 2021, 4.000%, 6/01/51 |  |  |
500 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles College Prep | 6/27 at 100.00 | N/R | 516,930
| Project, Series 2019A, 5.000%, 6/01/58, 144A |  |  |
1,405 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Mentorship STEAM Academy, | 6/31 at 100.00 | N/R | 1,473,634
| Series 2021A, 5.000%, 6/01/51, 144A |  |  |
500 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Young Audiences Charter | 4/27 at 100.00 | N/R | 511,870
| School, Series 2019A, 5.000%, 4/01/57, 144A |  |  |
1,845 | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing | 7/23 at 100.00 | N/R | 1,952,656
| (US) LLC Project, Series 2013, 6.500%, 7/01/36 (AMT), 144A |  |  |
1,565 | Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy | 12/21 at 100.00 | N/R | 1,573,826
| Foundation Project, Series 2011A, 7.750%, 12/15/31 |  |  |
2,000 | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, | No Opt. Call | Baa1 | 2,220,760
| Refunding Series 2017, 5.250%, 10/01/33 (5) |  |  |
2,110 | Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter | 12/23 at 100.00 | N/R | 2,241,601
| Academy Foundation Project, Series 2013A, 8.125%, 12/15/33 |  |  |
2,000 | Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, | No Opt. Call | N/R | 20
| Louisiana Pellets Inc Project, Series 2015, 7.000%, 7/01/24 (AMT), 144A (4) |  |  |
540 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | 6/30 at 100.00 | BB– | 708,912
| 2010, 6.350%, 7/01/40, 144A |  |  |
15,430 | Total Louisiana |  |  | 14,292,887
| Maryland – 0.7% (0.5% of Total Investments) |  |  |
1,595 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, | 9/27 at 100.00 | CCC | 1,682,534
| 5.000%, 9/01/42 |  |  |
3,000 | Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine | 11/21 at 100.00 | BB– | 3,030,960
| Terminals Inc. Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25 |  |  |
4,000 | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt | 11/21 at 100.00 | N/R | 2,400,000
| Conference Center, Series 2006A, 2.500%, 12/01/31 (4) |  |  |
2,500 | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt | 11/21 at 100.00 | N/R | 1,500,000
| Conference Center, Series 2006B, 2.625%, 12/01/31 (4) |  |  |
1,000 | Maryland Economic Development Corporation, Special Obligation Bonds, Port Covington | 9/30 at 100.00 | N/R | 1,116,480
| Project, Series 2020, 4.000%, 9/01/50 |  |  |
12,095 | Total Maryland |  |  | 9,729,974

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Massachusetts – 1.2% (0.8% of Total Investments) |  |  |
$ 5,735 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, | 7/26 at 100.00 | A | $ 6,077,437
| Series 2017B, 4.250%, 7/01/46 (AMT) (UB) (6) |  |  |
1,200 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue M, | 7/31 at 100.00 | BBB | 1,190,196
| Subordinate Series 2021C, 3.000%, 7/01/51 (AMT) |  |  |
5,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016A, 5.000%, | 3/24 at 100.00 | Aa1 | 5,510,300
| 3/01/46 (UB) (6) |  |  |
2,985 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016E, 4.000%, | 4/25 at 100.00 | Aa1 | 3,306,245
| 4/01/33 (UB) (6) |  |  |
14,920 | Total Massachusetts |  |  | 16,084,178
| Michigan – 1.9% (1.3% of Total Investments) |  |  |
5,000 | Detroit, Wayne County, Michigan, General Obligation Bonds, Financial Recovery Series | 11/21 at 100.00 | N/R | 4,782,350
| 2014B-1, 4.000%, 4/01/44 |  |  |
88 | Detroit, Wayne County, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/22 | 11/21 at 100.00 | N/R | 87,725
1,945 | Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Aquinas | 5/31 at 100.00 | N/R | 2,165,699
| College Project, Refunding Series 2021, 5.000%, 5/01/36 |  |  |
1,000 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, | 8/31 at 100.00 | BB | 1,122,450
| Hanley International Academy, Inc. Project, Refunding Series 2021, 5.000%, 9/01/40 |  |  |
| Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope |  |  |
| Academy Project, Refunding Series 2021: |  |  |
185 | 4.400%, 4/01/31, 144A | 4/28 at 100.00 | N/R | 182,053
315 | 4.900%, 4/01/41, 144A | 4/28 at 100.00 | N/R | 306,523
1,235 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Voyageur | 7/27 at 100.00 | N/R | 1,147,192
| Academy Project, Refunding Series 2017. Private Placement of 2017, 5.900%, 7/15/46, 144A |  |  |
| Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2015A: |  |  |
2,225 | 4.350%, 10/01/45 (UB) (6) | 10/24 at 100.00 | AA | 2,356,898
4,500 | 4.600%, 4/01/52 (UB) (6) | 10/24 at 100.00 | AA | 4,780,575
1,515 | Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American | 11/21 at 100.00 | N/R | 1,517,272
| Montessori Academy, Series 2007, 6.500%, 12/01/37 |  |  |
1,000 | Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, | 11/21 at 100.00 | BBB– | 1,001,970
| Chandler Park Academy Project, Series 2008, 6.500%, 11/01/35 |  |  |
100,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue | 6/33 at 11.41 | N/R | 5,087,000
| Bonds, Capital Appreciation Turbo Term Series 2008C, 0.010%, 6/01/58 |  |  |
1,000 | Summit Academy North, Michigan, Revenue Bonds, Public School Academy, Refunding Series | 11/28 at 103.00 | BB | 1,064,450
| 2021, 4.000%, 11/01/41 |  |  |
500 | Summit Academy, Michigan, Revenue Bonds, Public School Academy Series 2005, | 11/21 at 100.00 | B+ | 500,620
| 6.375%, 11/01/35 |  |  |
535 | Universal Academy, Michigan, Public School Academy Bonds, Refunding Series 2021, | 12/28 at 103.00 | BBB– | 593,181
| 4.000%, 12/01/31 |  |  |
121,043 | Total Michigan |  |  | 26,695,958
| 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 | 711,743
| 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 | 1,021,280
| Series 2015A, 6.000%, 7/01/45 |  |  |
505 | Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of | 7/26 at 100.00 | N/R | 527,139
| Performing Arts Project, Series 2016A, 5.000%, 7/01/47 |  |  |
100 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep | 7/30 at 100.00 | N/R | 107,407
| Project, Series 2020A, 5.000%, 7/01/55 |  |  |
2,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 7/26 at 100.00 | N/R | 2,164,240
| Bonds, Community School of Excellence, Series 2016A, 5.750%, 7/01/47, 144A |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Minnesota (continued) |  |  |
$ 1,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 9/30 at 100.00 | BB+ | $ 1,148,250
| Bonds, Hmong College Prep Academy Project, Refunding Series 2020A, 5.000%, 9/01/55 |  |  |
1,225 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 6/29 at 102.00 | N/R | 1,204,077
| Bonds, Math & Science Academy Charter School Project, Series 2021A, 4.000%, 6/01/51, 144A |  |  |
3,000 | Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint | 10/22 at 100.00 | BBB– | 3,043,710
| Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A |  |  |
| Woodbury, Minnesota, Charter School Lease Revenue Bonds, Woodbury Leadership Academy, |  |  |
| Series 2021A: |  |  |
850 | 4.000%, 7/01/41 | 7/28 at 103.00 | BB– | 923,797
575 | 4.000%, 7/01/56 | 7/28 at 103.00 | BB– | 613,945
10,920 | Total Minnesota |  |  | 11,465,588
| Mississippi – 0.1% (0.0% of Total Investments) |  |  |
500 | Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, King Edward | 10/26 at 100.00 | N/R | 469,065
| Mixed-Use Project, Refunding Series 2019A, 4.250%, 10/15/49 (Mandatory Put 10/15/39), 144A |  |  |
555 | Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care | 12/21 at 100.00 | N/R | 554,704
| Apartments, Series 2004-2, 6.125%, 9/01/34 (AMT) |  |  |
1,055 | Total Mississippi |  |  | 1,023,769
| Missouri – 1.3% (0.9% of Total Investments) |  |  |
655 | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward | 4/26 at 100.00 | N/R | 677,748
| Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, |  |  |
| 5.000%, 4/01/46, 144A |  |  |
2,000 | Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty | 6/25 at 100.00 | N/R | 2,054,940
| Commons Project, Subordinate Lien Series 2015B, 8.500%, 6/15/46, 144A |  |  |
10,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/27 at 100.00 | A+ | 11,149,500
| Mercy Health, Series 2017C, 4.000%, 11/15/49 (UB) (6) |  |  |
| Missouri Southern State University, Auxiliary Enterprise System Revenue Bonds, Series 2021: |  |  |
1,000 | 4.000%, 10/01/34 | 10/31 at 100.00 | N/R | 1,050,110
1,000 | 4.000%, 10/01/44 | 10/31 at 100.00 | N/R | 1,025,510
500 | North Outer Forty Transportation Development District, Chesterfield, Missouri, | No Opt. Call | N/R | 475,405
| Transportation Development Revenue Notes, Refunding Series 2021A, 4.000%, 12/01/46 |  |  |
1,100 | Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, | 11/21 at 100.00 | N/R | 1,100,088
| Series 2007A, 5.350%, 6/15/32 |  |  |
1,353 | Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square | 3/22 at 100.00 | N/R | 541,200
| Redevelopment Project, Series 2008A, 6.300%, 8/22/26 |  |  |
732 | Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment | No Opt. Call | N/R | 91,500
| Projects, Series 2007A, 3.300%, 12/31/26 |  |  |
18,340 | Total Missouri |  |  | 18,166,001
| Nevada – 1.2% (0.8% of Total Investments) |  |  |
985 | City of Henderson, Nevada, Local Improvement District No. T-20 Rainbow Canyon, Local | 9/28 at 100.00 | N/R | 1,119,019
| Improvement Bonds, Series 2018, 5.375%, 9/01/48 |  |  |
2,000 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 2/31 at 100.00 | N/R | 2,127,320
| Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020, 6.750%, 2/15/38, 144A |  |  |
2,000 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 8/29 at 100.00 | N/R | 1,999,800
| Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, 5.750%, 2/15/38 (AMT), 144A |  |  |
10,000 | Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue | 7/28 at 100.00 | Aa3 | 11,129,100
| Bonds, Series 2018B, 4.000%, 7/01/49 (UB) (6) |  |  |
560 | North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 64 Valley | 12/28 at 100.00 | N/R | 616,062
| Vista, Series 2019, 4.625%, 6/01/49 |  |  |
15,545 | Total Nevada |  |  | 16,991,301

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New Jersey – 4.6% (3.0% of Total Investments) |  |  |
$ 2,500 | New Jersey Economic Development Authority, Lease Revenue Bonds, State Government | 12/27 at 100.00 | Baa1 | $ 2,940,625
| Buildings-Health Department & Taxation Division Office Project, Series 2018A, 5.000%, |  |  |
| 6/15/47 (UB) (6) |  |  |
5,000 | New Jersey Economic Development Authority, Lease Revenue Bonds, State Government | 12/27 at 100.00 | Baa1 | 5,881,250
| Buildings-Juvenile Justice Commission Facilities Project, Series 2018C, 5.000%, 6/15/47 (UB) (6) |  |  |
9,500 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | 6/27 at 100.00 | Baa1 | 11,112,055
| 2017DDD, 5.000%, 6/15/42 (UB) (6) |  |  |
4,100 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | 8/22 at 101.00 | B+ | 4,259,162
| Airlines Inc., Series 1999, 5.250%, 9/15/29 (AMT) |  |  |
2,080 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | 3/24 at 101.00 | B+ | 2,284,797
| Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (AMT) |  |  |
5,200 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint | 11/21 at 100.00 | Ba1 | 5,215,704
| Peters University Hospital, Series 2007, 5.750%, 7/01/37 |  |  |
40,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding | No Opt. Call | Baa1 | 28,163,200
| Series 2006C, 0.000%, 12/15/36 – AMBAC Insured (UB) (6) |  |  |
1,750 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | BBB | 1,937,810
| 2019BB, 4.000%, 6/15/50 |  |  |
2,200 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 2,532,486
| Bonds, Series 2018B, 5.000%, 6/01/46 |  |  |
72,330 | Total New Jersey |  |  | 64,327,089
| New Mexico – 0.4% (0.3% of Total Investments) |  |  |
315 | Mariposa East Public Improvement District, New Mexico, Revenue Bonds, Capital | 3/22 at 61.03 | N/R | 162,701
| Appreciation Taxable Series 2015D, 0.000%, 3/01/32 |  |  |
50 | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, | 9/25 at 100.00 | N/R | 51,441
| Series 2015A, 5.900%, 9/01/32 |  |  |
200 | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, | 9/25 at 100.00 | N/R | 205,766
| Series 2015B, 5.900%, 9/01/32 |  |  |
355 | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, | No Opt. Call | N/R | 362,143
| Series 2015C, 5.900%, 9/01/32 |  |  |
1,210 | Mesa Del Sol Public Improvement District 1, Albuquerque, New Mexico, Special Levy | 10/23 at 100.00 | N/R | 1,246,106
| Revenue Bonds, Series 2013, 7.250%, 10/01/43 |  |  |
1,020 | Volterra Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue | 10/24 at 100.00 | N/R | 1,059,107
| Bonds, Series 2014, 6.750%, 10/01/33 |  |  |
1,500 | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross | 11/23 at 103.00 | N/R | 1,532,460
| Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A |  |  |
1,452 | Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross | 11/21 at 102.00 | N/R | 1,474,157
| Receipts Tax Increment Bonds, Senior Lien Series 2015, 6.000%, 5/01/40, 144A |  |  |
6,102 | Total New Mexico |  |  | 6,093,881
| New York – 9.8% (6.5% of Total Investments) |  |  |
610 | Build New York City Resource Corporation, New York, Revenue Bonds, New World Preparatory | 6/31 at 100.00 | N/R | 660,093
| Charter School Project, Series 2021A, 4.000%, 6/15/41 |  |  |
2,405 | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of | 9/25 at 100.00 | N/R | 2,700,575
| Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A |  |  |
| Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter |  |  |
| School, Series 2020A-1: |  |  |
5,000 | 5.250%, 6/01/40, 144A | 12/30 at 100.00 | N/R | 5,112,100
2,000 | 5.500%, 6/01/55, 144A | 12/30 at 100.00 | N/R | 2,042,880
| Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter |  |  |
| School, Series 2020C-1: |  |  |
1,000 | 5.000%, 6/01/40, 144A | 12/30 at 100.00 | N/R | 1,060,620
2,000 | 5.000%, 6/01/55, 144A | 12/30 at 100.00 | N/R | 2,081,360

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
$ 1,000 | Build NYC Resource Corporation, Revenue Bonds, Shefa School, Series 2021A, 5.000%, | 6/31 at 100.00 | N/R | $ 1,181,580
| 6/15/51, 144A |  |  |
10,000 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, | 3/30 at 100.00 | AA | 10,327,000
| Series 2020A, 3.000%, 9/01/50 – AGM Insured (UB) (6) |  |  |
200 | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical | 6/27 at 100.00 | BBB– | 237,170
| Center Obligated Group, Series 2017, 5.000%, 12/01/36, 144A |  |  |
1,000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/30 at 100.00 | N/R | 1,119,890
| Academy Charter School Project, Series 2020A, 5.730%, 2/01/50 |  |  |
| Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The |  |  |
| Academy Charter School Project, Series 2021A: |  |  |
2,360 | 4.050%, 2/01/31 | 2/30 at 100.00 | A2 | 2,378,314
1,000 | 4.600%, 2/01/51 | 2/30 at 100.00 | A2 | 1,004,700
1,000 | Madison County Capital Resource Corporation, New York, Revenue Bonds, Cazenovia College | 6/22 at 100.00 | N/R | 1,002,720
| Project, Series 2019A, 5.500%, 9/01/22 |  |  |
1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 11/30 at 100.00 | A3 | 1,211,540
| Climate Bond Certified Series 2020D-1, 5.000%, 11/15/43 (UB) (6) |  |  |
1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 11/30 at 100.00 | A3 | 1,108,450
| Climate Bond Certified Series 2020D-3, 4.000%, 11/15/49 (UB) (6) |  |  |
10,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 11/26 at 100.00 | A3 | 11,510,200
| 2016C-1, 5.000%, 11/15/56 (UB) (6) |  |  |
5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 5/31 at 100.00 | A3 | 5,619,500
| 2021A-2, 4.000%, 11/15/43 (UB) |  |  |
14,260 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue | 9/26 at 100.00 | AA+ | 15,400,943
| Bonds, Sustainable Neighborhood Series 2018K, 4.125%, 11/01/53 (UB) (6) |  |  |
| New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, |  |  |
| Bronx Parking Development Company, LLC Project, Series 2007: |  |  |
1,500 | 0.000%, 10/01/37 (4) | 11/21 at 100.00 | N/R | 1,200,000
5,000 | 0.000%, 10/01/46 (4) | 11/21 at 100.00 | N/R | 4,000,000
245 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, | 11/21 at 100.00 | N/R | 237,581
| Special Needs Facilities Pooled Program, Series 2008A-1, 5.800%, 7/01/23 |  |  |
7,075 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series A-1, 5.000%, | 8/26 at 100.00 | AA | 8,378,993
| 8/01/38 (UB) (6) |  |  |
2,000 | New York Counties Tobacco Trust IV, Tobacco Settlement Pass-Through Bonds, Turbo Term | 11/21 at 100.00 | B– | 2,021,940
| Series 2005A, 5.000%, 6/01/42 |  |  |
500 | New York Liberty Development Corporation, Liberty Revenue Bonds, Secured by Port Authority | 12/21 at 100.00 | Aa3 | 510,520
| Consolidated Bonds, Tender Option Bonds Trust 2016-XG0062, 18.115%, 12/15/41, 144A (IF) |  |  |
1,000 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 1,091,020
| 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 | 3,611,010
| 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 | 6,633,480
| Center Project, Class 3 Series 2014, 7.250%, 11/15/44, 144A |  |  |
3,125 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade | 11/31 at 100.00 | A | 3,189,812
| Center Project, Refunding Green Series 2021A, 3.000%, 11/15/51 (UB) |  |  |
4,985 | New York Transportation Development Corporation, New York, Special Facilities Bonds, | 7/24 at 100.00 | AA | 5,551,944
| LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 – AGM |  |  |
| Insured (AMT) (UB) (6) |  |  |
10,000 | New York Transportation Development Corporation, New York, Special Facility Revenue | 11/21 at 100.00 | B– | 10,019,500
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series |  |  |
| 2016, 5.000%, 8/01/31 (AMT) |  |  |
3,070 | New York Transportation Development Corporation, New York, Special Facility Revenue | 8/30 at 100.00 | B– | 3,833,325
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, |  |  |
| 5.375%, 8/01/36 (AMT) |  |  |

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
$ 1,000 | New York Transportation Development Corporation, New York, Special Facility Revenue | No Opt. Call | B | $ 1,068,910
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2021, |  |  |
| 3.000%, 8/01/31 (AMT) |  |  |
3,265 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred | 4/27 at 100.00 | Aa3 | 3,851,394
| Series 2017, 5.000%, 4/15/57 (UB) (6) |  |  |
605 | Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue | 11/21 at 100.00 | N/R | 610,372
| Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (AMT) |  |  |
855 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | 6/31 at 27.72 | N/R | 140,015
| Asset-Backed Bonds, Series 2021B-2, 0.000%, 6/01/66 |  |  |
5,000 | Westchester County Local Development Corp, 4.500%, 7/01/56, 144A | 7/27 at 104.00 | N/R | 4,922,050
| (WI/DD, Settling 11/10/21) |  |  |
9,975 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester | 11/25 at 100.00 | Baa2 | 11,372,996
| Medical Center Obligated Group Project, Refunding Series 2016, 5.000%, 11/01/46 (UB) (6) |  |  |
250 | Western Regional Off-Track Betting Corporation, New York, Tax Exempt Revenue Bonds, | 6/31 at 100.00 | N/R | 245,133
| Additional Secured General Obligation Series 2021, 4.125%, 12/01/41, 144A |  |  |
129,535 | Total New York |  |  | 138,249,630
| North Dakota – 0.4% (0.2% of Total Investments) |  |  |
4,000 | University of North Dakota, Certificates of Participation, Housing Infrastructure | 6/30 at 100.00 | N/R | 4,072,240
| Project, Series 2021A, 3.000%, 6/01/61 – AGM Insured (UB) |  |  |
2,000 | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC | 9/23 at 100.00 | N/R | 1,120,000
| Project, Series 2013, 7.750%, 9/01/38 (4) |  |  |
6,000 | Total North Dakota |  |  | 5,192,240
| Ohio – 7.2% (4.8% of Total Investments) |  |  |
87,120 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | 13,614,242
| Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, |  |  |
| 0.000%, 6/01/57 |  |  |
34,705 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 39,091,299
| Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 |  |  |
5,455 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/22 at 100.00 | N/R (7) | 5,647,562
| Revenue Bonds, Senior Lien Series 2007A-3, 6.250%, 6/01/37 (Pre-refunded 6/01/22) |  |  |
1,500 | Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center | 12/22 at 100.00 | N/R | 1,512,210
| Project, Liberty Community Authority, Series 2014C, 6.000%, 12/01/43 |  |  |
250 | Cleveland-Cuyahoga County Port Authority, Ohio, Tax Increment Financing Revenue Bonds, | 12/29 at 100.00 | BB | 260,155
| Flats East Bank Project, Refunding Senior Series 2021A, 4.000%, 12/01/55, 144A |  |  |
100 | Cleveland-Cuyahoga County Port Authority, Ohio, Tax Increment Financing Revenue Bonds, | 12/29 at 100.00 | N/R | 105,255
| Flats East Bank Project, Refunding Subordinate Series 2021B, 4.500%, 12/01/55 |  |  |
2,000 | Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds, | 6/29 at 100.00 | N/R | 2,181,480
| Bridge Park D Block Project, Series 2019A-1, 5.000%, 12/01/51 |  |  |
340 | Evans Farm New Community Authority, Ohio, Community Development Charge Revenue Bonds, | 6/29 at 100.00 | N/R | 347,908
| Evans Farm Mixed-Use Project, Series 2020, 4.000%, 12/01/46 |  |  |
1,000 | Jefferson County Port Authority, Ohio, Economic Development Revenue Bonds, JSW Steel | 12/31 at 100.00 | Ba2 | 1,011,860
| USA Ohio, Inc. Project, Series 2021, 3.500%, 12/01/51 (AMT) |  |  |
11,160 | Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network | 8/26 at 100.00 | A+ | 12,305,351
| Obligated Group, Series 2016, 4.000%, 8/01/47 (UB) (6) |  |  |
2,800 | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, | No Opt. Call | N/R | 3,500
| FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/22 |  |  |
3,310 | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG | 7/29 at 100.00 | B– | 3,784,455
| Vanadium Project, Series 2019, 5.000%, 7/01/49 (AMT), 144A |  |  |
365 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 456
| FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Ohio (continued) |  |  |
$ 1,300 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | $ 1,291,615
| FirstEnergy Generation Corporation Project, Refunding Series 2009D, 3.375%, 8/01/29 |  |  |
| (Mandatory Put 9/15/21) |  |  |
4,750 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 5,938
| FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (4) |  |  |
1,000 | Ohio Higher Educational Facility Commission, Senior Hospital Parking Revenue Bonds, | 1/30 at 100.00 | A3 | 1,190,020
| University Circle Incorporated 2020 Project, Series 2020, 5.000%, 1/15/50 |  |  |
3,085 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy | No Opt. Call | N/R | 3,856
| Generating Corporation Project, Refunding Series 2006A, 3.000%, 5/15/49 (4) |  |  |
3,000 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 3,750
| Generating Corporation Project, Refunding Series 2005B, 4.000%, 1/01/34 (4) |  |  |
255 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 319
| Generating Corporation Project, Refunding Series 2008B, 3.625%, 10/01/33 |  |  |
1,015 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 1,269
| Generating Corporation Project, Refunding Series 2008C, 3.950%, 11/01/32 (4) |  |  |
2,725 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 3,406
| Generating Corporation Project, Refunding Series 2010A, 3.750%, 7/01/33 (4) |  |  |
3,000 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 3,046,200
| Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory Put 6/01/22) |  |  |
1,000 | Port of Greater Cincinnati Development Authority, Ohio, Public Improvement TOT Revenue | 12/28 at 100.00 | N/R | 1,007,880
| Bonds, Series 2021, 4.250%, 12/01/50, 144A |  |  |
1,000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment | 11/30 at 100.00 | N/R | 1,012,610
| Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, |  |  |
| Senior Lien Series 2019A, 5.000%, 11/01/51 |  |  |
8,500 | Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series | 12/27 at 103.00 | N/R | 9,725,105
| 2020A, 7.000%, 12/01/42 (AMT), 144A |  |  |
2,000 | Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series | 12/24 at 105.00 | N/R | 2,264,740
| 2020B, 10.000%, 12/01/25 (AMT), 144A |  |  |
2,000 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education | 3/25 at 100.00 | N/R | 2,158,400
| Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, |  |  |
| 6.000%, 3/01/45 |  |  |
184,735 | Total Ohio |  |  | 101,580,841
| Oklahoma – 1.4% (1.0% of Total Investments) |  |  |
1,000 | Tulsa Authority for Economic Opportunity, Tulsa County, Oklahoma, Tax Apportionment | 12/31 at 100.00 | N/R | 949,780
| Revenue Bonds, Santa Fe Square Project, Series 2021, 4.375%, 12/01/41, 144A |  |  |
500 | Tulsa Authority for Economic Opportunity, Tulsa County, Oklahoma, Tax Apportionment | 12/31 at 100.00 | N/R | 479,215
| Revenue Bonds, Vast Bank Project, Series 2021, 4.000%, 12/01/43, 144A |  |  |
15,000 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., | 6/23 at 100.00 | N/R | 15,932,100
| Refunding Series 2000B, 5.500%, 6/01/35 (AMT) |  |  |
2,600 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., | 6/23 at 100.00 | N/R | 2,761,564
| Refunding Series 2001B, 5.500%, 12/01/35 (AMT) |  |  |
19,100 | Total Oklahoma |  |  | 20,122,659
| Oregon – 0.1% (0.1% of Total Investments) |  |  |
| Clackamas and Washington Counties School District 3JT, Oregon, General Obligation Bonds, |  |  |
| Series 2020A: |  |  |
1,750 | 0.010%, 6/15/49 | 6/30 at 57.54 | Aa1 | 788,305
2,000 | 0.000%, 6/15/50 | 6/30 at 55.67 | Aa1 | 870,120
3,750 | Total Oregon |  |  | 1,658,425
| Pennsylvania – 1.9% (1.3% of Total Investments) |  |  |
980 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/31 at 100.00 | N/R | 1,208,056
| Bonds, 615 Waterfront Project, Senior Series 2021, 6.000%, 5/01/42, 144A |  |  |

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Pennsylvania (continued) |  |  |
$ 1,250 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/28 at 100.00 | N/R | $ 1,455,613
| Bonds, City Center Project, Subordinate Lien, Series 2018, 5.125%, 5/01/32, 144A |  |  |
2,500 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 3,125
| Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.500%, 4/01/41 (4) |  |  |
2,715 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 3,394
| Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (4) |  |  |
500 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | 4/31 at 100.00 | N/R | 516,510
| Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 |  |  |
| (Mandatory Put 4/01/21) |  |  |
290 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University | 10/29 at 100.00 | BB+ | 320,044
| Project, Series 2020, 5.000%, 10/01/49 |  |  |
1,000 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of | 10/27 at 100.00 | BB | 1,123,730
| Science & Technology Project, Series 2017, 5.125%, 10/15/41, 144A |  |  |
1,500 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of | 10/28 at 100.00 | BB | 1,844,010
| Science & Technology Project, Series 2020, 6.250%, 10/15/53, 144A |  |  |
1,245 | Lehigh County General Purpose Authority, 4.000%, 11/01/51 (UB) | 11/31 at 100.00 | A– | 1,428,052
675 | Lehigh County Industrial Development Authority, Charter School Revenue Bonds, Seven | 5/30 at 100.00 | BB | 738,659
| Generations Charter School, Series 2021A, 4.000%, 5/01/31 |  |  |
1,720 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | 6/30 at 100.00 | N/R | 1,844,408
| KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1, 10.000%, 12/01/40, 144A |  |  |
1,720 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | 6/30 at 100.00 | N/R | 1,844,408
| KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, 10.000%, 12/01/40 (AMT), 144A |  |  |
3,000 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | No Opt. Call | N/R | 2,987,010
| KDC Agribusiness Fairless Hills LLC Project, Series 2021A, 10.000%, 12/01/31 |  |  |
5 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | No Opt. Call | N/R | 6
| Shippingport Project, First Energy Guarantor., Series 2006A, 2.550%, 11/01/41 (4) |  |  |
6,650 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue | 9/25 at 100.00 | Caa1 | 5,088,912
| Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 |  |  |
1,000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana | 12/27 at 100.00 | N/R | 1,065,830
| Bracetti Academy Project, Series 2020A, 5.375%, 6/15/50, 144A |  |  |
| Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana |  |  |
| Bracetti Academy Project, Taxable Series 2020B: |  |  |
995 | 6.875%, 12/15/35, 144A | 12/27 at 100.00 | N/R | 1,056,212
1,000 | 7.125%, 12/15/44, 144A | 12/27 at 100.00 | N/R | 1,057,700
2,500 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Nueva | 1/23 at 100.00 | N/R (7) | 2,718,725
| Esperanza, Inc. – Esperanza Academy Charter School, Series 2013, 8.000%, 1/01/33 |  |  |
| (Pre-refunded 1/01/23) |  |  |
510 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital | 7/22 at 100.00 | BBB– | 524,887
| 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+ | 183,861
| Guaranteed Lease Revenue Bonds, Series 2016A, 5.000%, 11/15/28 |  |  |
31,935 | Total Pennsylvania |  |  | 27,013,152
| Puerto Rico – 10.2% (6.8% of Total Investments) |  |  |
| Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: |  |  |
4,870 | 5.125%, 7/01/37 | 7/22 at 100.00 | CCC | 5,023,405
1,000 | 5.250%, 7/01/42 | 7/22 at 100.00 | CCC | 1,032,330
2,000 | 6.000%, 7/01/47 | 7/22 at 100.00 | CCC | 2,074,180
8,625 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Federally Taxable Build | 11/21 at 100.00 | D | 8,377,031
| America Bonds, Series 2010YY, 4.050%, 7/01/40 (4) |  |  |
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A: |  |  |
4,835 | 3.957%, 7/01/42 (4) | 7/22 at 100.00 | D | 4,738,300
185 | 3.961%, 7/01/42 (4) | 7/22 at 100.00 | D | 181,300

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Puerto Rico (continued) |  |  |
$ 2,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 3.999%, | No Opt. Call | N/R | $ 1,962,500
| 7/01/22 (4) |  |  |
1,025 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 3.957%, | 11/21 at 100.00 | D | 1,004,500
| 7/01/37 (4) |  |  |
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA: |  |  |
5,690 | 3.978%, 7/01/22 (4) | 11/21 at 100.00 | D | 5,597,537
1,186 | 3.978%, 7/01/28 (4) | 11/21 at 100.00 | D | 1,166,728
890 | 3.978%, 7/01/29 (4) | 11/21 at 100.00 | D | 875,538
658 | 3.978%, 7/01/31 (4) | 11/21 at 100.00 | D | 647,308
405 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC, 3.957%, | 11/21 at 100.00 | D | 396,900
| 7/01/28 (4) |  |  |
1,350 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.250%, | 11/21 at 100.00 | D | 1,328,062
| 7/01/40 (4) |  |  |
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ: |  |  |
4,000 | 3.978%, 7/01/22 (4) | 6/21 at 100.00 | N/R | 3,930,000
3,000 | 3.978%, 7/01/25 (4) | 11/21 at 100.00 | D | 2,951,250
1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A, 4.102%, 7/01/36 (4) | 7/23 at 100.00 | D | 1,006,250
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW: |  |  |
360 | 3.988%, 7/01/22 (4) | 11/21 at 100.00 | D | 354,600
710 | 3.988%, 7/01/23 (4) | 11/21 at 100.00 | D | 699,350
375 | 3.978%, 7/01/33 (4) | 11/21 at 100.00 | D | 368,906
5,500 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Taxable Build America Bond | 11/21 at 100.00 | D | 5,286,875
| Series 2010EE, 4.044%, 7/01/32 (4) |  |  |
5,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, | No Opt. Call | AAA | 5,175,000
| 5.250%, 7/01/38 – AMBAC Insured |  |  |
5,000 | Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, | 7/22 at 100.00 | N/R | 4,987,500
| Series 2012U, 1.630%, 7/01/42 (4) |  |  |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured |  |  |
| 2018A-1: |  |  |
108,137 | 0.010%, 7/01/46 | 7/28 at 41.38 | N/R | 35,251,581
101,600 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 24,055,832
1,000 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 1,117,020
5,000 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 5,657,200
1,050 | Puerto Rico, General Obligation Bonds, Public Improvement Series 2001, 2.140%, 7/01/31 (4) | 11/21 at 100.00 | N/R | 1,036,875
6,600 | Puerto Rico, General Obligation Bonds, Series 2005A, 2.140%, 7/01/29 (4) | 11/21 at 100.00 | N/R | 6,517,500
12,500 | Puerto Rico, General Obligation Bonds, Series 2014A, 1.990%, 7/01/35 (4) | 11/21 at 100.00 | N/R | 11,031,250
295,551 | Total Puerto Rico |  |  | 143,832,608
| Rhode Island – 0.2% (0.1% of Total Investments) |  |  |
18,260 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 11/21 at 16.44 | CCC– | 3,049,785
| Bonds, Series 2007A, 0.010%, 6/01/52 |  |  |
| South Carolina – 2.3% (1.5% of Total Investments) |  |  |
640 | Hardeeville, South Carolina, Special Assessment Revenue Bonds, East Argent Improvement | 5/29 at 100.00 | N/R | 620,243
| District, Series 2021, 4.000%, 5/01/52, 144A |  |  |
4,000 | Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement | 11/21 at 100.00 | N/R | 840,000
| District, Series 2007A, 7.750%, 11/01/39 (4) |  |  |
3,477 | Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement | No Opt. Call | N/R | 730,170
| District, Series 2007B, 7.700%, 11/01/21 (4) |  |  |
5,000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 8/26 at 100.00 | N/R (7) | 5,974,400
| Custodial Receipts CR-086, 5.000%, 8/15/36 (Pre-refunded 8/15/26), 144A |  |  |
400 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 1/30 at 100.00 | N/R | 416,008
| Hilton Head Christian Academy, Series 2020, 5.000%, 1/01/55, 144A |  |  |

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| South Carolina (continued) |  |  |
$ 970 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 11/26 at 100.00 | N/R | $ 1,133,445
| Midland Valley Preparatory School Project, Series 2014, 7.750%, 11/15/45, 144A |  |  |
1,000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue | 11/26 at 100.00 | N/R | 1,013,740
| Bonds, Hoese Creek Academy Project, Series 2021A, 5.000%, 11/15/55, 144A |  |  |
4,215 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue | 12/29 at 100.00 | Baa3 | 4,700,315
| Bonds, Lowcountry Leadership Charter School Project, Series 2019A, 5.000%, 12/01/49, 144A |  |  |
750 | South Carolina Jobs-Economic Development Authority, Retirement Community Revenue Notes, | 11/21 at 100.00 | N/R | 760,065
| Kiawah Life Plan Village, Inc. Project, Series 2021A, 8.750%, 7/01/25 |  |  |
3,000 | South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding | 12/26 at 100.00 | A | 3,541,740
| Series 2016B, 5.000%, 12/01/46 (UB) (6) |  |  |
11,615 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 6/24 at 100.00 | A | 12,851,882
| 2014A, 5.000%, 12/01/49 (UB) (6) |  |  |
35,067 | Total South Carolina |  |  | 32,582,008
| South Dakota – 0.1% (0.1% of Total Investments) |  |  |
1,125 | Lincoln County, South Dakota, Economic Development Revenue Bonds, The Augustana College | 8/31 at 100.00 | BBB– | 1,222,211
| Association Project, Series 2021A, 4.000%, 8/01/56 |  |  |
| Tennessee – 2.1% (1.4% of Total Investments) |  |  |
1,000 | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, | 7/27 at 100.00 | N/R | 940,610
| Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.625%, 1/01/46 |  |  |
| Metropolitan Government of Nashville-Davidson County Health and Educational Facilities |  |  |
| Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A: |  |  |
11,095 | 5.000%, 7/01/40 (UB) | 7/26 at 100.00 | A3 | 13,041,950
5,240 | 5.000%, 7/01/46 (UB) (6) | 7/26 at 100.00 | A3 | 6,118,696
5,000 | The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue | 6/27 at 100.00 | N/R | 1,500,000
| Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, |  |  |
| 6/01/47, 144A (4) |  |  |
6,024 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, | No Opt. Call | BBB | 7,263,558
| 5.625%, 9/01/26 |  |  |
915 | Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue | 11/21 at 100.00 | N/R | 816,583
| Bonds, Rutland Place Inc. Project, Series 2015A, 5.500%, 1/01/46 |  |  |
29,274 | Total Tennessee |  |  | 29,681,397
| Texas – 5.9% (3.9% of Total Investments) |  |  |
1,000 | Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, | 10/31 at 100.00 | BBB– | 1,085,070
| First-Lien Series 2021A, 4.000%, 10/01/50 |  |  |
2,000 | Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, | 10/31 at 100.00 | N/R | 2,100,200
| Second-Lien Series 2021B, 5.000%, 10/01/50, 144A |  |  |
1,000 | Anna, Texas, Special Assessment Revenue Bonds, Sherley Tract Public Improvement District | 9/31 at 100.00 | N/R | 964,030
| 2 Area 1 Project, Series 2021, 4.000%, 9/15/41, 144A |  |  |
1,000 | Arlington Higher Education Finance Corp, 4.500%, 2/15/56 (WI/DD, Settling 11/18/21) | 2/30 at 100.00 | N/R | 1,001,650
1,000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Brooks | 6/26 at 100.00 | N/R | 1,043,030
| Academies, Series 2021A, 5.000%, 6/15/51 |  |  |
1,000 | Baytown Municipal Development District, Texas, Hotel Revenue Bonds, Baytown Convention | 10/31 at 100.00 | BBB– | 1,072,640
| Center Hotel, First-Lien Series 2021A, 4.000%, 10/01/50 |  |  |
500 | Celina, Texas, Special Assessment Revenue Bonds, Celina Sutton Fields II Public | 9/29 at 100.00 | N/R | 527,600
| Improvement District Neighborhood Improvement Areas 2-3 Project, Series 2019, 4.250%, |  |  |
| 9/01/49, 144A |  |  |
995 | Celina, Texas, Special Assessment Revenue Bonds, Creeks of Legacy Public Improvement | 9/22 at 103.00 | N/R | 1,038,462
| District Phase 1 Project, Series 2014, 7.000%, 9/01/40 |  |  |
300 | City of Bee Cave TX, 5.250%, 9/01/51, 144A (WI/DD, Settling 11/23/21) | 9/31 at 100.00 | N/R | 301,053
1,765 | Comal County Meyer Ranch Municipal Utility District, Texas, General Obligation Bonds, | 8/26 at 100.00 | N/R | 1,677,297
| Road Series 2021, 3.000%, 8/15/51 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 675 | Conroe Local Government Corporation, Texas, Hotel Revenue and Contract Revenue Bonds, | 10/31 at 100.00 | A2 | $ 756,392
| Subordinate Third Lien Series 2021C, 4.000%, 10/01/50 |  |  |
1,000 | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, Crandall Carwright Ranch | 9/31 at 100.00 | N/R | 1,011,880
| Public Improvement District Improvement Area 1 Project, Series 2021, 4.500%, 9/15/51, 144A |  |  |
4,165 | Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, | 12/25 at 100.00 | AA+ | 4,817,905
| 5.000%, 12/01/48 (UB) (6) |  |  |
| Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A: |  |  |
340 | 6.625%, 9/01/31 | 9/23 at 100.00 | N/R | 371,127
1,000 | 6.375%, 9/01/42 | 9/23 at 100.00 | N/R | 1,088,310
165 | Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public | 8/27 at 100.00 | N/R | 175,243
| Improvement District 1 Phase 2B, 2C & 3A1, Series 2019, 4.250%, 8/15/49, 144A |  |  |
1,500 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy | 11/22 at 100.00 | Baa2 | 1,554,165
| Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 |  |  |
1,000 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, | 11/21 at 100.00 | B3 | 1,001,300
| Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (AMT) |  |  |
1,450 | Harris County Municipal Utility District 213A, Texas, General Obligation Bonds, Series | 4/29 at 100.00 | N/R | 1,401,686
| 2021, 3.000%, 4/01/48 |  |  |
125 | Haslett, Texas, Special Assessment Revenue Bonds, Haslet Public Improvement District 5 | 9/29 at 100.00 | N/R | 134,329
| Improvement Area 1 Project, Series 2019, 4.375%, 9/01/49, 144A |  |  |
775 | Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series | 11/21 at 100.00 | N/R | 776,124
| 2006A, 6.000%, 2/15/36 |  |  |
1,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines | 11/21 at 100.00 | Ba3 | 1,005,500
| Inc. – Terminal Improvement Project, Refunding Series 2011, 6.625%, 7/15/38 (AMT) |  |  |
1,020 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | 7/29 at 100.00 | B– | 1,079,548
| Terminal E Project, Series 2021A, 4.000%, 7/01/41 (AMT) |  |  |
3,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | 7/29 at 100.00 | B– | 3,175,920
| Terminal E Project, Series 2021B-1, 4.000%, 7/15/41 (AMT) |  |  |
500 | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Durango Farms Public | 9/29 at 100.00 | N/R | 497,180
| Improvement Project Series 2021, 4.000%, 9/01/56, 144A (WI/DD, Settling 11/18/21) |  |  |
500 | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Emory Crossing, Public | 9/29 at 100.00 | N/R | 500,645
| Improvement Area 1 Project Series 2021, 4.000%, 9/01/56, 144A |  |  |
2,985 | Jefferson County Industrial Development Corporation, Texas, Hurricane Ike Disaster Area | 7/22 at 100.00 | N/R (7) | 3,140,130
| Revenue Bonds, Port of Beaumont Petroleum Transload Terminal, LLC Project, Series 2012, |  |  |
| 8.250%, 7/01/32 (Pre-refunded 7/01/22) |  |  |
1,000 | Justin, Denton County, Texas, Special Assessment Revenue Bonds, Timberbrook Public | 9/31 at 100.00 | N/R | 1,012,130
| Improvement District 1 Improvement Area 2 Project, Series 2018, 4.000%, 9/01/51, 144A |  |  |
1,000 | Kaufman County Fresh Water Supply District 1-D, Texas, General Obligation Road Bonds, | 9/26 at 100.00 | N/R | 953,680
| Series 2021, 3.000%, 9/01/46 |  |  |
500 | Kaufman,Texas, Special Assessment Revenue Bonds, Kaufman Public Improvement District 1 | 9/31 at 100.00 | N/R | 501,600
| Phase 1A-1B Project, Series 2021, 4.000%, 9/15/50, 144A |  |  |
4,000 | Legato Community Authority, Commerce City, Colorado, Limited Tax Supported Revenue | 6/26 at 100.67 | N/R | 3,324,240
| Bonds, District 1, 2, 3 & 7, Convertible Capital Appreciation Series 2021A-2, 5.000%, 12/01/51 |  |  |
1,000 | Legato Community Authority, Commerce City, Colorado, Limited Tax Supported Revenue | 6/26 at 103.00 | N/R | 986,580
| Bonds, District 1, 2, 3 & 7, Series 2021B, 8.250%, 12/15/51 |  |  |
1,435 | Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement | 9/31 at 100.00 | N/R | 1,447,771
| District Improvement Area 1-2 Project, Series 2021, 4.000%, 9/15/51, 144A |  |  |
| Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement |  |  |
| District Major Improvement Area Project, Series 2021: |  |  |
900 | 4.125%, 9/15/41, 144A | 9/31 at 100.00 | N/R | 885,555
1,500 | 4.375%, 9/15/51, 144A | 9/31 at 100.00 | N/R | 1,463,265
1,170 | McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement | 9/29 at 100.00 | N/R | 1,277,804
| District Improvement Area 2 Project, Series 2019, 4.250%, 9/15/39, 144A |  |  |

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
| Mesquite, Texas, Special Assessment Bonds, Iron Horse Public Improvement District |  |  |
| Project, Series 2019: |  |  |
$ 300 | 5.750%, 9/15/39, 144A | 9/29 at 100.00 | N/R | $ 331,080
500 | 6.000%, 9/15/49, 144A | 9/29 at 100.00 | N/R | 549,905
1,965 | Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro | 1/26 at 102.00 | N/R | 50,442
| Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (AMT), 144A (4), (8) |  |  |
1,125 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, | 9/27 at 100.00 | N/R | 1,087,785
| Road Series 2021, 3.000%, 9/01/46 |  |  |
6,000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue | 1/28 at 103.00 | N/R | 5,826,960
| Bonds, Sanctuary LTC LLC Project, Series 2021A-1, 5.500%, 1/01/57 |  |  |
1,000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | N/R (7) | 1,108,860
| Revenue Bonds, CHF-Collegiate Housing Corpus Christi I, L.L.C.-Texas A&M University- |  |  |
| Corpus Christi Project, Series, 5.000%, 4/01/44 (Pre-refunded 4/01/24) |  |  |
1,000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/26 at 100.00 | N/R (7) | 1,183,280
| Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M |  |  |
| University – San Antonio Project,, 5.000%, 4/01/48 (Pre-refunded 4/01/26) |  |  |
1,000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue | 4/24 at 100.00 | N/R (7) | 1,105,040
| Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, |  |  |
| Series 2014A, 5.000%, 4/01/44 (Pre-refunded 4/01/24) |  |  |
| New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue |  |  |
| Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, Series 2015A: |  |  |
1,250 | 5.000%, 7/01/35 | 7/25 at 100.00 | CCC | 1,075,000
2,445 | 5.000%, 7/01/47 | 7/25 at 100.00 | Caa1 | 2,102,700
250 | Newark Higher Education Finance Corporation, Texas, Education Revenue Bonds, TLC | 8/28 at 100.00 | BB | 261,015
| Academy, Series 2021A, 4.000%, 8/15/56 |  |  |
500 | North Parkway Municipal Management District 1, Celina, Texas, Special Assessment Revenue | 9/31 at 100.00 | N/R | 537,880
| Bonds, Major Improvements Project, Series 2021, 5.000%, 9/15/51, 144A |  |  |
1,070 | Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Oak Point Public | 9/30 at 100.00 | N/R | 1,097,189
| Improvement District 2 Project, Series 2020, 4.000%, 9/01/50, 144A |  |  |
2,000 | Plano, Collin and Denton Counties, Texas, Special Assessment Revenue Bonds, Collin Creek | 9/31 at 100.00 | N/R | 2,004,680
| East Public Improvement District Project, Series 2021, 4.375%, 9/15/51, 144A |  |  |
1,000 | Plano, Collin and Denton Counties, Texas, Special Assessment Revenue Bonds, Collin Creek | 9/31 at 100.00 | N/R | 1,024,580
| West Public Improvement District Project, Series 2021, 4.000%, 9/15/51, 144A |  |  |
440 | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility | 1/22 at 103.00 | N/R | 453,169
| Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2020, 4.000%, 1/01/50 (AMT), 144A |  |  |
4,000 | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility | 7/23 at 103.00 | N/R | 3,802,080
| Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021A, 3.000%, 1/01/50 (AMT), 144A |  |  |
| Port Freeport, Brazoria County, Texas, Revenue Bonds, Senior Lien Series 2021: |  |  |
1,500 | 4.000%, 6/01/46 (AMT) | 6/31 at 100.00 | A+ | 1,694,175
1,500 | 4.000%, 6/01/51 (AMT) | 6/31 at 100.00 | A+ | 1,686,270
205 | Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement | 9/29 at 100.00 | N/R | 220,227
| District 2 Phase 1 Project, Series 2019, 4.750%, 9/01/49, 144A |  |  |
185 | Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement | 9/29 at 100.00 | N/R | 206,782
| District 2 Phase 2-6 Major Improvement Project, Series 2019, 5.500%, 9/01/39, 144A |  |  |
2,000 | Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue | 12/21 at 100.00 | N/R | 1,400,000
| Bonds, Eden Home Inc., Series 2012, 4.293%, 12/15/32 (4) |  |  |
160 | Rowlett, Texas, Special Assessment Revenue Bonds, Bayside Public Improvement District | 3/24 at 102.00 | N/R | 166,107
| North Improvement Area, Series 2016, 5.750%, 9/15/36 |  |  |
4,295 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, | 9/27 at 100.00 | Aaa | 4,631,900
| Series 2018A, 4.250%, 9/01/48 (UB) (6) |  |  |
755 | Texas Public Finance Authority Charter School Finance Corporation, Charter School | 11/21 at 100.00 | B– | 755,196
| Revenue Bonds, School of Excellence Education Project, Series 2004A, 7.000%, 12/01/34 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 2,019 | Texas State Affordable Housing Corporation Multifamily Housing Revenue Bonds, Peoples El | 1/34 at 100.00 | N/R | $ 2,189,972
| Shaddai Village and St. James Manor Apartments Project, Series 2016, 4.850%, 12/01/56, 144A |  |  |
1,653 | Viridian Municipal Management District, Texas, Assessment Revenue Bonds, Series 2017, | 12/25 at 100.00 | N/R | 1,737,072
| 4.250%, 12/01/44 |  |  |
84,382 | Total Texas |  |  | 83,440,387
| Utah – 0.4% (0.3% of Total Investments) |  |  |
| Black Desert Public Infrastructure District, Limited Tax General Obligation Bonds, |  |  |
| Series 2021A: |  |  |
500 | 3.750%, 3/01/41, 144A | 9/26 at 103.00 | N/R | 507,435
2,000 | 4.000%, 3/01/51, 144A | 9/26 at 103.00 | N/R | 2,031,960
1,000 | Black Desert Public Infrastructure District, Limited Tax General Obligation Bonds, | 9/26 at 103.00 | N/R | 985,900
| Subordinate Series 2021B, 7.375%, 9/15/51, 144A |  |  |
500 | ROAM Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, | 9/26 at 103.00 | N/R | 488,325
| Series 2021A, 4.250%, 3/01/51, 144A |  |  |
1,000 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High | 1/25 at 102.00 | N/R | 1,028,910
| School Project, Series 2020A, 5.125%, 7/15/51, 144A |  |  |
1,000 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Providence Hall | 10/31 at 100.00 | Aa2 | 1,151,230
| Projects, Refunding Series 2021A, 4.000%, 10/15/51 |  |  |
6,000 | Total Utah |  |  | 6,193,760
| Vermont – 0.3% (0.2% of Total Investments) |  |  |
3,400 | Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, University of | 6/26 at 100.00 | A+ | 3,936,112
| Vermont Medical Center Project, Green Series 2016B, 5.000%, 12/01/46 (UB) (6) |  |  |
| Virgin Islands – 0.7% (0.5% of Total Investments) |  |  |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding |  |  |
| Series 2014C: |  |  |
1,000 | 5.000%, 10/01/30 | 10/24 at 100.00 | N/R | 996,400
5,000 | 5.000%, 10/01/39 | 10/24 at 100.00 | N/R | 4,876,700
1,000 | Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo | 11/21 at 100.00 | Caa3 | 1,008,140
| Project, Series 2009A, 6.750%, 10/01/37 |  |  |
3,270 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond | No Opt. Call | N/R | 3,284,164
| Anticipation Notes, Series 2020A, 7.500%, 7/01/22, 144A |  |  |
10,270 | Total Virgin Islands |  |  | 10,165,404
| Virginia – 2.3% (1.5% of Total Investments) |  |  |
762 | Celebrate Virginia North Community Development Authority, Special Assessment Revenue | No Opt. Call | N/R | 457,200
| Bonds, Series 2003B, 4.125%, 3/01/22 (4) |  |  |
3,000 | Farms of New Kent Community Development Authority, Virginia, Special Assessment Bonds, | 3/31 at 100.00 | N/R | 3,201,990
| Refunding Series 2021A, 3.750%, 3/01/36, 144A |  |  |
10,000 | Industrial Development Authority of the City of Newport News, Virginia, Health System | 7/27 at 100.00 | N/R | 11,435,100
| Revenue Bonds, Riverside Health System, Series 2017A, 5.000%, 7/01/46, 144A |  |  |
1,000 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed | 11/21 at 100.00 | B– | 1,005,560
| Bonds, Series 2007B1, 5.000%, 6/01/47 |  |  |
7,000 | Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, | 7/34 at 100.00 | N/R | 7,536,340
| Provident Resource Group – Rixey Student Housing Project, Series 2019A, 5.500%, 7/01/54, 144A |  |  |
7,535 | Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, | No Opt. Call | N/R | 8,016,470
| Provident Resource Group – Rixey Student Housing Project, Series 2019B, 6.525%, 7/01/52, 144A |  |  |
| (cash 7.500%, PIK 7.500%) |  |  |
| Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River |  |  |
| Crossing, Opco LLC Project, Series 2012: |  |  |
80 | 6.000%, 1/01/37 (AMT) | 7/22 at 100.00 | BBB– | 82,830
130 | 5.500%, 1/01/42 (AMT) | 7/22 at 100.00 | BBB– | 134,035
29,507 | Total Virginia |  |  | 31,869,525

