N-CSR 1 d421510dncsr.htm NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND

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: |  | October 31

Date of reporting period: |  | October 31, 2022

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

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

ITEM 1. | REPORTS TO STOCKHOLDERS.

Closed-End | 31 October
Funds | 2022

Nuveen Municipal Closed-End Funds

NVG | Nuveen AMT-Free Municipal Credit Income Fund
NZF | Nuveen Municipal Credit Income Fund
NMZ | Nuveen Municipal High Income Opportunity Fund
NMCO | Nuveen Municipal Credit Opportunities Fund
NDMO | Nuveen Dynamic Municipal Opportunities Fund

Annual Report

IMPORTANT DISTRIBUTION NOTICE for Shareholders of the Nuveen Dynamic Municipal Opportunity Fund (NDMO) Annual Shareholder Report for the period ending October 31, 2022

The Nuveen Dynamic Municipal Opportunity Fund (NDMO) seeks to offer attractive cash flow to its shareholders, by converting the expected long-term total return potential of the Fund’s portfolio of investments into regular monthly distributions. Following is a discussion of the Managed Distribution Policy the Fund uses to achieve this.

The Fund pays monthly common share distributions that seek to convert the Fund’s expected long-term total return potential into regular cash flow. As a result, the Fund’s regular common share distributions (presented $0.0765 per share) may be derived from a variety of sources, including:

• |  | net investment income consisting of regular interest and dividends,

• |  | realized capital gains or,

• |  | possibly, returns of capital representing in certain cases unrealized capital appreciation.

Such distributions are sometimes referred to as “managed distributions.” The Fund seeks to establish a distribution rate that roughly corresponds to the Adviser’s projections of the total return that could reasonably be expected to be generated by the Fund over an extended period of time. The Adviser may consider many factors when making such projections, including, but not limited to, long-term historical returns for the asset classes in which the Fund invests. As portfolio and market conditions change, the distribution amount and distribution rate on the Common Shares under the Fund’s Managed Distribution Policy could change.

When it pays a distribution, the Fund provides holders of its Common Shares a notice of the estimated sources of the Fund’s distributions (i.e., what percentage of the distributions is estimated to constitute ordinary income, short-term capital gains, long-term capital gains, and/or a non-taxable return of capital) on a year-to-date basis. It does this by posting the notice on its website (www.nuveen.com/cef), and by sending it in written form.

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Policy. The Fund’s actual financial performance will likely vary from month-to-month and from year-to-year, and there may be extended periods when the distribution rate will exceed the Fund’s actual total returns. The Managed Distribution Policy provides that the Board may amend or terminate the Policy at any time without prior notice to Fund shareholders. There are presently no reasonably foreseeable circumstances that might cause the Fund to terminate its Managed Distribution Policy.

Table of Contents

Chair’s Letter to Shareholders | 4
Important Notices | 5
Portfolio Managers’ Comments | 6
Fund Leverage | 9
Common Share Information | 12
Performance Overview and Holding Summaries | 16
Shareholder Meeting Report | 26
Report of Independent Registered Public Accounting Firm | 28
Portfolios of Investments | 30
Statement of Assets and Liabilities | 177
Statement of Operations | 178
Statement of Changes in Net Assets | 179
Statement of Cash Flows | 182
Financial Highlights | 184
Notes to Financial Statements | 192
Shareholder Update | 211
Important Tax Information | 247
Additional Fund Information | 248
Glossary of Terms Used in this Report | 249
Annual Investment Management Agreement Approval Process | 251
Board Members & Officers | 262

3

Chair’s Letter
to Shareholders

Dear Shareholders,

With more economic indicators pointing to a broadening contraction across the world’s economies, the conversation has shifted from debating whether a global recession would happen to considering by how much and for how long. Higher than expected inflation has made the outcome more unpredictable, as it has dampened consumer sentiment, pushed central banks into raising interest rates more aggressively and contributed to considerable turbulence in the markets this year.

Inflation has surged partially due to pandemic-related supply chain bottlenecks, exacerbated by Russia’s war in Ukraine and recurring lockdowns across China to contain a large-scale COVID-19 outbreak. This has necessitated increasingly forceful responses from the U.S. Federal Reserve (Fed) and other central banks, who have signaled their intentions to slow inflation while tolerating materially slower economic growth and some softening in the labor market. As anticipated, the Fed began the rate hiking cycle in March 2022, raising its short-term rate by 0.25% from near zero for the first time since the pandemic was declared more than two years ago. Larger increases of 0.50% in May, four increases of 0.75% during the summer and fall, and another 0.50% hike in December 2022 followed, bringing the target fed funds rate to a range of 4.25% to 4.50%. Additional rate hikes are expected in 2023, as Fed officials closely monitor inflation data along with other economic measures and will modify their rate setting policy based upon these factors. After contracting in the first half of 2022, U.S. gross domestic product resumed positive growth in the third quarter, according to the government’s estimates. The recent strength was largely attributed to a narrowing in the trade deficit while consumer and business activity has remained slower in part due to higher prices and borrowing costs. The sharp increase in the U.S. dollar’s value relative to other currencies in 2022 has added further uncertainty to the economic outlook. However, the still strong labor market suggests not all areas of the economy are weakening in unison.

While markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.

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

Sincerely,

Terence J. Toth
Chair of the Board
December 22, 2022

4

Important Notices

For Shareholders of
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)

Fund Reorganizations

Effective prior to the opening of business on June 6, 2022, Nuveen Enhanced Municipal Value Fund (NEV) was reorganized into NZF (the “Reorganization”). Refer to Note 1 and Note 11 of the Notes to Financial Statements within this report for further details on the Reorganization.

After October 31, 2022, the mergers of Nuveen Ohio Quality Municipal Income Fund (NUO) and Nuveen Georgia Quality Income Municipal Income Fund (NKG) into NZF was approved by each Fund’s Board of Trustees. Each merger is pending shareholder approval by NUO and NKG, respectively.

5

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. Paul L. Brennan, CFA, manages the Nuveen AMT-Free Municipal Credit Income Fund (NVG), Scott R. Romans, PhD manages the Nuveen Municipal Credit Income Fund (NZF), John V. Miller, CFA, manages the Nuveen Municipal High Income Opportunity Fund (NMZ), John V. Miller and Steve M. Hlavin manage the Nuveen Municipal Credit Opportunities Fund (NMCO) and John V. Miller and Timothy T. Ryan, CFA manage the Nuveen Dynamic Municipal Opportunities Fund (NDMO).

Here the portfolio management team discusses U.S. economic and municipal bond market conditions, key investment strategies and the Funds’ performance for the twelve-month reporting period ended October 31, 2022. 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 municipal bond markets during the twelve-month reporting period ended October 31, 2022?

After recovering from the pandemic in 2021, the U.S. economy weakened in 2022. Overall, 2021 gross domestic product (GDP) grew by 5.7% as the economy reopened with the help of $5.3 trillion in crisis-related aid from the federal government, low borrowing rates for businesses and individuals, an increase in COVID-19 vaccinations and improved treatments for COVID-19. However, in early 2022, China’s COVID-19 lockdown and the Russia-Ukraine war worsened existing pandemic-related supply chain disruptions. Inflation increased more than expected over much of 2022, putting pressure on global central banks to respond with more aggressive measures.

The U.S. Federal Reserve (Fed) began an interest rate hiking cycle in March 2022, raising its short-term rate by 0.25% from near zero for the first time since the pandemic was declared more than two years ago. Larger increases of 0.50% in May 2022, three increases of 0.75% during the summer and fall, and additional hikes of 0.75% in November 2022 and 0.50% in December 2022 (subsequent to the end of the reporting period) followed, bringing the target fed funds rate to a range of 4.25% to 4.50%. Volatility increased as

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.

6

markets considered whether the Fed could cool inflation without causing a recession. Additionally, the U.S. dollar appreciated significantly relative to major world currencies, accelerating in March 2022, serving as a headwind to the profits of international companies and U.S. domestic companies with overseas earnings. The dollar’s appreciation was driven in part by the Fed’s increasingly forceful response to inflation compared with other central banks, the relatively better prospects of the U.S. economy and “safe-haven” flows from investors uncertain about geopolitical and global economic conditions. In September 2022, global currency and bond markets sold off sharply on concerns about the U.K.’s new fiscal spending plan, but recovered in October 2022 after the plan was mostly withdrawn and a new prime minster was announced.

By mid-year 2022, inflation and higher borrowing costs appeared to be dampening consumer confidence and consumer spending. U.S. GDP contracted in the first half of 2022, falling by an annual rate of 1.6% and 0.6% in the first and second quarters of 2022, respectively, according to the U.S. Bureau of Economic Analysis. However, the labor market, another key gauge of the economy’s health, has remained resilient. By July 2022, the economy had recovered the 22 million jobs lost since the beginning of the pandemic, and as of October 2022, the unemployment rate remained near its pre-pandemic low at 3.7%. U.S. GDP returned to expansion in the third quarter of 2022, growing by 2.9% (annualized) according to the government’s second estimate, but the gains were primarily related to trade balance adjustments.

The broad municipal bond market declined over the twelve-month reporting period, primarily driven by interest rate and economic uncertainty. Municipal yields rose across the maturity spectrum, with a greater increase at the shorter end of the curve as markets priced in a more aggressive pace of monetary tightening to combat persistently high inflation. Although the yield curve flattened overall, shorter maturities still outperformed longer maturities. In response to the rising interest rate environment and heightened market volatility, dealers reduced their inventories and investors increased redemptions from traditional municipal bond mutual funds. For much of the reporting period, credit spreads were generally stable given relatively strong municipal fundamentals, although there was some widening as the market sell-off continued.

What key strategies were used to manage the Funds during the twelve-month reporting period ended October 31, 2022?

NVG and NZF’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 Funds invest in tax-exempt municipal bonds that the portfolio management teams believe are underrated or undervalued or that represent municipal market sectors that are undervalued, and use leverage.

NMZ’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.

NMCO’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.

NDMO’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.

During the reporting period, the Funds’ trading activity remained focused on pursuing their investment objectives. The rising yield environment during this reporting period was favorable for the Funds to reset embedded yields higher in their portfolios, primarily by executing on tax-loss swap opportunities. This strategy involves selling depreciated bonds with lower embedded yields to reinvest in similarly structured, higher income-producing bonds to support the Funds’ income earnings and capture tax efficiencies.

The Funds were active in managing their leverage levels during the period. NVG modestly increased leverage at the beginning of the period but then reduced leverage in the second half of the reporting period; this contributed to higher portfolio trade activity.

7

Portfolio Managers’ Comments (continued)

Please see the Notes to Financial Statements for additional details. Additionally, NVG, NDMO and NMCO actively sought to reduce their overall duration profiles by selling positions in longer-duration bonds and by collapsing certain tender option bond structures that were no longer cost-efficient because of rising borrowing costs.

As of October 31, 2022, the Funds continued to use inverse floating rate securities. The Funds employ inverse floating rate securities, which are the residual interest in a tender option bond (TOB) trust, and are sometimes referred to as “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, 2022?

The Funds significantly underperformed their respective benchmarks for the twelve-month reporting period ended October 31, 2022. For purposes of this Performance Commentary, references to each Fund’s relative performance are in comparison to the following: for NVG and NZF, a blended benchmark composed of 60% S&P Municipal Bond Investment Grade Index and 40% S&P Municipal Bond High Yield Index; for NMZ and NMCO, the S&P Municipal Yield Index; and for NDMO, the S&P Municipal Bond Index.

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, detracted significantly from relative performance during the reporting period. However, the Funds’ use of leverage was accretive to overall common share income. Leverage is discussed in more detail in the Fund Leverage section of this report.

The Funds’ longer-duration positioning relative to their respective benchmark indexes was another primary detractor from relative performance. The negative impact came from the Funds’ overweight allocations to longer-duration bonds, which underperformed in the rising rate environment, and their corresponding underweights to shorter-duration bonds, which outperformed. Additionally, for NVG and NZF, overweight allocations to lower rated, higher yielding bonds also dampened relative performance.

Partially offsetting these detractors for NVG, NMZ and NMCO were these Funds’ holdings in Energy Harbor common stock. The equity position came into the portfolios in 2020 as part of the bankruptcy restructuring of FirstEnergy Solutions, the predecessor of Energy Harbor and a former holding in the Funds. The stock price rose in the reporting period on the back of rising energy prices and greater interest in low carbon energy sources. NVG, NMZ and NMCO also own Energy Harbor tax-exempt bonds, but the stock position was the main contributor. In addition, NZF’s favorable security selection was a positive performance driver relative to its benchmark, while NDMO’s overweight to lower rated, higher yielding credit was advantageous relative to its benchmark. Additionally, NDMO managed the duration of its portfolio by shorting interest rate futures contracts, which was beneficial to relative performance and helped mitigate the negative impact of the Fund’s overall longer-duration profile.

8

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 Funds’ use of leverage significantly detracted from relative performance during the reporting period. However, the Funds’ use of leverage was accretive to overall common share income.

As of October 31, 2022, the Funds’ percentages of leverage are as shown in the accompanying table.

| NVG** | NZF | NMZ | NMCO | NDMO
Effective Leverage* | 44.24% | 44.03% | 42.78% | 43.38% | 28.77%
Regulatory Leverage* | 41.51% | 41.01% | 24.62% | 42.87% | 28.07%

* |  | 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.

** |  | Percentages do not include preferred shares noticed for redemption as noted on the Statement of Assets and Liabilities.

9

Fund Leverage (continued)

THE FUNDS’ REGULATORY LEVERAGE

As of October 31, 2022, the Funds have issued and outstanding preferred shares as shown in the accompanying table.

|  | Variable Rate |
| Variable Rate | Remarketed |
| Preferred* | Preferred** |
| Shares Issued | Shares Issued at |
| at Liquidation | at Liquidation |
| Preference | Preference | Total
NVG*** | $160,900,000 | $1,686,600,000 | $1,847,500,000
NZF | $1,172,000,000 | $196,000,000 | $1,368,000,000
NMZ | $357,000,000 | $ — | $357,000,000
NMCO | $350,000,000 | $100,000,000 | $450,000,000
NDMO | $240,000,000 | $ — | $240,000,000

* |  | 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.

*** |  | Amounts do not include preferred shares noticed for redemption as noted on the Statement of Assets and Liabilities.

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

Reverse Repurchase Agreements

As noted previously, during the current fiscal period, NMZ and NDMO 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, 2021 | Sales | Purchases | October 31, 2022 | Outstanding |  | Sales | Purchases | December 22, 2022
NMZ | $ — | $74,310,000 | $(74,310,000) | $ — | $65,153,760* |  | $ — | $ — | $ —
NDMO | $44,800,000 | $ — | $(44,800,000) | $ — | $44,800,000** |  | $ — | $ — | $ —

* For the period November 4, 2021 (initial sales on reverse repurchase agreements) through June 8, 2022 (termination date of reverse repurchase agreements).

** For the period November 1, 2021 through June 7, 2022 (termination date of reverse repurchase agreements).

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

10

Bank Borrowings

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

|  |  |  |  |  |  |  | Subsequent to the Close of
|  | Current Reporting Period |  |  |  | the Reporting Period
| Outstanding |  |  | Outstanding | Average |  |  |  | Outstanding
| Balance as of |  |  | Balance as of | Balance |  |  |  | Balance as of
| November 1, 2021 | Draws | Paydowns | October 31, 2022 | Outstanding |  | Draws | Paydowns | December 22, 2022
NDMO | $191,900,000 | $ — | $(191,900,000) | $ — | $191,900,000* |  | $ — | $ — | $ —

* For the period November 1, 2021 through June 7, 2022 (termination date of borrowings).

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

11

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, 2022. 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 2021 | $0.0675 | $0.0660 | $0.0650 | $0.0620
December | 0.0675 | 0.0660 | 0.0650 | 0.0620
January | 0.0675 | 0.0660 | 0.0650 | 0.0620
February | 0.0675 | 0.0660 | 0.0650 | 0.0620
March | 0.0675 | 0.0660 | 0.0650 | 0.0620
April | 0.0640 | 0.0585 | 0.0650 | 0.0620
May | 0.0640 | 0.0585 | 0.0650 | 0.0620
June | 0.0640 | 0.0585 | 0.0650 | 0.0620
July | 0.0640 | 0.0585 | 0.0590 | 0.0620
August | 0.0640 | 0.0585 | 0.0590 | 0.0620
September | 0.0640 | 0.0585 | 0.0590 | 0.0620
October 2022 | 0.0545 | 0.0505 | 0.0535 | 0.0575
Total Distributions from Net Investment Income | $0.7760 | $0.7315 | $0.7505 | $0.7395
Total Distributions from Long Term Capital Gains* | $0.0307 | $ — | $ — | $ —
Total Distributions | $0.8067 | $0.7315 | $0.7505 | $0.7395
Yields |  |  |  |
Market Yield** | 5.93% | 5.60% | 6.52% | 6.64%
Taxable-Equivalent Yield** | 10.00% | 9.46% | 11.01% | 11.22%

* |  | Distribution paid in December 2021.

** |  | Market Yield is based on the Fund’s current annualized monthly distribution 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 their net investment income at a rate that reflects their 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.

12

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

This notice provides shareholders with information regarding fund distributions, as required by current securities laws. You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Managed Distribution Policy.

The following table provides of the Fund’s distribution sources, reflecting year-to-date cumulative experience through the month-end prior to the latest distribution. The Fund attributes these equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end shown below is for the current distribution, and also represents an updated estimate for all prior months in the year. The Fund has distributed more than its income and net realized capital gains; therefore, a portion of the distributions is a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

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 Fund will send a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. 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, 2022 |  |  |  |  |

| 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
54.5% | 0.00% | 45.5% |  | $0.9180 | $0.5002 | $0.0000 | $0.4178

13

Common Share Information (continued)

The following table provides information regarding the Fund’s distributions and total return performance for the fiscal year ended October 31, 2022. This information is intended to help you better understand whether the Fund’s returns for the specified time period were sufficient to meet its distributions.

Data as of October 31, 2022

| Latest |  |  | Annualized | Cumulative
| Monthly |  |  | Current | Since Inception | Fiscal YTD | Fiscal
Inception | Per Share | Fiscal YTD | Net Asset | Distribution | Return | Distributions | YTD Return
Date | Distribution | Distribution | Value (NAV) | on NAV | on NAV | on NAV | on NAV
8/26/2020 | $0.0765 | $0.9180 | $10.34 | 8.87% | (10.31)% | 8.87% | (28.77)%

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, NVG, 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, NVG, NMZ, NMCO and NDMO, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per common share. The maximum aggregate offering under these Shelf Offerings, are as shown in the accompanying table.

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

* Represents maximum aggregate offering for the period November 21, 2021 through October 31, 2022.

** The Fund carried forward 13,340,607 common shares from the 19,500,000 additional previously authorized common shares.

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 | 12,811,555 | 1,467,274 | 827,780
Weighted average premium to NAV per common share sold | 1.52% | 1.24% | 1.28%

Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on Shelf Offerings and each Fund’s transactions.

14

COMMON SHARE REPURCHASES

During August 2022, 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.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of October 31, 2022, (and since the inception of the Funds’ repurchase programs), each Fund has cumulatively repurchased and retired its 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 | 21,350,000 | 16,535,000 | 10,755,000 | 5,425,000 | 5,945,000

OTHER COMMON SHARE INFORMATION

As of October 31, 2022, 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 | 12.19 | 12.24 | 9.97 | 11.15 | 10.34
Common share price | 11.03 | 10.83 | 9.85 | 10.39 | 9.43
Premium/(Discount) to NAV | (9.52)% | (11.52)% | (1.20)% | (6.82)% | (8.80)%
Average premium/(discount) to NAV | (3.60)% | (5.86)% | 0.48% | (2.34)% | (3.25)%

15

NVG | Nuveen AMT-Free Municipal Credit
| Income Fund
| Performance Overview and Holding Summaries as of October 31, 2022

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, 2022*

|  | Average Annual |
| 1-Year | 5-Year | 10-Year
NVG at Common Share NAV | (25.56)% | (0.80)% | 2.33%
NVG at Common Share Price | (32.54)% | (0.95)% | 2.07%
S&P Municipal Bond Index | (11.36)% | 0.50% | 1.77%
NVG Blended Benchmark | (12.96)% | 1.07% | 2.18%

* For purposes of Fund performance, relative results are measured against the NVG Blended Benchmark. The Fund’s Blended Benchmark consists of: the S&P Municipal Bond Index through 4/10/16 and thereafter 1) 60% S&P Municipal Bond Investment Grade Index and 2) 40% S&P Municipal Bond High Yield Index.

Performance data shown represents past performance and does not predict or guarantee 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

16

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

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

Fund Allocation |
(% of net assets) |
Long-Term Municipal Bonds | 173.2%
Common Stocks | 2.1%
Corporate Bonds | 0.2%
Other Assets Less Liabilities | 2.6%

Net Assets Plus Floating Rate Obligations, |
MFP Shares, net of deferred |
offering costs & VRDP Shares, |
net of deferred offering costs | 178.1%
Floating Rate Obligations | (7.3)%
MFP Shares, net of deferred |
offering costs | (23.4)%
VRDP Shares, net of deferred |
offering costs | (47.4)%
Net Assets | 100%
Portfolio Credit Quality |
(% of total investment exposure) |
U.S. Guaranteed | 12.4%
AAA | 3.0%
AA | 10.5%
A | 23.2%
BBB | 19.0%
BB or Lower | 11.7%
N/R (not rated) | 19.0%
N/A (not applicable) | 1.2%
Total | 100%

Portfolio Composition |
(% of total investments) |
Tax Obligation/Limited | 18.0%
Health Care | 15.4%
U.S. Guaranteed | 12.2%
Transportation | 10.9%
Tax Obligation/General | 10.5%
Education and Civic Organizations | 9.5%
Utilities | 8.5%
Common Stocks | 1.2%
Corporate Bonds | 0.1%
Other | 13.7%
Total | 100%

States and Territories1 |
(% of total municipal bonds) |
Illinois | 14.9%
California | 8.0%
Texas | 7.6%
Colorado | 6.8%
Ohio | 6.5%
New York | 4.6%
New Jersey | 4.0%
Puerto Rico | 3.8%
Connecticut | 3.6%
Pennsylvania | 3.4%
Florida | 2.5%
Wisconsin | 2.4%
Georgia | 2.2%
District of Columbia | 2.0%
Massachusetts | 1.8%
South Carolina | 1.6%
Indiana | 1.5%
Missouri | 1.5%
Alabama | 1.4%
Other | 19.9%
Total | 100%

1 See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

17

NZF | Nuveen Municipal Credit Income Fund
| Performance Overview and Holding Summaries as of October 31, 2022

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, 2022*

|  | Average Annual |
| 1-Year | 5-Year | 10-Year
NZF at Common Share NAV | (24.20)% | (0.47)% | 2.38%
NZF at Common Share Price | (31.77)% | (1.32)% | 1.70%
S&P Municipal Bond Index | (11.36)% | 0.50% | 1.77%
NZF Blended Benchmark | (12.96)% | 1.07% | 2.18%

* For purposes of Fund performance, relative results are measured against the NZF Blended Benchmark. The Fund’s Blended Benchmark consists of: the S&P Municipal Bond Index through 4/10/16 and thereafter 1) 60% S&P Municipal Bond Investment Grade Index and 2) 40% S&P Municipal Bond High Yield Index.

Performance data shown represents past performance and does not predict or guarantee 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

18

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

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

Fund Allocation |
(% of net assets) |
Long-Term Municipal Bonds | 167.5%
Common Stocks | 5.7%
Investment Companies | 0.1%
Variable Rate Senior Loan Interests | 0.0%
Other Assets Less Liabilities | 4.3%

Net Assets Plus Borrowings, Floating Rate
Obligations, MFP Shares, net of |
deferred offering costs & VRDP |
Shares, net of deferred offering costs | 177.6 %
Borrowings | (2.0)%
Floating Rate Obligations | (8.3)%
MFP Shares, net of deferred offering costs | (31.6)%
VRDP Shares, net of deferred offering costs | (35.7)%
Net Assets | 100%

Portfolio Credit Quality |
(% of total investment exposure) |
U.S. Guaranteed | 7.3%
AAA | 0.5%
AA | 11.6%
A | 21.5%
BBB | 21.6%
BB or Lower | 16.6%
N/R (not rated) | 17.6%
N/A (not applicable) | 3.3%
Total | 100%

Portfolio Composition |
(% of total investments) |
Health Care | 19.3%
Tax Obligation/Limited | 18.8%
Transportation | 16.9%
Tax Obligation/General | 14.4%
Utilities | 9.2%
U.S. Guaranteed | 7.1%
Common Stocks | 3.3%
Investment Companies | 0.1%
Variable Rate Senior Loan Interests | 0.0%
Other | 10.9%
Total | 100%

States and Territories1 |
(% of total municipal bonds) |
Illinois | 16.1%
California | 16.0%
New York | 9.9%
Florida | 6.6%
Texas | 6.5%
New Jersey | 4.8%
Puerto Rico | 4.7%
Colorado | 4.2%
Pennsylvania | 3.3%
Ohio | 2.4%
Wisconsin | 2.4%
Indiana | 2.0%
South Carolina | 1.8%
Other | 19.3%
Total | 100%

1 See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

19

NMZ | Nuveen Municipal High Income
| Opportunity Fund
| Performance Overview and Holding Summaries as of October 31, 2022

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, 2022*

|  | Average Annual |
| 1-Year | 5-Year | 10-Year
NMZ at Common Share NAV | (27.13)% | (0.52)% | 3.11%
NMZ at Common Share Price | (28.88)% | (0.79)% | 2.48%
S&P Municipal Yield Index | (16.42)% | 1.60% | 3.11%

* For purposes of Fund performance, relative results are measured against the S&P Municipal Yield Index.

Performance data shown represents past performance and does not predict or guarantee 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

20

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

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

Fund Allocation |
(% of net assets) |
Long-Term Municipal Bonds | 164.6%
Common Stocks | 5.8%
Corporate Bonds | 0.0%
Variable Rate Senior Loan Interests | 0.0%
Other Assets Less Liabilities | 2.7%

Net Assets Plus Floating |
Rate Obligations,AMTP |
Shares, net of deferred |
offering costs | 173.1%
Floating Rate Obligations | (40.5)%
AMTP Shares, net of deferred |
offering costs | (32.6)%
Net Assets | 100%
Portfolio Credit Quality |
(% of total investment exposure) |
U.S. Guaranteed | 1.4%
AA | 8.9%
A | 11.3%
BBB | 15.7%
BB or Lower | 11.0%
N/R (not rated) | 48.3%
N/A (not applicable) | 3.4%
Total | 100%

Portfolio Composition |
(% of total investments) |
Tax Obligation/Limited | 28.1%
Transportation | 13.6%
Education and Civic Organizations | 13.6%
Health Care | 12.2%
Tax Obligation/General | 6.5%
Housing/Multifamily | 5.8%
Common Stocks | 3.4%
Corporate Bonds | 0.0%
Variable Rate Senior Loan Interests | 0.0%
Other | 16.8%
Total | 100%

States and Territories1 |
(% of total municipal bonds) |
Florida | 12.2%
Illinois | 11.7%
California | 10.8%
Colorado | 8.6%
Puerto Rico | 6.6%
New York | 6.2%
Wisconsin | 5.1%
Texas | 3.8%
Ohio | 3.4%
Kentucky | 3.3%
Missouri | 2.7%
Virginia | 2.7%
Arizona | 2.6%
New Jersey | 2.5%
Other | 17.8%
Total | 100%

1 See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

21

NMCO | Nuveen Municipal Credit Opportunities Fund
| Performance Overview and Holding Summaries as of October 31, 2022

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, 2022*

| Average Annual
|  | Since
| 1-Year | Inception
NMCO at Common Share NAV | (23.88)% | (4.33)%
NMCO at Common Share Price | (26.91)% | (6.32)%
S&P Municipal Yield Index | (16.42)% | (1.91)%

* For purposes of Fund performance, relative results are measured against the S&P Municipal Yield Index.

Since inception returns are from 9/16/19. Performance data shown represents past performance and does not predict or guarantee 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

22

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

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

Fund Allocation |
(% of net assets) |
Long-Term Municipal Bonds | 164.7%
Common Stocks | 11.3%
Corporate Bonds | 0.5%
Exchange-Traded Funds | 0.3%
Other Assets Less Liabilities | 0.9%

Net Assets Plus Borrowings, Floating |
Rate Obligations & MFP Shares, |
net of deferred offerings | 177.7%
Borrowings | (1.3)%
Floating Rate Obligations | (2.9)%
MFP Shares, net of deferred offerings | (73.5)%
Net Assets | 100%
Portfolio Credit Quality |
(% of total investment exposure) |
U.S. Guaranteed | 0.2%
AA | 2.3%
A | 1.3%
BBB | 10.4%
BB or Lower | 22.0%
N/R (not rated) | 57.3%
N/A (not applicable) | 6.5%
Total | 100%

Portfolio Composition |
(% of total investments) |
Tax Obligation/Limited | 18.8%
Transportation | 12.9%
Industrials | 12.5%
Education and Civic Organizations | 11.1%
Tax Obligation/General | 10.2%
Health Care | 7.0%
Long-Term Care | 6.4%
Consumer Staples | 6.3%
Utilities | 5.5%
Common Stocks | 6.4%
Corporate Bonds | 0.3%
Exchange-Traded Funds | 0.1%
Other | 2.5%
Total | 100%

States and Territories1 |
(% of total municipal bonds) |
Florida | 14.3%
Puerto Rico | 10.3%
Illinois | 9.2%
Colorado | 7.5%
New York | 7.1%
Ohio | 6.7%
Wisconsin | 6.2%
California | 5.1%
Pennsylvania | 4.6%
Alabama | 4.0%
New Jersey | 2.6%
Arizona | 2.5%
Other | 19.9%
Total | 100%

1 |  | See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

23

NDMO | Nuveen Dynamic Municipal Opportunities Fund
| Performance Overview and Holding Summaries as of October 31, 2022

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, 2022*

| Average Annual
|  | Since
| 1-Year | Inception
NDMO at Common Share NAV | (28.77)% | (10.31)%
NDMO at Common Share Price | (35.09)% | (13.94)%
S&P Municipal Yield Index | (16.42)% | (8.88)%
S&P Municipal Bond Index | (11.36)% | (9.11)%

* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Index.

Since inception returns are from 8/26/20. Performance data shown represents past performance and does not predict or guarantee 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

24

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 | 128.7%
Corporate Bonds | 0.4%
Other Assets Less Liabilities | 11.3%
Net Assets Plus Floating |
Rate Obligations & MFP Shares, |
net of deferred offering costs | 140.4%
Floating Rate Obligations | (1.4)%
MFP Shares, net of deferred offering costs | (39.0)%
Net Assets | 100%
Portfolio Credit Quality |
(% of total investment exposure) |
U.S. Guaranteed | 0.3%
AAA | 4.0%
AA | 14.8%
A | 12.4%
BBB | 9.0%
BB or Lower | 10.4%
N/R (not rated) | 49.1%
Total | 100%

Portfolio Composition |
(% of total investments) |
Tax Obligation/Limited | 33.8%
Transportation | 19.3%
Education and Civic Organizations | 15.0%
Tax Obligation/General | 8.9%
Industrials | 8.3%
Corporate Bonds | 0.3%
Other | 14.4%
Total | 100%

States and Territories1 |
(% of total municipal bonds) |
Florida | 14.5%
Colorado | 13.4%
New York | 11.6%
California | 10.1%
Texas | 7.6%
Illinois | 6.7%
Arizona | 4.3%
Puerto Rico | 4.1%
Ohio | 3.7%
Arkansas | 2.7%
Wisconsin | 2.7%
Other | 18.6%
Total | 100%

1 See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

25

Shareholder Meeting Report

The annual meeting of shareholders was held on August 5, 2022 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 | Preferred
| shares voting | Shares voting | shares voting | Shares voting | shares voting | Shares voting
| together | together | together | together | together | together
| as a class | as a class | as a class | as a class | as a class | as a class
Approval of the Board Members was reached as follows: |  |  |  |  |  |
Judith M. Stockdale |  |  |  |  |  |
For | 151,790,301 | — | 121,200,742 | — | 71,987,784 | —
Withhold | 5,712,923 | — | 5,088,139 | — | 2,586,113 | —
Total | 157,503,224 | — | 126,288,881 | — | 74,573,897 | —
Carole E. Stone |  |  |  |  |  |
For | 151,745,861 | — | 121,227,090 | — | 72,022,161 | —
Withhold | 5,757,363 | — | 5,061,791 | — | 2,551,736 | —
Total | 157,503,224 | — | 126,288,881 | — | 74,573,897 | —
Margaret L. Wolff |  |  |  |  |  |
For | 152,078,701 | — | 121,388,276 | — | 72,043,491 | —
Withhold | 5,424,523 | — | 4,900,605 | — | 2,530,406 | —
Total | 157,503,224 | — | 126,288,881 | — | 74,573,897 | —
William C. Hunter |  |  |  |  |  |
For | — | 456,170 | — | 10,320 | — | 1,870
Withhold | — | — | — | — | — | —
Total | — | 456,170 | — | 10,320 | — | 1,870
Albin F. Moschner |  |  |  |  |  |
For | — | 456,170 | — | 10,320 | — | 1,870
Withhold | — | — | — | — | — | —
Total | — | 456,170 | — | 10,320 | — | 1,870

26

| NDMO
| Common and |
| Preferred | Preferred
| shares voting | Shares voting
| together | together
| as a class | as a class
Approval of the Board Members was reached as follows: |  |
Judith M. Stockdale |  |
For | 48,770,311 | —
Withhold | 728,834 | —
Total | 49,499,145 | —
Carole E. Stone |  |
For | 48,761,838 | —
Withhold | 737,307 | —
Total | 49,499,145 | —
Margaret L. Wolff |  |
For | 48,815,078 | —
Withhold | 684,067 | —
Total | 49,499,145 | —
William C. Hunter |  |
For | — | 2,400
Withhold | — | —
Total | — | 2,400
Albin F. Moschner |  |
For | — | 2,400
Withhold | — | —
Total | — | 2,400

27

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

Nuveen AMT-Free Municipal Credit Income Fund, Nuveen Municipal Credit Income Fund, Nuveen Municipal High Income Opportunity Fund, Nuveen Municipal Credit Opportunities Fund, and Nuveen Dynamic Municipal Opportunities Fund:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Funds listed in Appendix A (the Funds), including the portfolios of investments, as of October 31, 2022, the related statements of operations, cash flows and changes in net assets for the Funds and periods listed in Appendix A, and the related notes (collectively, the financial statements) and the financial highlights for the Funds and periods listed in Appendix A. 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, 2022, the results of their operations, cash flows and the changes in their net assets for the periods listed in Appendix A, and the financial highlights for the Funds and periods listed in Appendix A, 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, 2022, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other 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

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

Chicago, Illinois

December 29, 2022

28

Appendix A

For the year ended October 31, 2022 (statements of operations and cash flows); for each of the years in the two-year period ended October 31, 2022 (statements of changes in net assets); for each of the years in the five-year period ended October 31, 2022 (financial highlights):

Nuveen AMT-Free Municipal Credit Income Fund
Nuveen Municipal Credit Income Fund
Nuveen Municipal High Income Opportunity Fund

For the year ended October 31, 2022 (statements of operations and cash flows); for each of the years in the two-year period ended October 31, 2022 (statements of changes in net assets); for each of the years in the three-year period ended October 31, 2022, and the period September 16, 2019 (commencement of operations) through October 31, 2019 (financial highlights):

Nuveen Municipal Credit Opportunities Fund

For the year ended October 31, 2022 (statements of operations and cash flows); for each of the years in the two-year period ended October 31, 2022 (statements of changes in net assets); for each of the years in the two-year period ended October 31, 2022, and the period August 26, 2020 (commencement of operations) through October 31, 2020 (financial highlights):