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NMZ | Nuveen Municipal High Income Opportunity Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Washington – 2.1% (1.4% of Total Investments) |  |  |
$ 1,000 | King County Public Hospital District 4, Washington, Hospital Revenue Bonds, Snoqualmie | 12/25 at 100.00 | N/R | $ 1,104,630
| Valley Hospital, Series 2015A, 6.250%, 12/01/45 |  |  |
1,000 | Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing | 11/21 at 100.00 | N/R | 1,001,110
| Revenue Bonds, Series 2007, 5.600%, 6/01/37 (AMT) |  |  |
1,300 | Port of Seattle Industrial Development Corporation, Washington, Special Facilities | 4/23 at 100.00 | BB | 1,372,514
| Revenue Refunding Bonds, Delta Air Lines, Inc. Project, Series 2012, 5.000%, 4/01/30 (AMT) |  |  |
2,500 | Seattle Housing Authority, Washington, Revenue Bonds, Lam Bow Apartments Project, Series | 6/31 at 100.00 | AA | 2,370,250
| 2021, 2.500%, 6/01/54 |  |  |
195 | Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, | 11/21 at 100.00 | N/R | 195,796
| Series 2013, 5.750%, 4/01/43 |  |  |
3,065 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | 1/28 at 100.00 | N/R | 2,298,750
| Bonds, Columbia Pulp I, LLC Project, Series 2017A, 7.500%, 1/01/32 (AMT), 144A (4) |  |  |
545 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | 1/28 at 100.00 | N/R | 408,750
| Bonds, Columbia Pulp I, LLC Project, Series 2018, 7.250%, 1/01/32 (AMT), 144A (4) |  |  |
1,565 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | 1/28 at 100.00 | N/R | 1,173,750
| Bonds, Columbia Pulp I, LLC Project, Series 2019A, 7.500%, 1/01/32 (AMT), 144A (4) |  |  |
1,000 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | No Opt. Call | N/R | 789,710
| Bonds, Columbia Pulp I, LLC Project, Senior Series 2021A, 12.000%, 1/01/33 (AMT), 144A (4) |  |  |
255 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | No Opt. Call | N/R | 192,525
| Bonds, Columbia Pulp I, LLC Project, Taxable Senior Series 2021B, 14.250%, 1/01/27, 144A (4) |  |  |
7,330 | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical | 8/27 at 100.00 | BBB– | 7,932,526
| Center, Series 2017, 4.000%, 8/15/42 (UB) |  |  |
8,525 | Washington State Higher Education Facilities Authority Revenue Bonds, Gonzaga University | 10/29 at 100.00 | A+ | 8,835,054
| Project, Series 2019A, 3.000%, 4/01/49 (UB) (6) |  |  |
1,000 | Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Mirabella | 10/22 at 100.00 | N/R (7) | 1,057,180
| Project, Series 2012A, 6.750%, 10/01/47 (Pre-refunded 10/03/22), 144A |  |  |
29,280 | Total Washington |  |  | 28,732,545
| West Virginia – 0.4% (0.3% of Total Investments) |  |  |
1,335 | Berkeley, Hardy and Jefferson Counties, West Virginia, as Joint Issuers, Commercial | 12/23 at 100.00 | N/R | 1,358,122
| Development Revenue Bonds, Scattered Site Housing Projects, Series 2010, 5.750%, 12/01/44 |  |  |
1,125 | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, | 6/27 at 100.00 | N/R | 1,280,374
| University Town Centre Economic Opportunity Development District, Refunding & Improvement |  |  |
| Series 2017A, 5.750%, 6/01/43, 144A |  |  |
1,000 | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, | 6/31 at 100.00 | N/R | 1,101,800
| University Town Centre Economic Opportunity Development District, Refunding & Improvement |  |  |
| Series 2021A, 4.125%, 6/01/43, 144A |  |  |
1,000 | West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, | 12/27 at 103.00 | N/R | 1,022,540
| Empire Trimodal Terminal, LLC Project, Series 2020, 7.625%, 12/01/40, 144A |  |  |
1,000 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue | 1/25 at 100.00 | B | 1,052,540
| Bonds, Arch Resources Project, Series 2021, 4.125%, 7/01/45 (AMT) (Mandatory Put 7/01/25) |  |  |
5,460 | Total West Virginia |  |  | 5,815,376
| Wisconsin – 6.2% (4.1% of Total Investments) |  |  |
2,000 | Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, General Revenue | 12/27 at 100.00 | N/R | 2,049,800
| Bonds, Refunding Series 2017, 6.750%, 6/01/32 |  |  |
150 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Founders Academy of | 7/28 at 100.00 | BB– | 164,009
| Las Vegas, Series 2020A, 5.000%, 7/01/55, 144A |  |  |
1,000 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, High Desert | 6/29 at 100.00 | N/R | 1,078,360
| Montessori Charter School, Series 2021A, 5.000%, 6/01/51, 144A |  |  |
4,985 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina | 6/26 at 100.00 | N/R | 5,112,716
| Charter Educational Foundation Project, Series 2016A, 5.000%, 6/15/46, 144A |  |  |
500 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Point College | 6/27 at 103.00 | N/R | 524,595
| Preparatory, Series 2020A, 5.000%, 6/15/55, 144A |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Wisconsin (continued) |  |  |
| Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, |  |  |
| Lombard Public Facilities Corporation, First Tier Series 2018A-1: |  |  |
$ 13 | 0.000%, 1/01/47, 144A (4) | No Opt. Call | N/R | $ 388
11 | 0.000%, 1/01/48, 144A (4) | No Opt. Call | N/R | 333
11 | 0.000%, 1/01/49, 144A (4) | No Opt. Call | N/R | 320
10 | 0.000%, 1/01/50, 144A (4) | No Opt. Call | N/R | 297
10 | 0.000%, 1/01/51, 144A (4) | No Opt. Call | N/R | 287
13 | 0.000%, 1/01/52, 144A (4) | No Opt. Call | N/R | 358
13 | 0.000%, 1/01/53, 144A (4) | No Opt. Call | N/R | 346
13 | 0.000%, 1/01/54, 144A (4) | No Opt. Call | N/R | 325
12 | 0.000%, 1/01/55, 144A (4) | No Opt. Call | N/R | 311
12 | 0.000%, 1/01/56, 144A (4) | No Opt. Call | N/R | 299
632 | 0.000%, 7/01/56, 144A (4) | 3/28 at 100.00 | N/R | 477,142
14 | 0.000%, 1/01/57, 144A (4) | No Opt. Call | N/R | 322
13 | 0.000%, 1/01/58, 144A (4) | No Opt. Call | N/R | 306
13 | 0.000%, 1/01/59, 144A (4) | No Opt. Call | N/R | 292
13 | 0.000%, 1/01/60, 144A (4) | No Opt. Call | N/R | 277
12 | 0.000%, 1/01/61, 144A (4) | No Opt. Call | N/R | 265
12 | 0.000%, 1/01/62, 144A (4) | No Opt. Call | N/R | 251
12 | 0.000%, 1/01/63, 144A (4) | No Opt. Call | N/R | 240
12 | 0.000%, 1/01/64, 144A (4) | No Opt. Call | N/R | 231
11 | 0.000%, 1/01/65, 144A (4) | No Opt. Call | N/R | 219
12 | 0.000%, 1/01/66, 144A (4) | No Opt. Call | N/R | 225
148 | 0.000%, 1/01/67, 144A (4) | No Opt. Call | N/R | 2,521
| Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, |  |  |
| Lombard Public Facilities Corporation, Second Tier Series 2018B: |  |  |
24 | 0.000%, 1/01/46, 144A (4) | No Opt. Call | N/R | 774
24 | 0.000%, 1/01/47, 144A (4) | No Opt. Call | N/R | 732
24 | 0.000%, 1/01/48, 144A (4) | No Opt. Call | N/R | 714
23 | 0.000%, 1/01/49, 144A (4) | No Opt. Call | N/R | 692
23 | 0.000%, 1/01/50, 144A (4) | No Opt. Call | N/R | 655
25 | 0.000%, 1/01/51, 144A (4) | No Opt. Call | N/R | 704
652 | 0.000%, 7/01/51, 144A (4) | 3/28 at 100.00 | N/R | 434,237
25 | 0.000%, 1/01/52, 144A (4) | No Opt. Call | N/R | 671
25 | 0.000%, 1/01/53, 144A (4) | No Opt. Call | N/R | 649
25 | 0.000%, 1/01/54, 144A (4) | No Opt. Call | N/R | 626
24 | 0.000%, 1/01/55, 144A (4) | No Opt. Call | N/R | 603
24 | 0.000%, 1/01/56, 144A (4) | No Opt. Call | N/R | 584
24 | 0.000%, 1/01/57, 144A (4) | No Opt. Call | N/R | 564
23 | 0.000%, 1/01/58, 144A (4) | No Opt. Call | N/R | 542
23 | 0.000%, 1/01/59, 144A (4) | No Opt. Call | N/R | 528
23 | 0.000%, 1/01/60, 144A (4) | No Opt. Call | N/R | 507
23 | 0.000%, 1/01/61, 144A (4) | No Opt. Call | N/R | 485
23 | 0.000%, 1/01/62, 144A (4) | No Opt. Call | N/R | 470
22 | 0.000%, 1/01/63, 144A (4) | No Opt. Call | N/R | 453
22 | 0.000%, 1/01/64, 144A (4) | No Opt. Call | N/R | 441
22 | 0.000%, 1/01/65, 144A (4) | No Opt. Call | N/R | 423
22 | 0.000%, 1/01/66, 144A (4) | No Opt. Call | N/R | 396
281 | 0.000%, 1/01/67, 144A (4) | No Opt. Call | N/R | 4,799
4,700 | Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public | 3/27 at 100.00 | N/R | 5,340,328
| Improvement District Project, Series 2017, 7.000%, 3/01/47, 144A |  |  |
1,500 | Public Finance Authority of Wisconsin, Education Revenue Bonds, Pioneer Springs | 6/27 at 100.00 | N/R | 1,576,530
| Community School, Series 2020A, 6.250%, 6/15/40, 144A |  |  |
1,000 | Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore | 6/28 at 100.00 | N/R | 1,035,650
| Academy, Series 2021A, 5.000%, 6/01/56, 144A |  |  |
2,000 | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie | 10/29 at 100.00 | N/R | 2,093,160
| College, Series 2019A, 5.875%, 10/01/54, 144A |  |  |
830 | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood | 12/22 at 100.00 | N/R (7) | 883,070
| Classical Preparatory School in Albuquerque, New Mexico, Series 2012A, 6.250%, 12/01/42 |  |  |
| (Pre-refunded 12/01/22) |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Wisconsin (continued) |  |  |
$ 1,550 | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy | 8/28 at 100.00 | N/R | $ 1,599,104
| Project, Series 2021, 5.000%, 8/01/51, 144A |  |  |
335 | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum | 8/26 at 100.00 | N/R | 340,638
| Company Project, Refunding Series 2016, 4.000%, 8/01/35 (AMT) |  |  |
1,275 | Public Finance Authority of Wisconsin, Hospital Revenue Bonds, Carson Valley Medical | 12/31 at 100.00 | BB+ | 1,466,467
| Center, Series 2021A, 4.000%, 12/01/41 |  |  |
| Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American |  |  |
| Dream @ Meadowlands Project, Series 2017A: |  |  |
1,665 | 6.250%, 8/01/27, 144A | No Opt. Call | N/R | 1,778,819
1,000 | 6.750%, 8/01/31, 144A | No Opt. Call | N/R | 1,064,490
| 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 | 2,180,360
17,335 | 7.000%, 12/01/50, 144A | 12/27 at 100.00 | N/R | 19,027,936
400 | Public Finance Authority of Wisconsin, Retirement Facility Revenue Bonds, Shalom Park | No Opt. Call | N/R | 279,388
| Development Project, Series 2019, 0.000%, 12/31/24, 144A |  |  |
3,500 | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Gulf Coast Zoo, Series | 9/28 at 100.00 | N/R | 3,160,745
| 2018A, 6.500%, 9/01/48 |  |  |
500 | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, | 10/27 at 100.00 | N/R | 505,175
| Senior Series 2017A, 7.000%, 10/01/47, 144A |  |  |
| Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, |  |  |
| Senior Series 2018A: |  |  |
2,415 | 6.950%, 7/01/38, 144A | 7/28 at 100.00 | N/R | 2,329,437
4,585 | 7.000%, 7/01/48, 144A | 7/28 at 100.00 | N/R | 4,386,011
1,060 | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health | 4/25 at 100.00 | BB | 1,194,493
| Sciences, Series 2015, 5.875%, 4/01/45 |  |  |
1,000 | Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Continuing Care | 6/25 at 104.00 | N/R | 1,105,410
| Retirement Community, Series 2020, 6.000%, 6/01/53, 144A |  |  |
1,000 | Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community of | 6/22 at 104.00 | N/R | 1,054,100
| Cary North Carolina, Series 2016, 6.000%, 6/01/49, 144A |  |  |
| Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community, |  |  |
| Series 2023A: |  |  |
1,000 | 5.000%, 6/01/37 (WI/DD, Settling 3/03/23) | 6/28 at 103.00 | N/R | 1,051,630
4,000 | 5.000%, 6/01/52 (WI/DD, Settling 3/03/23) | 6/28 at 103.00 | N/R | 4,067,240
| Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group |  |  |
| Aviation Facilities Project, Series 2021: |  |  |
1,200 | 4.000%, 7/01/41 (AMT) | 7/31 at 100.00 | N/R | 1,233,852
2,485 | 4.250%, 7/01/54 (AMT) | 7/31 at 100.00 | N/R | 2,560,047
1,000 | Public Finance Authority of Wisconsin, Revenue Bonds, Wonderful Foundations Charter | 1/31 at 100.00 | N/R | 1,098,570
| School WFCS Portfolio Projects, Senior Series 2021A-1, 5.000%, 1/01/56, 144A |  |  |
2,500 | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Fargo-Moorhead Metropolitan | 9/31 at 100.00 | Baa3 | 2,701,750
| Area Flood Risk Management P3 Project, Green Series 2021, 4.000%, 3/31/56 (AMT) |  |  |
| Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment |  |  |
| Center, Series 2018A-1: |  |  |
1,000 | 6.125%, 1/01/33, 144A | 1/28 at 100.00 | N/R | 820,610
2,000 | 6.250%, 1/01/38, 144A | 1/28 at 100.00 | N/R | 1,578,660
3,500 | 6.375%, 1/01/48, 144A | 1/28 at 100.00 | N/R | 2,664,865
91 | Public Finance Authority, Wisconsin, Revenue Bonds, Minnesota College of Osteopathic | 12/28 at 100.00 | N/R | 45,647
| Medicine, Senior Series 2019A-1, 0.000%, 12/01/48, 144A (4) |  |  |
1,000 | Saint Croix Chippewa Indians of Wisconsin, Revenue Bonds, Refunding Senior Series 2021, | 9/28 at 100.00 | N/R | 966,900
| 5.000%, 9/30/41, 144A |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Wisconsin (continued) |  |  |
| Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, |  |  |
| Ascension Health Alliance Senior Credit Group, Series 2016A: |  |  |
$ 1,400 | 4.000%, 11/15/46 (Pre-refunded 5/15/26) (UB) (6) | 5/26 at 100.00 | N/R (7) | $ 1,603,910
3,600 | 4.000%, 11/15/46 (UB) | 5/26 at 100.00 | AA+ | 4,024,440
85,509 | Total Wisconsin |  |  | 86,685,716
$ 2,340,621 | Total Municipal Bonds (cost $1,955,327,072) |  |  | 2,061,918,864

Shares | Description (1) |  |  | Value
| COMMON STOCKS – 2.9% (1.9% of Total Investments) |  |  |
| Airlines – 0.3% (0.2% of Total Investments) |  |  |
227,514 | American Airlines Group Inc (9), (10) |  |  | 4,368,269
| Electric Utilities – 2.6% (1.7% of Total Investments) |  |  |
750,823 | Energy Harbor Corp (10), (11), (12) |  |  | 35,945,651
| Total Common Stocks (cost $27,440,408) |  |  | 40,313,920

Principal |  |  |  |  |
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value
| CORPORATE BONDS – 0.8% (0.6% of Total Investments) |  |  |  |
| Consumer Discretionary – 0.4% (0.3% of Total Investments) |  |  |  |
$ 15,000 | Mashantucket Western Pequot Tribe, Corporate High Yield Bond |  |  |  |
| (cash 6.350%, PIK 1.000%) (4) | 7.350% | 7/01/26 | N/R | $ 6,600,000
54 | Lombard Starwood Westin Hotel Conference Center and Hotel Project Revenue Bonds |  |  |  |
| (cash 7.500%, PIK 7.500%) | 7.500% | 12/31/23 | N/R | 53,599
15,054 | Total Consumer Discretionary |  |  |  | 6,653,599
| Materials – 0.4% (0.3% of Total Investments) |  |  |  |
5,000 | United States Steel Corp | 6.650% | 6/01/37 | B3 | 5,300,000
| Real Estate – 0.0% (0.0% of Total Investments) |  |  |  |
300 | Zilkha Biomass Selma LLC (4), (8) | 5.000% | 8/01/28 | N/R | 128,070
3,170 | Zilkha Biomass Selma LLC (4), (8) | 10.000% | 8/01/38 | N/R | 32
3,470 | Total Real Estate |  |  |  | 128,102
$ 23,524 | Total Corporate Bonds (cost $11,370,906) |  |  |  | 12,081,701
| Total Long-Term Investments (cost $1,994,138,386) |  |  |  | 2,114,314,485
| Floating Rate Obligations – (32.5)% |  |  |  | (457,043,000)
| Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (18.3)% (13) |  | (256,570,271)
| Other Assets Less Liabilities – 0.3% |  |  |  | 4,050,448
| Net Assets Applicable to Common Shares – 100% |  |  | $ 1,404,751,662

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(1) |  | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2) |  | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.

(3) |  | The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.

(4) |  | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(5) |  | Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.

(6) |  | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(7) |  | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.

(8) |  | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3.

(9) |  | On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.

(10) |  | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(11) |  | Common Stock received as part of the bankruptcy settlements during February 2020 Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35, Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006A, 3.000%, 5/15/20, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008B, 3.625%, 10/01/33, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008C, 3.950%, 11/01/32, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010A, 3.750%, 7/01/33, Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2006A, 2.550%, 11/01/41.

(12) |  | For fair value measurement disclosure purposes, investment classified as Level 2.

(13) |  | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 12.1%.

144A |  | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

AMT |  | Alternative Minimum Tax.

IF |  | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.

PIK |  | Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.

UB |  | Underlying bond of an inverse floating rate trust reflected as a financing transaction.

WI/DD |  | Purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| LONG-TERM INVESTMENTS – 154.9% (99.9% of Total Investments) |  |  |
| MUNICIPAL BONDS – 149.7% (96.6% of Total Investments) |  |  |
| Alabama – 6.9% (4.4% of Total Investments) |  |  |
$ 500 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | No Opt. Call | B3 | $ 630,645
| United States Steel Corporation Project, Green Series 2020, 6.375%, 11/01/50 (AMT) |  |  |
| (Mandatory Put 11/01/30) |  |  |
43,450 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | 10/29 at 100.00 | B3 | 51,395,701
| United States Steel Corporation Project, Series 2019, 5.750%, 10/01/49 (AMT) |  |  |
| Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone |  |  |
| Bonds, Hunt Refining Project, Refunding Series 2019A: |  |  |
465 | 4.500%, 5/01/32, 144A | 5/29 at 100.00 | N/R | 497,108
3,500 | 5.250%, 5/01/44, 144A | 5/29 at 100.00 | N/R | 4,030,250
47,915 | Total Alabama |  |  | 56,553,704
| Arizona – 4.3% (2.8% of Total Investments) |  |  |
4,000 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/24 at 101.00 | N/R | 4,193,880
| Leman Academy of Excellence ? East Tucson & Central Tucson Projects, Series 2019A, 5.000%, |  |  |
| 7/01/49, 144A |  |  |
| Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of |  |  |
| Math & Science Projects, Series 2019: |  |  |
1,860 | 5.000%, 7/01/49, 144A | 7/29 at 100.00 | BB | 2,111,565
1,500 | 5.000%, 7/01/54, 144A | 7/29 at 100.00 | BB | 1,696,290
340 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest | 7/28 at 100.00 | BB+ | 363,905
| Academy-Cadence Campus Project, Series 2020A, 4.000%, 7/15/40, 144A |  |  |
1,000 | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, | 1/30 at 100.00 | N/R | 1,055,170
| Gateway Academy Project, Series 2019A, 5.750%, 1/01/50, 144A |  |  |
| Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, |  |  |
| Legacy Traditional Schools Projects, Taxable Series 2019B: |  |  |
2,000 | 5.000%, 7/01/39, 144A | 7/29 at 100.00 | Ba2 | 2,330,000
5,355 | 5.000%, 7/01/49, 144A | 7/29 at 100.00 | Ba2 | 6,118,623
1,525 | 5.000%, 7/01/54, 144A | 7/29 at 100.00 | Ba2 | 1,736,853
315 | Maricopa County Industrial Development Authority, Arizona, Educational Facilities | 10/27 at 103.00 | N/R | 349,647
| Revenue Bonds, Ottawa University Projects, Series 2020, 5.500%, 10/01/51, 144A |  |  |
600 | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/25 at 100.00 | BB | 665,064
| Basis Schools, Inc. Projects, Series 2016A, 5.000%, 7/01/35, 144A |  |  |
280 | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 9/30 at 100.00 | Ba2 | 308,300
| Northwest Christian School Project, Series 2020A, 5.000%, 9/01/55, 144A |  |  |
2,700 | Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Guam Facilities | 2/24 at 100.00 | B+ | 2,784,105
| Foundation, Inc. Project, Series 2014, 5.375%, 2/01/41 |  |  |
3,540 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 6/22 at 100.00 | N/R | 3,572,533
| American Leadership Academy Project, Series 2017, 5.000%, 6/15/52, 144A |  |  |
500 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 6/25 at 100.00 | N/R | 523,880
| American Leadership Academy Project, Series 2019, 5.000%, 6/15/52, 144A |  |  |
1,000 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/26 at 103.00 | N/R | 1,124,290
| Edkey Charter Schools Project, Series 2019, 5.875%, 7/01/51, 144A |  |  |
50 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/26 at 100.00 | N/R | 52,956
| Imagine East Mesa Charter Schools Project, Series 2019, 5.000%, 7/01/49, 144A |  |  |
380 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 6/28 at 100.00 | N/R | 397,244
| Synergy Public Charter School Project, Series 2020, 5.250%, 6/15/50, 144A |  |  |
1,000 | Sierra Vista Industrial Development Authority, 5.375%, 10/01/56 | 10/29 at 103.00 | N/R | 816,040

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NMCO | Nuveen Municipal Credit Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Arizona (continued) |  |  |
| Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU |  |  |
| Project, Series 2017A: |  |  |
$ 2,205 | 6.000%, 10/01/37, 144A | 10/27 at 100.00 | N/R | $ 2,426,580
2,350 | 6.125%, 10/01/52, 144A | 10/27 at 100.00 | N/R | 2,560,231
32,500 | Total Arizona |  |  | 35,187,156
| Arkansas – 3.6% (2.3% of Total Investments) |  |  |
27,050 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/26 at 103.00 | B | 29,474,762
| Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A |  |  |
| California – 7.3% (4.7% of Total Investments) |  |  |
2,500 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 2/30 at 100.00 | N/R | 2,766,400
| Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A |  |  |
1,555 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 26.72 | N/R | 296,974
| Los Angeles County Securitization Corporation, Series 2020B-2, 0.010%, 6/01/55 |  |  |
1,530 | California Enterprise Development Authority, Charter School Revenue Bonds, Norton | 7/27 at 102.00 | N/R | 1,636,136
| Science and Language Academy Project, Series 2020, 6.250%, 7/01/58, 144A |  |  |
4,000 | California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A, | 10/27 at 103.00 | N/R | 4,483,000
| 6.000%, 10/01/50 |  |  |
2,500 | California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, | No Opt. Call | B+ | 2,818,200
| Inc. Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT) |  |  |
1,385 | California Public Finance Authority, Charter School Lease Revenue Bonds, California | 7/28 at 100.00 | N/R | 1,462,823
| Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A |  |  |
320 | California Public Finance Authority, Senior Living Revenue Bonds, Enso Village, | 11/29 at 102.00 | N/R | 362,797
| Refunding Green Series 2021A, 5.000%, 11/15/51, 144A |  |  |
| California School Finance Authority, California, Charter School Revenue Bonds, Encore |  |  |
| Education Obligated Group, Series 2016A: |  |  |
4,020 | 5.000%, 6/01/42, 144A | 6/26 at 100.00 | N/R | 3,923,922
4,380 | 5.000%, 6/01/52, 144A | 6/26 at 100.00 | N/R | 4,150,269
| California School Finance Authority, Charter School Revenue Bonds, Arts in Action |  |  |
| Charter Schools – Obligated Group, Series 2020A: |  |  |
1,410 | 5.000%, 6/01/50, 144A | 6/27 at 100.00 | N/R | 1,537,224
700 | 5.000%, 6/01/59, 144A | 6/27 at 100.00 | N/R | 759,808
1,000 | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep | 6/28 at 100.00 | N/R | 1,016,770
| Public Schools ? Obligated Group, Series 2020A, 5.000%, 6/01/60, 144A |  |  |
2,065 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 12/24 at 100.00 | BB– | 2,335,949
| Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 |  |  |
| California Statewide Communities Development Authority, California, Revenue Bonds, Loma |  |  |
| Linda University Medical Center, Series 2016A: |  |  |
1,480 | 5.000%, 12/01/41, 144A | 6/26 at 100.00 | BB– | 1,688,680
10,090 | 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB– | 11,545,987
1,095 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/28 at 100.00 | BB– | 1,329,297
| Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A |  |  |
| California Statewide Community Development Authority, Revenue Bonds, Daughters of |  |  |
| Charity Health System, Series 2005A: |  |  |
576 | 5.750%, 7/01/24 (4), (5) | 11/21 at 100.00 | N/R | 504,158
8 | 5.750%, 7/01/30 (4), (5) | 11/21 at 100.00 | N/R | 6,382
276 | 5.750%, 7/01/35 (4), (5) | 11/21 at 100.00 | N/R | 241,709
452 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 11/21 at 100.00 | N/R | 395,669
| Charity Health System, Series 2005G, 5.500%, 7/01/22 (4), (5) |  |  |
206 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 11/21 at 100.00 | N/R | 180,284
| Charity Health System, Series 2005H, 5.750%, 7/01/25 (4), (5) |  |  |
25,000 | California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled | 11/21 at 22.08 | N/R | 5,509,750
| Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
| Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, |  |  |
| Refunding Senior Lien Series 2021A: |  |  |
$ 5,000 | 4.000%, 1/15/46 | 1/31 at 100.00 | Baa2 | $ 5,690,650
5,000 | 4.000%, 1/15/46 (UB) | 1/31 at 100.00 | Baa2 | 5,690,650
76,548 | Total California |  |  | 60,333,488
| Colorado – 8.7% (5.6% of Total Investments) |  |  |
1,000 | Broadway Station Metropolitan District 3, Denver City and County, Colorado, General | 6/24 at 103.00 | N/R | 1,070,040
| Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A, 5.000%, 12/01/49 |  |  |
1,000 | Broadway Station Metropolitan District 3, Denver City and County, Colorado, General | 6/24 at 79.97 | N/R | 671,710
| Obligation Limited Tax Bonds, Subordinate Convertible to Senior Capital Appreciation Series |  |  |
| 2019B, 7.500%, 12/01/49 |  |  |
500 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds | 10/27 at 100.00 | N/R | 524,855
| World Compass Academy Project, Series 2017, 5.375%, 10/01/37 |  |  |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, |  |  |
| Loveland Classical Schools Project, Series 2016: |  |  |
525 | 3.750%, 7/01/26, 144A | No Opt. Call | BB | 545,932
500 | 5.000%, 7/01/36, 144A | 7/26 at 100.00 | BB | 547,530
10,170 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain | 10/27 at 100.00 | Ba1 | 11,074,520
| Classical Academy Project, Refunding Series 2019, 5.000%, 10/01/59, 144A |  |  |
12,485 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 13,041,332
| Series 2019A-2, 3.250%, 8/01/49 |  |  |
1,000 | Copper Ridge Metropolitan District, Colorado Springs, Colorado, Tax Increment and Sales | 12/24 at 103.00 | N/R | 1,067,930
| Tax Supported Revenue Bonds, Series 2019, 5.000%, 12/01/39 |  |  |
14,000 | Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation | 3/25 at 93.28 | N/R | 11,163,180
| Bonds, Convertible Capital Appreciation Series 2020A-2, 0.000%, 12/01/49 (6) |  |  |
5,500 | Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation | 3/25 at 103.00 | N/R | 5,950,230
| Bonds, Series 2020A-1, 5.000%, 12/01/49 |  |  |
1,075 | Indy Oak Tod Metropolitan District, Lakewood, Jefferson County, Colorado, Limited Tax | 6/25 at 103.00 | N/R | 1,178,662
| General Obligation Bonds, Convertible to Unlimited Tax Series 2020A, 5.500%, 12/01/50, 144A |  |  |
500 | Iron Mountain Metropolitan District 2, Windsor, Weld County, Colorado, Limited Tax | 12/24 at 103.00 | N/R | 531,145
| General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/49 |  |  |
500 | Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, | 12/25 at 100.00 | N/R | 524,295
| Refunding Series 2016, 4.000%, 12/01/26 |  |  |
1,000 | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 1,098,070
| Obligation Bonds, Series 2020A-3, 5.250%, 12/01/50 |  |  |
515 | North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax | 3/25 at 103.00 | N/R | 554,150
| General Obligation Bonds, Series 2020, 5.125%, 12/01/49 |  |  |
| Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds, |  |  |
| Series 2019: |  |  |
5,000 | 5.000%, 12/01/39 | 12/24 at 103.00 | N/R | 5,439,750
5,000 | 5.000%, 12/01/49 | 12/24 at 103.00 | N/R | 5,397,900
1,000 | Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation | 12/24 at 103.00 | N/R | 1,031,030
| Limited Tax Bonds, Subordinate Series 2019, 7.250%, 12/15/49 |  |  |
705 | Penrith Park Metropolitan District, Adams County, Colorado, General Obligation Limited | 12/24 at 103.00 | N/R | 754,653
| Tax Bonds, Series 2019A, 5.000%, 12/01/49 |  |  |
1,200 | Sky Ranch Community Authority Board, Arapahoe County, Colorado, Limited Tax Supported | 12/24 at 102.00 | N/R | 1,312,500
| District 1 Revenue Bonds, Senior Series 2019A, 5.000%, 12/01/49 |  |  |
880 | Sky Ranch Community Authority Board, Arapahoe County, Colorado, Limited Tax Supported | 12/24 at 102.00 | N/R | 992,834
| District 1 Revenue Bonds, Subordinate Series 2019B, 7.625%, 12/15/49 |  |  |
500 | STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General | 12/24 at 103.00 | N/R | 540,715
| Obligation and Special Revenue Bonds, Refunding & improvement Series 2019A, 5.000%, 12/01/49 |  |  |
760 | Talon Pointe Metropolitan District, Adams County, Colorado, Limited Tax General Obligation | 12/25 at 103.00 | N/R | 827,967
| Bonds, Convertible to Unlimited Tax Refunding & Improvement Series 2019A, 5.250%, 12/01/51 |  |  |

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NMCO | Nuveen Municipal Credit Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
| Thompson Crossing Metropolitan District 4, Johnstown, Larimer County, Colorado, General |  |  |
| Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding & Improvement Series 2019: |  |  |
$ 1,400 | 5.000%, 12/01/39 | 9/24 at 103.00 | N/R | $ 1,515,178
2,125 | 5.000%, 12/01/49 | 9/24 at 103.00 | N/R | 2,274,451
1,000 | Ward TOD Metropolitan District 1, Wheat Ridge, Jefferson County, Colorado, Limited Tax | 12/24 at 103.00 | N/R | 1,069,760
| General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49 |  |  |
1,000 | Willow Bend Metropolitan District, City of Thornton, Adams County, Colorado, Limited Tax | 9/24 at 103.00 | N/R | 1,070,050
| General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49 |  |  |
70,840 | Total Colorado |  |  | 71,770,369
| Connecticut – 0.2% (0.2% of Total Investments) |  |  |
12,252 | Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate | No Opt. Call | N/R | 1,837,869
| Series 2013A, 0.070%, 7/01/31 (cash 4.000%, PIK 2.050%) (5) |  |  |
| District of Columbia – 2.6% (1.7% of Total Investments) |  |  |
87,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | 11/21 at 22.08 | N/R | 19,120,860
| Bonds, Series 2006A, 0.000%, 6/15/46 |  |  |
2,000 | District of Columbia, Revenue Bonds, Saint Paul on Fouth Street, Inc., Series 2019A, | 5/30 at 100.00 | N/R | 2,010,880
| 5.250%, 5/15/55, 144A |  |  |
89,000 | Total District of Columbia |  |  | 21,131,740
| Florida – 18.4% (11.9% of Total Investments) |  |  |
| Academical Village Community Development District, Davie, Florida, Special Assessment |  |  |
| Revenue Bonds, Series 2020: |  |  |
2,000 | 3.625%, 5/01/40 | 5/30 at 100.00 | N/R | 2,072,200
1,000 | 4.000%, 5/01/51 | 5/30 at 100.00 | N/R | 1,042,960
| Cape Coral Health Facilities Authority, Florida, Senior Housing Revenue Bonds, Gulf Care |  |  |
| Inc. Project, Series 2015: |  |  |
4,370 | 5.875%, 7/01/40, 144A | 7/25 at 100.00 | N/R | 4,641,814
2,500 | 6.000%, 7/01/45, 144A | 7/25 at 100.00 | N/R | 2,655,525
| Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin |  |  |
| Academy Projects, Series 2020: |  |  |
140 | 5.000%, 12/15/35, 144A | 7/26 at 100.00 | N/R | 151,742
100 | 5.000%, 12/15/50, 144A | 7/26 at 100.00 | N/R | 106,581
100 | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Imagine School at | 12/30 at 100.00 | Ba1 | 115,591
| Land O’Lakes Project, Series 2020A, 5.000%, 12/15/49, 144A |  |  |
1,950 | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Pineapple Cove | 1/29 at 100.00 | N/R | 2,179,261
| Classical Academy, Series 2019A, 5.125%, 7/01/39, 144A |  |  |
1,000 | Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center, | 6/28 at 100.00 | N/R | 547,510
| Orlando Project, Series 2018, 7.500%, 6/01/48, 144A (4), (5) |  |  |
1,000 | Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens Senior Living Community | 4/22 at 103.00 | N/R | 549,390
| Project, Series 2015A, 7.000%, 4/01/49 (5) |  |  |
| Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior |  |  |
| Housing, Inc. Project, Series 2017: |  |  |
1,490 | 5.625%, 8/01/37, 144A | 8/24 at 103.00 | N/R | 1,376,298
3,735 | 5.875%, 8/01/52, 144A | 8/24 at 103.00 | N/R | 3,308,874
170 | Cypress Preserve Community Development District, Pasco County, Florida, Special | 11/29 at 100.00 | N/R | 177,371
| Assessment Bonds, Assessment Area 2, Series 2019, 4.125%, 11/01/50 |  |  |
| Epperson North Community Development District, Florida, Capital Improvement Revenue |  |  |
| Bonds, Assessment Area 1, Series 2018A-1: |  |  |
1,000 | 5.500%, 11/01/39, 144A | 11/29 at 100.00 | N/R | 1,153,530
1,000 | 5.750%, 11/01/49, 144A | 11/29 at 100.00 | N/R | 1,154,360
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Miami |  |  |
| Arts Charter School Projects, Series 2014: |  |  |
165 | 5.000%, 6/15/24, 144A | No Opt. Call | N/R | 163,357
2,500 | 5.875%, 6/15/34, 144A | 6/24 at 100.00 | N/R | 2,416,650
5,795 | 6.000%, 6/15/44, 144A | 6/24 at 100.00 | N/R | 5,414,674

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin |  |  |
| Academies of Pasco County Inc., Series 2020A: |  |  |
$ 2,435 | 5.000%, 1/01/40, 144A | 1/27 at 100.00 | N/R | $ 2,631,139
500 | 5.000%, 1/01/50, 144A | 1/27 at 100.00 | N/R | 535,370
3,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance | 6/23 at 100.00 | N/R (14) | 3,387,420
| Charter School, Inc. Projects, Series 2013A, 8.500%, 6/15/44 (Pre-refunded 6/15/23) |  |  |
1,575 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest | 6/27 at 100.00 | N/R | 1,696,716
| Charter Foundation Inc Projects, Series 2017A, 6.000%, 6/15/37, 144A |  |  |
18,000 | Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue | 1/24 at 107.00 | N/R | 19,439,640
| Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49 (AMT), 144A |  |  |
| Florida Development Finance Corporation, Florida, Surface Transportation Facility |  |  |
| Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A: |  |  |
7,535 | 6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A | 11/21 at 103.00 | N/R | 7,640,415
3,200 | 6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A | 11/21 at 104.00 | N/R | 3,248,480
40,225 | 6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A | 11/21 at 104.00 | N/R | 40,769,244
3,000 | Florida Development Finance Corporation, Senior Living Revenue Bonds, Glenridge on | 6/28 at 103.00 | N/R | 3,393,000
| Palmer Ranch Project, Refunding Series 2021, 5.000%, 6/01/51 |  |  |
7,000 | Florida Development Finance Corporation, Student Housing Revenue Bonds, Midtown Campus | 12/23 at 105.00 | N/R | 6,860,000
| Properties LLC Project, Series 2019, 6.875%, 12/01/38, 144A (5) |  |  |
| Greater Orlando Aviation Authority, Florida, Special Purpose Airport Facilities Revenue |  |  |
| Bonds, JetBlue Airways Corporation, Series 2013: |  |  |
2,500 | 5.000%, 11/15/26 (AMT) | 5/23 at 100.00 | N/R | 2,625,500
1,740 | 5.000%, 11/15/36 (AMT) | 5/23 at 100.00 | N/R | 1,818,822
1,380 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee | 11/21 at 100.00 | BB– | 1,382,539
| County Community Charter Schools, Series 2007A, 5.250%, 6/15/27 |  |  |
| Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue |  |  |
| Bonds, Preserve Project, Series 2017A: |  |  |
1,000 | 5.375%, 12/01/32, 144A | 12/22 at 105.00 | N/R | 1,041,200
1,100 | 5.625%, 12/01/37, 144A | 12/22 at 105.00 | N/R | 1,143,197
1,300 | 5.750%, 12/01/52, 144A | 12/22 at 105.00 | N/R | 1,334,775
690 | LT Ranch Community Development District, Sarasota County, Florida, Capital Improvement | 5/30 at 100.00 | N/R | 728,868
| Revenue Bonds, Series 2019, 4.000%, 5/01/40 |  |  |
| Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami |  |  |
| Jewish Health System Inc. Project, Series 2017: |  |  |
1,260 | 5.000%, 7/01/26 | No Opt. Call | BB+ | 1,282,970
1,000 | 5.000%, 7/01/27 | No Opt. Call | BB+ | 1,020,030
1,410 | Miami World Center Community Development District, Miami-Dade County, Florida, Special | 11/27 at 100.00 | N/R | 1,612,265
| Assessment Bonds, Series 2017, 5.125%, 11/01/39 |  |  |
4,935 | North Springs Improvement District, Browaard County, Florida, Special Assessment Bonds, | 5/28 at 100.00 | N/R | 5,495,715
| Area C, Series 2017, 5.000%, 5/01/38 |  |  |
500 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & | 10/29 at 40.38 | BBB– | 159,695
| Improvement Capital Appreciation Series 2019A-2, 0.000%, 10/01/54 |  |  |
100 | Parker Road Community Development District, Florida, Capital Improvement Revenue Bonds, | 5/30 at 100.00 | N/R | 104,643
| Refunding Series 2020, 3.875%, 5/01/40 |  |  |
125 | Portico Community Development District, Lee County, Florida, Special Assessment, | 5/30 at 100.00 | N/R | 128,219
| Refunding Improvement Series 2020-1, 3.500%, 5/01/37 |  |  |
| Seminole County Industrial Development Authority, Florida, Retirement Facility Revenue |  |  |
| Bonds, Legacy Pointe At UCF Project, Series 2019A: |  |  |
3,970 | 5.500%, 11/15/49 | 11/26 at 103.00 | N/R | 4,363,586
2,440 | 5.750%, 11/15/54 | 11/26 at 103.00 | N/R | 2,709,571
2,550 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, | 5/29 at 100.00 | N/R | 2,740,255
| Series 2019A-1, 4.750%, 5/01/50 |  |  |
80 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, | No Opt. Call | N/R | 85,273
| Series 2019A-2, 4.750%, 5/01/29 |  |  |

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NMCO | Nuveen Municipal Credit Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 1,720 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, | 11/31 at 100.00 | N/R | $ 1,981,818
| Master Infrastructure Improvements, Series 2016A-1, 6.375%, 11/01/47 |  |  |
500 | West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of | No Opt. Call | N/R | 519,955
| Development 1, Series 2017, 4.000%, 5/01/27 |  |  |
900 | Westside Community Development District, Florida, Special Assessment Revenue Bonds, | 5/29 at 100.00 | N/R | 961,911
| Refunding Series 2019, 4.125%, 5/01/38, 144A |  |  |
147,685 | Total Florida |  |  | 152,069,919
| Georgia – 2.5% (1.6% of Total Investments) |  |  |
| Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, |  |  |
| Georgia Proton Treatment Center Project, Current Interest Series 2017A-1: |  |  |
1,250 | 6.500%, 1/01/29 | 1/28 at 100.00 | N/R | 938,038
7,030 | 6.750%, 1/01/35 | 1/28 at 100.00 | N/R | 5,200,653
18,430 | 7.000%, 1/01/40 | 1/28 at 100.00 | N/R | 13,409,668
441 | Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, | No Opt. Call | Baa2 | 488,077
| Series 1998A, 4.750%, 6/01/28 – NPFG Insured |  |  |
850 | White County Development Authority, Georgia, Revenue Bonds Truett McConnell University, | 10/26 at 103.00 | N/R | 896,002
| Series 2019, 5.125%, 10/01/39 |  |  |
28,001 | Total Georgia |  |  | 20,932,438
| Guam – 0.5% (0.4% of Total Investments) |  |  |
3,860 | Guam Government, General Obligation Bonds, Series 2019, 5.000%, 11/15/31 (AMT) | 5/29 at 100.00 | BB– | 4,438,267
| Hawaii – 0.6% (0.4% of Total Investments) |  |  |
1,150 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade | 1/25 at 100.00 | Ba3 | 1,190,629
| University of Honolulu, Series 2015A, 5.000%, 1/01/45, 144A |  |  |
4,090 | Hawaii State Department of Transportation, Special Facility Revenue Bonds, Continental | 11/21 at 100.00 | B+ | 4,104,356
| Airlines Inc., Series 1997, 5.625%, 11/15/27 (AMT) |  |  |
5,240 | Total Hawaii |  |  | 5,294,985
| Illinois – 16.3% (10.5% of Total Investments) |  |  |
| Chicago, Illinois, General Obligation Bonds, Project Series 2011A: |  |  |
7,075 | 5.250%, 1/01/35 | 11/21 at 100.00 | Ba1 | 7,128,911
2,500 | 5.000%, 1/01/40 | 11/21 at 100.00 | Ba1 | 2,519,050
2,800 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 | 1/26 at 100.00 | BBB– | 3,169,852
5,000 | Chicago, Illinois, General Obligation Bonds, Series 2019A, 5.500%, 1/01/49 | 1/29 at 100.00 | BBB– | 6,006,450
3,965 | Chicago, Illinois, General Obligation Bonds, Variable Rate Demand Series 2007F, | 1/25 at 100.00 | Ba1 | 4,424,028
| 5.500%, 1/01/42 |  |  |
335 | Evergreen Park, Cook County, Illinois, Sales Tax Revenue Bonds, Evergreen Plaza | 12/29 at 100.00 | N/R | 338,333
| Development Project, Senior Lien Series 2019A, 4.375%, 12/01/36, 144A |  |  |
10,850 | Illinois Finance Authority, Revenue Bonds, Admiral at the Lake Project, Refunding Series | 5/24 at 103.00 | N/R | 11,293,114
| 2017, 5.250%, 5/15/54 |  |  |
5,000 | Illinois Finance Authority, Student Housing Revenue Bonds, CHF-Collegiate Housing | 7/25 at 100.00 | B– | 4,475,050
| Foundation – Cook LLC Northeastern Illinois University Project, Series 2015A, 5.000%, 7/01/47 |  |  |
1,000 | Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/34 | 6/26 at 100.00 | BBB– | 1,093,070
4,840 | Illinois State, General Obligation Bonds, May Series 2018A, 5.000%, 5/01/32 | 5/28 at 100.00 | BBB– | 5,749,581
890 | Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 | 5/30 at 100.00 | BBB– | 1,104,908
| Illinois State, General Obligation Bonds, November Series 2017D: |  |  |
4,600 | 5.000%, 11/01/28 | 11/27 at 100.00 | BBB– | 5,486,926
10,000 | 5.000%, 11/01/28 (UB) (7) | 11/27 at 100.00 | BBB– | 11,928,100
| Illinois State, General Obligation Bonds, November Series 2019C: |  |  |
15,000 | 4.000%, 11/01/43 | 11/29 at 100.00 | BBB– | 16,560,450
4,000 | 4.000%, 11/01/44 | 11/29 at 100.00 | BBB– | 4,407,120
3,700 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 6/22 at 100.00 | BB+ | 3,807,670
| Bonds, Refunding Series 2012A, 5.000%, 6/15/42 – NPFG Insured |  |  |

140

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Refunding Series 2012B: |  |  |
$ 3,135 | 0.010%, 12/15/50 | No Opt. Call | BB+ | $ 1,286,855
2,500 | 0.000%, 12/15/51 | No Opt. Call | BB+ | 989,250
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Refunding Series 2020A: |  |  |
6,025 | 4.000%, 6/15/50 | 12/29 at 100.00 | BB+ | 6,653,769
7,935 | 5.000%, 6/15/50 | 12/29 at 100.00 | BB+ | 9,377,900
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Series 2017A: |  |  |
22,000 | 0.000%, 12/15/56 – BAM Insured | No Opt. Call | AA | 7,833,980
22,500 | 0.010%, 12/15/56 – AGM Insured | No Opt. Call | A2 | 8,012,025
4,565 | 5.000%, 6/15/57 | 12/27 at 100.00 | BB+ | 5,275,999
10,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | No Opt. Call | BB+ | 3,560,900
| Bonds, Series 2017B, 0.000%, 12/15/56 – AGM Insured |  |  |
500 | Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment | 1/26 at 100.00 | N/R | 516,020
| Project, Senior Lien Series 2019, 5.000%, 1/01/39 |  |  |
| Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Second |  |  |
| Lien Series 2020A: |  |  |
150 | 4.000%, 1/01/38 | 1/30 at 100.00 | AA– | 174,464
120 | 4.000%, 1/01/39 | 1/30 at 100.00 | AA– | 139,264
1,000 | Yorkville United City Business District, Illinois, Storm Water and Water Improvement | 11/21 at 100.00 | N/R | 410,000
| Project Revenue Bonds, Series 2007, 4.800%, 1/01/26 (5) |  |  |
935 | Yorkville, Illinois, Special Tax Bonds, Special Service Area 2006-113 Cannoball & | 11/21 at 100.00 | N/R | 936,309
| Beecher, Series 2007, 5.750%, 3/01/28 |  |  |
162,920 | Total Illinois |  |  | 134,659,348
| Indiana – 0.8% (0.5% of Total Investments) |  |  |
140 | Anderson, Indiana, Multifamily Housing Revenue Bonds, Sweet Galilee at the Wigwam | 1/27 at 102.00 | N/R | 145,250
| Project, Series 2020A, 5.375%, 1/01/40 |  |  |
3,105 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Earlham College, | 10/23 at 100.00 | N/R | 3,278,756
| Refunding Series 2013, 5.000%, 10/01/32 |  |  |
500 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | 11/30 at 100.00 | B3 | 657,245
| Corporation Project, Series 2020, 6.750%, 5/01/39 (AMT) |  |  |
2,325 | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series | 1/24 at 100.00 | N/R | 2,602,024
| 2013, 7.000%, 1/01/44 (AMT) |  |  |
6,070 | Total Indiana |  |  | 6,683,275
| Iowa – 1.9% (1.2% of Total Investments) |  |  |
8,540 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. | 8/22 at 100.00 | Ba2 | 8,723,354
| Project, Series 2012, 4.750%, 8/01/42 |  |  |
1,320 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/23 at 100.00 | B+ | 1,422,696
| Company Project, Series 2013, 5.250%, 12/01/25 |  |  |
4,125 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/22 at 103.00 | BB– | 4,409,996
| Company Project, Series 2018A, 5.250%, 12/01/50 (Mandatory Put 12/01/33) |  |  |
750 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/22 at 105.00 | BB– | 816,143
| Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/37) |  |  |
14,735 | Total Iowa |  |  | 15,372,189
| Kansas – 0.4% (0.3% of Total Investments) |  |  |
1,750 | Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak | 11/21 at 100.00 | BBB | 1,750,595
| Park Mall Project, Series 2010, 5.900%, 4/01/32 |  |  |
1,365 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation | 9/25 at 100.00 | N/R | 1,377,080
| Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32 |  |  |
3,115 | Total Kansas |  |  | 3,127,675