Nuveen Dynamic Municipal Opportunities Fund

29

NVG | Nuveen AMT-Free Municipal Credit
| Income Fund
| Portfolio of Investments
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| LONG-TERM INVESTMENTS – 175.5% (100.0% of Total Investments) |  |  |
| MUNICIPAL BONDS – 173.2% (98.7% of Total Investments) |  |  |
| Alabama – 2.4% (1.4% of Total Investments) |  |  |
3,645 | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, | 9/25 at 100.00 | N/R | $ 3,647,442
| University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A |  |  |
5,000 | Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A, | 7/28 at 100.00 | A– | 4,392,600
| 4.000%, 7/01/43 |  |  |
31,730 | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, | No Opt. Call | A2 | 29,870,622
| 5.000%, 9/01/46 |  |  |
8,100 | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, | 4/25 at 100.00 | N/R | 7,698,240
| 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 | 917,060
1,300 | 5.500%, 8/01/35 | 8/26 at 100.00 | N/R | 1,149,785
| Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone |  |  |
| Bonds, Hunt Refining Project, Refunding Series 2019A: |  |  |
3,205 | 4.500%, 5/01/32, 144A 2021 2021 | 5/29 at 100.00 | N/R | 2,722,918
4,220 | 5.250%, 5/01/44, 144A | 5/29 at 100.00 | N/R | 3,441,537
11,015 | UAB Medicine Finance Authority, Alabama, Revenue Bonds, Series 2019B, 4.000%, 9/01/44 | 9/29 at 100.00 | AA– | 9,538,329
69,215 | Total Alabama |  |  | 63,378,533
| Alaska – 0.6% (0.3% of Total Investments) |  |  |
| Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed |  |  |
| Bonds, Senior Series 2021A Class 1: |  |  |
4,490 | 4.000%, 6/01/41 | 6/31 at 100.00 | A– | 3,827,545
8,100 | 4.000%, 6/01/50 | 6/31 at 100.00 | BBB+ | 6,366,033
1,220 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | 6/31 at 100.00 | BBB– | 1,132,160
| Bonds, Series 2021B-1 Class 2, 4.000%, 6/01/50 |  |  |
35,615 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | 6/31 at 30.73 | N/R | 3,114,532
| Bonds, Series 2021B-2 Class 2, 0.000%, 6/01/66 |  |  |
49,425 | Total Alaska |  |  | 14,440,270
| Arizona – 2.4% (1.4% of Total Investments) |  |  |
1,475 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/27 at 100.00 | BB | 1,319,314
| 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 | 5,355,369
| 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 | 3,254,817
| Academy Project, Series 2018A, 6.375%, 6/01/39, 144A |  |  |
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 2021 960240 (4) |  |  |
4,885 | Glendale Industrial Development Authority, Arizona, Senior Living Revenue Bonds, Royal | 5/26 at 103.00 | BBB– | 4,073,259
| Oaks Royal Oaks – Inspirata Pointe Project, Series 2020A, 5.000%, 5/15/56 |  |  |
1,350 | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, | 7/31 at 100.00 | BB+ | 936,495
| Legacy Traditional Schools Projects, Series 2021A, 4.000%, 7/01/56, 144A |  |  |
| Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, |  |  |
| Legacy Traditional Schools Projects, Taxable Series 2019B: |  |  |
1,730 | 5.000%, 7/01/49, 144A | 7/29 at 100.00 | Ba2 | 1,513,560
1,975 | 5.000%, 7/01/54, 144A | 7/29 at 100.00 | Ba2 | 1,703,753

30

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 | $ 741,504
| 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 | 6,786,300
8,755 | 5.500%, 7/01/39 – FGIC Insured | No Opt. Call | AA | 9,867,235
| 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 | 602,398
1,025 | 5.000%, 7/01/46, 144A | 7/25 at 100.00 | BB | 927,400
| 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– | 1,057,578
1,850 | 5.375%, 7/01/46 | 7/26 at 100.00 | BB– | 1,655,177
2,135 | 5.500%, 7/01/51 | 7/26 at 100.00 | BB– | 1,924,211
2,920 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/26 at 103.00 | N/R | 2,766,671
| 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 | 886,664
| 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 | 3,065,555
| San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A |  |  |
| Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy |  |  |
| Inc Prepay Contract Obligations, Series 2007: |  |  |
6,820 | 5.000%, 12/01/32 | No Opt. Call | BBB+ | 6,850,281
2,465 | 5.000%, 12/01/37 | No Opt. Call | BBB+ | 2,432,462
2,000 | Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, | 8/23 at 100.00 | A2 | 2,016,460
| Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33 |  |  |
64,562 | Total Arizona |  |  | 62,155,954
| Arkansas – 0.3% (0.1% 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 | 1,351,597
20,480 | 0.000%, 7/01/46 – AMBAC Insured | No Opt. Call | Aa2 | 5,528,371
23,115 | Total Arkansas |  |  | 6,879,968
| California – 13.9% (7.9% of Total Investments) |  |  |
6,135 | Alhambra Unified School District, Los Angeles County, California, General Obligation | No Opt. Call | AA | 4,453,396
| Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured |  |  |
| Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement |  |  |
| Project, Series 1997C: |  |  |
6,820 | 0.000%, 9/01/35 – AGM Insured, (ETM) | No Opt. Call | AA (5) | 3,987,109
5,795 | 0.000%, 9/01/35 – AGM Insured | No Opt. Call | AA | 3,157,985
4,100 | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 | 3/26 at 100.00 | Ba3 | 3,728,294
3,875 | Bakersfield City School District, Kern County, California, General Obligation Bonds, | 11/31 at 100.00 | Aa3 | 2,383,241
| Election 2016 Series 2022C, 2.500%, 11/01/46 – BAM Insured |  |  |
5,000 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, | 4/23 at 100.00 | A1 (5) | 5,041,000
| Series 2013S-4, 5.000%, 4/01/38, (Pre-refunded 4/01/23) |  |  |
7,325 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 4,404,596
| Fountains at Emerald Park, Senior Lien Series 2021A-1, 3.000%, 8/01/56, 144A |  |  |
2,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit | 8/32 at 100.00 | N/R | 1,214,200
| at Sausalito Apartments, Series 2021A-1, 3.000%, 2/01/57, 144A |  |  |
1,430 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 100.00 | BBB+ | 1,110,567
| Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49 |  |  |

31

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 455 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 100.00 | BBB– | $ 421,958
| Los Angeles County Securitization Corporation, Series 2020B-1, 5.000%, 6/01/49 |  |  |
50,460 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 26.72 | N/R | 8,085,206
| Los Angeles County Securitization Corporation, Series 2020B-2, 0.000%, 6/01/55 |  |  |
14,665 | California Educational Facilities Authority, Revenue Bonds, Stanford University Series | No Opt. Call | AAA | 15,588,162
| 2016U-7, 5.000%, 6/01/46, (UB) (6) |  |  |
5,000 | California Educational Facilities Authority, Revenue Bonds, Stanford University Series | No Opt. Call | AAA | 5,306,650
| 2019V-1, 5.000%, 5/01/49 |  |  |
10,000 | California Educational Facilities Authority, Revenue Bonds, Stanford University Series | No Opt. Call | AAA | 10,606,100
| 2021V-2, 5.000%, 4/01/51, (UB) (6) |  |  |
8,300 | California Educational Facilities Authority, Revenue Bonds,Stanford University, | No Opt. Call | AAA | 8,837,585
| Refunding Series 2014U-6, 5.000%, 5/01/45 (WI/DD, Settling 11/08/22) |  |  |
1,600 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health | 7/23 at 100.00 | AA– (5) | 1,619,104
| System, Series 2013A, 5.000%, 7/01/37, (Pre-refunded 7/01/23) |  |  |
6,665 | California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and | 8/25 at 100.00 | AA– | 6,444,055
| Clinics, Series 2015A, 5.000%, 8/15/54, (UB) (6) |  |  |
5,000 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series | 8/23 at 100.00 | A (5) | 5,076,050
| 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 | 2,984,942
1,000 | 5.000%, 7/01/36, 144A | 7/26 at 100.00 | BB | 936,800
555 | 5.000%, 7/01/41, 144A | 7/26 at 100.00 | BB | 501,803
195 | 5.000%, 7/01/46, 144A | 7/26 at 100.00 | BB | 170,729
| 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– | 260,003
435 | 5.000%, 6/01/46 | 6/26 at 100.00 | BBB– | 407,460
3,000 | California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A, | 10/27 at 103.00 | N/R | 2,924,490
| 6.000%, 10/01/50, 144A |  |  |
5,425 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San | 1/29 at 100.00 | Baa3 | 4,703,366
| 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– | 1,936,368
| 2017, 5.000%, 10/15/47 |  |  |
735 | California School Finance Authority, Charter School Revenue Bonds, Downtown College | 6/26 at 100.00 | N/R | 621,597
| Prep – Obligated Group, Series 2016, 5.000%, 6/01/46, 144A |  |  |
715 | California School Finance Authority, Charter School Revenue Bonds, Rocketship Education | 6/25 at 100.00 | N/R | 665,529
| 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 | 499,662
| Obligated Group, Series 2017A, 5.125%, 6/01/47, 144A |  |  |
80 | California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured | 12/22 at 100.00 | AA– | 80,130
5 | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured | 12/22 at 100.00 | AA– | 5,008
12,435 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 12/24 at 100.00 | BB– | 12,098,260
| Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 |  |  |
66,005 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/26 at 100.00 | BB– | 60,029,567
| 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– | 9,478,236
| 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– (5) | 4,053,160
| Memorial Hospital, Refunding Series 2014B, 4.000%, 7/01/39, (Pre-refunded 7/01/24) |  |  |

32

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: |  |  |
$ 50 | 5.750%, 7/01/30 (4),(7) | 1/22 at 100.00 | N/R | $ 50,523
146 | 5.750%, 7/01/35 (4),(7) | 1/22 at 100.00 | N/R | 145,808
5,000 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, | No Opt. Call | Baa2 (5) | 4,555,400
| Series 2001A, 0.000%, 8/01/25 – FGIC Insured, (ETM) |  |  |
5,330 | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Senior | 8/31 at 100.00 | N/R | 3,208,074
| Lien Series 2021A-1, 3.000%, 8/01/56, 144A |  |  |
3,410 | Coachella Valley Unified School District, Riverside County, California, General | No Opt. Call | A1 | 2,096,161
| Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured |  |  |
14,375 | Corona-Norco Unified School District, Riverside County, California, General Obligation | No Opt. Call | Aa3 | 6,152,931
| Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured |  |  |
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 777 | 5/32 at 100.00 | N/R | 1,463,920
| Place-Pomona, Senior Lien Series 2021A-1, 3.600%, 5/01/47, 144A |  |  |
5,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 6/31 at 100.00 | N/R | 3,564,600
| Escondido Portfolio, Social Senior Lien Series 2021A-2, 4.000%, 6/01/58, 144A |  |  |
4,750 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda | 10/31 at 100.00 | N/R | 3,308,945
| at Monrovia Station, Social Series 2021A-1, 3.400%, 10/01/46, 144A |  |  |
20,985 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 7/32 at 100.00 | N/R | 12,654,165
| Monterrey Station Apartments, Senior Lien Series 2021A-1, 3.125%, 7/01/56, 144A |  |  |
5,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 12/31 at 100.00 | N/R | 2,985,300
| Pasadena Portfolio Social Bond, Series 2021A-2, 3.000%, 12/01/56 |  |  |
2,475 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 4/32 at 100.00 | N/R | 1,507,522
| Vineyard Gardens Apartments, Senior Lien Series 2021A, 3.250%, 10/01/58, 144A |  |  |
12,500 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood | 6/32 at 100.00 | N/R | 8,345,500
| Creek Apartments, Mezzanine Lien Series 2021A-2, 4.000%, 12/01/58 |  |  |
| 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 | 2,876,108
3,600 | 0.000%, 8/01/34 – AGM Insured (8) | 8/28 at 100.00 | A1 | 3,944,736
| Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, |  |  |
| Refunding Senior Lien Series 2015A: |  |  |
3,960 | 0.000%, 1/15/34 – AGM Insured | No Opt. Call | BBB | 2,319,570
5,000 | 0.000%, 1/15/35 – AGM Insured | No Opt. Call | BBB | 2,748,600
| 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 | Baa2 | 923,304
6,610 | 6.000%, 1/15/49, (Pre-refunded 1/15/24) | 1/24 at 100.00 | Baa2 (5) | 6,830,378
4,445 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | 7/29 at 100.00 | Baa2 | 3,160,573
| Refunding Term Rate Sub-Series 2013B-1, 3.500%, 1/15/53 |  |  |
21,290 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 12/31 at 27.75 | N/R | 1,783,250
| Asset-Backed Bonds, Capital Appreciation Series 2021B-2, 0.000%, 6/01/66 |  |  |
| 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 | 5,224,408
5,795 | 0.000%, 11/01/25 – AGM Insured | No Opt. Call | AA | 5,206,865
1,090 | Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited | 12/22 at 100.00 | AA | 1,090,926
| Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured |  |  |
7,575 | Mount San Antonio Community College District, Los Angeles County, California, General | 8/35 at 100.00 | AA | 6,301,339
| 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 | BBB+ | 3,773,665
| Series 2009B, 6.500%, 11/01/39 |  |  |

33

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
| Oceanside Unified School District, San Diego County, California, General Obligation |  |  |
| Bonds, Capital Appreciation, 2008 Election Series 2009A: |  |  |
$ 4,500 | 0.000%, 8/01/26 – AGC Insured | No Opt. Call | AA | $ 3,927,330
605 | 0.000%, 8/01/26 – AGC Insured, (ETM) | No Opt. Call | Aa3 (5) | 531,517
270 | 0.000%, 8/01/26 – AGC Insured, (ETM) | No Opt. Call | AA (5) | 237,206
530 | 0.000%, 8/01/26 – AGC Insured, (ETM) | No Opt. Call | Aa3 (5) | 465,626
1,885 | 0.000%, 8/01/28 – AGC Insured | No Opt. Call | AA | 1,519,838
225 | 0.000%, 8/01/28 – AGC Insured, (ETM) | No Opt. Call | Aa3 (5) | 183,577
110 | 0.000%, 8/01/28 – AGC Insured, (ETM) | No Opt. Call | AA (5) | 89,749
3,905 | Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 | 8/25 at 100.00 | N/R | 3,532,424
| 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+ | 1,539,661
1,940 | 2.125%, 11/01/44 | 11/30 at 100.00 | AA+ | 1,155,289
3,700 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, | No Opt. Call | BBB– | 3,300,844
| 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 | BBB– | 8,877,361
| 8/01/38 – AGC Insured |  |  |
9,145 | Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community | No Opt. Call | A | 6,464,509
| 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 | BBB+ (5) | 680,311
| Series 2013A, 5.750%, 6/01/48, (Pre-refunded 6/01/23) |  |  |
| 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 | 480,207
905 | 5.000%, 9/01/46 | 9/25 at 100.00 | N/R | 883,841
4,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/23 at 100.00 | A | 3,968,840
| 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, (Pre-refunded 1/15/25) | 1/25 at 100.00 | BBB (5) | 2,784,065
8,275 | 5.000%, 1/15/50, (Pre-refunded 1/15/25) | 1/25 at 100.00 | BBB (5) | 8,596,318
7,210 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | No Opt. Call | Baa2 | 7,143,019
| 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 | 2,516,136
| 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 | 2,527,139
| Election Series 2012G, 0.000%, 8/01/34 – AGM Insured |  |  |
5,690 | San Ysidro School District, San Diego County, California, General Obligation Bonds, | 8/25 at 41.10 | A3 | 2,058,756
| Refunding Series 2015, 0.000%, 8/01/42 |  |  |
| Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration |  |  |
| and Housing Facility, Series 1994A: |  |  |
2,455 | 6.250%, 7/01/24, (ETM) | No Opt. Call | Baa2 (5) | 2,537,758
2,455 | 6.250%, 7/01/24 | No Opt. Call | Baa2 | 2,536,555
3,500 | Saugus Union School District, Los Angeles County, California, General Obligation Bonds, | No Opt. Call | A+ | 3,409,630
| Series 2006, 0.000%, 8/01/23 – FGIC Insured |  |  |
605 | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities | 9/27 at 100.00 | N/R | 609,761
| District 16-01, Series 2017, 6.250%, 9/01/47, 144A |  |  |
492,081 | Total California |  |  | 362,602,206

34

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado – 11.7% (6.7% of Total Investments) |  |  |
$ 4,300 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series | 12/26 at 103.00 | N/R | $ 3,068,695
| 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 | 749,615
| 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 | 12/22 at 102.00 | N/R | 861,834
1,175 | 5.750%, 12/01/46 | 12/22 at 102.00 | N/R | 1,117,261
700 | Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited | 12/22 at 103.00 | N/R | 610,764
| Tax Convertible to Unlimited Tax, Series 2017A, 5.000%, 12/01/47 |  |  |
3,410 | Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General | 12/22 at 103.00 | N/R | 3,096,621
| Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 |  |  |
1,690 | Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General | 12/22 at 103.00 | N/R | 1,534,689
| Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 |  |  |
| Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & |  |  |
| Improvement Series 2017: |  |  |
1,140 | 5.000%, 12/01/37, 144A | 12/22 at 103.00 | N/R | 1,037,058
5,465 | 5.000%, 12/01/47, 144A | 12/22 at 103.00 | N/R | 4,647,381
1,475 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & | 12/25 at 103.00 | N/R | 1,202,361
| Improvement Series 2020A, 5.000%, 12/01/51 |  |  |
195 | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, | 12/23 at 100.00 | BB (5) | 197,894
| Refunding Series 2014, 5.000%, 12/01/43, (Pre-refunded 12/01/23) |  |  |
1,200 | Clear Creek Station Metropolitan District 2, Adams County, Colorado, Limited Tax General | 12/22 at 103.00 | N/R | 1,037,472
| 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+ | 706,270
| 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+ | 1,178,036
| 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+ | 2,936,582
| 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+ | 1,294,842
| 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) | 2,610,576
23,470 | 5.000%, 6/01/47, (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (5) | 24,906,599
11,520 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 1/23 at 100.00 | BBB+ (5) | 11,556,749
| Initiatives, Series 2013A, 5.250%, 1/01/45, (Pre-refunded 1/01/23) |  |  |
5,755 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 4,487,461
| Series 2019A-2, 4.000%, 8/01/49 |  |  |
4,900 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living | 12/27 at 103.00 | A– | 3,621,541
| 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) | 1,642,329
2,895 | 5.000%, 12/01/23, (Pre-refunded 12/01/22) | 12/22 at 100.00 | A– (5) | 2,899,111
4,200 | 5.000%, 12/01/24, (Pre-refunded 12/01/22) | 12/22 at 100.00 | A– (5) | 4,205,964
| 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) | 773,338
1,575 | 5.625%, 6/01/43, (Pre-refunded 6/01/23) | 6/23 at 100.00 | N/R (5) | 1,593,286

35

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good |  |  |
| Samaritan Society Project, Series 2013A: |  |  |
$ 1,410 | 5.000%, 6/01/32, (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (5) | $ 1,467,161
2,000 | 5.000%, 6/01/33, (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (5) | 2,081,080
5,870 | 5.000%, 6/01/40, (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (5) | 6,107,970
6,920 | 5.000%, 6/01/45, (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (5) | 7,200,537
2,035 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, | 5/27 at 100.00 | BB+ | 1,802,155
| 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 | 8,842,145
| 2.350%, 10/01/43 |  |  |
4,105 | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax | 12/23 at 103.00 | N/R | 3,660,100
| 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 | 515,406
| Obligation Bonds, Convertible to Unlimited Tax Series 2020A, 5.000%, 12/01/49 |  |  |
1,480 | Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, | 12/22 at 103.00 | N/R | 1,300,298
| Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A, 5.250%, 12/01/47 |  |  |
1,269 | Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, | 12/22 at 103.00 | N/R | 1,110,705
| 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 | 461,915
| 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 | 10,542,112
| 2013B, 5.000%, 11/15/43 |  |  |
505 | Denver Connection West Metropolitan District, City and County of Denver, Colorado, | 12/22 at 103.00 | N/R (5) | 520,958
| Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2017A, 5.375%, |  |  |
| 8/01/47, (Pre-refunded 12/01/22) |  |  |
| Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado |  |  |
| Urban Redevelopment Area, Series 2018A: |  |  |
2,260 | 5.250%, 12/01/39, 144A | 12/23 at 103.00 | N/R | 2,197,805
465 | 5.250%, 12/01/39, 144A | 12/23 at 103.00 | N/R | 450,306
11,700 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation | No Opt. Call | A | 4,217,499
| 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 | 34,894,633
6,525 | 0.000%, 9/01/26 – NPFG Insured | No Opt. Call | A | 5,586,118
| E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: |  |  |
17,030 | 0.000%, 9/01/25 – NPFG Insured | No Opt. Call | A | 15,223,969
10,005 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 6,368,783
43,090 | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | A | 25,874,252
| E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: |  |  |
20,000 | 0.000%, 9/01/27 – NPFG Insured | No Opt. Call | A | 16,366,400
1,180 | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | A | 922,701
7,000 | 0.000%, 9/01/34 – NPFG Insured | No Opt. Call | A | 3,963,610
5,575 | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue | 9/27 at 103.00 | N/R | 5,143,997
| Bonds, Series 2022A, 6.750%, 12/01/34, 144A |  |  |
590 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series | 12/24 at 100.00 | N/R | 519,578
| 2014, 6.000%, 12/01/38 |  |  |
700 | Harmony Technology Park Metropolitan District 2, Fort Collins, Colorado, General | 12/22 at 103.00 | N/R (5) | 721,973
| 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 | 439,220
| General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/39 |  |  |

36

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
| 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 | $ 653,843
5,355 | 6.000%, 12/15/50 | 12/23 at 100.00 | N/R | 3,499,653
500 | Littleton Village Metropolitan District No. 2, Colorado, Limited Tax General Obligation | 12/22 at 101.00 | N/R | 455,885
| and Special Revenue Bonds, Series 2015, 5.375%, 12/01/45 |  |  |
860 | Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, | 12/25 at 100.00 | N/R | 790,804
| 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 | 3,890,685
| 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 | 965,660
1,000 | 5.750%, 12/01/47 | 12/22 at 103.00 | N/R | 939,240
| 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 | 3,035,882
6,900 | 5.000%, 12/01/49 | 12/24 at 103.00 | N/R | 5,756,808
| 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 | 651,909
1,060 | 5.000%, 12/01/46 | 12/26 at 100.00 | Baa3 | 990,856
660 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/25 at 100.00 | A | 665,702
| Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 |  |  |
1,335 | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax | 3/26 at 103.00 | N/R | 1,141,024
| 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 | 2,451,239
| 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 | 1,084,800
| 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 | 1,223,003
2,765 | 5.500%, 12/01/47 | 12/23 at 103.00 | N/R | 2,477,385
5,050 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit | 1/31 at 100.00 | Baa2 | 3,840,828
| Partners Eagle P3 Project, Series 2020A, 3.000%, 7/15/37 |  |  |
1,320 | Riverwalk Metropolitan District 2, Glendale, Arapahoe County, Colorado, Special Revenue | 3/27 at 103.00 | N/R | 1,046,734
| Bonds, Series 2022A, 5.000%, 12/01/52 |  |  |
930 | SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series | 12/22 at 102.00 | N/R | 810,523
| 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 | 921,170
| 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 | 893,560
570 | 5.000%, 12/01/49 | 12/24 at 103.00 | N/R | 484,711
765 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax | 12/25 at 102.00 | N/R | 570,935
| 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 | 2,286,185
| Limited Tax Bonds, Series 2020, 5.125%, 12/01/50 |  |  |
500 | The Village at Dry Creek Metropolitan District No. 2, In the City of Thornton, Adams | 9/24 at 103.00 | N/R | 397,640
| County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2019, |  |  |
| 4.375%, 12/01/44 |  |  |

37

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

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 | $ 333,775
| General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2, |  |  |
| 0.000%, 12/01/51 (8) |  |  |
900 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | 663,705
| General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/51 |  |  |
3,410 | Vauxmont Metropolitan District, Arvada, Colorado, Limited Tax General Obligation and | 12/29 at 100.00 | AA | 3,426,811
| Special Revenue Bonds, Convertible to Unlimited Tax Refunding Subordinate Series 2020, |  |  |
| 5.000%, 12/01/50 – AGM Insured |  |  |
8,260 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited | 12/29 at 103.00 | N/R | 7,182,153
| Tax Bonds, Series 2022, 6.750%, 12/01/52 |  |  |
366,917 | Total Colorado |  |  | 305,610,823
| Connecticut – 6.3% (3.6% of Total Investments) |  |  |
| Bridgeport, Connecticut, General Obligation Bonds, Series 2014A: |  |  |
2,345 | 5.000%, 7/01/32 – AGM Insured | 7/24 at 100.00 | A2 | 2,393,682
1,600 | 5.000%, 7/01/34 – AGM Insured | 7/24 at 100.00 | A2 | 1,630,384
2,800 | Bridgeport, Connecticut, General Obligation Bonds, Series 2016D, 5.000%, 8/15/41 – | 8/26 at 100.00 | A2 | 2,890,076
| AGM Insured |  |  |
| Bridgeport, Connecticut, General Obligation Bonds, Series 2017A: |  |  |
1,470 | 5.000%, 11/01/36 | 11/27 at 100.00 | Baa1 | 1,522,523
750 | 5.000%, 11/01/37 | 11/27 at 100.00 | Baa1 | 775,553
5,000 | Connecticut Health and Educational Facilities Authority Revenue Bonds, Hartford | 7/25 at 100.00 | A | 4,862,500
| HealthCare, Series 2015F, 5.000%, 7/01/45 |  |  |
2,805 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut | 7/26 at 100.00 | A2 | 2,296,369
| 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 | 1,050,764
| Series 2014A, 5.000%, 8/01/44 |  |  |
5,570 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield | 7/26 at 100.00 | A– | 5,640,015
| 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 | 490,470
| 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 | 508,964
740 | 5.000%, 9/01/53, 144A | 9/26 at 100.00 | BB | 620,275
3,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home | 10/24 at 104.00 | BB | 2,583,180
| 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 | 1,901,633
| 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 | A (5) | 1,130,670
| 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: |  |  |
1,100 | 4.000%, 7/01/41 | 7/29 at 100.00 | Baa2 | 889,405
3,370 | 4.000%, 7/01/49 | 7/29 at 100.00 | Baa2 | 2,539,969
| Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac |  |  |
| University, Refunding Series 2015L: |  |  |
9,180 | 4.125%, 7/01/41 | 7/25 at 100.00 | A– | 8,107,133
7,030 | 5.000%, 7/01/45 | 7/25 at 100.00 | A– | 7,029,930
| Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac |  |  |
| University, Series 2016M: |  |  |
500 | 5.000%, 7/01/34 | 7/26 at 100.00 | A– | 510,560
1,250 | 5.000%, 7/01/36 | 7/26 at 100.00 | A– | 1,268,675

38

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Connecticut (continued) |  |  |
$ 6,145 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart | 7/27 at 100.00 | A3 | $ 6,161,100
| University, Series 2017I-1, 5.000%, 7/01/42 |  |  |
4,025 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford | 7/26 at 100.00 | BBB+ | 3,194,361
| Hospital, Series 2016K, 4.000%, 7/01/46 |  |  |
2,250 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of | 7/28 at 100.00 | BBB– | 2,057,737
| 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– | 2,654,474
2,740 | 5.000%, 7/01/33 | 7/24 at 100.00 | AA– | 2,783,813
900 | 5.000%, 7/01/34 | 7/24 at 100.00 | AA– | 912,438
5,580 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut | 11/23 at 100.00 | A+ (5) | 5,676,088
| 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, |  |  |
| Series 2013A: |  |  |
2,665 | 5.000%, 1/01/32 | 1/23 at 100.00 | N/R | 2,673,102
625 | 5.000%, 1/01/32, (Pre-refunded 1/01/23) | 1/23 at 100.00 | N/R (5) | 626,900
1,875 | 5.000%, 1/01/32 | 1/23 at 100.00 | N/R | 1,879,181
840 | 5.000%, 1/01/38 | 1/23 at 100.00 | Aa3 | 842,554
785 | 5.000%, 1/01/38, (Pre-refunded 1/01/23) | 1/23 at 100.00 | N/R (5) | 787,386
3,500 | Connecticut State, General Obligation Bonds, Series 2014F, 5.000%, 11/15/34 | 11/24 at 100.00 | A+ | 3,580,465
2,630 | Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/34 | 11/25 at 100.00 | A+ | 2,715,501
3,750 | Connecticut State, General Obligation Bonds, Series 2017A, 5.000%, 4/15/35 | 4/27 at 100.00 | A+ | 3,894,225
| Connecticut State, General Obligation Bonds, Series 2018A: |  |  |
3,500 | 5.000%, 4/15/35, (UB) (6) | 4/28 at 100.00 | A | 3,661,700
5,000 | 5.000%, 4/15/38, (UB) (6) | 4/28 at 100.00 | A | 5,180,900
3,855 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes | 10/23 at 100.00 | AA– | 3,898,407
| Series 2013A, 5.000%, 10/01/33 |  |  |
1,380 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes | 8/25 at 100.00 | AA– | 1,422,394
| 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– | 5,513,855
1,075 | 5.000%, 9/01/34 | 9/26 at 100.00 | AA– | 1,114,474
3,500 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, | 9/24 at 100.00 | AA– | 3,573,080
| Series 2014A, 5.000%, 9/01/33 |  |  |
| Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater |  |  |
| System Revenue Bonds, Refunding Series 2014B: |  |  |
500 | 5.000%, 8/15/30, (Pre-refunded 8/15/24) | 8/24 at 100.00 | A1 (5) | 515,260
1,000 | 5.000%, 8/15/31, (Pre-refunded 8/15/24) | 8/24 at 100.00 | A1 (5) | 1,030,520
55 | Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater | 12/22 at 100.00 | A1 | 55,030
| System Revenue Bonds, Series 2005A, 5.000%, 8/15/35 – NPFG Insured |  |  |
225 | Hamden, Connecticut, General Obligation Bonds, Series 2016, 5.000%, 8/15/32 – BAM | 8/24 at 100.00 | AA | 227,527
| Insured |  |  |
2,315 | Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation | 4/27 at 100.00 | N/R | 2,153,621
| Revenue Bonds, Harbor Point Project, Refunding Series 2017, 5.000%, 4/01/39, 144A |  |  |
10,015 | Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, | 11/24 at 100.00 | AA– (5) | 10,353,908
| Refunding Green Bond Series 2014A, 5.000%, 11/01/42, (Pre-refunded 11/01/24) |  |  |
2,285 | Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Series | 7/28 at 100.00 | Aa3 | 2,401,329
| 2018, 5.000%, 7/15/36 |  |  |
870 | Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28 – | 12/22 at 100.00 | A1 | 871,157
| AGC Insured |  |  |

39

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Connecticut (continued) |  |  |
| Milford, Connecticut, General Obligation Bonds, Series 2018: |  |  |
$ 1,055 | 4.000%, 11/01/36 | 11/24 at 100.00 | AA+ | $ 1,051,666
1,055 | 4.000%, 11/01/37 | 11/24 at 100.00 | AA+ | 1,046,022
1,550 | New Haven, Connecticut, General Obligation Bonds, Refunding Series 2016A, 5.000%, | 8/26 at 100.00 | BBB | 1,602,948
| 8/15/35 – AGM Insured |  |  |
985 | New Haven, Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 8/01/33, | 8/24 at 100.00 | BBB (5) | 1,013,575
| (Pre-refunded 8/01/24) – AGM Insured |  |  |
| New Haven, Connecticut, General Obligation Bonds, Series 2015: |  |  |
790 | 5.000%, 9/01/32 – AGM Insured | 9/25 at 100.00 | BBB | 817,144
1,620 | 5.000%, 9/01/33 – AGM Insured | 9/25 at 100.00 | BBB | 1,670,512
500 | 5.000%, 9/01/35 – AGM Insured | 9/25 at 100.00 | BBB | 512,990
| New Haven, Connecticut, General Obligation Bonds, Series 2017A: |  |  |
1,045 | 5.000%, 8/01/35 | 8/27 at 100.00 | BBB | 1,075,347
1,425 | 5.000%, 8/01/36 | 8/27 at 100.00 | BBB | 1,464,672
900 | North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24 | No Opt. Call | Aa1 | 926,703
795 | South Central Connecticut Regional Water Authority Water System Revenue Bonds, Thirtieth | 8/24 at 100.00 | AA– (5) | 818,747
| 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– | 2,573,141
2,220 | 5.000%, 8/01/37 | 8/26 at 100.00 | AA– | 2,285,779
500 | Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series | 8/23 at 100.00 | Aa2 | 504,575
| 2013A, 5.250%, 8/15/43 |  |  |
250 | Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series | 4/29 at 100.00 | AA+ | 237,142
| 2019, 4.000%, 4/01/38 |  |  |
1,285 | Steel Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue | 4/30 at 100.00 | N/R | 958,957
| 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 | A2 (5) | 601,302
| (Pre-refunded 12/15/22) |  |  |
1,500 | Stratford, Connecticut, General Obligation Bonds, Series 2017, 4.000%, 1/01/39 – | 1/27 at 100.00 | A2 | 1,356,840
| BAM Insured |  |  |
1,000 | Town of Hamden, Connecticut, General Obligation Bonds, Refunding Series 2018A, 5.000%, | 8/28 at 100.00 | BBB | 1,047,990
| 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 | A+ | 2,521,575
760 | University of Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 2/15/31 | 2/24 at 100.00 | A+ | 773,361
2,250 | University of Connecticut, General Obligation Bonds, Series 2015A, 5.000%, 3/15/31 | 3/26 at 100.00 | A+ | 2,346,907
| Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015: |  |  |
445 | 5.000%, 8/01/30 – BAM Insured | 8/25 at 100.00 | AA– | 461,389
390 | 5.000%, 8/01/31 – BAM Insured | 8/25 at 100.00 | AA– | 403,689
610 | 5.000%, 8/01/32 – BAM Insured | 8/25 at 100.00 | AA– | 630,447
445 | 5.000%, 8/01/33 – BAM Insured | 8/25 at 100.00 | AA– | 459,138
445 | 5.000%, 8/01/34 – BAM Insured | 8/25 at 100.00 | AA– | 458,582
165,170 | Total Connecticut |  |  | 162,676,357
| 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– | 2,116,029
1,000 | 5.000%, 7/01/58 | 1/28 at 100.00 | BB– | 798,470
3,585 | Total Delaware |  |  | 2,914,499

40

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| District of Columbia – 3.5% (2.0% of Total Investments) |  |  |
$ 3,780 | District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard | 11/22 at 100.00 | BB– | $ 3,470,796
| Properties LLC Issue, Series 2013, 5.000%, 10/01/45 |  |  |
1,100 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | No Opt. Call | A– | 1,119,030
| Bonds, Series 2001, 6.500%, 5/15/33 |  |  |
186,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | 12/22 at 23.49 | N/R | 36,041,220
| Bonds, Series 2006A, 0.000%, 6/15/46 |  |  |
1,500 | District of Columbia, Washington, D.C., Revenue Bonds, Ingleside at Rock Creek Project, | 7/24 at 103.00 | N/R | 1,269,780
| Series 2017A, 5.000%, 7/01/42 |  |  |
3,000 | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | 10/28 at 100.00 | A | 3,033,210
| Dulles Metrorail & Capital Improvement Projects, Refunding First Senior Lien Series 2019A, |  |  |
| 5.000%, 10/01/44 |  |  |
| Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, |  |  |
| Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A: |  |  |
1,030 | 4.000%, 10/01/52 – AGM Insured | 10/31 at 100.00 | A1 | 844,579
17,615 | 2.750%, 10/01/53 – AGM Insured | 10/31 at 100.00 | A1 | 10,590,667
20,125 | 3.000%, 10/01/53 – AGM Insured | 10/31 at 100.00 | A1 | 12,428,596
11,000 | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | 10/26 at 100.00 | A3 (5) | 12,235,740
| Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, |  |  |
| 10/01/41, (Pre-refunded 10/01/26) – AGC Insured |  |  |
10,000 | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | 10/28 at 100.00 | Baa1 | 10,859,300
| Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 |  |  |
255,150 | Total District of Columbia |  |  | 91,892,918
| Florida – 4.3% (2.5% of Total Investments) |  |  |
990 | Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue | 5/26 at 100.00 | N/R | 929,293
| 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 | 848,160
| 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 | 1,254,241
1,045 | 6.200%, 8/15/48, 144A | 8/28 at 100.00 | N/R | 990,932
| Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2021: |  |  |
1,290 | 4.000%, 8/15/51, 144A | 8/28 at 100.00 | N/R | 878,696
1,250 | 4.250%, 8/15/61, 144A | 8/28 at 100.00 | N/R | 834,438
| 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 | 1,041,155
1,470 | 5.500%, 7/01/47, 144A | 7/27 at 100.00 | Ba1 | 1,401,292
3,788 | Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center, | 6/28 at 100.00 | N/R | 795,486
| Orlando Project, Series 2018, 7.500%, 6/01/48, 144A 2018 1 (4) |  |  |
| Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, |  |  |
| Series 2017A: |  |  |
6,050 | 5.125%, 6/15/37, 144A | 6/27 at 100.00 | N/R | 5,577,797
1,885 | 5.250%, 6/15/47, 144A | 6/27 at 100.00 | N/R | 1,651,675
880 | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series | 10/27 at 100.00 | Ba2 | 811,043
| 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 | 626,955
| 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– | 4,818,786
1,025 | Cityplace Community Development District, Florida, Special Assessment and Revenue | No Opt. Call | A | 1,046,453
| 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) | 1,520,670
| University, Refunding Series 2013, 6.125%, 11/01/43, (Pre-refunded 11/01/23) |  |  |