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NMCO | Nuveen Municipal Credit Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Louisiana – 1.7% (1.1% of Total Investments) |  |  |
$ 7,005 | Louisiana Local Government Environmental Facilities and Community Development Authority, | 11/29 at 100.00 | N/R | $ 7,530,725
| Louisiana, Revenue Bonds, Jefferson Parish GOMESA Project, Series 2019, 4.000%, 11/01/44, 144A |  |  |
260 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles College Prep | 6/27 at 100.00 | N/R | 268,803
| Project, Series 2019A, 5.000%, 6/01/58, 144A |  |  |
200 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | No Opt. Call | BB– | 258,688
| 2008, 6.100%, 6/01/38 (Mandatory Put 6/01/30), 144A |  |  |
1,235 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | 6/30 at 100.00 | BB– | 1,621,308
| 2010, 6.350%, 7/01/40, 144A |  |  |
800 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | 6/30 at 100.00 | BB– | 1,050,240
| 2010A, 6.350%, 10/01/40, 144A |  |  |
695 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | No Opt. Call | BB– | 898,941
| 2010B, 6.100%, 12/01/40 (Mandatory Put 6/01/30), 144A |  |  |
1,085 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | No Opt. Call | BB– | 1,226,213
| 2011, 5.850%, 8/01/41 (Mandatory Put 6/01/25), 144A |  |  |
975 | Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation | No Opt. Call | BBB– | 991,965
| Project, Refunding Series 2017A-1, 2.000%, 6/01/37 (Mandatory Put 4/01/23) |  |  |
12,255 | Total Louisiana |  |  | 13,846,883
| Maryland – 0.9% (0.6% of Total Investments) |  |  |
| Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: |  |  |
1,480 | 5.000%, 9/01/24 | No Opt. Call | CCC | 1,547,621
1,000 | 5.000%, 9/01/39 | 9/27 at 100.00 | CCC | 1,057,340
680 | 5.000%, 9/01/46 | 9/27 at 100.00 | CCC | 714,877
2,000 | Maryland Economic Development Corporation, Private Activity Revenue Bonds FCP, Purple | 11/21 at 100.00 | B– | 2,007,300
| Line Light Rail Project, Green Bonds, Series 2016B, 5.000%, 9/30/26 (AMT) |  |  |
2,000 | Maryland Economic Development Corporation, Private Activity Revenue Bonds RSA, Purple | 11/21 at 100.00 | B– | 2,007,300
| Line Light Rail Project, Green Bonds, Series 2016A, 5.000%, 3/31/24 (AMT) |  |  |
7,160 | Total Maryland |  |  | 7,334,438
| Massachusetts – 1.9% (1.2% of Total Investments) |  |  |
1,620 | Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, | 6/26 at 100.00 | N/R | 1,724,166
| 5.000%, 6/15/54 |  |  |
| Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital |  |  |
| Issue, Series 2017: |  |  |
1,000 | 5.000%, 7/01/37 | 7/27 at 100.00 | B– | 978,710
3,900 | 5.000%, 7/01/42 | 7/27 at 100.00 | B– | 3,727,932
9,500 | 5.000%, 7/01/47 | 7/27 at 100.00 | B– | 8,935,700
16,020 | Total Massachusetts |  |  | 15,366,508
| Michigan – 0.5% (0.3% of Total Investments) |  |  |
40 | Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Refunding | 11/27 at 102.00 | BB | 43,756
| Series 2019, 5.000%, 11/01/44 |  |  |
74,130 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue | 6/33 at 11.41 | N/R | 3,770,993
| Bonds, Capital Appreciation Turbo Term Series 2008C, 0.010%, 6/01/58 |  |  |
74,170 | Total Michigan |  |  | 3,814,749
| Minnesota – 0.7% (0.4% of Total Investments) |  |  |
500 | Bethel, Minnesota Charter School Lease Revenue Bonds, Partnership Academy Project, | 7/26 at 102.00 | N/R | 536,235
| Series 2018A, 5.000%, 7/01/53 |  |  |
1,300 | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy | 7/25 at 100.00 | N/R | 1,384,032
| Project, Series 2015A, 5.750%, 7/01/46 |  |  |
2,440 | Columbia Heights, Minnesota, Charter School Lease Revenue Bonds, Prodeo Academy Project, | 7/27 at 102.00 | N/R | 2,600,381
| Series 2019A, 5.000%, 7/01/54 |  |  |
130 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Friendship Academy of the | 12/27 at 100.00 | N/R | 138,472
| Arts Project, Series 2019A, 5.250%, 12/01/52, 144A |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Minnesota (continued) |  |  |
$ 30 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep | 7/30 at 100.00 | N/R | $ 32,821
| Project, Series 2020A, 5.000%, 7/01/40 |  |  |
1,000 | Scanlon, Minnesota, Health Care Facilities Revenue Bonds, Duluth Health Services | 3/25 at 101.00 | N/R | 907,900
| Project, Refunding Series 2020, 3.950%, 3/01/50 |  |  |
5,400 | Total Minnesota |  |  | 5,599,841
| Missouri – 0.0% (0.0% of Total Investments) |  |  |
315 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series | 8/26 at 100.00 | Ba1 | 338,370
| 2016, 4.000%, 8/01/38 |  |  |
| Nevada – 3.2% (2.1% of Total Investments) |  |  |
9,385 | Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue | 8/28 at 100.00 | N/R | 10,036,413
| Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2018, 6.950%, 2/15/38 (AMT), 144A |  |  |
2,000 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 2/31 at 100.00 | N/R | 2,127,320
| Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020, 6.750%, 2/15/38, 144A |  |  |
| Director of Nevada State Department of Business & Industry, Environmental Improvement |  |  |
| Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017: |  |  |
2,259 | 5.875%, 12/15/27 (AMT), 144A | No Opt. Call | N/R | 2,517,959
340 | 6.250%, 12/15/37 (AMT), 144A | 12/27 at 100.00 | N/R | 360,672
2,750 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 8/29 at 100.00 | N/R | 2,749,725
| Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, 5.750%, 2/15/38 (AMT), 144A |  |  |
52,500 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, | 7/38 at 31.26 | N/R | 8,953,875
| ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018C, 0.010%, 7/01/58, 144A |  |  |
69,234 | Total Nevada |  |  | 26,745,964
| New Hampshire – 0.1% (0.0% of Total Investments) |  |  |
470 | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta | 7/23 at 100.00 | B | 490,022
| Project, Refunding Series 2018C, 4.875%, 11/01/42 (AMT), 144A |  |  |
| New Jersey – 4.0% (2.6% of Total Investments) |  |  |
4,000 | New Jersey Economic Development Authority Revenue Bonds, Black Horse EHT Urban Renewal | 10/27 at 102.00 | N/R | 4,081,000
| LLC Project, Series 2019A, 5.000%, 10/01/39, 144A |  |  |
1,500 | New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, | 1/24 at 100.00 | N/R | 1,530,405
| Series 2014, 5.000%, 1/01/34 |  |  |
5,475 | New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal | 1/28 at 102.00 | N/R | 5,551,541
| LLC Project, Series 2020, 5.000%, 1/01/40, 144A |  |  |
7,500 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | 9/22 at 100.00 | B | 7,718,175
| Airlines Inc., Refunding Series 2012, 5.750%, 9/15/27 (AMT) |  |  |
2,500 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | 8/22 at 101.00 | B+ | 2,597,050
| Airlines Inc., Series 1999, 5.250%, 9/15/29 (AMT) |  |  |
15,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | BBB | 9,292,350
| 2009A, 0.000%, 12/15/39 (UB) (7) |  |  |
| South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Subordinate |  |  |
| Series 2017B: |  |  |
1,260 | 5.000%, 1/01/37 (AMT) | 1/28 at 100.00 | Baa1 | 1,475,258
500 | 5.000%, 1/01/42 (AMT) | 1/28 at 100.00 | Baa1 | 580,030
37,735 | Total New Jersey |  |  | 32,825,809
| New Mexico – 1.3% (0.8% of Total Investments) |  |  |
9,500 | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian | 8/29 at 100.00 | Aa3 | 9,916,005
| Healthcare Services, Series 2019A, 3.000%, 8/01/48 |  |  |
825 | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross | 11/23 at 103.00 | N/R | 842,853
| Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A |  |  |
10,325 | Total New Mexico |  |  | 10,758,858

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NMCO | Nuveen Municipal Credit Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York – 11.2% (7.2% of Total Investments) |  |  |
$ 950 | Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College | 11/24 at 100.00 | BB | $ 1,041,704
| of New York, Series 2014, 5.250%, 11/01/34 |  |  |
1,120 | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of | 9/25 at 100.00 | N/R | 1,257,648
| Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A |  |  |
2,910 | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | 12/30 at 100.00 | N/R | 2,972,390
| School, Series 2020A-1, 5.500%, 6/01/55, 144A |  |  |
1,590 | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | 12/30 at 100.00 | N/R | 1,654,681
| School, Series 2020C-1, 5.000%, 6/01/55, 144A |  |  |
450 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, | 8/28 at 100.00 | BBB– | 505,953
| Series 2018A, 4.000%, 8/01/38 |  |  |
36,150 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | 11/21 at 5.55 | N/R | 1,897,152
| Asset-Backed Bonds, Series 2006A, 0.000%, 6/01/60, 144A |  |  |
650 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/30 at 100.00 | N/R | 727,929
| Academy Charter School Project, Series 2020A, 5.730%, 2/01/50 |  |  |
1,570 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 5/30 at 100.00 | BBB+ | 1,890,641
| Climate Bond Certified Series 2020C-1, 5.250%, 11/15/55 |  |  |
5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 11/23 at 100.00 | BBB+ | 5,408,650
| 2014A-1, 5.250%, 11/15/39 (UB) (7) |  |  |
5,900 | New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 4.000%, | 8/30 at 100.00 | AA– | 6,873,205
| 8/01/39 (UB) (7) |  |  |
12,500 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 13,637,750
| Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A |  |  |
| New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade |  |  |
| Center Project, Class 2 Series 2014: |  |  |
3,235 | 5.150%, 11/15/34, 144A | 11/24 at 100.00 | N/R | 3,594,344
6,960 | 5.375%, 11/15/40, 144A | 11/24 at 100.00 | N/R | 7,724,626
| New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, |  |  |
| American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016: |  |  |
8,170 | 5.000%, 8/01/26 (AMT) | 11/21 at 100.00 | B– | 8,186,258
3,000 | 5.000%, 8/01/31 (AMT) | 11/21 at 100.00 | B– | 3,005,850
875 | New York Transportation Development Corporation, New York, Special Facility Revenue | 8/30 at 100.00 | B– | 1,092,560
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, |  |  |
| 5.375%, 8/01/36 (AMT) |  |  |
| New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta |  |  |
| Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020: |  |  |
2,450 | 5.000%, 10/01/40 (AMT) | 10/30 at 100.00 | BB+ | 3,010,437
2,775 | 4.375%, 10/01/45 (AMT) | 10/30 at 100.00 | BB+ | 3,185,284
| Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel |  |  |
| Center Project, Refunding Series 2016A: |  |  |
2,950 | 5.000%, 1/01/32 (AMT) | 1/26 at 100.00 | CC | 2,820,229
3,000 | 5.000%, 1/01/33 (AMT) | 1/26 at 100.00 | CC | 2,860,260
2,500 | 5.000%, 1/01/35 (AMT) | 1/26 at 100.00 | CC | 2,361,250
2,775 | 5.000%, 1/01/36 (AMT) | 1/26 at 100.00 | CC | 2,611,608
12,700 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 13,697,839
120,180 | Total New York |  |  | 92,018,248
| Ohio – 9.6% (6.2% of Total Investments) |  |  |
89,235 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | 13,944,753
| Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, |  |  |
| 0.000%, 6/01/57 |  |  |
325 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | BBB+ | 327,447
| Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 3.000%, 6/01/48 |  |  |
16,255 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 18,253,227
| Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Ohio (continued) |  |  |
| Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center |  |  |
| Project, Liberty Community Authority, Series 2014C: |  |  |
$ 535 | 5.000%, 12/01/24 | 12/22 at 100.00 | N/R | $ 542,431
1,000 | 5.750%, 12/01/34 | 12/22 at 100.00 | N/R | 1,008,060
1,000 | 6.000%, 12/01/43 | 12/22 at 100.00 | N/R | 1,008,140
7,610 | Cleveland, Ohio, Airport Special Revenue Bonds, Continental Airlines Inc. Project, | 11/21 at 100.00 | B | 7,635,265
| Series 1998, 5.375%, 9/15/27 (AMT) |  |  |
| Evans Farm New Community Authority, Ohio, Community Development Charge Revenue Bonds, |  |  |
| Evans Farm Mixed-Use Project, Series 2020: |  |  |
2,170 | 3.750%, 12/01/38 | 6/29 at 100.00 | N/R | 2,234,905
140 | 4.000%, 12/01/46 | 6/29 at 100.00 | N/R | 143,256
5,000 | Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, Greater | 12/29 at 100.00 | BBB– | 5,750,700
| Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51 |  |  |
940 | Hilliard Hickory Chase Community Authority, Ohio, Infrastructure Improvement Revenue | 12/29 at 100.00 | N/R | 1,010,021
| Bonds, Hickory Chase Project, Senior Series 2019A, 5.000%, 12/01/40, 144A |  |  |
5,020 | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, | No Opt. Call | N/R | 6,275
| FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/22 |  |  |
14,950 | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG | 7/29 at 100.00 | B– | 17,092,933
| Vanadium Project, Series 2019, 5.000%, 7/01/49 (AMT), 144A |  |  |
2,085 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 2,606
| FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 |  |  |
4,140 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 5,175
| FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (5) |  |  |
2,895 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 2,939,583
| FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.375%, 6/01/33 |  |  |
| (Mandatory Put 6/01/22) |  |  |
2,000 | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, AK Steel Holding | 2/22 at 100.00 | CCC+ | 2,019,760
| Corporation, Refunding Series 2012A, 6.750%, 6/01/24 (AMT) |  |  |
2,470 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy | No Opt. Call | N/R | 3,088
| Generating Corporation Project, Refunding Series 2006A, 3.000%, 5/15/49 (5) |  |  |
2,000 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 2,500
| Generating Corporation Project, Refunding Series 2010C, 4.000%, 6/01/33 |  |  |
2,510 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 3,138
| Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (5) |  |  |
2,015 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 2,046,031
| Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory Put 6/01/22) |  |  |
1,000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment | 11/30 at 100.00 | N/R | 1,012,610
| Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, |  |  |
| Senior Lien Series 2019A, 5.000%, 11/01/51 |  |  |
1,000 | Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series | 12/27 at 103.00 | N/R | 1,144,130
| 2020A, 7.000%, 12/01/42 (AMT), 144A |  |  |
1,000 | Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series | 12/26 at 105.00 | N/R | 1,176,560
| 2020B, 10.000%, 12/01/27 (AMT), 144A |  |  |
167,295 | Total Ohio |  |  | 79,312,594
| Oklahoma – 0.9% (0.6% of Total Investments) |  |  |
2,475 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., | 6/23 at 100.00 | N/R | 2,628,797
| Refunding Series 2000B, 5.500%, 6/01/35 (AMT) |  |  |
860 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., | 6/23 at 100.00 | N/R | 913,440
| Refunding Series 2001B, 5.500%, 12/01/35 (AMT) |  |  |
3,475 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., | 6/25 at 100.00 | B– | 3,868,300
| Refunding Series 2015, 5.000%, 6/01/35 (AMT) (Mandatory Put 6/01/25) |  |  |
6,810 | Total Oklahoma |  |  | 7,410,537

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NMCO | Nuveen Municipal Credit Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Oregon – 0.0% (0.0% of Total Investments) |  |  |
$ 100 | Oregon Facilities Authority, Revenue Bonds, Metro East Web Academy Project, Series | 6/27 at 102.00 | N/R | $ 107,266
| 2019A, 5.000%, 6/15/49, 144A |  |  |
| Pennsylvania – 6.8% (4.4% of Total Investments) |  |  |
600 | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental | 12/21 at 100.00 | B3 | 602,334
| Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, |  |  |
| 6.750%, 12/01/27 |  |  |
1,125 | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental | 8/22 at 100.00 | B3 | 1,152,079
| Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, |  |  |
| 8/01/42 (AMT) |  |  |
| Allegheny County Industrial Development Authority, Pennsylvania, Environmental |  |  |
| Improvement Revenue Bonds, United States Steel Corp., Refunding Series 2019: |  |  |
5,970 | 4.875%, 11/01/24 | No Opt. Call | B3 | 6,508,434
6,995 | 5.125%, 5/01/30 | No Opt. Call | B3 | 8,438,208
355 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/31 at 100.00 | N/R | 437,612
| Bonds, 615 Waterfront Project, Senior Series 2021, 6.000%, 5/01/42, 144A |  |  |
| Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue |  |  |
| Bonds, FirstEnergy Generation Project, Refunding Series 2006A: |  |  |
3,300 | 4.375%, 1/01/35 (Mandatory Put 7/01/22) | No Opt. Call | N/R | 3,354,219
560 | 3.500%, 4/01/41 (5) | No Opt. Call | N/R | 700
1,440 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 1,800
| Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (5) |  |  |
1,025 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 1,281
| Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008A, 2.700%, 4/01/35 (5) |  |  |
5,355 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 6,694
| Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (5) |  |  |
1,555 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | 4/31 at 100.00 | N/R | 1,606,346
| Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 |  |  |
| (Mandatory Put 4/01/21) |  |  |
2,565 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University | 10/29 at 100.00 | BB+ | 2,830,734
| Project, Series 2020, 5.000%, 10/01/49 |  |  |
3,100 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital & | 5/22 at 100.00 | B+ | 3,133,232
| Medical Center Project, Series 2012A, 5.000%, 11/01/44 |  |  |
1,000 | Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, | 12/25 at 100.00 | N/R | 1,048,010
| Simpson Senior Services Project, Series 2015A, 5.000%, 12/01/30 |  |  |
| Chester County Industrial Development Authority, Pennsylvania, Revenue Bonds, Collegium |  |  |
| Chater School Project, Series 2017A: |  |  |
1,870 | 5.125%, 10/15/37 | 4/27 at 100.00 | BB | 2,103,507
3,250 | 5.250%, 10/15/47 | 4/27 at 100.00 | BB | 3,618,712
| Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Asbury Pennsylvania |  |  |
| Obligated Group, Refunding Series 2019: |  |  |
2,160 | 5.000%, 1/01/39 | 1/25 at 104.00 | N/R | 2,368,699
1,240 | 5.000%, 1/01/45 | 1/25 at 104.00 | N/R | 1,352,642
3,555 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of | 10/28 at 100.00 | BB | 4,370,304
| Science & Technology Project, Series 2020, 6.250%, 10/15/53, 144A |  |  |
1,720 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | 6/30 at 100.00 | N/R | 1,844,408
| KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1, 10.000%, 12/01/40, 144A |  |  |
1,720 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | 6/30 at 100.00 | N/R | 1,844,408
| KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, 10.000%, 12/01/40 (AMT), 144A |  |  |
1,270 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | No Opt. Call | N/R | 1,264,501
| KDC Agribusiness Fairless Hills LLC Project, Series 2021A, 10.000%, 12/01/31 |  |  |
7,950 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue | 9/25 at 100.00 | CCC | 6,083,737
| Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 |  |  |
1,025 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the | 11/25 at 100.00 | BBB | 1,175,706
| Sciences in Philadelphia, Series 2015A, 5.000%, 11/01/27 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Pennsylvania (continued) |  |  |
$ 545 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana | 12/27 at 100.00 | N/R | $ 580,877
| Bracetti Academy Project, Series 2020A, 5.375%, 6/15/50, 144A |  |  |
61,250 | Total Pennsylvania |  |  | 55,729,184
| Puerto Rico – 13.8% (8.9% of Total Investments) |  |  |
| Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: |  |  |
2,415 | 5.000%, 7/01/33 | 7/22 at 100.00 | CCC | 2,489,092
2,085 | 6.000%, 7/01/47 | 7/22 at 100.00 | CCC | 2,162,333
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A: |  |  |
2,070 | 3.957%, 7/01/29 (5) | 7/22 at 100.00 | D | 2,028,600
3,170 | 3.957%, 7/01/42 (5) | 7/22 at 100.00 | D | 3,106,600
1,000 | 3.961%, 7/01/42 (5) | 7/22 at 100.00 | D | 980,000
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT: |  |  |
130 | 3.957%, 7/01/22 (5) | 6/21 at 100.00 | N/R | 127,400
3,750 | 3.957%, 7/01/26 (5) | 11/21 at 100.00 | D | 3,675,000
310 | 3.957%, 7/01/32 (5) | 11/21 at 100.00 | D | 303,800
1,860 | 3.957%, 7/01/37 (5) | 11/21 at 100.00 | D | 1,822,800
1,750 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, | No Opt. Call | D | 1,898,698
| 7/01/32 – NPFG Insured |  |  |
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA: |  |  |
1,124 | 3.978%, 7/01/28 (5) | 11/21 at 100.00 | D | 1,105,735
468 | 3.978%, 7/01/29 (5) | 11/21 at 100.00 | D | 460,395
346 | 3.978%, 7/01/31 (5) | 11/21 at 100.00 | D | 340,378
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC: |  |  |
2,995 | 3.957%, 7/01/28 (5) | 11/21 at 100.00 | D | 2,935,100
500 | 3.978%, 7/01/28 (5) | 11/21 at 100.00 | D | 491,875
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX: |  |  |
100 | 3.978%, 7/01/27 (5) | 11/21 at 100.00 | D | 98,375
4,000 | 3.978%, 7/01/35 (5) | 11/21 at 100.00 | D | 3,935,000
400 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ, | 11/21 at 100.00 | D | 393,500
| 3.978%, 7/01/24 (5) |  |  |
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A: |  |  |
5,000 | 4.123%, 7/01/33 (5) | 7/23 at 100.00 | D | 5,043,750
10,000 | 4.102%, 7/01/36 (5) | 7/23 at 100.00 | D | 10,062,500
1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2016A-4-RSA-1, | No Opt. Call | N/R | 1,030,000
| 4.371%, 7/01/21 (5) |  |  |
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW: |  |  |
190 | 3.988%, 7/01/22 (5) | 11/21 at 100.00 | D | 187,150
373 | 3.988%, 7/01/23 (5) | 11/21 at 100.00 | D | 367,405
25 | 3.978%, 7/01/33 (5) | 11/21 at 100.00 | D | 24,594
2,525 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, | No Opt. Call | Baa2 | 2,744,776
| 5.250%, 7/01/35 – NPFG Insured |  |  |
3,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, | No Opt. Call | A3 | 3,239,340
| 5.250%, 7/01/36 – AGC Insured |  |  |
5,465 | Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, | 7/22 at 100.00 | N/R | 5,451,337
| Series 2012U, 1.630%, 7/01/42 (5) |  |  |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: |  |  |
22,095 | 0.010%, 7/01/46 | 7/28 at 41.38 | N/R | 7,202,764
49,582 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 11,739,610
– (8) | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 88
42,865 | Puerto Rico, General Obligation Bonds, Series 2014A, 1.990%, 7/01/35 (5) | 11/21 at 100.00 | N/R | 37,828,362
500 | University of Puerto Rico, University System Revenue Bonds, Series 2006Q, | 11/21 at 100.00 | CC | 496,250
| 5.000%, 6/01/24 |  |  |
171,093 | Total Puerto Rico |  |  | 113,772,607

147

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NMCO | Nuveen Municipal Credit Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| South Carolina – 0.1% (0.1% of Total Investments) |  |  |
$ 430 | Berkeley County, South Carolina, Special Assessment Revenue Bonds, Nexton Improvement | 11/29 at 100.00 | N/R | $ 476,272
| District, Series 2019, 4.375%, 11/01/49 |  |  |
400 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 1/30 at 100.00 | N/R | 416,008
| Hilton Head Christian Academy, Series 2020, 5.000%, 1/01/55, 144A |  |  |
830 | Total South Carolina |  |  | 892,280
| Tennessee – 0.8% (0.5% of Total Investments) |  |  |
1,000 | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle | No Opt. Call | N/R | 589,020
| Project, Capital Appreciation Series 2016B, 0.010%, 12/01/31, 144A |  |  |
4,000 | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle | 12/26 at 100.00 | N/R | 3,794,080
| Project, Series 2016A, 5.125%, 12/01/42, 144A |  |  |
2,000 | Knox County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Bonds, | 11/24 at 100.00 | N/R | 830,000
| Provision Center for Proton Therapy Project, Series 2014, 5.250%, 5/01/25, 144A (5) |  |  |
1,000 | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, | 7/27 at 100.00 | N/R | 940,610
| Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, |  |  |
| 5.625%, 1/01/46 |  |  |
1,500 | The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue | No Opt. Call | N/R | 450,000
| Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 6.500%, |  |  |
| 6/01/27, 144A (5) |  |  |
9,500 | Total Tennessee |  |  | 6,603,710
| Texas – 2.6% (1.7% of Total Investments) |  |  |
| Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, |  |  |
| Refunding First Tier Series 2017A: |  |  |
500 | 5.000%, 1/01/31 | 1/27 at 100.00 | BB+ | 561,815
500 | 5.000%, 1/01/32 | 1/27 at 100.00 | BB+ | 561,295
| Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, |  |  |
| Refunding Second Tier Series 2017B: |  |  |
540 | 5.000%, 1/01/25 | No Opt. Call | B | 581,013
475 | 5.000%, 1/01/29 | 1/27 at 100.00 | B | 518,914
850 | 5.000%, 1/01/34 | 1/27 at 100.00 | B | 914,294
4,665 | Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines | 11/21 at 100.00 | B | 4,690,704
| Inc. – Terminal Improvement Project, Refunding Series 2011, 6.500%, 7/15/30 (AMT) |  |  |
650 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | 7/24 at 100.00 | B | 704,684
| Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (AMT) |  |  |
250 | Leander, Texas, Special Assessment Revenue Bonds, Deerbrooke Public Improvement District | 9/26 at 100.00 | N/R | 257,595
| Southern Improvement Area Project, Series 2017, 4.750%, 9/01/37, 144A |  |  |
200 | Manor, Texas, Special Assessment Revenue Bonds, Lagos Public Improvement District Major | 9/30 at 100.00 | N/R | 217,020
| Improvement Area Project, Series 2020, 4.625%, 9/15/49, 144A |  |  |
520 | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue | 8/24 at 100.00 | N/R | 540,904
| Bonds, Beta Academy, Series 2019A, 5.000%, 8/15/49, 144A |  |  |
5,795 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue | 1/28 at 103.00 | N/R | 5,627,872
| Bonds, Sanctuary LTC LLC Project, Series 2021A-1, 5.500%, 1/01/57 |  |  |
625 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/26 at 100.00 | N/R (14) | 741,050
| Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus |  |  |
| Christi Project, Series, 5.000%, 4/01/48 (Pre-refunded 4/01/26) |  |  |
400 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | N/R (14) | 442,016
| Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, |  |  |
| Series 2014A, 5.000%, 4/01/29 (Pre-refunded 4/01/24) |  |  |
110 | North Richland Hills, Texas, Special Assessment Revenue Bonds, City Point Public | 9/30 at 100.00 | N/R | 117,974
| Improvement District Zone B Project, Series 2019, 5.375%, 9/01/50, 144A |  |  |
145 | Royse City, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Public | 9/27 at 100.00 | N/R | 156,693
| improvement District Improvement Area 2 Project, Series 2019, 4.750%, 9/15/49, 144A |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 1,930 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement | 11/25 at 100.00 | N/R | $ 1,100,100
| Facility Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2015A, |  |  |
| 0.000%, 11/15/35 (5) |  |  |
| Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement |  |  |
| Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2016A: |  |  |
1,000 | 6.375%, 2/15/41 (5) | 2/27 at 100.00 | N/R | 700,000
4,575 | 6.375%, 2/15/48 (5) | 2/27 at 100.00 | N/R | 3,202,500
23,730 | Total Texas |  |  | 21,636,443
| Utah – 0.4% (0.2% of Total Investments) |  |  |
2,000 | Military Installation Development Authority, Tax Allocation Revenue Bonds, Series | 9/26 at 103.00 | N/R | 1,913,800
| 2021A-2, 4.000%, 6/01/52 |  |  |
1,000 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Leadership Learning | 6/27 at 102.00 | N/R | 1,086,970
| Academy Project, Series 2019A, 5.000%, 6/15/50, 144A |  |  |
3,000 | Total Utah |  |  | 3,000,770
| Virgin Islands – 3.6% (2.3% of Total Investments) |  |  |
710 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding | 10/22 at 100.00 | N/R | 704,078
| Series 2012A, 5.000%, 10/01/32 |  |  |
16,000 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding | 10/24 at 100.00 | N/R | 15,942,400
| Series 2014C, 5.000%, 10/01/30 |  |  |
435 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital | No Opt. Call | N/R | 437,297
| Series 2014A, 5.000%, 10/01/24 |  |  |
1,000 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, | 11/21 at 100.00 | Caa3 | 985,190
| Subordinate Lien Series 2010B, 5.250%, 10/01/29 |  |  |
11,685 | Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo | 11/21 at 100.00 | Caa3 | 11,780,116
| Project, Series 2009A, 6.625%, 10/01/29 |  |  |
29,830 | Total Virgin Islands |  |  | 29,849,081
| Virginia – 1.2% (0.8% of Total Investments) |  |  |
| Roanoke Economic Development Authority, Virginia Residential Care Facility Revenue |  |  |
| Bonds, Richfield Living, Series 2020: |  |  |
5,870 | 5.000%, 9/01/50 (5) | 9/27 at 103.00 | N/R | 5,253,239
4,840 | 5.125%, 9/01/55 (5) | 9/27 at 103.00 | N/R | 4,357,694
538 | Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, | No Opt. Call | N/R | 572,605
| Provident Resource Group – Rixey Student Housing Project, Series 2019B, 6.525%, 7/01/52, |  |  |
| 144A (cash 7.500%, PIK 7.500%) |  |  |
11,248 | Total Virginia |  |  | 10,183,538
| Washington – 0.3% (0.2% of Total Investments) |  |  |
1,125 | Port of Seattle Industrial Development Corporation, Washington, Special Facilities | 4/23 at 100.00 | BB | 1,187,753
| Revenue Refunding Bonds, Delta Air Lines, Inc. Project, Series 2012, 5.000%, 4/01/30 (AMT) |  |  |
1,000 | Washington State Housing Finance Commission, Nonprofit Housing Revenue Bonds, Rockwood | 1/26 at 103.00 | N/R | 1,057,230
| Retirement Communities Project, Series 2020A, 5.000%, 1/01/51, 144A |  |  |
2,125 | Total Washington |  |  | 2,244,983
| West Virginia – 0.6% (0.4% of Total Investments) |  |  |
| Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, |  |  |
| University Town Centre Economic Opportunity Development District, Refunding & |  |  |
| Improvement Series 2017A: |  |  |
3,000 | 5.500%, 6/01/37, 144A | 6/27 at 100.00 | N/R | 3,409,050
625 | 5.750%, 6/01/43, 144A | 6/27 at 100.00 | N/R | 711,319
1,000 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue | 1/25 at 100.00 | B | 1,052,540
| Bonds, Arch Resources Project, Series 2021, 4.125%, 7/01/45 (AMT) (Mandatory Put 7/01/25) |  |  |
4,625 | Total West Virginia |  |  | 5,172,909

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NMCO | Nuveen Municipal Credit Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Wisconsin – 8.5% (5.5% of Total Investments) |  |  |
| Public Finance Authority of Wisconsin, Charter School Revenue Bonds, 21st Century Public |  |  |
| Academy Project, Series 2020A: |  |  |
$ 750 | 5.000%, 6/01/40, 144A | 6/28 at 102.00 | N/R | $ 813,187
1,340 | 5.000%, 6/01/49, 144A | 6/28 at 102.00 | N/R | 1,429,445
365 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community | 6/26 at 100.00 | N/R | 384,962
| School Bonds, North Carolina, Series 2019A, 5.000%, 6/15/49, 144A |  |  |
| Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina |  |  |
| Charter Educational Foundation Project, Series 2016A: |  |  |
3,000 | 5.000%, 6/15/36, 144A | 6/26 at 100.00 | N/R | 3,117,540
4,240 | 5.000%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 4,348,629
2,000 | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie | 10/29 at 100.00 | N/R | 2,093,160
| College, Series 2019A, 5.875%, 10/01/54, 144A |  |  |
| Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American |  |  |
| Dream @ Meadowlands Project, Series 2017A: |  |  |
12,695 | 6.250%, 8/01/27, 144A | No Opt. Call | N/R | 13,562,830
1,125 | 6.750%, 8/01/31, 144A | No Opt. Call | N/R | 1,197,551
| Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American |  |  |
| Dream @ Meadowlands Project, Series 2017: |  |  |
555 | 6.500%, 12/01/37, 144A | 12/27 at 100.00 | N/R | 599,966
13,915 | 7.000%, 12/01/50, 144A | 12/27 at 100.00 | N/R | 15,273,939
215 | Public Finance Authority of Wisconsin, Retirement Facility Revenue Bonds, Shalom Park | No Opt. Call | N/R | 150,171
| Development Project, Series 2019, 0.000%, 12/31/24, 144A |  |  |
1,000 | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, | 10/27 at 100.00 | N/R | 652,500
| Senior Series 2017B, 8.500%, 10/01/47, 144A |  |  |
| Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., |  |  |
| Series 2017A: |  |  |
255 | 5.000%, 12/01/27 | No Opt. Call | BBB– | 284,057
1,765 | 5.200%, 12/01/37 | 12/27 at 100.00 | BBB– | 2,087,942
2,000 | Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, | 7/28 at 100.00 | N/R | 1,913,200
| Senior Series 2018A, 7.000%, 7/01/48, 144A |  |  |
635 | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health | 4/30 at 100.00 | BB | 740,093
| Sciences, Series 2020, 5.000%, 4/01/50, 144A |  |  |
5,000 | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group | 7/31 at 100.00 | N/R | 5,151,000
| Aviation Facilities Project, Series 2021, 4.250%, 7/01/54 (AMT) |  |  |
| Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment |  |  |
| Center, Series 2018A-1: |  |  |
5,885 | 6.125%, 1/01/33, 144A | 1/28 at 100.00 | N/R | 4,829,290
250 | 6.250%, 1/01/38, 144A | 1/28 at 100.00 | N/R | 197,333
8,735 | 6.375%, 1/01/48, 144A | 1/28 at 100.00 | N/R | 6,650,742
4,500 | Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral | 12/30 at 29.95 | A1 | 1,014,975
| Obligation Junior Series 2020D, 0.000%, 12/15/60 – AGM Insured |  |  |
3,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint | 11/26 at 103.00 | N/R | 3,306,660
| Camillus Health System Inc, Series 2019A, 5.000%, 11/01/54 |  |  |
73,225 | Total Wisconsin |  |  | 69,799,172
$ 1,645,656 | Total Municipal Bonds (cost $1,158,304,278) |  |  | 1,233,721,948

Shares | Description (1) | Value
| COMMON STOCKS – 5.0% (3.2% of Total Investments) |
| Electric Utilities – 5.0% (3.2% of Total Investments) |
859,113 | Energy Harbor Corp (9), (10), (11) | $ 41,130,035
| Total Common Stocks (cost $24,407,228) | 41,130,035

150

Table of Contents

Shares | Description (1) | Value
| EXCHANGE-TRADED FUNDS – 0.2% (0.1% of Total Investments) |
32 | VanEck Vectors High Yield Muni ETF | $ 1,986,880
| Total Exchange-Traded Funds (cost $2,058,659) | 1,986,880
| Total Long-Term Investments (cost $1,184,770,165) | 1,276,838,863

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| SHORT-TERM INVESTMENTS – 0.1% (0.1% of Total Investments) |  |  |
| MUNICIPAL BONDS – 0.1% (0.1% of Total Investments) |  |  |
| Illinois – 0.1% (0.1% of Total Investments) |  |  |
$ 962 | Yorkville United City, Kendall County, Illinois, Sales Tax Revenue Bonds, Kendall Marketplace | 11/21 at 100.00 | N/R | $ 865,417
| Project, Series 2007, 6.000%, 1/01/26 (5), (12) |  |  |
$ 962 | Total Short-Term Investments (cost $798,107) |  |  | 865,417
| Total Investments (cost $1,185,568,272)–155.0% |  |  | 1,277,704,280
| Floating Rate Obligations – (3.1)% |  |  | (25,822,000)
| MuniFund Preferred Shares, net of deferred offering costs – (54.5)% (13) |  |  | (448,908,240)
| Other Assets Less Liabilities – 2.6% |  |  | 21,297,334
| Net Assets Applicable to Common Shares – 100% |  |  | $ 824,271,374

(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 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.

(5) |  | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(6) |  | Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.

(7) |  | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(8) |  | Principal Amount (000) rounds to less than $1,000.

(9) |  | Common Stock received as part of the bankruptcy settlements during February 2020 Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35, Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006A, 3.000%, 5/15/20, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010C, 4.000%, 6/01/33.

(10) |  | For fair value measurement disclosure purposes, investment classified as Level 2.

(11) |  | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(12) |  | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.

(13) |  | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 35.1%.

(14) |  | 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.

144A |  | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

AMT |  | Alternative Minimum Tax

ETF |  | Exchange-Traded Fund

PIK |  | Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.

UB |  | Underlying bond of an inverse floating rate trust reflected as a financing transaction.

See accompanying notes to financial statements.

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NDMO | Nuveen Dynamic Municipal Opportunities Fund Portfolio of Investments October 31, 2021 |

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| LONG-TERM INVESTMENTS – 148.8% (100.0% of Total Investments) |  |  |
| MUNICIPAL BONDS – 148.6% (99.9% of Total Investments) |  |  |
| Alabama – 2.4% (1.6% of Total Investments) |  |  |
$ 3,000 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | No Opt. Call | B3 | $ 3,783,870
| United States Steel Corporation Project, Green Series 2020, 6.375%, 11/01/50 (AMT) |  |  |
| (Mandatory Put 11/01/30) |  |  |
11,920 | Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2020B, 3.000%, 6/01/50 – | 6/30 at 100.00 | A1 | 12,423,143
| AGM Insured (UB) (4) |  |  |
5,000 | Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020, | 11/29 at 100.00 | N/R | 5,382,650
| 4.000%, 11/01/45, 144A |  |  |
19,920 | Total Alabama |  |  | 21,589,663
| Alaska – 0.2% (0.1% of Total Investments) |  |  |
8,500 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | 6/31 at 30.73 | N/R | 1,382,872
| Bonds, Series 2021B-2 Class 2, 0.010%, 6/01/66 |  |  |
| Arizona – 8.4% (5.6% of Total Investments) |  |  |
565 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Doral | 7/29 at 100.00 | Ba1 | 605,991
| Academy of Northern Nevada, Series 2021A, 4.000%, 7/15/56, 144A |  |  |
2,580 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage | 7/28 at 103.00 | N/R | 2,580,800
| Academy – Gateway and Laveen Projects, Series 2021B, 5.000%, 7/01/51, 144A |  |  |
4,070 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage | 7/28 at 103.00 | N/R | 4,045,499
| Academy – Gateway and Laveen Projects, Taxable Series 2021A, 5.000%, 7/01/51, 144A |  |  |
1,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage | No Opt. Call | N/R | 1,000,080
| Academy – Gateway and Laveen Projects, Taxable Series 2021C, 6.000%, 7/01/29, 144A |  |  |
| Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Mater |  |  |
| Academy of Nevada – Bonanza Campus Project, Series 2020A: |  |  |
920 | 5.000%, 12/15/40, 144A | 12/28 at 100.00 | BB | 1,051,707
1,500 | 5.000%, 12/15/50, 144A | 12/28 at 100.00 | BB | 1,690,980
1,500 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Social Bonds | 7/28 at 100.00 | BB– | 1,605,915
| ? Pensar Academy Project, Series 2020, 5.000%, 7/01/55, 144A |  |  |
6,035 | Arizona Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children’s | 2/30 at 100.00 | A | 6,338,259
| Hospital, Series 2020A, 3.000%, 2/01/45 (UB) (4) |  |  |
1,090 | Coconino County Industrial Development Authority, Arizona, Education Revenue Bonds, | 7/28 at 100.00 | N/R | 1,134,254
| Flagstaff Arts & Leadership Academy Project, Refunding Series 2020, 5.500%, 7/01/40, 144A |  |  |
1,000 | Maricopa County Industrial Development Authority, Arizona, Educational Facilities | 10/27 at 103.00 | N/R | 1,108,600
| Revenue Bonds, Ottawa University Projects, Series 2020, 5.250%, 10/01/40, 144A |  |  |
15,000 | Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, | 7/30 at 100.00 | AA– | 15,795,300
| Series 2019E, 3.000%, 1/01/49 (UB) (4) |  |  |
| Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien |  |  |
| Series 2021A: |  |  |
1,625 | 5.000%, 7/01/36 | 7/31 at 100.00 | Aa2 | 2,146,137
1,875 | 5.000%, 7/01/37 | 7/31 at 100.00 | Aa2 | 2,469,206
2,440 | 5.000%, 7/01/38 | 7/31 at 100.00 | Aa2 | 3,205,794
2,585 | 5.000%, 7/01/39 | 7/31 at 100.00 | Aa2 | 3,387,823
1,420 | 4.000%, 7/01/40 | 7/31 at 100.00 | Aa2 | 1,708,942
1,060 | 4.000%, 7/01/41 | 7/31 at 100.00 | Aa2 | 1,272,170
1,695 | 4.000%, 7/01/42 | 7/31 at 100.00 | Aa2 | 2,020,016
3,405 | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 9/30 at 100.00 | Ba2 | 3,749,143
| Northwest Christian School Project, Series 2020A, 5.000%, 9/01/55, 144A |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Arizona (continued) |  |  |
| Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, |  |  |
| Edkey Charter Schools Project, Refunding Series 2020: |  |  |
$ 5,265 | 5.000%, 7/01/35, 144A | 7/26 at 103.00 | N/R | $ 5,784,392
6,800 | 5.000%, 7/01/40, 144A | 7/26 at 103.00 | N/R | 7,420,908
4,580 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 6/28 at 100.00 | N/R | 4,857,502
| Synergy Public Charter School Project, Series 2020-1, 5.000%, 6/15/50, 144A |  |  |
| Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Medical |  |  |
| Center, Series 2021A: |  |  |
325 | 4.000%, 4/01/36 | 4/31 at 100.00 | A | 386,529
400 | 4.000%, 4/01/39 | 4/31 at 100.00 | A | 472,080
150 | 4.000%, 4/01/40 | 4/31 at 100.00 | A | 176,232
650 | 4.000%, 4/01/41 | 4/31 at 100.00 | A | 760,403
69,535 | Total Arizona |  |  | 76,774,662
| Arkansas – 2.4% (1.6% of Total Investments) |  |  |
3,000 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/26 at 103.00 | B | 3,268,920
| Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A |  |  |
17,000 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/27 at 103.00 | B | 18,941,230
| Steel Project, Series 2020A, 4.750%, 9/01/49 (AMT), 144A |  |  |
20,000 | Total Arkansas |  |  | 22,210,150
| California – 20.2% (13.6% of Total Investments) |  |  |
3,815 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 3,974,391
| Creekwood, Series 2021A, 4.000%, 2/01/56, 144A |  |  |
3,520 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 3,678,928
| Glendale Properties, Junior Series 2021A-2, 4.000%, 8/01/47, 144A |  |  |
10,000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 12/30 at 34.02 | N/R | 2,384,700
| Sonoma County Tobacco Securitization Corporation, Series 2020B-2, 0.010%, 6/01/55 |  |  |
1,500 | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard | 5/32 at 100.00 | A+ | 1,710,165
| Children’s Hospital at Stanford, Refunding Series 2022A. Forward Delivery, 4.000%, 5/15/46 |  |  |
| (WI/DD, Settling 5/17/22) |  |  |
| California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, |  |  |
| Series 2020A: |  |  |
5,000 | 4.000%, 4/01/44 (UB) (4) | 4/30 at 100.00 | BBB+ | 5,727,950
8,000 | 4.000%, 4/01/45 (UB) (4) | 4/30 at 100.00 | BBB+ | 9,122,480
4,010 | 4.000%, 4/01/49 (UB) (4) | 4/30 at 100.00 | BBB+ | 4,564,703
3,575 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series | No Opt. Call | BBB+ | 4,123,640
| 2021-1, 3.500%, 11/20/35 |  |  |
1,250 | California Infrastructure and Economic Development Bank Infrastructure State, Revolving | 10/30 at 100.00 | AAA | 1,251,663
| Fund Revenue Bonds, Tax Series 2020A, 2.786%, 10/01/43 |  |  |
15,500 | California Infrastructure and Economic Development Bank, Revenue Bonds, Los Angeles | 7/30 at 100.00 | A2 | 16,122,945
| County Museum of Natural History Foundation, Series 2020, 3.000%, 7/01/50 (UB) (4) |  |  |
250 | California Infrastructure and Economic Development Bank, Revenue Bonds, WFCS Portfolio | 1/31 at 100.00 | N/R | 276,690
| Projects, Senior Series 2021A-1, 5.000%, 1/01/56, 144A |  |  |
5,000 | California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, | No Opt. Call | B+ | 5,636,400
| Inc. Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT) |  |  |
5,000 | California Public Finance Authority, Charter School Lease Revenue Bonds, California | 7/28 at 100.00 | N/R | 5,280,950
| Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A |  |  |
465 | California Public Finance Authority, Senior Living Revenue Bonds, Enso Village, | 11/29 at 102.00 | N/R | 527,189
| Refunding Green Series 2021A, 5.000%, 11/15/51, 144A |  |  |
2,000 | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep | 6/28 at 100.00 | N/R | 2,033,540
| Public Schools ? Obligated Group, Series 2020A, 5.000%, 6/01/60, 144A |  |  |
| California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, |  |  |
| Refunding Series 2022A: |  |  |
2,500 | 5.000%, 8/01/28 (WI/DD, Settling 3/17/22) | No Opt. Call | A+ | 3,079,050
2,000 | 5.000%, 8/01/29 (WI/DD, Settling 3/17/22) | No Opt. Call | A+ | 2,526,420
2,500 | 5.000%, 8/01/30 (WI/DD, Settling 3/17/22) | No Opt. Call | A+ | 3,207,750

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NDMO | Nuveen Dynamic Municipal Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
| California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, |  |  |
| Series 2021B: |  |  |
$ 1,000 | 4.000%, 5/01/37 | 5/31 at 100.00 | A+ | $ 1,196,090
1,500 | 4.000%, 5/01/41 | 5/31 at 100.00 | A+ | 1,766,775
4,510 | California State, General Obligation Bonds, Refunding Various Purpose Series 2021, | 4/31 at 100.00 | AA– | 5,361,127
| 4.000%, 10/01/41 |  |  |
9,750 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 12/24 at 100.00 | BB– | 11,029,297
| Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 |  |  |
3,000 | California Statewide Communities Development Authority, Revenue Bonds, Emanate Health, | 4/30 at 100.00 | A | 3,122,100
| Series 2020A, 3.000%, 4/01/50 |  |  |
1,000 | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Junior | 8/31 at 100.00 | N/R | 1,036,760
| Lien Series 2021A-2, 4.000%, 8/01/47, 144A |  |  |
2,000 | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Senior | 8/31 at 100.00 | N/R | 1,849,100
| Lien Series 2021A-1, 3.000%, 8/01/56, 144A |  |  |
6,180 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 1/31 at 100.00 | N/R | 6,957,815
| Center City Anaheim, Series 2020A, 5.000%, 1/01/54, 144A |  |  |
445 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 9/31 at 100.00 | N/R | 438,218
| Oceanaire-Long Beach, Series 2021A-1, 3.200%, 9/01/46, 144A |  |  |
910 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 949,057
| Parallel-Anaheim Series 2021A, 4.000%, 8/01/56, 144A |  |  |
500 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 12/31 at 100.00 | N/R | 517,195
| Pasadena Portfolio Social Bond, Mezzanine Senior Series 2021B, 4.000%, 12/01/56, 144A |  |  |
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 12/31 at 100.00 | N/R | 1,860,060
| Pasadena Portfolio Social Bond, Series 2021A-2, 3.000%, 12/01/56 |  |  |
1,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 7/31 at 100.00 | N/R | 1,127,290
| Renaissance at City Center, Series 2020A, 5.000%, 7/01/51, 144A |  |  |
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 7/31 at 100.00 | N/R | 2,069,680
| Union South Bay, Series 2021A-2, 4.000%, 7/01/56, 144A |  |  |
| Fairfield, California, Certificates of Participation, Fairfield Water Financing Series 2007A: |  |  |
1,915 | 0.000%, 4/01/36 – SYNCORA GTY Insured | No Opt. Call | AA | 1,394,216
2,990 | 0.000%, 4/01/37 – SYNCORA GTY Insured | No Opt. Call | AA | 2,111,418
| Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement |  |  |
| Asset-Backed Revenue Bonds, Taxable Series 2021B: |  |  |
2,145 | 1.886%, 6/01/27 | No Opt. Call | A+ | 2,140,302
3,015 | 2.246%, 6/01/29 | No Opt. Call | A+ | 3,018,136
6,650 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R | 6,809,666
| Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47 |  |  |
6,300 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 6/22 at 100.00 | N/R | 6,451,263
| Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 |  |  |
| Huntington Beach, California, Pension Obligation Bonds, Taxable Series 2021: |  |  |
1,125 | 1.911%, 6/15/28 – BAM Insured | No Opt. Call | AA+ | 1,114,909
4,830 | 2.963%, 6/15/36 – BAM Insured | 6/31 at 100.00 | AA+ | 4,924,620
10,000 | Lodi Unified School District, San Joaquin County, California, General Obligation Bonds, | 8/30 at 100.00 | Aa2 | 10,516,000
| Election 2016 Series 2021, 3.000%, 8/01/46 (UB) (4) |  |  |
| Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, |  |  |
| Green Series 2021F: |  |  |
2,000 | 5.000%, 12/01/38 | 12/31 at 100.00 | Aa2 | 2,615,700
655 | 4.000%, 12/01/39 | 12/31 at 100.00 | Aa2 | 789,282
565 | 4.000%, 12/01/40 | 12/31 at 100.00 | Aa2 | 677,000
565 | 4.000%, 12/01/41 | 12/31 at 100.00 | Aa2 | 675,062
3,435 | 4.000%, 12/01/46 | 12/31 at 100.00 | Aa2 | 4,047,701
1,885 | Los Angeles Municipal Improvement Corporation, California, Lease Revenue Bonds, Capital | No Opt. Call | AA– | 1,857,404
| Equipment Program, Refunding Series 2021A, 1.648%, 11/01/28 |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 995 | Northstar Community Services District, California, Special Tax Bonds, Community | 3/22 at 100.00 | N/R | $ 507,450
| Facilities District 1, Series 2006, 5.000%, 9/01/37 (5) |  |  |
5,000 | Oakland Unified School District, Alameda County, California, General Obligation Bonds, | 8/31 at 100.00 | A1 | 5,113,450
| Taxable Refunding Series 2021, 2.774%, 8/01/34 – BAM Insured (WI/DD, Settling 11/03/21) |  |  |
1,575 | Palomar Community College District, San Diego County, California, General Obligation | 8/40 at 100.00 | AA | 1,714,529
| Bonds, Series 2010B, 6.375%, 8/01/45 (6) |  |  |
5,345 | Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital | No Opt. Call | A2 | 3,505,946
| Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/39 – AGM Insured |  |  |
| Ravenswood City School District, San Diego County, California, General Obligation Bonds, |  |  |
| Election 2018 Series 2021A: |  |  |
150 | 4.000%, 8/01/36 | 8/29 at 100.00 | AAA | 176,919
520 | 4.000%, 8/01/37 | 8/29 at 100.00 | AAA | 611,827
370 | 4.000%, 8/01/39 | 8/29 at 100.00 | AAA | 433,562
320 | 4.000%, 8/01/41 | 8/29 at 100.00 | AAA | 373,446
750 | San Francisco Community College District, California, General Obligation Bonds, Taxable | 6/30 at 100.00 | A1 | 776,925
| Election 2020 Series 2020A-1, 3.165%, 6/15/41 |  |  |
750 | San Francisco Municipal Transportation Agency, California, Revenue Bonds, Taxable | No Opt. Call | AA– | 732,008
| Refunding Series 2021A, 1.302%, 3/01/28 |  |  |
| San Jose, California, Airport Revenue Bonds, Taxable Refunding Series 2021C: |  |  |
500 | 1.882%, 3/01/28 | No Opt. Call | A– | 495,230
290 | 2.310%, 3/01/30 | No Opt. Call | A– | 291,102
1,750 | 2.960%, 3/01/36 | 3/31 at 100.00 | A– | 1,786,540
2,000 | 3.060%, 3/01/37 | 3/31 at 100.00 | A– | 2,041,400
420 | 3.290%, 3/01/41 | 3/31 at 100.00 | A– | 424,166
| University of California, General Revenue Bonds, Taxable Series 2021BI: |  |  |
1,000 | 1.272%, 5/15/27 | No Opt. Call | AA | 982,660
1,360 | 1.372%, 5/15/28 | No Opt. Call | AA | 1,326,122
182,850 | Total California |  |  | 184,946,079
| Colorado – 12.2% (8.2% of Total Investments) |  |  |
2,370 | 64th Avenue ARI Authority, Adams County, Colorado, Special Revenue Bonds, Series 2020, | 12/25 at 103.00 | N/R | 2,541,304
| 6.500%, 12/01/43 |  |  |
500 | Alpine Mountain Ranch Metropolitan District, Routt County, Colorado, Special Assessment | 9/26 at 103.00 | N/R | 485,665
| Revenue Bonds, Special Improvement District 1, Refunding Series 2021, 4.000%, 12/01/40 |  |  |
1,240 | Arista Metropolitan District, Broomfield County, Colorado, General Obligation Limited Tax Bonds, | 12/23 at 103.00 | N/R | 1,327,581
| Refunding & Improvement Convertible to Unlimited Tax Series 2018A, 5.000%, 12/01/38 |  |  |
1,060 | Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation | 9/25 at 103.00 | N/R | 1,143,528
| Bonds, Series 2020A, 5.000%, 12/01/50 |  |  |
2,285 | Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation | 9/25 at 103.00 | N/R | 2,352,796
| Bonds, Subordinate Series 2020B, 7.750%, 12/15/50 |  |  |
500 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax | 9/24 at 103.00 | N/R | 528,285
| General Obligation Bonds, Refunding & Improvement Series 2019A, 4.000%, 12/01/29 |  |  |
1,725 | Belford North Metropolitan District, Douglas County, Colorado, General Obligation | 12/25 at 103.00 | N/R | 1,871,884
| Limited Tax Bonds, Series 2020A, 5.500%, 12/01/50 |  |  |
1,000 | Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation | 3/26 at 103.00 | N/R | 1,072,960
| Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A, 5.000%, 12/01/51 |  |  |
745 | Blue Lake Metropolitan District 3, Lochbuie, Weld County, Colorado, Limited Tax General | 12/23 at 103.00 | N/R | 761,271
| Obligation Bonds, Convertible to Unlimited Tax Series 2018A, 5.250%, 12/01/48 |  |  |
500 | Broadway Park North Metropolitan District 2, Denver, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 548,350
| Obligation Bonds, Refunding & Improvement Series 2020, 5.000%, 12/01/40, 144A |  |  |
1,500 | Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General | 11/21 at 100.00 | N/R | 1,127,220
| Obligation and Special Revenue Bonds, Junior Subordinate Series 2016, 7.000%, 12/15/57 |  |  |
500 | Castle Pines Commercial Metropolitan District 1, Castle Rock, Colorado, Limited Tax | 11/21 at 100.00 | N/R | 500,525
| Supported Revenue Bonds, Series 2015, 5.000%, 12/01/39 |  |  |