41

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
| 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 | $ 233,261
305 | 5.600%, 11/01/46 | 11/28 at 100.00 | N/R | 293,764
| 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) | 3,484,445
1,720 | 5.625%, 4/01/43, (Pre-refunded 4/01/23) | 4/23 at 100.00 | Baa1 (5) | 1,737,200
| Downtown Doral Community Development District, Florida, Special Assessment Bonds, |  |  |
| Series 2015: |  |  |
280 | 5.250%, 5/01/35 | 5/26 at 100.00 | N/R | 272,479
315 | 5.300%, 5/01/36 | 5/26 at 100.00 | N/R | 308,171
475 | 5.500%, 5/01/45 | 5/26 at 100.00 | N/R | 454,703
655 | 5.500%, 5/01/46 | 5/26 at 100.00 | N/R | 625,597
| 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 | 249,163
665 | 6.125%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 635,427
415 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical | 6/26 at 100.00 | N/R | 405,501
| 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 | 2,294,440
3,735 | 5.750%, 7/01/47, 144A | 7/27 at 101.00 | N/R | 3,470,375
| 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 | 1,876,257
1,335 | 5.000%, 7/15/46, 144A | 7/26 at 100.00 | N/R | 1,167,177
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater |  |  |
| Academy Projects, Series 2020A: |  |  |
4,330 | 5.000%, 6/15/50 | 6/27 at 100.00 | BBB | 3,890,635
3,405 | 5.000%, 6/15/55 | 6/27 at 100.00 | BBB | 3,015,025
| 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 | 3,136,752
3,450 | 6.125%, 6/15/46, 144A | 6/25 at 100.00 | N/R | 3,490,779
550 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 6/24 at 100.00 | N/R | 555,043
| Renaissance Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44, 144A |  |  |
4,380 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest | 6/27 at 100.00 | N/R | 3,698,998
| Charter Foundation Inc Projects, Series 2017A, 6.125%, 6/15/47, 144A |  |  |
| 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 | 1,532,268
4,350 | 6.375%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 4,457,271
5,490 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Social Series | 1/30 at 100.00 | Aaa | 3,022,794
| 2021-1, 2.150%, 7/01/51 |  |  |
1,435 | Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special | 5/26 at 100.00 | N/R | 1,353,836
| Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 |  |  |
2,215 | Jacksonville, Florida, Educational Facilities Revenue Bonds, Jacksonville University | 6/28 at 100.00 | N/R | 1,775,987
| 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 | 598,262
| Project, Series 2017, 5.000%, 5/01/37, 144A |  |  |
4,130 | Martin County Health Facilities Authority, Florida, Hospital Revenue Bonds, Martin | 11/24 at 100.00 | N/R (5) | 4,268,231
| Memorial Medical Center, Series 2015, 5.000%, 11/15/45, (Pre-refunded 11/15/24) |  |  |

42

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
| 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 | $ 997,488
1,920 | 6.000%, 7/01/47, 144A | 7/27 at 100.00 | N/R | 1,703,942
5,965 | Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, | 10/24 at 100.00 | BBB+ | 5,963,628
| 5.000%, 10/01/43 |  |  |
2,130 | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami | 7/27 at 100.00 | BB+ | 1,715,055
| Jewish Health System Inc. Project, Series 2017, 5.125%, 7/01/46 |  |  |
5,000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series | 7/24 at 100.00 | BBB+ | 4,850,300
| 2014A, 5.000%, 7/01/44 |  |  |
4,785 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement | 8/26 at 100.00 | N/R | 4,787,680
| Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35 |  |  |
| Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & |  |  |
| Improvement Series 2019A-1: |  |  |
2,890 | 5.000%, 10/01/49 | 10/29 at 100.00 | BBB– | 2,624,178
3,345 | 4.000%, 10/01/54 | 10/29 at 100.00 | BBB– | 2,454,996
2,000 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Jupiter | 11/32 at 100.00 | BBB– | 1,832,280
| Medical Center, Series 2022, 5.000%, 11/01/47 |  |  |
825 | Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 | 11/26 at 100.00 | N/R | 752,986
| Project, Series 2016, 5.000%, 11/01/46 |  |  |
220 | Seminole County Industrial Development Authority, Florida, Educational Facilities | 6/31 at 100.00 | Ba1 | 154,618
| 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: |  |  |
170 | 4.750%, 11/01/28 | 11/27 at 100.00 | N/R | 168,253
375 | 5.375%, 11/01/36 | 11/27 at 100.00 | N/R | 366,176
910 | South Fork III Community Development District, Florida, Special Assessment Revenue | 5/27 at 100.00 | N/R | 895,531
| Bonds, Refunding Series 2016, 5.375%, 5/01/37 |  |  |
355 | Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s | 12/22 at 100.00 | N/R (5) | 365,441
| Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured, (ETM) |  |  |
1,000 | Tampa, Florida, Revenue Bonds, H. Lee Moffitt Cancer Center and Research Institute, | 7/30 at 100.00 | A– | 950,240
| Series 2020B, 5.000%, 7/01/50 |  |  |
5,015 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson | 6/25 at 100.00 | A– | 5,027,889
| University Inc. Project, Series 2015, 5.000%, 6/01/40 |  |  |
125,123 | Total Florida |  |  | 112,941,594
| Georgia – 3.9% (2.2% of Total Investments) |  |  |
15,870 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia | 5/31 at 100.00 | A1 | 9,479,468
| Transmission Corporation Vogtle Project, Series 2012, 2.750%, 1/01/52 |  |  |
5,775 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe | 2/28 at 100.00 | BBB | 4,650,550
| 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 | 9,063,539
| Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 |  |  |
5,535 | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/32 at 100.00 | A2 | 4,342,595
| Wellstar Health System, Inc. Project, Series 2022A, 4.000%, 4/01/52 |  |  |
10,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. | 7/29 at 100.00 | A1 | 8,061,300
| 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) | 16,043,007
| 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: |  |  |
2,680 | 3.950%, 12/01/43 | 6/27 at 100.00 | AAA | 2,585,986
4,085 | 4.000%, 12/01/48 | 6/27 at 100.00 | AAA | 3,967,025

43

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Georgia (continued) |  |  |
$ 1,300 | Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for | 6/27 at 100.00 | N/R | $ 1,258,725
| Classical Education, Series 2017, 5.750%, 6/15/37, 144A |  |  |
7,000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, 4.000%, | 5/27 at 100.81 | BBB– | 6,467,510
| 8/01/52, (Mandatory Put 11/01/27), 144A |  |  |
4,000 | Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life | 11/27 at 100.00 | Ba3 | 3,490,080
| University, Inc. Project, Refunding Series 2017A, 5.000%, 11/01/47, 144A |  |  |
10,000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, | 7/25 at 100.00 | Baa1 | 9,231,500
| Series 2015A, 5.000%, 7/01/60 |  |  |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, |  |  |
| Series 2019A: |  |  |
8,680 | 5.000%, 1/01/49 | 7/28 at 100.00 | Baa1 | 8,164,321
4,000 | 5.000%, 1/01/59 | 7/28 at 100.00 | Baa1 | 3,696,480
10,090 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, | 10/25 at 100.00 | Baa1 | 10,064,977
| Series 2015, 5.000%, 10/01/40 |  |  |
115,575 | Total Georgia |  |  | 100,567,063
| 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 | 1,393,470
| 5.000%,11/15/39 |  |  |
| Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, |  |  |
| Refunding Series 2017: |  |  |
1,335 | 5.000%, 7/01/36 | 7/27 at 100.00 | Baa2 | 1,345,907
890 | 5.000%, 7/01/40 | 7/27 at 100.00 | Baa2 | 891,005
3,695 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/23 at 100.00 | Baa2 (5) | 3,750,425
| 2013, 5.500%, 7/01/43, (Pre-refunded 7/01/23) |  |  |
235 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/26 at 100.00 | Baa2 | 228,352
| 2016, 5.000%, 1/01/46 |  |  |
4,770 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/30 at 100.00 | Baa2 | 4,528,018
| 2020A, 5.000%, 1/01/50 |  |  |
12,425 | Total Guam |  |  | 12,137,177
| Hawaii – 0.4% (0.2% of Total Investments) |  |  |
1,500 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade | 1/25 at 100.00 | Ba3 | 1,226,955
| University of Honolulu, Series 2015A, 5.000%, 1/01/45, 144A |  |  |
5,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | A1 | 5,032,950
| 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 | 170,554
| University, Series 2013A, 6.875%, 7/01/43, 144A |  |  |
5,075 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health | 7/25 at 100.00 | A1 | 4,432,150
| Systems, Series 2015A, 4.000%, 7/01/40 |  |  |
11,745 | Total Hawaii |  |  | 10,862,609
| Idaho – 1.0% (0.6% of Total Investments) |  |  |
| Idaho Health Facilities Authority, Revenue Bonds, Kootenai Health Project, Series 2014: |  |  |
3,300 | 4.375%, 7/01/34 | 7/24 at 100.00 | A | 3,213,606
12,495 | 4.750%, 7/01/44 | 7/24 at 100.00 | A | 11,921,480
1,250 | Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, | 9/26 at 100.00 | BB+ | 1,194,650
| Refunding Series 2016, 5.000%, 9/01/37 |  |  |
| 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 | 396,890
1,415 | 5.250%, 7/01/55, 144A | 7/25 at 100.00 | N/R | 1,054,302
12,055 | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment | 12/26 at 103.00 | N/R | 8,206,923
| Bonds, Series 2021, 3.750%, 9/01/51, 144A |  |  |
31,015 | Total Idaho |  |  | 25,987,851

44

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois – 25.8% (14.7% of Total Investments) |  |  |
$ 675 | Bolingbrook, Will and DuPage Counties, Illinois, General Obligation Bonds, Refunding | 7/23 at 100.00 | A2 (5) | $ 682,924
| 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– | 68,353,500
| 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– | 918,610
| Series 2017, 5.000%, 4/01/46 |  |  |
5,245 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues | 12/22 at 100.00 | Ba3 | 4,653,102
| 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 | 8,975,904
| Refunding Series 2017B, 7.000%, 12/01/42, 144A |  |  |
| Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, |  |  |
| Refunding Series 2017H: |  |  |
5,835 | 5.000%, 12/01/36 | 12/27 at 100.00 | BB | 5,473,930
4,940 | 5.000%, 12/01/46 | 12/27 at 100.00 | BB | 4,309,014
6,055 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/28 at 100.00 | BB | 5,273,784
| 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 | 40,644,053
| 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 | 15,295,342
| 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 | 20,799,858
| Series 2017A, 7.000%, 12/01/46, 144A |  |  |
1,410 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated | No Opt. Call | BB | 938,961
| 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+ | 1,087,990
2,285 | 5.000%, 12/01/55 | 12/29 at 100.00 | A+ | 2,126,718
12,215 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, | 12/24 at 100.00 | AA | 12,277,052
| 5.250%, 12/01/49 |  |  |
| Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, |  |  |
| Refunding Senior Lien Series 2022B: |  |  |
2,615 | 4.500%, 1/01/56 | 1/31 at 100.00 | A+ | 2,241,264
5,000 | 5.250%, 1/01/56 | 1/31 at 100.00 | A+ | 4,896,450
| Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: |  |  |
1,500 | 0.000%, 1/01/31 – NPFG Insured | No Opt. Call | BBB– | 1,015,050
32,670 | 0.000%, 1/01/32 – FGIC Insured | No Opt. Call | BBB– | 20,795,435
12,360 | 0.000%, 1/01/37 – FGIC Insured | No Opt. Call | BBB– | 5,805,863
2,500 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, | 1/24 at 100.00 | Ba1 | 2,451,625
| 5.250%, 1/01/33 |  |  |
17,605 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, | 1/27 at 100.00 | BBB– | 17,936,150
| 6.000%, 1/01/38 |  |  |
2,605 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 | 1/26 at 100.00 | BBB– | 2,466,857
3,000 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, | 1/25 at 100.00 | A– | 2,895,120
| 5.000%, 1/01/39 |  |  |
10,000 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago | 12/23 at 100.00 | BBB | 9,565,700
| 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 | 2,485,925
3,400 | 5.500%, 11/01/36 | 11/23 at 100.00 | A | 3,476,432

45

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
| 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 | $ 1,729,104
115 | 6.000%, 12/01/45, 144A | 12/25 at 100.00 | N/R | 116,927
| 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+ | 2,943,286
5,190 | 4.000%, 10/01/55 | 10/30 at 100.00 | BBB+ | 3,850,980
| Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, |  |  |
| Series 2016C: |  |  |
1,755 | 4.000%, 2/15/41, (Pre-refunded 2/15/27) | 2/27 at 100.00 | N/R (5) | 1,785,081
37,620 | 4.000%, 2/15/41 | 2/27 at 100.00 | Aa2 | 32,578,920
80 | 4.000%, 2/15/41, (Pre-refunded 2/15/27) | 2/27 at 100.00 | N/R (5) | 81,371
| 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) | 1,525,986
19,025 | 5.000%, 9/01/42, (Pre-refunded 9/01/24) | 9/24 at 100.00 | AA+ (5) | 19,550,090
4,000 | Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A, | 11/26 at 103.00 | N/R | 3,095,000
| 5.000%, 11/01/49 |  |  |
10,000 | Illinois Finance Authority, Revenue Bonds, Northshore – Edward-Elmhurst Health Credit | 8/32 at 100.00 | N/R | 9,947,100
| Group, Series 2022A, 5.000%, 8/15/47, (UB) (6) |  |  |
12,000 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, | 11/25 at 100.00 | A3 | 11,543,160
| 5.000%, 11/15/45 |  |  |
1,435 | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series | 7/23 at 100.00 | A– | 1,454,932
| 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+ | 973,630
1,000 | 5.000%, 8/01/46 | 8/27 at 100.00 | BBB+ | 954,300
1,000 | 5.000%, 8/01/47 | 8/27 at 100.00 | BBB+ | 951,280
| 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 | 560,437
6,140 | 5.000%, 8/15/44 | 8/25 at 100.00 | A3 | 5,955,616
| 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– | 2,290,182
17,765 | 5.000%, 10/01/46, (Pre-refunded 10/01/25), (UB) | 10/25 at 100.00 | N/R (5) | 18,566,024
5,670 | Illinois Housing Development Authority, Multifamily Housing Revenue Bonds, Series 2021C, | 7/30 at 100.00 | Aaa | 3,478,035
| 2.850%, 7/01/56 |  |  |
3,665 | Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, | 6/24 at 100.00 | BB+ | 3,727,378
| 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– | 11,285,284
1,330 | 5.000%, 12/01/39 | 12/27 at 100.00 | BBB– | 1,257,887
| Illinois State, General Obligation Bonds, February Series 2014: |  |  |
3,275 | 5.000%, 2/01/24 | No Opt. Call | BBB– | 3,302,969
1,575 | 5.250%, 2/01/34 | 2/24 at 100.00 | BBB– | 1,575,661
7,500 | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB– | 7,123,050
5,200 | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/29 | 1/26 at 100.00 | BBB– | 5,205,044
| Illinois State, General Obligation Bonds, May Series 2014: |  |  |
510 | 5.000%, 5/01/36 | 5/24 at 100.00 | BBB– | 494,221
1,915 | 5.000%, 5/01/39 | 5/24 at 100.00 | BBB– | 1,817,086
4,460 | Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 | 5/30 at 100.00 | BBB– | 4,483,638
13,200 | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/41 | 11/26 at 100.00 | BBB– | 12,249,996

46

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
$ 31,485 | Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 | 11/27 at 100.00 | BBB– | $ 31,512,077
2,040 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 | No Opt. Call | BBB– | 2,048,017
5,000 | Illinois State, General Obligation Bonds, November Series 2019B, 4.000%, 11/01/35 | 11/29 at 100.00 | BBB– | 4,305,750
5,000 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 | 2/27 at 100.00 | BBB– | 5,006,050
| Illinois State, General Obligation Bonds, Series 2013: |  |  |
2,000 | 5.250%, 7/01/31 | 7/23 at 100.00 | BBB– | 2,002,560
4,140 | 5.500%, 7/01/38 | 7/23 at 100.00 | BBB– | 4,143,767
| Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A: |  |  |
5,000 | 5.000%, 1/01/35 | 1/23 at 100.00 | A1 | 5,010,150
5,590 | 5.000%, 1/01/38 | 1/23 at 100.00 | A1 | 5,599,000
18,920 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, | 7/25 at 100.00 | A1 | 19,219,882
| 5.000%, 1/01/40 |  |  |
20,470 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2019A, | 7/29 at 100.00 | A1 | 20,662,418
| 5.000%, 1/01/44 |  |  |
540 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/25 at 100.00 | BB+ | 492,356
| Bonds, Refunding Series 2015B, 5.000%, 6/15/52 |  |  |
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Refunding Series 2020A: |  |  |
18,325 | 4.000%, 6/15/50 | 12/29 at 100.00 | BB+ | 13,850,218
7,290 | 5.000%, 6/15/50 | 12/29 at 100.00 | BB+ | 6,682,160
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Refunding Series 2022A: |  |  |
2,910 | 4.000%, 12/15/42 | 12/31 at 100.00 | BB+ | 2,360,388
4,500 | 4.000%, 6/15/52 | 12/31 at 100.00 | BB+ | 3,356,550
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Series 2015A: |  |  |
2,890 | 0.000%, 12/15/52 | No Opt. Call | BB+ | 461,533
5,185 | 5.000%, 6/15/53 | 12/25 at 100.00 | BB+ | 4,721,565
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place |  |  |
| Expansion Project, Capital Appreciation Refunding Series 2010B-1: |  |  |
25,000 | 0.000%, 6/15/44 – AGM Insured | No Opt. Call | BB+ | 7,814,250
43,200 | 0.000%, 6/15/45 – AGM Insured | No Opt. Call | BB+ | 12,667,968
10,000 | 0.000%, 6/15/46 – AGM Insured | No Opt. Call | BB+ | 2,762,600
8,750 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | Baa2 | 6,699,262
| Expansion Project, Series 1994B, 0.000%, 6/15/28 – NPFG Insured |  |  |
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place |  |  |
| Expansion Project, Series 2002A: |  |  |
18,085 | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | BB+ | 16,464,584
20,045 | 0.000%, 12/15/35 – AGM Insured | No Opt. Call | BB+ | 10,478,323
9,010 | 0.000%, 6/15/37 – NPFG Insured | No Opt. Call | BB+ | 4,003,414
465 | Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment | 1/26 at 100.00 | N/R | 398,724
| 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 | 1,860,862
| 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 | A1 | 2,971,982
| 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) | 7,304,384
| 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 2, | No Opt. Call | Baa2 | 3,540,560
| Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured |  |  |
12,125 | Springfield, Illinois, Electric Revenue Bonds, Refunding Senior Lien Series 2015, | 3/25 at 100.00 | A2 | 12,388,355
| 5.000%, 3/01/40 – AGM Insured |  |  |

47

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
| 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) | $ 165,000
780 | 0.000%, 11/01/22 – NPFG Insured, (ETM) | No Opt. Call | Baa2 (5) | 780,000
6,415 | Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital | No Opt. Call | Aa3 | 5,929,834
| Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured |  |  |
784,482 | Total Illinois |  |  | 671,960,811
| Indiana – 2.6% (1.5% of Total Investments) |  |  |
2,650 | Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown | No Opt. Call | Baa2 | 2,536,262
| Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured |  |  |
12,045 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University | 10/24 at 100.00 | Baa1 | 12,057,045
| 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) | 10,518,199
| Series 2012A, 5.000%, 5/01/42, (Pre-refunded 5/01/23) |  |  |
17,970 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/24 at 100.00 | A+ | 18,256,622
| 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– | 8,847,400
20,000 | 0.000%, 2/01/28 – AMBAC Insured | No Opt. Call | AA– | 16,245,400
73,090 | Total Indiana |  |  | 68,460,928
| Iowa – 1.5% (0.9% of Total Investments) |  |  |
10,000 | Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, | 2/23 at 100.00 | A1 (5) | 10,057,200
| Series 2013A, 5.250%, 2/15/44, (Pre-refunded 2/15/23) |  |  |
| Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer |  |  |
| Company Project, Refunding Series 2022: |  |  |
10,045 | 5.000%, 12/01/50 | 12/29 at 103.00 | BBB– | 8,712,933
10,860 | 5.000%, 12/01/50, (Mandatory Put 12/01/42) | 12/29 at 103.00 | BBB– | 9,682,993
5,700 | Iowa Finance Authority, Senior Housing Revenue Bonds, PHS Council Bluffs, Inc. Project, | 8/23 at 102.00 | N/R | 4,212,927
| Series 2018, 5.250%, 8/01/55 |  |  |
36,850 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Class 2 | 6/31 at 25.58 | N/R | 3,296,970
| Capital Appreciation Senior Lien Series 2021B-2, 0.000%, 6/01/65 |  |  |
4,315 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Senior Lien | 6/31 at 100.00 | BBB | 3,942,313
| Series Class 2 Series 2021B-1, 4.000%, 6/01/49 |  |  |
77,770 | Total Iowa |  |  | 39,905,336
| Kansas – 0.4% (0.2% of Total Investments) |  |  |
1,000 | Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc, Series | 5/27 at 100.00 | BB+ | 909,140
| 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: |  |  |
3,390 | 5.000%, 9/01/27 | 9/25 at 100.00 | N/R | 3,114,461
2,380 | 5.750%, 9/01/32 | 9/25 at 100.00 | N/R | 2,087,641
2,575 | 6.000%, 9/01/35 | 9/25 at 100.00 | N/R | 2,243,185
2,500 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation | 3/29 at 103.00 | N/R | 2,259,850
| Bonds, Village East Project Areas 2B 3 and 5, Series 2022, 5.750%, 9/01/39, 144A |  |  |
11,845 | Total Kansas |  |  | 10,614,277
| Kentucky – 2.2% (1.3% of Total Investments) |  |  |
5,915 | Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series | 2/26 at 100.00 | BB+ | 5,883,591
| 2016, 5.500%, 2/01/44 |  |  |
10,000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro | 6/27 at 100.00 | BBB– | 9,881,000
| Health, Refunding Series 2017A, 5.000%, 6/01/37 |  |  |

48

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Kentucky (continued) |  |  |
| Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky |  |  |
| Information Highway Project, Senior Series 2015A: |  |  |
$ 4,345 | 5.000%, 7/01/37 | 7/25 at 100.00 | Baa2 | $ 4,244,630
17,615 | 5.000%, 1/01/45 | 7/25 at 100.00 | Baa2 | 16,367,330
| 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 | 4,633,198
8,510 | 0.000%, 7/01/46 (8) | 7/31 at 100.00 | Baa2 | 9,056,597
| 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) | 2,420,258
480 | 6.000%, 7/01/53, (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (5) | 486,792
5,000 | Louisville and Jefferson County Metropolitan Government, Kentucky, Hospital Revenue | 5/32 at 100.00 | BBB+ | 4,599,050
| Bonds, UofL Health Project, Series 2022A, 5.000%, 5/15/52 |  |  |
58,615 | Total Kentucky |  |  | 57,572,446
| Louisiana – 1.4% (0.8% of Total Investments) |  |  |
2,525 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala | 7/23 at 100.00 | N/R | 2,531,565
| Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 |  |  |
10,845 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation | 5/30 at 100.00 | A3 | 8,550,090
| Project, Series 2020A, 4.000%, 5/15/49 |  |  |
| Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries |  |  |
| of Our Lady Health System, Series 1998A: |  |  |
5,290 | 5.750%, 7/01/25, (UB) | No Opt. Call | A2 | 5,454,043
135 | 5.750%, 7/01/25, (ETM), (UB) | No Opt. Call | A2 (5) | 143,371
11,000 | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, | 10/33 at 100.00 | BBB | 9,714,100
| Refunding Series 2017, 0.000%, 10/01/46 (8) |  |  |
| Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, |  |  |
| Series 2015: |  |  |
1,045 | 4.250%, 5/15/40 | 5/25 at 100.00 | A3 | 950,929
5,000 | 5.000%, 5/15/47 | 5/25 at 100.00 | A3 | 4,904,950
1,000 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, | 6/24 at 100.00 | A (5) | 1,013,760
| 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– | 3,447,527
| 2010A, 6.350%, 10/01/40, 144A |  |  |
40,115 | Total Louisiana |  |  | 36,710,335
| Maine – 1.9% (1.1% of Total Investments) |  |  |
7,530 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/23 at 100.00 | Ba1 (5) | 7,613,433
| 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 | Ba1 | 4,431,449
10,265 | 4.000%, 7/01/46 | 7/26 at 100.00 | Ba1 | 7,960,200
10,000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth | 7/24 at 100.00 | A+ (5) | 10,244,600
| Issue, Series 2015, 5.000%, 7/01/39, (Pre-refunded 7/01/24) 2022 2022 |  |  |
| Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineHealth |  |  |
| Issue, Series 2020A: |  |  |
2,705 | 4.000%, 7/01/45 | 7/30 at 100.00 | A+ | 2,283,507
5,000 | 4.000%, 7/01/50 | 7/30 at 100.00 | A+ | 3,993,350
4,500 | Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2021A, | 5/30 at 100.00 | AA+ | 2,411,730
| 2.200%, 11/15/51 |  |  |
8,885 | Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2022A, | 11/30 at 100.00 | AA+ | 5,627,048
| 2.600%, 11/15/46 |  |  |

49

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

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+ | $ 5,194,125
| 2.800%, 11/15/45 |  |  |
915 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series | 11/30 at 100.00 | AA+ | 547,801
| 2021C, 2.300%, 11/15/46 |  |  |
62,945 | Total Maine |  |  | 50,307,243
| Maryland – 2.3% (1.3% 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 | 1,180,442
3,050 | 5.000%, 9/01/39 | 9/27 at 100.00 | CCC | 2,620,773
3,025 | 5.000%, 9/01/46 | 9/27 at 100.00 | CCC | 2,513,291
1,000 | Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series | 2/26 at 100.00 | N/R | 872,090
| 2017A, 4.375%, 2/15/39, 144A |  |  |
| Maryland Community Development Administration Department of Housing and Community |  |  |
| Development, Residential Revenue Bonds, Series 2021C: |  |  |
6,600 | 2.450%, 9/01/41 | 9/30 at 100.00 | AA+ | 4,515,984
12,000 | 2.550%, 9/01/44 | 9/30 at 100.00 | Aa1 | 7,911,360
7,975 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist | 1/32 at 100.00 | Baa3 | 6,097,127
| HealthCare Issue, Series 2021B, 4.000%, 1/01/51 |  |  |
13,315 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist | 1/27 at 100.00 | Baa3 | 13,055,491
| 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+ | 9,808,900
| Health System, Series 2015, 5.000%, 7/01/47 |  |  |
1,500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula | 7/24 at 100.00 | A3 (5) | 1,539,135
| Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45, (Pre-refunded 7/01/24) |  |  |
| Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, |  |  |
| Suitland-Naylor Road Project, Series 2016: |  |  |
2,000 | 4.750%, 7/01/36, 144A | 1/26 at 100.00 | N/R | 1,931,580
2,300 | 5.000%, 7/01/46, 144A | 1/26 at 100.00 | N/R | 2,222,145
| Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B: |  |  |
1,335 | 4.250%, 11/01/37 | 11/24 at 103.00 | B– | 1,063,074
1,250 | 4.500%, 11/01/43 | 11/24 at 103.00 | B– | 986,262
2,650 | 5.000%, 11/01/47 | 11/24 at 103.00 | B– | 2,198,917
69,280 | Total Maryland |  |  | 58,516,571
| Massachusetts – 3.1% (1.8% of Total Investments) |  |  |
| Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, |  |  |
| Series 2014A: |  |  |
2,245 | 5.250%, 7/01/34 | 7/24 at 100.00 | B– | 1,992,505
6,195 | 5.500%, 7/01/44 | 7/24 at 100.00 | B– | 5,196,056
| Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the |  |  |
| Charles, Inc. Issue, Series 2017: |  |  |
8,200 | 4.125%, 10/01/42, 144A | 11/22 at 105.00 | BB+ | 7,534,488
3,000 | 5.000%, 10/01/57, 144A | 11/22 at 105.00 | BB+ | 3,012,810
| Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: |  |  |
3,220 | 4.500%, 1/01/45 | 1/25 at 100.00 | Baa2 | 2,814,827
2,950 | 5.000%, 1/01/45 | 1/25 at 100.00 | Baa2 | 2,802,884
4,035 | Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, | 10/26 at 100.00 | Baa2 | 3,118,450
| 4.000%, 10/01/46 |  |  |
16,280 | Massachusetts Development Finance Agency, Revenue Bonds, Massachusetts Institute of | No Opt. Call | AAA | 17,171,167
| 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+ | 776,052
| Issue, Series 2020G, 5.000%, 7/15/46, 144A |  |  |
6,000 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, | No Opt. Call | AA– | 6,958,980
| Series 2002A, 5.750%, 1/01/42 – AMBAC Insured |  |  |

50

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Massachusetts (continued) |  |  |
$ 7,405 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts | No Opt. Call | AAA | $ 8,670,663
| 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– | 2,451,316
| Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2021A-1: |  |  |
3,340 | 2.375%, 12/01/46 | 6/30 at 100.00 | AA | 2,029,050
3,600 | 2.450%, 12/01/51 | 6/30 at 100.00 | AA | 2,052,756
8,310 | 2.550%, 12/01/56 | 6/30 at 100.00 | AA | 4,650,941
4,500 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series | 6/30 at 100.00 | AA+ | 2,788,605
| 2020-220, 2.300%, 12/01/44 |  |  |
4,560 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 5/23 at 100.00 | Aa2 (5) | 4,605,098
| Series 2013A, 5.000%, 5/15/43, (Pre-refunded 5/15/23) |  |  |
3,345 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2021B, | 4/31 at 100.00 | AA | 1,759,503
| 2.000%, 4/01/50 |  |  |
425 | Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, | 12/22 at 100.00 | AAA | 425,795
| Subordinate Series 1999A, 5.750%, 8/01/29 |  |  |
91,310 | Total Massachusetts |  |  | 80,811,946
| Michigan – 2.1% (1.2% of Total Investments) |  |  |
5,060 | Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and | No Opt. Call | AA | 5,475,173
| 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 | 3,572,459
| Development Project, Series 2018A, 5.000%, 7/01/48 – AGM Insured |  |  |
| Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding |  |  |
| Series 2015: |  |  |
4,495 | 4.000%, 11/15/35 | 5/25 at 100.00 | A | 4,119,308
2,510 | 4.000%, 11/15/36 | 5/25 at 100.00 | A | 2,298,809
| Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, |  |  |
| Refunding Series 2016MI: |  |  |
5,805 | 5.000%, 12/01/45 | 6/26 at 100.00 | AA– | 5,666,841
145 | 5.000%, 12/01/45, (Pre-refunded 6/01/26) | 6/26 at 100.00 | N/R (5) | 152,942
2,705 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco | 12/30 at 100.00 | BBB | 2,594,879
| 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+ | 765,290
| 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 | Aa2 | 13,200,292
8,280 | 2.500%, 6/01/52 | 12/30 at 100.00 | Aa2 | 4,849,844
10,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series | 10/31 at 100.00 | AA– | 5,806,800
| 2020-I, 2.625%, 10/15/56 |  |  |
| Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne |  |  |
| County Airport, Series 2015D: |  |  |
3,550 | 5.000%, 12/01/40 | 12/25 at 100.00 | A– | 3,532,818
3,600 | 5.000%, 12/01/45 | 12/25 at 100.00 | A– | 3,528,540
72,490 | Total Michigan |  |  | 55,563,995
| Minnesota – 2.2% (1.3% 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+ | 125,504
440 | 4.000%, 8/01/41 | 8/26 at 100.00 | BB+ | 334,884
2,000 | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Prairie Seeds Academy | 3/25 at 100.00 | BB– | 1,829,380
| Project, Refunding Series 2015A, 5.000%, 3/01/34 |  |  |

51

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Minnesota (continued) |  |  |
$ 1,720 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, | 7/25 at 100.00 | BB+ | $ 1,624,334
| Series 2015A, 5.500%, 7/01/50 |  |  |
| Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, |  |  |
| Essentia Health Obligated Group, Series 2018A: |  |  |
9,250 | 4.250%, 2/15/43 | 2/28 at 100.00 | A– | 8,192,170
27,325 | 4.250%, 2/15/48 | 2/28 at 100.00 | A– | 23,504,418
| Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy |  |  |
| Project, Series 2022A: |  |  |
340 | 5.250%, 6/01/42 | 6/32 at 100.00 | N/R | 306,493
215 | 5.500%, 6/01/57 | 6/32 at 100.00 | N/R | 190,881
1,400 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, | 7/32 at 100.00 | N/R | 1,206,982
| Series 2022A, 5.500%, 7/01/52 |  |  |
2,405 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | 1/32 at 100.00 | A+ | 2,021,330
| Subordinate Lien Series 2022A, 4.250%, 1/01/52 |  |  |
2,275 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020E, | 7/29 at 100.00 | AA+ | 1,618,162
| 2.700%, 7/01/44 |  |  |
| Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I: |  |  |
2,255 | 2.150%, 7/01/45 | 1/30 at 100.00 | AA+ | 1,423,852
3,625 | 2.200%, 1/01/51 | 1/30 at 100.00 | AA+ | 2,207,770
5,610 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2021H, | 1/31 at 100.00 | Aa1 | 3,936,481
| 2.550%, 1/01/46 |  |  |
| 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 | 319,962
605 | 5.000%, 4/01/46 | 4/26 at 100.00 | N/R | 421,020
2,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue | 7/25 at 100.00 | A | 1,874,180
| Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 |  |  |
90 | Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue | 4/23 at 100.00 | N/R | 87,841
| 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) | 2,904,087
3,190 | 5.000%, 11/15/44, (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R (5) | 3,326,404
68,090 | Total Minnesota |  |  | 57,456,135
| Mississippi – 0.2% (0.1% of Total Investments) |  |  |
3,720 | Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System | No Opt. Call | A2 (5) | 3,803,849
| 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 | 616,060
| 2.125%, 12/01/44 |  |  |
4,720 | Total Mississippi |  |  | 4,419,909
| Missouri – 2.6% (1.5% of Total Investments) |  |  |
2,600 | Chesterfield Valley Transportation Development District, Missouri, Transportation Sales | 5/23 at 100.00 | A– | 2,408,510
| 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 | 352,364
1,520 | 5.000%, 4/01/46, 144A | 4/26 at 100.00 | N/R | 1,235,061
15,000 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, | No Opt. Call | A2 | 12,238,800
| 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 | 3,426,337
| Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/50 |  |  |

52

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Missouri (continued) |  |  |
| 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 | $ 1,386,787
1,055 | 6.000%, 6/01/46, 144A | 6/25 at 100.00 | N/R | 903,787
2,460 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 5/23 at 100.00 | BBB | 2,486,814
| 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 | 1,432,884
2,000 | 5.000%, 5/01/45 | 11/23 at 100.00 | BBB | 2,032,460
7,040 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/23 at 100.00 | A2 | 7,069,920
| CoxHealth, Series 2013A, 5.000%, 11/15/48 |  |  |
2,250 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 12/22 at 100.00 | A1 | 2,250,675
| 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: |  |  |
5,055 | 4.000%, 2/15/44 | 2/29 at 100.00 | A1 | 4,303,979
10,095 | 4.000%, 2/15/49 | 2/29 at 100.00 | A1 | 8,349,675
405 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/23 at 100.00 | BB+ | 392,899
| 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 | 1,554,597
455 | 5.125%, 12/01/45 | 12/25 at 100.00 | N/R | 409,241
4,125 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, | No Opt. Call | A– | 4,468,860
| 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 | 10,461,178
| Park Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured |  |  |
78,790 | Total Missouri |  |  | 67,164,828
| Montana – 0.1% (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 | 1,069,038
375 | 5.250%, 5/15/47 | 5/25 at 102.00 | N/R | 317,479
1,550 | Total Montana |  |  | 1,386,517
| Nebraska – 0.7% (0.4% of Total Investments) |  |  |
1,330 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska | 11/25 at 100.00 | A | 1,294,968
| 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 | 1,931,745
1,865 | 5.000%, 11/01/48 | 11/25 at 100.00 | A | 1,797,114
7,760 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series | 3/29 at 100.00 | AA+ | 5,594,494
| 2020A, 2.700%, 9/01/43 |  |  |
6,800 | Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional | 2/27 at 100.00 | BB+ | 6,661,688
| West Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/01/37 |  |  |
19,845 | Total Nebraska |  |  | 17,280,009
| Nevada – 1.2% (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 | 384,080
| Lease Revenue Bonds, Somerset Academy, Series 2018A, 5.000%, 12/15/38, 144A |  |  |
| Henderson, Nevada, Local Improvement Bonds, Local Improvement District T-21 Black |  |  |
| Mountain Ranch, Series 2022: |  |  |
750 | 3.500%, 9/01/45 | 9/31 at 100.00 | N/R | 502,065
500 | 4.000%, 9/01/51 | 9/31 at 100.00 | N/R | 363,075