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NDMO | Nuveen Dynamic Municipal Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 500 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & | No Opt. Call | N/R | $ 516,490
| Improvement Series 2017, 5.000%, 12/01/22, 144A |  |  |
2,755 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & | 12/25 at 103.00 | N/R | 2,993,555
| Improvement Series 2020A, 5.000%, 12/01/51 |  |  |
1,450 | Citadel on Colfax Business Improvement District, Aurora, Colorado, Special Revenue and | 12/25 at 103.00 | N/R | 1,561,896
| Tax Supported Bonds, Senior Series 2020A, 5.350%, 12/01/50 |  |  |
2,700 | Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017, | 12/27 at 100.00 | A– | 2,988,171
| 4.000%, 6/30/51 (AMT) |  |  |
| Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, |  |  |
| New Summit Charter Academy Project, Series 2021A: |  |  |
100 | 4.000%, 7/01/41, 144A | 7/31 at 100.00 | N/R | 106,601
100 | 4.000%, 7/01/51, 144A | 7/31 at 100.00 | N/R | 105,071
1,000 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village | 12/30 at 100.00 | N/R | 1,068,410
| Academy – Northglenn Project, Series 2020, 5.000%, 12/01/55, 144A |  |  |
500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Cappella of Grand | 12/26 at 103.00 | N/R | 504,275
| Junction Project, Series 2019, 5.000%, 12/01/54, 144A |  |  |
16,000 | Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited | 9/25 at 103.00 | N/R | 16,922,080
| Tax General Obligation Bonds, Series 2020, 6.500%, 12/01/50 |  |  |
6,500 | Crystal Valley Metropolitan District 2, Douglas County, Colorado, Limited Tax General | 12/30 at 100.00 | A2 | 6,724,640
| Obligation Bonds, Refunding & Improvement Series 2020A, 3.000%, 12/01/49 – AGM |  |  |
| Insured (UB) (4) |  |  |
1,000 | Dacono Urban Renewal Authority, Weld County, Colorado, Tax Increment Revenue Bonds, | 12/25 at 103.00 | N/R | 1,061,380
| Series 2020, 6.250%, 12/01/39 |  |  |
1,000 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series | 12/24 at 100.00 | N/R | 1,028,460
| 2014, 6.000%, 12/01/38 |  |  |
1,130 | Fourth Street Crossing Business Improvement District, Silverthorne, Summit County, | 6/24 at 103.00 | N/R | 1,211,145
| Colorado, Special Revenue and Tax Supported Bonds, Senior Series 2019A, |  |  |
| 5.125%, 12/01/38, 144A |  |  |
2,000 | Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General | 6/25 at 103.00 | N/R | 1,982,800
| Obligation Bonds, Series 2020A, 5.500%, 6/01/50, 144A |  |  |
1,000 | Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue | 12/25 at 102.00 | N/R | 1,078,390
| Bonds, Refunding Series 2020, 4.750%, 12/01/50 |  |  |
5,250 | Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special | 12/23 at 103.00 | N/R | 5,584,477
| Revenue Bonds, Subordinate Series 2020B, 5.750%, 12/15/50 |  |  |
2,000 | Jones District Community Authority Board, Centennial, Colorado, Special Revenue | 12/25 at 103.00 | N/R | 1,765,260
| Convertible Capital Appreciation Bonds, Series 2020A, 5.750%, 12/01/50 |  |  |
1,000 | Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 1,083,300
| Obligation Bonds, Series 2020A, 5.125%, 12/01/50 |  |  |
1,380 | Lanterns Metropolitan District 1, Castle Rock, Douglas County, Colorado, Limited Tax | 9/24 at 103.00 | N/R | 1,486,412
| General Obligation Bonds, Series 2019A, 5.000%, 12/01/39 |  |  |
| Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special |  |  |
| Revenue Bonds, Series 2021A: |  |  |
500 | 5.000%, 12/01/41 | 6/26 at 103.00 | N/R | 523,405
500 | 5.000%, 4/15/51 | 6/26 at 103.00 | N/R | 516,210
500 | Meadowbrook Heights Metropolitan District, Jefferson County, Colorado, General | 9/26 at 103.00 | N/R | 494,535
| Obligation Limited Tax Bonds, Series 2021A(3), 4.875%, 12/01/51 |  |  |
1,000 | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 1,098,070
| Obligation Bonds, Series 2020A-3, 5.250%, 12/01/50 |  |  |
1,810 | Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax | 12/25 at 103.00 | N/R | 1,942,709
| General Obligation Bonds, Series 2020A, 5.000%, 12/01/50 |  |  |
285 | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax | 3/26 at 103.00 | N/R | 308,661
| General Obligation Bonds, Series 2021A, 5.000%, 12/01/51, 144A |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 925 | Pinon Pines Metropolitan District 2, El Paso County, Colorado, General Obligation | 9/25 at 103.00 | N/R | $ 1,007,695
| Limited Tax Bonds, Series 2020, 5.000%, 12/01/40 |  |  |
5,350 | Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and | 12/27 at 100.00 | A2 | 6,366,500
| Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/47 |  |  |
| Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax |  |  |
| Supported and Special Revenue Bonds, Series 2021: |  |  |
1,000 | 4.000%, 12/01/41 | 10/26 at 102.00 | N/R | 1,019,100
1,620 | 4.000%, 12/01/51 | 10/26 at 102.00 | N/R | 1,639,489
500 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit | 1/31 at 100.00 | Baa1 | 582,790
| Partners Eagle P3 Project, Series 2020A, 4.000%, 7/15/38 |  |  |
1,055 | Sabell Metropolitan District, Arvada, Colorado, Limited Tax General Obligation Bonds, | 3/25 at 103.00 | N/R | 1,140,392
| Convertible to Unlimited Tax Series 2020A, 5.000%, 12/01/50, 144A |  |  |
1,000 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax | 12/25 at 102.00 | N/R | 1,086,670
| Supported District 2, Refunding & Improvement Senior Series 2020A, 3.750%, 12/01/40 |  |  |
750 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax | 12/25 at 102.00 | N/R | 782,370
| Supported District 2, Subordinate Series 2020B, 7.125%, 12/15/50 |  |  |
| Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation |  |  |
| Limited Tax Bonds, Series 2020: |  |  |
2,350 | 5.000%, 12/01/40 | 12/25 at 103.00 | N/R | 2,575,130
2,300 | 5.125%, 12/01/50 | 12/25 at 103.00 | N/R | 2,510,036
2,175 | Sunlight Metropolitan District, Steamboat Springs, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 2,346,803
| Obligation Bonds, Series 2020, 5.000%, 12/01/50 |  |  |
500 | Tallman Gulch Metropolitan District, Douglas County, Colorado, Limited Tax General | 12/22 at 103.00 | N/R | 526,165
| Obligation Refunding and Improvement Bonds, Subordinate Limited Tax General Obligation Bonds, |  |  |
| Series 2018A, 5.250%, 12/01/47 |  |  |
1,000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | 892,650
| General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2, 5.500%, |  |  |
| 12/01/51 (6) |  |  |
1,270 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | 1,414,704
| General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/41 |  |  |
5,000 | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General | 12/23 at 81.31 | N/R | 3,634,750
| Obligation Bonds, Convertible Capital Appreciation Series 2020A-2, 6.000%, 12/01/50 |  |  |
10,000 | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General | 12/23 at 103.00 | N/R | 10,574,800
| Obligation Bonds, Series 2020A-1, 5.375%, 12/01/50 |  |  |
1,000 | Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, | 3/26 at 103.00 | N/R | 1,082,600
| Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021, |  |  |
| 5.000%, 12/01/51 |  |  |
2,000 | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue | 9/26 at 103.00 | N/R | 1,924,840
| Bonds, Series 2021A-1, 4.125%, 12/01/51, 144A |  |  |
1,000 | Woodmen Heights Metropolitan District 2, El Paso County, Colorado, General Obligation | 12/25 at 103.00 | N/R | 1,080,390
| Limited Tax Bonds, Taxable Converting to Tax-Exempt Refunding Subordinate Series 2020B-1, |  |  |
| 6.250%, 12/15/40 |  |  |
106,680 | Total Colorado |  |  | 111,105,646
| Connecticut – 1.0% (0.7% of Total Investments) |  |  |
500 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford | No Opt. Call | BBB+ | 602,280
| Hospital, Series 2021L-1, 4.000%, 7/01/30 |  |  |
| Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, |  |  |
| Series 2020A: |  |  |
3,750 | 5.000%, 5/01/37 | 5/30 at 100.00 | AA– | 4,769,475
750 | 5.000%, 5/01/38 | 5/30 at 100.00 | AA– | 951,900
| Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, |  |  |
| Series 2021A: |  |  |
1,605 | 4.000%, 5/01/36 | 5/31 at 100.00 | AA– | 1,915,985
1,015 | 5.000%, 5/01/41 | 5/31 at 100.00 | AA– | 1,303,463
7,620 | Total Connecticut |  |  | 9,543,103

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NDMO | Nuveen Dynamic Municipal Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| District of Columbia – 1.7% (1.1% of Total Investments) |  |  |
| Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding |  |  |
| Series 2021A: |  |  |
$ 2,220 | 5.000%, 10/01/29 (AMT) | No Opt. Call | A+ | $ 2,795,602
2,305 | 5.000%, 10/01/30 (AMT) | No Opt. Call | A+ | 2,938,206
1,840 | 5.000%, 10/01/31 (AMT) | No Opt. Call | A+ | 2,386,609
| Washington Convention and Sports Authority, Washington D.C., Dedicated Tax Revenue |  |  |
| Bonds, Refunding Senior Lien Series 2021A: |  |  |
505 | 4.000%, 10/01/35 | 10/30 at 100.00 | A+ | 599,799
1,060 | 4.000%, 10/01/38 | 10/30 at 100.00 | A+ | 1,249,422
| Washington Convention and Sports Authority, Washington D.C., Dedicated Tax Revenue |  |  |
| Bonds, Refunding Senior Lien Series 2021B: |  |  |
365 | 4.000%, 10/01/33 | 10/30 at 100.00 | A+ | 435,124
425 | 4.000%, 10/01/34 | 10/30 at 100.00 | A+ | 505,546
180 | 4.000%, 10/01/35 | 10/30 at 100.00 | A+ | 213,790
815 | 4.000%, 10/01/36 | 10/30 at 100.00 | A+ | 965,424
995 | 4.000%, 10/01/37 | 10/30 at 100.00 | A+ | 1,175,423
625 | 4.000%, 10/01/38 | 10/30 at 100.00 | A+ | 736,687
1,000 | 4.000%, 10/01/39 | 10/30 at 100.00 | A+ | 1,174,990
12,335 | Total District of Columbia |  |  | 15,176,622
| Florida – 17.0% (11.4% of Total Investments) |  |  |
1,000 | Ave Maria Stewardship Community District, Florida, Bond Anticipation Notes, Phase 4 | 5/23 at 100.00 | N/R | 995,050
| Master Improvements Project, Series 2021, 3.500%, 5/01/26, 144A |  |  |
1,565 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 1,615,033
| Ave Maria National Project, Series 2021, 3.750%, 5/01/41 |  |  |
500 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/32 at 100.00 | N/R | 520,015
| Maple Ridge Phase 3 Master Improvements Project, Series 2021, 4.000%, 5/01/52, 144A |  |  |
1,000 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special | 5/31 at 100.00 | N/R | 1,035,190
| Assessment Bonds, 2021 Project Series 2021, 4.000%, 5/01/52, 144A |  |  |
1,310 | Banyan Cay Community Development District, West Palm Beach, Florida, Special Assessment | 11/30 at 100.00 | N/R | 1,339,842
| Bonds, 2020-1, 4.000%, 11/01/51 |  |  |
1,500 | Belmont II Community Development District, Hillsborough County, Florida, Special | 12/30 at 100.00 | N/R | 1,561,635
| Assessment Revenue Bonds, 2020 Aessessment Area, Series 2020, 4.000%, 12/15/50 |  |  |
2,500 | Broward County, Florida, Port Facilities Revenue Bonds, Series 2019B, 4.000%, 9/01/39 | 9/29 at 100.00 | A | 2,852,850
| (AMT) (UB) (4) |  |  |
| Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, South Tech |  |  |
| Schools Project, Series 2020A: |  |  |
1,235 | 5.000%, 6/15/40, 144A | 6/27 at 100.00 | N/R | 1,323,500
1,260 | 5.000%, 6/15/55, 144A | 6/27 at 100.00 | N/R | 1,333,193
| Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2021: |  |  |
250 | 4.000%, 8/15/51, 144A | 8/28 at 100.00 | N/R | 236,653
450 | 4.200%, 8/15/56, 144A | 8/28 at 100.00 | N/R | 424,845
500 | 4.250%, 8/15/61, 144A | 8/28 at 100.00 | N/R | 470,755
3,690 | Capital Trust Agency, Florida, Revenue Bonds, Educational Growth Fund, LLC, Charter | 7/31 at 100.00 | N/R | 4,159,700
| School Portfolio Projects, Series 2021A-1, 5.000%, 7/01/56, 144A |  |  |
1,000 | Capital Trust Agency, Florida, Revenue Bonds, St. Johns Classical Academy, Refunding | 6/30 at 100.00 | N/R | 1,013,440
| Series 2021A, 4.000%, 6/15/56, 144A |  |  |
| Central Florida Expressway Authority, Revenue Bonds, Refunding Senior Lien Series 2021: |  |  |
1,070 | 4.000%, 7/01/34 – AGM Insured | 7/31 at 100.00 | AA | 1,302,308
195 | 4.000%, 7/01/37 – AGM Insured | 7/31 at 100.00 | AA | 234,427
600 | 4.000%, 7/01/38 – AGM Insured | 7/31 at 100.00 | AA | 717,234
525 | 4.000%, 7/01/39 – AGM Insured | 7/31 at 100.00 | AA | 627,002
6,285 | Currents Community Development District, Collier County, Florida, Capital Improvement | No Opt. Call | N/R | 6,744,245
| Revenue Bonds, Series 2020B, 4.250%, 5/01/41, 144A |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 1,500 | Cypress Park Estates Community Development District, Florida, Special Assessment Revenue | 5/32 at 100.00 | N/R | $ 1,560,360
| Bonds, Assessment Area 1 Project, Series 2020, 4.000%, 5/01/51, 144A |  |  |
2,500 | Cypress Preserve Community Development District, Pasco County, Florida, Special | 11/29 at 100.00 | N/R | 2,608,400
| Assessment Bonds, Assessment Area 2, Series 2019, 4.125%, 11/01/50 |  |  |
1,000 | Edgewater East Community Development District, Osceola County, Florida, Special | 5/31 at 100.00 | N/R | 1,038,430
| Assessment Revenue Bonds, Assessment Area 1 Series 2021, 4.000%, 5/01/51 |  |  |
10,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Discovery | 6/29 at 100.00 | N/R | 10,865,900
| High School Project, Series 2020A, 5.000%, 6/01/55, 144A |  |  |
1,100 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater | 6/27 at 100.00 | BBB | 1,248,159
| Academy Projects, Series 2020A, 5.000%, 6/15/50, 144A |  |  |
500 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, River | 7/28 at 100.00 | Baa3 | 534,285
| City Science Academy Projects, Series 2021A, 4.000%, 7/01/55 |  |  |
17,650 | Florida Development Finance Corporation, Florida, Surface Transportation Facility | 1/24 at 107.00 | N/R | 19,061,647
| Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49 |  |  |
| (AMT), 144A |  |  |
5,890 | Florida Development Finance Corporation, Florida, Surface Transportation Facility | 11/21 at 104.00 | N/R | 5,969,692
| Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A, 6.500%, 1/01/49 (AMT) |  |  |
| (Mandatory Put 1/01/29), 144A |  |  |
| Florida Development Finance Corporation, Healthcare Facilties Revenue Bonds, Lakeland |  |  |
| Regional Health Systems, Series 2021: |  |  |
1,265 | 4.000%, 11/15/35 | 11/31 at 100.00 | A2 | 1,541,213
935 | 4.000%, 11/15/36 | 11/31 at 100.00 | A2 | 1,134,174
1,190 | 4.000%, 11/15/37 | 11/31 at 100.00 | A2 | 1,439,115
1,110 | 4.000%, 11/15/38 | 11/31 at 100.00 | A2 | 1,339,060
1,005 | 4.000%, 11/15/39 | 11/31 at 100.00 | A2 | 1,209,186
1,100 | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Jacksonville | 6/28 at 100.00 | N/R | 1,258,708
| University Project, Series 2018A-1, 5.000%, 6/01/48, 144A |  |  |
11,180 | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Rollins | 12/30 at 100.00 | A2 | 11,652,243
| College Project, Refunding Series 2020A, 3.000%, 12/01/48 (UB) (4) |  |  |
2,270 | Florida State Board of Governors, Dormitory Revenue Bonds, University of Florida, Series | 7/31 at 100.00 | AA– | 2,745,837
| 2021A, 4.000%, 7/01/35 |  |  |
985 | Forest Lake Community Development District, Polk County, Florida, Special Assessment | 5/30 at 100.00 | N/R | 1,022,361
| Bonds, Assessment Area 1 Project, Series 2020, 4.000%, 5/01/51, 144A |  |  |
| Grand Oaks Community Development District, Saint Johns County, Florida, Special |  |  |
| Assessment Bonds, Assessment Area 2, Series 2020: |  |  |
1,100 | 4.250%, 5/01/40 | 5/31 at 100.00 | N/R | 1,156,177
1,500 | 4.500%, 5/01/52 | 5/31 at 100.00 | N/R | 1,576,965
1,000 | Hammock Reserve Community Development District, Haines City, Florida, Special Assessment | 5/30 at 100.00 | N/R | 1,037,130
| Revenue Bonds, Area1 Project, Series 2020, 4.000%, 5/01/51 |  |  |
10,000 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, | 2/31 at 100.00 | Baa1 | 10,606,800
| Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A, 3.500%, |  |  |
| 8/01/55 (UB) (4) |  |  |
| JEA, Florida, Water and Sewer System Revenue Bonds, Series 2021A: |  |  |
625 | 4.000%, 10/01/38 | 10/31 at 100.00 | Aa3 | 759,506
215 | 4.000%, 10/01/39 | 10/31 at 100.00 | Aa3 | 260,586
1,070 | 3.000%, 10/01/40 | 10/31 at 100.00 | Aa3 | 1,160,083
720 | 3.000%, 10/01/41 | 10/31 at 100.00 | Aa3 | 778,356
1,250 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, | 5/30 at 100.00 | N/R | 1,300,250
| Northeast Sector Project, Phase 2B, Series 2020, 4.000%, 5/01/50, 144A |  |  |
| Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai |  |  |
| Medical Center of Florida Project, Series 2021B: |  |  |
1,380 | 4.000%, 11/15/46 | 11/31 at 100.00 | Baa1 | 1,578,016
5,100 | 3.000%, 11/15/51 | 11/31 at 100.00 | Baa1 | 5,210,262
1,865 | 4.000%, 11/15/51 | 11/31 at 100.00 | Baa1 | 2,118,696

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NDMO | Nuveen Dynamic Municipal Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 1,225 | Miami Dade County Industrial Development Authority, Florida, Educational Facilities | 6/26 at 103.00 | N/R | $ 1,275,495
| Revenue Bonds, Miami Community Charter School Inc Project, Series 2020A, 5.000%, 6/01/47, 144A |  |  |
8,000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series | 7/24 at 100.00 | BBB+ | 8,828,160
| 2014A, 5.000%, 7/01/44 (4) |  |  |
3,275 | Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2021A-2, 3.000%, | 10/31 at 100.00 | A3 | 3,433,641
| 10/01/45 – AGM Insured (4) |  |  |
| Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2021: |  |  |
515 | 3.000%, 10/01/36 | 4/31 at 100.00 | A+ | 566,227
1,200 | 3.000%, 10/01/40 | 4/31 at 100.00 | A+ | 1,291,080
1,500 | Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 1,544,235
| Series 2021, 4.000%, 5/01/51 |  |  |
3,495 | Miramar, Florida, Special Obligation Revenue Bonds, Taxable Refunding Series 2021, | 10/31 at 100.00 | AA– | 3,500,487
| 2.643%, 10/01/36 |  |  |
1,000 | North Powerline Road Community Development District, Polk County, Florida, Special | 5/30 at 100.00 | N/R | 1,032,750
| Assessment Revenue Bonds, Series 2020, 4.000%, 5/01/51 |  |  |
1,000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement | 8/31 at 100.00 | N/R | 1,043,470
| Bonds, Development Unit 53, Series 2021, 4.000%, 8/01/51 |  |  |
1,500 | Parrish Plantation Community Development District, Manatee County, Florida, Special | 5/31 at 100.00 | N/R | 1,547,895
| Assessment Revenue Bonds, Assessment Area 1, Series 2021, 4.000%, 5/01/52 |  |  |
500 | Sawyers Landing Community Development District, Florida, Special Assessment Revenue | 5/31 at 100.00 | N/R | 525,930
| Bonds, Series 2021, 4.250%, 5/01/53, 144A |  |  |
1,500 | Stoneybrook South Championsgate Community Development District, Florida, Special | 12/30 at 100.00 | N/R | 1,527,840
| Assessment Revenue Bonds, Fox South Assessment Area, Series 2020, 3.750%, 12/15/50, 144A |  |  |
300 | Summit View Community Development District, Dade City, Florida, Special Assessment | No Opt. Call | N/R | 294,501
| Revenue Bonds, Series 2021B, 5.000%, 5/01/41 |  |  |
16,435 | Tampa, Florida, Capital Improvement Cigarette Tax Allocation Bonds, H. Lee Moffitt | 9/30 at 38.62 | A+ | 4,929,514
| Cancer Center Project, Series 2020A, 0.000%, 9/01/53 |  |  |
500 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, | 9/23 at 100.00 | N/R | 492,730
| South Assessment Area Series 2021B, 4.625%, 5/01/36, 144A |  |  |
425 | Tradition Community Development District 9, Port Saint Lucie, Florida, Special | No Opt. Call | N/R | 417,983
| Assessment Bonds, Series 2021, 2.700%, 5/01/31 |  |  |
980 | Windward Community Development District, Florida, Special Assessment Bonds, Series | No Opt. Call | N/R | 1,041,181
| 2020A-2, 4.400%, 11/01/35 |  |  |
156,790 | Total Florida |  |  | 155,571,633
| Georgia – 1.2% (0.8% of Total Investments) |  |  |
| Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation |  |  |
| Certificates, Northeast Georgia Health Services Inc., Series 2021A: |  |  |
2,215 | 3.000%, 2/15/51 | 2/31 at 100.00 | A | 2,239,742
7,500 | 4.000%, 2/15/51 (4) | 2/31 at 100.00 | A | 8,512,125
9,715 | Total Georgia |  |  | 10,751,867
| Guam – 0.7% (0.4% of Total Investments) |  |  |
| Government of Guam, Business Privilege Tax Bonds, Refunding Series 2021F. Forward Delivery: |  |  |
180 | 5.000%, 1/01/30 | No Opt. Call | Ba1 | 223,895
180 | 5.000%, 1/01/31 | No Opt. Call | Ba1 | 228,339
420 | 4.000%, 1/01/36 | 1/31 at 100.00 | Ba1 | 480,022
415 | 4.000%, 1/01/42 | 1/31 at 100.00 | Ba1 | 462,941
1,600 | Government of Guam, Hotel Occupancy Tax Revenue Bonds, Refunding Series 2021A, | 5/31 at 100.00 | Ba1 | 1,977,936
| 5.000%, 11/01/40 |  |  |
| Guam A.B. Won Pat International Airport Authority, Revenue Bonds, Series 2021A: |  |  |
750 | 2.499%, 10/01/25 | No Opt. Call | Baa2 | 752,467
835 | 2.899%, 10/01/27 | No Opt. Call | Baa2 | 833,681
765 | 3.099%, 10/01/28 | No Opt. Call | Baa2 | 765,176
450 | 4.460%, 10/01/43 | 10/31 at 100.00 | Baa2 | 467,955
5,595 | Total Guam |  |  | 6,192,412

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Idaho – 0.1% (0.1% of Total Investments) |  |  |
| Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal |  |  |
| Highway Trust Funds, Series 2021A: |  |  |
$ 645 | 4.000%, 7/15/38 | 7/31 at 100.00 | A2 | $ 767,692
500 | 4.000%, 7/15/39 | 7/31 at 100.00 | A2 | 591,155
1,145 | Total Idaho |  |  | 1,358,847
| Illinois – 9.2% (6.2% of Total Investments) |  |  |
3,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | 3,582,960
| Refunding Series 2017C, 5.000%, 12/01/30 |  |  |
| Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014: |  |  |
5,000 | 5.250%, 12/01/49 (UB) (4) | 12/24 at 100.00 | AA | 5,673,350
10,000 | 5.250%, 12/01/49 | 12/24 at 100.00 | AA | 11,346,700
3,825 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior | 1/27 at 100.00 | A | 4,529,986
| Lien Series 2016D, 5.000%, 1/01/47 |  |  |
2,000 | Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.000%, 1/01/40 | 11/21 at 100.00 | Ba1 | 2,015,240
| Cook County, Illinois, General Obligation Bonds, Refunding Series 2021A: |  |  |
1,825 | 5.000%, 11/15/31 | 11/30 at 100.00 | A2 | 2,374,964
1,200 | 5.000%, 11/15/32 | 11/30 at 100.00 | A2 | 1,557,432
1,175 | 5.000%, 11/15/33 | 11/30 at 100.00 | A2 | 1,520,732
| Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A: |  |  |
175 | 4.000%, 11/15/39 | 11/30 at 100.00 | AA– | 203,796
475 | 4.000%, 11/15/40 | 11/30 at 100.00 | AA– | 551,608
5,085 | DuPage County, Illinois, Revenue Bonds, Morton Arboretum Project, Green Series 2020, | 5/30 at 100.00 | A1 | 5,189,751
| 3.000%, 5/15/47 |  |  |
2,000 | Illinois Finance Authority, Local Government Program Revenue Bonds, Maine Township High | 12/29 at 100.00 | Aa1 | 2,363,440
| School District Number 207 Project, Series 2019, 4.000%, 12/01/36 |  |  |
250 | Illinois Finance Authority, Revenue Bonds, Acero Charter Schools, Inc., Series 2021, | 10/31 at 100.00 | BB+ | 273,090
| 4.000%, 10/01/42, 144A |  |  |
875 | Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A, | 11/26 at 103.00 | N/R | 959,324
| 5.000%, 11/01/49 |  |  |
10,000 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2020A, 3.000%, | 11/30 at 100.00 | A3 | 10,294,700
| 5/15/50 (UB) (4) |  |  |
4,400 | Illinois State, General Obligation Bonds, Build America Taxable Bonds, Series 2010-4, | No Opt. Call | BBB– | 5,724,004
| 7.100%, 7/01/35 |  |  |
6,195 | Illinois State, General Obligation Bonds, Build America Taxable Bonds, Series 2010-5, | No Opt. Call | BBB– | 7,874,031
| 7.350%, 7/01/35 (4) |  |  |
5,000 | Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3, | No Opt. Call | BBB– | 6,192,450
| 6.725%, 4/01/35 |  |  |
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Refunding Series 2022A: |  |  |
645 | 0.000%, 12/15/35 (WI/DD, Settling 3/17/22) | 12/31 at 90.33 | BB+ | 456,221
1,285 | 0.000%, 6/15/36 (WI/DD, Settling 3/17/22) | 12/31 at 89.03 | BB+ | 891,610
1,285 | 0.000%, 6/15/37 (WI/DD, Settling 3/17/22) | 12/31 at 86.57 | BB+ | 862,351
1,605 | 0.000%, 12/15/38 (WI/DD, Settling 3/17/22) | 12/31 at 82.94 | BB+ | 1,026,125
1,545 | 0.000%, 6/15/39 (WI/DD, Settling 3/17/22) | 12/31 at 81.66 | BB+ | 967,912
1,500 | 0.000%, 6/15/40 (WI/DD, Settling 3/17/22) | 12/31 at 79.15 | BB+ | 906,960
645 | 0.000%, 6/15/41 (WI/DD, Settling 3/17/22) | 12/31 at 76.71 | BB+ | 375,538
550 | 0.000%, 12/15/41 (WI/DD, Settling 3/17/22) | 12/31 at 75.58 | BB+ | 315,144
5,190 | Romeoville, Will County, Illinois, Revenue Bonds, Lewis University Project, Series 2015, | 4/25 at 100.00 | BBB | 5,717,615
| 5.000%, 10/01/35 |  |  |
76,730 | Total Illinois |  |  | 83,747,034

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NDMO | Nuveen Dynamic Municipal Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Indiana – 0.9% (0.6% of Total Investments) |  |  |
$ 1,415 | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, | 6/30 at 100.00 | N/R | $ 1,528,625
| Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.875%, |  |  |
| 6/01/55, 144A |  |  |
3,445 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Rose Hulman Institute | 12/28 at 100.00 | A2 | 4,161,939
| Of Technology Project, Series 2018, 5.000%, 6/01/39 |  |  |
1,625 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | 11/30 at 100.00 | B3 | 2,136,046
| Corporation Project, Series 2020, 6.750%, 5/01/39 (AMT) |  |  |
6,485 | Total Indiana |  |  | 7,826,610
| Iowa – 0.5% (0.3% of Total Investments) |  |  |
3,340 | Iowa Finance Authority, State Revolving Fund Revenue Bonds, Green Series 2021A, | 8/31 at 100.00 | AAA | 4,365,681
| 5.000%, 8/01/40 |  |  |
| Kansas – 0.1% (0.1% of Total Investments) |  |  |
985 | Kansas Independent College Finance Authority, Educational Facilities Revenue Bonds, | 6/22 at 103.00 | N/R | 1,030,674
| Ottawa University Project, Series 2015, 7.000%, 6/01/45, 144A |  |  |
| Kentucky – 1.6% (1.1% of Total Investments) |  |  |
3,000 | Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone’s | 12/30 at 100.00 | N/R | 3,143,040
| Ridge Project, Series 2020, 6.000%, 12/01/40 |  |  |
3,255 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities | 6/31 at 100.00 | A | 3,321,825
| Company Project, Refunding Series 2006B, 2.125%, 10/01/34 (AMT) |  |  |
4,310 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities | 6/31 at 100.00 | A | 4,389,347
| Company Project, Series 2008A, 2.000%, 2/01/32 (AMT) |  |  |
2,515 | Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project, | 9/26 at 100.00 | Baa1 | 2,994,233
| Refunding Series 2016A, 5.000%, 9/01/36 – NPFG Insured |  |  |
1,000 | Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series | 12/30 at 100.00 | N/R | 1,017,820
| 2020B, 5.500%, 12/01/60 |  |  |
14,080 | Total Kentucky |  |  | 14,866,265
| Louisiana – 2.1% (1.4% of Total Investments) |  |  |
1,150 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lincoln Preparatory | 6/31 at 100.00 | N/R | 1,243,449
| School Project, Series 2021A, 5.250%, 6/01/51, 144A |  |  |
| Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation |  |  |
| Project, Series 2020A: |  |  |
5,355 | 3.000%, 5/15/47 (UB) (4) | 5/30 at 100.00 | A3 | 5,632,175
2,145 | 4.000%, 5/15/49 (UB) (4) | 5/30 at 100.00 | A3 | 2,442,061
2,000 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/27 at 100.00 | A– | 2,344,640
| Project, Series 2017B, 5.000%, 1/01/48 (AMT) |  |  |
| New Orleans, Louisiana, Sewerage Service Revenue Bonds, Taxable Refunding Series 2021: |  |  |
2,000 | 2.839%, 6/01/41 – AGM Insured | 6/31 at 100.00 | BBB+ | 2,004,160
1,500 | 2.939%, 6/01/45 – AGM Insured | 6/31 at 100.00 | BBB+ | 1,494,030
1,100 | New Orleans, Louisiana, Water Revenue Bonds, Taxable Refunding Series 2021, 2.889%, | 12/31 at 100.00 | BBB+ | 1,097,063
| 12/01/41 – AGM Insured |  |  |
2,000 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | 6/30 at 100.00 | BB– | 2,625,600
| 2010, 6.350%, 7/01/40, 144A |  |  |
600 | Tangipahoa Parish Hospital Service District 1, Louisiana, Hospital Revenue Bonds, North | 2/31 at 100.00 | BBB+ | 694,848
| Oaks Health System Project, Refunding Series 2021, 4.000%, 2/01/38 |  |  |
17,850 | Total Louisiana |  |  | 19,578,026
| Maryland – 1.6% (1.1% of Total Investments) |  |  |
2,200 | Frederick County, Maryland, Special Obligation Bonds, Urbana Community Development | 7/30 at 100.00 | N/R | 2,448,314
| Authority, Refunding Series 2020C, 4.000%, 7/01/50 |  |  |
5,330 | Frederick County, Maryland, Special Tax Limited Obligation Bonds, Jefferson Technology | 7/30 at 102.00 | N/R | 6,215,686
| Park Project, Refunding Series 2020A, 5.000%, 7/01/43, 144A |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Maryland (continued) |  |  |
| Maryland Department of Transportation, Special Transportation Project Revenue Bonds, |  |  |
| Series 2021B: |  |  |
$ 275 | 4.000%, 8/01/37 (AMT) | 8/31 at 100.00 | A | $ 321,890
305 | 4.000%, 8/01/38 (AMT) | 8/31 at 100.00 | A | 355,859
365 | 4.000%, 8/01/39 (AMT) | 8/31 at 100.00 | A | 424,422
915 | 4.000%, 8/01/40 (AMT) | 8/31 at 100.00 | A | 1,060,778
915 | 4.000%, 8/01/41 (AMT) | 8/31 at 100.00 | A | 1,057,850
2,495 | Maryland Economic Development Corporation, Federal Lease Revenue Bonds, SSA Baltimore | 1/34 at 100.00 | Baa3 | 2,672,070
| Project, Taxable Series 2021, 3.997%, 4/01/34 |  |  |
12,800 | Total Maryland |  |  | 14,556,869
| Michigan – 0.6% (0.4% of Total Investments) |  |  |
5,000 | Detroit, Wayne County, Michigan, General Obligation Bonds, Financial Recovery Series | 11/21 at 100.00 | N/R | 4,782,350
| 2014B-1, 4.000%, 4/01/44 |  |  |
7,610 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco | 12/30 at 18.38 | N/R | 967,764
| Receipts, Series 2020B2-CL2, 0.010%, 6/01/65 |  |  |
12,610 | Total Michigan |  |  | 5,750,114
| Minnesota – 0.3% (0.2% of Total Investments) |  |  |
1,140 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 12/28 at 102.00 | BB | 1,208,218
| Bonds, Hope Community Academy Project, Series 2020A, 5.000%, 12/01/55 |  |  |
1,100 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 6/29 at 102.00 | N/R | 1,113,079
| Bonds, Math & Science Academy Charter School Project, Series 2021A, 4.000%, 6/01/41, 144A |  |  |
2,240 | Total Minnesota |  |  | 2,321,297
| Missouri – 1.2% (0.8% of Total Investments) |  |  |
| Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities |  |  |
| Revenue Bonds, Southeasthealth, Series 2021: |  |  |
100 | 4.000%, 3/01/41 | 3/31 at 100.00 | Ba1 | 112,407
310 | 3.000%, 3/01/46 | 3/31 at 100.00 | Ba1 | 312,920
80 | 4.000%, 3/01/46 | 3/31 at 100.00 | Ba1 | 88,917
1,100 | M150 and 135th Street Transportation Development District, Kansas City, Missouri, | 10/27 at 100.00 | N/R | 1,132,846
| Transportation Sales Tax Revenue Bonds, Series 2020A, 4.250%, 10/01/43 |  |  |
4,940 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 6/30 at 100.00 | A+ | 5,132,759
| Mercy Health, Series 2020, 3.000%, 6/01/53 (UB) (4) |  |  |
3,155 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention | 10/30 at 100.00 | A2 | 3,878,915
| Center, Expansion & Improvement Projects Series 2020, 5.000%, 10/01/45 – AGM |  |  |
| Insured (UB) (4) |  |  |
9,685 | Total Missouri |  |  | 10,658,764
| Nevada – 0.4% (0.3% of Total Investments) |  |  |
2,000 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 2/31 at 100.00 | N/R | 2,127,320
| Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020, 6.750%, 2/15/38, 144A |  |  |
| Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 611 Sunstone |  |  |
| Phase I and II, Series 2020: |  |  |
450 | 4.000%, 6/01/40 | 6/30 at 100.00 | N/R | 489,546
1,150 | 4.125%, 6/01/50 | 6/30 at 100.00 | N/R | 1,242,080
3,600 | Total Nevada |  |  | 3,858,946
| New Hampshire – 0.1% (0.1% of Total Investments) |  |  |
1,250 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical | 7/27 at 100.00 | Baa3 | 1,336,313
| Center, Series 2017, 3.750%, 7/01/40 |  |  |
| New Jersey – 6.4% (4.3% of Total Investments) |  |  |
7,850 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Social Series | 12/30 at 100.00 | BBB | 8,854,408
| 2021QQQ, 4.000%, 6/15/46 (UB) (4) |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New Jersey (continued) |  |  |
| New Jersey Health Care Facilities Authority, Revenue Bonds, Atlanticare Health System |  |  |
| Obligated Group Issue, Series 2021: |  |  |
$ 1,910 | 3.000%, 7/01/41 | 7/31 at 100.00 | AA– | $ 2,030,254
1,560 | 3.000%, 7/01/51 | 7/31 at 100.00 | AA– | 1,627,673
11,410 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health | 7/31 at 100.00 | AA– | 11,884,998
| Obligated Group, Series 2021A, 3.000%, 7/01/51 |  |  |
1,000 | New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A, 3.000%, 6/01/32 | No Opt. Call | BBB+ | 1,113,900
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Forward |  |  |
| Delivery Series 2022A: |  |  |
620 | 4.000%, 6/15/38 (WI/DD, Settling 4/27/22) | 6/32 at 100.00 | BBB | 710,291
770 | 4.000%, 6/15/39 (WI/DD, Settling 4/27/22) | 6/32 at 100.00 | BBB | 879,540
700 | 4.000%, 6/15/40 (WI/DD, Settling 4/27/22) | 6/32 at 100.00 | BBB | 797,573
640 | 4.000%, 6/15/41 (WI/DD, Settling 4/27/22) | 6/32 at 100.00 | BBB | 726,963
520 | 4.000%, 6/15/42 (WI/DD, Settling 4/27/22) | 6/32 at 100.00 | BBB | 588,749
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA: |  |  |
25,990 | 3.000%, 6/15/50 (UB) (4) | 12/30 at 100.00 | BBB | 26,519,416
545 | 4.000%, 6/15/50 (UB) (4) | 12/30 at 100.00 | BBB | 611,468
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2021A: |  |  |
935 | 4.000%, 6/15/34 | 6/31 at 100.00 | BBB | 1,095,147
385 | 4.000%, 6/15/35 | 6/31 at 100.00 | BBB | 449,603
440 | 4.000%, 6/15/36 | 6/31 at 100.00 | BBB | 511,720
55,275 | Total New Jersey |  |  | 58,401,703
| New Mexico – 0.8% (0.5% of Total Investments) |  |  |
7,000 | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross | 11/23 at 103.00 | N/R | 7,151,480
| Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A |  |  |
| New York – 20.1% (13.5% of Total Investments) |  |  |
5,880 | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, |  |  |
| Inc, Series 2015, 5.500%, 9/01/45, 144A | 9/25 at 100.00 | N/R | 6,602,652
5,000 | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, |  |  |
| Series 2020A-1, 5.500%, 6/01/55, 144A | 12/30 at 100.00 | N/R | 5,107,200
| Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, |  |  |
| Series 2020C-1: |  |  |
1,310 | 5.000%, 6/01/40, 144A | 12/30 at 100.00 | N/R | 1,389,412
3,000 | 5.000%, 6/01/55, 144A | 12/30 at 100.00 | N/R | 3,122,040
1,000 | Build NYC Resource Corporation, Revenue Bonds, Shefa School, Series 2021A, | 6/31 at 100.00 | N/R | 1,181,580
| 5.000%, 6/15/51, 144A |  |  |
10,000 | Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health System | 7/29 at 100.00 | Ba2 | 10,668,100
| Obligated Group Series 2019A, 4.000%, 7/01/45 (UB) (4) |  |  |
9,120 | Dormitory Authority of the State of New York, Revenue Bonds, NYU Langone Hospitals | 7/30 at 100.00 | A3 | 10,453,253
| Obligated Group, Series 2020A, 4.000%, 7/01/53 (UB) (4) |  |  |
20,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General | 9/30 at 100.00 | Aa2 | 20,837,200
| Purpose, Series 2020A Bidding Group 1 thru 5, 3.000%, 3/15/50 (UB) (4) |  |  |
7,775 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General | 9/30 at 100.00 | Aa2 | 8,319,483
| Purpose, Series 2020A. Bidding Group 1 thru 5, 3.000%, 3/15/38 (4) |  |  |
705 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2021, | 9/31 at 100.00 | A | 754,167
| 3.000%, 9/01/40 |  |  |
10,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014D-1, | 11/24 at 100.00 | BBB+ | 11,153,400
| 5.250%, 11/15/44 (UB) (4) |  |  |
| New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes |  |  |
| Revenue Bonds, Queens Baseball Stadium Project, Refunding Series 2021A: |  |  |
1,000 | 3.000%, 1/01/34 – AGM Insured | 1/31 at 100.00 | BBB | 1,080,730
1,205 | 3.000%, 1/01/37 – AGM Insured | 1/31 at 100.00 | BBB | 1,284,590

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
| New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes Revenue |  |  |
| Bonds, Yankee Stadium Project, Series 2020A: |  |  |
$ 5,385 | 3.000%, 3/01/39 – AGM Insured (UB) (4) | 9/30 at 100.00 | BBB+ | $ 5,711,008
3,845 | 3.000%, 3/01/40 – AGM Insured (UB) (4) | 9/30 at 100.00 | BBB+ | 4,066,241
3,500 | 4.000%, 3/01/45 | 9/30 at 100.00 | Baa1 | 3,923,430
2,275 | 3.000%, 3/01/49 (UB) (4) | 9/30 at 100.00 | Baa1 | 2,322,752
| New York City Municipal Water Finance Authority, New York, Water and Sewer System Second |  |  |
| General Resolution Revenue Bonds, Fiscal 2022 Series BB-1: |  |  |
5,680 | 3.000%, 6/15/44 | 12/31 at 100.00 | AA+ | 5,998,762
7,500 | 4.000%, 6/15/45 | 12/31 at 100.00 | AA+ | 8,817,825
575 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, | 7/31 at 100.00 | Aa3 | 677,241
| Fiscal 2022 Subseries S-1A, 4.000%, 7/15/40 |  |  |
500 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 5/31 at 100.00 | Aa1 | 652,165
| Subordinate Fiscal 2021 Subseries F-1, 5.000%, 11/01/34 |  |  |
| New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, |  |  |
| Subordinate Fiscal 2022 Subseries B-1: |  |  |
5,130 | 4.000%, 8/01/45 | 8/31 at 100.00 | Aa1 | 5,967,011
2,580 | 4.000%, 8/01/48 | 8/31 at 100.00 | Aa1 | 2,988,414
| New York City, New York, General Obligation Bonds, Fiscal 2021 Series D: |  |  |
1,000 | 1.623%, 8/01/28 | No Opt. Call | AA- | 978,820
1,410 | 2.223%, 8/01/35 | No Opt. Call | AA- | 1,370,196
1,790 | New York City, New York, General Obligation Bonds, Fiscal 2021 Series E, 1.623%, 8/01/28 | No Opt. Call | AA– | 1,752,088
4,000 | New York Counties Tobacco Trust IV, Tobacco Settlement Pass-Through Bonds, Turbo Term | 11/21 at 100.00 | B– | 4,043,880
| Series 2005A, 5.000%, 6/01/42 |  |  |
3,000 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 3,273,060
| Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A |  |  |
1,050 | New York State Urban Development Corp, 4.000%, 3/15/44 | 9/31 at 100.00 | AA+ | 1,227,712
3,675 | New York State Urban Development Corporation, State Sales Tax Revenue Bonds, | 9/31 at 100.00 | AA+ | 4,302,763
| Series 2021A, 4.000%, 3/15/45 |  |  |
180 | New York Transportation Development Corporation, New York, Facility Revenue Bonds, Thruway | 10/31 at 100.00 | BBB– | 205,970
| Service Areas Project, Series 2021, 4.000%, 10/31/41 (AMT) |  |  |
| New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, |  |  |
| American Airlines, Inc. John F Kennedy International Airport Project, Series 2020: |  |  |
12,210 | 5.250%, 8/01/31 (AMT) | 8/30 at 100.00 | B- | 14,391,561
3,400 | 5.375%, 8/01/36 (AMT) | 8/30 at 100.00 | B- | 4,245,376
515 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, | No Opt. Call | B | 529,296
| American Airlines, Inc. John F Kennedy International Airport Project, Series 2021, |  |  |
| 2.250%, 8/01/26 (AMT) |  |  |
1,000 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, | 12/30 at 100.00 | BBB | 1,115,960
| Terminal 4 John F Kennedy International Airport Project, Series 2020C, 4.000%, 12/01/41 |  |  |
1,000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta | No Opt. Call | BB+ | 1,161,670
| Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, |  |  |
| 4.000%, 10/01/30 (AMT) |  |  |
2,200 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred | 9/28 at 100.00 | A+ | 2,539,834
| Eleventh Series 2018, 4.000%, 9/01/43 |  |  |
2,350 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred | 7/31 at 100.00 | A+ | 2,734,037
| Twenty-Third Series 2021, 4.000%, 7/15/40 (AMT) |  |  |
5,000 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel | No Opt. Call | CC | 4,989,250
| Center Project, Taxable Series 2007B, 5.693%, 1/01/28 – SYNCORA GTY Insured, 144A |  |  |
2,015 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien | 11/31 at 100.00 | AA+ | 2,559,695
| Series 2021C-1A, 5.000%, 5/15/51 |  |  |
3,955 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien | 11/31 at 100.00 | AA+ | 4,111,025
| Series 2021C-3, 3.000%, 5/15/51 |  |  |

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NDMO | Nuveen Dynamic Municipal Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
$ 4,190 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien | 5/31 at 100.00 | AA+ | $ 5,271,439
| Subseries 2021A-1, 5.000%, 5/15/51 |  |  |
166,905 | Total New York |  |  | 183,882,288
| North Carolina – 0.1% (0.0% of Total Investments) |  |  |
415 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue | 9/28 at 103.00 | BBB | 473,702
| Bonds, The Forest at Duke, Inc., Series 2021, 4.000%, 9/01/41 |  |  |
| Ohio – 6.9% (4.7% of Total Investments) |  |  |
| Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, |  |  |
| Summa Health Obligated Group, Refunding Series 2020: |  |  |
220 | 4.000%, 11/15/36 (UB) (4) | 11/30 at 100.00 | Baa2 | 254,355
1,500 | 4.000%, 11/15/38 (UB) (4) | 11/30 at 100.00 | Baa2 | 1,736,235
10,325 | 3.000%, 11/15/40 (UB) (4) | 11/30 at 100.00 | BBB+ | 10,599,542
7,750 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue | 6/30 at 100.00 | BBB+ | 7,808,357
| Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 3.000%, 6/01/48 |  |  |
9,140 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 10,263,580
| Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 |  |  |
| Cleveland, Ohio, General Obligation Bonds, Various Purpose Refunding Series 2021A: |  |  |
485 | 3.000%, 12/01/32 | 6/30 at 100.00 | A1 | 538,447
485 | 3.000%, 12/01/33 | 6/30 at 100.00 | A1 | 535,275
605 | 3.000%, 12/01/34 | 6/30 at 100.00 | A1 | 663,274
1,000 | Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds, | 6/29 at 100.00 | N/R | 1,090,740
| Bridge Park D Block Project, Series 2019A-1, 5.000%, 12/01/51 |  |  |
2,500 | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG | 7/29 at 100.00 | B– | 2,858,350
| Vanadium Project, Series 2019, 5.000%, 7/01/49 (AMT), 144A |  |  |
1,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy | No Opt. Call | N/R | 993,550
| Generation Corporation Project, Refunding Series 2009D, 3.375%, 8/01/29 |  |  |
| (Mandatory Put 9/15/21) |  |  |
750 | Ohio Higher Educational Facility Commission, Senior Hospital Parking Revenue Bonds, | 1/30 at 100.00 | A3 | 892,515
| University Circle Incorporated 2020 Project, Series 2020, 5.000%, 1/15/50 |  |  |
21,000 | Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series 2020A, | 12/27 at 103.00 | N/R | 24,026,730
| 7.000%, 12/01/42 (AMT), 144A |  |  |
1,000 | Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series 2020B, | 12/26 at 105.00 | N/R | 1,176,560
| 10.000%, 12/01/27 (AMT), 144A |  |  |
57,760 | Total Ohio |  |  | 63,437,510
| Oklahoma – 0.1% (0.1% of Total Investments) |  |  |
1,000 | Mannford Public Works Authority, Oklahoma, Revenue Bonds, Capital Improvement Series 2021, | 1/29 at 100.00 | N/R | 1,013,280
| 3.250%, 1/01/51 |  |  |
| Oregon – 0.6% (0.4% of Total Investments) |  |  |
5,000 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Taxable | No Opt. Call | Aa1 | 4,869,500
| Refunding Senior Lien Series 2020B, 1.330%, 11/15/28 |  |  |
250 | Oregon State, General Obligation Bonds, Article XI-Q State Projects, Taxable Various | No Opt. Call | AA+ | 247,932
| Series 2021B, 1.528%, 5/01/28 |  |  |
5,250 | Total Oregon |  |  | 5,117,432
| Pennsylvania – 2.7% (1.8% of Total Investments) |  |  |
5,000 | Allegheny County Industrial Development Authority, Pennsylvania, Environmental Improvement | No Opt. Call | B3 | 6,031,600
| Revenue Bonds, United States Steel Corp., Refunding Series 2019, 5.125%, 5/01/30 |  |  |
980 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax | 5/31 at 100.00 | N/R | 1,208,056
| Revenue Bonds, 615 Waterfront Project, Senior Series 2021, 6.000%, 5/01/42, 144A |  |  |
500 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | 4/31 at 100.00 | N/R | 516,510
| Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 |  |  |
| (Mandatory Put 4/01/21) |  |  |