53

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Missouri (continued) |  |  |
$ 23,505 | Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue | 7/28 at 100.00 | A | $ 18,991,570
| Bonds, Series 2018B, 4.000%, 7/01/49 |  |  |
2,150 | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Refunding Series | 7/27 at 100.00 | A | 2,007,885
| 2017B, 4.000%, 7/01/36 |  |  |
1,000 | Las Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement | 11/22 at 100.00 | N/R | 855,360
| 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+ | 458,890
| Bonds, Doral Academy of Nevada, Series 2017A, 5.000%, 7/15/37, 144A |  |  |
3,950 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno | 12/28 at 100.00 | A3 | 3,305,676
| Transportation Rail Access Corridor Project, Series 2018A, 4.000%, 6/01/43 |  |  |
3,500 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, | 7/38 at 31.26 | N/R | 360,010
| ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018C, 0.000%, 7/01/58, 144A |  |  |
3,210 | Tahoe-Douglas Visitors Authority, Nevada, Stateline Revenue Bonds, Series 2020, | 7/30 at 100.00 | N/R | 2,888,133
| 5.000%, 7/01/51 |  |  |
39,475 | Total Nevada |  |  | 30,116,744
| New Hampshire – 1.2% (0.6% of Total Investments) |  |  |
16,085 | National Finance Authority, New Hampshire, Hospital Facilities Revenue Bonds, Saint | 5/31 at 100.00 | AA | 13,462,823
| Elizabeth Medical Center, Inc., Series 2021A, 4.000%, 5/01/51 |  |  |
12,045 | National Finance Authority, New Hampshire, Municipal Certificates Series 2022-1 Class A, | No Opt. Call | BBB | 10,881,007
| 4.375%, 9/20/36 2022 1 |  |  |
5,000 | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta | 7/23 at 100.00 | B | 4,154,500
| 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 | B | 874,613
| 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+ | 486,705
| Hanover, Series 2016, 5.000%, 10/01/40 |  |  |
34,815 | Total New Hampshire |  |  | 29,859,648
| New Jersey – 6.9% (3.9% of Total Investments) |  |  |
| New Jersey Economic Development Authority, School Facilities Construction Bonds, |  |  |
| Refunding Series 2016BBB: |  |  |
34,310 | 5.500%, 6/15/29, (Pre-refunded 12/15/26) | 12/26 at 100.00 | BBB (5) | 37,233,212
2,110 | 5.500%, 6/15/30, (Pre-refunded 12/15/26) | 12/26 at 100.00 | BBB (5) | 2,289,772
| New Jersey Economic Development Authority, School Facilities Construction Bonds, |  |  |
| Series 2005N-1: |  |  |
6,835 | 5.500%, 9/01/24 – AMBAC Insured | No Opt. Call | BBB | 7,045,655
5,045 | 5.500%, 9/01/28 – NPFG Insured | No Opt. Call | BBB | 5,431,144
| New Jersey Economic Development Authority, School Facilities Construction Bonds, |  |  |
| Series 2015WW: |  |  |
11,335 | 5.250%, 6/15/40 | 6/25 at 100.00 | BBB | 11,372,519
655 | 5.250%, 6/15/40, (Pre-refunded 6/15/25) | 6/25 at 100.00 | N/R (5) | 688,359
3,310 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, | 7/24 at 100.00 | AA– | 3,261,542
| Refunding Series 2014A, 5.000%, 7/01/44 |  |  |
2,035 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | No Opt. Call | BBB | 1,710,458
| Appreciation Series 2010A, 0.000%, 12/15/26 |  |  |
20,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding | No Opt. Call | BBB+ | 11,649,600
| Series 2006C, 0.000%, 12/15/33 – AGM Insured |  |  |
20,040 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/24 at 100.00 | BBB | 19,290,304
| 2014AA, 5.000%, 6/15/44 |  |  |
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: |  |  |
13,690 | 4.750%, 6/15/38 | 6/25 at 100.00 | BBB | 13,136,102
8,355 | 5.000%, 6/15/45 | 6/25 at 100.00 | BBB | 8,028,988

54

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New Jersey (continued) |  |  |
$ 5,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | BBB | $ 5,007,050
| 2019AA, 5.250%, 6/15/43 |  |  |
6,630 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/30 at 100.00 | BBB | 6,318,788
| 2020AA, 5.000%, 6/15/50 |  |  |
33,200 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, | No Opt. Call | A2 | 34,890,212
| 1/01/26 – AGM Insured |  |  |
1,150 | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, | 5/23 at 100.00 | A+ (5) | 1,160,568
| 5/01/43, (Pre-refunded 5/01/23) |  |  |
5,000 | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, | 11/30 at 100.00 | Baa2 | 3,949,250
| 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+ | 2,909,130
| Bonds, Series 2018A, 5.250%, 6/01/46 |  |  |
3,410 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 3,135,359
| 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 | 1,391,526
| Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured |  |  |
186,440 | Total New Jersey |  |  | 179,899,538
| New Mexico – 0.2% (0.1% of Total Investments) |  |  |
3,345 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 | 7/30 at 100.00 | Aaa | 2,121,232
| 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+ | 547,671
1,200 | 5.000%, 5/15/49 | 5/26 at 103.00 | BB+ | 948,456
1,000 | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross | 5/29 at 103.00 | N/R | 787,840
| Receipts Tax Increment Bonds, Senior Lien Series 2022, 4.250%, 5/01/40, 144A |  |  |
6,215 | Total New Mexico |  |  | 4,405,199
| New York – 8.0% (4.5% of Total Investments) |  |  |
14,650 | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of | 9/25 at 100.00 | N/R | 14,515,367
| 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 | 6,673,586
| 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 | 5,356,789
| School, Series 2020B-1, 5.000%, 6/01/55, 144A |  |  |
14,215 | Dormitory Authority of the State of New York, General Revenue Bonds, Northwell Health | 5/32 at 100.00 | A3 | 12,162,354
| Obligated Group, Series 2022A, 4.250%, 5/01/52, (UB) (6) |  |  |
1,535 | Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School | No Opt. Call | Baa2 | 1,566,360
| 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 | 10,260,951
| 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– | 4,083,024
| Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/45 |  |  |
| Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical |  |  |
| Center Obligated Group, Series 2015: |  |  |
2,700 | 5.000%, 12/01/40, 144A | 6/25 at 100.00 | BBB– | 2,428,677
5,600 | 5.000%, 12/01/45, 144A | 6/25 at 100.00 | BBB– | 4,879,168
2,095 | Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health | 12/32 at 100.00 | BBB+ | 1,964,523
| Project, Series 2022A, 5.250%, 12/01/52 |  |  |
2,120 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/30 at 100.00 | N/R | 1,964,138
| Academy Charter School Project, Refunding Series 2020B, 5.570%, 2/01/41 |  |  |

55

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
$ 2,695 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/27 at 100.00 | N/R | $ 2,719,605
| 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 | 3,067,470
| 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 | 1,160,793
| 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 | 911,009
2,130 | 4.600%, 2/01/51 | 2/30 at 100.00 | A2 | 1,498,093
| Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green |  |  |
| Climate Bond Certified Series 2020C-1: |  |  |
2,790 | 5.000%, 11/15/50 | 5/30 at 100.00 | BBB+ | 2,525,369
3,155 | 5.250%, 11/15/55 | 5/30 at 100.00 | BBB+ | 2,971,442
8,390 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 11/30 at 100.00 | BBB+ | 6,463,656
| Climate Bond Certified Series 2020D-2, 4.000%, 11/15/48 |  |  |
5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 11/30 at 100.00 | BBB+ | 3,829,550
| Climate Bond Certified Series 2020D-3, 4.000%, 11/15/49 |  |  |
2,210 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | No Opt. Call | BBB+ | 2,257,206
| Green Climate Certified Series 2017C-1, 5.000%, 11/15/24 |  |  |
7,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | 11/30 at 100.00 | BBB+ | 5,920,125
| 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 | 2,707,894
| 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– | 1,013,510
| Health Services of Long Island Obligated Group Project, Series 2014, 5.000%, 7/01/31 |  |  |
7,285 | Nassau County, New York, General Obligation Bonds, General Improvement Series 2022A, | 4/32 at 100.00 | A | 6,393,826
| 4.000%, 4/01/41 |  |  |
15,000 | New York City Housing Development Corporation, New York, Sustainable Impact Revenue | 2/28 at 100.00 | Aa2 | 9,140,850
| 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+ | 11,774,789
| General Resolution Revenue Bonds, Fiscal 2016 Series BB-1, 5.000%, 6/15/46, (UB) (6) |  |  |
5 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, | 12/22 at 100.00 | AA– | 5,008
| 4/01/26 – FGIC Insured |  |  |
28,615 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 25,141,139
| Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A |  |  |
15,940 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 7 World Trade | 3/30 at 100.00 | Aaa | 10,967,995
| Center Project, Refunding Green Series 2022A-CL2, 3.125%, 9/15/50 |  |  |
2,560 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Bank of | 3/29 at 100.00 | Baa2 | 2,080,230
| America Tower at One Bryant Park Project, Second Priority Refunding Series 2019 Class 3, |  |  |
| 2.800%, 9/15/69 |  |  |
3,500 | New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond | 5/28 at 100.00 | Aa2 | 2,280,425
| 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 | 5,385,640
| 3.750%, 10/01/43 |  |  |
1,000 | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding | 9/32 at 100.00 | AA+ | 836,550
| Group 1 Series 2022A, 4.000%, 3/15/50 |  |  |
15,000 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | 9/30 at 100.00 | Aa2 | 12,684,300
| General Purpose, Series 2020A, 4.000%, 3/15/49 |  |  |
5,000 | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & | 11/32 at 100.00 | Aa3 | 4,065,750
| Tunnels, Series 2022A, 4.000%, 11/15/52 |  |  |

56

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
$ 10,010 | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & | 11/32 at 100.00 | AA+ | $ 8,141,233
| Tunnels, TBTA Capital Lockbox-City Sales Tax, Series 2022A, 4.000%, 5/15/57 |  |  |
7,110 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 6,080,259
246,390 | Total New York |  |  | 207,878,653
| North Carolina – 0.1% (0.1% of Total Investments) |  |  |
2,150 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue | 7/27 at 100.00 | N/R | 1,778,932
| Bonds, Aldersgate United Retirement Community Inc., Refunding Series 2017A, 5.000%, 7/01/47 |  |  |
1,000 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, | 7/26 at 100.00 | Baa3 | 909,480
| 5.000%, 7/01/54 |  |  |
3,150 | Total North Carolina |  |  | 2,688,412
| North Dakota – 1.9% (1.1% of Total Investments) |  |  |
9,950 | Cass County, North Dakota, Health Care Facilities Revenue Bonds, Essential Health | 2/28 at 100.00 | A– | 8,566,453
| Obligated Group, Series 2018B, 4.250%, 2/15/48 |  |  |
4,525 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/27 at 100.00 | BBB– | 4,224,268
| Obligated Group, Series 2017A, 5.000%, 12/01/42 |  |  |
1,000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/31 at 100.00 | BBB– | 693,120
| Obligated Group, Series 2021, 3.000%, 12/01/46 – AGM Insured |  |  |
1,000 | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley | 12/26 at 100.00 | N/R | 863,760
| Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 |  |  |
3,820 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2020B, | 1/30 at 100.00 | Aa1 | 2,595,690
| 2.500%, 7/01/44 |  |  |
1,000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series | 1/32 at 100.00 | Aa1 | 847,850
| 2022F, 4.250%, 1/01/47 |  |  |
| 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– | 8,596,100
28,050 | 5.000%, 6/01/53 | 6/28 at 100.00 | BBB– | 22,092,741
2,535 | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC | 9/23 at 100.00 | N/R | 1,267,500
| Project, Series 2013, 7.750%, 9/01/38 (4) |  |  |
61,880 | Total North Dakota |  |  | 49,747,482
| Ohio – 11.2% (6.4% of Total Investments) |  |  |
9,495 | $280,000,000, Count of Washington, Ohio, Hospital Facilities Revenue Bonds, Series 2022, | 12/32 at 100.00 | N/R | 8,465,837
| (Memorial Health System Obligated Group), 6.750%, 12/01/52 |  |  |
2,000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities | 11/30 at 100.00 | BBB+ | 1,341,480
| Revenue Bonds, Summa Health Obligated Group, Refunding Series 2020, 3.000%, 11/15/40 |  |  |
70,220 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | 7,018,489
| 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: |  |  |
42,960 | 3.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 27,955,361
14,060 | 4.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 11,148,736
50,910 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 42,910,003
| Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 |  |  |
| Centerville, Ohio Health Care Improvement Revenue Bonds, Graceworks Lutheran Services, |  |  |
| Refunding & Improvement Series 2017: |  |  |
2,750 | 5.250%, 11/01/37 | 11/27 at 100.00 | N/R | 2,504,755
3,200 | 5.250%, 11/01/47 | 11/27 at 100.00 | N/R | 2,722,912
3,345 | Cleveland Heights-University Heights City School District, Ohio, General Obligation | 6/23 at 100.00 | A1 (5) | 3,380,624
| 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 | Baa3 | 3,466,900
| Series 2018A, 5.250%, 11/15/48 |  |  |

57

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Ohio (continued) |  |  |
$ 37,150 | Cuyahoga County, Ohio, Certificates of Participation, Convention Hotel Project, Series | 6/24 at 100.00 | A1 | $ 34,400,900
| 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+ | 930,404
1,750 | 4.000%, 9/01/45 | 9/29 at 100.00 | BB+ | 1,321,810
2,000 | 5.000%, 9/01/49 | 9/29 at 100.00 | BB+ | 1,645,840
6,840 | Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, | 12/29 at 100.00 | BBB– | 6,159,352
| Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51 |  |  |
3,985 | Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, | 12/27 at 100.00 | AA– | 2,997,358
| 3.250%, 12/01/42 |  |  |
37,375 | JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien | 1/23 at 100.00 | Aa3 (5) | 37,488,620
| Series 2013A, 5.000%, 1/01/38, (Pre-refunded 1/01/23) |  |  |
| 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 | 4,700,353
6,000 | 5.250%, 12/01/31 – AGM Insured | No Opt. Call | A2 | 6,574,980
12,000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System | 2/23 at 100.00 | Ba2 | 10,169,160
| 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%, 8/01/23 |  |  |
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) |  |  |
25,880 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 23,925,801
| FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.750%, 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 | 460,850
| 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 | A+ | 1,340,899
| 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 | A+ (5) | 5,021,473
| 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 | 1,412
| Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (4) |  |  |
20,505 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 18,956,667
| Nuclear Generating Corporation Project, Series 2009A, 4.750%, 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 | 18,933,555
| Nuclear Generating Corporation Project, Series 2010B, 4.750%, 6/01/33, (Mandatory |  |  |
| Put 6/01/22) |  |  |
3,000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment | 11/30 at 100.00 | N/R | 2,185,470
| 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– | 1,097,212
870 | 6.000%, 12/01/42 | 12/22 at 100.00 | BB– | 871,914

58

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Ohio (continued) |  |  |
$ 1,330 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education | 3/25 at 100.00 | N/R | $ 1,268,607
| Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, |  |  |
| 6.000%, 3/01/45 |  |  |
411,780 | Total Ohio |  |  | 291,385,460
| Oklahoma – 0.9% (0.5% of Total Investments) |  |  |
| Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine |  |  |
| Project, Series 2018B: |  |  |
1,000 | 5.500%, 8/15/52 | 8/28 at 100.00 | BB+ | 819,300
23,475 | 5.500%, 8/15/57 | 8/28 at 100.00 | BB+ | 18,843,148
| Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine |  |  |
| Project, Taxable Series 2022: |  |  |
1,150 | 5.500%, 8/15/41 | 8/32 at 100.00 | N/R | 1,017,888
1,390 | 5.500%, 8/15/44 | 8/32 at 100.00 | N/R | 1,206,979
2,340 | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, | 11/25 at 102.00 | BBB– | 2,231,751
| Montereau, Inc Project, Refunding Series 2017, 5.250%, 11/15/45 |  |  |
29,355 | Total Oklahoma |  |  | 24,119,066
| Oregon – 0.1% (0.0% 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 | 440,630
220 | 5.250%, 11/15/50 | 11/25 at 102.00 | N/R | 185,718
315 | 5.375%, 11/15/55 | 11/25 at 102.00 | N/R | 266,685
| 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 | 933,080
800 | 5.500%, 10/01/49 | 10/24 at 100.00 | N/R | 744,848
2,835 | Total Oregon |  |  | 2,570,961
| Pennsylvania – 5.9% (3.4% of Total Investments) |  |  |
14,805 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny | 4/28 at 100.00 | A | 12,120,705
| 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 | 2,178,583
| 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 | 13,201,119
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 | 6,740,178
| Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 |  |  |
20,970 | Berks County Industrial Development Authority, Pennsylvania, Health System Revenue | 11/27 at 100.00 | B+ | 13,980,699
| 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– | 2,416,603
6,420 | 5.125%, 3/15/46 | 3/27 at 100.00 | BBB– | 6,194,016
10,850 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | 6/28 at 100.00 | A1 | 9,894,441
| Settlement, Series 2018, 4.000%, 6/01/39 – AGM Insured, (UB) (6) |  |  |

59

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Pennsylvania (continued) |  |  |
| Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran |  |  |
| Social Ministries Project, Series 2015: |  |  |
$ 170 | 5.000%, 1/01/29, (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (5) | $ 176,020
435 | 5.000%, 1/01/29 | 1/25 at 100.00 | BBB+ | 438,606
395 | 5.000%, 1/01/29, (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (5) | 408,987
3,000 | Dubois Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Penn Highlands | 1/28 at 100.00 | A– | 2,899,350
| 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– | 1,117,437
| Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45 |  |  |
| Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown |  |  |
| Concession, Series 2013A: |  |  |
815 | 5.125%, 12/01/47, (Pre-refunded 12/01/23) | 12/23 at 100.00 | N/R (5) | 831,642
695 | 5.125%, 12/01/47 | 12/23 at 100.00 | A | 676,597
1,750 | McCandless Industrial Development Authority, Pennsylvania, La Roche University Revenue | 12/32 at 100.00 | N/R | 1,656,568
| Bonds, Series A and B of 2022, 6.750%, 12/01/46 |  |  |
| Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue |  |  |
| Bonds, Albert Einstein Healthcare Network Issue, Series 2015A: |  |  |
11,030 | 5.250%, 1/15/45, (Pre-refunded 1/15/25) | 1/25 at 100.00 | Ba1 (5) | 11,456,751
1,200 | 5.250%, 1/15/46, (Pre-refunded 1/15/25) | 1/25 at 100.00 | Ba1 (5) | 1,246,428
10,765 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue | 9/25 at 100.00 | CCC | 8,854,213
| Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 0.000%, 12/01/38 (4) |  |  |
3,500 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 4/29 at 100.00 | AA+ | 2,537,220
| 2019-131A, 3.100%, 10/01/44 |  |  |
3,415 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series | 10/30 at 100.00 | AA+ | 2,006,927
| 2021-135A, 2.500%, 10/01/50 |  |  |
13,550 | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Series 2018A, | 12/28 at 100.00 | Aa3 | 13,744,984
| 5.250%, 12/01/44 |  |  |
3,705 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, | 6/25 at 100.00 | A+ | 3,690,958
| 12/01/45 |  |  |
11,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, | 6/26 at 100.00 | A2 | 11,998,580
| 6.250%, 6/01/33 – AGM Insured |  |  |
15,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, | 12/25 at 100.00 | A3 | 14,505,750
| 5.000%, 12/01/45 |  |  |
5,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2019A, | 12/29 at 100.00 | A3 | 4,039,050
| 4.000%, 12/01/49 |  |  |
5,290 | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, | 1/23 at 100.00 | Baa3 | 4,932,766
| Series 2012B, 4.000%, 1/01/33 |  |  |
178,190 | Total Pennsylvania |  |  | 153,952,215
| Puerto Rico – 6.6% (3.8% of Total Investments) |  |  |
4,934 | Cofina Class 2 Trust Tax-Exempt Class 2047, Puerto Rico. Unit Exchanged From Cusip | No Opt. Call | N/R | 1,720,996
| 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 | 2,426,079
| 74529JAP0, 0.000%, 8/01/54 |  |  |
10,280 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien | 7/32 at 100.00 | N/R | 9,291,372
| Forward Delivery Series 2022A, 5.000%, 7/01/37, 144A |  |  |
| Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien |  |  |
| Series 2020A: |  |  |
2,000 | 5.000%, 7/01/30, 144A | No Opt. Call | N/R | 1,916,280
2,000 | 5.000%, 7/01/35, 144A | 7/30 at 100.00 | N/R | 1,838,280
19,925 | 5.000%, 7/01/47, 144A | 7/30 at 100.00 | N/R | 17,076,323

60

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Puerto Rico (continued) |  |  |
| Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien |  |  |
| Series 2021B: |  |  |
$ 5,000 | 5.000%, 7/01/33, 144A | 7/31 at 100.00 | N/R | $ 4,669,650
7,510 | 4.000%, 7/01/42, 144A | 7/31 at 100.00 | N/R | 5,752,960
8,070 | 4.000%, 7/01/47, 144A | 7/31 at 100.00 | N/R | 5,889,648
600 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, | 12/22 at 100.00 | Baa2 | 593,832
| 5.000%, 7/01/29 – NPFG Insured |  |  |
425 | Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, | No Opt. Call | AA+ | 431,333
| 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 | 1,843,091
9,828 | 0.000%, 7/01/33 | 7/28 at 86.06 | N/R | 5,283,729
260 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 236,377
13,001 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 2,831,618
27,086 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 4,215,394
21,716 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 18,166,303
7,395 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 6,359,552
723 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured | 7/28 at 100.00 | N/R | 583,034
| Cofina Project Series 2019B-2, 4.536%, 7/01/53 |  |  |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable |  |  |
| Restructured Cofina Project Series 2019A-2: |  |  |
8,040 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 6,763,248
27,258 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 22,929,429
14,530 | 4.784%, 7/01/58 | 7/28 at 100.00 | N/R | 12,033,165
| Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1: |  |  |
3,564 | 5.625%, 7/01/29 | No Opt. Call | N/R | 3,590,516
2,581 | 5.750%, 7/01/31 | No Opt. Call | N/R | 2,601,777
18,062 | 0.000%, 7/01/33 | 7/31 at 89.94 | N/R | 9,206,743
9,550 | 4.000%, 7/01/33 | 7/31 at 103.00 | N/R | 8,101,454
7,598 | 4.000%, 7/01/35 | 7/31 at 103.00 | N/R | 6,227,321
10,194 | 4.000%, 7/01/37 | 7/31 at 103.00 | N/R | 8,133,589
1,834 | 4.000%, 7/01/41 | 7/31 at 103.00 | N/R | 1,399,544
151 | 4.000%, 7/01/46 | 7/31 at 103.00 | N/R | 109,996
256,890 | Total Puerto Rico |  |  | 172,222,633
| Rhode Island – 1.9% (1.1% of Total Investments) |  |  |
1,000 | Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New | 9/23 at 100.00 | N/R (5) | 1,022,520
| 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+ | 2,632,318
| Program, 2019 Series 71, 3.100%, 10/01/44 |  |  |
10,445 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond | 4/31 at 100.00 | AA+ | 7,184,280
| Program, 2022 Series 76A, 2.550%, 10/01/42 |  |  |
295,135 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 11/22 at 17.44 | CCC– | 39,660,241
| Bonds, Series 2007A, 0.000%, 6/01/52 |  |  |
310,005 | Total Rhode Island |  |  | 50,499,359
| South Carolina – 2.7% (1.5% of Total Investments) |  |  |
7,600 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, | No Opt. Call | A– | 5,348,044
| 0.000%, 1/01/31 – AMBAC Insured |  |  |
2,000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series | 7/31 at 100.00 | Aaa | 1,730,880
| 2022B, 4.350%, 7/01/47 |  |  |
| 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– | 753,038
1,165 | 4.000%, 4/01/54 | 4/26 at 103.00 | BBB– | 772,406
1,630 | 5.000%, 4/01/54 | 4/26 at 103.00 | BBB– | 1,352,998

61

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| South Carolina (continued) |  |  |
| 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 | $ 345,663
1,000 | 5.000%, 1/01/55, 144A | 1/30 at 100.00 | N/R | 774,490
| 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 | 856,310
750 | 5.000%, 5/01/42 | 5/23 at 104.00 | N/R | 608,843
11,455 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 6/25 at 100.00 | A– | 11,026,583
| Improvement Series 2015A, 5.000%, 12/01/50 (6) |  |  |
34,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 6/25 at 100.00 | A– | 32,728,400
| Improvement Series 2015A, 5.000%, 12/01/50, (UB) (6) |  |  |
| South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & |  |  |
| Improvement Series 2020A: |  |  |
7,565 | 3.000%, 12/01/41 – BAM Insured | 12/30 at 100.00 | A3 | 5,542,649
5,085 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 12/24 at 100.00 | A– | 4,911,347
| Series 2014C, 5.000%, 12/01/46 |  |  |
5,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 6/32 at 100.00 | A3 | 3,948,400
| Series 2022A, 4.000%, 12/01/55 |  |  |
79,545 | Total South Carolina |  |  | 70,700,051
| South Dakota – 1.2% (0.7% of Total Investments) |  |  |
15,050 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, | 7/27 at 100.00 | A1 | 14,659,453
| Refunding Series 2017, 5.000%, 7/01/46 |  |  |
10,980 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument | 9/30 at 100.00 | A1 | 9,077,495
| Health, Inc., Series 2020A, 4.000%, 9/01/50 |  |  |
3,765 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional | 9/27 at 100.00 | A1 | 3,738,080
| Health, Refunding Series 2017, 5.000%, 9/01/40 |  |  |
6,000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series | 11/30 at 100.00 | AAA | 4,174,500
| 2022B, 2.500%, 11/01/42 |  |  |
35,795 | Total South Dakota |  |  | 31,649,528
| Tennessee – 0.8% (0.5% of Total Investments) |  |  |
12,895 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 1/23 at 100.00 | BBB+ (5) | 12,935,104
| Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45, (Pre-refunded 1/01/23) |  |  |
1,850 | Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, | 10/24 at 100.00 | Baa3 | 1,801,604
| Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/39 |  |  |
1,500 | Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue | 2/29 at 100.00 | A | 1,237,425
| Bonds, East Tennessee Children’s Hospital, Series 2019, 4.000%, 11/15/48 |  |  |
2,645 | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, | 7/27 at 100.00 | N/R | 1,895,433
| Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.500%, 7/01/37 |  |  |
875 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2020-3A, | 7/29 at 100.00 | AA+ | 594,475
| 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 | 2,700,000
| Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, |  |  |
| 6/01/47, 144A (4) |  |  |
29,765 | Total Tennessee |  |  | 21,164,041
| Texas – 13.1% (7.5% of Total Investments) |  |  |
3,465 | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public | 9/23 at 103.00 | N/R | 3,536,067
| Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 |  |  |
2,910 | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public | 9/23 at 103.00 | N/R | 2,955,978
| Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 |  |  |

62

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 5,480 | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, | 11/25 at 100.00 | Aa3 | $ 5,564,940
| 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 | 2,190,150
| Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 12/01/45 |  |  |
2,225 | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement | 3/23 at 103.00 | N/R | 2,257,819
| District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 |  |  |
3,960 | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement | 3/23 at 103.00 | N/R | 4,036,111
| District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, |  |  |
| 8.250%, 9/01/40 |  |  |
360 | Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District | 9/24 at 100.00 | N/R | 362,592
| Neighborhood Improvement Area 1 Project, Series 2015, 6.250%, 9/01/45 |  |  |
| Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020A: |  |  |
3,000 | 5.000%, 1/01/44 | 1/30 at 100.00 | Baa1 | 2,907,600
3,940 | 5.000%, 1/01/49 | 1/30 at 100.00 | Baa1 | 3,742,842
3,335 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020E, | 1/30 at 100.00 | Baa1 | 3,206,202
| 5.000%, 1/01/45 |  |  |
13,685 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, | 7/25 at 100.00 | Baa1 (5) | 14,274,002
| 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 | Baa1 | 4,903,013
| 3.375%, 1/01/41 |  |  |
| 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– | 657,586
685 | 4.400%, 12/01/47 | 12/22 at 100.00 | BBB– | 571,126
4,000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift | 6/25 at 100.00 | BBB– | 3,736,360
| 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: |  |  |
455 | 5.750%, 9/01/28 | 9/23 at 103.00 | N/R | 462,430
725 | 6.500%, 9/01/46 | 9/23 at 103.00 | N/R | 738,898
2,520 | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series | 9/23 at 100.00 | N/R (5) | 2,582,143
| 2013A, 6.375%, 9/01/42, (Pre-refunded 9/01/23) |  |  |
400 | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series | 9/24 at 100.00 | BBB– | 385,772
| 2014A, 5.250%, 9/01/44 |  |  |
1,255 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy | 12/22 at 100.00 | Baa2 | 1,151,651
| Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 |  |  |
8,920 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy | 12/22 at 100.00 | Baa2 | 7,921,584
| Inc. Project, Series 2012B, 4.750%, 11/01/42 |  |  |
| 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) | 20,361,200
10,000 | 5.000%, 4/01/53, (Pre-refunded 10/01/23), (UB) (6) | 10/23 at 100.00 | AA (5) | 10,158,300
5,470 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender |  |  |
| Option Bond Trust 2015-XF0228: 11.840%, 11/01/44, (Pre-refunded 10/01/23), 144A, (IF) (6) | 10/23 at 100.00 | AA (5) | 5,816,579
4,255 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 6/25 at 100.00 | AA | 4,187,473
| 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 | 5,672,954
| Trust 2015-XF0074, 9.786%, 8/15/32 – AGM Insured, 144A, (IF) |  |  |
6,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation | 11/31 at 44.13 | A2 | 1,396,380
| Refunding Senior Lien Series 2014A, 0.000%, 11/15/48 |  |  |
6,000 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien | 11/24 at 100.00 | BBB | 6,007,440
| Series 2014A, 5.000%, 11/15/53 |  |  |

63

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
| Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3: |  |  |
$ 14,055 | 0.000%, 11/15/34 – NPFG Insured | 11/24 at 55.69 | BB | $ 7,021,597
1,940 | 0.000%, 11/15/34, (Pre-refunded 11/15/24) – NPFG Insured | 11/24 at 55.69 | Baa2 (5) | 1,005,366
| Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee |  |  |
| Revenue Bonds, Senior Lien Series 2022A: |  |  |
2,295 | 0.000%, 12/01/42 | 12/31 at 68.27 | BBB– | 733,275
3,000 | 0.000%, 12/01/43 | 12/31 at 65.48 | BBB– | 893,460
3,000 | 0.000%, 12/01/44 | 12/31 at 62.57 | BBB– | 835,680
4,000 | 0.000%, 12/01/45 | 12/31 at 59.85 | BBB– | 1,044,120
7,165 | 0.000%, 12/01/46 | 12/31 at 57.36 | BBB– | 1,750,051
7,580 | 0.000%, 12/01/47 | 12/31 at 55.10 | BBB– | 1,741,884
7,095 | 0.000%, 12/01/48 | 12/31 at 52.91 | BBB– | 1,541,460
7,550 | 0.000%, 12/01/49 | 12/31 at 50.78 | BBB– | 1,538,992
5,140 | 0.000%, 12/01/50 | 12/31 at 48.73 | BBB– | 981,072
4,000 | 0.000%, 12/01/51 | 12/31 at 46.73 | BBB– | 716,840
5,000 | Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, | 8/25 at 100.00 | AAA | 4,415,600
| Inc., Refunding Series 2015, 4.000%, 8/15/44 |  |  |
| Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and |  |  |
| Entertainment Project, Series 2001B: |  |  |
4,090 | 0.000%, 9/01/26 – AMBAC Insured | No Opt. Call | A2 | 3,509,384
4,865 | 0.000%, 9/01/27 – AGM Insured | No Opt. Call | A2 | 4,001,900
4,715 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015, | 9/24 at 100.00 | A | 4,725,373
| 5.000%, 9/01/40 |  |  |
17,000 | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series | No Opt. Call | A2 (5) | 20,109,130
| 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– | 953,104
| 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 | 1,000,500
| 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 | 3,060,986
3,125 | 6.125%, 12/01/38 | 12/25 at 100.00 | B1 | 3,110,875
| 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– | 1,786,988
1,785 | 5.000%, 9/15/48 | 9/25 at 100.00 | BBB– | 1,642,093
| 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– | 1,802,503
6,015 | 5.000%, 11/01/51 | 11/23 at 103.00 | BBB– | 4,512,273
745 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility | 1/25 at 100.00 | N/R | 611,265
| Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014, 5.500%, 1/01/43 |  |  |
210 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/26 at 100.00 | N/R (5) | 220,324
| Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University- |  |  |
| Corpus Christi Project, Series 2016A, 5.000%, 4/01/48, (Pre-refunded 4/01/26) |  |  |
4,530 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | A2 | 4,440,306
| 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) | 858,966
| Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M |  |  |
| University – San Antonio Project, Series 2016A, 5.000%, 4/01/48, (Pre-refunded 4/01/26) |  |  |

64

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
| New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing |  |  |
| Revenue Bonds, CHF-Collegiate Housing Foundation – Stephenville II, L.L.C. – Tarleton |  |  |
| State University Project, Series 2014A: |  |  |
$ 1,000 | 5.000%, 4/01/34, (Pre-refunded 4/01/24) | 4/24 at 100.00 | N/R (5) | $ 1,021,740
2,200 | 5.000%, 4/01/39, (Pre-refunded 4/01/24) | 4/24 at 100.00 | N/R (5) | 2,247,828
1,600 | 5.000%, 4/01/46, (Pre-refunded 4/01/24) | 4/24 at 100.00 | N/R (5) | 1,634,784
5,540 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | N/R (5) | 5,660,440
| 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) |  |  |
| 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) | 3,068,865
3,910 | 6.750%, 9/01/45, (Pre-refunded 9/01/31) | 9/31 at 100.00 | N/R (5) | 4,831,235
6,155 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, | 1/23 at 100.00 | A+ (5) | 6,173,711
| 5.000%, 1/01/40, (Pre-refunded 1/01/23) |  |  |
2,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series | 1/25 at 100.00 | A | 2,014,560
| 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 | 613,977
| 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 | 829,550
| 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) | 1,903,136
| Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43, |  |  |
| (Pre-refunded 9/01/23) |  |  |
12,640 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 5/26 at 100.00 | AA– | 12,389,728
| Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 |  |  |
20,530 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 7/32 at 100.00 | A+ | 16,392,179
| Christus Health, Series 2022A, 4.000%, 7/01/53 |  |  |
3,955 | Texas City Industrial Development Corporation, Texas, Industrial Development Revenue | 2/25 at 100.00 | Baa2 | 3,101,986
| Bonds, NRG Energy, inc. Project, Fixed Rate Series 2012, 4.125%, 12/01/45 |  |  |
2,635 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, | 9/27 at 100.00 | AA+ | 2,596,529
| Series 2018A, 4.250%, 9/01/43 |  |  |
| Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, |  |  |
| Series 2021A: |  |  |
7,175 | 2.250%, 9/01/46 | 3/30 at 100.00 | AA+ | 4,252,551
6,925 | 2.350%, 9/01/51 | 3/30 at 100.00 | AA+ | 3,906,323
| Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue |  |  |
| Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A: |  |  |
5,810 | 4.000%, 12/31/36 | 12/30 at 100.00 | BBB– | 5,113,730
2,735 | 4.000%, 6/30/37 | 12/30 at 100.00 | BBB– | 2,391,730
| Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding |  |  |
| First Tier Series 2015B: |  |  |
11,280 | 0.000%, 8/15/36 | 8/24 at 59.60 | A3 | 5,533,066
10,000 | 0.000%, 8/15/37 | 8/24 at 56.94 | A3 | 4,596,600
| Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding |  |  |
| Second Tier Series 2015C: |  |  |
5,230 | 5.000%, 8/15/37 | 8/24 at 100.00 | Baa1 | 5,265,407
31,810 | 5.000%, 8/15/42 | 8/24 at 100.00 | Baa1 | 31,918,154
7,500 | Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll | 2/29 at 100.00 | Baa3 | 6,862,575
| Series 2019A, 5.000%, 8/01/57 |  |  |
4,400 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series | No Opt. Call | A3 | 3,956,568
| 2002A, 0.000%, 8/15/25 – AMBAC Insured |  |  |
970 | Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue | 5/23 at 100.00 | AA– | 978,032
| Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured |  |  |
417,825 | Total Texas |  |  | 341,565,543

65

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Utah – 0.3% (0.2% of Total Investments) |  |  |
| Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds, |  |  |
| Series 2021A: |  |  |
$ 510 | 3.750%, 3/01/41, 144A | 9/26 at 103.00 | N/R | $ 371,872
1,095 | 4.000%, 3/01/51, 144A | 9/26 at 103.00 | N/R | 750,557
5,085 | Downtown East Streetcar Sewer Public Infrastructure District, South Salt Lake, Salt Lake | 9/27 at 103.00 | N/R | 4,605,891
| County, Utah, Limited Tax General Obligation Bonds, Series 2022A, 6.000%, 3/01/53, 144A |  |  |
3,360 | MIDA Military Installation Development Authority Golf and Equestrian Center Public | 12/26 at 103.00 | N/R | 2,341,651
| Infrastructure District, Utah, Limited Tax and Tax Allocation Revenue Bonds, Series 2021, |  |  |
| 4.625%, 6/01/57, 144A |  |  |
500 | Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, | 2/26 at 103.00 | N/R | 356,345
| Series 2021A, 4.375%, 2/01/51, 144A |  |  |
10,550 | Total Utah |  |  | 8,426,316
| 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 | 1,288,188
| Project, Series 2021A, 4.000%, 5/01/45 |  |  |
| Virgin Islands – 0.2% (0.1% of Total Investments) |  |  |
1,790 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding | 12/22 at 100.00 | A2 | 1,797,607
| Series 2012A, 5.000%, 10/01/32 – AGM Insured |  |  |
4,715 | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds, WICO | 10/29 at 104.00 | N/R | 4,374,860
| Financing, Series 2022A, 6.375%, 4/01/52, 144A |  |  |
6,505 | Total Virgin Islands |  |  | 6,172,467
| Virginia – 0.6% (0.3% of Total Investments) |  |  |
| Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, |  |  |
| Series 2015: |  |  |
1,200 | 5.300%, 3/01/35, (Pre-refunded 3/01/25), 144A | 3/25 at 100.00 | N/R (5) | 1,243,044
1,085 | 5.600%, 3/01/45, (Pre-refunded 3/01/25), 144A | 3/25 at 100.00 | N/R (5) | 1,134,476
5,500 | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton | 7/30 at 100.00 | AA | 5,653,230
| Roads Transportation Fund, Senior Lien Series 2020A, 5.000%, 7/01/60 |  |  |
| 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 | 862,664
2,690 | 4.000%, 12/01/50 | 12/27 at 103.00 | N/R | 1,863,740
2,000 | Peninsula Town Center Community Development Authority, Virginia, Special Obligation | 9/27 at 100.00 | N/R | 1,707,020
| Bonds, Refunding Series 2018, 5.000%, 9/01/45, 144A |  |  |
1,000 | Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount | 7/25 at 100.00 | Ba2 | 973,770
| University Project, Green Series 2015B, 5.250%, 7/01/35, 144A |  |  |
2,005 | Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue | 4/28 at 112.76 | N/R | 1,906,334
| Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, |  |  |
| 8.375%, 4/01/41, 144A |  |  |
16,595 | Total Virginia |  |  | 15,344,278
| Washington – 1.9% (1.1% of Total Investments) |  |  |
5,000 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, | 7/25 at 100.00 | AA– | 5,145,600
| Refunding Series 2015A, 5.000%, 7/01/38, (UB) (6) |  |  |
| Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & |  |  |
| Services, Tender Option Bond Trust 2015-XF0148: |  |  |
1,030 | 17.922%, 10/01/44, 144A, (IF) | 10/24 at 100.00 | A+ | 947,425
220 | 17.922%, 10/01/44, 144A, (IF) | 10/24 at 100.00 | N/R | 202,362
19,830 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center | 9/30 at 100.00 | A2 | 18,777,622
| Alliance, Series 2020, 5.000%, 9/01/55 |  |  |

66

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Washington (continued) |  |  |
| Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, |  |  |
| Presbyterian Retirement Communities Northwest Project, Refunding Series 2016A: |  |  |
$ 5,450 | 5.000%, 1/01/46, 144A | 1/25 at 102.00 | BB | $ 4,286,806
3,650 | 5.000%, 1/01/51, 144A | 1/25 at 102.00 | BB | 2,789,659
21,510 | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, | No Opt. Call | AA+ | 17,274,251
| 0.000%, 6/01/28 – NPFG Insured, (UB) (6) |  |  |
56,690 | Total Washington |  |  | 49,423,725
| West Virginia – 1.7% (0.9% of Total Investments) |  |  |
1,900 | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, | 6/27 at 100.00 | N/R | 1,864,451
| 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 | 384,783
| 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) | 41,467,198
| Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44, |  |  |
| (Pre-refunded 6/01/23) |  |  |
43,315 | Total West Virginia |  |  | 43,716,432
| Wisconsin – 4.1% (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 | 1,595,930
305 | 5.125%, 2/01/46, 144A | 2/26 at 100.00 | N/R | 264,539
1,715 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community | 6/26 at 100.00 | N/R | 1,400,469
| 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 | 425,855
| 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 | 1,296,524
| Academy Project, Series 2016A, 5.125%, 5/01/36, 144A |  |  |
6,000 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Phoenix Academy | 6/24 at 100.00 | N/R | 5,251,920
| Charter School, North Carolina, Series 2017A, 5.625%, 6/15/37, 144A |  |  |
| Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter |  |  |
| Academy, North Carolina, Series 2017A: |  |  |
1,000 | 5.500%, 6/15/37, 144A | 6/27 at 100.00 | N/R | 961,100
1,790 | 5.625%, 6/15/47, 144A | 6/27 at 100.00 | N/R | 1,656,520
15,205 | Public Finance Authority of Wisconsin, Health Care System Revenue Bonds, Cone Health, | 10/32 at 100.00 | N/R | 12,547,774
| Series 2022A, 4.000%, 10/01/52, (UB) (6) |  |  |
35,100 | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American | 12/27 at 100.00 | N/R | 28,803,060
| 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 | 1,310,717
| Senior Series 2017A, 7.000%, 10/01/47, 144A (4) |  |  |
| Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., |  |  |
| Series 2017A: |  |  |
1,235 | 5.000%, 12/01/27 | No Opt. Call | BBB– | 1,241,496
1,815 | 5.200%, 12/01/37 | 12/27 at 100.00 | BBB– | 1,827,269
| 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 | 1,171,040
4,765 | 5.000%, 4/01/50, 144A | 4/30 at 100.00 | BB | 3,988,067
| 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– | 3,795,295
1,575 | 5.000%, 6/15/48, 144A | 6/26 at 100.00 | BBB– | 1,390,993

67

NVG | Nuveen AMT-Free Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Wisconsin (continued) |  |  |
$ 2,500 | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, | 5/26 at 100.00 | Baa3 | $ 2,371,900
| Refunding Series 2016C, 4.050%, 11/01/30 |  |  |
| Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, |  |  |
| Inc., Series 2012: |  |  |
11,000 | 5.000%, 6/01/32 | 12/22 at 100.00 | A3 | 11,001,760
1,500 | 5.000%, 6/01/39 | 12/22 at 100.00 | A3 | 1,474,290
| 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 | 1,685,159
3,845 | 4.000%, 10/01/61 | 10/28 at 102.00 | N/R | 2,527,165
1,450 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rocket Education | 6/26 at 100.00 | N/R | 1,316,672
| Obligated Group, Series 2017C, 5.250%, 6/01/40, 144A |  |  |
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, American | 8/24 at 103.00 | N/R | 819,350
| 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) | 2,526,869
| 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 | 12/22 at 102.00 | N/R | 858,030
1,500 | 5.500%, 10/01/49 | 12/22 at 102.00 | N/R | 1,286,760
2,275 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Oakwood | 1/27 at 103.00 | N/R | 1,527,754
| Lutheran Senior Ministries, Series 2021, 4.000%, 1/01/57 |  |  |
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers | 7/24 at 100.00 | A | 1,004,550
| Memorial Hospital, Inc., Series 2014A, 5.000%, 7/01/34 |  |  |
1,850 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint | 11/26 at 103.00 | N/R | 1,433,602
| Camillus Health System Inc, Series 2019A, 5.000%, 11/01/54 |  |  |
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Three | 8/23 at 100.00 | BBB+ (5) | 1,013,810
| 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 | 2,053,385
1,775 | 5.250%, 12/01/49 | 12/22 at 102.00 | N/R | 1,432,727
| Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, |  |  |
| Series 2019A: |  |  |
2,800 | 3.150%, 11/01/44 | 11/28 at 100.00 | Aa3 | 2,153,592
3,000 | 3.200%, 11/01/49 | 11/28 at 100.00 | Aa3 | 2,202,090
126,255 | Total Wisconsin |  |  | 107,618,033
$ 5,892,135 | Total Municipal Bonds (cost $4,993,929,692) |  |  | 4,509,593,080
Shares | Description (1) |  |  | Value
| COMMON STOCKS – 2.1% (1.2% of Total Investments) |  |  |
| Independent Power And Renewable Electricity Producers – 2.1% (1.2% of Total Investments) |  |  |
676,308 | Energy Harbor Corp (9), (10) |  |  | $ 54,408,979
| Total Common Stocks (cost $15,015,822) |  |  | 54,408,979

68

Principal |  |  |  |  |
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value
| CORPORATE BONDS – 0.2% (0.1% of Total Investments) |  |  |  |
| Independent Power and Renewable Electricity Producers – 0.2% (0.1% of Total Investments) |  |  |  |
$ 15,589 | Talen Energy Corp | 0.000% | 8/31/23 | N/R | $ 4,403,777
$ 15,589 | Total Corporate Bonds (cost $ –) |  |  |  | 4,403,777
| Total Long-Term Investments (cost $5,008,945,514) |  |  |  | 4,568,405,836
| Floating Rate Obligations – (7.3)% |  |  |  | (189,620,000)
| MuniFund Preferred Shares, net of deferred offering costs – (23.4)%(11) |  |  |  | (608,669,769)
| Variable Rate Demand Preferred Shares, net of deferred offering costs – (47.4)%(12) |  |  |  | (1,233,766,379)
| Other Assets Less Liabilities – 2.6% |  |  |  | 67,417,068
| Net Assets Applicable to Common Shares – 100% |  |  |  | $ 2,603,766,756

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

(11) |  | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 13.3%.

(12) |  | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 27.0%.

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

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.

69

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| LONG-TERM INVESTMENTS – 173.3% (100.0% of Total Investments) |  |  |
| MUNICIPAL BONDS – 167.5% (96.6% of Total Investments) |  |  |
| Alabama – 0.9% (0.5% of Total Investments) |  |  |
$ 8,585 | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, | 9/25 at 100.00 | N/R | $ 8,590,752
| University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A |  |  |
2,115 | Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, | 12/22 at 100.00 | N/R (4) | 2,249,472
| Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital, |  |  |
| Series 1995, 5.000%, 11/01/25, (ETM) |  |  |
2,280 | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, | 5/26 at 100.00 | N/R | 2,251,295
| Series 2016B, 5.000%, 11/15/46 |  |  |
2,720 | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, | 5/26 at 100.00 | N/R | 2,689,481
| Series 2016C, 5.000%, 11/15/46 |  |  |
340 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | 10/29 at 100.00 | B– | 343,451
| United States Steel Corporation Project, Series 2019, 5.750%, 10/01/49, (AMT) |  |  |
1,350 | Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%, | 10/23 at 102.00 | BB+ | 1,377,729
| 10/01/48 – AGM Insured |  |  |
17,390 | Total Alabama |  |  | 17,502,180
| 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 | 1,005,090
2,950 | 5.000%, 1/01/33, (AMT) | 7/25 at 100.00 | Baa2 | 2,957,168
2,900 | 5.000%, 1/01/34, (AMT) | 7/25 at 100.00 | Baa2 | 2,912,383
6,850 | Total Alaska |  |  | 6,874,641
| Arizona – 1.7% (1.0% of Total Investments) |  |  |
2,820 | Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals | 12/24 at 100.00 | A2 | 2,820,169
| Project, Refunding Series 2014A, 5.000%, 12/01/42 |  |  |
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 2021 960240 (5) |  |  |
3,185 | Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, | 7/25 at 100.00 | N/R | 2,980,905
| Series 2015, 5.000%, 7/15/39, 144A |  |  |
1,750 | Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, | 9/28 at 100.00 | A2 | 1,740,130
| HonorHealth, Series 2019A, 5.000%, 9/01/42 |  |  |
10,000 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien | 7/27 at 100.00 | A+ | 9,659,700
| Series 2017A, 5.000%, 7/01/47, (AMT) |  |  |
| Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa |  |  |
| Project, Series 2012: |  |  |
400 | 5.000%, 7/01/27, (AMT) | 12/22 at 100.00 | A1 | 400,208
950 | 5.000%, 7/01/32, (AMT) | 12/22 at 100.00 | A1 | 950,190
| 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– | 1,601,495
2,140 | 5.500%, 7/01/51 | 7/26 at 100.00 | BB– | 1,928,718
595 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 2/24 at 100.00 | N/R | 596,119
| 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 | 2,070,506
| San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A |  |  |
35 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/25 at 100.00 | N/R | 30,367
| The Paideia Academies Project, 2019, 5.125%, 7/01/39 |  |  |

70

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Arizona (continued) |  |  |
| Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy |  |  |
| Inc Prepay Contract Obligations, Series 2007: |  |  |
$ 50 | 5.000%, 12/01/32 | No Opt. Call | BBB+ | $ 50,222
7,235 | 5.000%, 12/01/37 | No Opt. Call | BBB+ | 7,139,498
35,141 | Total Arizona |  |  | 33,609,115
| Arkansas – 0.8% (0.4% of Total Investments) |  |  |
10,055 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue | 9/25 at 105.00 | BB– | 9,097,462
| Bonds, United States Steel Corporation, Green Series 2022, 5.450%, 9/01/52, (AMT), 144A |  |  |
6,000 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/26 at 103.00 | B– | 4,706,640
| Steel Project, Series 2019, 4.500%, 9/01/49, (AMT), 144A |  |  |
2,000 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/27 at 103.00 | B– | 1,636,420
| Steel Project, Series 2020A, 4.750%, 9/01/49, (AMT), 144A |  |  |
18,055 | Total Arkansas |  |  | 15,440,522
| California – 26.8% (15.5% of Total Investments) |  |  |
2,000 | ABC Unified School District, Los Angeles County, California, General Obligation Bonds, | No Opt. Call | AA– | 1,951,520
| Series 2000B, 0.000%, 8/01/23 – FGIC Insured (8) |  |  |
4,225 | Alameda Unified School District, Alameda County, California, General Obligation Bonds, | No Opt. Call | AA | 3,370,240
| Series 2005B, 0.000%, 8/01/28 – AGM Insured (8) |  |  |
535 | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 | 3/26 at 100.00 | Ba3 | 486,497
1,900 | Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, | 11/25 at 100.00 | N/R | 1,914,744
| 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 | 2,649,407
6,410 | 0.000%, 8/01/34 – FGIC Insured | No Opt. Call | A | 3,745,363
1,510 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 2/30 at 100.00 | N/R | 1,252,349
| Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A |  |  |
1,515 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/29 at 100.00 | N/R | 1,258,329
| 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, | 11/22 at 100.00 | N/R | 1,190,480
| Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/36 |  |  |
60 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 100.00 | BBB+ | 46,597
| Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49 |  |  |
22,650 | California Health Facilities Financing Authority, Revenue Bonds, City of Hope National | 11/26 at 100.00 | A+ | 21,656,344
| Medical Center, Series 2019, 5.000%, 11/15/49, (UB) |  |  |
3,500 | California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, | 4/30 at 100.00 | BBB+ | 2,806,020
| Series 2020A, 4.000%, 4/01/45 |  |  |
| California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health |  |  |
| System, Series 2013A: |  |  |
3,840 | 5.000%, 7/01/33, (Pre-refunded 7/01/23) | 7/23 at 100.00 | AA– (4) | 3,885,850
710 | 5.000%, 7/01/37, (Pre-refunded 7/01/23) | 7/23 at 100.00 | AA– (4) | 718,477
825 | California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa | 7/25 at 100.00 | BB+ | 789,030
| Academy Project, Series 2015, 5.375%, 7/01/45, 144A |  |  |
34,780 | California Municipal Finance Authority, Revenue Bonds, Community Health System, Series | 2/32 at 100.00 | A1 | 29,374,840
| 2021A, 4.000%, 2/01/51 – AGM Insured |  |  |
4,000 | California Municipal Finance Authority, Revenue Bonds, HumanGood California Obligated | 10/28 at 103.00 | A– | 2,609,120
| Group, Series 2021., 3.000%, 10/01/49, (UB) (8) |  |  |
22,130 | California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, | No Opt. Call | B+ | 20,552,352
| Inc. Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29, (AMT) |  |  |

71

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 1,795 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San | 1/29 at 100.00 | Baa3 | $ 1,556,229
| Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%, |  |  |
| 11/21/45, 144A |  |  |
2,000 | California School Finance Authority, Charter School Revenue Bonds, Downtown College | 6/26 at 100.00 | N/R | 1,655,000
| Prep – Obligated Group, Series 2016, 5.000%, 6/01/51, 144A |  |  |
2,000 | California State Public Works Board, Lease Revenue Bonds, Judicial Council of | 3/23 at 100.00 | A+ | 2,009,180
| California, Various Projects Series 2013A, 5.000%, 3/01/38 (8) |  |  |
| California Statewide Communities Development Authority, California, Revenue Bonds, Loma |  |  |
| Linda University Medical Center, Series 2014A: |  |  |
2,500 | 5.250%, 12/01/44 | 12/24 at 100.00 | BB– | 2,476,650
11,712 | 5.500%, 12/01/54 | 12/24 at 100.00 | BB– | 11,394,839
| 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– | 2,061,922
4,730 | 5.000%, 12/01/46, 144A | 6/26 at 100.00 | BB– | 4,139,980
33,550 | 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB– | 30,512,719
17,205 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/28 at 100.00 | BB– | 16,098,030
| Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A |  |  |
2,760 | California Statewide Community Development Authority, Certificates of Participation, | 1/28 at 100.00 | BBB+ | 2,378,430
| Methodist Hospital of Southern California, Series 2018, 4.250%, 1/01/43 |  |  |
33 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 1/22 at 100.00 | N/R | 32,914
| Charity Health System, Series 2005A, 5.500%, 7/01/39 (5),(6) |  |  |
22 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 1/22 at 100.00 | N/R | 22,217
| Charity Health System, Series 2005H, 5.750%, 7/01/25 (5),(6) |  |  |
9,955 | Capistrano Unified School District, Orange County, California, Special Tax Bonds, | No Opt. Call | Baa2 | 6,628,238
| 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: |  |  |
1,865 | 5.000%, 8/01/38, (Pre-refunded 8/01/23) | 8/23 at 100.00 | N/R (4) | 1,890,588
1,135 | 5.000%, 8/01/38, (Pre-refunded 8/01/23) | 8/23 at 100.00 | AA (4) | 1,150,992
3,795 | Colton Joint Unified School District, San Bernardino County, California, General | No Opt. Call | A+ | 1,923,648
| Obligation Bonds, Series 2006C, 0.000%, 2/01/37 – FGIC Insured |  |  |
6,050 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 10/31 at 100.00 | N/R | 4,159,738
| 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 | 4,287,480
| Altana Glendale, Series 2021A-2, 4.000%, 10/01/56, 144A |  |  |
| CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, |  |  |
| Monterrey Station Apartments, Senior Lien Series 2021A-1: |  |  |
2,330 | 3.000%, 7/01/43, 144A | 7/32 at 100.00 | N/R | 1,598,054
10,145 | 3.125%, 7/01/56, 144A | 7/32 at 100.00 | N/R | 6,117,536
6,005 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 6/31 at 100.00 | N/R | 4,072,111
| Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-1, 3.000%, 6/01/47, 144A |  |  |
21,855 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 6/31 at 100.00 | N/R | 13,170,260
| Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-2, 3.125%, 6/01/57, 144A |  |  |
15,120 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood | 6/32 at 100.00 | N/R | 9,155,160
| Creek Apartments, Senior Lien Series 2021A-1, 3.000%, 12/01/49 |  |  |
1,320 | Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015, | 9/25 at 100.00 | N/R | 1,320,224
| 5.000%, 9/01/40 |  |  |
5,000 | Escondido Union School District, San Diego County, California, General Obligation Bonds, | 8/27 at 100.00 | Aa2 | 4,404,050
| Election 2014 Series 2018B, 4.000%, 8/01/47 |  |  |
2,510 | Folsom Cordova Unified School District, Sacramento County, California, General | No Opt. Call | AA– | 1,981,846
| Obligation Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%, |  |  |
| 10/01/28 – NPFG Insured |  |  |

72

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 3,360 | Folsom Cordova Unified School District, Sacramento County, California, General | No Opt. Call | AA– | $ 2,782,954
| Obligation Bonds, School Facilities Improvement District 2, Series 2002A, 0.000%, |  |  |
| 7/01/27 – NPFG Insured |  |  |
3,725 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | No Opt. Call | BBB | 2,181,919
| 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 | Baa2 | 2,898,840
1,560 | 5.750%, 1/15/46, (Pre-refunded 1/15/24) | 1/24 at 100.00 | Baa2 (4) | 1,608,001
3,560 | 6.000%, 1/15/49, (Pre-refunded 1/15/24) | 1/24 at 100.00 | Baa2 (4) | 3,678,691
4,505 | Foothill-De Anza Community College District, Santa Clara County, California, Election of | No Opt. Call | AAA | 3,335,367
| 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 | 5,194,322
| 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+ | 1,492,689
| 0.000%, 8/01/32 – FGIC Insured |  |  |
| Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement |  |  |
| Asset-Backed Revenue Bonds, Refunding Series 2015A: |  |  |
8,495 | 5.000%, 6/01/45, (Pre-refunded 6/01/25) (8) | 6/25 at 100.00 | A+ (4) | 8,867,251
3,170 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | No Opt. Call | Aa3 (4) | 2,791,502
| Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured, (ETM) |  |  |
| Golden State Tobacco Securitization Corporation, California, Tobacco Settlement |  |  |
| Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038: |  |  |
2,445 | 11.135%, 6/01/40, (Pre-refunded 6/01/25), 144A, (IF) (8) | 6/25 at 100.00 | Aa1 (4) | 2,873,046
1,250 | 11.143%, 6/01/40, 144A, (IF) (8) | 6/25 at 100.00 | A+ | 1,469,025
15,000 | Grossmont Healthcare District, California, General Obligation Bonds, Refunding Series | 7/25 at 100.00 | Aa2 | 13,467,900
| 2015D, 4.000%, 7/15/40 |  |  |
3,190 | Hillsborough City School District, San Mateo County, California, General Obligation | No Opt. Call | AAA | 2,678,069
| Bonds, Series 2006B, 0.000%, 9/01/27 |  |  |
5,000 | Huntington Beach Union High School District, Orange County, California, General | No Opt. Call | Aa2 | 3,498,800
| Obligation Bonds, Series 2005, 0.000%, 8/01/31 – NPFG Insured |  |  |
2,500 | Huntington Beach Union High School District, Orange County, California, General | No Opt. Call | AA– | 1,661,925
| Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured |  |  |
225 | Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, | No Opt. Call | A– | 213,786
| Series 2007B, 3.396%, 11/15/27 (3-Month LIBOR*0.67% reference rate + 1.450% spread) (9) |  |  |
12,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/25 at 100.00 | AA– | 12,001,800
| Airport, Senior Lien Series 2015D, 5.000%, 5/15/41, (AMT), (UB) (WI/DD, Settling 11/10/22 |  |  |
2,155 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 11/31 at 100.00 | N/R | 2,160,409
| Airport, Senior Series 2022H, 5.000%, 5/15/42, (AMT) |  |  |
5,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 11/31 at 100.00 | AA– | 4,160,250
| Airport, Subordinate Lien Series 2021D, 4.000%, 5/15/46, (AMT) |  |  |
9,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/32 at 100.00 | AA– | 7,379,460
| Airport, Subordinate Lien Series 2022A, 4.000%, 5/15/49, (AMT) |  |  |
2,000 | Martinez Unified School District, Contra Costa County, California, General Obligation | 8/24 at 100.00 | AA (4) | 2,092,000
| Bonds, Series 2011, 5.875%, 8/01/31, (Pre-refunded 8/01/24) |  |  |
1,000 | Mendocino-Lake Community College District, Mendocino and Lake Counties, California, | 8/26 at 100.00 | A1 (4) | 1,083,850
| General Obligation Bonds, Election 2006, Series 2011B, 5.600%, 8/01/31, (Pre-refunded |  |  |
| 8/01/26) – AGM Insured |  |  |
10,000 | Milpitas Municipal Financing Authority, California, Wastewater Revenue Bonds, Series | 11/29 at 100.00 | AA+ | 8,641,200
| 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– | 2,260,513
| 5.000%, 10/01/42, 144A |  |  |

73

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
| Mount San Antonio Community College District, Los Angeles County, California, General |  |  |
| Obligation Bonds, Election of 2008, Series 2013A: |  |  |
$ 1,030 | 0.000%, 8/01/28 (7) | 2/28 at 100.00 | AA | $ 1,083,086
2,320 | 0.000%, 8/01/43 (7) | 8/35 at 100.00 | AA | 1,929,915
5,420 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | BBB+ | 6,179,234
| Series 2009B, 6.500%, 11/01/39 |  |  |
| M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, |  |  |
| Series 2009C: |  |  |
2,700 | 7.000%, 11/01/34 | No Opt. Call | BBB+ | 3,163,239
2,200 | 6.500%, 11/01/39 | No Opt. Call | BBB+ | 2,508,176
| North Orange County Community College District, California, General Obligation Bonds, |  |  |
| Election of 2002 Series 2003B: |  |  |
7,735 | 0.000%, 8/01/25 – FGIC Insured | No Opt. Call | AA+ | 6,977,202
4,180 | 0.000%, 8/01/26 – FGIC Insured | No Opt. Call | AA+ | 3,622,639
10,885 | Norwalk La Mirada Unified School District, Los Angeles County, California, General | No Opt. Call | A+ | 9,802,704
| Obligation Bonds, Election 2002 Series 2005B, 0.000%, 8/01/25 – FGIC Insured |  |  |
10,000 | Oxnard Union High School District, Ventura County, California, General Obligation Bonds, | 8/30 at 100.00 | Aa2 | 8,899,100
| Election 2018 Series 2022C, 4.000%, 8/01/47 |  |  |
6,000 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, | No Opt. Call | BBB– | 5,589,720
| Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured |  |  |
12,210 | Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital | 8/30 at 100.00 | BBB– | 13,541,867
| Appreciation, Election 2004 Series 2010A, 6.750%, 8/01/40 |  |  |
5,000 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%, | 8/29 at 100.00 | BBB– | 5,593,800
| 8/01/38 – AGC Insured |  |  |
1,750 | Paramount Unified School District, Los Angeles County, California, General Obligation | No Opt. Call | Aa3 | 1,701,630
| 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) | 9,375,641
| 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 | A2 | 2,645,568
| Bonds, Series 2003, 0.000%, 7/01/27 – AGM Insured |  |  |
205 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, | 6/23 at 100.00 | BBB+ (4) | 208,155
| Series 2013A, 5.750%, 6/01/44, (Pre-refunded 6/01/23) |  |  |
2,755 | Sacramento City Unified School District, Sacramento County, California, General | No Opt. Call | BBB+ | 2,497,518
| Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured |  |  |
165 | San Clemente, California, Special Tax Revenue Bonds, Community Facilities District | 9/25 at 100.00 | N/R | 165,071
| 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40 |  |  |
2,750 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, | 7/27 at 100.00 | A– | 2,627,130
| Subordinate Series 2017A, 5.000%, 7/01/47, (AMT) |  |  |
2,360 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, | 7/31 at 100.00 | A2 | 2,241,174
| Subordinate Series 2021B, 5.000%, 7/01/51, (AMT) |  |  |
9,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/24 at 100.00 | N/R | 8,743,680
| International Airport, Second Series 2014A, 5.000%, 5/01/44, (AMT) |  |  |
| San Francisco Airports Commission, California, Revenue Bonds, San Francisco |  |  |
| International Airport, Second Series 2018D: |  |  |
13,015 | 5.000%, 5/01/43, (AMT) | 5/28 at 100.00 | A | 12,702,900
33,485 | 5.000%, 5/01/48, (AMT), (UB) | 5/28 at 100.00 | A | 32,141,247
1,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/29 at 100.00 | A | 971,520
| International Airport, Second Series 2019A, 5.000%, 5/01/44, (AMT) |  |  |
18,185 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/29 at 100.00 | A | 17,547,979
| International Airport, Second Series 2019E, 5.000%, 5/01/45, (AMT) |  |  |
5,000 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Refunding | 1/32 at 100.00 | BBB | 4,127,600
| Senior Lien Toll Road Revenue Bonds, Series 2021A, 4.000%, 1/15/50 |  |  |

74

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 2,700 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | 1/25 at 100.00 | BBB– | $ 2,705,211
| 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, (Pre-refunded 1/15/25) | 1/25 at 100.00 | BBB (4) | 6,887,443
3,160 | 5.000%, 1/15/50, (Pre-refunded 1/15/25) | 1/25 at 100.00 | BBB (4) | 3,282,703
7,205 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | No Opt. Call | Baa2 | 7,138,066
| Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured |  |  |
5,760 | San Ysidro School District, San Diego County, California, General Obligation Bonds, | 8/25 at 34.92 | A3 | 1,767,686
| Refunding Series 2015, 0.000%, 8/01/45 |  |  |
| Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement |  |  |
| Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A: |  |  |
7,500 | 0.000%, 6/01/36 | 12/22 at 47.29 | N/R | 3,530,850
37,555 | 0.000%, 6/01/47 | 12/22 at 25.23 | N/R | 7,813,318
1,820 | Southwestern Community College District, San Diego County, California, General | 8/27 at 100.00 | AA– | 1,628,445
| Obligation Bonds, Election of 2016, Series 2017A, 4.000%, 8/01/42 |  |  |
1,800 | Walnut Valley Unified School District, Los Angeles County, California, General | No Opt. Call | AA– | 1,495,458
| 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 | 3,846,001
| Series 2011B, 0.000%, 8/01/36 – AGM Insured (7) |  |  |
652,457 | Total California |  |  | 543,611,839
| Colorado – 7.0% (4.1% of Total Investments) |  |  |
1,500 | Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series | 12/25 at 100.00 | A1 | 1,552,080
| 2015, 5.000%, 12/01/35 – BAM Insured |  |  |
1,206 | Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding | 12/22 at 102.00 | N/R | 1,177,092
| 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 | 717,030
2,320 | 6.125%, 12/01/47 | 12/22 at 103.00 | N/R | 2,106,792
685 | Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General | 12/22 at 103.00 | N/R | 622,048
| 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 | 700,469
2,210 | 5.000%, 12/01/47, 144A | 12/22 at 103.00 | N/R | 1,879,362
625 | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, | 12/23 at 100.00 | BBB– (4) | 642,044
| Refunding Series 2013A, 6.000%, 12/01/38, (Pre-refunded 12/01/23) |  |  |
938 | Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue | 12/25 at 100.00 | N/R | 852,736
| Bonds, Refunding Senior Lien Series 2015A, 5.000%, 6/01/37 |  |  |
| Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017: |  |  |
750 | 4.000%, 12/31/30, (AMT) | 12/27 at 100.00 | A– | 720,833
250 | 4.000%, 6/30/31, (AMT) | 12/27 at 100.00 | A– | 239,352
9,335 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 1/23 at 100.00 | BBB+ (4) | 9,364,779
| 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+ | 1,979,440
| Colorado Project, Series 2013A, 5.000%, 12/01/36 |  |  |
2,820 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 2,412,933
| Series 2019A-1, 4.000%, 8/01/38 |  |  |

75

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, |  |  |
| Series 2019A-2: |  |  |
$ 5,500 | 5.000%, 8/01/34 | 8/29 at 100.00 | Baa1 | $ 5,557,035
6,000 | 5.000%, 8/01/37 | 8/29 at 100.00 | BBB+ | 6,021,240
3,335 | 5.000%, 8/01/38 | 8/29 at 100.00 | BBB+ | 3,338,702
4,000 | 5.000%, 8/01/39 | 8/29 at 100.00 | BBB+ | 3,979,680
12,575 | 5.000%, 8/01/44 | 8/29 at 100.00 | BBB+ | 12,009,125
15,000 | 4.000%, 8/01/49 (8) | 8/29 at 100.00 | BBB+ | 11,696,250
820 | 4.000%, 8/01/49, (UB) (8) | 8/29 at 100.00 | BBB+ | 639,395
8,300 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 11/32 at 100.00 | N/R | 8,220,569
| Series 2022A, 5.250%, 11/01/52, (UB) (8) |  |  |
2,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, | 12/22 at 100.00 | A+ | 1,717,240
| 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) | 591,792
| 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) | 3,803,174
| 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 | 1,876,860
| General Obligation Bonds, Refunding & Improvement Series 2018, 5.875%, 12/01/46 |  |  |
2,250 | Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, | 11/23 at 100.00 | Aa2 | 2,278,440
| 5.000%, 11/15/38 |  |  |
2,200 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, | 11/22 at 100.00 | A+ (4) | 2,203,322
| 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 | 3,834,396
| 2013B, 5.000%, 11/15/43 |  |  |
| Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado |  |  |
| Urban Redevelopment Area, Series 2018A: |  |  |
385 | 5.250%, 12/01/39, 144A | 12/23 at 103.00 | N/R | 372,834
1,280 | 5.250%, 12/01/39, 144A | 12/23 at 103.00 | N/R | 1,244,774
10,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation | No Opt. Call | A | 3,604,700
| 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 | 7,572,293
| 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 | 5,634,036
11,100 | 0.000%, 9/01/31 – NPFG Insured | No Opt. Call | A | 7,467,636
10,000 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 6,365,600
4,000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, | 9/26 at 52.09 | A | 1,670,840
| 0.000%, 9/01/39 – NPFG Insured |  |  |
| 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) | 475,883
180 | 5.250%, 12/01/34, (Pre-refunded 12/01/22) | 12/22 at 100.00 | N/R (4) | 180,299
| 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 | 1,062,405
1,000 | 6.000%, 12/01/38 | 12/24 at 100.00 | N/R | 880,640
825 | North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General | 12/22 at 103.00 | N/R | 774,873
| 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 | 3,871,199
| 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 | 1,886,157
| 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 | 436,245
| Obligation Bonds, Refunding Series 2016, 5.000%, 12/01/45 |  |  |

76

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
| Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado |  |  |
| Springs Utilities, Series 2008: |  |  |
$ 475 | 6.250%, 11/15/28 | No Opt. Call | A– | $ 496,394
4,030 | 6.500%, 11/15/38 | No Opt. Call | A– | 4,553,094
972 | Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General | 12/26 at 100.00 | N/R | 831,906
| Obligation Bonds, Refunding Series 2016A, 5.000%, 12/01/45 |  |  |
55 | Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding | 12/26 at 100.00 | N/R | 50,711
| 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 | 97,129
| Refunding Series 2016, 5.250%, 12/01/40 |  |  |
167,461 | Total Colorado |  |  | 142,263,858
| Connecticut – 0.3% (0.1% of Total Investments) |  |  |
6,345 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield | 7/32 at 100.00 | A– | 4,968,389
| University, Series 2022U, 4.000%, 7/01/52 |  |  |
| District of Columbia – 1.0% (0.6% of Total Investments) |  |  |
5,000 | District of Columbia, Income Tax Secured Revenue Bonds, Series 2019A, 4.000%, 3/01/39 | 9/29 at 100.00 | N/R | 4,737,450
10,000 | District of Columbia, Income Tax Secured Revenue Bonds, Series 2022A, 5.000%, 7/01/39 | 7/32 at 100.00 | Aa1 | 10,765,700
10,000 | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | No Opt. Call | Baa1 | 4,592,500
| Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B, 0.000%, |  |  |
| 10/01/37 – AGC Insured |  |  |
25,000 | Total District of Columbia |  |  | 20,095,650
| Florida – 11.0% (6.4% of Total Investments) |  |  |
| Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter |  |  |
| Academy, Inc. Project, Series 2013A: |  |  |
1,005 | 5.000%, 9/01/43 | 9/23 at 100.00 | BBB | 998,317
865 | 5.000%, 9/01/45 | 9/23 at 100.00 | BBB | 852,475
625 | Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, | 11/27 at 100.00 | N/R | 611,656
| 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 | 624,222
| Bonds, Series 2016, 4.700%, 5/01/36 |  |  |
1,000 | Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, | 5/27 at 100.00 | N/R | 936,680
| Assessment Area 2 Project, Series 2016, 4.500%, 5/01/34 |  |  |
| Brevard County Health Facilities Authority, Florida, Hospital Revenue Bonds, Health |  |  |
| First Obligated Group, Series 2022A: |  |  |
3,315 | 5.000%, 4/01/41 | 4/32 at 100.00 | N/R | 3,274,524
3,000 | 5.000%, 4/01/47 | 4/32 at 100.00 | A | 2,890,500
1,480 | Brwoard County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC | 4/23 at 100.00 | AA (4) | 1,490,419
| Project, Series 2013A, 5.000%, 4/01/33, (Pre-refunded 4/01/23) – AGM Insured, (AMT) |  |  |
4,390 | Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments | 7/25 at 100.00 | CCC+ | 3,165,497
| Project, Series 2015A, 5.000%, 7/01/50 |  |  |
325 | Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series | 6/26 at 100.00 | N/R | 292,354
| 2019A, 5.000%, 6/15/39, 144A |  |  |
150 | Charlotte County Industrial Development Authority, Florida, Utility System Revenue | 10/27 at 100.00 | N/R | 126,965
| Bonds, Town & Country Utilities Project, Series 2019, 5.000%, 10/01/49, (AMT), 144A |  |  |
2,000 | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria | 6/23 at 100.00 | BBB– | 1,979,080
| University, Refunding Series 2013A, 5.625%, 6/01/33 |  |  |
| 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 | 116,630
155 | 5.600%, 11/01/46 | 11/28 at 100.00 | N/R | 149,290

77

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
| Downtown Doral Community Development District, Florida, Special Assessment Bonds, |  |  |
| Series 2015: |  |  |
$ 555 | 5.250%, 5/01/35 | 5/26 at 100.00 | N/R | $ 540,093
615 | 5.300%, 5/01/36 | 5/26 at 100.00 | N/R | 601,667
955 | 5.500%, 5/01/45 | 5/26 at 100.00 | N/R | 914,193
1,305 | 5.500%, 5/01/46 | 5/26 at 100.00 | N/R | 1,246,418
| Escambia County Health Facilities Authority, Florida, Health Care Facilities Revenue |  |  |
| Bonds, Baptist Health Care Corporation Obligated, Series 2020A: |  |  |
5,675 | 4.000%, 8/15/45, (UB) (8) | 2/30 at 100.00 | Baa2 | 4,474,000
12,505 | 4.000%, 8/15/45 (8) | 2/30 at 100.00 | Baa2 | 9,858,567
6,515 | 4.000%, 8/15/50 | 2/30 at 100.00 | Baa2 | 4,954,071
| 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 | 1,077,179
3,385 | 5.750%, 7/01/47, 144A | 7/27 at 101.00 | N/R | 3,145,173
| 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 | 1,283,992
1,465 | 5.000%, 7/15/46, 144A | 7/26 at 100.00 | N/R | 1,280,835
| 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 | 862,170
6,785 | 5.125%, 7/01/46 | 7/26 at 100.00 | N/R | 5,436,210
| 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 | 913,617
560 | 6.125%, 6/15/46, 144A | 6/25 at 100.00 | N/R | 566,619
120 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 9/27 at 100.00 | N/R | 107,308
| 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 | 1,047,307
2,475 | 6.375%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 2,536,034
14,500 | Florida Development Finance Corporation, Florida, Surface Transportation Facility | 1/24 at 107.00 | N/R | 12,278,600
| 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 | 12/22 at 102.00 | N/R | 18,244,180
10,000 | 6.375%, 1/01/49, (AMT), (Mandatory Put 1/01/26), 144A | 12/22 at 103.00 | N/R | 9,011,500
14,210 | 6.500%, 1/01/49, (AMT), (Mandatory Put 1/01/29), 144A | 12/22 at 103.00 | N/R | 12,520,431
25,000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail | 12/22 at 102.00 | N/R | 24,472,750
| Expansion Project, Series 2022A, 7.250%, 7/01/57, (AMT), (Mandatory Put 10/03/23), 144A |  |  |
320 | Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special | 5/26 at 100.00 | N/R | 301,901
| Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 |  |  |
| Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2019A: |  |  |
5,000 | 4.000%, 10/01/39, (AMT) | 10/29 at 100.00 | AA– | 4,415,450
4,230 | 4.000%, 10/01/49, (AMT) | 10/29 at 100.00 | A+ | 3,463,270
4,500 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, | 10/27 at 100.00 | A | 4,370,085
| Priority Subordinated Series 2017A, 5.000%, 10/01/42, (AMT) |  |  |
14,375 | Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, | 6/26 at 100.00 | A– | 14,407,775
| Refunding & Improvement Series 2016, 5.000%, 6/01/36 |  |  |
6,845 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/31 at 100.00 | Aa3 | 5,539,590
| Airport, Alternative Minimum Tax Refunding Subordinate Lien Series 2022A, 4.000%, |  |  |
| 10/01/52, (AMT) |  |  |