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Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Pennsylvania (continued) |  |  |
$ 1,000 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & | 10/27 at 100.00 | BB | $ 1,123,730
| Technology Project, Series 2017, 5.125%, 10/15/41, 144A |  |  |
2,000 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & | 10/28 at 100.00 | BB | 2,458,680
| Technology Project, Series 2020, 6.250%, 10/15/53, 144A |  |  |
1,315 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC | No Opt. Call | N/R | 1,309,306
| Agribusiness Fairless Hills LLC Project, Series 2021A, 10.000%, 12/01/31 |  |  |
| Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol |  |  |
| Region Parking System, Junior Guaranteed Series 2013B: |  |  |
995 | 0.000%, 1/01/45 – BAM Insured | No Opt. Call | A2 | 522,922
940 | 0.000%, 1/01/46 – BAM Insured | No Opt. Call | A2 | 477,379
1,025 | 0.000%, 1/01/47 – BAM Insured | No Opt. Call | A2 | 503,152
2,500 | Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, | 6/26 at 100.00 | BBB | 2,929,875
| Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/34 (AMT) |  |  |
| Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A: |  |  |
890 | 4.000%, 12/01/38 | 12/31 at 100.00 | A3 | 1,040,330
1,000 | 4.000%, 12/01/39 | 12/31 at 100.00 | A3 | 1,165,830
1,110 | 4.000%, 12/01/40 | 12/31 at 100.00 | A3 | 1,288,999
1,175 | 4.000%, 12/01/41 | 12/31 at 100.00 | A3 | 1,361,754
1,335 | 4.000%, 12/01/42 | 12/31 at 100.00 | A3 | 1,542,512
800 | Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue | 6/31 at 100.00 | BB | 853,792
| Bonds, Philadelphia Electrical & Technology Charter School, Series 2021A, 4.000%, 6/01/51 |  |  |
500 | Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue | 6/28 at 100.00 | BB+ | 571,925
| Bonds, Philadelphia Performing Arts: A String Theory Charter School, Series 2020, |  |  |
| 5.000%, 6/15/50, 144A |  |  |
23,065 | Total Pennsylvania |  |  | 24,906,352
| Puerto Rico – 7.0% (4.7% of Total Investments) |  |  |
1,000 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien | 7/30 at 100.00 | N/R | 1,168,170
| Series 2020A, 5.000%, 7/01/47, 144A |  |  |
| Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: |  |  |
5,020 | 5.125%, 7/01/37 | 7/22 at 100.00 | CCC | 5,178,130
2,000 | 6.000%, 7/01/47 | 7/22 at 100.00 | CCC | 2,074,180
8,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.250%, 7/01/40 (5) | 11/21 at 100.00 | D | 7,870,000
3,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, | No Opt. Call | AAA | 3,105,000
| 5.250%, 7/01/38 – AMBAC Insured |  |  |
| Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, |  |  |
| Series 2007M2: |  |  |
1 | 1.850%, 7/01/34 (5) | 11/21 at 100.00 | N/R | 1,144
4,585 | 1.850%, 7/01/34 (5) | 11/21 at 100.00 | N/R | 5,312,869
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: |  |  |
20,000 | 0.010%, 7/01/46 | 7/28 at 41.38 | N/R | 6,519,800
35,000 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 8,286,950
5,514 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 6,159,248
2,500 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 2,828,600
17,000 | Puerto Rico, General Obligation Bonds, Series 2014A, 1.990%, 7/01/35 (5) | 11/21 at 100.00 | N/R | 15,002,500
103,620 | Total Puerto Rico |  |  | 63,506,591
| South Carolina – 0.3% (0.2% of Total Investments) |  |  |
1,000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, | 10/27 at 103.00 | N/R | 1,060,700
| Columbia College, Refunding Series 2020A, 5.625%, 10/01/40 |  |  |
1,000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, | 11/26 at 100.00 | N/R | 1,013,740
| Hoese Creek Academy Project, Series 2021A, 5.000%, 11/15/55, 144A |  |  |
250 | South Carolina Jobs-Economic Development Authority, Retirement Community Revenue Notes, | 11/21 at 100.00 | N/R | 253,355
| Kiawah Life Plan Village, Inc. Project, Series 2021A, 8.750%, 7/01/25 |  |  |
2,250 | Total South Carolina |  |  | 2,327,795

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NDMO | Nuveen Dynamic Municipal Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| South Dakota – 0.5% (0.3% of Total Investments) |  |  |
$ 2,145 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument Health, Inc, | 9/30 at 100.00 | A1 | $ 2,233,524
| Series 2020A, 3.000%, 9/01/45 (UB) (4) |  |  |
1,800 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument Health, Inc., | 9/30 at 100.00 | A1 | 2,049,192
| Series 2020A, 4.000%, 9/01/50 (UB) (4) |  |  |
3,945 | Total South Dakota |  |  | 4,282,716
| Tennessee – 0.4% (0.3% of Total Investments) |  |  |
| New Memphis Arena Public Building Authority, Memphis and Shelby County, Tennessee, Local |  |  |
| Government Public Improvement Bonds, Capital Appreciation Series 2021: |  |  |
1,250 | 0.000%, 4/01/32 | 4/31 at 98.30 | AA | 1,010,175
1,250 | 0.000%, 4/01/35 | 4/31 at 92.42 | AA | 920,962
1,250 | 0.000%, 4/01/36 | 4/31 at 90.26 | AA | 892,088
1,250 | 0.000%, 4/01/38 | 4/31 at 85.68 | AA | 836,913
5,000 | Total Tennessee |  |  | 3,660,138
| Texas – 7.3% (4.9% of Total Investments) |  |  |
500 | Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, | 10/31 at 100.00 | N/R | 525,050
| Second-Lien Series 2021B, 5.000%, 10/01/50, 144A |  |  |
| Austin, Texas, Rental Car Special Facility Revenue Bonds, Taxable Refunding Series 2021: |  |  |
500 | 1.027%, 11/15/26 – AGM Insured | No Opt. Call | A– | 488,195
625 | 1.325%, 11/15/27 – AGM Insured | No Opt. Call | A– | 610,700
500 | 1.710%, 11/15/29 – AGM Insured | No Opt. Call | A– | 490,720
755 | Bexar County, Texas, Venue Project Revenue Bonds, Taxable Refunding Combined Venue | 8/31 at 100.00 | A– | 753,022
| Tax Series 2021, 3.031%, 8/15/41 – AGM Insured |  |  |
| Carrollton-Farmers Branch Independent School District, Dallas County, Texas, General |  |  |
| Obligation Bonds, School Building Series 2021: |  |  |
190 | 3.000%, 2/15/37 | 2/30 at 100.00 | AAA | 209,477
175 | 3.000%, 2/15/38 | 2/30 at 100.00 | AAA | 192,525
145 | 3.000%, 2/15/39 | 2/30 at 100.00 | AAA | 159,153
115 | 3.000%, 2/15/40 | 2/30 at 100.00 | AAA | 125,978
1,000 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2021B, | 1/31 at 100.00 | A– | 1,152,170
| 4.000%, 1/01/41 |  |  |
460 | Eagle Pass, Texas, Combination Tax and Limited Pledge Revenue Certificates of Obligation, | 3/31 at 100.00 | AA | 548,771
| Series 2021, 4.000%, 3/01/38 – AGM Insured |  |  |
1,000 | Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement | 9/31 at 100.00 | N/R | 981,770
| District 1, Refunding Series 2021, 3.500%, 9/01/36, 144A |  |  |
1,200 | Hays County, Texas, Special Assessment Revenue Bonds, La Cima Public Improvement District | 9/30 at 100.00 | N/R | 1,233,372
| Neighbor Improvement Areas 1-2 Project, Series 2020, 4.000%, 9/15/50, 144A |  |  |
| Houston Community College System, Texas, General Obligation Bonds, Taxable Refunding |  |  |
| Limited Tax Series 2021B: |  |  |
1,000 | 2.059%, 2/15/36 | 2/31 at 100.00 | AA+ | 960,930
750 | 2.109%, 2/15/37 | 2/31 at 100.00 | AA+ | 716,235
750 | 2.209%, 2/15/38 | 2/31 at 100.00 | AA+ | 716,565
750 | 2.259%, 2/15/39 | 2/31 at 100.00 | AA+ | 713,197
1,000 | Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District | 9/30 at 100.00 | N/R | 1,011,840
| Improvement Area 2 Project, Series 2020, 4.000%, 9/01/46, 144A |  |  |
6,225 | Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds, | 11/31 at 100.00 | A | 7,299,373
| Refunding Series 2021, 4.000%, 11/01/38 – AGM Insured (AMT) (4) |  |  |
| Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA |  |  |
| Transmission Services Corporation Project, Refunding Series 2021: |  |  |
1,625 | 5.000%, 5/15/38 | 5/30 at 100.00 | A | 2,040,724
1,665 | 5.000%, 5/15/39 | 5/30 at 100.00 | A | 2,086,278
2,625 | 5.000%, 5/15/40 | 5/30 at 100.00 | A | 3,278,231
375 | 5.000%, 5/15/41 | 5/30 at 100.00 | A | 466,853
500 | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public | 9/31 at 100.00 | N/R | 482,225
| Improvement District Improvement Area 1 Project, Series 2021, 4.125%, 9/01/41, 144A |  |  |

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Principal |  |  |  |  |
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value
| Texas (continued) |  |  |  |
$ 625 | McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement District | 9/31 at 100.00 | N/R | $ 612,813
| Improvement Area 3 Project, Series 2021, 3.625%, 9/15/41, 144A |  |  |  |
4,175 | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, | 8/25 at 103.00 | BB+ | 4,644,228
| Southwest Preparatory School, Series 2020A, 5.000%, 8/15/50, 144A |  |  |  |
| New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue Bonds, |  |  |
| Sanctuary LTC LLC Project, Series 2021A-1: |  |  |  |
6,795 | 5.250%, 1/01/42 |  | 1/28 at 103.00 | N/R | 6,637,492
6,465 | 5.500%, 1/01/57 |  | 1/28 at 103.00 | N/R | 6,278,549
2,035 | Sachse, Texas, Special Assessment Bonds, Sachse Public Improvement District 1 Major |  | 9/30 at 100.00 | N/R | 2,111,882
| Improvement Area Project, Series 2020, 5.375%, 9/15/40, 144A |  |  |  |
| San Antonio, Texas, Electric and Gas Systems Revenue Bonds, Refunding Junior Lien Series 2021A: |  |  |
1,410 | 5.000%, 2/01/33 |  | 2/31 at 100.00 | A+ | 1,842,602
1,520 | 5.000%, 2/01/34 |  | 2/31 at 100.00 | A+ | 1,981,822
1,885 | 5.000%, 2/01/35 |  | 2/31 at 100.00 | A+ | 2,451,254
1,875 | 5.000%, 2/01/36 |  | 2/31 at 100.00 | A+ | 2,429,475
| Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, |  |  |
| Hendrick Medical Center, Taxable Series 2021: |  |  |  |
450 | 3.292%, 9/01/40 – AGM Insured |  | 9/30 at 100.00 | A2 | 466,893
350 | 3.422%, 9/01/50 – AGM Insured |  | 9/30 at 100.00 | A2 | 361,701
| Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, |  |  |
| LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A: |  |  |  |
2,630 | 4.000%, 6/30/35 |  | 12/30 at 100.00 | BBB– | 3,096,115
1,540 | 4.000%, 6/30/36 |  | 12/30 at 100.00 | BBB– | 1,805,973
2,195 | 4.000%, 12/31/37 |  | 12/30 at 100.00 | BBB– | 2,564,879
2,000 | 4.000%, 6/30/40 |  | 12/30 at 100.00 | BBB– | 2,315,800
60,380 | Total Texas |  |  |  | 66,844,832
| Utah – 0.4% (0.3% of Total Investments) |  |  |  |
500 | Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, | 2/26 at 103.00 | N/R | 514,335
| Series 2021A, 4.125%, 2/01/41, 144A |  |  |  |
1,000 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School | 1/25 at 102.00 | N/R | 1,028,910
| Project, Series 2020A, 5.125%, 7/15/51, 144A |  |  |  |
1,000 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Providence Hall Projects, | 10/31 at 100.00 | Aa2 | 1,151,230
| Refunding Series 2021A, 4.000%, 10/15/51 |  |  |  |
| Utah Infrastructure Agency, Telecommunications Revenue Bonds, Series 2021: |  |  |  |
375 | 4.000%, 10/15/41 |  | 4/31 at 100.00 | BBB– | 427,155
500 | 3.000%, 10/15/45 |  | 4/31 at 100.00 | BBB– | 507,145
| Vineyard Redevelopment Agency, Utah, Tax Increment Revenue Bonds, Refunding Series 2021: |  |  |
60 | 4.000%, 5/01/36 – AGM Insured |  | 5/31 at 100.00 | AA | 70,992
95 | 4.000%, 5/01/38 – AGM Insured |  | 5/31 at 100.00 | AA | 111,818
3,530 | Total Utah |  |  |  | 3,811,585
| Virginia – 3.2% (2.2% of Total Investments) |  |  |  |
5,000 | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton Roads | 7/30 at 100.00 | AA | 6,303,900
| Transportation Fund, Senior Lien Series 2020A, 5.250%, 7/01/60 |  |  |  |
10,750 | Roanoke Economic Development Authority, Virginia, Hospital Revenue Bonds, Carilion Clinic | 7/30 at 100.00 | AA– | 12,385,827
| Obligated Group, Series 2020A, 4.000%, 7/01/51 (UB) (4) |  |  |  |
1,510 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, | 6/25 at 100.00 | B– | 1,579,309
| Refunding Senior Lien Series 2007A, 6.706%, 6/01/46 |  |  |  |
| Virginia Commonwealth Transportation Board, Interstate 81 Corridor Program Revenue Bonds, |  |  |
| Senior Lien Series 2021: |  |  |  |
600 | 4.000%, 5/15/36 |  | 5/31 at 100.00 | AA– | 729,600
900 | 4.000%, 5/15/38 |  | 5/31 at 100.00 | AA– | 1,087,749
2,030 | 4.000%, 5/15/39 |  | 5/31 at 100.00 | AA– | 2,447,287
3,000 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, | 6/27 at 100.00 | Baa3 | 3,549,180
| Senior Lien Series 2017, 5.000%, 12/31/49 (AMT) |  |  |  |

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NDMO | Nuveen Dynamic Municipal Opportunities Fund Portfolio of Investments (continued) October 31, 2021

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Virginia (continued) |  |  |
$ 1,000 | Virginia Small Business Financing Authority, Tourism Development Financing Program Revenue | 10/30 at 120.40 | N/R | $ 1,278,830
| Bonds, Virginia Beach Oceanfront South Hotel Project, Senior Series 2020A-1, |  |  |
| 8.000%, 10/01/43, 144A |  |  |
24,790 | Total Virginia |  |  | 29,361,682
| Washington – 0.7% (0.5% of Total Investments) |  |  |
1,230 | King and Pierce Counties School District 408 Auburn, Washington, General Obligation Bonds, | 12/30 at 100.00 | Aaa | 1,356,481
| Refunding Series 2020, 3.000%, 12/01/38 |  |  |
5,000 | King County Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding | 11/29 at 100.00 | AAA | 5,341,000
| Series 2019, 3.000%, 11/01/39 |  |  |
6,230 | Total Washington |  |  | 6,697,481
| West Virginia – 0.9% (0.6% of Total Investments) |  |  |
4,000 | West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, | 12/27 at 103.00 | N/R | 4,090,160
| Empire Trimodal Terminal, LLC Project, Series 2020, 7.625%, 12/01/40, 144A |  |  |
1,000 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, | 1/25 at 100.00 | B | 1,052,540
| Arch Resources Project, Series 2021, 4.125%, 7/01/45 (AMT) (Mandatory Put 7/01/25) |  |  |
2,660 | West Virginia State, General Obligation Bonds, State Road Series 2021A, 5.000%, 12/01/39 | 6/31 at 100.00 | AA– | 3,443,822
7,660 | Total West Virginia |  |  | 8,586,522
| Wisconsin – 4.1% (2.8% of Total Investments) |  |  |
6,350 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Freedom Classical Academy |  |  |
| Inc., Series 2020A, 5.000%, 1/01/56, 144A | 1/28 at 100.00 | N/R | 6,743,382
1,000 | Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore Academy, |  |  |
| Series 2021A, 5.000%, 6/01/56, 144A | 6/28 at 100.00 | N/R | 1,035,650
1,000 | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy |  |  |
| Project, Series 2021, 5.000%, 8/01/51, 144A | 8/28 at 100.00 | N/R | 1,031,680
| Public Finance Authority of Wisconsin, Health Care Facilities Revenue Bonds, Appalachian |  |  |
| Regional Healthcare System Obligated Group, Series 2021A: |  |  |
300 | 5.000%, 7/01/35 | 1/31 at 100.00 | BBB | 380,619
190 | 5.000%, 7/01/38 | 1/31 at 100.00 | BBB | 239,153
| Public Finance Authority of Wisconsin, Hospital Revenue Bonds, Renown Regional Medical |  |  |
| Center Project, Refunding Series 2020A: |  |  |
2,035 | 3.000%, 6/01/45 (UB) (4), (5) | 6/30 at 100.00 | A+ | 2,145,887
5,415 | 3.000%, 6/01/45 – AGM Insured (UB) (4) | 6/30 at 100.00 | A+ | 5,753,492
5,000 | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American | 12/27 at 100.00 | N/R | 5,488,300
| Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A |  |  |
2,000 | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group | 7/31 at 100.00 | N/R | 2,056,420
| Aviation Facilities Project, Series 2021, 4.000%, 7/01/41 (AMT) |  |  |
200 | Public Finance Authority of Wisconsin, Revenue Bonds, Wonderful Foundations Charter School | 1/31 at 100.00 | N/R | 219,714
| WFCS Portfolio Projects, Senior Series 2021A-1, 5.000%, 1/01/56, 144A |  |  |
| Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Gundersen |  |  |
| Health System, Refunding Series 2021A: |  |  |
205 | 3.000%, 10/15/37 | 10/31 at 100.00 | AA- | 219,018
7,530 | 3.000%, 10/15/38 (4) | 10/31 at 100.00 | AA- | 8,024,721
4,120 | 3.000%, 10/15/39 | 10/31 at 100.00 | AA- | 4,371,320
35,345 | Total Wisconsin |  |  | 37,709,356
$ 1,331,760 | Total Municipal Bonds (cost $1,313,625,287) |  |  | 1,357,672,594

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Principal |  |  |  |  |
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value
| CORPORATE BONDS – 0.2% (0.1% of Total Investments) |  |  |  |
| Real Estate – 0.1% (0.1% of Total Investments) |  |  |  |
$ 1,000 | Benloch Ranch Improvement Association No 1 | 9.750% | 12/01/39 | N/R | $ 1,082,235
| Utilities – 0.1% (0.0% of Total Investments) |  |  |  |
1,500 | Talen Energy Supply LLC | 6.000% | 12/15/36 | Caa1 | 697,500
$ 2,500 | Total Corporate Bonds (cost $1,766,252) |  |  |  | 1,779,735
| Total Long-Term Investments (cost $1,315,391,539) |  |  |  | 1,359,452,329
| Borrowings – (21.0)% (7)(8) |  |  |  | (191,900,000)
| Floating Rate Obligations – (22.4)% |  |  |  | (204,590,000)
| Reverse Repurchase Agreements, including accrued interest – (4.9)% (9) |  |  |  | (44,809,557)
| Other Assets Less Liabilities – (0.5)% (10) |  |  |  | (4,605,275)
| Net Assets Applicable to Common Shares – 100% |  |  |  | $ 913,547,497

Investments in Derivatives |  |  |  |  |  |
Futures Contracts – Short |  |  |  |  |  |
|  |  |  |  |  | Variation
|  |  |  |  | Unrealized | Margin
| Number of | Expiration | Notional |  | Appreciation | Receivable/
Description | Contracts | Date | Amount | Value | (Depreciation) | (Payable)
U.S. Treasury 10-Year Note | (472) | 12/21 | $ (62,783,099) | $ (61,691,875) | $1,091,224 | $ 22,125
U.S. Treasury Ultra Bond | (328) | 12/21 | (63,750,461) | (64,421,250) | (670,789) | (246,000)
U.S. Treasury Long Bond | (202) | 12/21 | (32,853,039) | (32,490,438) | 362,602 | (69,438)
Total |  |  | $(159,386,599) | $(158,603,563) | $ 783,037 | $ (293,313)
Total receivable for variation margin on futures contracts |  |  |  |  |  | $ 22,125
Total payable for variation margin on futures contracts |  |  |  |  |  | $(315,438)

(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 inverse floating rate transactions and/or reverse repurchase agreements. As of the end of the reporting period, investments with a value of $51,502,598 have been pledged as collateral for reverse repurchase agreements.

(5) |  | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(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) |  | Borrowings as a percentage of Total Investments is 14.1%.

(8) |  | The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.

(9) |  | Reverse Repurchase Agreements, including accrued interest as a percentage of Total Investments is 3.3%.

(10) |  | 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.

144A |  | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

AMT |  | Alternative Minimum Tax.

UB |  | Underlying bond of an inverse floating rate trust reflected as a financing transaction. WI/DD Purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

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Statement of Assets and Liabilities

October 31, 2021

| NVG | NZF | NMZ | NMCO | NDMO
Assets |  |  |  |  |
Long-term investments, at value (cost $5,156,011,244 |  |  |  |  |
$3,282,232,935, $1,994,138,386, $1,184,770,165 |  |  |  |  |
and $1,315,391,539, respectively) | $5,745,248,072 | $3,712,817,983 | $2,114,314,485 | $1,276,838,863 | $1,359,452,329
Short-term investments, at value ($—, $—, $—, $798,107 |  |  |  |  |
and $—, respectively) | — | — | — | 865,417 | —
Cash | — | — | — | 3,387,548 | 4,615,476
Cash collateral at brokers for investments in futures contracts1 | — | — | — | — | 3,505,000
Receivable for: |  |  |  |  |
Dividends | — | 2,941 | — | — | —
Interest | 71,855,562 | 45,850,236 | 35,690,227 | 21,776,138 | 17,943,304
Investments sold | 30,947,562 | 52,963,921 | 1,808,341 | 430,000 | 6,781,711
Shares sold | — | — | 710,253 | — | —
Variation margin on futures contracts | — | — | — | — | 22,125
Deferred offering costs | — | — | 203,987 | 219,996 | 240,000
Other assets | 2,231,517 | 1,021,290 | 140,430 | 91,073 | 16,746
Total assets | 5,850,282,713 | 3,812,656,371 | 2,152,867,723 | 1,303,609,035 | 1,392,576,691
Liabilities |  |  |  |  |
Cash overdraft | 8,233,336 | 4,798,386 | 4,909,984 | — | —
Borrowings | — | — | — | — | 191,900,000
Reverse repurchase agreements, including |  |  |  |  |
accrued interest | — | — | — | — | 44,809,557
Floating rate obligations | 187,400,000 | 14,400,000 | 457,043,000 | 25,822,000 | 204,590,000
Payable for: |  |  |  |  |
Dividends | 13,650,703 | 8,907,020 | 6,136,970 | 3,182,586 | 3,956,251
Interest2 | 379,281 | 36,486 | 938,500 | 67,832 | 416,081
Investments purchased – regular settlement | 36,930 | — | 5,892,300 | — | 6,903,555
Investments purchased – when-issued/ |  |  |  |  |
delayed-delivery settlement | 23,929,040 | 4,160,129 | 14,944,420 | — | 24,677,205
Variation margin on futures contracts | — | — | — | — | 315,438
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, |  |  |  |  |
net of deferred offering costs (liquidation preference |  |  |  |  |
$112,000,000, $—, $257,000,000, $— and $—, respectively) | 111,923,894 | — | 256,570,271 | — | —
MuniFund Preferred (“MFP”) Shares, net of deferred |  |  |  |  |
offering costs (liquidation preference $405,400,000, |  |  |  |  |
$641,000,000, $—, $450,000,000 and $—, respectively) | 404,033,874 | 640,046,873 | — | 448,908,240 | —
Variable Rate Demand Preferred (“VRDP”) Shares, net of |  |  |  |  |
deferred offering costs (liquidation preference $1,411,600,000, |  |  |  |  |
$727,000,000, $—, $— and $—, respectively) | 1,408,222,865 | 722,756,919 | — | — | —
Accrued expenses: |  |  |  |  |
Management fees | 2,940,479 | 1,930,308 | 1,206,219 | 960,729 | 944,302
Trustees fees | 1,345,343 | 885,018 | 149,352 | 23,893 | 37,479
Shelf offering costs | — | — | 21,753 | 128,324 | 140,762
Other | 850,847 | 631,497 | 303,292 | 244,057 | 338,564
Total liabilities | 2,162,946,592 | 1,398,552,636 | 748,116,061 | 479,337,661 | 479,029,194
Commitments and contingencies (as disclosed in Note 8) |  |  |  |  |
Net assets applicable to common shares | $3,687,336,121 | $2,414,103,735 | $1,404,751,662 | $ 824,271,374 | $ 913,547,497
Common shares outstanding | 213,425,280 | 142,166,619 | 96,700,138 | 53,286,080 | 58,565,421
Net asset value (“NAV”) per common share outstanding | $ 17.28 | $ 16.98 | $ 14.53 | $ 15.47 | $ 15.60
Net assets applicable to common shares consist of: |  |  |  |  |
Common shares, $0.01 par value per share | $ 2,134,253 | $ 1,421,666 | $ 967,001 | $ 532,861 | $ 585,654
Paid-in surplus | 3,085,863,682 | 2,006,923,362 | 1,280,029,468 | 798,585,509 | 873,243,055
Total distributable earnings | 599,338,186 | 405,758,707 | 123,755,193 | 25,153,004 | 39,718,788
Net assets applicable to common shares | $3,687,336,121 | $2,414,103,735 | $1,404,751,662 | $ 824,271,374 | $ 913,547,497
Authorized shares: |  |  |  |  |
Common | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited
Preferred | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited

1 |  | Cash pledged to collateralize the net payment obligations for investments in derivatives.

2 |  | Excludes accrued interest on reverse repurchase agreements, which is recognized above.

See accompanying notes to financial statements.

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Statement of Operations |  |  |
Year Ended October 31, 2021 |  |  |  |  |
| NVG | NZF | NMZ | NMCO | NDMO
Investment Income | $231,675,353 | $150,132,179 | $83,387,588 | $ 61,207,670 | $41,349,244
Expenses |  |  |  |  |
Management fees | 34,885,726 | 22,807,444 | 12,715,504 | 11,067,554 | 10,547,078
Interest expense and amortization of offering costs | 6,709,653 | 13,293,920 | 4,620,369 | 4,754,449 | 2,996,581
Liquidity fees | 10,688,193 | 1,619,189 | — | 898,706 | —
Remarketing fees | 2,039,540 | 99,088 | — | 101,390 | —
Custodian fees | 442,652 | 315,019 | 155,853 | 145,794 | 112,824
Trustees fees | 169,686 | 113,597 | 43,482 | 36,547 | 52,541
Professional fees | 816,270 | 304,759 | 184,314 | 189,820 | 185,827
Shareholder reporting expenses | 226,225 | 145,683 | 77,452 | 10,032 | 30,198
Shareholder servicing agent fees | 99,461 | 46,151 | 18,462 | 454 | 1,067
Stock exchange listing fees | 58,012 | 38,642 | 54,964 | 14,491 | —
Investor relations expenses | 166,759 | 109,504 | 39,430 | 34,003 | 88,974
Other | 233,921 | 75,582 | 220,594 | 82,446 | 14,752
Total expenses | 56,536,098 | 38,968,578 | 18,130,424 | 17,335,686 | 14,029,842
Net investment income (loss) | 175,139,255 | 111,163,601 | 65,257,164 | 43,871,984 | 27,319,402
Realized and Unrealized Gain (Loss) |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |
Investments | 9,098,222 | 4,825,339 | (3,421,571) | 3,406,526 | 21,029,408
Futures contracts | — | — | — | — | (4,150,212)
Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
Investments | 117,264,867 | 142,011,149 | 110,094,377 | 133,963,060 | 45,354,449
Futures contracts | — | — | — | — | 783,037
Net realized and unrealized gain (loss) | 126,363,089 | 146,836,488 | 106,672,806 | 137,369,586 | 63,016,682
Net increase (decrease) in net assets applicable to |  |  |  |  |
common shares from operations | $301,502,344 | $258,000,089 | $171,929,970 | $181,241,570 | $90,336,084

See accompanying notes to financial statements.

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Statement of Changes in Net Assets

| NVG | NZF
| Year Ended | Year Ended | Year Ended | Year Ended
| 10/31/21 | 10/31/20 | 10/31/21 | 10/31/20
Operations |  |  |  |
Net investment income (loss) | $ 175,139,255 | $ 174,547,176 | $ 111,163,601 | $ 113,578,493
Net realized gain (loss) from: |  |  |  |
Investments | 9,098,222 | 20,352,040 | 4,825,339 | (13,050,569)
Futures contracts | — | — | — | —
Change in net unrealized appreciation (depreciation) of: |  |  |  |
Investments | 117,264,867 | (104,484,643) | 142,011,149 | (88,994,829)
Futures contracts | — | — | — | —
Net increase (decrease) in net assets applicable to |  |  |  |
common shares from operations | 301,502,344 | 90,414,573 | 258,000,089 | 11,533,095
Distributions to Common Shareholders |  |  |  |
Dividends | (191,489,814) | (175,828,479) | (112,570,414) | (107,589,117)
Return of capital | — | — | — | —
Decrease in net assets applicable to common shares from |  |  |  |
distributions to common shareholders | (191,489,814) | (175,828,479) | (112,570,414) | (107,589,117)
Capital Share Transactions |  |  |  |
Common shares: |  |  |  |
Proceeds from sale of shares, net of offering costs | — | — | — | —
Proceeds from shelf offering, net of offering costs | — | — | — | —
Net proceeds from shares issued to shareholders |  |  |  |
due to reinvestment of distributions | 968,023 | — | 708,579 | —
Issued in the reorganization | — | 184,807,196 | — | —
Net increase (decrease) in net assets applicable to |  |  |  |
common shares from capital share transactions | 968,023 | 184,807,196 | 708,579 | —
Net increase (decrease) in net assets applicable to |  |  |  |
common shares | 110,980,553 | 99,393,290 | 146,138,254 | (96,056,022)
Net assets applicable to common shares at the |  |  |  |
beginning of period | 3,576,355,568 | 3,476,962,278 | 2,267,965,481 | 2,364,021,503
Net assets applicable to common shares at the end |  |  |  |
of period | $3,687,336,121 | $3,576,355,568 | $2,414,103,735 | $2,267,965,481

See accompanying notes to financial statements.

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| NMZ | NMCO
| Year Ended | Year Ended | Year Ended | Year Ended
| 10/31/21 | 10/31/20 | 10/31/21 | 10/31/20
Operations |  |  |  |
Net investment income (loss) | $ 65,257,164 | $ 54,821,399 | $ 43,871,984 | $ 37,835,962
Net realized gain (loss) from: |  |  |  |
Investments | (3,421,571) | 1,845,773 | 3,406,526 | (76,019,228)
Futures contracts | — | — | — | —
Change in net unrealized appreciation (depreciation) of: |  |  |  |
Investments | 110,094,377 | (64,189,142) | 133,963,060 | (43,965,731)
Futures contracts | — | — | — | —
Net increase (decrease) in net assets applicable to |  |  |  |
common shares from operations | 171,929,970 | (7,521,970) | 181,241,570 | (82,148,997)
Distributions to Common Shareholders |  |  |  |
Dividends | (67,633,664) | (57,470,993) | (39,638,330) | (38,645,307)
Return of capital | — | — | — | —
Decrease in net assets applicable to common shares from |  |  |  |
distributions to common shareholders | (67,633,664) | (57,470,993) | (39,638,330) | (38,645,307)
Capital Share Transactions |  |  |  |
Common shares: |  |  |  |
Proceeds from sale of shares, net of offering costs | — | — | — | —
Proceeds from shelf offering, net of offering costs | 201,974,141 | 192,765,554 | 157,761 | —
Net proceeds from shares issued to shareholders |  |  |  |
due to reinvestment of distributions | 1,063,415 | 576,782 | — | 258,968
Issued in the reorganization | — | — | — | —
Net increase (decrease) in net assets applicable to |  |  |  |
common shares from capital share transactions | 203,037,556 | 193,342,336 | 157,761 | 258,968
Net increase (decrease) in net assets applicable to |  |  |  |
common shares | 307,333,862 | 128,349,373 | 141,761,001 | (120,535,336)
Net assets applicable to common shares at the |  |  |  |
beginning of period | 1,097,417,800 | 969,068,427 | 682,510,373 | 803,045,709
Net assets applicable to common shares at the end |  |  |  |
of period | $1,404,751,662 | $1,097,417,800 | $824,271,374 | $ 682,510,373

See accompanying notes to financial statements.

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Statement of Changes in Net Assets (continued) |  |
| NDMO
|  | For the period
|  | 8/26/20
|  | (commencement
| Year Ended | of operations)
| 10/31/21 | through 10/31/20
Operations |  |
Net investment income (loss) | $ 27,319,402 | $ 1,525,599
Net realized gain (loss) from: |  |
Investments | 21,029,408 | (449,948)
Futures contracts | (4,150,212) | —
Change in net unrealized appreciation (depreciation) of: |  |
Investments | 45,354,449 | (1,293,659)
Futures contracts | 783,037 | —
Net increase (decrease) in net assets applicable to |  |
common shares from operations | 90,336,084 | (218,008)
Distributions to Common Shareholders |  |
Dividends | (46,057,401) | (4,341,885)
Return of capital | (6,322,022) | —
Decrease in net assets applicable to common shares from |  |
distributions to common shareholders | (52,379,423) | (4,341,885)
Capital Share Transactions |  |
Common shares: |  |
Proceeds from sale of shares, net of offering costs | — | 851,250,000
Proceeds from shelf offering, net of offering costs | 23,101,155 | —
Net proceeds from shares issued to shareholders |  |
due to reinvestment of distributions | 5,699,569 | —
Issued in the reorganization | — | —
Net increase (decrease) in net assets applicable to |  |
common shares from capital share transactions | 28,800,724 | 851,250,000
Net increase (decrease) in net assets applicable to |  |
common shares | 66,757,385 | 846,690,107
Net assets applicable to common shares at the |  |
beginning of period | 846,790,112 | 100,005
Net assets applicable to common shares at the end |  |
of period | $913,547,497 | $846,790,112

See accompanying notes to financial statements.

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Statement of Cash Flows |  |  |
Year Ended October 31, 2021 |  |  |  |  |
| NVG | NZF | NMZ | NMCO | NDMO
Cash Flows from Operating Activities: |  |  |  |  |
Net Increase (Decrease) in Net Assets Applicable to |  |  |  |  |
Common Shares from Operations | $ 301,502,344 | $ 258,000,089 | $ 171,929,970 | $ 181,241,570 | $ 90,336,084
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 | (703,504,343) | (555,979,429) | (520,158,217) | (177,620,793) | (1,188,353,535)
Proceeds from sales and maturities of investments | 732,252,853 | 607,523,360 | 105,247,213 | 146,685,636 | 785,539,391
Proceeds from (Purchases of) short-term investments, net | — | — | — | 14,469,743 | —
Payment-in-kind distributions | — | (3,188) | — | — | —
Taxes paid | (509,607) | (30,648) | (10,035) | (18,421) | —
Amortization (Accretion) of premiums and discounts, net | (5,243,363) | (6,764,032) | (233,687) | (3,613,587) | 6,648,380
Amortization of deferred offering costs | 217,214 | 266,621 | (57,086) | 65,424 | —
Increase (Decrease) in: |  |  |  |  |
Receivable for dividends and interest | 1,652,532 | 2,993,799 | (7,082,409) | (2,925,781) | (11,479,804)
Receivable for investments sold | (13,605,417) | (45,464,414) | 4,135,070 | 4,230,000 | 19,548,725
Other assets | (328,331) | (201,827) | (27,640) | (10,246) | (15,906)
Receivable for variation margin on futures contracts | — | — | — | — | (22,125)
Increase (Decrease) in: |  |  |  |  |
Payable for interest | (58,830) | (8,198) | (94,590) | 15,251 | 367,970
Payable for investments purchased – regular settlement | 36,930 | — | 3,392,300 | (1,249,022) | (4,127,121)
Payable for investments purchased – when issued/ |  |  |  |  |
delayed-delivery settlement | (2,349,331) | (3,894,150) | 8,428,750 | (2,180,119) | (28,422,893)
Payable for variation margin on futures contracts | — | — | — | — | 315,438
Accrued management fees | 39,808 | 58,924 | 306,840 | 116,228 | 364,469
Accrued Trustees fees | 356,678 | 234,660 | 46,973 | 15,349 | 35,197
Accrued other expenses | 390,968 | 223,251 | 135,228 | 92,154 | 240,409
Net realized (gain) loss from: |  |  |  |  |
Investments | (9,098,222) | (4,825,339) | 3,421,571 | (3,406,526) | (21,029,408)
Paydowns | (3,235) | (169,015) | (11,899) | (355,158) | 3,771
Change in net unrealized (appreciation) depreciation |  |  |  |  |
of investments | (117,264,867) | (142,011,149) | (110,094,377) | (133,963,060) | (45,354,449)
Net cash provided by (used in) operating activities | 184,483,781 | 109,949,315 | (340,726,025) | 21,588,642 | (395,405,407)

See accompanying notes to financial statements.

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Statement of Cash Flows (continued) |  |  |  |  |
| NVG | NZF |  | NMZ | NMCO | NDMO
Cash Flows from Financing Activities: |  |  |  |  |  |
Proceeds from borrowings | $ 66,050,827 | $ 8,200,000 | $ — | $ — | $ 191,900,000
(Repayments of) borrowings | (66,050,827) | (8,200,000) |  | — | — | —
Proceeds from reverse repurchase agreements | 51,200,000 | 38,200,000 |  | — | — | 44,809,557
(Repayments of) repurchase agreements | (51,200,000) | (38,200,000) |  | — | — | —
Proceeds from AMTP Shares issued, at liquidation preference | — | — | 170,000,000 | — | —
(Payments for) deferred offering costs | — | — |  | (255,000) | — | —
Proceeds from shelf offering, net of offering costs | — | — | 201,295,898 | (62,235) | 22,861,155
Increase (Decrease) in: |  |  |  |  |  |
Cash overdraft | 8,233,336 | 3,780,271 | 4,909,984 | — | —
Accrued shelf offering costs | — | — |  | (169,245) | 128,324 | 140,762
Proceeds from floating rate obligations | 460,000 | — | 22,992,000 | 3,899,000 | 60,500,000
(Repayments of) floating rate obligations | (4,135,000) | (1,875,000) |  | — | — | —
Cash distribution paid to common shareholders | (190,505,704) | (111,854,586) | (65,495,130) | (39,646,819) | (46,547,570)
Net cash provided by (used in) financing activities | (185,947,368) | (109,949,315) | 333,278,507 | (35,681,730) | 273,663,904
Net Increase (Decrease) in Cash and Cash |  |  |  |  |  |
Collateral at Brokers | (1,463,587) | — | (7,447,518) | (14,093,088) | (121,741,503)
Cash and cash collateral at brokers at the beginning |  |  |  |  |  |
of period | 1,463,587 | — | 7,447,518 | 17,480,636 | 129,861,979
Cash and cash collateral at brokers at the end of period | $ — | $ — | $ — | $ 3,387,548 | $ 8,120,476
The following table provides a reconciliation of cash and cash collateral at brokers to the statement of assets and liabilities: |  |
| NVG | NZF |  | NMZ | NMCO | NDMO
Cash | $ — | $ — |  | $ — | $3,387,548 | $4,615,476
Cash collateral at brokers for investments in futures contracts | — | — |  | — | — | 3,505,000
Total cash and cash collateral at brokers | $ — | $ — |  | $ — | $3,387,548 | $8,120,476
Supplemental Disclosure of Cash Flow Information |  |  |  |  |  |
Cash paid for interest on borrowings (excluding borrowing |  |  |  |  |  |
and amortization of offering costs) | $6,361,803 | $13,005,986 | $4,684,113 | $4,630,721 | $2,366,236
Non-cash financing activities not included herein consists |  |  |  |  |  |
of reinvestments of common share distributions | 968,023 | 708,579 | 1,063,415 | — | 5,699,569

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Financial Highlights

Selected data for a common share outstanding throughout each period:

|  |  |  |  |  | Less Distributions to |  |  |  |
|  | Investment Operations |  |  | Common Shareholders |  |  | Common Share |
|  |  |  |  |  |  | From |  |  |  |
| Beginning | Net | Net |  |  | From | Accumulated |  |  |  |
| Common | Investment | Realized/ |  |  | Net | Net |  |  |  | Ending
| Share | Income | Unrealized |  |  | Investment | Realized |  |  | Ending | Share
| NAV | (Loss) | Gain (Loss) | Total |  | Income | Gains | Total |  | NAV | Price
NVG |  |  |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |  |  |
2021 | $16.76 | $0.82 | $ 0.60 | $ 1.42 |  | $(0.81) | $(0.09) | $(0.90) |  | $17.28 | $17.29
2020 | 17.17 | 0.82 | (0.41) | 0.41 |  | (0.79) | (0.03) | (0.82) |  | 16.76 | 15.62
2019 | 15.48 | 0.79 | 1.72 | 2.51 |  | (0.79) | (0.03) | (0.82) |  | 17.17 | 16.45
2018 | 16.39 | 0.81 | (0.88) | (0.07) |  | (0.84) | — | (0.84) |  | 15.48 | 13.40
2017 | 16.64 | 0.84 | (0.19) | 0.65 |  | (0.87) | (0.03) | (0.90) |  | 16.39 | 15.17
NZF |  |  |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |  |  |
2021 | 15.96 | 0.78 | 1.03 | 1.81 |  | (0.79) | — | (0.79) |  | 16.98 | 16.73
2020 | 16.63 | 0.80 | (0.71) | 0.09 |  | (0.76) | — | (0.76) |  | 15.96 | 14.74
2019 | 15.07 | 0.75 | 1.60 | 2.35 |  | (0.79) | — | (0.79) |  | 16.63 | 16.03
2018 | 16.03 | 0.81 | (0.94) | (0.13) |  | (0.83) | — | (0.83) |  | 15.07 | 13.29
2017 | 16.34 | 0.87 | (0.29) | 0.58 |  | (0.89) | —* | (0.89) |  | 16.03 | 15.01

(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.

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|  |  |  | Common Share Supplemental Data/ |
|  |  |  | Ratios Applicable to Common Shares |
Common Share |  |  | Ratios to Average Net Assets |  | Ratio to Average Net Assets |
Total Returns |  |  | Before Reimbursement(b) |  | After Reimbursement(b) |
| Based |  | Ending |  |  |  |  |  |
Based | on |  | Net |  | Net |  |  | Net | Portfolio
on | Share |  | Assets |  | Investment |  |  | Investment | Turnover
NAV(a) | Price(a) |  | (000) | Expenses | Income (Loss) |  | Expenses | Income (Loss) | Rate(c)
8.54% | 16.65% |  | $3,687,336 | 1.52% | 4.70% |  | N/A | N/A | 12%
2.53 | 0.06 |  | 3,576,356 | 1.98 | 4.89 |  | N/A | N/A | 15
16.52 | 29.47 |  | 3,476,962 | 2.49 | 4.82 |  | N/A | N/A | 6
(0.50) | (6.49) |  | 3,134,970 | 2.40 | 5.02 |  | N/A | N/A | 15
4.25 | 7.10 |  | 3,319,775 | 2.05 | 5.26 |  | 2.04%(d) | 5.27%(d) | 18
11.45 | 19.05 |  | 2,414,104 | 1.61 | 4.60 |  | N/A | N/A | 15
0.58 | (3.34) |  | 2,267,965 | 2.04 | 4.95 |  | N/A | N/A | 21
15.90 | 27.08 |  | 2,364,022 | 2.60 | 4.68 |  | N/A | N/A | 12
(0.85) | (6.21) |  | 2,141,680 | 2.43 | 5.17 |  | N/A | N/A | 25
3.88 | 7.61 |  | 2,278,904 | 2.12 | 5.58 |  | 2.11(d) | 5.59(d) | 21

(b) |  | • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable.

|  | • The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares), and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:

NVG |  |  | NZF |
Year Ended 10/31: |  |  | Year Ended 10/31: |
2021 | 0.52% |  | 2021 | 0.62%
2020 | 0.97 |  | 2020 | 1.01
2019 | 1.47 |  | 2019 | 1.55
2018 | 1.37 |  | 2018 | 1.38
2017 | 1.02 |  | 2017 | 1.09

(c) |  | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.

(d) |  | During the fiscal year ended October 31, 2017 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.

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Financial Highlights (continued)

Selected data for a common share outstanding throughout each period:

|  |  |  |  |  | Less Distributions to |  |  |  |  |
|  | Investment Operations |  | Common Shareholders |  |  | Common Share |
|  |  |  |  |  |  |  |  |  | Premium |  |  |
|  |  |  |  |  |  |  |  |  | Per |  |  |
|  |  |  |  |  |  | From |  |  | Share |  |  |
| Beginning | Net | Net |  |  | From | Accumulated |  |  | Sold |  |  |
| Common | Investment | Realized/ |  |  | Net | Net |  |  | through | Shelf |  | Ending
| Share | Income | Unrealized |  |  | Investment | Realized |  |  | Shelf | Offering | Ending | Share
| NAV | (Loss) | Gain (Loss) | Total |  | Income | Gains | Total |  | Offering | Costs | NAV | Price
NMZ |  |  |  |  |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |  |  |  |  |
2021 | $13.22 | $0.72 | $ 1.30 | $ 2.02 |  | $(0.77) | $ — | $(0.77) |  | $0.06 | $ —* | $14.53 | $14.71
2020 | 14.04 | 0.70 | (0.82) | (0.12) |  | (0.73) | — | (0.73) |  | 0.03 | —* | 13.22 | 13.22
2019 | 12.77 | 0.76 | 1.20 | 1.96 |  | (0.70) | — | (0.70) |  | 0.01 | — | 14.04 | 14.22
2018 | 13.47 | 0.82 | (0.78) | 0.04 |  | (0.74) | — | (0.74) |  | —* | — | 12.77 | 11.76
2017 | 13.68 | 0.80 | (0.22) | 0.58 |  | (0.81) | — | (0.81) |  | 0.02 | — | 13.47 | 13.53
NMCO |  |  |  |  |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |  |  |  |  |
2021 | 12.81 | 0.82 | 2.58 | 3.40 |  | (0.74) | — | (0.74) |  | —* | — | 15.47 | 15.04
2020 | 15.08 | 0.71 | (2.25) | (1.54) |  | (0.73) | — | (0.73) |  | — | — | 12.81 | 11.68
2019(d) | 15.00 | 0.04 | 0.04 | 0.08 |  | — | — | — |  | — | — | 15.08 | 15.39

(a) |  | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

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|  |  | Common Share Supplemental Data/ |
|  |  | Ratios Applicable to Common Shares |
Common Share |  |  |  |
Total Returns |  | Ratios to Average Net Assets(b) |
| Based | Ending |  |  |
Based | on | Net |  | Net | Portfolio
on | Share | Assets |  | Investment | Turnover
NAV(a) | Price(a) | (000) | Expenses | Income (Loss) | Rate(c)
15.80% | 17.32% | $1,404,752 | 1.43% | 5.13% | 6%
(0.49) | (1.84) | 1,097,418 | 1.68 | 5.19 | 10
15.75 | 27.45 | 969,068 | 2.20 | 5.67 | 15
0.25 | (7.93) | 818,439 | 1.95 | 6.17 | 11
4.73 | 8.04 | 853,745 | 1.54 | 6.14 | 10
26.91 | 35.55 | 824,271 | 2.18 | 5.52 | 12
(10.33) | (19.78) | 682,510 | 2.41 | 5.24 | 70
0.53 | 2.60 | 803,046 | 1.01** | 2.58** | 8

(b) |  | • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.

|  | • The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:

NMZ |  | NMCO |
Year Ended 10/31: |  | Year Ended 10/31: |
2021 | 0.36% | 2021 | 0.72%
2020 | 0.66 | 2020 | 1.00
2019 | 1.16 | 2019(d) | 0.05**
2018 | 0.91 |  |
2017 | 0.49 |  |

(c) |  | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.

(d) |  | For the period September 16, 2019 (commencement of operations) through October 31, 2019.

* |  | Rounds to less than $0.01 per share.

** |  | Annualized.

See accompanying notes to financial statements.

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Financial Highlights (continued)

Selected data for a common share outstanding throughout each period:

|  |  |  |  |  |  | Less Distributions to |  |  |  |  |  |
|  | Investment Operations |  |  | Common Shareholders |  |  |  | Common Share |
|  |  |  |  |  |  | From |  |  |  | Premium |  |  |
| Beginning | Net | Net |  |  | From | Accumulated |  |  |  | Per Share |  |  |
| Common | Investment | Realized/ |  |  | Net | Net | Return |  |  | Sold through | Shelf |  | Ending
| Share | Income | Unrealized |  |  | Investment | Realized | of |  |  | Shelf |  | Offering | Ending | Share
| NAV | (Loss) | Gain (Loss) | Total |  | Income | Gains | Capital | Total |  | Offering | Costs | NAV | Price
NDMO |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 | $14.92 | $0.49 | $ 1.10 | $1.59 |  | $(0.50) | $(0.31) | $(0.11) | $(0.92) |  | $0.01 | $ — | $15.60 | $15.64
2020(d) | 15.00 | 0.03 | (0.03) | — |  | (0.08) | — | — | (0.08) |  | — | — | 14.92 | 15.00

(a) |  | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

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|  |  | Common Share Supplemental Data/ |
|  |  | Ratios Applicable to Common Shares |
Common Share |  |  |  |
Total Returns |  | Ratios to Average Net Assets(b) |
| Based | Ending |  |  |
Based | on | Net |  | Net | Portfolio
on | Share | Assets |  | Investment | Turnover
NAV(a) | Price(a) | (000) | Expenses | Income (Loss) | Rate(c)
10.77% | 10.47% | $913,547 | 1.55% | 3.02% | 63%
(0.02) | 0.51 | 846,790 | 0.89* | 1.06* | 4

(b) |  | • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings and/or reverse repurchase agreements, where applicable.

|  | • The expense ratios reflect, among other things, all interest expense and other costs related to borrowings and/or reverse repurchase agreements (as described in Note 9 –Borrowing Arrangements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:

NDMO |
Year Ended 10/31: |
2021 | 0.33%
2020(d) | 0.03*

(c) |  | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.