78

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 12,410 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/28 at 100.00 | A+ | $ 11,975,402
| Airport, Series 2018E, 5.000%, 10/01/48, (AMT) |  |  |
1,750 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/24 at 100.00 | A (4) | 1,793,803
| Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40, (Pre-refunded 10/01/24), (AMT) |  |  |
7,665 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2019A, 5.000%, | 10/29 at 100.00 | A– | 7,276,691
| 10/01/49, (AMT) |  |  |
2,140 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement | 8/26 at 100.00 | N/R | 2,141,198
| Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35 |  |  |
6,495 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando | 4/32 at 100.00 | A2 | 5,055,123
| Health Obligated Group, Inc., Series 2022, 4.000%, 10/01/52 |  |  |
7,500 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando | 4/29 at 100.00 | A2 | 7,143,600
| Health, Inc., Series 2019A, 5.000%, 10/01/47 |  |  |
2,335 | Orlando, Florida, Capital Improvement Special Revenue Bonds, Series 2014B, | 10/24 at 100.00 | Aa2 | 2,383,895
| 5.000%, 10/01/46 |  |  |
| Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & |  |  |
| Improvement Capital Appreciation Series 2019A-2: |  |  |
1,000 | 0.000%, 10/01/44 | 10/29 at 59.08 | BBB– | 258,920
4,200 | 0.000%, 10/01/47 | 10/29 at 52.89 | BBB– | 891,282
1,250 | 0.000%, 10/01/48 | 10/29 at 50.96 | BBB– | 248,462
1,000 | 0.000%, 10/01/49 | 10/29 at 49.08 | BBB– | 186,300
2,000 | 0.000%, 10/01/50 | 10/29 at 47.17 | BBB– | 349,200
7,475 | 0.000%, 10/01/52 | 10/29 at 43.62 | BBB– | 1,145,245
2,300 | 0.000%, 10/01/54 | 10/29 at 40.38 | BBB– | 310,845
500 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Jupiter | 11/32 at 100.00 | BBB– | 455,020
| Medical Center, Series 2022, 5.000%, 11/01/52 |  |  |
1,950 | Palm Beach County, Florida, Revenue Bonds, Provident Group – PBAU Properties LLC – Palm | 4/29 at 100.00 | Ba1 | 1,701,902
| 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 | 497,427
| Project, Series 2016, 5.000%, 11/01/46 |  |  |
| Six Mile Creek Community Development District, Florida, Capital Improvement Revenue |  |  |
| Bonds, Assessment Area 2, Series 2016: |  |  |
130 | 4.750%, 11/01/28 | 11/27 at 100.00 | N/R | 128,664
265 | 5.375%, 11/01/36 | 11/27 at 100.00 | N/R | 258,764
10,075 | South Broward Hospital District, Florida, Hospital Revenue Bonds, South Broward Hospital | 5/26 at 100.00 | Aa3 | 8,625,812
| District Obligated Group, Refunding Series 2016A, 4.000%, 5/01/44 |  |  |
365 | South Village Community Development District, Clay County, Florida, Capital Improvement | 5/26 at 100.00 | A | 313,188
| 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 | 98,603
100 | 4.875%, 5/01/35 | 5/26 at 100.00 | N/R | 95,761
1,350 | Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central | 1/24 at 100.00 | A– | 1,356,507
| Florida Health Alliance Projects, Series 2014A, 5.125%, 7/01/34 |  |  |
720 | Tampa, Florida, Revenue Bonds, H. Lee Moffitt Cancer Center and Research Institute, | 7/30 at 100.00 | A– | 587,333
| Series 2020B, 4.000%, 7/01/45 |  |  |
395 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 12/22 at 100.00 | N/R | 344,013
| Series 2015-2, 0.000%, 5/01/40 (7) |  |  |
430 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 12/22 at 100.00 | N/R | 4
| 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 | 292,320
| Series 2016A-1, 5.375%, 11/01/37 |  |  |
262,340 | Total Florida |  |  | 223,294,878

79

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Georgia – 1.6% (0.9% of Total Investments) |  |  |
$ 2,725 | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium | 7/25 at 100.00 | A | $ 2,785,822
| Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 |  |  |
285 | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, | 1/28 at 100.00 | N/R | 151,050
| Georgia Proton Treatment Center Project, Current Interest Series 2017A-1, 6.500%, 1/01/29 (5) |  |  |
1,545 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, | No Opt. Call | AA– | 1,545,000
| 11/01/22 – FGIC Insured |  |  |
19,265 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. | 7/29 at 100.00 | A1 | 15,530,094
| Project, Series 2019A, 4.000%, 7/01/49 |  |  |
2,000 | Georgia Ports Authority, Revenue Bonds, Series 2022, 4.000%, 7/01/52 | 7/32 at 100.00 | AA | 1,684,400
840 | Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for | 6/27 at 100.00 | N/R | 784,644
| Classical Education, Series 2017, 5.875%, 6/15/47, 144A |  |  |
260 | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, | No Opt. Call | A– | 270,080
| 5.500%, 9/15/26 |  |  |
1,070 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A, | 5/29 at 100.00 | A3 | 1,004,441
| 5.000%, 5/15/43 |  |  |
3,000 | Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life | 11/27 at 100.00 | Ba3 | 2,617,560
| University, Inc. Project, Refunding Series 2017A, 5.000%, 11/01/47, 144A |  |  |
2,750 | Monroe County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia | 6/24 at 100.00 | Baa1 | 2,577,328
| Power Company – Scherer Plant, First Series 1995, 2.250%, 7/01/25 |  |  |
4,010 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, | 7/25 at 100.00 | Baa1 | 3,701,832
| Series 2015A, 5.000%, 7/01/60 |  |  |
37,750 | Total Georgia |  |  | 32,652,251
| Guam – 0.9% (0.5% of Total Investments) |  |  |
| Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: |  |  |
195 | 5.000%, 11/15/33 | 11/25 at 100.00 | BB | 189,817
1,805 | 5.000%, 11/15/39 | 11/25 at 100.00 | BB | 1,676,809
1,310 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, | 7/23 at 100.00 | Baa2 (4) | 1,329,650
| Series 2013, 5.500%, 7/01/43, (Pre-refunded 7/01/23) |  |  |
| Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: |  |  |
2,500 | 5.000%, 12/01/28, (UB) (8) | 12/26 at 100.00 | BB | 2,500,050
1,750 | 5.000%, 12/01/30, (UB) (8) | 12/26 at 100.00 | BB | 1,740,148
2,500 | 5.000%, 12/01/32, (UB) (8) | 12/26 at 100.00 | BB | 2,452,800
1,750 | 5.000%, 12/01/34, (UB) (8) | 12/26 at 100.00 | BB | 1,683,027
6,000 | 5.000%, 12/01/46, (UB) (8) | 12/26 at 100.00 | BB | 5,316,240
1,000 | Guam Power Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/37 | 10/27 at 100.00 | BBB | 1,009,210
18,810 | Total Guam |  |  | 17,897,751
| Hawaii – 0.3% (0.2% of Total Investments) |  |  |
3,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | A1 | 3,019,770
| 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 | 1,179,195
| University, Series 2013A, 6.625%, 7/01/33, 144A |  |  |
2,320 | Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/41, (AMT) | 7/25 at 100.00 | A+ | 2,264,111
6,495 | Total Hawaii |  |  | 6,463,076
| 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+ | 1,122,971
| Refunding Series 2016, 5.000%, 9/01/37 |  |  |
595 | Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights | 12/22 at 100.00 | A3 | 595,381
| Mitigation Series 2012A, 5.000%, 9/01/32 |  |  |
1,770 | Total Idaho |  |  | 1,718,352

80

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois – 26.9% (15.5% of Total Investments) |  |  |
$ 330 | CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, | No Opt. Call | N/R | $ 329,472
| 4.000%, 6/15/23, (Mandatory Put 12/15/22), 144A |  |  |
55,000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 55,998,250
| Series 2016, 6.000%, 4/01/46 |  |  |
2,255 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/24 at 100.00 | BB | 2,160,606
| Project Series 2015C, 5.250%, 12/01/35 |  |  |
8,500 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/22 at 100.00 | Ba3 | 8,152,435
| 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 | 8,975,904
| 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 | 1,913,112
51,780 | 7.000%, 12/01/44 | 12/25 at 100.00 | BB | 54,094,566
1,335 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/26 at 100.00 | BB | 1,379,215
| Series 2016B, 6.500%, 12/01/46 |  |  |
6,210 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | 6,595,206
| Series 2017A, 7.000%, 12/01/46, 144A |  |  |
450 | Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, | No Opt. Call | BB | 371,826
| 12/01/26 – NPFG Insured |  |  |
| Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated |  |  |
| Tax Revenues, Series 1998B-1: |  |  |
1,000 | 0.000%, 12/01/22 – FGIC Insured | No Opt. Call | BB | 997,060
1,715 | 0.000%, 12/01/26 – NPFG Insured | No Opt. Call | BB | 1,417,070
1,000 | 0.000%, 12/01/27 – NPFG Insured | No Opt. Call | BB | 784,740
1,765 | 0.000%, 12/01/30 – NPFG Insured | No Opt. Call | BB | 1,175,367
| Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated |  |  |
| Tax Revenues, Series 1999A: |  |  |
2,585 | 0.000%, 12/01/27 – NPFG Insured | No Opt. Call | BB | 2,028,553
8,565 | 0.000%, 12/01/31 – NPFG Insured | No Opt. Call | BB | 5,366,144
2,140 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien | 12/29 at 100.00 | A+ | 1,991,762
| Series 2020A, 5.000%, 12/01/55 |  |  |
| Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: |  |  |
25,755 | 0.000%, 1/01/29 – NPFG Insured | No Opt. Call | BBB– | 19,435,753
8,765 | 0.000%, 1/01/34 – FGIC Insured | No Opt. Call | BBB– | 4,976,767
17,310 | 0.000%, 1/01/37 – FGIC Insured | No Opt. Call | BBB– | 8,131,026
| Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B: |  |  |
670 | 5.500%, 1/01/31 | 1/25 at 100.00 | Ba1 | 670,000
1,000 | 5.500%, 1/01/33 | 1/25 at 100.00 | Ba1 | 991,760
2,695 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.000%, 1/01/35 | 1/24 at 100.00 | Ba1 | 2,558,013
13,205 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 | 1/27 at 100.00 | BBB– | 13,453,386
2,000 | Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, | 1/25 at 100.00 | Ba1 | 1,954,260
| 5.500%, 1/01/40 |  |  |
| Chicago, Illinois, General Obligation Bonds, Refunding Series 2007E: |  |  |
10,115 | 5.500%, 1/01/35 | 1/25 at 100.00 | Ba1 | 9,989,473
5,890 | 5.500%, 1/01/42 | 1/25 at 100.00 | Ba1 | 5,746,696
| Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: |  |  |
3,470 | 5.000%, 1/01/24 | No Opt. Call | BBB– | 3,482,145
350 | 5.000%, 1/01/29 | 1/26 at 100.00 | BBB– | 346,364
765 | 5.000%, 1/01/35 | 1/26 at 100.00 | BBB– | 735,922
770 | 5.000%, 1/01/38 | 1/26 at 100.00 | BBB– | 729,167
1,610 | Chicago, Illinois, General Obligation Bonds, Series 1999, 0.000%, 1/01/30 | No Opt. Call | A2 | 1,177,731

81

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
| Chicago, Illinois, General Obligation Bonds, Series 2015A: |  |  |
$ 1,150 | 5.500%, 1/01/33 | 1/25 at 100.00 | BBB– | $ 1,140,524
1,000 | 5.500%, 1/01/35 | 1/25 at 100.00 | BBB– | 987,590
9,800 | 5.500%, 1/01/39 | 1/25 at 100.00 | BBB– | 9,583,714
10,125 | Chicago, Illinois, General Obligation Bonds, Series 2019A, 5.000%, 1/01/44, (UB) | 1/29 at 100.00 | BBB– | 9,305,888
405 | DuPage County, Illinois, Revenue Bonds, Morton Arboretum Project, Green Series 2020, | 5/30 at 100.00 | A1 | 271,350
| 3.000%, 5/15/47 |  |  |
800 | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools | 12/25 at 100.00 | N/R | 812,848
| 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+ | 2,707,876
| 5.000%, 12/01/37 |  |  |
845 | Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding | 9/26 at 100.00 | Baa2 | 798,711
| Series 2016, 5.000%, 9/01/46 |  |  |
20,000 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series | 1/28 at 100.00 | Aa2 | 20,103,200
| 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– | 420,345
905 | 6.000%, 7/01/43 | 7/23 at 100.00 | A– | 917,571
1,050 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, | 8/25 at 100.00 | A3 | 1,018,468
| Refunding Series 2015C, 5.000%, 8/15/44 |  |  |
| Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A: |  |  |
2,700 | 5.000%, 10/01/46, (Pre-refunded 10/01/25), (UB) | 10/25 at 100.00 | N/R (4) | 2,821,743
300 | 5.000%, 10/01/46, (UB) | 10/25 at 100.00 | AA– | 307,407
| Illinois State, General Obligation Bonds, April Series 2014: |  |  |
6,165 | 5.000%, 4/01/38 | 4/24 at 100.00 | BBB– | 5,909,276
5,000 | 5.000%, 4/01/39 | 4/24 at 100.00 | BBB– | 4,751,000
| Illinois State, General Obligation Bonds, February Series 2014: |  |  |
4,100 | 5.250%, 2/01/31 | 2/24 at 100.00 | BBB– | 4,106,970
2,200 | 5.250%, 2/01/32 | 2/24 at 100.00 | BBB– | 2,204,356
2,435 | 5.250%, 2/01/33 | 2/24 at 100.00 | BBB– | 2,438,068
6,000 | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB– | 5,698,440
1,785 | Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 | 5/30 at 100.00 | BBB– | 1,794,460
| Illinois State, General Obligation Bonds, November Series 2016: |  |  |
3,100 | 5.000%, 11/01/35 | 11/26 at 100.00 | BBB– | 3,010,534
3,000 | 5.000%, 11/01/37 | 11/26 at 100.00 | BBB– | 2,890,620
2,400 | 5.000%, 11/01/40 | 11/26 at 100.00 | BBB– | 2,249,976
5,795 | Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 | 11/27 at 100.00 | BBB– | 5,799,984
3,800 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 (8) | No Opt. Call | BBB– | 3,814,934
20,830 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27, (UB) (8) | No Opt. Call | BBB– | 20,911,862
1,380 | Illinois State, General Obligation Bonds, November Series 2019B, 4.000%, 11/01/34 | 11/29 at 100.00 | BBB– | 1,201,290
5,000 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 | No Opt. Call | BBB– | 5,033,800
5,350 | Illinois State, General Obligation Bonds, Refunding April Series 2019B, 5.125%, 9/01/26 | No Opt. Call | BBB– | 5,412,595
27,215 | Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 | 7/23 at 100.00 | BBB– | 27,239,766
7,250 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, | 1/23 at 100.00 | A1 | 7,261,672
| 5.000%, 1/01/38 (8) |  |  |
2,755 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, | 7/25 at 100.00 | A1 | 2,798,667
| 5.000%, 1/01/40 |  |  |
560 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust | 1/23 at 100.00 | A1 | 563,629
| 2015-XF0052, 11.016%, 1/01/38, 144A, (IF) |  |  |
2,500 | Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation | No Opt. Call | Aa2 | 2,406,350
| Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured |  |  |

82

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
$ 5,400 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/25 at 100.00 | BB+ | $ 4,923,558
| Bonds, Refunding Series 2015B, 5.000%, 6/15/52 |  |  |
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Refunding Series 2020A: |  |  |
10,000 | 4.000%, 6/15/50 | 12/29 at 100.00 | BB+ | 7,558,100
13,000 | 5.000%, 6/15/50 | 12/29 at 100.00 | BB+ | 11,916,060
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Series 2015A: |  |  |
23,110 | 0.000%, 12/15/52 | No Opt. Call | BB+ | 3,690,667
2,455 | 5.000%, 6/15/53 | 12/25 at 100.00 | BB+ | 2,235,572
1,945 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/27 at 100.00 | BB+ | 1,761,800
| Bonds, Series 2017A, 5.000%, 6/15/57 |  |  |
8,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | No Opt. Call | BB+ | 1,221,760
| Bonds, Series 2017B, 0.000%, 12/15/56 – AGM Insured |  |  |
45,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | BB+ | 14,934,150
| Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/43 – |  |  |
| AGM Insured |  |  |
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place |  |  |
| Expansion Project, Refunding Series 1998A: |  |  |
2,680 | 5.500%, 6/15/29 – NPFG Insured | No Opt. Call | BB+ | 2,807,193
145 | 5.500%, 6/15/29, (Pre-refunded 6/15/25) – NPFG Insured, (ETM) | No Opt. Call | Baa2 (4) | 151,000
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place |  |  |
| Expansion Project, Series 2002A: |  |  |
8,400 | 0.000%, 12/15/30 – NPFG Insured | No Opt. Call | BB+ | 5,617,080
7,940 | 0.000%, 6/15/33 – NPFG Insured | No Opt. Call | BB+ | 4,560,260
450 | 0.000%, 12/15/34 – NPFG Insured | No Opt. Call | BB+ | 234,059
12,500 | 0.000%, 6/15/35 – NPFG Insured | No Opt. Call | BB+ | 6,301,750
10,620 | 0.000%, 12/15/35 – NPFG Insured | No Opt. Call | BB+ | 5,194,454
11,505 | 0.000%, 12/15/36 – NPFG Insured | No Opt. Call | BB+ | 5,286,317
65,000 | 0.000%, 12/15/38 – NPFG Insured | No Opt. Call | BB+ | 26,273,650
38,040 | 0.000%, 6/15/40 – NPFG Insured | No Opt. Call | BB+ | 13,770,860
3,720 | 0.000%, 6/15/41 – NPFG Insured | No Opt. Call | BB+ | 1,261,601
| Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series 2018A: |  |  |
6,935 | 5.000%, 1/01/37 | 1/28 at 100.00 | AA– | 7,020,578
4,755 | 5.000%, 1/01/40 | 1/28 at 100.00 | N/R | 4,769,503
4,005 | Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US | 12/22 at 100.00 | B– | 3,858,257
| Steel Corporation Project, Series 2012, 5.750%, 8/01/42, (AMT) |  |  |
1,580 | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, | 10/23 at 100.00 | Baa1 | 1,611,252
| 6.000%, 10/01/32 |  |  |
11,350 | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation | No Opt. Call | A2 | 10,846,287
| Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured |  |  |
718,525 | Total Illinois |  |  | 544,611,003
| Indiana – 3.4% (2.0% of Total Investments) |  |  |
| Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005: |  |  |
1,950 | 0.000%, 2/01/24 (8) | No Opt. Call | Aa3 | 1,855,269
2,705 | 0.000%, 2/01/25 | No Opt. Call | Aa3 | 2,465,364
4,400 | Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown | No Opt. Call | Baa2 | 4,211,152
| Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured |  |  |
2,000 | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, | 6/30 at 100.00 | N/R | 1,617,060
| Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.875%, |  |  |
| 6/01/55, 144A |  |  |
1,230 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | 12/22 at 100.00 | B– | 1,184,933
| Corporation Project, Series 2012, 5.750%, 8/01/42, (AMT) |  |  |

83

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Indiana (continued) |  |  |
$ 1,815 | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, | 5/23 at 100.00 | A (4) | $ 1,831,226
| 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) | 9,443,034
| 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: |  |  |
1,500 | 5.000%, 7/01/35, (Pre-refunded 7/01/23), (AMT) | 7/23 at 100.00 | BBB+ (4) | 1,508,265
5,380 | 5.000%, 7/01/44, (Pre-refunded 7/01/23), (AMT) | 7/23 at 100.00 | BBB+ (4) | 5,409,644
5,100 | 5.000%, 7/01/48, (Pre-refunded 7/01/23), (AMT) | 7/23 at 100.00 | BBB+ (4) | 5,128,101
5,370 | 5.250%, 1/01/51, (Pre-refunded 7/01/23), (AMT) | 7/23 at 100.00 | BBB+ (4) | 5,408,288
13,000 | Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, | 10/24 at 100.00 | A+ | 13,207,350
| First Lien Series 2014A, 5.000%, 10/01/44 |  |  |
4,375 | Indianapolis Local Public Improvement Bond Bank, Indiana, Community Justice Campus | 2/29 at 100.00 | Aa1 | 3,555,738
| Bonds, Courthouse & Jail Project, Series 2019A, 3.840%, 2/01/54, (UB) (8) |  |  |
10,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, | No Opt. Call | AA– | 8,847,400
| 2/01/26 – AMBAC Insured |  |  |
1,000 | Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, | 4/24 at 102.00 | N/R | 841,540
| 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 | 1,265,737
| Series 2013, 7.250%, 11/01/43, (AMT) |  |  |
1,230 | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series | 1/24 at 100.00 | N/R | 1,258,474
| 2013, 7.000%, 1/01/44, (AMT) |  |  |
71,605 | Total Indiana |  |  | 69,038,575
| Iowa – 1.0% (0.6% of Total Investments) |  |  |
21,525 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/29 at 103.00 | BBB– | 18,670,570
| Company Project, Refunding Series 2022, 5.000%, 12/01/50 |  |  |
1,900 | Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa | 9/23 at 100.00 | N/R (4) | 1,928,310
| University Project, Series 2012, 5.000%, 9/01/43, (Pre-refunded 9/01/23) |  |  |
23,425 | Total Iowa |  |  | 20,598,880
| Kansas – 0.7% (0.4% of Total Investments) |  |  |
2,085 | Overland Park Development Corporation, Kansas, Revenue Bonds, Convention Center Hotel, | 3/29 at 100.00 | BB– | 1,792,746
| Refunding & improvement Series 2019, 5.000%, 3/01/44 |  |  |
3,565 | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at | 12/22 at 100.00 | N/R | 1,534,233
| Lionsgate Project, Series 2012, 6.000%, 12/15/32 |  |  |
10,000 | University of Kansas Hospital Authority, Health Facilities Revenue Bonds, University of | 3/27 at 100.00 | AA– | 9,728,900
| Kansas Health System, Series 2017A, 5.000%, 3/01/47 |  |  |
1,130 | Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35 | 7/25 at 100.00 | A1 | 1,158,871
16,780 | Total Kansas |  |  | 14,214,750
| Kentucky – 1.5% (0.9% of Total Investments) |  |  |
| Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016: |  |  |
5,000 | 5.375%, 2/01/36 | 2/26 at 100.00 | BB+ | 5,038,850
435 | 5.500%, 2/01/44 | 2/26 at 100.00 | BB+ | 432,690
1,000 | Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, | 8/23 at 100.00 | A2 (4) | 1,017,500
| Series 2013, 5.700%, 8/01/39, (Pre-refunded 8/01/23) – AGM Insured |  |  |
2,355 | Henderson, Kentucky, Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2022A, | 1/32 at 100.00 | N/R | 1,932,772
| 4.700%, 1/01/52, (AMT) |  |  |

84

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Kentucky (continued) |  |  |
| 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 | $ 418,050
2,250 | 5.750%, 11/15/50 | 11/25 at 100.00 | N/R | 1,836,180
6,000 | Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 5,730,000
| Series 2019A-2, 5.000%, 8/01/44 |  |  |
7,070 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | 7/25 at 100.00 | Baa2 | 6,569,232
| 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 | 1,418,651
2,295 | 0.000%, 7/01/46 (7) | 7/31 at 100.00 | Baa2 | 2,442,408
| 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) | 3,118,993
615 | 6.000%, 7/01/53, (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (4) | 623,702
215 | Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community | 12/22 at 100.00 | A+ | 214,568
| Hospital Corporation, Series 2012A, 4.000%, 10/01/29 |  |  |
32,150 | Total Kentucky |  |  | 30,793,596
| Louisiana – 2.8% (1.6% of Total Investments) |  |  |
500 | Jefferson Parish Economic Development and Port District, Louisiana, Kenner Discovery | 6/28 at 100.00 | N/R | 460,890
| Health Sciences Academy Project, Series 2018A, 5.625%, 6/15/48, 144A |  |  |
2,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, | 2/24 at 100.00 | A+ (4) | 2,027,620
| Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien |  |  |
| Series 2014A, 4.375%, 2/01/39, (Pre-refunded 2/01/24) |  |  |
1,215 | Louisiana Local Government Environmental Facilities and Community Development Authority, | 10/25 at 100.00 | A2 | 1,260,550
| Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative |  |  |
| Student Facilities Inc. Project, Refunding Series 2015, 5.000%, 10/01/33 – AGM Insured |  |  |
5,000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation | 5/27 at 100.00 | A3 | 5,002,950
| Project, Refunding Series 2017, 5.000%, 5/15/42 |  |  |
18,730 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation | 5/30 at 100.00 | A3 | 14,766,545
| Project, Series 2020A, 4.000%, 5/15/49 |  |  |
6,125 | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing | 7/23 at 100.00 | N/R | 6,164,568
| (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: |  |  |
1,450 | 5.000%, 7/01/39 | 7/25 at 100.00 | A | 1,433,021
10 | 5.000%, 7/01/39, (Pre-refunded 7/01/25) | 7/25 at 100.00 | N/R (4) | 10,430
1,000 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries | 7/27 at 100.00 | A | 967,310
| of Our Lady Health System, Series 2017A, 5.000%, 7/01/47 |  |  |
1,000 | Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship | 7/26 at 100.00 | A3 | 953,940
| Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, |  |  |
| 5.000%, 7/01/56 |  |  |
3,305 | Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series | 5/23 at 100.00 | BBB+ | 2,880,737
| 2008, 4.250%, 12/01/38 |  |  |
1,980 | Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy | 12/22 at 100.00 | N/R | 1,983,426
| Foundation Project, Series 2011A, 7.750%, 12/15/31 |  |  |
| Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, |  |  |
| Refunding Series 2017: |  |  |
1,775 | 0.000%, 10/01/36 (7) | 10/33 at 100.00 | BBB | 1,654,069
3,000 | 0.000%, 10/01/46 (7) | 10/33 at 100.00 | BBB | 2,649,300
7,000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | 5/25 at 100.00 | A3 | 6,866,930
| Series 2015, 5.000%, 5/15/47 |  |  |

85

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Louisiana (continued) |  |  |
$ 1,060 | Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter | 12/23 at 100.00 | N/R | $ 1,069,063
| 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 | 2,247,605
| 2013A, 5.000%, 7/01/36 |  |  |
1,000 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/27 at 100.00 | A– | 944,120
| Project, Series 2017B, 5.000%, 1/01/48, (AMT) |  |  |
2,560 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, | 6/24 at 100.00 | A (4) | 2,625,715
| 6/01/44, (Pre-refunded 6/01/24) |  |  |
330 | Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation | No Opt. Call | BBB– | 326,888
| Project, Refunding Series 2017A-1, 2.000%, 6/01/37, (Mandatory Put 4/01/23) |  |  |
61,275 | Total Louisiana |  |  | 56,295,677
| 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 | Ba1 | 4,495,609
| Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/46 |  |  |
2,750 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth | 7/28 at 100.00 | A+ | 2,710,977
| Issue, Series 2018A, 5.000%, 7/01/43 |  |  |
7,715 | Total Maine |  |  | 7,206,586
| Maryland – 0.5% (0.3% of Total Investments) |  |  |
2,000 | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt | 12/22 at 100.00 | N/R | 1,200,000
| Conference Center, Series 2006A, 5.000%, 12/01/31 (5) |  |  |
7,145 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist | 1/27 at 100.00 | Baa3 | 7,005,744
| 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 | A3 (4) | 2,052,180
| 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 | 342,983
| Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46, 144A |  |  |
11,500 | Total Maryland |  |  | 10,600,907
| Massachusetts – 0.9% (0.5% of Total Investments) |  |  |
475 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | 7/25 at 100.00 | BBB | 453,084
| Green Bonds, Series 2015D, 5.000%, 7/01/44 |  |  |
1,525 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, | 1/25 at 100.00 | Baa2 | 1,333,109
| 4.500%, 1/01/45 |  |  |
1,800 | Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, | 10/26 at 100.00 | Baa2 | 1,756,602
| 5.000%, 10/01/34 |  |  |
11,435 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue J, | 7/24 at 100.00 | A | 10,417,971
| Series 2016, 3.500%, 7/01/33, (AMT) |  |  |
4,560 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 5/23 at 100.00 | Aa2 (4) | 4,605,098
| Series 2013A, 5.000%, 5/15/43, (Pre-refunded 5/15/23) |  |  |
19,795 | Total Massachusetts |  |  | 18,565,864
| Michigan – 1.3% (0.7% of Total Investments) |  |  |
| Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, |  |  |
| Refunding Series 2013: |  |  |
750 | 6.000%, 10/01/33 | 10/23 at 100.00 | N/R | 692,828
1,250 | 6.000%, 10/01/43 | 10/23 at 100.00 | N/R | 1,074,600
13,835 | Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and | No Opt. Call | AA | 14,970,162
| Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured, (UB) |  |  |
5 | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, | 12/22 at 100.00 | A2 | 5,001
| 4.500%, 7/01/35 – NPFG Insured |  |  |
3,000 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, | No Opt. Call | A2 | 3,210,090
| 5.500%, 7/01/29 – NPFG Insured |  |  |

86

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Michigan (continued) |  |  |
$ 5 | Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, | 12/22 at 100.00 | A2 | $ 5,007
| 5.000%, 7/01/36 – FGIC Insured |  |  |
10 | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A, 5.000%, | 12/22 at 100.00 | A1 | 10,016
| 7/01/34 – NPFG Insured |  |  |
2,000 | Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson | 7/24 at 100.00 | A1 | 1,913,280
| Healthcare, Series 2014A, 5.000%, 7/01/47 |  |  |
1,000 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/24 at 100.00 | A2 | 1,011,520
| Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, |  |  |
| 7/01/36 – NPFG Insured |  |  |
1,350 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco | 12/30 at 100.00 | BBB | 1,295,041
| Receipts Senior Current Interest Series 2020A-2, 5.000%, 6/01/40 |  |  |
2,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/22 at 100.00 | A– | 2,000,000
| County Airport, Series 2012A, 5.000%, 12/01/37 |  |  |
25,205 | Total Michigan |  |  | 26,187,545
| Minnesota – 1.0% (0.6% of Total Investments) |  |  |
700 | City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy | 7/24 at 102.00 | N/R | 598,430
| Project,Series 2016A, 5.000%, 7/01/47 |  |  |
1,500 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language | 12/22 at 102.00 | BB+ | 1,463,505
| Academy, Series 2014A, 5.750%, 8/01/44 |  |  |
800 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, | 7/32 at 100.00 | N/R | 689,704
| Series 2022A, 5.500%, 7/01/52 |  |  |
3,435 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series | 5/29 at 100.00 | A2 | 3,372,621
| 2019, 5.000%, 5/01/48 |  |  |
| 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+ | 714,645
4,000 | 6.000%, 9/01/51 | 9/26 at 100.00 | BB+ | 3,897,960
6,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue | 7/25 at 100.00 | A | 6,092,400
| Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/32 |  |  |
4,055 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp | 12/22 at 100.00 | N/R | 4,042,713
| Project, Series 2007-1, 5.000%, 8/01/36 |  |  |
21,240 | Total Minnesota |  |  | 20,871,978
| Missouri – 2.7% (1.5% of Total Investments) |  |  |
690 | Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson | 11/25 at 100.00 | N/R | 602,784
| Shoppes Redevelopment Project, Refunding Series 2017A, 3.900%, 11/01/29 |  |  |
960 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities | 3/23 at 103.00 | Ba1 | 994,618
| Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33 |  |  |
55 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities | 3/27 at 100.00 | Ba1 | 54,303
| Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36 |  |  |
| Kansas City Industrial Development Authority, Missouri, Airport Special Obligation |  |  |
| Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B: |  |  |
10,090 | 5.000%, 3/01/46, (AMT) | 3/29 at 100.00 | A– | 9,646,040
7,360 | 5.000%, 3/01/54, (AMT) | 3/29 at 100.00 | A– | 6,891,536
135 | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward | 4/26 at 100.00 | N/R | 109,693
| Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, |  |  |
| 5.000%, 4/01/46, 144A |  |  |
12,005 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, | No Opt. Call | A2 | 9,425,005
| 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 | 475,000
| Bonds, Convention Center Hotel Project – TIF Financing, Series 2018B, 5.000%, 2/01/40, 144A |  |  |

87

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Missouri (continued) |  |  |
$ 1,000 | Liberty Public School District 53, Clay County, Missouri, Lease Participation | 12/22 at 100.00 | AA– | $ 1,001,190
| 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: |  |  |
945 | 5.125%, 6/01/25, 144A | No Opt. Call | N/R | 914,306
3,810 | 5.750%, 6/01/35, 144A | 6/25 at 100.00 | N/R | 3,354,705
3,695 | 6.000%, 6/01/46, 144A | 6/25 at 100.00 | N/R | 3,165,396
| 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 | 1,605,184
2,700 | 5.000%, 6/01/33 | 6/23 at 100.00 | A1 | 2,722,869
665 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 5/23 at 100.00 | BBB | 671,431
| 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+ | 508,454
| Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 |  |  |
| Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, |  |  |
| CoxHealth, Series 2013A: |  |  |
50 | 5.000%, 11/15/44 | 11/23 at 100.00 | A2 | 50,248
6,930 | 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 6,959,453
| 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 | 1,163,450
1,105 | 5.000%, 11/15/46 | 11/25 at 100.00 | N/R | 977,925
430 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/23 at 100.00 | BB+ | 417,152
| 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 | 423,981
130 | 5.125%, 12/01/45 | 12/25 at 100.00 | N/R | 116,926
865 | Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue | 3/23 at 103.00 | Ba1 | 895,612
| 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 | 518,203
| Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, |  |  |
| 4.750%, 11/15/47 |  |  |
58,790 | Total Missouri |  |  | 53,665,464
| Montana – 0.1% (0.1% of Total Investments) |  |  |
| Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell |  |  |
| Regional Medical Center, Series 2018B: |  |  |
1,255 | 5.000%, 7/01/29 | 7/28 at 100.00 | BBB | 1,287,969
1,235 | 5.000%, 7/01/30 | 7/28 at 100.00 | BBB | 1,265,220
2,490 | Total Montana |  |  | 2,553,189
| Nebraska – 0.8% (0.5% of Total Investments) |  |  |
5,835 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding | No Opt. Call | BBB+ | 5,590,397
| Crossover Series 2017A, 5.000%, 9/01/42 |  |  |
580 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska | 11/25 at 100.00 | A | 564,723
| 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– | 1,951,867
3,000 | 5.000%, 5/15/36 | 5/24 at 100.00 | A– | 3,003,120

88

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Nebraska (continued) |  |  |
| Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska |  |  |
| Methodist Health System, Refunding Series 2015: |  |  |
$ 4,070 | 5.000%, 11/01/45 | 11/25 at 100.00 | A | $ 3,962,796
2,110 | 5.000%, 11/01/48 | 11/25 at 100.00 | A | 2,033,196
17,525 | Total Nebraska |  |  | 17,106,099
| Nevada – 0.4% (0.2% of Total Investments) |  |  |
4,410 | Clark County, Nevada, General Obligation Bonds, Stadium Improvement, Limited Tax | 6/28 at 100.00 | AA+ | 4,496,127
| Additionally Secured by Pledged Revenues, Series 2018A, 5.000%, 5/01/48 (8) |  |  |
4,000 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series | 12/24 at 100.00 | AA | 4,082,360
| 2015, 5.000%, 6/01/39 |  |  |
8,410 | Total Nevada |  |  | 8,578,487
| New Jersey – 8.0% (4.6% of Total Investments) |  |  |
310 | Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control | No Opt. Call | Ba1 (4) | 312,973
| Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24, (AMT), (ETM) |  |  |
2,500 | New Jersey Economic Development Authority, Lease Revenue Bonds, State Government | 12/27 at 100.00 | BBB | 2,428,400
| Buildings-Health Department & Taxation Division Office Project, Series 2018A, 5.000%, 6/15/42 |  |  |
1,100 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge | 1/24 at 100.00 | BBB+ | 1,049,444
| Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured, (AMT) |  |  |
17,580 | New Jersey Economic Development Authority, School Facilities Construction Bonds, | 12/26 at 100.00 | BBB (4) | 19,077,816
| Refunding Series 2016BBB, 5.500%, 6/15/31, (Pre-refunded 12/15/26) |  |  |
| New Jersey Economic Development Authority, School Facilities Construction Bonds, |  |  |
| Series 2015WW: |  |  |
40 | 5.250%, 6/15/40, (Pre-refunded 6/15/25), (UB) | 6/25 at 100.00 | N/R (4) | 42,037
755 | 5.250%, 6/15/40, (UB) | 6/25 at 100.00 | BBB | 757,499
| New Jersey Economic Development Authority, School Facilities Construction Bonds, |  |  |
| Series 2016AAA: |  |  |
1,000 | 5.000%, 6/15/36 | 12/26 at 100.00 | BBB | 1,000,330
10,000 | 5.000%, 6/15/41 | 12/26 at 100.00 | BBB | 9,794,600
| New Jersey Economic Development Authority, School Facilities Construction Bonds, |  |  |
| Series 2017DDD: |  |  |
2,000 | 5.000%, 6/15/35 | 6/27 at 100.00 | BBB | 2,007,940
2,175 | 5.000%, 6/15/42 | 6/27 at 100.00 | BBB | 2,112,708
15,040 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | 12/28 at 100.00 | BBB | 14,393,581
| 2018EEE, 5.000%, 6/15/48 |  |  |
| New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental |  |  |
| Airlines Inc., Series 1999: |  |  |
275 | 5.125%, 9/15/23, (AMT) | 12/22 at 101.00 | B+ | 274,623
1,650 | 5.250%, 9/15/29, (AMT) | 12/22 at 101.00 | B+ | 1,623,930
2,155 | New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark | 10/27 at 100.00 | Baa3 | 2,101,815
| Container Terminal LLC Project, Refunding Series 2017, 5.000%, 10/01/37, (AMT) |  |  |
1,120 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, | 7/23 at 100.00 | BBB+ (4) | 1,133,518
| Series 2013D, 5.000%, 7/01/33, (Pre-refunded 7/01/23) |  |  |
5,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas | 7/31 at 100.00 | Aa3 | 3,246,500
| Health Obligated Group, Series 2021A, 3.000%, 7/01/51 |  |  |
405 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University | 7/25 at 100.00 | BB– | 390,214
| Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured |  |  |
9,640 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Valley Health | 7/29 at 100.00 | A | 6,123,328
| System Obligated Group, Series 2019, 3.000%, 7/01/49, (UB) (8) |  |  |
5,600 | New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A, 4.000%, 6/01/32 | No Opt. Call | BBB+ | 5,565,616
2,900 | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series | 12/31 at 100.00 | BBB+ | 2,468,509
| 2022BB, 4.000%, 6/15/41 |  |  |

89

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New Jersey (continued) |  |  |
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital |  |  |
| Appreciation Series 2010A: |  |  |
$ 3,130 | 0.000%, 12/15/28 | No Opt. Call | BBB | $ 2,389,693
3,000 | 0.000%, 12/15/31 | No Opt. Call | BBB | 1,950,300
12,715 | 0.000%, 12/15/33 | No Opt. Call | BBB | 7,334,266
610 | 0.000%, 12/15/34 | No Opt. Call | BBB | 329,107
2,480 | 0.000%, 12/15/40 | No Opt. Call | BBB | 913,136
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding |  |  |
| Series 2006C: |  |  |
10,000 | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | BBB+ | 5,824,800
20,000 | 0.000%, 12/15/36 – AMBAC Insured, (UB) (8) | No Opt. Call | BBB | 9,709,000
19,175 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | BBB | 9,733,038
| 2008A, 0.000%, 12/15/35 |  |  |
15,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | BBB | 5,900,850
| 2009A, 0.000%, 12/15/39 |  |  |
5,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/24 at 100.00 | BBB | 5,065,000
| 2009C, 5.250%, 6/15/32 |  |  |
6,305 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/25 at 100.00 | BBB | 6,058,979
| 2015AA, 5.000%, 6/15/45 |  |  |
15,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | BBB | 15,119,550
| 2018A, 5.000%, 12/15/34, (UB) (8) |  |  |
6,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | BBB | 4,963,920
| 2019BB, 4.000%, 6/15/44 |  |  |
1,595 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BBB+ | 1,535,092
| Bonds, Series 2018A, 5.000%, 6/01/46 |  |  |
10,755 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 9,888,792
| Bonds, Series 2018B, 5.000%, 6/01/46 |  |  |
212,010 | Total New Jersey |  |  | 162,620,904
| New Mexico – 0.2% (0.1% of Total Investments) |  |  |
4,185 | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian | 8/29 at 100.00 | Aa3 | 4,219,945
| Healthcare Services, Series 2019A, 5.000%, 8/01/44 |  |  |
| New York – 16.5% (9.5% of Total Investments) |  |  |
| 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 | 857,310
12,020 | 0.000%, 7/15/46 | No Opt. Call | Ba1 | 2,632,861
450 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue | 7/25 at 100.00 | BBB | 408,145
| 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 | 176,342
| of New York, Series 2014, 5.000%, 11/01/39 |  |  |
490 | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of | 9/25 at 100.00 | N/R | 485,497
| Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A |  |  |
| Dormitory Authority of the State of New York, Revenue Bonds, New School University, |  |  |
| Series 2015A: |  |  |
2,950 | 5.000%, 7/01/50 | 7/25 at 100.00 | BBB+ | 2,815,509
220 | 5.000%, 7/01/50, (Pre-refunded 7/01/25) | 7/25 at 100.00 | N/R (4) | 229,183
15,270 | Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of | 12/26 at 100.00 | BB– | 13,575,641
| Aeronautics & Technology, Series 2016A, 5.500%, 12/01/46, 144A |  |  |
5,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 3/32 at 100.00 | AA+ | 4,267,250
| General Purpose, Bidding Group 5 Series 2021E, 4.000%, 3/15/48 |  |  |
5,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 2/30 at 100.00 | N/R | 4,522,050
| General Purpose, Series 2019D, 4.000%, 2/15/40 |  |  |

90

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
$ 81,270 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | 12/22 at 17.80 | N/R | $ 7,074,554
| Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50, 144A |  |  |
350 | Jefferson County Civic Facility Development Corporation, New York, Revenue Bonds, | 11/27 at 100.00 | BB | 266,276
| Samaritan Medical Center Project, Series 2017A, 4.000%, 11/01/42 |  |  |
3,000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series | 9/24 at 100.00 | A | 3,045,990
| 2014A, 5.000%, 9/01/39 |  |  |
6,280 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 5/30 at 100.00 | BBB+ | 5,914,630
| Climate Bond Certified Series 2020C-1, 5.250%, 11/15/55 |  |  |
| Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding |  |  |
| Green Series 2016B: |  |  |
4,210 | 5.000%, 11/15/34 | 11/26 at 100.00 | BBB+ | 4,152,912
3,320 | 5.000%, 11/15/37 | 11/26 at 100.00 | BBB+ | 3,217,578
1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | 11/25 at 100.00 | BBB+ | 980,780
| Series 2015F, 5.000%, 11/15/35 |  |  |
5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | 5/28 at 100.00 | BBB+ | 5,007,200
| Series 2017D, 5.000%, 11/15/32 |  |  |
2,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 5/23 at 100.00 | BBB+ | 2,415,200
| 2013A, 5.000%, 11/15/38 |  |  |
2,775 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 11/23 at 100.00 | BBB+ | 2,679,928
| 2013D, 5.000%, 11/15/38 |  |  |
1,000 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John | 12/22 at 100.00 | A– | 1,001,310
| Fisher College, Series 2011, 6.000%, 6/01/34 |  |  |
6,895 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/29 at 100.00 | AA+ | 6,202,811
| General Resolution Revenue Bonds, Fiscal 2019 Series FF-2, 4.000%, 6/15/41 |  |  |
10,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 12/29 at 100.00 | Aa1 | 9,110,200
| General Resolution Revenue Bonds, Fiscal 2020 Series AA, 4.000%, 6/15/40 |  |  |
9,750 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 12/29 at 100.00 | AA+ | 8,301,248
| General Resolution Revenue Bonds, Fiscal 2020 Series CC-1, 4.000%, 6/15/49 |  |  |
3,965 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/30 at 100.00 | AA+ | 3,360,893
| General Resolution Revenue Bonds, Fiscal 2020 Series DD-1, 4.000%, 6/15/50 |  |  |
2,035 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/30 at 100.00 | AA+ | 1,811,679
| General Resolution Revenue Bonds, Fiscal 2020 Series EE, 4.000%, 6/15/42 |  |  |
5,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/30 at 100.00 | AA+ | 4,238,200
| General Resolution Revenue Bonds, Fiscal 2020 Series GG-1, 4.000%, 6/15/50 |  |  |
8,530 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 12/30 at 100.00 | AA+ | 7,230,369
| General Resolution Revenue Bonds, Fiscal 2021 Series AA-1, 4.000%, 6/15/50 |  |  |
10,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/31 at 100.00 | Aa1 | 8,439,600
| General Resolution Revenue Bonds, Fiscal 2022 Series AA-1, 4.000%, 6/15/51 |  |  |
5,000 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, | 7/28 at 100.00 | Aa3 | 5,078,550
| Fiscal 2019 Subseries S-1, 5.000%, 7/15/43 |  |  |
4,440 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, | 7/28 at 100.00 | Aa3 | 4,601,838
| 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 | Aa1 | 10,062,300
| 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– | 10,128,900
| 5.000%, 4/01/46 |  |  |
5,750 | New York City, New York, General Obligation Bonds, Fiscal 2018 Series E-1, 5.000%, | 3/28 at 100.00 | AA– | 5,851,602
| 3/01/40 |  |  |
1,500 | New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 4.000%, 8/01/36 | 8/30 at 100.00 | AA– | 1,402,845
2,860 | New York City, New York, General Obligation Bonds, Fiscal 2022 Series A-1, 5.000%, 8/01/47 | 8/31 at 100.00 | AA– | 2,921,347

91

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
$ 45,260 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | $ 39,765,436
| Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A |  |  |
5,700 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 5,443,785
| 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 | A– | 4,978,450
| Series 2016A, 5.000%, 1/01/46 |  |  |
8,265 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | 9/30 at 100.00 | Aa1 | 8,433,110
| General Purpose, Series 2020C, 5.000%, 3/15/47 |  |  |
80,510 | New York Transportation Development Corporation, New York, Special Facilities Bonds, | 7/24 at 100.00 | Baa3 | 75,676,180
| LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.250%, 1/01/50, (AMT) |  |  |
| New York Transportation Development Corporation, New York, Special Facility Revenue |  |  |
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding |  |  |
| Series 2016: |  |  |
2,100 | 5.000%, 8/01/26, (AMT) | 11/22 at 100.00 | B– | 2,092,041
16,200 | 5.000%, 8/01/31, (AMT) | 11/22 at 100.00 | B– | 15,917,472
4,175 | New York Transportation Development Corporation, New York, Special Facility Revenue | 8/30 at 100.00 | B– | 4,145,399
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, |  |  |
| 5.250%, 8/01/31, (AMT) |  |  |
5,350 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta | 1/28 at 100.00 | BB+ | 5,281,253
| Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, 5.000%, |  |  |
| 1/01/31, (AMT) |  |  |
2,100 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta | 10/30 at 100.00 | BB+ | 1,981,203
| Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, 5.000%, |  |  |
| 10/01/40, (AMT) |  |  |
10,325 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred | 11/26 at 100.00 | N/R | 10,542,548
| Ninety-Eighth Series 2016, 5.250%, 11/15/56 |  |  |
14,500 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | 6/31 at 27.72 | N/R | 1,210,315
| Asset-Backed Bonds, Series 2021B-2, 0.000%, 6/01/66 |  |  |
2,500 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, | 5/25 at 100.00 | AA– | 2,532,875
| Refunding Series 2015A, 5.000%, 11/15/50 |  |  |
2,150 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 1,838,615
455,565 | Total New York |  |  | 334,307,210
| North Carolina – 0.3% (0.2% of Total Investments) |  |  |
| North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien |  |  |
| Series 2019: |  |  |
5,000 | 5.000%, 1/01/49 | 1/30 at 100.00 | BBB | 4,624,200
1,000 | 4.000%, 1/01/55 | 1/30 at 100.00 | BBB | 751,310
875 | 4.000%, 1/01/55 – AGM Insured | 1/30 at 100.00 | BBB | 710,552
6,875 | Total North Carolina |  |  | 6,086,062
| North Dakota – 2.4% (1.4% of Total Investments) |  |  |
| Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System |  |  |
| Obligated Group, Series 2021: |  |  |
2,000 | 3.000%, 12/01/39 – AGM Insured | 12/31 at 100.00 | BBB– | 1,525,880
1,075 | 4.000%, 12/01/46 | 12/31 at 100.00 | BBB– | 823,332
1,750 | 3.000%, 12/01/51 – AGM Insured | 12/31 at 100.00 | BBB– | 1,152,375
1,425 | 4.000%, 12/01/51 | 12/31 at 100.00 | BBB– | 1,062,067
| Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, |  |  |
| Series 2017C: |  |  |
5,000 | 5.000%, 6/01/48 | 6/28 at 100.00 | BBB– | 4,003,400
49,705 | 5.000%, 6/01/53 | 6/28 at 100.00 | BBB– | 39,148,652
60,955 | Total North Dakota |  |  | 47,715,706

92

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Ohio – 4.0% (2.3% of Total Investments) |  |  |
$ 8,375 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | $ 837,081
| Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, |  |  |
| 0.000%, 6/01/57 |  |  |
13,015 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | BBB+ | 10,320,114
| Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 |  |  |
2,755 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 2,322,079
| Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 |  |  |
310 | Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, | 12/29 at 100.00 | BBB– | 279,152
| Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51 |  |  |
10,000 | Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series | 5/25 at 100.00 | Aa2 | 9,964,200
| 2015, 5.000%, 5/15/40, (UB) (8) |  |  |
2,845 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 2,459,759
| FirstEnergy Generation Corporation Project, Refunding Series 2009D, 3.375%, 8/01/29, |  |  |
| (Mandatory Put 9/15/21) |  |  |
6,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 7,500
| FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (5) |  |  |
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) |  |  |
| Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2021A: |  |  |
7,045 | 4.000%, 1/15/46 | 7/31 at 100.00 | A2 | 5,652,767
2,000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission | 2/23 at 100.00 | A+ | 2,012,000
| Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.250%, 2/15/33 |  |  |
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) |  |  |
27,880 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 25,774,781
| Nuclear Generating Corporation Project, Series 2009A, 4.750%, 6/01/33, (Mandatory Put 6/01/22) |  |  |
22,820 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 21,096,862
| Nuclear Generating Corporation Project, Series 2010B, 4.750%, 6/01/33, (Mandatory Put 6/01/22) |  |  |
107,045 | Total Ohio |  |  | 80,731,295
| Oklahoma – 2.5% (1.4% of Total Investments) |  |  |
| Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine |  |  |
| Project, Series 2018B: |  |  |
12,690 | 5.250%, 8/15/43 | 8/28 at 100.00 | BB+ | 10,653,636
9,715 | 5.250%, 8/15/48 | 8/28 at 100.00 | BB+ | 7,785,212
18,235 | 5.500%, 8/15/52 | 8/28 at 100.00 | BB+ | 14,939,936
15,570 | 5.500%, 8/15/57 | 8/28 at 100.00 | BB+ | 12,497,883
1,550 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | 8/32 at 100.00 | N/R | 1,371,936
| Project, Taxable Series 2022, 5.500%, 8/15/41 |  |  |
2,055 | Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, | 6/23 at 100.00 | Baa1 (4) | 2,078,304
| 5.375%, 6/01/33, (Pre-refunded 6/01/23), (AMT) |  |  |
1,500 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., | 6/25 at 100.00 | B– | 1,494,915
| Refunding Series 2015, 5.000%, 6/01/35, (AMT), (Mandatory Put 6/01/25) |  |  |
61,315 | Total Oklahoma |  |  | 50,821,822
| Oregon – 0.4% (0.2% of Total Investments) |  |  |
7,330 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2020-27A, 5.000%, | 7/30 at 100.00 | AA– | 7,128,425
| 7/01/45, (AMT) |  |  |
| Pennsylvania – 5.5% (3.1% of Total Investments) |  |  |
380 | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental | 12/22 at 100.00 | B– | 366,077
| Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, |  |  |
| 8/01/42, (AMT) |  |  |

93

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Pennsylvania (continued) |  |  |
$ 1,355 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/27 at 100.00 | Ba3 | $ 1,162,197
| Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A |  |  |
11,700 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 11,670,048
| Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 4.375%, 1/01/35, (Mandatory |  |  |
| Put 7/01/22) |  |  |
34,785 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 43,481
| Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (5) |  |  |
2,030 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | 4/31 at 100.00 | N/R | 1,461,032
| Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 |  |  |
| Berks County Industrial Development Authority, Pennsylvania, Health System Revenue |  |  |
| Bonds, Tower Health Project, Series 2017: |  |  |
16,975 | 5.000%, 11/01/47 | 11/27 at 100.00 | B+ | 11,573,216
6,695 | 5.000%, 11/01/50 | 11/27 at 100.00 | B+ | 4,463,556
| Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master |  |  |
| Settlement, Series 2018: |  |  |
4,000 | 5.000%, 6/01/32, (UB) (8) | 6/28 at 100.00 | A | 4,142,720
2,260 | 5.000%, 6/01/33, (UB) (8) | 6/28 at 100.00 | A | 2,333,405
2,405 | 5.000%, 6/01/34 (8) | 6/28 at 100.00 | A | 2,470,945
1,275 | 5.000%, 6/01/34, (UB) (8) | 6/28 at 100.00 | A | 1,309,960
| Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran |  |  |
| Social Ministries Project, Series 2015: |  |  |
1,030 | 5.000%, 1/01/38 | 1/25 at 100.00 | BBB+ | 1,030,968
845 | 5.000%, 1/01/38, (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (4) | 874,922
205 | 5.000%, 1/01/38, (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (4) | 212,259
15,000 | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, | 2/27 at 100.00 | A1 | 12,723,750
| Geisinger Health System, Series 2017A-1, 4.000%, 2/15/47 |  |  |
| Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, |  |  |
| Geisinger Health System, Series 2020A: |  |  |
8,710 | 4.000%, 4/01/39 | 4/30 at 100.00 | A1 | 7,833,861
5,085 | 4.000%, 4/01/50 | 4/30 at 100.00 | A1 | 4,258,332
5,000 | 5.000%, 4/01/50 | 4/30 at 100.00 | A1 | 4,871,650
| Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue |  |  |
| Bonds, Albert Einstein Healthcare Network Issue, Series 2015A: |  |  |
6,190 | 5.250%, 1/15/36, (Pre-refunded 1/15/25) | 1/25 at 100.00 | Ba1 (4) | 6,429,491
3,535 | 5.250%, 1/15/45, (Pre-refunded 1/15/25) | 1/25 at 100.00 | Ba1 (4) | 3,671,769
2,206 | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue | 12/22 at 100.00 | N/R | 397,030
| Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 0.900%, 12/31/23 |  |  |
893 | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue | No Opt. Call | N/R | 160,790
| Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 0.900%, 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 | 3,918,036
| National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44, (AMT) |  |  |
11,750 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue | 9/25 at 100.00 | CCC | 9,664,375
| Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 0.000%, 12/01/38 (5) |  |  |
1,085 | Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, | 6/26 at 100.00 | BBB | 1,032,996
| Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38, (AMT) |  |  |
130 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University | 7/26 at 100.00 | Baa3 | 125,818
| Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, |  |  |
| Series 2016A, 5.000%, 7/01/31 |  |  |
1,000 | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of | No Opt. Call | A2 | 1,054,720
| Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured |  |  |

94

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Pennsylvania (continued) |  |  |
| Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation |  |  |
| Series 2009E: |  |  |
$ 3,530 | 6.000%, 12/01/30 | 12/27 at 100.00 | A3 | $ 3,915,688
2,000 | 6.375%, 12/01/38 | 12/27 at 100.00 | A3 | 2,214,500
4,000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, | 5/27 at 100.00 | BBB | 3,852,480
| University of the Sciences in Philadelphia, Series 2017, 5.000%, 11/01/47, (UB) (8) |  |  |
1,255 | The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, | 5/24 at 100.00 | BB+ | 1,175,885
| Guaranteed Lease Revenue Bonds, Series 2016A, 5.000%, 11/15/28 |  |  |
161,444 | Total Pennsylvania |  |  | 110,415,957
| Puerto Rico – 8.0% (4.6% of Total Investments) |  |  |
75,000 | Children’s Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Series 2008A, | 12/22 at 7.59 | N/R | 4,116,750
| 0.000%, 5/15/57 |  |  |
1,804 | Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit Exchanged From Cusip | No Opt. Call | N/R | 448,539
| 74529JAP0, 0.000%, 8/01/54 |  |  |
1,595 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien | 7/32 at 100.00 | N/R | 1,441,609
| Forward Delivery Series 2022A, 5.000%, 7/01/37, 144A |  |  |
| Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien |  |  |
| Series 2020A: |  |  |
16,000 | 5.000%, 7/01/35, 144A | 7/30 at 100.00 | N/R | 14,706,240
5,255 | 5.000%, 7/01/47, 144A | 7/30 at 100.00 | N/R | 4,503,693
250 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series | No Opt. Call | N/R | 243,872
| 2021A, 5.000%, 7/01/28, 144A |  |  |
| Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien |  |  |
| Series 2021B: |  |  |
8,180 | 5.000%, 7/01/33, 144A | 7/31 at 100.00 | N/R | 7,639,548
2,745 | 5.000%, 7/01/37, 144A | 7/31 at 100.00 | N/R | 2,481,013
5,785 | 4.000%, 7/01/42, 144A | 7/31 at 100.00 | N/R | 4,431,541
| Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N: |  |  |
1,000 | 9.645%, 7/01/27 – AMBAC Insured (12MTA reference rate + 1.120% spread) (9) | No Opt. Call | N/R | 939,420
215 | 5.500%, 7/01/29 – AMBAC Insured | No Opt. Call | N/R | 213,269
1,000 | 5.250%, 7/01/36 – AGC Insured | No Opt. Call | A3 | 969,960
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: |  |  |
46,230 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 7,194,775
103,479 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 88,989,872
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable |  |  |
| Restructured Cofina Project Series 2019A-2: |  |  |
2,000 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 1,682,400
493 | 4.536%, 7/01/53 | 7/28 at 100.00 | N/R | 397,560
| Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1: |  |  |
2,640 | 4.000%, 7/01/37 | 7/31 at 103.00 | N/R | 2,106,403
8,008 | 4.000%, 7/01/41 | 7/31 at 103.00 | N/R | 6,110,879
16,902 | 4.000%, 7/01/46 | 7/31 at 103.00 | N/R | 12,312,262
298,581 | Total Puerto Rico |  |  | 160,929,605
| Rhode Island – 0.1% (0.1% of Total Investments) |  |  |
21,570 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 11/22 at 17.44 | CCC– | 2,898,577
| Bonds, Series 2007A, 0.000%, 6/01/52 |  |  |
| South Carolina – 3.1% (1.8% 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– | 1,212,717
21,570 | 0.000%, 1/01/30 – AMBAC Insured | No Opt. Call | A– | 15,956,623
5,560 | 0.000%, 1/01/31 – AGC Insured | No Opt. Call | A3 | 3,959,665
7,500 | South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding | 12/26 at 100.00 | A– | 7,243,875
| Series 2016B, 5.000%, 12/01/46, (UB) (8) |  |  |

95

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| South Carolina (continued) |  |  |
$ 10,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 6/25 at 100.00 | A– | $ 9,626,000
| Improvement Series 2015A, 5.000%, 12/01/50 |  |  |
| South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding |  |  |
| Series 2022A: |  |  |
5,970 | 4.000%, 12/01/43 | 6/32 at 100.00 | A– | 5,010,382
10,295 | 5.000%, 12/01/55 | 6/32 at 100.00 | N/R | 9,824,107
9,155 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 6/24 at 100.00 | A– | 9,170,380
| 2014A, 5.500%, 12/01/54 |  |  |
71,270 | Total South Carolina |  |  | 62,003,749
| South Dakota – 0.2% (0.1% of Total Investments) |  |  |
4,455 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, | 11/25 at 100.00 | A+ | 4,206,456
| Series 2015, 5.000%, 11/01/45 |  |  |
| Tennessee – 0.8% (0.5% of Total Investments) |  |  |
1,000 | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle | 12/26 at 100.00 | N/R | 896,700
| Project, Series 2016A, 5.125%, 12/01/42, 144A |  |  |
8,890 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 1/23 at 100.00 | BBB+ (4) | 8,917,648
| 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+ | 3,230,080
| 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+ | 1,590,075
| CommonSpirit Health, Series 2019A-2, 5.000%, 8/01/44 |  |  |
2,395 | Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, | 10/24 at 100.00 | Baa3 | 2,277,980
| Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/44 |  |  |
155 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, | No Opt. Call | Baa2 | 155,616
| 5.000%, 2/01/24 |  |  |
18,105 | Total Tennessee |  |  | 17,068,099
| Texas – 10.9% (6.3% 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– | 161,520
130 | 5.000%, 12/01/46 | 12/26 at 100.00 | BBB– | 120,865
760 | 5.000%, 12/01/51 | 12/26 at 100.00 | BBB– | 696,426
870 | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public | 9/23 at 103.00 | N/R | 887,844
| Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 |  |  |
730 | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public | 9/23 at 103.00 | N/R | 741,534
| 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 | 3,107,130
3,340 | 5.000%, 12/01/40 | 12/25 at 100.00 | BB | 3,017,823
980 | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement | 3/23 at 103.00 | N/R | 994,455
| District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 |  |  |
1,735 | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement | 3/23 at 103.00 | N/R | 1,768,347
| 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 | Baa1 (4) | 2,086,080
3,625 | 5.000%, 1/01/45, (Pre-refunded 7/01/25) | 7/25 at 100.00 | Baa1 (4) | 3,781,020
| Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, |  |  |
| Improvement Area 1 Project, Series 2016: |  |  |
515 | 6.250%, 9/01/35 | 9/23 at 103.00 | N/R | 524,924
490 | 6.500%, 9/01/46 | 9/23 at 103.00 | N/R | 499,393

96

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 1,000 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy | 12/22 at 100.00 | Baa2 | $ 917,650
| Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 |  |  |
150 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy | 12/22 at 100.00 | Baa2 | 133,210
| Inc. Project, Series 2012B, 4.750%, 11/01/42 |  |  |
2,335 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier | 10/23 at 100.00 | BBB | 2,294,768
| Series 2013A, 5.125%, 10/01/43 |  |  |
| Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate |  |  |
| Lien Series 2013B: |  |  |
17,000 | 5.250%, 10/01/51, (Pre-refunded 10/01/23) | 10/23 at 100.00 | AA (4) | 17,307,020
1,140 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender | 10/23 at 100.00 | AA (4) | 1,212,230
| Option Bond Trust 2015-XF0228, 11.840%, 11/01/44, (Pre-refunded 10/01/23), 144A, (IF) (8) |  |  |
10,000 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, | 12/22 at 100.00 | B3 | 9,998,800
| 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 | 3,424,772
| Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 |  |  |
| Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation |  |  |
| Refunding Senior Lien Series 2014A: |  |  |
295 | 0.000%, 11/15/41 – AGM Insured | 11/31 at 62.66 | A2 | 105,941
590 | 0.000%, 11/15/42 – AGM Insured | 11/31 at 59.73 | A2 | 197,980
1,000 | 0.000%, 11/15/43 – AGM Insured | 11/31 at 56.93 | A2 | 314,740
2,000 | 0.000%, 11/15/44 – AGM Insured | 11/31 at 54.25 | A2 | 591,940
2,600 | 0.000%, 11/15/45 – AGM Insured | 11/31 at 51.48 | A2 | 723,996
4,180 | 0.000%, 11/15/53 – AGM Insured | 11/31 at 33.96 | A2 | 725,188
6,170 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, | 11/31 at 69.08 | BB+ | 2,622,929
| 0.000%, 11/15/37 – NPFG Insured |  |  |
4,565 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, | 11/24 at 52.47 | BB | 2,147,330
| 0.000%, 11/15/35 – NPFG Insured |  |  |
40,500 | Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior | 11/30 at 54.04 | A2 | 14,262,075
| Lien Series 2001A, 0.000%, 11/15/40 – NPFG Insured |  |  |
2,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. | 7/25 at 100.00 | B | 1,886,540
| 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 | B | 231,973
| 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– | 2,829,609
| 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– | 258,158
| Terminal E Project, Series 2021A, 4.000%, 7/01/41, (AMT) |  |  |
3,750 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | No Opt. Call | B– | 3,729,563
| Terminal Improvements Project, Refunding Series 2020B-2, 5.000%, 7/15/27, (AMT) |  |  |
| 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 | 22,107,620
5,000 | 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | A | 3,555,500
5,765 | 0.000%, 9/01/31 – AMBAC Insured | No Opt. Call | A | 3,885,149
6,000 | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series | No Opt. Call | AA+ (4) | 6,548,880
| 2001B, 5.500%, 12/01/29 – NPFG Insured, (ETM) |  |  |
7,500 | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series | No Opt. Call | A2 (4) | 8,871,675
| 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– | 724,097
| 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 | 2,785,118
| Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 |  |  |

97

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 2,505 | Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, | No Opt. Call | A | $ 2,632,580
| 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, | 11/22 at 104.00 | BB– | 8,137,917
| 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 | 306,574
| Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45, (AMT), 144A 2045 2045 (5) |  |  |
150 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/26 at 100.00 | N/R (4) | 157,374
| Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus |  |  |
| Christi Project, Series 2016A, 5.000%, 4/01/48, (Pre-refunded 4/01/26) |  |  |
565 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/26 at 100.00 | N/R (4) | 591,849
| Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M |  |  |
| University – San Antonio Project, Series 2016A, 5.000%, 4/01/48, (Pre-refunded 4/01/26) |  |  |
825 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 7/25 at 100.00 | CCC | 701,250
| Revenue Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, Series |  |  |
| 2015A, 5.000%, 7/01/47 (5) |  |  |
| North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible |  |  |
| Capital Appreciation Series 2011C: |  |  |
6,330 | 0.000%, 9/01/43, (Pre-refunded 9/01/31) (7) | 9/31 at 100.00 | N/R (4) | 7,500,354
9,130 | 6.750%, 9/01/45, (Pre-refunded 9/01/31) | 9/31 at 100.00 | N/R (4) | 11,281,119
| 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 | A1 (4) | 2,704,570
7,000 | 6.500%, 1/01/43, (Pre-refunded 1/01/25) | 1/25 at 100.00 | A+ (4) | 7,445,690
10,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, | No Opt. Call | A1 | 7,983,000
| 0.000%, 1/01/28 – AGC Insured |  |  |
| North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B: |  |  |
2,870 | 5.000%, 1/01/40, (Pre-refunded 1/01/23) | 1/23 at 100.00 | A+ (4) | 2,878,725
4,880 | 5.000%, 1/01/45 | 1/25 at 100.00 | A+ | 4,929,678
| 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 | 8,025,846
2,205 | 5.000%, 1/01/34 | 1/25 at 100.00 | A | 2,246,278
1,000 | 5.000%, 1/01/35 | 1/25 at 100.00 | A | 1,014,710
2,345 | 5.000%, 1/01/38 | 1/25 at 100.00 | A | 2,362,071
1,570 | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series | 2/24 at 100.00 | Ba1 | 1,582,843
| 2014A, 5.000%, 2/01/34 |  |  |
1,000 | Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue | 12/22 at 100.00 | N/R | 610,000
| Bonds, Eden Home Inc., Series 2012, 4.087%, 12/15/47 (5) |  |  |
1,120 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, | 9/27 at 100.00 | AA+ | 1,103,648
| Series 2018A, 4.250%, 9/01/48 (8) |  |  |
1,305 | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, | No Opt. Call | A– | 1,352,019
| Senior Lien Series 2008D, 6.250%, 12/15/26 |  |  |
| Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue |  |  |
| Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016: |  |  |
1,275 | 5.000%, 12/31/50, (AMT) | 12/25 at 100.00 | Baa3 | 1,191,742
805 | 5.000%, 12/31/55, (AMT) | 12/25 at 100.00 | Baa3 | 738,813
2,000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue | 9/23 at 100.00 | Baa3 | 2,042,100
| Bonds, NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility, Series 2013, |  |  |
| 7.000%, 12/31/38, (AMT) |  |  |
3,600 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series | No Opt. Call | A3 | 3,237,192
| 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 | 4,853,800
| Trust Series 2017A, 4.000%, 10/15/37 |  |  |
1,200 | Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, | 11/22 at 100.00 | N/R (4) | 1,201,176
| Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22, (ETM) |  |  |
283,734 | Total Texas |  |  | 221,594,730

98

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Utah – 0.1% (0.1% of Total Investments) |  |  |
$ 2,005 | Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC, | 12/27 at 100.00 | N/R | $ 1,981,960
| Senior Series 2017A, 8.000%, 12/01/39, (AMT), 144A |  |  |
| Virginia – 0.9% (0.5% of Total Investments) |  |  |
540 | Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, | 3/25 at 100.00 | N/R (4) | 564,624
| Series 2015, 5.600%, 3/01/45, (Pre-refunded 3/01/25), 144A |  |  |
2,000 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed | 11/22 at 100.00 | B– | 1,744,500
| Bonds, Series 2007B1, 5.000%, 6/01/47 |  |  |
18,655 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform | 6/27 at 100.00 | Baa3 | 16,827,183
| 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56, (AMT) |  |  |
21,195 | Total Virginia |  |  | 19,136,307
| Washington – 2.0% (1.2% of Total Investments) |  |  |
1,100 | Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle | 12/22 at 100.00 | AAA | 1,117,655
| Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured (8) |  |  |
6,000 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, | 7/25 at 100.00 | AA– | 6,174,720
| Refunding Series 2015A, 5.000%, 7/01/38, (UB) (8) |  |  |
3,155 | Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley | 12/26 at 100.00 | Baa2 | 3,238,071
| Hospital, Refunding & Improvement Series 2016, 5.000%, 12/01/27 |  |  |
135 | Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, | 11/22 at 100.00 | N/R | 121,265
| Series 2013, 5.750%, 4/01/43 |  |  |
6,065 | Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health | 7/25 at 100.00 | Baa1 | 5,279,219
| Services Association, Refunding Series 2015, 4.000%, 7/01/36 |  |  |
10,500 | Washington Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, | 2/28 at 100.00 | AA– | 9,128,070
| Series 2017B, 4.000%, 8/15/41 |  |  |
1,760 | Washington Health Care Facilities Authority, Revenue Bonds, Overlake Hospital Medical | 1/28 at 100.00 | A | 1,726,454
| Center, Series 2017A, 5.000%, 7/01/42 |  |  |
| Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center |  |  |
| Alliance, Series 2020: |  |  |
2,000 | 4.000%, 9/01/45 | 9/30 at 100.00 | A2 | 1,663,120
3,300 | 5.000%, 9/01/55 | 9/30 at 100.00 | A2 | 3,124,869
9,435 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue | 7/31 at 100.00 | BB+ | 7,461,104
| 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 | AA+ | 1,308,917
| 12/01/24 – NPFG Insured |  |  |
44,860 | Total Washington |  |  | 40,343,464
| 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) | 5,225,171
| 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 | 4,731,300
| System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/47 |  |  |
10,160 | Total West Virginia |  |  | 9,956,471
| Wisconsin – 4.0% (2.3% of Total Investments) |  |  |
25 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community | 6/24 at 100.00 | N/R | 22,430
| School, North Carolina, Series 2017A, 5.000%, 6/15/37, 144A |  |  |
1,000 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science | 5/26 at 100.00 | N/R | 876,030
| 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: |  |  |
5,545 | 5.000%, 6/15/36, 144A | 6/26 at 100.00 | N/R | 4,542,797
4,430 | 5.000%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 3,243,690