(d) |  | For the period August 26, 2020 (commencement of operations) through October 31, 2020.

* |  | Annualized.

See accompanying notes to financial statements.

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Financial Highlights (continued)

|  |  |  |  |  |  |  |  |  |  |  |  | AMTP,
|  |  |  |  |  |  |  |  |  |  |  |  | MFP, VMTP
|  |  |  |  |  |  |  |  |  |  |  |  | and /or
|  |  |  |  |  |  |  |  |  |  |  |  | VRDP Shares
| AMTP Shares |  | MFP Shares |  | VMTP Shares |  | VRDP Shares |  | at the End
| at the End of Period |  | at the End of Period |  | at the End of Period |  | at the End of Period |  | of the Period
|  |  |  |  |  |  |  |  |  |  |  |  | Asset
| Aggregate | Asset |  | Aggregate | Asset |  | Aggregate | Asset |  | Aggregate | Asset |  | Coverage
| Amount | Coverage |  | Amount | Coverage |  | Amount | Coverage |  | Amount | Coverage |  | Per $1
| Outstanding | Per $100,000 |  | Outstanding | Per $100,000 |  | Outstanding | Per $100,000 |  | Outstanding | Per $100,000 |  | Liquidation
| (000) | Share |  | (000) | Share(a) |  | (000) | Share |  | (000) | Share |  | Preference
NVG |  |  |  |  |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |  |  |  |  |
2021 | $112,000 | $291,153 |  | $405,400 | $291,153 |  | $ — | $ — |  | $1,411,600 | $291,153 |  | $2.91
2020 | 112,000 | 285,399 |  | 405,400 | 285,399 |  | — | — |  | 1,411,600 | 285,399 |  | 2.85
2019 | — | — |  | 405,400 | 291,357 |  | — | — |  | 1,411,600 | 291,357 |  | 2.91
2018 | — | — |  | 405,400 | 272,535 |  | — | — |  | 1,411,600 | 272,535 |  | 2.73
2017 | — | — |  | — | — |  | 240,400 | 300,955 |  | 1,411,600 | 300,955 |  | 3.01
NZF |  |  |  |  |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |  |  |  |  |
2021 | — | — |  | 641,000 | 276,470 |  | — | — |  | 727,000 | 276,470 |  | 2.76
2020 | — | — |  | 641,000 | 265,787 |  | — | — |  | 727,000 | 265,787 |  | 2.66
2019 | — | — |  | 641,000 | 272,809 |  | — | — |  | 727,000 | 272,809 |  | 2.73
2018 | — | — |  | 641,000 | 256,556 |  | — | — |  | 727,000 | 256,556 |  | 2.57
2017 | — | — |  | 150,000 | 287,873 |  | 336,000 | 287,873 |  | 727,000 | 287,873 |  | 2.88

(a) |  | NVG’s Series B MFP Shares have a $1,000 liquidation preference per share, while all other MFP Shares have a $100,000 liquidation preference per share. The asset coverage per $1,000 share for NVG’s Series B MFP Shares were as follows:

| Asset
| Coverage
| Per $1,000
NVG | Share
Series B |
Year Ended 10/31: |
2021 | $2,912
2020 | 2,854
2019 | 2,914
2018 | —
2017 | —

See accompanying notes to financial statements.

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| Borrowings |  | AMTP Shares |  | MFP Shares |  | VMTP Shares
| at the End of Period |  | at the End of Period |  | at the End of Period |  | at the End of Period
| Aggregate | Asset |  | Aggregate | Asset |  | Aggregate | Asset |  | Aggregate | Asset
| Amount | Coverage |  | Amount | Coverage |  | Amount | Coverage |  | Amount | Coverage
| Outstanding | Per $1,000 |  | Outstanding | Per $100,000 |  | Outstanding | Per $100,000 |  | Outstanding | Per $100,000
| (000) | Share |  | (000) | Share |  | (000) | Share |  | (000) | Share
NMZ |  |  |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |  |  |
2021 | $ — | $ — |  | $257,000 | $ 646,596 |  | $ — | $ — |  | $ — | $ —
2020 | — | — |  | 87,000 | 1,361,400 |  | — | — |  | — | —
2019 | — | — |  | 87,000 | 1,213,872 |  | — | — |  | — | —
2018 | — | — |  | 87,000 | 1,040,734 |  | — | — |  | — | —
2017 | — | — |  | — | — |  | — | — |  | 87,000 | 1,081,317
NMCO |  |  |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |  |  |
2021 | — | — |  | — | — |  | 450,000 | 283,171 |  | — | —
2020 | — | — |  | — | — |  | 450,000 | 251,669 |  | — | —
2019(b) | — | — |  | — | — |  | — | — |  | — | —
NDMO |  |  |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |  |  |
2021 | 191,900 | 5,761 |  | — | — |  | — | — |  | — | —
2020(c) | — | — |  | — | — |  | — | — |  | — | —

(b) |  | For the period September 16, 2019 (commencement of operations) through October 31, 2019.

(c) |  | For the period August 26, 2020 (commencement of operations) through October 31, 2020.

See accompanying notes to financial statements.

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Notes to
Financial Statements

1. General Information

Fund Information

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

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

• Nuveen Municipal Credit Income Fund (NZF)

• Nuveen Municipal High Income Opportunity Fund (NMZ)

• Nuveen Municipal Credit Opportunities Fund (NMCO)

• Nuveen Dynamic Municipal Opportunities Fund (NDMO)

The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified closed-end management investment companies. NVG, NZF, NMZ, NMCO and NDMO were organized as Massachusetts business trusts on July 12, 1999, March 21, 2001, October 8, 2003 and April 18, 2019 and November 4, 2019, respectively.

The end of the reporting period for the Funds is October 31, 2021, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 2021 (the “current fiscal period”).

Investment Adviser and Sub-Adviser

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

Other Matters

The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation

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

Distributions to Common Shareholders

Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

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NDMO makes monthly cash distributions to common shareholders of a stated dollar amount per share. Subject to approval and oversight by the Board, the Fund seeks to maintain a stable distribution level designed to deliver the long-term return potential of the Fund’s investment strategy through regular monthly distributions (a “Managed Distribution Program”). Total distributions during a calendar year generally will be made from the Fund’s net investment income, net realized capital gains and net unrealized capital gains in the Fund’s portfolio, if any. The portion of distributions paid attributed to net unrealized gains, if any, is distributed from the Fund’s assets and is treated by common shareholders as a nontaxable distribution (“return of capital”) for tax purposes. In the event that total distributions during a calendar year exceed the Fund’s total return on NAV, the difference will reduce NAV per share. If the Fund’s total return on NAV exceeds total distributions during a calendar year, the excess will be reflected as an increase in NAV per share. The final determination of the source and character of all distributions paid by the Fund during the fiscal year is made after the end of the fiscal year and is reflected in the financial statements contained in the annual report as of October 31 each year.

Indemnifications

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

Investments and Investment Income

Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Investment income also reflects dividend income, which is recorded on the ex-dividend date.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.

New Accounting Pronouncements and Rule Issuances

Reference Rate Reform

In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.

Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework

In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.

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Notes to Financial Statements (continued)

3. Investment Valuation and Fair Value Measurements

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:

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

Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and these securities are generally classified as Level 2.

Futures contracts are valued using closing settlement price or, in the absence of such a price, the last traded price and are generally classified as level 1.

Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:

NVG | Level 1 | Level 2 | Level 3 | Total
Long-Term Investments: |  |  |  |
Municipal Bonds* | $ — | $5,709,057,408 | $3,812,419*** | $5,712,869,827
Common Stocks** | — | 32,378,245**** | — | 32,378,245
Total | $ — | $5,741,435,653 | $3,812,419 | $5,745,248,072
NZF |  |  |  |
Long-Term Investments: |  |  |  |
Municipal Bonds* | $ — | $3,652,962,376 | $660,682*** | $3,653,623,058
Common Stocks** | — | 56,933,668**** | — | 56,933,668
Investment Companies | 1,921,713 | — | — | 1,921,713
Corporate Bonds** | — | 339,544 | — | 339,544
Total | $1,921,713 | $3,710,235,588 | $660,682 | $3,712,817,983

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NMZ | Level 1 | Level 2 | Level 3 | Total
Long-Term Investments: |  |  |  |
Municipal Bonds* | $ — | $2,059,456,894 | $2,461,970*** | $2,061,918,864
Common Stocks** | 4,368,269 | 35,945,651**** | — | 40,313,920
Corporate Bonds** | — | 11,953,599 | 128,102*** | 12,081,701
Total | $4,368,269 | $2,107,356,144 | $2,590,072 | $2,114,314,485
NMCO |  |  |  |
Long-Term Investments: |  |  |  |
Municipal Bonds* | $ — | $1,231,846,236 | $1,875,712*** | $1,233,721,948
Common Stocks** | — | 41,130,035**** | — | 41,130,035
Exchange-Traded Funds | 1,986,880 | — | — | 1,986,880
Short-Term Investments: |  |  |  |
Municipal Bonds* | — | 865,417 | — | 865,417
Total | $1,986,880 | $1,273,841,688 | $1,875,712 | $1,277,704,280
NDMO |  |  |  |
Long-Term Investments: |  |  |  |
Municipal Bonds* | $ — | $1,357,672,594 | $ — | $1,357,672,594
Corporate Bonds** | — | 1,779,735 | — | 1,779,735
Investments in Derivatives: |  |  |  |
Futures Contracts***** | 783,037 | — | — | 783,037
Total | $783,037 | $1,359,452,329 | $ — | $1,360,235,366

* |  | Refer to the Fund’s Portfolio of Investments for state classifications.

** |  | Refer to the Fund’s Portfolio of Investments for industry classifications.

*** |  | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.

**** |  | Refer to the Fund’s Portfolio of Investments for securities classified as Level 2.

***** |  | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

The Funds hold liabilities in floating rate obligations and preferred shares, where applicable, which are not reflected in the tables above. The fair values of the Funds’ liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described in Note 4 – Portfolio Securities and Investments in Derivatives. The fair values of the Funds’ liabilities for preferred shares approximate their liquidation preference. Preferred shares are generally classified as Level 2 and further described in Note 5 – Fund Shares.

4. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”) in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “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

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Notes to Financial Statements (continued)

Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).

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

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

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

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

Floating Rate Obligations Outstanding | NVG | NZF | NMZ | NMCO | NDMO
Floating rate obligations: self-deposited Inverse Floaters | $187,400,000 | $14,400,000 | $457,043,000 | $25,822,000 | $204,590,000
Floating rate obligations: externally-deposited Inverse Floaters | 68,675,000 | 5,095,000 | 41,530,000 | — | —
Total | $256,075,000 | $19,495,000 | $498,573,000 | $25,822,000 | $204,590,000

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:

Self-Deposited Inverse Floaters | NVG | NZF | NMZ | NMCO | NDMO
Average floating rate obligations outstanding | $187,748,904 | $14,949,658 | $437,238,690 | $22,560,663 | $184,601,288
Average annual interest rate and fees | 0.56% | 0.68% | 0.61% | 0.69% | 0.68%

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, NDMO had outstanding borrowings under such liquidity facilities in the amount of $58,793, which are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities. There were no loans outstanding under such facilities for other Funds as of the end of the reporting period.

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

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

Floating Rate Obligations – Recourse Trusts | NVG | NZF | NMZ | NMCO | NDMO
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | $181,130,000 | $ 6,900,000 | $432,143,000 | $25,822,000 | $204,590,000
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | 56,320,000 | 3,420,000 | 41,530,000 | — | —
Total | $237,450,000 | $10,320,000 | $473,673,000 | $25,822,000 | $204,590,000

Zero Coupon Securities

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

Investment Transactions

Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:

| NVG | NZF | NMZ | NMCO | NDMO
Purchases | $703,504,343 | $555,979,429 | $520,158,217 | $177,620,793 | $1,188,353,535
Sales and maturities | 732,252,853 | 607,523,360 | 105,247,213 | 146,685,636 | 785,539,391

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

Investments in Derivatives

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

Futures Contracts

Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Cash collateral at brokers for investments in futures contracts” on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation

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Notes to Financial Statements (continued)

(depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

During the current reporting period, NDMO managed the duration of its portfolio by shorting interest rate futures contracts.

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

| NDMO
Average notional amount of futures contracts outstanding* | $132,763,616

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

The following table presents the fair value of all futures contracts held by the Fund as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

|  | Location on the Statement of Assets and Liabilities |
Underlying | Derivative | Asset Derivatives |  | (Liability) Derivatives |
Risk Exposure | Instrument | Location | Value | Location | Value
NDMO |  |  |  |  |
Interest rate | Futures contracts | Receivable for variation margin on | $1,091,224 | Payable for variation margin | $ 362,602
|  | futures contracts |  | on futures contracts* |
|  |  |  | Payable for variation margin | $(670,789)
|  |  |  | on futures contracts* |

* |  | Value represents the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund's Portfolio of Investments and not the daily asset and/or liability derivatives location as described in the table above.

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

|  |  | Net Realized | Changes in Net Unrealized
| Underlying Risk | Derivative | Gain (Loss) from | Appreciation (Depreciation) of
Fund | Exposure | Instrument | Futures Contracts | Futures Contracts
NDMO | Interest rate | Futures contracts | $(4,150,212) | $783,037

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.

5. Fund Shares

Common Shares

Common Shares Equity Shelf Programs and Offering Costs

NMZ, NMCO and NDMO have filed a registration statement with the SEC authorizing each Fund to issue additional common shares through one or more equity shelf programs (“Shelf Offering”), which became effective with the SEC during a prior or current fiscal period.

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

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

| NMZ |  | NMCO |  | NDMO
| Year | Year |  | Year | Year |  | Year | Year
| Ended | Ended |  | Ended | Ended |  | Ended | Ended
| 10/31/21* | 10/31/20 |  | 10/31/21** | 10/31/20 |  | 10/31/21*** | 10/31/20
Maximum aggregate offering | Unlimited | 19,500,000 |  | 90,000,000 | — |  | 250,000,000 | —
Common shares sold | 13,616,818 | 13,935,297 |  | 10,000 | — |  | 1,449,334 | —
Offering proceeds, net of offering costs | $201,974,141 | $192,765,554 |  | $157,761 | — |  | $ 23,101,155 | —

* |  | For the period March 8, 2021 through October 30, 2021. The Fund carried forward 13,340,607 common shares from the 19,500,000 additional previously authorized common shares.

** |  | For the period March 25, 2021 through October 31, 2021.

*** |  | For the period August 26, 2021 through October 31, 2021.

Costs incurred by the Funds in connection with their initial shelf registrations are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of “Other expenses” on the Statement of Operations.

Common Share Transactions

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

| NVG |  | NZF |  | NMZ
| Year | Year |  | Year | Year |  | Year | Year
| Ended | Ended |  | Ended | Ended |  | Ended | Ended
| 10/31/21 | 10/31/20 |  | 10/31/21 | 10/31/20 |  | 10/31/21 | 10/31/20
Common shares: |  |  |  |  |  |  |  |
Issued in the reorganization | — | 10,817,649 |  | — | — |  | — | —
Issued to shareholders due to reinvestment of distributions | 54,736 | — |  | 40,713 | — |  | 73,944 | 42,176
Sold through shelf offering | — | — |  | — | — |  | 13,616,818 | 13,935,297
Weighted average common share: |  |  |  |  |  |  |  |
Premium to NAV per shelf offering share sold | — | — |  | — | — |  | 2.75% | 1.38%

| NMCO* |  | NDMO*
|  |  |  |  | For the
|  |  |  |  | period 8/26/20
|  |  |  |  | (commencement
| Year | Year |  | Year | of operations)
| Ended | Ended |  | Ended | through
| 10/31/21 | 10/31/20 |  | 10/31/21 | 10/31/20
Common shares: |  |  |  |  |
Issued to shareholders due to reinvestment of distributions | — | 19,413 |  | 359,420 | —
Sold | — | — |  | — | 56,750,000
Sold through shelf offering | 10,000 | — |  | 1,449,334 | —
Weighted average common share: |  |  |  |  |
Premium to NAV per shelf offering share sold | 1.09% | — |  | 1.58% | —

* |  | Prior to the commencement of operations, the Adviser purchased 6,667 shares, which are still held as of the end of the reporting period.

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Notes to Financial Statements (continued)

Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares

NVG and NMZ have issued and have outstanding Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publicly available.

As of the end of the reporting period, NVG and NMZ had $111,923,894 and $256,570,271 AMTP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund’s AMTP Shares outstanding as of the end of the reporting period, were as follows:

|  | Shares | Liquidation
Fund | Series | Outstanding | Preference
NVG | 2028 | 1,120 | $112,000,000
NMZ | 2028 | 870 | $87,000,000
| 2031 | 1,700 | $170,000,000

Each Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.

AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.

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

| Notice |  | Term | Premium
Fund | Period | Series | Redemption Date | Expiration Date
NVG | 540-day | 2028 | December 1, 2028** | February 13, 2019
NMZ | 360-day | 2028 | March 1, 2028** | August 31, 2018
| 360-day | 2031 | April 1, 2031** | April 18, 2022
** Subject to early termination by either the Fund or the holder. |  |  |

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

| NVG | NMZ
Average liquidation preference of AMTP Shares outstanding | $112,000,000 | $178,287,671
Annualized dividend rate | 0.88% | 0.96%

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.

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NMZ incurred offering costs of $465,000 per cash flow in connection with its offering of AMTP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares. These offerings 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

NVG, NZF and NMCO have issued and have outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 ($1,000 for NVG’s Series B) liquidation preference per share. These MFP Shares were issued via private placement and are not publically available.

The Funds are obligated to redeem their MFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Funds. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Funds. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Fund may establish additional mode structures with the MFP Share.

• |  | Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.

Each Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.

• |  | Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.

The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.

• |  | Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, Shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.

The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement 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 of “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.

Costs incurred in connection with the Funds’ offering of MFP Shares were recorded as deferred charges and are amortized over the life of the shares. These offering costs are recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

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Notes to Financial Statements (continued)

As of the end of the reporting period, NVG, NZF and NMCO had $404,033,874, $640,046,873 and $448,908,240 of MFP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of each Fund’s MFP Shares outstanding as of the end of the reporting period, were as follows:

|  |  |  |  |  | Mode
|  | Shares | Liquidation | Term |  | Termination
Fund | Series | Outstanding | Preference | Redemption Date | Mode | Date
NVG | A | 2,054 | $205,400,000 | January 3, 2028 | VRM | January 3, 2028*
| B | 200,000 | $200,000,000 | March 1, 2029 | VRRM | N/A
NZF | A | 1,500 | $150,000,000 | May 1, 2047 | VRM | May 4, 2022
| B | 1,550 | $155,000,000 | February 3, 2048 | VRM | February 3, 2048*
| C | 3,360 | $336,000,000 | June 1, 2048 | VRM | June 21, 2023
NMCO | A | 1,000 | $100,000,000 | October 1, 2031 | VRDM | N/A
| B | 2,250 | $225,000,000 | October 1, 2031 | VRM | December 28, 2022
| C | 1,250 | $125,000,000 | October 1, 2031 | VRM | February 16, 2022
* Subject to earlier termination by either the Fund or the holder. |  |  |  |  |

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

| NVG | NZF | NMCO
Average liquidation preference of MFP Shares outstanding | $405,400,000 | $641,000,000 | $450,000,000
Annualized dividend rate | 0.65% | 1.12% | 1.00%

Variable Rate Demand Preferred Shares

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

As of the end of the reporting period, NVG and NZF had $1,408,222,865 and $722,756,919 of VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ VRDP Shares outstanding as of the end of the reporting period, were as follows:

|  |  | Shares | Remarketing | Liquidation |
Fund | Series | Outstanding | Fees* | Preference | Maturity
NVG |  | 1 | 1,790 | 0.10% | $179,000,000 | December 1, 2043
|  | 2 | 3,854 | 0.10 | $385,400,000 | December 1, 2040
|  | 4 | 1,800 | 0.10 | $180,000,000 | June 1, 2046
|  | 5 | 3,405 | 0.10 | $340,500,000 | December 1, 2040
|  | 6 | 3,267 | 0.10 | $326,700,000 | December 1, 2040
NZF |  | 1 | 2,688 | N/A | $268,800,000 | March 1, 2040
|  | 2 | 2,622 | N/A | $262,200,000 | March 1, 2040
|  | 3 | 1,960 | 0.05 | $196,000,000 | June 1, 2040

* |  | Remarketing fees as a percentage of aggregate principal amount of all VRDP Shares outstanding of each series.

N/A |  | Not applicable. Series is considered to be Special Rate VRDP and therefore does not pay a remarketing fee.

VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.

NZF’s Series 1 and Series 2 VRDP Shares are considered to be Special Rate VRDP, which are sold to institutional investors. The special rate period will expire on March 1, 2040 for the Fund’s Series 1 and 2 VRDP Shares, but is subject to earlier termination by either the Fund or the holder. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider and are not subject to remarketing fees or liquidity fees. During the special rate period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate Period VRDP Shares may transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by designated liquidity provider, or the Board may approve a subsequent special rate period.

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Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.

Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.

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

| NVG | NZF
Average liquidation preference of VRDP Shares outstanding | $1,411,600,000 | $727,000,000
Annualized dividend rate | 0.11% | 0.78%

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, 2021
NMZ | Series | Shares | Amount
AMTP Shares issued | 2031 | 1,700 | $170,000,000
| Year Ended
| October 31, 2020
NVG | Series | Shares | Amount
AMTP Shares issued in connection with the reorganization | 2028 | 1,120 | $112,000,000
Transactions in MFP Shares for the Funds, where applicable, were as follows: |  |
| Year Ended
| October 31, 2020
NMCO | Series | Shares | Amount
MFP Shares issued | A | 1,000 | $100,000,000
| B | 2,250 | 225,000,000
| C | 1,250 | 125,000,000
Total |  | 4,500 | $450,000,000

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.

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Notes to Financial Statements (continued)

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of October 31, 2021.

For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.

| NVG | NZF | NMZ | NMCO | NDMO
Tax cost of investments | $4,963,643,516 | $3,263,621,289 | $1,530,433,766 | $1,165,866,528 | $1,111,441,016
Gross unrealized: |  |  |  |  |
Appreciation | 620,857,342 | 461,234,246 | 169,881,965 | 115,768,154 | 52,580,858
Depreciation | (26,651,002) | (26,438,035) | (43,043,752) | (29,752,154) | (8,375,598)
Net unrealized appreciation (depreciation) of investments | $ 594,206,340 | $ 434,796,211 | $ 126,838,213 | $ 86,016,000 | $ 44,205,260

Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, taxable market discount, paydowns, nondeductible reorganization expenses, net operating losses, investments in partnerships and distribution reallocations resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2021, 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, 2021, the Funds’ tax year end, were as follows:

| NVG | NZF | NMZ | NMCO | NDMO
Undistributed net tax-exempt income1 | $12,642,655 | $5,459,984 | $9,286,944 | $5,639,831 | $ —
Undistributed net ordinary income2 | 544,227 | — | 1,431,130 | 821,611 | —
Undistributed net long-term capital gains | 6,721,939 | — | — | — | —

1 |  | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2021 and paid on November 1, 2021.

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

The tax character of distributions paid during the Funds’ tax years ended October 31, 2021 and October 31, 2020 was designated for purposes of the dividends paid deduction as follows:

2021 | NVG | NZF | NMZ | NMCO | NDMO
Distributions from net tax-exempt income3 | $170,492,494 | $111,824,028 | $65,326,962 | $38,177,868 | $27,169,424
Distributions from net ordinary income2 | 2,348,734 | 746,386 | 2,306,702 | 1,460,462 | 18,887,977
Distributions from net long-term capital gains5 | 18,648,586 | — | — | — | —
Return of Capital | — | — | — | — | 6,322,022
2020 | NVG | NZF | NMZ | NMCO | NDMO4
Distributions from net tax-exempt income | $188,593,024 | $128,462,681 | $57,189,031 | $44,454,196 | $4,341,885
Distributions from net ordinary income2 | 578,198 | 52,126 | 1,828,548 | 104,004 | —
Distributions from net long-term capital gains | 6,121,637 | — | — | — | —

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

3 |  | The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2021, as Exempt Interest Dividends.

4 |  | For the period August 26, 2020 (commencement of operations) through October 31, 2020.

5 |  | The Funds hereby designate as long-term capital gain dividends, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2021.

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As of October 31, 2021, 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.

| NVG6 | NZF | NMZ | NMCO
Not subject to expiration: |  |  |  |
Short-term | $ — | $25,114,491 | $1,698,402 | $64,005,962
Long-term | 370,769 | — | 5,835,179 | —
Total | $370,769 | $25,114,491 | $7,533,581 | $64,005,962

6 |  | A portion of NVG’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

During the Funds’ tax year ended October 31, 2021, the following Funds utilized capital loss carryforwards as follows:

| NVG | NZF | NMCO | NDMO
Utilized capital loss carryforwards | $3,104,761 | $5,054,744 | $4,029,456 | $449,926

7. Management Fees and Other Transactions with Affiliates

Management Fees

Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

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

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

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

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

* |  | For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of October 31, 2021, the complex-level fee for each Fund was 0.1534%.

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Notes to Financial Statements (continued)

Other Transactions with Affiliates

Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser (“Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.

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

Cross-Trades | NZF | NMCO
Purchases | $11,661,625 | $50,386
Sales | 17,258,560 | —
Realized gain/loss | (344,494) | —

8. Commitments and Contingencies

In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include recourse arrangements for certain TOB Trusts and certain agreements related to preferred shares, which are each described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments.

From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds’ rights under contracts. As of the end of the reporting period, the Funds are not subject to any material legal proceedings.

9. Borrowing Arrangements

Committed Line of Credit

The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.635 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going 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 June 2022 unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Prior to June 23, 2021, the drawn interest rate was equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. The Participating Funds also incurred a 0.05% upfront fee on the increase of the $230 million commitment amount during the reporting period. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

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

| NVG | NZF
Maximum outstanding balance | $32,950,827 | $8,200,000

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

| NVG | NZF
Utilization period (days outstanding) | 14 | 9
Average daily balance outstanding | $15,078,808 | $6,644,444
Average annual interest rate | 1.33% | 1.30%

Borrowings outstanding as of the end of the reporting period, if any, are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.

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Borrowing Information for NDMO

On November 3, 2020, NDMO entered into a $215 million committed line of credit (“Borrowings”) agreement with its custodian bank, as a means of leverage. The credit agreement expires on November 2, 2021 unless extended or renewed.

Interest is charged on the Borrowings drawn amount for a Base Rate Loan at a rate per annum equal to the higher of (a) one-month LIBOR plus 0.75% or (b) the Federal Funds Rate plus 0.85% or for a LIBOR Loan at a rate per annum equal to the LIBOR Offered Rate plus 0.75%. NDMO also accrues a 0.15% per annum commitment fee on the undrawn balance based on the maximum commitment amount of the Borrowings to the extent the unused portion of the Borrowings is less than 25% of the maximum commitment amount, otherwise the per annum commitment fee is 0.25%. NDMO also incurred a 0.05% upfront fee.

During the current fiscal period, the average daily balance outstanding (which was for the period December 15, 2020 through October 31, 2021) and average annual interest rate on these LIBOR Loans were $168,246,417 and 0.93%, respectively.

In order to maintain these Borrowings, the Fund must meet certain collateral, asset coverage and other requirements. Borrowings outstanding are fully secured by securities in the Fund’s portfolio of investments.

Borrowings outstanding are recognized as “Borrowings” on the Statement of Assets and Liabilities. Interest expense incurred on the drawn amount and undrawn balance are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Reverse Repurchase Agreements

During the current fiscal period NVG and NZF utilized reverse repurchase agreements for temporary purposes. During the current fiscal period NDMO utilized reverse repurchase agreements as a means of on-going investment leverage.

A Fund may enter into a reverse repurchase agreement with brokers, dealers, banks or other financial institutions that have been determined by the Adviser to be creditworthy and permissible with its investment policy. In a reverse repurchase agreement, a Fund sells to the counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for the term of the agreement. It may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. In order to minimize risk, the Fund pledges and/or segregates securities and cash as collateral with a fair value at least equal to its purchase obligations under these agreements (including accrued interest). Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be delayed. A Fund will pledge assets determined to be liquid by the Adviser to cover its obligations under reverse repurchase agreements.

As of the end of the reporting period, the Fund’s outstanding balances on its reverse repurchase agreements were as follows:

|  | Interest | Principal |  |  | Value and
Fund | Counterparty | Rate | Amount | Maturity | Value | Accrued Interest
NDMO | RBC Capital Markets, LLC | 0.64% | ($44,800,000) | 12/22/22 | ($44,800,000) | ($44,809,557)

During the current fiscal period, the average daily balance outstanding and average interest rate on the reverse repurchase agreements were as follows:

| NVG | NZF | NDMO
Utilization period (days outstanding) | 61 | 31 | 208
Average daily balance outstanding | $(13,480,328) | $(18,625,806) | $(41,797,596)
Average interest rate | 0.76% | 0.74% | 0.66%

The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements.

|  |  | Collateral
|  | Reverse Repurchase | Pledged to
Fund | Counterparty | Agreements* | Counterparty
NDMO | RBC Capital Markets, LLC | $(44,809,557) | $51,502,598

* Represents gross value and accrued interest for the counterparty as reported in the preceding table.

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Notes to Financial Statements (continued)

10. Inter-Fund Borrowing and Lending
Inter-Fund Borrowing and Lending

The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

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

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

11. Subsequent Events

Borrowing Information for NDMO

On November 2, 2021, NDMO renewed its Borrowings through November 1, 2022. All other terms remained unchanged.

Update to the Shelf Program for NDMO.

On December 17, 2021, NDMO filed supplements to its registration statement to issue additional common shares under its existing Shelf Program.

Update to the Shelf Program for NVG

During November 2021, NVG filed a registration statement with the SEC to issue additional common and preferred shares through a Shelf Offering.

Update to Preferred Shares for NVG

During November 2021, NVG announced that it filed notice with the SEC of its intent to redeem a portion of its outstanding VRDP Shares. During December 2021, NVG completed an offering of 250,000 Series C VRRM-MFP Shares ($250,000,000 liquidation preference) under its Shelf Program. The Fund used the net proceeds from the sale of the MFP Shares to redeem 900 Series 2 ($90,000,000 liquidation preference), 450 Series 5 ($45,000,000 liquidation preference) and 400 Series 6 ($40,000,000 liquidation preference) of its outstanding VRDP Shares and to increase its leverage.

Update to the Shelf Program for NMZ.

On December 17, 2021, NMZ filed supplements to its registration statement to issue additional common shares under its existing Shelf Program.

Proposed Reorganization into NZF

During December 2021, the Board approved a proposal that, if approved by Shareholders, would result in the reorganization of Nuveen Enhanced Municipal Value Fund (NEV) into NZF.

Reverse Repurchase Agreements for NMZ

During November 2021, NMZ entered into a reverse repurchase agreement as a means of leverage.

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Shareholder Update (Unaudited)

CURRENT INVESTMENT OBJECTIVES, INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUNDS

NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND (NVG)

Investment Objectives

The Fund’s investment objectives are to provide current income exempt from regular federal income tax and federal alternative minimum tax applicable to individuals, and to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund’s investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.

Investment Policies

As a fundamental investment policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from regular federal income taxes.

As a non-fundamental investment policy, under normal circumstances, the Fund will invest 100% of its Managed Assets (as defined below) and at least 80% of its Assets in municipal securities and other related investments, the income from which is also exempt from the federal alternative minimum tax applicable to individuals at the time of purchase.

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

“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Under normal circumstances:

• |  | The Fund may invest up to 55% of its Managed Assets in securities that, at the time of investment, are rated below the three highest grades (Baa or BBB or lower) by at least one nationally recognized statistical rating organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Fund’s sub-adviser.

• |  | The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities.

• |  | The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options.

The foregoing policies apply only at the time of any new investment.
Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in municipal securities and other related investments that pay interest exempt from both regular federal income tax and the federal alternative minimum tax applicable to individuals at the time of purchase, such policy may not be changed without 60 days’ prior written notice and the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by tender option bond trusts (“TOB Trusts”), including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax.

Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.

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Shareholder Update (Unaudited) (continued)

The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.

The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.

The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.

The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.

The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.

The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.

The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.

The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that

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are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days.

The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and municipal market data rate locks (“MMD Rate Locks”)), options on financial futures, options on swap contracts or other derivative instruments.

The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).

The Fund may also invest in securities of other open- or closed-end investment companies (including exchange-traded funds (“ETFs”)) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”).

Use of Leverage

The Fund uses leverage to pursue its investment objectives. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods including the issuance of preferred shares of beneficial interest (“Preferred Shares”), entering into reverse repurchase agreements (effectively a secured borrowing) and borrowings (for defensive purposes only). In addition, the Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s sub-adviser’s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), and in order to keep the Fund’s cash fully invested, the Fund may invest any percentage of its Managed Assets in short-term investments including high quality, short-term debt securities that may be either tax-exempt or taxable. The Fund may not achieve its investment objectives during such periods.

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Shareholder Update (Unaudited) (continued)

NUVEEN MUNICIPAL CREDIT INCOME FUND (NZF)

Investment Objectives

The Fund’s investment objectives are to provide current income exempt from regular federal income tax and to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund’s investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.

Investment Policies

Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from regular federal income taxes.

As a non-fundamental investment policy, under normal circumstances, the Fund may invest up to 55% of its Managed Assets (as defined below) in securities that, at the time of investment, are rated below the three highest grades (Baa or BBB or lower) by at least one NRSRO or are unrated but judged to be of comparable quality by the Fund’s sub-adviser.

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

“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Under normal circumstances:

• |  | The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax.

• |  | The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities.

• |  | The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options.

The foregoing policies apply only at the time of any new investment.
Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from regular federal income taxes, such policy may not be changed without 60 days’ prior written notice and the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by TOB Trusts, including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax.

Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.

The Fund may also invest in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers (“AMT Bonds”). AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.

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The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.

The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.

The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.

The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.

The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.

The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.

The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.

The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that

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Shareholder Update (Unaudited) (continued)

are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days.

The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and MMD Rate Locks), options on financial futures, options on swap contracts or other derivative instruments.

The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).

The Fund may also invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the SEC. In addition, the Fund may invest a portion of its Managed Assets in pooled investment vehicles (other than investment companies) that invest primarily in municipal securities of the types in which the Fund may invest directly.

Use of Leverage

The Fund uses leverage to pursue its investment objectives. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods including the issuance of Preferred Shares, investments in inverse floating rate securities and borrowings. In addition, the Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s sub-adviser’s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), and in order to keep the Fund’s cash fully invested, the Fund may invest any percentage of its Managed Assets in short-term investments including high quality, short-term debt securities that may be either tax-exempt or taxable. The Fund may not achieve its investment objectives during such periods.

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NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND (NMZ)

Investment Objectives

The Fund’s primary investment objective is to provide high current income exempt from regular federal income tax. The Fund’s secondary investment objective is to seek attractive total return consistent with its primary objective.

Investment Policies

Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from regular federal income taxes.

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

“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Under normal circumstances:

• |  | The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax.

• |  | The Fund may invest up to 75% of its Managed Assets in municipal securities that, at the time of investment, are rated Baa/BBB or lower by at least one NRSRO or are unrated but judged to be of comparable quality by the Fund’s sub-adviser.

• |  | The Fund may not invest more than 10% of its Managed Assets in municipal securities rated below B3/B- by any NRSROs that rate the security or that are unrated by all NRSROs but judged to be of comparable quality by the Fund’s sub-adviser.

• |  | The Fund may invest up to 25% of its Managed Assets in municipal securities in any one industry or in any one state of origin.

• |  | The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities.

The foregoing policies apply only at the time of any new investment.
Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from regular federal income taxes, such policy may not be changed without 60 days’ prior written notice and the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by TOB Trusts, including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax.

Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.

The Fund may invest in municipal securities that are additionally secured by insurance, bank credit agreements or escrow accounts.

The Fund may also invest in AMT Bonds. AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.

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The Fund may invest a significant portion of its Managed Assets in certain sectors of the municipal securities market, such as hospitals and other health care facilities, charter schools and other private educational facilities, special taxing districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies such as airline companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers.

The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.

The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.

The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.

The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.

The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.

The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.

The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.

The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from

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weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days.

The Fund may enter into certain derivative instruments in pursuit of its investment objective, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and MMD Rate Locks), options on financial futures, options on swap contracts, or other derivative instruments.

The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).

The Fund may also invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the SEC.

Use of Leverage

The Fund uses leverage to pursue its investment objectives. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods including the issuance of Preferred Shares, investments in inverse floating rate securities, entering into reverse repurchase agreements (effectively a secured borrowing) and borrowings (subject to certain investment restrictions). In addition, the Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s sub-adviser’s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), and in order to keep the Fund’s cash fully invested, the Fund may invest any percentage of its Managed Assets in short-term investments including high quality, short-term debt securities that may be either tax-exempt or taxable. The Fund may not achieve its investment objectives during such periods.

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Shareholder Update (Unaudited) (continued)

NUVEEN MUNICIPAL CREDIT OPPORTUNITIES FUND (NMCO)

Investment Objectives

The Fund’s primary investment objective is to provide a high level of current income exempt from regular U.S. federal income tax. The Fund’s secondary investment objective is to seek total return.

Investment Policies

Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities, the income from which is exempt from regular U.S. federal income taxes.

“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Under normal circumstances:

• |  | The Fund may invest without limit in high yielding, low- to medium-quality municipal securities (low- to medium-quality municipal securities are municipal securities rated Baa/BBB or lower) rated by at least one NRSRO at the time of investment or are unrated but judged by the Fund’s sub-adviser to be of comparable quality.

• |  | The Fund may invest no more than 30% of its Managed Assets in municipal securities that, at the time of investment, either are rated CCC+/Caa1 or lower, or are unrated but judged by the Fund’s sub-adviser to be of comparable quality.

• |  | The Fund may invest no more than 10% of its Managed Assets in defaulted securities or in the securities of an issuer that is in bankruptcy or insolvency proceedings.

The foregoing policies apply only at the time of any new investment.
Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in municipal securities, the income from which is exempt from regular U.S. federal income taxes, such policy may not be changed without 60 days’ prior written notice and the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by TOB Trusts, including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax.

Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.

The Fund may invest in municipal securities that are additionally secured by insurance, bank credit agreements or escrow accounts.

The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.

The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax

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anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.

The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.

The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.

The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.

The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.

The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.

The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days.

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Shareholder Update (Unaudited) (continued)

The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and MMD Rate Locks), options on financial futures, options on swap contracts or other derivative instruments.

The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).

The Fund may also invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the SEC.

Use of Leverage

The Fund uses leverage to pursue its investment objectives. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods including the issuance of Preferred Shares, investments in inverse floating rate securities, entering into reverse repurchase agreements (effectively a secured borrowing), or a combination of both. In addition, the Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s sub-adviser’s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), and in order to keep the Fund’s cash fully invested, the Fund may invest any percentage of its Managed Assets in short-term investments including high quality, short-term debt securities that may be either tax-exempt or taxable. The Fund may not achieve its investment objectives during such periods.

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NUVEEN DYNAMIC MUNICIPAL OPPORTUNITIES FUND (NDMO)

Investment Objective

The Fund’s investment objective is to seek total return through income exempt from regular federal income taxes and capital appreciation.

Investment Policies

Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities, the income from which is exempt from regular federal income taxes.

“Assets” means net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” means the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Under normal circumstances:

• |  | The Fund may invest in municipal securities of any credit quality and without limit in below investment grade municipal securities (municipal securities rated BB+/Ba1 or lower) rated by at least one NRSRO at the time of investment or are unrated but judged by the Fund’s sub-adviser to be of comparable quality.

• |  | The Fund may invest up to 20% of its Managed Assets in taxable debt obligations, including taxable municipal securities and corporate debt securities.

• |  | The Fund may invest no more than 10% of its Managed Assets in defaulted securities or in the securities of an issuer that is in bankruptcy or insolvency proceedings. This policy does not apply in connection with any workout of an issuer of a debt security that the Fund already owns.

The foregoing policies apply only at the time of any new investment.
Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s fundamental investment policy of investing at least 80% of its Assets in municipal securities, the income from which is exempt from regular federal income taxes, such policy may not be changed without 60 days’ prior written notice and the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

The Fund generally invests its assets in a portfolio of municipal securities of any credit quality and maturity. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by TOB Trusts, including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax.

Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.

The Fund may invest in municipal securities that are additionally secured by insurance, bank credit agreements or escrow accounts.

The Fund may also invest in AMT Bonds. AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.

The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.

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Shareholder Update (Unaudited) (continued)

The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.

The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.

The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.

The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.

The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.

The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.

The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

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The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days.

The Fund may invest without limitation in credit default swaps, and may enter into credit default swaps as either a buyer or a seller. The credit default swaps in which the Fund may invest (or sell) include those in which the underlying reference instrument is the debt obligation of a single reference issuer (“single-name CDS”). Unlike other types of credit default swaps, single-name CDS do not have the benefit of diversification across many issuers.

In addition to credit default swaps, the Fund may enter into certain derivative instruments in pursuit of its investment objective, including to seek to enhance return, to hedge certain risks of its investments in municipal securities, to attempt to manage the effective maturity or duration of securities in the Fund’s portfolio or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and MMD Rate Locks), options on financial futures, options on swap contracts or other derivative instruments.

The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).

The Fund may also invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the SEC.

Use of Leverage

The Fund uses leverage to pursue its investment objective. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods including through borrowings, issuing Preferred Shares, the issuance of debt securities, entering into reverse repurchase agreements (effectively a borrowing), and investments in inverse floating rate securities. In addition, the Fund may also use certain derivatives that have the economic effect of leverage by creating additional investment exposure. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

During temporary defensive periods or in order to help keep the Fund’s assets fully invested, including during the period within which the net proceeds of an offering of Securities are first being invested, the Fund may deviate from its investment policies and objectives. During such periods, the Fund may invest any percentage of its Managed Assets in short-term investments, including high quality, short-term debt securities that may be either tax-exempt or taxable. The Fund may not achieve its investment objectives during such periods.

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Shareholder Update (Unaudited) (continued)

PRINCIPAL RISKS OF THE FUNDS

The factors that are most likely to have a material effect on a particular Fund’s portfolio as a whole are called “principal risks.” Each Fund is subject to the principal risks indicated below, whether through direct investment or derivative positions. Each Fund may be subject to additional risks other than those identified and described below because the types of investments made by a Fund can change over time.

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

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|  |  |  | Nuveen Municipal | Nuveen Dynamic
| Nuveen AMT-Free | Nuveen Municipal | Nuveen Municipal | Credit | Municipal
| Municipal Credit | Credit Income | High Income | Opportunities | Opportunities
| Income Fund | Fund | Opportunity Fund | Fund | Fund
Risk | (NVG) | (NZF) | (NMZ) | (NMCO) | (NDMO)
Fund Level and Other Risks |  |  |  |  |
Anti-Takeover Provisions | X | X | X | X | X
Borrowing Risk | -- | -- | -- | -- | X
Counterparty Risk | X | X | X | X | X
Cybersecurity Risk | X | X | X | X | X
Economic and Political Events Risk | X | X | X | X | X
Global Economic Risk | X | X | X | X | X
Investment and Market Risk | X | X | X | X | X
Legislation and Regulatory Risk | X | X | X | X | X
Leverage Risk | X | X | X | X | X
Limited Term and Tender Offer Risks | -- | -- | -- | X | X
Market Discount from Net Asset Value | X | X | X | X | X
Recent Market Conditions | X | X | X | X | X
Reverse Repurchase Agreement Risk | X | X | X | X | X

Portfolio Level Risks:

Alternative Minimum Tax Risk. The Fund may invest in AMT Bonds. Therefore, a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax.

Below Investment Grade Risk. Municipal securities of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal, and may be subject to higher price volatility and default risk than investment grade municipal securities of comparable terms and duration. Issuers of lower grade municipal securities may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade securities are typically more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated municipal securities may not be as liquid as the secondary market for more highly rated municipal securities, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular municipal security. If a below investment grade municipal security goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price.

Call Risk. The Fund may invest in municipal securities that are subject to call risk. Such municipal securities may be redeemed at the option of the issuer, or “called,” before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its high yielding municipal securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.

Credit Risk. Issuers of municipal securities in which the Fund may invest may default on their obligations to pay principal or interest when due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a municipal security experiencing non-payment and potentially a decrease in the net asset value (“NAV”) of the Fund. To the extent that the credit rating assigned to a municipal security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected.

Credit Spread Risk. Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that municipal securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund’s securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.

Debt Securities Risk. Issuers of debt instruments in which the Fund may invest may default on their obligations to pay principal or interest when due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a debt instrument experiencing non-payment and, potentially, a decrease in the NAV of the Fund. There can be no assurance that liquidation of collateral would satisfy the issuer’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of bankruptcy of an issuer, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a security. To the extent that the credit rating assigned to a security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected.

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Shareholder Update (Unaudited) (continued)

Defaulted and Distressed Securities Risk. The Fund may invest in securities of an issuer that is in default or that is in bankruptcy or insolvency proceedings at the time of purchase. In addition, the Fund may hold investments that at the time of purchase are not in default or involved in bankruptcy or insolvency proceedings, but may later become so. Moreover, the Fund may invest in low-rated securities that, although not in default, may be “distressed,” meaning that the issuer is experiencing financial difficulties or distress at the time of acquisition. Such securities would present a substantial risk of future default which may cause the Fund to incur losses, including additional expenses, to the extent it is required to seek recovery upon a default in the payment of principal or interest on those securities. In any reorganization or liquidation proceeding relating to a portfolio security, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Defaulted or distressed securities may be subject to restrictions on resale.

Deflation Risk. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.

Derivatives Risk. The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a municipal security or other asset without buying or selling the municipal security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty.

It is possible that developments in the derivatives market, including changes in government regulation, could adversely impact the Fund’s ability to invest in certain derivatives.

Distressed Securities Risk. The Fund may invest in low-rated securities or securities unrated but judged by the sub-adviser to be of comparable quality. Some or many of these low-rated securities, although not in default, may be “distressed,” meaning that the issuer is experiencing financial difficulties or distress at the time of acquisition. Such securities would present a substantial risk of future default which may cause the Fund to incur losses, including additional expenses, to the extent it is required to seek recovery upon a default in the payment of principal or interest on those securities. In any reorganization or liquidation proceeding relating to a portfolio security, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities may be subject to restrictions on resale.

Duration Risk. Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity.

Economic Sector Risk. The Fund may invest a significant amount of its total assets in municipal securities in the same economic sector. This may make the Fund more susceptible to adverse economic, political or regulatory occurrences affecting an economic sector. As concentration increases, so does the potential for fluctuation in the value of the Fund’s assets. In addition, the Fund may invest a significant portion of its assets in certain sectors of the municipal securities market, such as health care facilities, private educational facilities, special taxing districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its assets in the sectors noted above, the Fund’s performance may be subject to additional risk and variability.

Financial Futures and Options Transactions Risk. The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged.

If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the municipal securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed.

Hedging Risk. The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or the sub-adviser’s ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors. No

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assurance can be given that the investment adviser’s and/or the sub-adviser’s judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses.

Illiquid Investments Risk. Illiquid investments are investments that are not readily marketable and may include restricted securities, which are securities that may not be resold unless they have been registered under the 1933 Act or that can be sold in a private transaction pursuant to an available exemption from such registration. Illiquid investments involve the risk that the investments will not be able to be sold at the time desired by the Fund or at prices approximating the value at which the Fund is carrying the investments on its books from time to time.

Income Risk. The Fund’s income could decline due to falling market interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline.

Insurance Risk. The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to sub-prime mortgages and other lower credit quality investments. As a result, such losses reduced the insurers’ capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the NAV of the common shares represented by such insured obligation.

Interest Rate Risk. Interest rate risk is the risk that municipal securities in the Fund’s portfolio will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of municipal securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund’s income. As interest rates increase, slower than expected principal payments may extend the average life of municipal securities, potentially locking in a below-market interest rate and reducing the Fund’s value. In typical market interest rate environments, the prices of longer-term municipal securities generally fluctuate more than prices of shorter-term municipal securities as interest rates change.

Inverse Floating Rate Securities Risk. The Fund may invest in inverse floating rate securities. In general, income on inverse floating rate securities will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floating rate securities may subject the Fund to the risks of reduced or eliminated interest payments and losses of principal. In addition, inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate, which effectively leverages the Fund’s investment. As a result, the market value of such securities generally will be more volatile than that of fixed rate securities.

The Fund may invest in inverse floating rate securities issued by special purpose trusts that have recourse to the Fund. In such instances, the Fund may be at risk of loss that exceeds its investment in the inverse floating rate securities.

The Fund may be required to sell its inverse floating rate securities at less than favorable prices, or liquidate other Fund portfolio holdings in certain circumstances, including, but not limited to, the following:

• |  | If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market conditions;

• |  | If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and

• |  | If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund.

London Interbank Offered Rate (“LIBOR”) Replacement Risk. The use of LIBOR will begin to be phased out in the near future, which may adversely affect the Fund’s investments whose value is tied to LIBOR. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement reference rate. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies and markets are slowly developing in response to these new rates. The transition process away from LIBOR may involve, among other things, increased volatility in markets for instruments that currently rely on LIBOR. The potential effect of a discontinuation of LIBOR on the Fund’s investments will vary depending on, among other things: (1) existing fallback provisions that provide a replacement reference rate if LIBOR is no longer available; (2) termination provisions in individual contracts; and (3) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments held by the Fund. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR until it is clearer how the Fund’s products an instruments will be impacted by this transition.

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Shareholder Update (Unaudited) (continued)

Municipal Securities Market Liquidity Risk. Inventories of municipal securities held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease the Fund’s ability to buy or sell municipal securities at attractive prices, and increase municipal security price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal securities, which may further decrease the Fund’s ability to buy or sell municipal securities. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of municipal securities to raise cash to meet its obligations, those sales could further reduce the municipal securities’ prices and hurt performance.

Municipal Securities Market Risk. The amount of public information available about the municipal securities in the Fund’s portfolio is generally less than that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the sub-adviser than if the Fund were a stock fund or taxable bond fund. The secondary market for municipal securities, particularly below investment grade municipal securities, also tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund’s ability to sell its municipal securities at attractive prices.

Other Investment Companies Risk. The Fund may invest in the securities of other investment companies, including ETFs. Investing in an investment company exposes the Fund to all of the risks of that investment company’s investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund’s leverage risk.

With respect to ETF’s, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and closed-end funds may differ from their NAV.

Puerto Rico Municipal Securities Market Risk. To the extent that the Fund invests a significant portion of its assets in the securities issued by the Commonwealth of Puerto Rico or its political subdivisions, agencies, instrumentalities, or public corporations (collectively referred to as “Puerto Rico” or the “Commonwealth”), it will be disproportionally affected by political, social and economic conditions and developments in the Commonwealth. In addition, economic, political or regulatory changes in that territory could adversely affect the value of the Fund’s investment portfolio.

Puerto Rico currently is experiencing significant fiscal and economic challenges, including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems, and persistent government budget deficits. These challenges may negatively affect the value of the Fund’s investments in Puerto Rican municipal securities. Several major ratings agencies have downgraded the general obligation debt of Puerto Rico to below investment grade and continue to maintain a negative outlook for this debt, which increases the likelihood that the rating will be lowered further. Puerto Rico recently defaulted on its debt by failing to make full payment due on its outstanding bonds, and there can be no assurance that Puerto Rico will be able to satisfy its future debt obligations. Further downgrades or defaults may place additional strain on the Puerto Rico economy and may negatively affect the value, liquidity, and volatility of the Fund’s investments in Puerto Rican municipal securities. Additionally, numerous issuers have entered Title III of the Puerto Rico Oversite, Management and Economic Stability Act (“PROMESA”), which is similar to bankruptcy protection, through which the Commonwealth of Puerto Rico can restructure its debt. However, Puerto Rico’s case is the first ever heard under PROMESA and there is no existing case precedent to guide the proceedings. Accordingly, Puerto Rico’s debt restructuring process could take significantly longer than traditional municipal bankruptcy proceedings. Further, it is not clear whether a debt restructuring process will ultimately be approved or, if so, the extent to which it will apply to Puerto Rico municipal securities sold by an issuer other than the territory. A debt restructuring could reduce the principal amount due, the interest rate, the maturity, and other terms of Puerto Rico municipal securities, which could adversely affect the value of Puerto Rican municipal securities. Legislation that would allow Puerto Rico to restructure its municipal debt obligations, thus increasing the risk that Puerto Rico may never pay off municipal indebtedness, or may pay only a small fraction of the amount owed, could also impact the value of the Fund’s investments in Puerto Rican municipal securities.

These challenges and uncertainties have been exacerbated by multiple hurricanes and the resulting natural disasters that have stuck Puerto Rico since 2017. The full extent of the natural disasters’ impact on Puerto Rico’s economy and foreign investment in Puerto Rico is difficult to estimate.

Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called municipal securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, NAV and/or a common shareholder’s overall returns.

Sector and Industry Risk. Subject to the concentration limits of the Fund’s investment policies and guidelines, a Fund may invest a significant portion of its net assets in certain sectors of the municipal securities market, such as hospitals and other health care facilities, charter schools and other private educational facilities, special taxing districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of

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transportation companies such as airline companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its net assets in the sectors noted above, the Fund’s performance may be subject to additional risk and variability.

Sector Focus Risk. At times, the Fund may focus its investments (i.e., overweight its investments relative to the overall municipal securities market) in one or more particular sectors, which may subject the Fund to additional risk and variability. Securities issued in the same sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. As the percentage of the Fund’s Managed Assets invested in a particular sector increases, so does the potential for fluctuation in the NAV of the Fund’s common shares.

Special Risks Related to Certain Municipal Obligations. Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of “non-appropriation” clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of non-appropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover the Fund’s original investment. In the event of non-appropriation, the issuer would be in default and taking ownership of the assets may be a remedy available to the Fund, although the Fund does not anticipate that such a remedy would normally be pursued.

Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificates of participation to exercise remedies with respect to the underlying securities. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation.

Swap Transactions Risk. The Fund may enter into debt-related derivative instruments such as credit default swap contracts and interest rate swaps. Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the adviser and/or the sub-adviser of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/or the sub-adviser is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used.

Tax Risk. The value of the Fund’s investments and its NAV may be adversely affected by changes in tax rates, rules and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates or changes in the tax exempt status of interest income from municipal securities. Additionally, the Fund is not a suitable investment for individual retirement accounts, for other tax exempt or tax-deferred accounts, for investors who are not sensitive to the federal income tax consequences of their investments.

Taxability Risk. The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for regular federal income tax purposes, and the sub-adviser will not independently verify that opinion. Subsequent to the Fund’s acquisition of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as “exempt-interest dividends” could be adversely affected, subjecting the Fund’s shareholders to increased federal income tax liabilities. Certain other investments made by the Fund, including derivatives transactions, may result in the receipt of taxable income or gains by the Fund.

Tobacco Settlement Bond Risk. The Fund may invest in tobacco settlement bonds. Tobacco settlement bonds are municipal securities that are backed solely by expected revenues to be derived from lawsuits involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state’s proportionate share in the Master Settlement Agreement, an agreement between 46 states and nearly all of the U.S. tobacco manufacturers (the “MSA”). Under the terms of the MSA, the actual amount of future settlement payments by tobacco-manufacturers is dependent on many factors, including, among other things, reduced cigarette consumption. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.

Unrated Securities Risk. The Fund may purchase securities that are not rated by any rating organization. The investment adviser may, after assessing such securities’ credit quality, internally assign ratings to certain of those securities in categories similar to those of rating organizations. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund’s ability to achieve its investment objectives will be more dependent on the investment adviser’s credit analysis than would be the case when the Fund invests in rated securities.

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Shareholder Update (Unaudited) (continued)

Valuation Risk. The municipal securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price municipal securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s NAV.

Zero Coupon Bonds Risk. Because interest on zero coupon bonds is not paid on a current basis, the values of zero coupon bonds will be more volatile in response to interest rate changes than the values of bonds that distribute income regularly. Although zero coupon bonds generate income for accounting purposes, they do not produce cash flow, and thus the Fund could be forced to liquidate securities at an inopportune time in order to generate cash to distribute to shareholders as required by tax laws.

Fund Level and Other Risks:

Anti-Takeover Provisions. The Fund’s organizational documents include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. These provisions could have the effect of depriving the common shareholders of opportunities to sell their common shares at a premium over the then-current market price of the common shares.

Borrowing Risk. In addition to borrowing for leverage, the Fund may borrow for temporary or emergency purposes, to pay dividends, repurchase its shares, or clear portfolio transactions. Borrowing may exaggerate changes in the NAV of the Fund’s shares and may affect the Fund’s net income. When the Fund borrows money, it must pay interest and other fees, which will reduce the Fund’s returns if such costs exceed the returns on the portfolio securities purchased or retained with such borrowings. Any such borrowings are intended to be temporary. However, under certain market circumstances, such borrowings might be outstanding for longer periods of time.

Counterparty Risk. Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to sub-prime mortgages and other lower-quality credit investments. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position.

Cybersecurity Risk. The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund.

Economic and Political Events Risk. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds or moral obligation bonds). Such developments may adversely affect a specific industry or local political and economic conditions, and thus may lead to declines in the creditworthiness and value of such municipal securities.

Global Economic Risk. National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies like China’s, may have global negative economic and market repercussions. Additionally, events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the global economy and the markets and issuers in which the Fund invests. Recent examples of such events include the outbreak of a novel coronavirus known as COVID-19 that was first detected in China in December 2019 and heightened concerns regarding North Korea’s nuclear weapons and long-range ballistic missile programs. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These

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events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the investment adviser and sub-adviser, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund. Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments.

Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Legislation and Regulatory Risk. At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives.

The SEC’s recently adopted new Rule 18f-4 under the 1940 Act governing the use of derivatives by registered investment companies, which could affect the nature and extent of derivatives used by the Fund. It is possible that the recently adopted Rule 18f-4 could limit the implementation of the Fund’s use of derivatives, which could have an adverse impact on the Fund.

Leverage Risk. The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater decline in the Fund’s NAV, which may result at a greater decline of the common share price, than if the Fund were not to have used leverage.

The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund’s use of leverage, which will result in a reduction in the Fund’s NAV. The investment adviser may, based on its assessment of market conditions and composition of the Fund’s holdings, increase or decrease the amount of leverage. Such changes may impact the Fund’s distributions and the price of the common shares in the secondary market.

The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to refinance; however, the form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result in a higher yield or return to common shareholders.

The amount of fees paid to the investment adviser and the sub-advisor for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund’s Managed Assets - this may create an incentive for the investment adviser and the sub-advisor to leverage the Fund or increase the Fund’s leverage.

Limited Term and Tender Offer Risks. Because the assets of the Fund will be liquidated in connection with its termination or to pay for Common Shares tendered in an Eligible Tender Offer, the Fund may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, or at a time when a particular security is in default or bankruptcy, or otherwise in severe distress, which may cause the Fund to lose money.

The Fund may be required to dispose of portfolio investments in connection with any reduction in its outstanding leverage necessary in order to maintain its desired leverage ratios following an Eligible Tender Offer. It is likely that during the pendency of an Eligible Tender Offer, and possibly for a time thereafter, the Fund will hold a greater than normal percentage of its total assets in money market mutual funds, cash, cash equivalents, securities issued or guaranteed by the U.S. government or its instrumentalities or agencies, high quality, short-term money market instruments, short-term debt securities, certificates of deposit, bankers’ acceptances and other bank obligations, commercial paper or other liquid debt securities, which may adversely affect the Fund’s investment performance. If the tax basis for the portfolio investments sold is less than the sale proceeds, the Fund will recognize capital gains, which it will be required to distribute to Common Shareholders. In addition, the Fund’s purchase of tendered Common Shares pursuant to an Eligible Tender Offer will have tax consequences for tendering Common Shareholders and may have tax consequences for non-tendering Common Shareholders. All Common Shareholders remaining after an Eligible Tender Offer will be subject to proportionately higher expenses due to the reduction in the Fund’s total assets resulting from payment for the tendered Common Shares. Such reduction in the Fund’s total assets also may result in less investment flexibility, reduced diversification and greater volatility for the Fund, and may have an adverse effect on the Fund’s investment performance.

If the Fund conducts an Eligible Tender Offer, there can be no assurance that the number of tendered Common Shares would not result in the Fund’s net assets totaling less than the Termination Threshold, in which case the Eligible Tender Offer will be terminated, no Common Shares will be repurchased pursuant to the Eligible Tender Offer and the Fund will terminate on the Termination Date. The investment adviser may have a conflict of interest in recommending to the Board of Trustees that the Fund have a continued existence without limitation of time. The Fund is not required to

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Shareholder Update (Unaudited) (continued)

conduct additional tender offers following an Eligible Tender Offer and conversion to a continued existence without limitation of time. Therefore, remaining Common Shareholders may not have another opportunity to participate in a tender offer.

A Fund portfolio holding default may significantly reduce net investment income and, therefore, Common Share dividends; and may prevent or inhibit the Fund from fully being able to liquidate its portfolio at or prior to the Termination Date.

Market Discount from Net Asset Value. Shares of closed-end investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor’s purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund’s investment objectives and managing its portfolio when the underlying securities are redeemed or sold during periods of market turmoil and as investors’ perceptions regarding closed-end funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes.

Recent Market Conditions. In response to the financial crisis and recent market events, policy and legislative changes by the United States government and the Federal Reserve to assist in the ongoing support of financial markets, both domestically and in other countries, are changing many aspects of financial regulation. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. Withdrawal of government support, failure of efforts in response to the crisis, or investor perception that such efforts are not succeeding, could adversely impact the value and liquidity of certain securities. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations, including changes in tax laws and the imposition of trade barriers. The impact of new financial regulation legislation on the markets and the practical implications for market participants may not be fully known for some time. Changes to the Federal Reserve policy may affect the value, volatility and liquidity of dividend and interest paying securities. In addition, the contentious domestic political environment, as well as political and diplomatic events within the United States and abroad, such as the U.S. government’s inability at times to agree on a long-term budget and deficit reduction plan, the threat of a federal government shutdown and threats not to increase the federal government’s debt limit, may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Interest rates have been unusually low in recent years in the United States and abroad but there is consensus that interest rates will increase during the life of the Fund, which could negatively impact the price of debt securities. Because there is little precedent for this situation, it is difficult to predict the impact of a significant rate increase on various markets.

The current political climate has intensified concerns about a potential trade war between China and the United States, as each country has recently imposed tariffs on the other country’s products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry, which could have a negative impact on the Fund’s performance.

The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world.

Reverse Repurchase Agreement Risk. A reverse repurchase agreement, in economic essence, constitutes a securitized borrowing by the Fund from the security purchaser. The Fund may enter into reverse repurchase agreements for the purpose of creating a leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be invested in additional portfolio securities. Reverse repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or “roll” a given agreement upon its agreed-upon repurchase date or an alternative purchaser can be identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. The Fund may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences.

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EFFECTS OF LEVERAGE

The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, as well as certain other forms of leverage, such as reverse repurchase agreements and investments in inverse floating rate securities, on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in a Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects each Fund’s (i) continued use of leverage as of October 31, 2021 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate payable by the Funds on such instruments (based on actual leverage costs incurred during the fiscal year ended October 31, 2021) as set forth in the table, and (iii) the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs of leverage based on such estimated annual effective interest expense rate. The information below does not reflect any Fund’s use of certain derivative instruments.

The numbers are merely estimates, used for illustration. The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Funds. Your actual returns may be greater or less than those appearing below.

|  |  |  | Nuveen Municipal | Nuveen Dynamic
| Nuveen AMT-Free | Nuveen Municipal | Nuveen Municipal | Credit | Municipal
| Municipal Credit | Credit Income | High Income | Opportunities | Opportunities
| Income Fund | Fund | Opportunity Fund | Fund | Fund
| (NVG) | (NZF) | (NMZ) | (NMCO) | (NDMO)
Estimated Leverage as a Percentage of Managed Assets |  |  |  |  |
(Including Assets Attributable to Leverage) | 37.21% | 36.50% | 35.10% | 36.60% | 32.57%
Estimated Annual Effective Leverage Expense Rate Payable |  |  |  |  |
by Fund on Leverage | 0.92% | 1.09% | 0.75% | 1.22% | 0.90%
Annual Return Fund Portfolio Must Experience (net of expenses) |  |  |  |  |
to Cover Estimated Annual Effective Interest Expense Rate on |  |  |  |  |
Leverage | 0.34% | 0.40% | 0.26% | 0.45% | 0.29%
Common Share Total Return for (10.00)% Assumed Portfolio |  |  |  |  |
Total Return | -16.47% | -16.37% | -15.81% | -16.48% | -15.27%
Common Share Total Return for (5.00)% Assumed Portfolio |  |  |  |  |
Total Return | -8.51% | -8.50% | -8.11% | -8.59% | -7.85%
Common Share Total Return for 0.00% Assumed Portfolio |  |  |  |  |
Total Return | -0.54% | -0.62% | -0.41% | -0.70% | -0.44%
Common Share Total Return for 5.00% Assumed Portfolio |  |  |  |  |
Total Return | 7.42% | 7.25% | 7.30% | 7.18% | 6.98%
Common Share Total Return for 10.00% Assumed Portfolio |  |  |  |  |
Total Return | 15.38% | 15.12% | 15.00% | 15.07% | 14.39%

Common Share total return is composed of two elements — the distributions paid by the Fund to holders of common shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that the Funds are more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of the Fund’s portfolio and not the actual performance of the Fund’s common shares, the value of which is determined by market forces and other factors. Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund’s investment objectives and policies. As noted above, the Fund’s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors.

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Shareholder Update (Unaudited) (continued)

DIVIDEND REINVESTMENT PLAN
Nuveen Closed-End Funds Automatic Reinvestment Plan

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

Easy and convenient

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

How shares are purchased

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

Flexible

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

Call today to start reinvesting distributions

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

CHANGES OCCURRING DURING THE FISCAL YEAR

The following information in this annual report is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of a Fund.

During the most recent fiscal year, there have been no changes to: (i) the Funds’ investment objectives and principal investment policies that have not been approved by shareholders, (ii) the principal risks of the Fund, (iii) the portfolio managers of the Funds; (iv) a Fund’s charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by shareholders.

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UPDATED DISCLOSURES FOR FUNDS WITH AN EFFECTIVE SHELF OFFERING REGISTRATION STATEMENT

The following includes additional disclosures for the Funds in this annual report with an effective shelf offering registration statement as of the fiscal year ended October 31, 2021, and Nuveen AMT-Free Municipal Credit Income Fund (NVG), which has an effective shelf offering registration statement subsequent to the fiscal year end.

NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND (NVG)

NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND (NMZ)

NUVEEN MUNICIPAL CREDIT OPPORTUNITIES FUND (NMCO)

NUVEEN DYNAMIC MUNICIPAL OPPORTUNITIES FUND (NDMO)

SUMMARY OF FUND EXPENSES

The purpose of the tables and the examples below are to help you understand all fees and expenses that you, as a common shareholder, would bear directly or indirectly. The tables show the expenses of the Fund as a percentage of the average net assets attributable to Common Shares and not as a percentage of total assets or managed assets.

|  |  | Nuveen Municipal | Nuveen Dynamic
| Nuveen AMT-Free | Nuveen Municipal | Credit | Municipal
| Municipal Credit | High Income | Opportunities | Opportunities
| Income Fund | Opportunity Fund | Fund | Fund
Shareholder Transaction Expenses | (NVG) | (NMZ) | (NMCO) | (NDMO)
Maximum Sales Charge (as a percentage of offering price) | 1.00% (1) | 4.00% (2) | 4.00% (2) | 1.00% (1)
Dividend Reinvestment Plan Fees (3) | $2.50 | $2.50 | $2.50 | $2.50

(1) |  | A maximum sales charge of 1.00% applies only to offerings made at-the-market. There is no sales charge for offerings pursuant to an underwritten transaction or a private transaction.

(2) |  | A maximum sales charge of 4.00% applies only to offerings pursuant to a syndicated underwriting. The maximum sales charge for offerings made at-the-market is 1.00%. There is no sales charge for offerings pursuant to a private transaction.

(3) |  | You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the common shareholders, to sell your Common Shares held in a dividend reinvestment account.

| As a Percentage of Net Assets Attributable to Common Shares (1)
|  |  | Nuveen Municipal | Nuveen Dynamic
| Nuveen AMT-Free | Nuveen Municipal | Credit | Municipal
| Municipal Credit | High Income | Opportunities | Opportunities
| Income Fund | Opportunity Fund | Fund | Fund
Annual Expenses | (NVG) | (NMZ) | (NMCO) | (NDMO)
Management Fees | 0.94% | 1.00% | 1.39% | 1.17%
Interest and Other Related Expenses (2) | 0.52% | 0.36% | 0.72% | 0.33%
Other Expenses (3) | 0.06% | 0.07% | 0.07% | 0.05%
Total Annual Expenses | 1.52% | 1.43% | 2.18% | 1.55%

(1) |  | Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended October 31, 2021.

(2) |  | Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by a Fund for the fiscal year ended October 31, 2021. The types of leverage used by each Fund during the fiscal year ended October 31, 2021 are described in the Fund Leverage and the Notes to Financial Statements (Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, Note 5 – Fund Shares, Preferred Shares and Note 9 – Borrowing Arrangements) sections of this annual report. Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if a Fund continues to maintain leverage the cost of which is tied to short-term interest rates, a Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. A Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s).

(3) |  | Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%.

Examples

The following examples illustrate the expenses, including the applicable transaction fees (referred to as the “Maximum Sales Charge” in the Shareholder Transaction Expenses table above), if any, that a common shareholder would pay on a $1,000 investment that is held for the time periods provided in the tables. Each example assumes that all dividends and other distributions are reinvested in the Fund and that the Fund’s Annual Expenses, as provided above, remain the same. The examples also assume a 5% annual return. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the examples.

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Shareholder Update (Unaudited) (continued)

Example # 1 (At-the-Market Transaction)

The following example assumes a transaction fee of 1.00%, as a percentage of the offering price.

|  |  | Nuveen Municipal | Nuveen Dynamic
| Nuveen AMT-Free | Nuveen Municipal | Credit | Municipal
| Municipal Credit | High Income | Opportunities | Opportunities
| Income Fund | Opportunity Fund | Fund | Fund
| (NVG) | (NMZ) | (NMCO) | (NDMO)
1 Year | $25 | $24 | $32 | $26
3 Years | $58 | $55 | $78 | $58
5 Years | $92 | $87 | $126 | $94
10 Years | $189 | $180 | $259 | $193

Example # 2 (Underwriting Syndicate Transaction)

The following example assumes a transaction fee of 4.00%, as a percentage of the offering price.

|  |  | Nuveen Municipal | Nuveen Dynamic
| Nuveen AMT-Free | Nuveen Municipal | Credit | Municipal
| Municipal Credit | High Income | Opportunities | Opportunities
| Income Fund | Opportunity Fund | Fund | Fund
| (NVG) (1) | (NMZ) | (NMCO) | (NDMO) (1)
1 Year | N/A | $54 | $61 | N/A
3 Years | N/A | $83 | $105 | N/A
5 Years | N/A | $115 | $152 | N/A
10 Years | N/A | $204 | $281 | N/A

(1) Not applicable – the Fund does not incur a sales charge for offerings pursuant to an underwritten transaction as noted in Shareholder Transaction Expenses table above.

Example # 3 (Privately Negotiated Transaction) The following example assumes there is no transaction fee.

|  |  | Nuveen Municipal | Nuveen Dynamic
| Nuveen AMT-Free | Nuveen Municipal | Credit | Municipal
| Municipal Credit | High Income | Opportunities | Opportunities
| Income Fund | Opportunity Fund | Fund | Fund
| (NVG) | (NMZ) | (NMCO) | (NDMO)
1 Year | $15 | $15 | $22 | $16
3 Years | $48 | $45 | $68 | $49
5 Years | $83 | $78 | $117 | $84
10 Years | $181 | $171 | $251 | $185

These examples should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown above.

TRADING AND NET ASSET VALUE INFORMATION

The following table shows for the periods indicated: (i) the high and low market prices for the Common Shares reported as of the end of the day on the New York Stock Exchange (NYSE), (ii) the high and low net asset value (NAV) of the Common Shares, and (iii) the high and low of the premium/(discount) to NAV (expressed as a percentage) of shares of the Common Shares.

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Nuveen AMT-Free Municipal Credit Income Fund (NVG) |  |  |  |
| Market Price | NAV | Premium / (Discount) to NAV
Fiscal Quarter End | High | Low | High | Low | High | Low
October 2021 | $18.22 | $16.75 | $17.86 | $17.20 | 3.23% | (3.46)%
July 2021 | $17.91 | $17.02 | $17.91 | $17.41 | 0.79% | (2.63)%
April 2021 | $17.28 | $16.17 | $17.74 | $17.10 | (1.09)% | (6.85)%
January 2021 | $16.98 | $15.62 | $17.59 | $16.75 | (2.60)% | (6.80)%
October 2020 | $16.25 | $15.37 | $17.28 | $16.72 | (5.89)% | (9.64)%
July 2020 | $15.89 | $14.06 | $17.10 | $15.48 | (5.86)% | (9.72)%
April 2020 | $17.14 | $12.53 | $18.00 | $14.19 | (3.19)% | (20.09)%
January 2020 | $16.97 | $15.99 | $17.58 | $17.01 | (2.69)% | (6.38)%
Nuveen Municipal High Income Opportunity Fund (NMZ) |  |  |  |
| Market Price | NAV | Premium / (Discount) to NAV
Fiscal Quarter End | High | Low | High | Low | High | Low
October 2021 | $15.69 | $14.51 | $14.94 | $14.44 | 5.23% | 0.27%
July 2021 | $15.81 | $14.65 | $14.97 | $14.39 | 5.61% | 1.03%
April 2021 | $14.90 | $14.04 | $14.46 | $14.06 | 3.47% | (1.13)%
January 2021 | $14.42 | $13.22 | $14.30 | $13.22 | 3.15% | (0.37)%
October 2020 | $13.74 | $13.19 | $13.60 | $13.21 | 1.51% | (1.57)%
July 2020 | $13.59 | $12.11 | $13.46 | $12.19 | 1.80% | (0.98)%
April 2020 | $14.92 | $10.01 | $14.76 | $11.31 | 2.83% | (20.56)%
January 2020 | $14.56 | $14.14 | $14.42 | $13.93 | 3.45% | 0.64%
Nuveen Municipal Credit Opportunities Fund (NMCO) |  |  |  |
| Market Price | NAV | Premium / (Discount) to NAV
Fiscal Quarter End | High | Low | High | Low | High | Low
October 2021 | $15.94 | $14.85 | $15.93 | $15.35 | 0.57% | (3.82)%
July 2021 | $16.09 | $14.78 | $15.94 | $15.00 | 0.94% | (3.27)%
April 2021 | $14.79 | $13.73 | $15.00 | $14.51 | (1.27)% | (6.31)%
January 2021 | $14.00 | $11.68 | $14.66 | $12.81 | (3.88)% | (9.06)%
October 2020 | $13.29 | $11.63 | $13.26 | $12.81 | 0.30% | (9.42)%
July 2020 | $13.04 | $10.53 | $13.09 | $11.39 | 0.77% | (8.91)%
April 2020 | $15.82 | $ 9.12 | $16.38 | $10.21 | 10.38% | (10.68)%
January 2020 | $15.92 | $15.15 | $15.68 | $14.98 | 4.53% | (0.57)%
Nuveen Dynamic Municipal Opportunities Fund (NDMO) |  |  |  |
| Market Price | NAV | Premium / (Discount) to NAV
Fiscal Quarter End | High | Low | High | Low | High | Low
October 2021 | $17.64 | $15.32 | $16.32 | $15.55 | 9.00% | (1.54)%
July 2021 | $17.87 | $16.17 | $16.39 | $15.94 | 9.03% | 1.00%
April 2021 | $16.60 | $15.51 | $16.19 | $15.54 | 4.14% | (0.38)%
January 2021 | $15.99 | $14.87 | $16.00 | $14.91 | 0.54% | (2.99)%
October 2020 (1) | $15.22 | $14.84 | $15.02 | $14.88 | 1.67% | (0.40)%
(1) For the period August 26, 2020 (commencement of operations) through October 31, 2020. |

The following table shows as of October 31, 2021 each Fund’s: (i) NAV per Common Share, (ii) market price, (iii) percentage of premium/(discount) to NAV per Common Share and (iv) net assets attributable to Common Shares.

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Shareholder Update (Unaudited) (continued)

|  |  | Nuveen Municipal | Nuveen Dynamic
| Nuveen AMT-Free | Nuveen Municipal | Credit | Municipal
| Municipal Credit | High Income | Opportunities | Opportunities
| Income Fund | Opportunity Fund | Fund | Fund
October 31, 2021 | (NVG) | (NMZ) | (NMCO) | (NDMO)
NAV per Common Share | $17.28 | $14.53 | $15.47 | $15.60
Market Price | $17.29 | $14.71 | $15.04 | $15.64
Percentage of Premium/(Discount) to NAV per Common Share | 0.06% | 1.24% | (2.78)% | 0.26%
Net Assets Attributable to Common Shares | $3,687,336,121 | $1,404,751,662 | $824,271,374 | $913,547,497

Shares of closed-end investment companies, including those of the Funds, may frequently trade at prices lower than NAV. The Funds’ Board of Trustees (Board) has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from NAV in respect of Common Shares, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares at NAV, or the conversion of the Fund to an open-end investment company. The Funds cannot assure you that their Board will decide to take any of these actions, or that share repurchases or tender offers will actually reduce market discount.

SENIOR SECURITIES

The following table sets forth information regarding each Fund’s outstanding senior securities as of the end of each of the Fund’s last ten fiscal periods, as applicable. Each Fund’s senior securities during this time period are comprised of borrowings that constitute “senior securities” as defined in the Investment Company Act of 1940, as amended (1940 Act). The information in this table for the fiscal years ended 2021, 2020, 2019, 2018 and 2017 has been audited by KPMG LLP, independent registered public accounting firm. The Funds’ audited financial statements, including the report of KPMG LLP thereon, and accompanying notes thereto, are included in this Annual Report.

Nuveen AMT-Free Municipal Credit Income Fund (NVG)

|  |  |  |  |  |  | Variable Rate |  |  | AMPT, MFP,
| Adjustable Rate |  |  | MuniFund Term | MuniFund Term | Variable Rate | MTP, VMTP
| MuniFund Term | MuniFund Preferred | Preferred (MTP) | Preferred (VMTP) | Demand Preferred | and/or VRDP
| Preferred (AMTP) Shares | (MFP) Shares | Shares at the | Shares at the | (VRDP) Shares at | Shares at the
| at the End of Period | at the End of Period | End of Period | End of Period | the End of Period | End of Period
|  | Asset |  | Asset |  |  |  | Asset |  | Asset | Asset
| Aggregate | Coverage | Aggregate | Coverage | Aggregate | Asset | Aggregate | Coverage | Aggregate | Coverage | Coverage
| Amount | Per | Amount | Per | Amount | Coverage | Amount | Per | Amount | Per | Per $1
Fiscal Year | Outstanding | $100,000 | Outstanding | $100,000 | Outstanding | Per $10 | Outstanding | $100,000 | Outstanding | $100,000 | Liquidation
Ended | (000) (1) | Share (2) | (000) (1) | Share (2)(3) | (000) (1) | Share (4) | (000) (1) | Share (2) | (000) (1) | Share (2) | Preference
October 31 |  |  |  |  |  |  |  |  |  |  |
2021 | $112,000 | $291,153 | $405,400 | $291,153 | $0 | $0 | $0 | $0 | $1,411,600 | $291,153 | $2.91
2020 | $112,000 | $285,399 | $405,400 | $285,399 | $0 | $0 | $0 | $0 | $1,411,600 | $285,399 | $2.85
2019 | $0 | $0 | $405,400 | $291,357 | $0 | $0 | $0 | $0 | $1,411,600 | $291,357 | $2.91
2018 | $0 | $0 | $405,400 | $272,535 | $0 | $0 | $0 | $0 | $1,411,600 | $272,535 | $2.73
2017 | $0 | $0 | $0 | $0 | $0 | $0 | $ 240,400 | $ 300,955 | $1,411,600 | $300,955 | $3.01
2016 | $0 | $0 | $0 | $0 | $0 | $0 | $ 240,400 | $ 304,005 | $1,411,600 | $304,005 | $3.04
2015 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $179,000 | $338,606 | —
2014 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $179,000 | $341,951 | —
2013 | $0 | $0 | $0 | $0 | $108,000 | $31.69 | $92,500 | $316,883 | $0 | $0 | $3.17
2012 | $0 | $0 | $0 | $0 | $108,000 | $34.28 | $92,500 | $342,768 | $0 | $0 | $3.43

(1) |  | Aggregate amount outstanding represents the liquidation preference multiplied by the number of outstanding preferred shares as of the end of the relevant fiscal year.

(2) |  | Asset coverage per $100,000 share is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding, and multiplying the result by 100,000.

(3) |  | The Fund’s Series B MFP Shares have a $1,000 liquidation preference per share, while all other MFP Shares have a $100,000 liquidation preference per share. The asset coverage per $1,000 share for the Fund’s Series B MFP Shares were as follows:

|  | Fiscal Year Ended October 31 |
Series B MFP Shares | 2021 | 2020 | 2019 | 2018
Asset Coverage Per $1,000 Share* | $2,912 | $2,854 | $2,914 | $0

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|  | * Asset coverage per $1,000 share is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding, and multiplying the result by 1,000.

(4) |  | Asset coverage per $10 share is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding, and multiplying the result by 10. The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares outstanding were as follows:

| Fiscal Year Ended October 31
Series 2014 (NVG PRCCL) | 2014 | 2013 | 2012
Ending Market Value per Share | $0 | $10.09 | $10.12
Average Market Value per Share | $10.05** | $10.11 | $10.16

** For the period November 1, 2013 through December 23, 2013.

Nuveen Municipal High Income Opportunity Fund (NMZ) |  |  |  |  |  |
|  |  | Adjustable Rate | Variable Rate
|  |  | MuniFund Term | MuniFund Term
| Borrowings | Preferred | Preferred
| Outstanding | (AMTP) Shares | (VMTP) Shares
| at the End of Period | at the End of Period | at the End of Period
|  | Asset |  | Asset |  | Asset
| Aggregate | Coverage | Aggregate | Coverage | Aggregate | Coverage
| Amount | Per | Amount | Per | Amount | Per
| Outstanding | $1,000 | Outstanding | $100,000 | Outstanding | $100,000
Fiscal Year Ended | (000) (1) | (2) | (000) (1) | Share (3) | (000) (1) | Share (3)
October 31 |  |  |  |  |  |
2021 | $0 | $0 | $257,000 | $646,596 | $0 | $0
2020 | $0 | $0 | $87,000 | $1,361,400 | $0 | $0
2019 | $0 | $0 | $87,000 | $1,213,872 | $0 | $0
2018 | $0 | $0 | $87,000 | $1,040,734 | $0 | $0
2017 | $0 | $0 | $0 | $0 | $87,000 | $1,081,317
2016 | $0 | $0 | $0 | $0 | $87,000 | $1,006,411
2015 | $0 | $0 | $0 | $0 | $87,000 | $886,333
2014 | $0 | $0 | $0 | $0 | $87,000 | $888,850
2013 | $0 | $0 | $0 | $0 | $87,000 | $810,798
2012 | $50,000 | $9,051 | $0 | $0 | $0 | $0

(1) |  | Aggregate amount outstanding represents the liquidation preference multiplied by the number of outstanding preferred shares as of the end of the relevant fiscal year.

(2) |  | Asset coverage per $1,000 of debt is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding, and multiplying the result by 1,000.

(3) |  | Asset coverage per $100,000 share is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding, and multiplying the result by 100,000.

Nuveen Municipal Credit Opportunities Fund (NMCO) |  |

| MuniFund
| Preferred
| (MFP) Shares
| at the End of Period
|  | Asset
| Aggregate | Coverage
| Amount | Per
| Outstanding | $100,000
Fiscal Year Ended | (000) (1) | Share (2)
October 31 |  |
2021 | $450,000 | $283,171
2020 | $450,000 | $251,699
2019 (3) | $0 | $0

(1) |  | Aggregate amount outstanding represents the liquidation preference multiplied by the number of outstanding preferred shares as of the end of the relevant fiscal year.

(2) |  | Asset coverage per $100,000 of debt is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding, and multiplying the result by 100,000.

(3) |  | For the period September 16, 2019 (commencement of operations) through October 31, 2019.

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Shareholder Update (Unaudited) (continued)

Nuveen Dynamic Municipal Opportunities Fund (NDMO)

| Borrowings
| Outstanding
| at the End of Period
| Aggregate | Asset
| Amount | Coverage
| Outstanding | Per
Fiscal Year Ended | (000) (1) | $1,000 (2)
October 31 |  |
2021 | $191,900 | $5,761
2020 (3) | $0 | $0

(1) |  | Aggregate amount outstanding represents the principal amount as of the end of the relevant fiscal year/period owed by the Fund to lenders under arrangements in place at the time.

(2) |  | Asset coverage per $1,000 of debt is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding, and multiplying the result by 1,000.

(3) |  | For the period August 26, 2020 (commencement of operations) through October 31, 2020.

UNRESOLVED STAFF COMMENTS

Each Fund believes that there are no material unresolved written comments, received 180 days or more before October 31, 2021, from the Staff of the Securities and Exchange Commission (SEC) regarding any of its periodic or current reports under the Securities Exchange Act or 1940 Act, or its registration statement.

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Additional Fund Information (Unaudited)

Board of Trustees |  |  |  |  |
Jack B. Evans | William C. Hunter | Amy B. R. Lancellotta | Joanne T. Medero | Albin F. Moschner | John K. Nelson
Judith M. Stockdale | Carole E. Stone | Matthew Thornton III | Terence J. Toth | Margaret L. Wolff | Robert L. Young

Investment Adviser | Custodian | Legal Counsel | Independent Registered | Transfer Agent and
Nuveen Fund Advisors, LLC | State Street Bank | Chapman and Cutler LLP | Public Accounting Firm | Shareholder Services
333 West Wacker Drive | and Trust Company | Chicago, IL 60603 | KPMG LLP | Computershare Trust
Chicago, IL 60606 | One Lincoln Street |  | 200 East | Company, N.A.
| Boston, MA 02111 |  | Randolph Street | 150 Royall Street
|  |  | Chicago, IL 60601 | Canton, MA 02021
|  |  |  | (800) 257-8787

Portfolio of Investments Information

Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.

Nuveen Funds’ Proxy Voting Information

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

CEO Certification Disclosure

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

Common Share Repurchases

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

| NVG | NZF | NMZ | NMCO | NDMO
Common shares repurchased | 0 | 0 | 0 | 0 | 0

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.

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Glossary of Terms Used in this Report (Unaudited)

• Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

• Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.

• Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.

• Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

• Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.

• Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.

• Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

• NVG and NZF Blended Benchmark: A blended benchmark consisting of the returns of the S&P Municipal Bond Index prior to 4/11/16 and thereafter: 1) 60% of the return of the S&P Municipal Bond Investment Grade Index and 2) 40% of the return of the S&P Municipal Bond High Yield Index. The S&P Municipal Bond Index is a market value-weighted index designed to measure the performance of the tax-exempt U.S. municipal bond market. The S&P Municipal Bond Investment Grade Index is a market value-weighted index designed to measure the performance of tax-exempt investment grade municipal bonds. The S&P Municipal Bond High Yield Index is a market value-weighted index designed to measure the performance of tax-exempt high yield municipal bonds. Index returns assume compounding and do not include the effects of any fees or expenses.

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• Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.

• Pre-Refunded Bond/Pre-Refunding: Pre-Refunded Bond/Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.

• Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.

• S&P Municipal Bond Index: A market value-weighted index designed to measure the performance of the tax-exempt U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

• S&P Municipal Yield Index: A market value-weighted index that is structured so that 70% of the index consists of bonds that are either not rated or are rated below investment grade, 20% are rated BBB/Baa, and 10% are rated single A. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

• Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.

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

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Annual Investment Management Agreement Approval Process

The Approval Process

The Boards of Trustees (collectively, the “Board” and each Trustee, a “Board Member”) of the Funds, which are comprised entirely of Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), are responsible for determining whether to initially approve or, after an initial term, to renew, the advisory arrangements of their respective Funds. A discussion of the Board’s most recent approval of the renewal of the advisory arrangements of each Fund other than Nuveen Dynamic Municipal Opportunities Fund (the “Dynamic Fund”) is set forth in Part I below. A discussion of the Board’s most recent approval of the renewal of the advisory arrangements of the Dynamic Fund is set forth in Part II below.

PART I
Nuveen AMT-Free Municipal Credit Income Fund
Nuveen Municipal Credit Income Fund
Nuveen Municipal High Income Opportunity Fund
Nuveen Municipal Credit Opportunities Fund

At a meeting held on May 25-27, 2021 (the “May Meeting”), the Board approved, for its respective Fund listed above under the heading “Part I” (for purposes of this Part I, each a “Fund” and collectively, the “Funds”), the renewal of the management agreement (for purposes of this Part I, each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”), pursuant to which the Adviser serves as the investment adviser to such Fund and the sub-advisory agreement (for purposes of this Part I, each, a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”), pursuant to which the Sub-Adviser serves as the investment sub-adviser to such Fund. Although the 1940 Act requires that continuances of the Advisory Agreements (as defined below) be approved by the in-person vote of a majority of the Independent Board Members, the May Meeting was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The May Meeting was held virtually in reliance on certain exemptive relief the Securities and Exchange Commission provided to registered investment companies providing temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a fund’s advisory agreement in light of these challenges.

Following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. For purposes of this Part I, the Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.” Throughout the year, the Board and its committees meet regularly and, at these meetings, receive regular and/or special reports that cover an extensive array of topics and information that are relevant to its annual consideration of the renewal of the advisory agreements for the Nuveen funds. Such information may address, among other things, fund performance and risk information; the Adviser’s strategic plans; product initiatives for various funds; the review of the funds and investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers to the funds; valuation of securities; fund expenses; securities lending; liquidity management; overall market and regulatory developments; and with respect to closed-end funds, capital management initiatives, institutional ownership, management of leverage financing and the secondary market trading of the closed-end funds and any actions to address discounts. The Board also seeks to meet periodically with the Nuveen funds’ sub-advisers and portfolio teams, when feasible.

In addition, in connection with the annual consideration of the advisory agreements for the Nuveen funds, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its annual consideration of the renewal of such advisory agreements by the Adviser and by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The materials cover a wide range of topics including, but not limited to, a description of the

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nature, extent and quality of services provided by the Fund Advisers; a review of product actions taken during 2020 (such as mergers, liquidations, fund launches, changes to investment teams, and changes to investment policies); a review of each sub-adviser to the Nuveen funds and the applicable investment teams; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a review of management fee schedules; a description of portfolio manager compensation; an overview of the secondary market trading of shares of the Nuveen closed-end funds (including, among other things, an analysis of performance, distribution and valuation and capital-raising trends in the broader closed-end fund market and with respect to Nuveen closed-end funds and a review of the leverage management actions taken on behalf of the closed-end funds particularly during the periods of market volatility generally caused by the COVID-19 pandemic); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Adviser and the sub-advisers as a result of their relationships with the Nuveen funds. The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year.

In continuing its practice, the Board met prior to the May Meeting to begin its considerations of the renewal of the Advisory Agreements. Accordingly, on April 21-22, 2021 (the “April Meeting”), the Board met to review and discuss, in part, the performance of the Nuveen funds and the Adviser’s evaluation of each sub-adviser to the Nuveen funds. At the April Meeting, the Board Members asked questions and requested additional information that was provided for the May Meeting. The Board reviewed fund performance throughout the year and in its review, the Board recognized the volatile market conditions that occurred in early 2020 arising, in part, from the public health crisis caused by the novel coronavirus known as COVID-19 and the resulting impact on a fund’s performance for 2020 and thereafter. Accordingly, the Board considered performance data measured over various periods of time as summarized in more detail below.

The Independent Board Members considered the review of the advisory agreements for the Nuveen funds to be an ongoing process and employed the accumulated information, knowledge and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Adviser and sub-advisers in their review of the advisory agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards’ annual review of the Nuveen funds’ advisory arrangements and oversight of the Nuveen funds.

The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives from the Adviser or the Sub-Adviser were present. In connection with their annual review, the Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.

The Board’s decision to renew the Advisory Agreements was not based on a single identified factor, but rather the decision reflected the comprehensive consideration of all the information provided throughout the year and at the April and May Meetings, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements as well as the Board’s 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 with particular focus on the services and enhancements to such services provided during the last year. The Independent Board Members considered the Investment Management Agreements and the Sub-Advisory Agreements separately in the course of their review. With this approach, they considered the respective roles of the Adviser and the Sub-Adviser in providing services to the Funds.

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Annual Investment Management Agreement Approval Process (continued)

The Board recognized that the Nuveen funds operate in a highly regulated industry and, therefore, the Adviser has provided a wide array of management, oversight and administrative services to manage and operate the funds, and the scope and complexity of these services have expanded over time as a result of, among other things, regulatory and other developments. The Board accordingly considered the extensive resources, tools and capabilities available to the Adviser to operate and manage the Nuveen funds. With respect to the Adviser, as a general matter, some of these services it and its affiliates provide to the Nuveen funds include, but are not limited to: product management (such as setting dividends, analyzing fund expenses, providing competitive analysis, and providing due diligence support); investment oversight, risk management and securities valuation services (such as overseeing and reviewing the various sub-advisers to the Nuveen funds and their investment teams; analyzing fund performance and risk data; overseeing operational and risk management; participating in financial statement, marketing and risk disclosures; providing daily valuation services and developing related valuation policies, procedures and methodologies; periodic testing of audit and regulatory requirements; participating in product development and management processes; participating in leverage management, liquidity monitoring and counterparty credit oversight; providing due diligence and overseeing fund accounting and custody providers; overseeing third party pricing services and periodically assessing investment and liquidity risks); fund administration (such as preparing fund tax returns and other tax compliance services; preparing regulatory filings; overseeing the funds’ independent public accountants and other service providers; analyzing products and enhancements; and managing fund budgets and expenses); oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder customer service and transaction processing; overseeing proxy solicitation and tabulation services; and overseeing the production and distribution of financial reports by service providers); Board relations services (such as organizing and administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as managing compliance policies; monitoring compliance with applicable fund policies and laws and regulations; devising internal compliance programs and a framework to review and assess compliance programs; evaluating the compliance programs of the various sub-advisers to the Nuveen funds and certain other service providers; responding to regulatory requests; and preparing compliance training materials); legal support and oversight of outside law firms (such as helping to prepare and file registration statements and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; maintaining regulatory registrations and negotiating agreements with other fund service providers; and monitoring changes in regulatory requirements and commenting on rule proposals impacting investment companies); and with respect to closed-end funds, managing leverage, monitoring asset coverage and promoting an orderly secondary market.

In evaluating services, the Board reviewed various highlights of the initiatives the Adviser and its affiliates have undertaken or continued in 2020 to benefit the Nuveen complex and/or particular Nuveen funds and meet the requirements of an increasingly complex regulatory environment including, but not limited to:

• |  | Centralization of Functions – ongoing initiatives to centralize investment leadership, market approach and shared support functions within Nuveen and its affiliates in seeking to operate more effectively the business and enhance the services to the Nuveen funds;

• |  | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to continually improve product platforms and investment strategies to better serve shareholders through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; and modifying portfolio management teams for various funds;

• |  | Investment Team Integrations – continuing to integrate and adjust the members of certain investment teams, in part, to allow greater access to tools and resources within the Nuveen organization and its affiliates;

• |  | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds and facilitate regulatory or logistical changes;

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• |  | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, implement enhancements to strengthen key compliance program elements and support international business growth and other corporate objectives;

• |  | Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment teams; new products; changes to mandates, policies and benchmarks; and other management proposals;

• |  | Risk Management and Valuation Services - continuing to oversee and manage risk including, among other things, conducting daily calculations and monitoring of risk measures across the Nuveen funds, instituting appropriate investment risk controls, providing risk reporting throughout the firm, participating in internal oversight committees, and continuing to implement an operational risk framework that seeks to provide greater transparency of operational risk matters across the complex as well as provide multiple other risk programs that seek to provide a more disciplined and consistent approach to identifying and mitigating Nuveen’s operational risks. Further, the securities valuation team continues, among other things, to oversee the daily valuation process of the portfolio securities of the funds, maintains the valuation policies and procedures, facilitates valuation committee meetings, manages relationships with pricing vendors, and prepares relevant valuation reports and designs methods to simplify and enhance valuation workflow within the organization;

• |  | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of Nuveen and/or the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams;

• |  | Government Relations – continuing efforts of various Nuveen teams and Nuveen’s affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented;

• |  | Business Continuity, Disaster Recovery and Information Security – continuing efforts of Nuveen to periodically test and update business continuity and disaster recovery plans and, together with its affiliates, to maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports;

• |  | Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and positioning in striving to deliver those earnings to shareholders in a relatively consistent manner over time as well as assisting in the development of new products or the restructuring of existing funds; and

• |  | with respect specifically to closed-end funds, such continuing services also included:

• |  | • Leverage Management Services – continuing to actively manage the various forms of leverage utilized across the complex, including through committing resources and focusing on sourcing/structure development and bank provider management, which was key to navigating the respective funds through the COVID-related market volatility in 2020;

• |  | • Capital Management, Market Intelligence and Secondary Market Services – ongoing capital management efforts through shelf offerings, share repurchases, tender offers and capital return programs as well as providing market data analysis to help understand closed-end fund ownership cycles and their impact on secondary market trading as well as to improve proxy solicitation efforts; and

• |  | • Closed-end Fund Investor Relations Program – maintaining the closed-end fund investor relations program which, among other things, raises awareness, provides educational materials and cultivates advocacy for closed-end funds and the Nuveen closed-end fund product line.

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Annual Investment Management Agreement Approval Process (continued)

In its review, the Board recognized that Nuveen’s risk management, compliance, technology and operations capabilities are all integral to providing its investment management services to the Nuveen funds. Further, the Board noted the benefits to shareholders of investing in a Nuveen fund, as each Nuveen fund is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the funds including during stressed times as occurred in the market in the first half of 2020. The Board recognized the impact of the COVID-19 pandemic during the year and the adaptations required by service providers to continue to deliver their services to the Nuveen funds, including working remotely. In this regard, the Board noted the ability of the Adviser and the various sub-advisers to the Nuveen funds to provide continuously their services notwithstanding the significant disruptions caused by the pandemic. In addition to the services provided by the Adviser, the Board also considered the risks borne by the Adviser and its affiliates in managing the Nuveen funds, including entrepreneurial, operational, reputational, regulatory and litigation risks.

The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and recognized that the Sub-Adviser and its investment personnel generally are responsible for the management of each Fund’s portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, the assets under management of the applicable investment team and changes thereto, a summary of the applicable investment team and changes thereto, the investment process and philosophy of the applicable investment team, the performance of the Nuveen funds sub-advised by the Sub-Adviser over various periods of time and a summary of any significant policy and/or other changes to the Nuveen funds sub-advised by the Sub-Adviser. The Board further considered at the May Meeting or prior meetings evaluations of the Sub-Adviser’s compliance programs and trade execution. The Board also considered the structure of investment personnel compensation programs and whether this structure provides appropriate incentives to act in the best interests of the respective Nuveen funds. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

B. The Investment Performance of the Funds and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also received and considered a variety of investment performance data of the Nuveen funds they advise. In evaluating performance, the Board recognized that performance data may differ significantly depending on the ending date selected, particularly during periods of market volatility, and therefore considered performance over a variety of time periods that may include full market cycles. In this regard, the Board reviewed, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2020 (or for shorter periods available to the extent a Fund was not in existence during such periods) as well as performance data periods ending nearer to the May Meeting, including the quarter, one-, three- and five-year periods ending March 31, 2021 and May 14, 2021 (or for shorter periods available to the extent a Fund was not in existence during such periods). The performance data prepared for the annual review of the advisory agreements for the Nuveen funds supplemented the fund performance data that the Board received throughout the year at its meetings representing differing time periods. In its review, the Board took into account the discussions with representatives of the Adviser; the Adviser’s analysis regarding fund performance that occurred at these Board meetings with particular focus on funds that were considered performance outliers (both overperformance and underperformance); the factors contributing to the performance; and any recommendations or steps taken to address performance concerns. Regardless of the time period reviewed by the Board, the Board recognized that shareholders may evaluate performance based on their own holding periods which may differ from the periods reviewed by the Board and lead to differing results.

In its review, the Board reviewed both absolute and relative fund performance during the annual review over the various time periods. With respect to the latter, the Board considered fund performance in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). For Nuveen funds that had changes in portfolio managers since 2018 or significant changes, among

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other things, to their investment strategies or policies since 2019, the Board reviewed certain performance data comparing the performance of such funds before and after such changes. In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of the Nuveen funds compared to the respective Performance Peer Group and/or benchmark(s) (such as differences in the use of leverage) as well as differences in the composition of the Performance Peer Group over time will necessarily contribute to differences in performance results and limit the value of the comparative information. To assist the Board in its review of the comparability of the relative performance, the Adviser has ranked the relevancy of the peer group to the funds as low, medium or high.

The Board also evaluated performance in light of various relevant factors, including, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. In relation to general market conditions, the Board recognized the significant market decline in the early part of 2020 in connection with, among other things, the impact of the COVID-19 pandemic and that such a period of underperformance and market volatility may significantly weigh on the longer term performance results. Accordingly, depending on the facts and circumstances including any differences between the respective Nuveen fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark or peer group for certain periods. However, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any steps undertaken.

The secondary market trading of shares of the Nuveen closed-end funds continues to be a priority for the Board given its importance to shareholders, and therefore data reflecting the premiums and discounts at which the shares of the closed-end funds trade are reviewed by the Board during its annual review and by the Board and/or its Closed-end Fund committee during its respective quarterly meetings throughout the year. The Board continuously reviews all closed-end fund discounts and the fund’s performance relative to both primary and secondary benchmarks and peers. In its review, the Board considers, among other things, changes to investment mandates and guidelines, enhanced and attractive distribution policies, leverage levels and types, fund reorganizations, share repurchases and similar capital market actions and effective communications programs to build greater awareness and deepen understanding of closed-end funds.

The Board’s determinations with respect to each Fund are summarized below.

For Nuveen AMT-Free Municipal Credit Income Fund (the “AMT-Free Credit Income Fund”), the Board noted that the Fund outperformed its blended benchmark for the one-, three- and five-year periods ended December 31, 2020. The Fund also ranked in the second quartile of its Performance Peer Group for the one-year period ended December 31, 2020 and first quartile of its Performance Peer Group for the three- and five-year periods ended December 31, 2020. Further, the Fund outperformed its blended benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2021 and May 14, 2021. In its review, the Board noted that the Performance Peer Group was classified as low for relevancy. Based on its review, 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 outperformed its blended benchmark for the one-, three- and five-year periods ended December 31, 2020 and ranked in the third quartile of its Performance Peer Group for the one-year period ended December 31, 2020 and first quartile of its Performance Peer Group for the three- and five-year periods ended December 31, 2020. The Fund also outperformed its blended benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2021 and May 14, 2021. In its review, the Board noted that the Performance Peer Group was classified as low for relevancy. Based on its review, 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 although the Fund’s performance was below the performance of its benchmark for the one- and three-year periods ended December 31, 2020, the Fund outperformed its benchmark for the five-year period ended December 31, 2020 and ranked in the second quartile of its Performance Peer Group for the one-year period ended December 31, 2020 and first quartile for the three- and five-year peri-

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Annual Investment Management Agreement Approval Process (continued)

ods ended December 31, 2020. The Fund also outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2021 and May 14, 2021. Based on its review, the Board was satisfied with the Fund’s overall performance.

For Nuveen Municipal Credit Opportunities Fund (the “Credit Opportunities Fund”), the Board noted that the Fund’s performance was below the performance of its benchmark and the Fund ranked in the fourth quartile of its Performance Peer Group for the one-year period ended December 31, 2020. The Fund, however, outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-year periods ended March 31, 2021 and May 14, 2021. In its review the Board noted that the Performance Peer Group was classified as low for relevancy. The Board noted that the Fund was new with a performance history too limited to make a meaningful assessment of performance.

C. Fees, Expenses and Profitability
1. Fees and Expenses

As part of its annual review, the Board considered the contractual management fee and net management fee (the management fee after taking into consideration fee waivers and/or expense reimbursements, if any) paid by a Nuveen fund to the Adviser in light of the nature, extent and quality of the services provided. The Board also considered the total operating expense ratio of each fund before and after any fee waivers and/or expense reimbursements. More specifically, the Independent Board Members reviewed, among other things, each fund’s gross and net management fee rates (i.e., before and after expense reimbursements and/or fee waivers, if any) and net total expense ratio in relation to those of a comparable universe of funds (the “Peer Universe”) established by Broadridge (subject to certain exceptions). The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the applicable fund and its respective Peer Universe as well as changes to the composition of the Peer Universe from year to year may limit some of the value of the comparative data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund.

In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio (excluding investment-related costs of leverage) of six basis points or higher compared to that of its peer average (each, an “Expense Outlier Fund”), including the Credit Opportunities Fund, and an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. In addition, although the Board reviewed a fund’s total net expenses both including and excluding investment-related expenses (i.e., leverage costs) and taxes for certain of the closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees (excluding leverage costs and leveraged assets) to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. The Independent Board Members also considered, in relevant part, a fund’s net management fee and net total expense ratio in light of its performance history.

In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by approximately $58.4 million and fund-level breakpoints reduced fees by approximately $69.6 million in 2020.

With respect to the Sub-Adviser, the Board also considered the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund, the breakpoint schedule and comparative data of the fees the Sub-Adviser charges to other clients, if any. In its review, the Board recognized that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.

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The Independent Board Members noted that (a) the AMT-Free Credit Income Fund and the Credit Income Fund each had a net management fee that was slightly higher than the respective peer average but a net expense ratio that was in line with the respective peer average; (b) the High Income Fund had a net management fee that was in line with the peer average and a net expense ratio that was below the peer average; and (c) the Credit Opportunities Fund had a net management fee and a net expense ratio that were higher than the respective peer averages. The Independent Board Members noted that the Credit Opportunities Fund’s net expense ratio was higher than the peer average due, in part, to differences between its credit profile and that of other funds in the peer group. Further, the Independent Board Members noted that the Credit Opportunities Fund’s net expense ratio was lower than initially projected prior to such Fund’s launch.

Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

In determining the appropriateness of fees, the Board also considered information regarding the fee rates the respective Fund Advisers charged to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or the Sub-Adviser, such other clients may include retail and institutional managed accounts, passively managed exchange-traded funds (“ETFs”) sub-advised by the Sub-Adviser that are offered by another fund complex and municipal managed accounts offered by an unaffiliated adviser. With respect to the Sub-Adviser, the Board reviewed, among other things, the fee range and average fee of municipal retail advisory accounts and municipal institutional accounts as well as the sub-advisory fee the Sub-Adviser received for serving as sub-adviser to passive ETFs offered outside the Nuveen family.

In considering the fee data of other clients, the Board recognized, among other things, the differences in the amount, type and level of services provided to the Nuveen funds relative to other clients as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board recognized the breadth of services the Adviser had provided to the Nuveen funds compared to the other types of clients as the funds operate in a highly regulated industry with increasing regulatory requirements as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Further, with respect to ETFs, the Board considered that Nuveen ETFs were passively managed compared to the active management of the other Nuveen funds which contributed to the differences in fee levels between the Nuveen ETFs and other Nuveen funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.

3. Profitability of Fund Advisers

In their review, the Independent Board Members considered information regarding Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2020 and 2019. The Board reviewed, among other things, Nuveen’s net margins (pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax and excluding distribution) from Nuveen funds only; revenues, expenses and net income (pre- and post-tax and before distribution expenses) of Nuveen for fund advisory services; and comparative profitability data comparing the operating margins of Nuveen compared to the adjusted operating margins of certain peers that had publicly available data and with the most comparable assets under management (based on asset size and asset composition) for each of the last two calendar years. In reviewing the peer comparison data, the Independent Board Members noted that Nuveen Investments, Inc.’s operating margins were on the

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low range compared to the total company adjusted operating margins of the peers. The Board also reviewed the revenues and expenses the Adviser derived from its ETF product line for the 2019 and 2020 calendar years.

In reviewing the profitability data, the Independent Board Members recognized the subjective nature of calculating profitability as the information is not audited and is dependent on cost allocation methodologies to allocate corporate-wide expenses to the Nuveen complex and its affiliates and to further allocate such Nuveen complex expenses between the Nuveen fund and non-fund businesses. Generally, fund-specific expenses are allocated to the Nuveen funds and partial fund-related expenses and/or corporate overhead and shared costs (such as legal and compliance, accounting and finance, information technology and human resources and office services) are partially attributed to the funds pursuant to cost allocation methodologies. The Independent Board Members reviewed a description of the cost allocation methodologies employed to develop the financial information, a summary of the history of changes to the methodology over the years from 2010 to 2020, and the net revenue margins derived from the Nuveen funds (pre-tax and including and excluding distribution) and total company margins from Nuveen Investments, Inc. compared to the firm-wide adjusted margins of the peers for each calendar year from 2010 to 2020. The Board had also appointed three Independent Board Members to serve as the Board’s liaisons, with the assistance of independent counsel, to review the development of the profitability data and any proposed changes to the cost allocation methodology prior to incorporating any such changes and to report to the full Board. The Board recognized that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. The Independent Board Members also considered the key drivers behind the revenue and expense changes that impacted Nuveen’s net margins between 2019 and 2020. The Board also noted the reinvestments Nuveen and/or its parent made into its business through, among other things, the investment of seed capital in certain Nuveen funds and continued investments in enhancements to information technology, portfolio accounting systems and the global trading platform.

In reviewing the comparative peer data noted above, the Board considered that the operating margins of Nuveen Investments, Inc. were in the lower half of the peer group range; however, the Independent Board Members also recognized the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results.

Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). Accordingly, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2020 and 2019 calendar years to consider the financial strength of TIAA. The Board recognized the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility as experienced with the COVID-19 pandemic.

In addition to Nuveen, the Independent Board Members considered the profitability of the Sub-Adviser from its relationships with the Nuveen funds. In this regard, the Independent Board Members reviewed, among other things, the Sub-Adviser’s revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2020 as well as its pre- and post-tax net revenue margins for 2020 compared to such margins for 2019. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2020 and the pre- and post-tax revenue margins from 2020 and 2019.

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.

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D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the Nuveen funds and whether these economies of scale have been appropriately shared with the funds. The Board recognized that although economies of scale are difficult to measure and certain expenses may not decline with a rise in assets, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in Nuveen’s business which can enhance the services provided to the funds for the fees paid. The Board noted that Nuveen generally has employed these various methods, and the Board considered the extent to which the Nuveen funds will benefit from economies of scale as their assets grow. In this regard, the Board noted that the management fee of the Adviser is generally comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. The Board reviewed the fund-level and complex-level fee schedules. The Board considered that the fund-level breakpoint schedules are designed to share economies of scale with shareholders if the particular fund grows, and the complex-level breakpoint schedule is designed to deliver the benefits of economies of scale to shareholders when the eligible assets in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined. With respect to the Nuveen closed-end funds, the 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, in the calculation of the complex-level component, the Board noted that it had approved the acquisition of several Nuveen funds by similar TIAA-CREF funds in 2019. However, to mitigate the loss of the assets of these Nuveen funds deemed eligible to be included in the calculation of the complex-wide fee when these Nuveen funds left the complex upon acquisition, Nuveen agreed to credit approximately $604.5 million to assets under management to the Nuveen complex in calculating the complex-wide component.

The Independent Board Members also recognized the Adviser’s continued reinvestment in its business through various initiatives including maintaining a seed account available for investments into Nuveen funds and investing in its internal infrastructure, information technology and other systems that will, among other things, consolidate and enhance accounting systems, integrate technology platforms to support growth and efficient data processing, and further develop its global trading platform to enhance the investment process for the investment teams.

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 Board considered the compensation that an affiliate of the Adviser received for serving as co-manager in the initial public offerings of new closed-end funds and for serving as an underwriter on shelf offerings of existing closed-end funds. In addition, the Independent Board Members also noted that various sub-advisers (including the Sub-Adviser) may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. However, the Board noted that any benefits for the Sub-Adviser when transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

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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.

PART II
Nuveen Dynamic Municipal Opportunities Fund

At a meeting held on July 19, 2021 (the “July Meeting”), the Board of Nuveen Dynamic Municipal Opportunities Fund (for purposes of this Part II, the “Fund”) approved the renewal of the management agreement (for purposes of this Part II, the “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as the investment adviser to the Fund and the sub-advisory agreement (for purposes of this Part II, the “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the sub-adviser to the Fund.

Following up to an initial two-year period, the Board considers the renewal of the Investment Management Agreement and Sub-Advisory Agreement on an annual basis. For purposes of this Part II, the Investment Management Agreement and Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.” Throughout the year, the Board and its committees meet regularly and, at these meetings, receive regular and/or special reports that cover an extensive array of topics and information that are relevant to its annual consideration of the renewal of the advisory agreements for the Nuveen funds. Such information may address, among other things, fund performance and risk information; the Adviser’s strategic plans; product initiatives for various funds; the review of the funds and investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers to the funds; valuation of securities; fund expenses; securities lending; liquidity management; overall market and regulatory developments; and with respect to closed-end funds, capital management initiatives, institutional ownership, management of leverage financing and the secondary market trading of the closed-end funds and any actions to address discounts. The Board also seeks to meet periodically with the Nuveen funds’ sub-advisers and portfolio teams, when feasible.

In addition, in connection with the annual consideration of the advisory agreements for the Nuveen funds, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its annual consideration of the renewal of such advisory agreements by the Adviser and by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The materials cover a wide range of topics including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of product actions taken during 2020 (such as mergers, liquidations, fund launches, changes to investment teams, and changes to investment policies); a review of each sub-adviser to the Nuveen funds and the applicable investment teams; the performance of the Fund 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 review of management fee schedules; a description of portfolio manager compensation; an overview of the secondary market trading of shares of the Nuveen closed-end funds during a specified time period; a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Adviser and the sub-advisers as a result of their relationships with the Nuveen funds. The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year.

In continuing its practice, the Board met on April 21-22, 2021 (the “April Meeting”) to begin its considerations of the renewal of the Advisory Agreements. At the April Meeting, the Board Members asked questions and requested additional information. The Board

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continued its review of the advisory arrangements of the Nuveen funds at a meeting held on May 25-27, 2021 (the “May Meeting”). To avoid the expiration of the Advisory Agreements prior to the next annual review of the advisory arrangements of the Nuveen funds, the Board considered the renewal of the Advisory Agreements with the Fund at the July Meeting (for purposes of this Part II, together with the April Meeting and the May Meeting, the “Meetings”). The Board considered the information provided at its prior meetings, including at the April Meeting and May Meeting, in its consideration of the renewal of the Advisory Agreements. Although the 1940 Act requires that continuances of the Advisory Agreements be approved by the in-person vote of a majority of the Independent Board Members, the Meetings were held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The Meetings were held virtually in reliance on certain exemptive relief the Securities and Exchange Commission provided to registered investment companies providing temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a fund’s advisory agreement in light of these challenges.

The Independent Board Members considered the review of the advisory agreements for the Nuveen funds to be an ongoing process and employed the accumulated information, knowledge and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Adviser and sub-advisers in their review of the advisory agreements. The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives from the Adviser or the Sub-Adviser were present. In connection with their annual review, the Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.

The Board’s decision to renew the Advisory Agreements was not based on a single identified factor, but rather the decision reflected the comprehensive consideration of all the information provided throughout the year and at the Meetings, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements as well as the Board’s 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 Fund with particular focus on the services and enhancements to such services provided during the last year. The Independent Board Members considered the Investment Management Agreement and the Sub-Advisory Agreement separately in the course of their review. With this approach, they considered the respective roles of the Adviser and the Sub-Adviser in providing services to the Fund.

The Board recognized that the Nuveen funds operate in a highly regulated industry and, therefore, the Adviser has provided a wide array of management, oversight and administrative services to manage and operate the funds, and the scope and complexity of these services have expanded over time as a result of, among other things, regulatory and other developments. The Board accordingly considered the extensive resources, tools and capabilities available to the Adviser to operate and manage the Nuveen funds. With respect to the Adviser, as a general matter, some of these services it and its affiliates provide to the Nuveen funds include, but are not limited to: product management (such as setting dividends, analyzing fund expenses, providing competitive analysis, and providing due diligence support); investment oversight, risk management and securities valuation services (such as overseeing and reviewing the various sub-advisers to the Nuveen funds and their investment teams; analyzing fund performance and risk data; overseeing operational and risk management; participating in financial statement, marketing and risk disclosures; providing daily valuation services and developing related valuation policies, procedures and methodologies; periodic testing of audit and regulatory requirements; participating in product development and management processes; participating in leverage management, liquidity monitoring and counterparty credit oversight; providing due diligence and overseeing fund accounting and custody providers; overseeing third party pricing services and periodically

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assessing investment and liquidity risks); fund administration (such as preparing fund tax returns and other tax compliance services; preparing regulatory filings; overseeing the funds’ independent public accountants and other service providers; analyzing products and enhancements; and managing fund budgets and expenses); oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder customer service and transaction processing; overseeing proxy solicitation and tabulation services; and overseeing the production and distribution of financial reports by service providers); Board relations services (such as organizing and administering Board and committee meetings, preparing various reports to the Board and committees and providing other support services); compliance and regulatory oversight services (such as managing compliance policies; monitoring compliance with applicable fund policies and laws and regulations; devising internal compliance programs and a framework to review and assess compliance programs; evaluating the compliance programs of the various sub-advisers to the Nuveen funds and certain other service providers; responding to regulatory requests; and preparing compliance training materials); legal support and oversight of outside law firms (such as helping to prepare and file registration statements and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; maintaining regulatory registrations and negotiating agreements with other fund service providers; and monitoring changes in regulatory requirements and commenting on rule proposals impacting investment companies); and with respect to closed-end funds, managing leverage, monitoring asset coverage and promoting an orderly secondary market.

In evaluating services, the Board reviewed various highlights of the initiatives the Adviser and its affiliates have undertaken or continued in 2020 to benefit the Nuveen complex and/or particular Nuveen funds and meet the requirements of an increasingly complex regulatory environment including, but not limited to:

• |  | Centralization of Functions – ongoing initiatives to centralize investment leadership, market approach and shared support functions within Nuveen and its affiliates in seeking to operate more effectively the business and enhance the services to the Nuveen funds;

• |  | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to continually improve product platforms and investment strategies to better serve shareholders through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; and modifying portfolio management teams for various funds;

• |  | Investment Team Integrations – continuing to integrate and adjust the members of certain investment teams, in part, to allow greater access to tools and resources within the Nuveen organization and its affiliates;

• |  | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds and facilitate regulatory or logistical changes;

• |  | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, implement enhancements to strengthen key compliance program elements and support international business growth and other corporate objectives;

• |  | Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment teams; new products; changes to mandates, policies and benchmarks; and other management proposals;

• |  | Risk Management and Valuation Services - continuing to oversee and manage risk including, among other things, conducting daily calculations and monitoring of risk measures across the Nuveen funds, instituting appropriate investment risk controls, providing risk reporting throughout the firm, participating in internal oversight committees, and continuing to implement an operational risk framework that seeks to provide greater transparency of operational risk matters across the complex as well as provide multiple other risk programs that seek to provide a more disciplined and consistent approach to

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identifying and mitigating Nuveen’s operational risks. Further, the securities valuation team continues, among other things, to oversee the daily valuation process of the portfolio securities of the funds, maintains the valuation policies and procedures, facilitates valuation committee meetings, manages relationships with pricing vendors, and prepares relevant valuation reports and designs methods to simplify and enhance valuation workflow within the organization;

• |  | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of Nuveen and/or the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams;

• |  | Government Relations – continuing efforts of various Nuveen teams and Nuveen’s affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented;

• |  | Business Continuity, Disaster Recovery and Information Security – continuing efforts of Nuveen to periodically test and update business continuity and disaster recovery plans and, together with its affiliates, to maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports;

• |  | Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and positioning in striving to deliver those earnings to shareholders in a relatively consistent manner over time as well as assisting in the development of new products or the restructuring of existing funds; and

• |  | with respect specifically to closed-end funds, such continuing services also included:

• |  | • Leverage Management Services – continuing to actively manage the various forms of leverage utilized across the complex, including through committing resources and focusing on sourcing/structure development and bank provider management, which was key to navigating the respective funds through the COVID-related market volatility in 2020;

• |  | • Capital Management, Market Intelligence and Secondary Market Services – ongoing capital management efforts through shelf offerings, share repurchases, tender offers and capital return programs as well as providing market data analysis to help understand closed-end fund ownership cycles and their impact on secondary market trading as well as to improve proxy solicitation efforts; and

• |  | • Closed-end Fund Investor Relations Program – maintaining the closed-end fund investor relations program which, among other things, raises awareness, provides educational materials and cultivates advocacy for closed-end funds and the Nuveen closed-end fund product line.

In its review, the Board recognized that Nuveen’s risk management, compliance, technology and operations capabilities are all integral to providing its investment management services to the Nuveen funds. Further, the Board noted the benefits to shareholders of investing in a Nuveen fund, as each Nuveen fund is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the funds including during stressed times as occurred in the market in the first half of 2020. The Board recognized the impact of the COVID-19 pandemic during the year and the adaptations required by service providers to continue to deliver their services to the Nuveen funds, including working remotely. In this regard, the Board noted the ability of the Adviser and the various sub-advisers to the Nuveen funds to provide continuously their services notwithstanding the significant disruptions caused by the pandemic. In addition to the services provided by the Adviser, the Board also considered the risks borne by the Adviser and its affiliates in managing the Nuveen funds, including entrepreneurial, operational, reputational, regulatory and litigation risks.

The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and recognized that the Sub-Adviser and its investment personnel generally are responsible for the management of the Fund’s portfolio under the over-

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sight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, the assets under management of the applicable investment team and changes thereto, a summary of the applicable investment team and changes thereto, the investment process and philosophy of the applicable investment team, the performance of the Nuveen funds sub-advised by the Sub-Adviser over various periods of time and a summary of any significant policy and/or other changes to the Nuveen funds sub-advised by the Sub-Adviser. The Board further considered at the Meetings or prior meetings evaluations of the Sub-Adviser’s compliance programs and trade execution. The Board also considered the structure of investment personnel compensation programs and whether this structure provides appropriate incentives to act in the best interests of the respective Nuveen funds. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreement.

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 Fund under each Advisory Agreement.

B. The Investment Performance of the Fund and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also received and considered a variety of investment performance data of the Nuveen funds they advise. In evaluating performance, the Board recognized that performance data may differ significantly depending on the ending date selected, particularly during periods of market volatility, and therefore considered performance over a variety of time periods that may include full market cycles. In this regard, the Board reviewed, among other things, performance of the Nuveen funds over the quarter, one-, three- and five-year periods ending December 31, 2020 as well as performance data periods ending nearer to the May Meeting, including the quarter, one-, three-and five-year periods ending March 31, 2021 and May 14, 2021 (or for such shorter periods to the extent the respective fund was not in existence during such period). The performance data prepared for the annual review of the advisory agreements for the Nuveen funds supplemented the fund performance data that the Board received throughout the year at its meetings representing differing time periods. In its review, the Board took into account the discussions with representatives of the Adviser; the Adviser’s analysis regarding fund performance that occurred at these Board meetings with particular focus on funds that were considered performance outliers (both overperformance and underperformance); the factors contributing to the performance; and any recommendations or steps taken to address performance concerns. Regardless of the time period reviewed by the Board, the Board recognized that shareholders may evaluate performance based on their own holding periods which may differ from the periods reviewed by the Board and lead to differing results.

In its review, the Board reviewed both absolute and relative fund performance during the annual review over the various time periods. With respect to the latter, the Board considered fund performance in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). For Nuveen funds that had changes in portfolio managers since 2018 or significant changes, among other things, to their investment strategies or policies since 2019, the Board reviewed certain performance data comparing the performance of such funds before and after such changes. In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of the Nuveen funds compared to the respective Performance Peer Group and/or benchmark(s) (such as differences in the use of leverage) as well as differences in the composition of the Performance Peer Group over time will necessarily contribute to differences in performance results and limit the value of the comparative information. To assist the Board in its review of the comparability of the relative performance, the Adviser has ranked the relevancy of the peer group to the funds as low, medium or high.

The Board also evaluated performance in light of various relevant factors, including, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. In relation to general market conditions, the Board recognized the significant market decline in the early part of 2020 in connection with, among other things, the impact of the COVID-19 pandemic and that such a period of underperformance and market volatility may significantly weigh on the

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longer term performance results. Accordingly, depending on the facts and circumstances including any differences between the respective Nuveen fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark or peer group for certain periods. However, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any steps undertaken.

The secondary market trading of shares of the Nuveen closed-end funds continues to be a priority for the Board given its importance to shareholders, and therefore data reflecting the premiums and discounts at which the shares of the closed-end funds trade during the specified review period are reviewed by the Board during its annual review and by the Board and/or its Closed-end Fund committee during its respective quarterly meetings throughout the year. The Board continuously reviews all closed-end fund discounts and the fund’s performance relative to both benchmark(s) and peers. In its review, the Board considers, among other things, changes to investment mandates and guidelines, enhanced and attractive distribution policies, leverage levels and types, fund reorganizations, share repurchases and similar capital market actions and effective communications programs to build greater awareness and deepen understanding of closed-end funds.

The Board noted that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the quarter-to-date periods ended December 31, 2020 and March 31, 2021 and year-to-date period ended May 14, 2021. In its review, the Board recognized that the Performance Peer Group was classified as low for relevancy. The Board noted that the Fund was new with a performance history too limited to make a meaningful assessment of performance. Nevertheless, the Board was satisfied with the Fund’s overall performance.

C. Fees, Expenses and Profitability

1. Fees and Expenses

As part of its annual review, the Board considered the contractual management fee and net management fee (the management fee after taking into consideration fee waivers and/or expense reimbursements, if any) paid by a Nuveen fund to the Adviser in light of the nature, extent and quality of the services provided. The Board also considered the total operating expense ratio of each fund before and after any fee waivers and/or expense reimbursements. More specifically, the Independent Board Members reviewed, among other things, each fund’s gross and net management fee rates (i.e., before and after expense reimbursements and/or fee waivers, if any) and net total expense ratio in relation to those of a comparable universe of funds (the “Peer Universe”) established by Broadridge (subject to certain exceptions). The Independent Board Members reviewed the methodology Broadridge employed to establish a Peer Universe and recognized that differences between the applicable fund and its respective Peer Universe as well as changes to the composition of the Peer Universe from year to year may limit some of the value of the comparative data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund.

In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio (excluding investment-related costs of leverage) of six basis points or higher compared to that of its peer average (each, an “Expense Outlier Fund”) and an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. In addition, although the Board reviewed a fund’s total net expenses both including and excluding investment-related expenses (i.e., leverage costs) and taxes for certain of the closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees (excluding leverage costs and leveraged assets) to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and

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Annual Investment Management Agreement Approval Process (continued)

below if they were below the peer average of the Peer Universe. The Independent Board Members also considered, in relevant part, a fund’s net management fee and net total expense ratio in light of its performance history.

In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by approximately $58.4 million and fund-level breakpoints reduced fees by approximately $69.6 million in 2020.

With respect to the Sub-Adviser, the Board also considered the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the Fund, the breakpoint schedule and comparative data of the fees the Sub-Adviser charges to other clients, if any. In its review, the Board recognized that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Fund.

The Independent Board Members noted that the Fund had a net management fee and a net expense ratio below the respective peer average.

Based on its review of the information provided, the Board determined that the Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

In determining the appropriateness of fees, the Board also considered information regarding the fee rates the respective Fund Advisers charged to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or the Sub-Adviser, such other clients may include retail and institutional managed accounts, passively managed exchange-traded funds (“ETFs”) sub-advised by the Sub-Adviser that are offered by another fund complex and municipal managed accounts offered by an unaffiliated adviser. With respect to the Sub-Adviser, the Board reviewed, among other things, the fee range and average fee of municipal retail advisory accounts and municipal institutional accounts as well as the sub-advisory fee the Sub-Adviser received for serving as sub-adviser to passive ETFs offered outside the Nuveen family.

In considering the fee data of other clients, the Board recognized, among other things, the differences in the amount, type and level of services provided to the Nuveen funds relative to other clients as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. The Board recognized the breadth of services the Adviser had provided to the Nuveen funds compared to the other types of clients as the funds operate in a highly regulated industry with increasing regulatory requirements as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Further, with respect to ETFs, the Board considered that Nuveen ETFs were passively managed compared to the active management of the other Nuveen funds which contributed to the differences in fee levels between the Nuveen ETFs and other Nuveen funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.

3. Profitability of Fund Advisers

In their review, the Independent Board Members considered information regarding Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2020 and 2019. The Board reviewed, among other things, Nuveen’s net margins (pre-tax) (both including and excluding distribution expenses); gross and net revenue margins (pre- and post-tax and excluding distribution) from Nuveen funds only; revenues, expenses and net income (pre- and post-tax and before distribution

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expenses) of Nuveen for fund advisory services; and comparative profitability data comparing the operating margins of Nuveen compared to the adjusted operating margins of certain peers that had publicly available data and with the most comparable assets under management (based on asset size and asset composition) for each of the last two calendar years. In reviewing the peer comparison data, the Independent Board Members noted that Nuveen Investments, Inc.’s operating margins were on the low range compared to the total company adjusted operating margins of the peers. The Board also reviewed the revenues and expenses the Adviser derived from its ETF product line for the 2019 and 2020 calendar years.

In reviewing the profitability data, the Independent Board Members recognized the subjective nature of calculating profitability as the information is not audited and is dependent on cost allocation methodologies to allocate corporate-wide expenses to the Nuveen complex and its affiliates and to further allocate such Nuveen complex expenses between the Nuveen fund and non-fund businesses. Generally, fund-specific expenses are allocated to the Nuveen funds and partial fund-related expenses and/or corporate overhead and shared costs (such as legal and compliance, accounting and finance, information technology and human resources and office services) are partially attributed to the funds pursuant to cost allocation methodologies. The Independent Board Members reviewed a description of the cost allocation methodologies employed to develop the financial information, a summary of the history of changes to the methodology over the years from 2010 to 2020, and the net revenue margins derived from the Nuveen funds (pre-tax and including and excluding distribution) and total company margins from Nuveen Investments, Inc. compared to the firm-wide adjusted margins of the peers for each calendar year from 2010 to 2020. The Board had also appointed three Independent Board Members to serve as the Board’s liaisons, with the assistance of independent counsel, to review the development of the profitability data and any proposed changes to the cost allocation methodology prior to incorporating any such changes and to report to the full Board. The Board recognized that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. The Independent Board Members also considered the key drivers behind the revenue and expense changes that impacted Nuveen’s net margins between 2019 and 2020. The Board also noted the reinvestments Nuveen and/or its parent made into its business through, among other things, the investment of seed capital in certain Nuveen funds and continued investments in enhancements to information technology, portfolio accounting systems and the global trading platform.

In reviewing the comparative peer data noted above, the Board considered that the operating margins of Nuveen Investments, Inc. were in the lower half of the peer group range; however, the Independent Board Members also recognized the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results.

Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). Accordingly, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2020 and 2019 calendar years to consider the financial strength of TIAA. The Board recognized the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility as experienced with the COVID-19 pandemic.

In addition to Nuveen, the Independent Board Members considered the profitability of the Sub-Adviser from its relationships with the Nuveen funds. In this regard, the Independent Board Members reviewed, among other things, the Sub-Adviser’s revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2020 as well as its pre- and post-tax net revenue margins for 2020 compared to such margins for 2019. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2020 and the pre- and post-tax revenue margins from 2020 and 2019.

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Annual Investment Management Agreement Approval Process (continued)

In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.

Based on a consideration of all the information provided, the Board noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the Nuveen funds and whether these economies of scale have been appropriately shared with the funds. The Board recognized that although economies of scale are difficult to measure and certain expenses may not decline with a rise in assets, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in Nuveen’s business which can enhance the services provided to the funds for the fees paid. The Board noted that Nuveen generally has employed these various methods, and the Board considered the extent to which the Nuveen funds will benefit from economies of scale as their assets grow. In this regard, the Board noted that the management fee of the Adviser is generally comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. The Board reviewed the fund-level and complex-level fee schedules. The Board considered that the fund-level breakpoint schedules are designed to share economies of scale with shareholders if the particular fund grows, and the complex-level breakpoint schedule is designed to deliver the benefits of economies of scale to shareholders when the eligible assets in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined. With respect to the Nuveen closed-end funds, the 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, in the calculation of the complex-level component, the Board noted that it had approved the acquisition of several Nuveen funds by similar TIAA-CREF funds in 2019. However, to mitigate the loss of the assets of these Nuveen funds deemed eligible to be included in the calculation of the complex-wide fee when these Nuveen funds left the complex upon acquisition, Nuveen agreed to credit approximately $604.5 million to assets under management to the Nuveen complex in calculating the complex-wide component.

The Independent Board Members also recognized the Adviser’s continued reinvestment in its business through various initiatives including maintaining a seed account available for investments into Nuveen funds and investing in its internal infrastructure, information technology and other systems that will, among other things, consolidate and enhance accounting systems, integrate technology platforms to support growth and efficient data processing, and further develop its global trading platform to enhance the investment process for the investment teams.

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 Board considered the compensation that an affiliate of the Adviser received for serving as co-manager in the initial public offerings of new closed-end funds and for serving as an underwriter on shelf offerings of existing closed-end funds. In addition, the Independent Board Members also noted that various sub-advisers (including the Sub-Adviser) may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. However, the Board noted that any benefits for the Sub-Adviser when transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions.

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Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Fund were reasonable and within acceptable parameters.

F. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to the Fund and that the Advisory Agreements be renewed.

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Board Members & Officers (Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below.

Name, | Position(s) Held | Year First | Principal | Number
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios
& Address |  | Appointed | Including other | in Fund Complex
|  | and Term(1) | Directorships | Overseen by
|  |  | During Past 5 Years | Board Member
Independent Board Members: |  |  |  |
• TERENCE J. TOTH |  |  | Formerly, a Co-Founding Partner, Promus Capital (investment advisory |
1959 |  |  | firm) (2008-2017); Director, Quality Control Corporation (manufacturing) |
333 W. Wacker Drive | Chairman and | 2008 | (since 2012); member: Catalyst Schools of Chicago Board (since 2008) | 142
Chicago, IL 6o6o6 | Board Member | Class II | and Mather Foundation Board (philanthropy) (since 2012), and chair of |
|  |  | its Investment Committee; formerly, Director, Fulcrum IT Services LLC |
|  |  | (information technology services firm to government entities) (2010-2019); |
|  |  | formerly, Director, LogicMark LLC (health services) (2012-2016); formerly, |
|  |  | Director, Legal & General Investment Management America, Inc. (asset |
|  |  | management) (2008-2013); formerly, CEO and President, Northern Trust |
|  |  | Global Investments (financial services) (2004-2007): Executive Vice |
|  |  | President, Quantitative Management & Securities Lending (2000-2004); |
|  |  | prior thereto, various positions with Northern Trust Company (financial |
|  |  | services) (since 1994); formerly, Member, Northern Trust Mutual Funds |
|  |  | Board (2005-2007), Northern Trust Global Investments Board (2004-2007), |
|  |  | Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. |
|  |  | Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). |
• JACK B. EVANS |  |  | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine |
1948 |  |  | Foundation, (private philanthropic corporation); Life Trustee of Coe College; |
333 W. Wacker Drive | Board Member | 1999 | formerly, Member and President Pro-Tem of the Board of Regents for the | 142
Chicago, IL 6o6o6 |  | Class III | State of Iowa University System (2007- 2013); Director and Chairman |
|  |  | (2009-2021), United Fire Group, a publicly held company; Director, |
|  |  | Public Member, American Board of Orthopaedic Surgery (2015-2020); |
|  |  | Director (2000-2004), Alliant Energy; Director (1996-2015), The |
|  |  | Gazette Company (media and publishing); Director (1997- 2003), Federal |
|  |  | Reserve Bank of Chicago; President and Chief Operating Officer (1972-1995), |
|  |  | SCI Financial Group, Inc., (regional financial services firm). |
• WILLIAM C. HUNTER |  |  | Dean Emeritus, formerly, Dean, Tippie College of Business, University of |
1948 |  |  | (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005- |
333 W. Wacker Drive | Board Member | 2003 | 2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The | 142
Chicago, IL 6o6o6 |  | Class I | International Business Honor Society; formerly, Director (2004-2018) of |
|  |  | Xerox Corporation; formerly, Dean and Distinguished Professor of Finance, |
|  |  | School of Business at the University of Connecticut (2003-2006); previously, |
|  |  | Senior Vice President and Director of Research at the Federal Reserve Bank |
|  |  | of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research |
|  |  | Center at Georgetown University. |
• AMY B. R. LANCELLOTTA |  |  | Formerly, Managing Director, Independent Directors Council (IDC) (supports |
1959 |  |  | the fund independent director community and is part of the Investment |
333 W. Wacker Drive | Board Member | 2021 | Company Institute (ICI), which represents regulated investment companies) | 142
Chicago, IL 6o6o6 |  | Class II | (2006-2019); formerly, various positions with ICI (1989-2006); Member of |
|  |  | the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA) |
|  |  | (since 2020). |

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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): |  |  |
• JOANNE T. MEDERO |  |  | Formerly, Managing Director, Government Relations and Public Policy |
1954 |  |  | (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020), |
333 W. Wacker Drive | Board Member | 2021 | BlackRock, Inc. (global investment management firm); formerly, Managing | 142
Chicago, IL 6o6o6 |  | Class III | (Director, Global Head of Government Relations and Public Policy, Barclays |
|  |  | Group (IBIM) (investment banking, investment management and wealth |
|  |  | management businesses) (2006-2009); formerly, Managing Director, |
|  |  | Global General Counsel and Corporate Secretary, Barclays Global Investors |
|  |  | (global investment management firm) (1996-2006); formerly, Partner, Orrick, |
|  |  | Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, |
|  |  | Commodity Futures Trading Commission (government agency overseeing U.S.
|  |  | derivatives markets) (1989-1993); formerly, Deputy Associate Director/ Associate
|  |  | Director for Legal and Financial Affairs, Office of Presidential Personnel, The |
|  |  | White House (1986-1989); Member of the Board of Directors, Baltic-American |
|  |  | Freedom Foundation (seeks to provide opportunities for citizens of the Baltic |
|  |  | states to gain education and professional development through exchanges in |
|  |  | the U.S.) (since 2019). |
• ALBIN F. MOSCHNER |  |  | Founder and Chief Executive Officer, Northcroft Partners, LLC, |
1952 |  |  | (management consulting) (since 2012); formerly, Chairman (2019), and |
333 W. Wacker Drive | Board Member | 2016 | Director (2012-2019), USA Technologies, Inc., (provider of solutions | 142
Chicago, IL 6o6o6 |  | Class III | and services to facilitate electronic payment transactions); formerly, |
|  |  | Director, Wintrust Financial Corporation (1996-2016); previously, held |
|  |  | positions at Leap Wireless International, Inc., (consumer wireless services) |
|  |  | including Consultant (2011- 2012), Chief Operating Officer (2008-2011), and |
|  |  | Chief Marketing Officer (2004- 2008); formerly, President, Verizon Card |
|  |  | Services division of Verizon Communications, Inc. (2000-2003); formerly, |
|  |  | President, One Point Services at One Point Communications |
|  |  | (telecommunication services) (1999-2000); formerly, Vice Chairman of the |
|  |  | Board, Diba, Incorporated (internet technology provider) (1996-1997); |
|  |  | formerly, various executive positions (1991-1996) including Chief Executive |
|  |  | Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). |
• JOHN K. NELSON |  |  | Member of Board of Directors of Core12 LLC. (private firm which |
1962 |  |  | develops branding, marketing and communications strategies for |
333 W. Wacker Drive | Board Member | 2013 | clients) (since 2008); served on The President’s Council of Fordham | 142
Chicago, IL 6o6o6 |  | Class II | University (2010-2019) and previously a Director of the Curran Center |
|  |  | for Catholic American Studies (2009- 2018); formerly, senior external |
|  |  | advisor to the Financial Services practice of Deloitte Consulting LLP. |
|  |  | (2012-2014); former Chair of the Board of Trustees of Marian University |
|  |  | (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive |
|  |  | Officer of ABN AMRO Bank N.V., North America, and Global Head of the |
|  |  | Financial Markets Division (2007-2008), with various executive leadership |
|  |  | roles in ABN AMRO Bank N.V. between 1996 and 2007. |
• JUDITH M. STOCKDALE |  |  | Board Member, Land Trust Alliance (national public charity addressing |
1947 |  |  | natural land and water conservation in the U.S.) (since 2013); formerly, |
333 W. Wacker Drive | Board Member | 1997 | Board Member, U.S. Endowment for Forestry and Communities (national | 142
Chicago, IL 6o6o6 |  | Class I | endowment addressing forest health, sustainable forest production and |
|  |  | markets, and economic health of forest-reliant communities in the U.S.) |
|  |  | (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy |
|  |  | Donnelley Foundation (private foundation endowed to support both natural |
|  |  | land conservation and artistic vitality); prior thereto, Executive Director, |
|  |  | Great Lakes Protection Fund (endowment created jointly by seven of the eight |
|  |  | Great Lake states’ Governors to take a regional approach to improving the |
|  |  | health of the Great Lakes) (1990-1994). |

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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): |  |  |
• CAROLE E. STONE |  |  | Former Director, Chicago Board Options Exchange, Inc. (2006-2017); |
1947 |  |  | and C2 Options Exchange, Incorporated (2009-2017); formerly Director, |
333 W. Wacker Drive | Board Member | 2007 | Cboe, Global Markets, Inc., (2010-2020) formerly named CBOE Holdings, | 142
Chicago, IL 6o6o6 |  | Class I | Inc.; formerly, Commissioner, New York State Commission on |
|  |  | Public Authority Reform (2005-2010). |
• MATTHEW THORNTON III |  |  | Formerly, Executive Vice President and Chief Operating Officer |
1958 |  |  | FedEx Freight Corporation, a subsidiary of FedEx Corporation (“FedEx”) |
333 West Wacker Drive | Board Member | 2020 | (provider of transportation, e-commerce and business services through its | 142
Chicago, IL 60606 |  | Class III | portfolio of companies); formerly, Senior Vice President, U.S. Operations |
|  |  | (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly, |
|  |  | Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a |
|  |  | non-profit organization dedicated to preventing childhood injuries). |
|  |  | Member of the Board of Directors (since 2014), The Sherwin-Williams |
|  |  | Company (develops, manufactures, distributes and sells paints, coatings |
|  |  | and related products); Director (since 2020), Crown Castle International |
|  |  | (provider of communications infrastructure) |
• MARGARET L. WOLFF |  |  | Formerly, member of the Board of Directors (2013-2017) of Travelers |
1955 |  |  | Insurance Company of Canada and The Dominion of Canada General |
333 W. Wacker Drive | Board Member | 2016 | Insurance Company (each, a part of Travelers Canada, the Canadian |
Chicago, IL 6o6o6 |  | Class I | operation of The Travelers Companies, Inc.); formerly, Of Counsel, | 142
|  |  | Skadden, Arps, Slate, Meagher & Flom LLP (legal services, Mergers & |
|  |  | Acquisitions Group) (2005-2014); Member of the Board of Trustees of |
|  |  | New York-Presbyterian Hospital (since 2005); Member (since 2004) and |
|  |  | Chair (since 2015) of the Board of Trustees of The John A. Hartford |
|  |  | Foundation (philanthropy dedicated to improving the care of older |
|  |  | adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the |
|  |  | Board of Trustees of Mt. Holyoke College. |
• ROBERT L. YOUNG |  |  | Formerly, Chief Operating Officer and Director, J.P.Morgan Investment |
1963 |  |  | Management Inc. (financial services) (2010-2016); formerly, President |
333 W. Wacker Drive | Board Member | 2017 | and Principal Executive Officer (2013-2016), and Senior Vice President | 142
Chicago, IL 6o6o6 |  | Class II | and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, |
|  |  | Director and various officer positions for J.P.Morgan Investment |
|  |  | Management Inc. (formerly, JPMorgan Funds Management, Inc. and |
|  |  | formerly, One Group Administrative Services) and JPMorgan Distribution |
|  |  | Services, Inc. (financial services) (formerly, One Group Dealer Services, |
|  |  | Inc.) (1999-2017). |

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Name, | Position(s) Held | Year First | Principal
Year of Birth | with the Funds | Elected or | Occupation(s)
& Address |  | Appointed(2) | During Past 5 Years
Officers of the Funds: |  |  |
• DAVID J. LAMB |  |  | Managing Director of Nuveen Fund Advisors, LLC (since 2019) Senior Managing Director
1963 | Chief |  | (since 2021), formerly, Managing Director (2020-2021) of Nuveen Securities, LLC; Senior
333 W. Wacker Drive | Administrative | 2015 | Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President
Chicago, IL 6o6o6 | Officer |  | of Nuveen (2006-2017), Vice President prior to 2006.
• MARK J. CZARNIECKI |  |  | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund
1979 | Vice President |  | Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and
901 Marquette Avenue | and Assistant | 2013 | Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management
Minneapolis, MN 55402 | Secretary |  | LLC (since 2018).
• DIANA R. GONZALEZ |  |  | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice
1978 | Vice President |  | President and Associate General Counsel of Nuveen (since 2017); formerly, Associate General
333 W. Wacker Drive | and Assistant | 2017 | Counsel of Jackson National Asset Management (2012-2017).
Chicago, IL 6o6o6 | Secretary |  |
• NATHANIEL T. JONES |  |  | Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice
1979 |  |  | President (2016-2017), Vice President (2011-2016) of Nuveen; Managing Director
333 W. Wacker Drive | Vice President |  | (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst.
Chicago, IL 6o6o6 | and Treasurer | 2016 |
• TINA M. LAZAR |  |  | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen
1961 |  |  | Securities, LLC.
333 W. Wacker Drive | Vice President | 2002 |
Chicago, IL 6o6o6 |  |  |
• BRIAN J. LOCKHART |  |  | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Senior Managing Director (since
1974 |  |  | 2021), formerly, Managing Director (2017-2021), Vice President (2010-2017) of Nuveen; Head
333 W. Wacker Drive | Vice President | 2019 | of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017);
Chicago, IL 6o6o6 |  |  | Chartered Financial Analyst and Certified Financial Risk Manager.
• JACQUES M. LONGERSTAEY |  |  | Senior Managing Director, Chief Risk Officer, Nuveen (since May 2019); Senior Managing
1963 |  |  | Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model
8500 Andrew | Vice President | 2019 | Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (2013-2019).
Carnegie Blvd. |  |  |
Charlotte, NC 28262 |  |  |
• KEVIN J. MCCARTHY |  |  | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen
1966 | Vice President |  | Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and
333 W. Wacker Drive | and Assistant | 2007 | Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary
Chicago, IL 6o6o6 | Secretary |  | (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and
|  |  | Managing Director (2008- 2016); Senior Managing Director (since 2017), and Secretary (since
|  |  | 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice
|  |  | President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior
|  |  | Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC,
|  |  | formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and
|  |  | Managing Director and Assistant Secretary (2011- 2016); Vice President (since 2007) and Secretary
|  |  | (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Santa
|  |  | Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior
|  |  | Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC.
• JON SCOTT MEISSNER |  |  | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017);
1973 | Vice President |  | Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers
8500 Andrew | and Assistant | 2019 | Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since
Carnegie Blvd. | Secretary |  | 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate
Charlotte, NC 28262 |  |  | Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004.

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Board Members & Officers (Unaudited) (continued)

Name, | Position(s) Held | Year First | Principal
Year of Birth | with the Funds | Elected or | Occupation(s)
& Address |  | Appointed(2) | During Past 5 Years
Officers of the Funds (continued): |  |
• DEANN D. MORGAN |  |  | President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head
1969 |  |  | of Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC since
730 Third Avenue | Vice President | 2020 | 2020); Managing Member of MDR Collaboratory LLC (since 2018); formerly, Managing Director,
New York, NY 10017 |  |  | (Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone
|  |  | Group (2013-2017).
• CHRISTOPHER M. ROHRBACHER |  |  | Managing Director and Assistant Secretary (since 2017) of Nuveen Securities, LLC; Managing
1971 | Vice President |  | Director (since 2017) General Counsel (since 2020), and Assistant Secretary (since 2016), formerly,
333 W. Wacker Drive | and Assistant | 2008 | Senior Vice President (2016-2017), of Nuveen Fund Advisors, LLC; Managing Director, Associate
Chicago, IL 6o6o6 | Secretary |  | General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020);
|  |  | Managing Director (since 2017), and Associate General Counsel (since 2016), formerly, Senior Vice
|  |  | President (2012-2017) and Assistant General Counsel (2008-2016) of Nuveen.
• WILLIAM A. SIFFERMANN |  |  | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President
1975 |  |  | (2011-2016) of Nuveen.
333 W. Wacker Drive | Vice President | 2017 |
Chicago, IL 6o6o6 |  |  |
• E. SCOTT WICKERHAM |  |  | Senior Managing Director, Head of Public Investment Finance at Nuveen (since 2019), formerly,
1973 | Vice President |  | Managing Director; Senior Managing Director (since 2019) of Nuveen Fund Advisers, (LLC;
8500 Andrew | and Controller | 2019 | Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA-
Carnegie Blvd. |  |  | CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial
Charlotte, NC 28262 |  |  | Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) to the CREF Accounts;
|  |  | formerly, Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions
|  |  | with TIAA since 2006.
• MARK L. WINGET |  |  | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund
1968 | Vice President |  | Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of
333 W. Wacker Drive | and Secretary | 2008 | Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General
Chicago, IL 60606 |  |  | Counsel (since 2019), formerly, Assistant General Counsel (2008-2016) of Nuveen.
• GIFFORD R. ZIMMERMAN |  |  | Formerly, Managing Director (2002-2020) and Assistant Secretary (2002-2020) of Nuveen
1956 | Vice President |  | Securities, LLC; formerly, Managing Director (2002-2020), Assistant Secretary (1997-2020) and
333 W. Wacker Drive | and Chief | 1988 | Co-General Counsel (2011- 2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director
Chicago, IL 60606 | Compliance Officer |  | (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; formerly, Managing
|  |  | Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC
|  |  | (2011-2020); formerly, Vice President and Assistant Secretary of NWQ Investment Management
|  |  | Company, LLC (2002-2020), Santa Barbara Asset Management, LLC (2006-2020) and Winslow
|  |  | Capital Management, LLC (2010-2020); Chartered Financial Analyst.

(1) |  | The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex.

(2) |  | Officers serve indefinite terms until their successor has been duly elected and qualified, their death or their resignation or removal. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen complex.

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Nuveen:

Serving Investors for Generations

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

Focused on meeting investor needs.

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

Find out how we can help you.

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

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

Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

EAN-C-1021D 1936999-INV-Y-12/22

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans, William C. Hunter and Albin F. Moschner, 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.

Mr. Moschner, Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., (consumer wireless services) including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996), including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen AMT-Free Municipal Credit Income Fund

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

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

|  | Audit Fees Billed |  | Audit-Related Fees |  | Tax Fees |  | All Other Fees
Fiscal Year Ended |  | to Fund 1 |  | Billed to Fund 2 |  | Billed to Fund 3 |  | Billed to Fund 4
October 31, 2021 |  | $ | 28,125 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
pursuant to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
pre-approval |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
exception |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
October 31, 2020 |  | $ | 30,090 |  |  | $ | 3,500 |  |  | $ | 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, 2021 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
pursuant to |  |  |  |  |  |  |  |  |  |  |  |
pre-approval |  |  |  |  |  |  |  |  |  |  |  |
exception |  |  |  |  |  |  |  |  |  |  |  |
October 31, 2020 |  | $ | 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, 2021 |  |  | $ | 0 |  |  | $0 |  | $0 |  | $ | 0 |
| October 31, 2020 |  |  | $ | 0 |  |  | $0 |  | $0 |  | $ | 0 |

"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, William C. Hunter, John K. Nelson, Albin F. Moschner, Judith M. Stockdale and Carole E. Stone, Chair.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

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

ITEM 8. PORTFOLIO MANAGER 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 individual at the Sub-Adviser (the “Portfolio Manager”) has primary responsibility for the day-to-day implementation of the Fund’s investment strategy:

Paul Brennan, CFA, manages a number of Nuveen tax-exempt fixed income portfolios and oversees several national and state-specific municipal closed-end funds. Paul began his career in the investment industry in 1991, as a municipal credit analyst for Flagship Financial, before becoming a portfolio manager in 1994. He joined Nuveen Investments in 1997, when Nuveen acquired Flagship Financial that year. He earned his B.S. in Accountancy and Finance from Wright State University. He is a registered CPA (inactive) and has earned the Chartered Financial Analyst (CFA) designation.

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

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager | Type of Account Managed | Number of Accounts | Assets*
Paul Brennan | Registered Investment Company | 10 | $26.09 billion
| Other Pooled Investment Vehicles | 1 | $39.95 million
| Other Accounts | 2 | $54.56 million

| * | Assets are as of October 31, 2021. None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

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

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

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

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

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

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

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

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

As of the most recently completed fiscal year end, the primary Portfolio Manager’s compensation is as follows:

Portfolio managers are compensated through a combination of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

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

Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.

Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.

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

Item 8(a)(4). OWNERSHIP OF NVG SECURITIES AS OF OCTOBER 31, 2021

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
Paul Brennan |  |  |  |  | X |  |

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

(a)(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.

(c)(4) |  | Consent of Independent Registered Public Accounting Firm. EX99.IND PUB ACCT 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 AMT-Free Municipal Credit Income Fund

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

Mark L. Winget

Vice President and Secretary

Date: January 6, 2022

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

By (Signature and Title) /s/ David J. Lamb

David J. Lamb

Chief Administrative Officer

(principal executive officer)

Date: January 6, 2022

By (Signature and Title) /s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

Date: January 6, 2022