99

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Wisconsin (continued) |  |  |
| Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, |  |  |
| Lombard Public Facilities Corporation, First Tier Series 2018A-1: |  |  |
$ 80 | 0.000%, 1/01/47, 144A (5) | No Opt. Call | N/R | $ 1,549
70 | 0.000%, 1/01/48, 144A (5) | No Opt. Call | N/R | 1,289
69 | 0.000%, 1/01/49, 144A (5) | No Opt. Call | N/R | 1,202
66 | 0.000%, 1/01/50, 144A (5) | No Opt. Call | N/R | 1,084
65 | 0.000%, 1/01/51, 144A (5) | No Opt. Call | N/R | 1,014
85 | 0.000%, 1/01/52, 144A (5) | No Opt. Call | N/R | 1,229
84 | 0.000%, 1/01/53, 144A (5) | No Opt. Call | N/R | 1,154
81 | 0.000%, 1/01/54, 144A (5) | No Opt. Call | N/R | 1,054
79 | 0.000%, 1/01/55, 144A (5) | No Opt. Call | N/R | 979
78 | 0.000%, 1/01/56, 144A (5) | No Opt. Call | N/R | 914
4,225 | 0.000%, 7/01/56, 144A (5) | 3/28 at 100.00 | N/R | 2,352,899
86 | 0.000%, 1/01/57, 144A (5) | No Opt. Call | N/R | 956
84 | 0.000%, 1/01/58, 144A (5) | No Opt. Call | N/R | 884
81 | 0.000%, 1/01/59, 144A (5) | No Opt. Call | N/R | 820
80 | 0.000%, 1/01/60, 144A (5) | No Opt. Call | N/R | 756
79 | 0.000%, 1/01/61, 144A (5) | No Opt. Call | N/R | 704
76 | 0.000%, 1/01/62, 144A (5) | No Opt. Call | N/R | 648
75 | 0.000%, 1/01/63, 144A (5) | No Opt. Call | N/R | 603
73 | 0.000%, 1/01/64, 144A (5) | No Opt. Call | N/R | 563
72 | 0.000%, 1/01/65, 144A (5) | No Opt. Call | N/R | 521
78 | 0.000%, 1/01/66, 144A (5) | No Opt. Call | N/R | 520
935 | 0.000%, 1/01/67, 144A (5) | No Opt. Call | N/R | 5,675
| Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, |  |  |
| Lombard Public Facilities Corporation, Second Tier Series 2018B: |  |  |
69 | 0.000%, 1/01/46, 144A (5) | No Opt. Call | N/R | 1,445
68 | 0.000%, 1/01/47, 144A (5) | No Opt. Call | N/R | 1,327
68 | 0.000%, 1/01/48, 144A (5) | No Opt. Call | N/R | 1,254
67 | 0.000%, 1/01/49, 144A (5) | No Opt. Call | N/R | 1,180
67 | 0.000%, 1/01/50, 144A (5) | No Opt. Call | N/R | 1,084
73 | 0.000%, 1/01/51, 144A (5) | No Opt. Call | N/R | 1,130
1,874 | 1.000%, 7/01/51, 144A (5) | 3/28 at 100.00 | N/R | 861,735
72 | 0.000%, 1/01/52, 144A (5) | No Opt. Call | N/R | 1,047
71 | 0.000%, 1/01/53, 144A (5) | No Opt. Call | N/R | 983
71 | 0.000%, 1/01/54, 144A (5) | No Opt. Call | N/R | 922
70 | 0.000%, 1/01/55, 144A (5) | No Opt. Call | N/R | 862
69 | 0.000%, 1/01/56, 144A (5) | No Opt. Call | N/R | 812
68 | 0.000%, 1/01/57, 144A (5) | No Opt. Call | N/R | 761
67 | 0.000%, 1/01/58, 144A (5) | No Opt. Call | N/R | 711
67 | 0.000%, 1/01/59, 144A (5) | No Opt. Call | N/R | 673
67 | 0.000%, 1/01/60, 144A (5) | No Opt. Call | N/R | 629
66 | 0.000%, 1/01/61, 144A (5) | No Opt. Call | N/R | 585
65 | 0.000%, 1/01/62, 144A (5) | No Opt. Call | N/R | 550
64 | 0.000%, 1/01/63, 144A (5) | No Opt. Call | N/R | 516
64 | 0.000%, 1/01/64, 144A (5) | No Opt. Call | N/R | 489
63 | 0.000%, 1/01/65, 144A (5) | No Opt. Call | N/R | 456
62 | 0.000%, 1/01/66, 144A (5) | No Opt. Call | N/R | 416
808 | 0.000%, 1/01/67, 144A (5) | No Opt. Call | N/R | 4,906
1,200 | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum | 8/26 at 100.00 | N/R | 981,636
| Company Project, Refunding Series 2016, 4.000%, 8/01/35, (AMT) |  |  |
1,690 | Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American | No Opt. Call | N/R | 1,377,147
| Dream @ Meadowlands Project, Series 2017A, 3.125%, 8/01/27, 144A (5) |  |  |
1,350 | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American | 12/27 at 100.00 | N/R | 1,107,810
| Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A |  |  |
160 | Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., | 12/27 at 100.00 | BBB– | 161,082
| Series 2017A, 5.200%, 12/01/37 |  |  |

100

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Wisconsin (continued) |  |  |
$ 2,905 | Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing | 7/25 at 100.00 | BBB– | $ 2,725,587
| Foundation – Cullowhee LLC – Western California University Project, Series 2015A, |  |  |
| 5.000%, 7/01/35 |  |  |
1,000 | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, | 5/26 at 100.00 | Baa3 | 965,180
| Refunding Series 2016C, 4.300%, 11/01/30 |  |  |
1,000 | Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A, | No Opt. Call | A2 | 665,930
| 0.000%, 12/15/31 |  |  |
| Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., |  |  |
| Series 2012: |  |  |
2,105 | 5.000%, 6/01/32 | 12/22 at 100.00 | A3 | 2,105,337
2,500 | 5.000%, 6/01/39 | 12/22 at 100.00 | A3 | 2,457,150
| Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, |  |  |
| Ascension Health Alliance Senior Credit Group, Series 2016A: |  |  |
10,000 | 5.000%, 11/15/35 | 5/26 at 100.00 | Aa2 | 10,160,400
5,000 | 5.000%, 11/15/36 | 5/26 at 100.00 | Aa2 | 5,077,300
3,000 | 5.000%, 11/15/39, (UB) (8) | 5/26 at 100.00 | Aa2 | 3,032,400
13,080 | 4.000%, 11/15/46 | 5/26 at 100.00 | AA+ | 10,627,892
1,120 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson | 12/22 at 102.00 | N/R | 976,506
| Hollow Project. Series 2014, 5.250%, 10/01/39 |  |  |
| Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, |  |  |
| Gundersen Health System, Refunding Series 2021A: |  |  |
14,950 | 3.000%, 10/15/38 | 10/31 at 100.00 | AA– | 11,259,294
5,535 | 3.000%, 10/15/39 | 10/31 at 100.00 | AA– | 4,088,483
25 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Monroe | 8/25 at 100.00 | N/R (4) | 26,054
| Clinic Inc., Refunding Series 2016, 5.000%, 2/15/28, (Pre-refunded 8/15/25) |  |  |
4,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 8/24 at 100.00 | A+ | 3,993,120
| 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 | 1,437,909
1,310 | 5.000%, 7/01/29 | 7/24 at 100.00 | A | 1,326,204
3,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers | 7/24 at 100.00 | A | 2,868,990
| Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44 |  |  |
| Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Three |  |  |
| Pillars Senior Living Communities, Refunding Series 2013: |  |  |
1,005 | 5.000%, 8/15/43, (Pre-refunded 8/15/23) | 8/23 at 100.00 | BBB+ (4) | 1,018,879
85 | 5.000%, 8/15/43, (Pre-refunded 8/15/23) | 8/23 at 100.00 | A (4) | 86,174
99,236 | Total Wisconsin |  |  | 80,472,901
$ 4,304,189 | Total Municipal Bonds (cost $3,597,882,193) |  |  | 3,391,920,747
Shares | Description (1) |  |  | Value
| COMMON STOCKS – 5.7% (3.3% of Total Investments) |  |  |
| Independent Power And Renewable Electricity Producers – 5.7% (3.3% of Total Investments) |  |  |
1,447,870 | Energy Harbor Corp (10),(11) |  |  | $ 116,481,142
| Total Common Stocks (cost $41,247,164) |  |  | 116,481,142

101

NZF | Nuveen Municipal Credit Income Fund
| Portfolio of Investments (continued)
| October 31, 2022

Shares | Description (1) |  |  |  |  |  | Value
| INVESTMENT COMPANIES – 0.1% (0.1% of Total Investments) |  |  |  |  |
6,266 | BlackRock MuniHoldings Fund Inc |  |  |  |  |  | $ 67,297
26,880 | BNY Mellon Strategic Municipals Inc |  |  |  |  |  | 161,280
30,000 | Invesco Municipal Opportunity Trust |  |  |  |  |  | 263,700
43,020 | Invesco Trust for Investment Grade Municipals |  |  |  |  |  | 389,761
43,420 | PIMCO Municipal Income Fund II |  |  |  |  |  | 384,701
| Total Investment Companies (cost $1,790,280) |  |  |  |  |  | 1,266,739
Principal |  |  | Reference |  |  |  |
Amount (000) | Description (1) | Coupon(12) | Rate (12) | Spread (12) | Maturity (13) | Ratings (3) | Value
| VARIABLE RATE SENIOR LOAN INTERESTS – |  |  |  |  |  |
| 0.0% (0.0% of Total Investments) (12) |  |  |  |  |  |
| Hotels, Restaurants & Leisure – 0.0% (0.0% of |  |  |  |  |  |
| Total Investments) |  |  |  |  |  |
366 | Lombard Starwood Westin Hotel Conference Center and | 7.500% | N/A | N/A | 12/31/23 | N/R | $ 365,735
| Hotel Project Revenue Bonds(cash 7.500%, |  |  |  |  |  |
| PIK 7.500%)(14) |  |  |  |  |  |
$ 366 | Total Variable Rate Senior Loan Interests (cost $365,735) |  |  |  |  |  | 365,735
| Total Long-Term Investments (cost $3,641,285,372) |  |  |  |  |  | 3,510,034,363
| Borrowings – (2.0)% (15) |  |  |  |  |  | (40,000,000)
| Floating Rate Obligations – (8.3)% |  |  |  |  |  | (168,959,000)
| MuniFund Preferred Shares, net of deferred offering costs – (31.6)%(16) |  |  |  |  | (640,083,278)
| Variable Rate Demand Preferred Shares, net of deferred offering costs – (35.7)%(17) |  |  |  | (722,987,135)
| Other Assets Less Liabilities – 4.3% |  |  |  |  |  | 87,131,539
| Net Assets Applicable to Common Shares – 100% |  |  |  |  |  | $ 2,025,136,489

102

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

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

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

(4) |  | 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) |  | 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) |  | Variable rate security. The rate shown is the coupon as of the end of the reporting period.

(10) |  | 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.

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

(12) |  | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.

(13) |  | Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

(14) |  | Senior loan received as part of the bondholder funding agreement during March 2022 for Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1, 0.000%, 7/01/56, 144A.

(15) |  | Borrowings as a percentage of Total Investments is 1.1%.

(16) |  | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 18.2%.

(17) |  | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 20.6%.

12MTA |  | Federal Reserve U.S. 12-Month Cumulative Treasury Average 1-Year CMT.

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

AMT |  | Alternative Minimum Tax

ETM |  | Escrowed to maturity

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

LIBOR |  | London Inter-Bank Offered Rate

N/A |  | Not Applicable.

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.

103

NMZ | Nuveen Municipal High Income
| Opportunity Fund
| Portfolio of Investments
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| LONG-TERM INVESTMENTS – 170.4% (100.0% of Total Investments) |  |  |
| MUNICIPAL BONDS – 164.6% (96.6% of Total Investments) |  |  |
| Alabama – 2.3% (1.3% of Total Investments) |  |  |
$ 182 | Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, | 12/22 at 100.00 | N/R | $ 2
| Big Sky Environmental LLC Project, Refunding Taxable Series 2017C, 1.000%, 9/01/37, 144A (4) |  |  |
1,000 | Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, | 9/27 at 100.00 | N/R | 700,000
| Big Sky Environmental LLC Project, Series 2017A, 6.750%, 9/01/37, 144A (4) |  |  |
213 | Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, | 9/27 at 100.00 | N/R | 148,646
| Big Sky Environmental LLC Project, Taxable Series 2017B, 6.750%, 9/01/37, 144A (4) |  |  |
2,000 | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, | 9/25 at 100.00 | N/R | 2,001,340
| University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A |  |  |
785 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | No Opt. Call | B– | 852,738
| 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 | B– | 10,874,265
| 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 | 5,060,800
| Series 2013F, 7.900%, 10/01/50 |  |  |
1,000 | Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013C, 6.500%, | 10/23 at 105.00 | BB+ | 1,011,410
| 10/01/38 – AGM Insured |  |  |
250 | MidCity Improvement District, Alabama, Special Assessment Revenue Bonds, Series 2022, | 11/32 at 100.00 | N/R | 181,472
| 4.750%, 11/01/49 |  |  |
1,985 | Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020, | 11/29 at 100.00 | N/R | 1,415,444
| 4.000%, 11/01/45, 144A |  |  |
| Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone |  |  |
| Bonds, Hunt Refining Project, Refunding Series 2019A: |  |  |
265 | 4.500%, 5/01/32, 144A | 5/29 at 100.00 | N/R | 225,095
2,950 | 5.250%, 5/01/44, 144A | 5/29 at 100.00 | N/R | 2,405,813
26,395 | Total Alabama |  |  | 24,877,025
| Arizona – 4.2% (2.5% of Total Investments) |  |  |
460 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/30 at 100.00 | BBB | 399,027
| KIPP Nashville Project, Series 2022A, 5.000%, 7/01/62 |  |  |
| 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 | 330,028
800 | 5.625%, 10/01/49, 144A | 10/26 at 103.00 | N/R | 630,560
1,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Ball Charter | 7/31 at 100.00 | BBB– | 754,990
| Schools Project, Series 2022, 4.000%, 7/01/51 |  |  |
10,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage | 7/28 at 103.00 | N/R | 6,856,100
| 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 | 6,947,500
| 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 | 902,770
| 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+ | 5,070,700
| Academy of Nevada Sloan Canyon Campus Project, Series 2020A-2, 6.150%, 9/15/53, 144A |  |  |
2,765 | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group | 12/31 at 100.00 | BB | 1,842,541
| Falcon Properties LLC, Project, Senior Series 2022A-1, 4.150%, 12/01/57, 144A |  |  |

104

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Arizona (continued) |  |  |
$ 2,590 | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group | 12/31 at 100.00 | N/R | $ 1,860,967
| Falcon Properties LLC, Project, Subordinate Series 2022B, 5.750%, 12/15/57, 144A |  |  |
1,000 | Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus | 6/28 at 100.00 | N/R | 986,050
| 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 | 773,600
| Gateway Academy Project, Series 2019A, 5.750%, 1/01/50, 144A |  |  |
1,000 | Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, | 5/24 at 100.00 | N/R | 1,018,210
| 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 | 2,513,820
| 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– | 229,298
400 | 5.375%, 7/01/46 | 7/26 at 100.00 | BB– | 357,876
475 | 5.500%, 7/01/51 | 7/26 at 100.00 | BB– | 428,103
1,000 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/26 at 103.00 | N/R | 947,490
| 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 | 2,074,160
| San Tan Montessori School Project, Series 2014A, 9.000%, 2/01/44 |  |  |
330 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 6/28 at 100.00 | N/R | 280,935
| 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 | 86,764
| The Paideia Academies Project, 2019, 5.125%, 7/01/39 |  |  |
7,500 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy | No Opt. Call | Ba3 | 7,751,625
| Inc Prepay Contract Obligations, Series 2007, 5.500%, 12/01/37, 144A |  |  |
2,000 | Sierra Vista Industrial Development Authority, Arizona, Economic Development Revenue | 10/29 at 103.00 | N/R | 1,159,700
| Bonds, Convertible Capital Appreciation Revenue Bonds, Series 2021A, 0.000%, 10/01/56 (5) |  |  |
2,000 | Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue | 6/29 at 103.00 | N/R | 1,790,180
| Bonds, AmeriSchools Academy Project, Series 2022, 6.000%, 6/15/57, 144A |  |  |
56,065 | Total Arizona |  |  | 45,992,994
| Arkansas – 0.6% (0.4% of Total Investments) |  |  |
2,010 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue | 9/25 at 105.00 | BB– | 1,818,588
| Bonds, United States Steel Corporation, Green Series 2022, 5.450%, 9/01/52, (AMT), 144A |  |  |
4,000 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/26 at 103.00 | B– | 3,137,760
| Steel Project, Series 2019, 4.500%, 9/01/49, (AMT), 144A |  |  |
2,500 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/27 at 103.00 | B– | 2,045,525
| Steel Project, Series 2020A, 4.750%, 9/01/49, (AMT), 144A |  |  |
8,510 | Total Arkansas |  |  | 7,001,873
| California – 17.8% (10.5% of Total Investments) |  |  |
16,390 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second | 10/37 at 100.00 | BBB | 7,260,114
| Subordinate Lien Series 2022C, 5.450%, 10/01/52 – AGM Insured |  |  |
| Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior |  |  |
| Lien Series 2022A: |  |  |
4,000 | 5.300%, 10/01/47 | 10/37 at 100.00 | A– | 1,793,080
18,905 | 5.350%, 10/01/48 | 10/37 at 100.00 | A3 | 8,504,792
4,585 | 5.375%, 10/01/49 | 10/37 at 100.00 | A– | 2,042,709
3,055 | 5.400%, 10/01/50 | 10/37 at 100.00 | A3 | 1,347,622
3,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 2,075,310
| Creekwood, Series 2021A, 4.000%, 2/01/56, 144A |  |  |
2,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/32 at 100.00 | N/R | 1,235,640
| Exchange at Bayfront Apartments, Junior Series 2021A-2, 4.000%, 8/01/51, 144A |  |  |

105

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 1,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | $ 675,650
| Glendale Properties, Junior Series 2021A-2, 4.000%, 8/01/47, 144A |  |  |
2,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, K | 8/32 at 100.00 | N/R | 1,301,480
| Street Flats, Series 2021A-2, 4.000%, 8/01/50, 144A |  |  |
3,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Mira | 8/31 at 100.00 | N/R | 2,090,970
| Vista Hills Apartments, Series 2021A, 4.000%, 2/01/56, 144A |  |  |
1,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 2/30 at 100.00 | N/R | 829,370
| Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A |  |  |
5,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 2/31 at 100.00 | N/R | 3,472,250
| Stoneridge Apartments, Series 2021A, 4.000%, 2/01/56, 144A |  |  |
3,335 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit | 8/32 at 100.00 | N/R | 2,024,678
| at Sausalito Apartments, Series 2021A-1, 3.000%, 2/01/57, 144A |  |  |
1,600 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit | 8/32 at 100.00 | N/R | 1,096,800
| at Sausalito Apartments, Series 2021A-2, 4.000%, 2/01/50, 144A |  |  |
500 | California Enterprise Development Authority, Charter School Revenue Bonds, Norton | 7/27 at 100.00 | N/R | 304,180
| Science & Language Academy Project, Series 2021, 4.000%, 7/01/61, 144A |  |  |
2,250 | California Enterprise Development Authority, Charter School Revenue Bonds, Norton | 7/27 at 102.00 | N/R | 1,927,125
| Science and Language Academy Project, Series 2020, 6.250%, 7/01/58, 144A |  |  |
10,450 | California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Health | 8/31 at 100.00 | AA– | 9,081,468
| System, Series 2021A, 4.000%, 8/15/48 (8) |  |  |
| California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los |  |  |
| Angeles, Series 2017A: |  |  |
5,165 | 5.000%, 8/15/42, (UB) (8) | 8/27 at 100.00 | Baa2 | 4,942,647
22,115 | 5.000%, 8/15/47, (UB) (8) | 8/27 at 100.00 | Baa2 | 21,007,702
5,000 | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente | 11/27 at 100.00 | AA– | 4,369,000
| System, Series 2017A-2, 4.000%, 11/01/44, (UB) |  |  |
1,020 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas | 8/24 at 100.00 | N/R | 969,184
| 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 | 498,005
| Series 2016A, 5.000%, 11/01/36, 144A |  |  |
7,430 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, | 7/27 at 100.00 | BBB– | 6,143,570
| Refunding Series 2017B, 4.000%, 7/01/42, (UB) (8) |  |  |
20,925 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien | 6/28 at 100.00 | BBB– | 16,137,360
| Series 2018A, 4.000%, 12/31/47, (AMT), (UB) (8) |  |  |
2,165 | California Municipal Finance Authority, Special Tax Revenue Bonds, Community Facilities | 9/29 at 103.00 | N/R | 2,039,408
| District 2020-6, County of Placer-PV400, Series 2022, 5.250%, 9/01/52 |  |  |
1,130 | California Municipal Financing Authority, Certificates of Participation, Palomar Health, | 11/32 at 100.00 | N/R | 1,119,163
| Series 2022A, 5.250%, 11/01/52 – AGM Insured (WI/DD, Settling 11/15/22) |  |  |
400 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, | No Opt. Call | N/R | 24,000
| 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 | 761,370
| 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 | 872,110
| 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 | 625,860
| Athletic Leadership School Los Angeles Project, Series 2021A, 4.000%, 6/01/61, 144A |  |  |
2,000 | California School Finance Authority, Charter School Revenue Bonds, Russell Westbrook Why | 6/27 at 100.00 | N/R | 1,301,840
| Not Academy Obligated Group, 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 | 692,120
| Public Schools Obligated Group, Series 2020A, 5.000%, 6/01/60, 144A |  |  |

106

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
| 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– | $ 792,528
1,000 | 5.500%, 12/01/54 | 12/24 at 100.00 | BB– | 972,920
6,940 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/26 at 100.00 | BB– | 6,311,722
| 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 | 431,670
| Educational Student Housing Project, Refunding Series 2016A, 5.000%, 6/01/46, 144A |  |  |
785 | California Statewide Communities Development Authority, Statewide Community | 11/22 at 100.00 | N/R | 710,135
| Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41 |  |  |
995 | California Statewide Communities Development Authority, Statewide Community | 9/31 at 100.00 | N/R | 740,977
| Infrastructure Program Revenue Bonds, Series 2021A, 4.000%, 9/02/51 |  |  |
49 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 1/22 at 100.00 | N/R | 49,371
| Charity Health System, Series 2005A, 5.500%, 7/01/39 (4),(6) |  |  |
1,300 | CMFA Special Finance Agency I, California, Essential Housing Revenue Bonds, The Mix at | 4/31 at 100.00 | N/R | 978,874
| Center City, Subordinate Series 2021B, 8.000%, 4/01/56, 144A |  |  |
995 | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Junior | 8/31 at 100.00 | N/R | 664,670
| 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 | 1,203,780
| Lien Series 2021A-1, 3.000%, 8/01/56, 144A |  |  |
2,000 | CMFA Special Finance Agency, California, Essential Housing Revenue Bonds, Latitude 33, | 12/31 at 100.00 | N/R | 1,423,400
| Senior Series 2021A-2, 4.000%, 12/01/45, 144A |  |  |
300 | Corona, California, Special Tax Bonds, Community Facilities District 2018-2 Sierra | 9/29 at 103.00 | N/R | 280,152
| Bella, Series 2022A, 5.000%, 9/01/42 |  |  |
1,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 10/31 at 100.00 | N/R | 678,510
| Acacia 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 | 1,496,880
| Acacia on Santa Rosa Creek, Senior Lien Series 2021A, 4.000%, 10/01/56, 144A |  |  |
25,385 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 10/31 at 100.00 | N/R | 17,512,096
| Altana Glendale, Series 2021A-2, 4.000%, 10/01/56, 144A |  |  |
3,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 2/32 at 100.00 | N/R | 1,914,480
| 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 | 1,493,525
| 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 | 3,589,620
| Jefferson-Anaheim Series 2021A-2, 3.125%, 8/01/56, 144A |  |  |
1,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda | 10/31 at 100.00 | N/R | 696,620
| at Monrovia Station, Social Series 2021A-1, 3.400%, 10/01/46, 144A |  |  |
1,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda | 10/31 at 100.00 | N/R | 679,420
| at Monrovia Station, Social Series 2021A-2, 4.000%, 10/01/56, 144A |  |  |
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 7/32 at 100.00 | N/R | 1,211,160
| Monterrey Station Apartments, Series 2021B, 4.000%, 7/01/58, 144A |  |  |
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 3/32 at 100.00 | N/R | 1,270,300
| Orange City Portfolio, Mezzanine Lien Series 2021B, 4.000%, 3/01/57, 144A |  |  |
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 6/31 at 100.00 | N/R | 1,276,460
| Westgate Phase 1-Pasadena Apartments, Mezzanine Lien Series 2021B, 4.000%, 6/01/57, 144A |  |  |
535 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 6/31 at 100.00 | N/R | 322,402
| Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-2, 3.125%, 6/01/57, 144A |  |  |
5,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood | 6/32 at 100.00 | N/R | 3,338,200
| Creek Apartments, Mezzanine Lien Series 2021A-2, 4.000%, 12/01/58 |  |  |
2,145 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood | 6/32 at 100.00 | N/R | 1,273,336
| Creek Apartments, Mezzanine Lien Series 2021B, 4.000%, 12/01/59 |  |  |

107

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 3,430 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood | 6/32 at 100.00 | N/R | $ 2,076,865
| Creek Apartments, Senior Lien Series 2021A-1, 3.000%, 12/01/49 |  |  |
1,750 | Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, | 12/22 at 100.00 | N/R | 1,637,247
| 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 | 12/22 at 100.00 | A+ | 1,992,260
| Bonds, Franciscan Mobile Home Park, Refunding Series 2007A, 5.000%, 12/15/37 |  |  |
2,000 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | 6/25 at 100.00 | A+ (7) | 2,087,640
| Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45, |  |  |
| (Pre-refunded 6/01/25), (UB) |  |  |
77,855 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 12/31 at 27.75 | N/R | 6,521,135
| Asset-Backed Bonds, Capital Appreciation Series 2021B-2, 0.000%, 6/01/66 |  |  |
860 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset- |  |  |
| Backed Bonds, Tender Option Bond Trust 2015-XF1038:11.141%, 6/01/45, 144A, (IF) (8) | 6/25 at 100.00 | A+ | 1,010,655
390 | Lee Lake Public Financing Authority, California, Junior Lien Revenue Bonds, Series | 9/23 at 100.00 | N/R | 392,558
| 2013B, 5.250%, 9/01/32 |  |  |
1,000 | Los Angeles County Community Facilities District 2021-01, California, Special Tax Bond, | 9/29 at 103.00 | N/R | 905,140
| Valencia-Facilities Improvement Area 1, Series 2022, 5.000%, 9/01/52 |  |  |
8,000 | Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, | 12/30 at 100.00 | AA | 5,516,400
| LACMA Building for the Permanent Collection Project, Green Series 2020A, 3.000%, |  |  |
| 12/01/50, (UB) (8) |  |  |
1,000 | Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, | 12/22 at 100.00 | A | 1,002,730
| Subordinate Lien Series 2011A, 7.000%, 9/01/31 |  |  |
535 | Menifee Union School District, Riverside County, California, Special Tax Bonds, | 9/28 at 103.00 | N/R | 417,107
| Community Facilities District 2011-1, Improvement Area 6, Series 2021, 4.000%, 9/01/50 |  |  |
| Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease |  |  |
| Program Facilities Projects, Tender Option Bond Trust 2016-XG0100: |  |  |
750 | 12.653%, 12/01/30 – AMBAC Insured, 144A, (IF) (8) | No Opt. Call | AA– | 1,059,840
2,015 | 12.977%, 12/01/33 – AMBAC Insured, 144A, (IF) (8) | No Opt. Call | AA– | 2,994,955
4,095 | San Francisco City and County Redevelopment Agency Successor Agency, California, Tax | 12/22 at 65.87 | N/R | 2,701,390
| 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 | 1,164,795
| 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 | 964,426
| District 2013-1 Village of Sendero, Series 2013, 5.625%, 9/01/43 |  |  |
1,055 | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities | 9/27 at 100.00 | N/R | 1,063,303
| District 16-01, Series 2017, 6.250%, 9/01/47, 144A |  |  |
1,250 | University of California, General Revenue Bonds, Tender Option Bond Trust 2016-XL0001, | 5/23 at 100.00 | AA | 1,301,612
| 11.520%, 5/15/39, 144A, (IF) (8) |  |  |
337,394 | Total California |  |  | 194,689,843
| Colorado – 14.1% (8.3% of Total Investments) |  |  |
500 | Alpine Mountain Ranch Metropolitan District, Routt County, Colorado, Special Assessment | 9/26 at 103.00 | N/R | 368,165
| Revenue Bonds, Special Improvement District 2, Series 2021, 4.000%, 12/01/40 |  |  |
885 | Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, | 9/26 at 103.00 | N/R | 740,099
| 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 | 816,750
| General Obligation Bonds, Series 2021A-3, 5.125%, 12/01/50 |  |  |
12,000 | Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue | 12/28 at 103.00 | N/R | 10,077,840
| Bonds, Refunding & Improvement Series 2021A, 5.750%, 12/01/51 |  |  |
500 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax | 9/24 at 103.00 | N/R | 430,755
| General Obligation Bonds, Subordinate Series 2019B, 7.750%, 12/15/48 |  |  |

108

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 1,500 | Belford North Metropolitan District, Douglas County, Colorado, General Obligation | 12/25 at 103.00 | N/R | $ 1,233,600
| 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 | 801,470
| Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A, 5.000%, 12/01/51 |  |  |
500 | Berthoud-Heritage Metropolitan District 10, Larimer County, Colorado, Limited Tax | 12/26 at 103.00 | N/R | 373,465
| General Obligation Bonds, Senior Series 2022A, 4.750%, 12/01/52 |  |  |
2,000 | Bradley Heights Metropolitan District 2, Colorado Springs, El Paso County, Colorado, | 9/26 at 103.00 | N/R | 1,403,640
| General Obligation Limited Tax Bonds, Series 2021A-3, 4.750%, 12/01/51 |  |  |
1,000 | Broadway Station Metropolitan District 3, Denver City and County, Colorado, General | 6/24 at 103.00 | N/R | 759,540
| Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A, 5.000%, 12/01/49 |  |  |
740 | Broomfield Village Metropolitan District 2, In the City and County of Broomfield, Colorado, | 12/24 at 103.00 | N/R | 609,079
| 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 | 12/22 at 100.00 | N/R | 1,930,560
| 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 | 12/22 at 103.00 | N/R | 453,480
| Bonds, Refunding Subordinate Lien Series 2016B, 8.000%, 6/15/37 |  |  |
1,000 | Cielo Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation | 6/26 at 103.00 | N/R | 773,810
| 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 | 509,382
| Limited Tax General Obligation Bonds, Series 2021A, 5.000%, 12/01/41 |  |  |
540 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 12/22 at 100.00 | BB+ | 540,713
| Community Leadership Academy Project, Series 2008, 6.250%, 7/01/28 |  |  |
2,055 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 12/22 at 100.00 | N/R | 2,055,904
| 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 | 76,875
100 | 4.000%, 7/01/51, 144A | 7/31 at 100.00 | N/R | 69,856
560 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 7/24 at 100.00 | BB | 524,255
| 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 | 547,207
| 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 | 2,528,625
| 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 | 815,880
| Project, Series 2016, 6.125%, 2/01/46, 144A |  |  |
3,144 | Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited | 9/25 at 103.00 | N/R | 2,669,916
| 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) | 2,005,360
| 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 | 404,755
| 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 | 419,510
| Obligation Bonds, Subordinate Series 2021B, 5.500%, 12/15/36 |  |  |
750 | Copperleaf Metropolitan District 4, Arapahoe County, Colorado, Limited Tax General | 3/25 at 103.00 | N/R | 644,257
| Obligation Bonds, Convertible to Unlimited Tax Series 2020A, 5.000%, 12/01/49 |  |  |
1,000 | Crowfoot Valley Ranch Metropolitan District No. 2, Douglas County, Colorado, Limited | 12/23 at 103.00 | N/R | 946,730
| 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 | 888,580
| 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 | 8,102,800
| 2018A, 4.000%, 12/01/48, (AMT), (UB) (8) |  |  |

109

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 3,000 | Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United | 10/23 at 100.00 | B | $ 2,891,910
| Airlines, Inc. Project, Refunding Series 2017, 5.000%, 10/01/32, (AMT) |  |  |
490 | Dinosaur Ridge Metropolitan District, Golden, Jefferson County, Colorado, Special | 6/24 at 103.00 | N/R | 411,061
| 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 | 776,702
| Limited Tax Cash Flow Bonds, Series 2021A-3, 5.125%, 12/01/51 |  |  |
2,000 | Elbert and Highway 86 Commercial Metropolitan District, Elbert County, Colorado, Special | 6/26 at 103.00 | N/R | 1,533,980
| 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 | 776,330
| 4.000%, 12/01/38 |  |  |
4,150 | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue | 9/27 at 103.00 | N/R | 3,829,163
| Bonds, Series 2022A, 6.750%, 12/01/34, 144A |  |  |
| Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014: |  |  |
1,000 | 5.750%, 12/01/30 | 12/24 at 100.00 | N/R | 944,360
2,080 | 6.000%, 12/01/38 | 12/24 at 100.00 | N/R | 1,831,731
1,000 | Four Corners Business Improvement District, Erie, Boulder County, Colorado, Limited Tax | 9/27 at 103.00 | N/R | 845,080
| Supported Revenue Bonds, Series 2022, 6.000%, 12/01/52 |  |  |
| Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, |  |  |
| Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A: |  |  |
8,380 | 5.500%, 12/01/42 | 12/30 at 102.00 | N/R | 7,711,025
1,000 | 5.750%, 12/01/52 | 12/30 at 102.00 | N/R | 900,180
2,260 | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, | 12/30 at 102.00 | N/R | 2,125,982
| Special Revenue and Tax Supported Bonds, Subordinate Series 2022B, 8.125%, 12/15/52 |  |  |
| Future Legends Sports Park Business Improvement District, Colorado, Limited Tax General Obligation |  |  |
| Bonds, Series 2022A and Subordinate Limited Tax General Obligation Bonds, Series 2022B: |  |  |
3,000 | 6.000%, 12/01/52 | 9/27 at 103.00 | N/R | 2,680,080
1,000 | 8.500%, 12/15/52 | 9/27 at 103.00 | N/R | 920,410
3,000 | Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General | 6/25 at 103.00 | N/R | 2,367,510
| Obligation Bonds, Series 2020A, 5.500%, 6/01/50, 144A |  |  |
500 | Glen Metropolitan District 3, El Paso County, Colorado, General Obligation Limited Tax | 12/26 at 103.00 | N/R | 346,195
| Bonds, Series 2021, 4.250%, 12/01/51, 144A |  |  |
| Grand Junction Dos Rios General Improvement District, Grand Junction, Mesa County, |  |  |
| Colorado, Special Revenue Bonds, Series 2021: |  |  |
500 | 4.500%, 12/01/41 | 12/26 at 103.00 | N/R | 381,595
500 | 4.750%, 12/01/51 | 12/26 at 103.00 | N/R | 361,605
| Grandview Reserve Metropolitan District, El Paso County, Colorado, Limited Tax General |  |  |
| Obligation Senior Bonds, Series 2022A and Limited Tax General Obligation Subordinate Bonds, |  |  |
| Series 2022B(3): |  |  |
750 | 6.250%, 12/01/52 | 9/27 at 103.00 | N/R | 652,920
1,000 | 9.000%, 12/15/52 | 9/27 at 103.00 | N/R | 906,070
1,000 | Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue | 12/25 at 102.00 | N/R | 811,010
| 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 | 1,923,900
| Tax, Refunding & Improvement Series 2015, 6.125%, 12/01/44 |  |  |
540 | Highlands Metropolitan District 1, Broomfield City and County, colorado, Limited Tax | 3/26 at 103.00 | N/R | 456,559
| General Obligation Bonds, Convertible to Unlimited Tax Series 2021, 5.000%, 12/01/41 |  |  |
810 | Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special | 12/23 at 103.00 | N/R | 720,568
| Revenue Bonds, Subordinate Series 2020B, 5.750%, 12/15/50 |  |  |
1,000 | Johnstown Village Metropolitan District 2, Weld County, own of Johnstown, Colorado, | 9/25 at 103.00 | N/R | 808,560
| 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 | 1,273,011
| Convertible Capital Appreciation Bonds, Series 2020A, 5.750%, 12/01/50 |  |  |

110

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 1,000 | Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | $ 811,680
| Obligation Bonds, Series 2020A, 5.125%, 12/01/50 |  |  |
2,550 | Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, | 12/22 at 100.00 | N/R | 2,406,716
| 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 | 424,530
| 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 | 347,435
| General Obligation Bonds, Series 2021A-3, 4.500%, 12/01/50 |  |  |
| 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 | 423,115
500 | 5.000%, 4/15/51 | 6/26 at 103.00 | N/R | 392,570
1,000 | Meadowbrook Heights Metropolitan District, Jefferson County, Colorado, General | 9/26 at 103.00 | N/R | 735,660
| Obligation Limited Tax Bonds, Series 2021A(3), 4.875%, 12/01/51 |  |  |
500 | Mountain Brook Metropolitan District, Longmont, Boulder County, Colorado, Limited Tax | 12/26 at 103.00 | N/R | 361,470
| General Obligation Bonds, Series 2021, 4.750%, 12/01/51 |  |  |
2,000 | Murphy Creek Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, | 12/22 at 100.00 | N/R | 2,000,000
| Refunding & Improvement Series 2006, 6.125%, 12/01/35 (4) |  |  |
500 | Murphy Creek Metropolitan District 5 (In the City of Aurora, Arapahoe County, Colorado), | 9/27 at 103.00 | N/R | 446,680
| General Obligation Limited Tax Bonds, Series 2022A and Subordinate General Obligation Limited |  |  |
| Tax Bonds, Series 2022B(3), 6.000%, 12/01/52 |  |  |
500 | North Pine Vistas Metropolitan District 3, Castle Pines, Douglas County, Colorado, Limited | 12/26 at 103.00 | N/R | 384,910
| 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 | 808,170
| 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 | 1,300,237
| 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 | 802,810
| 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 | 1,347,285
5,000 | 5.000%, 12/01/49 | 12/24 at 103.00 | N/R | 4,171,600
500 | Palisade Park West Metropolitan District, Broomfield County, Colorado, Limited Tax | 6/24 at 103.00 | N/R | 426,395
| 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 | 411,475
| 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 | 398,536
| 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 | 427,350
| General Obligation Bonds, Series 2021A, 5.000%, 12/01/41, 144A |  |  |
4,690 | Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series | 6/29 at 103.00 | N/R | 4,218,045
| 2022, 6.500%, 12/01/34 |  |  |
500 | Prairie Corner Metropolitan District, Adams County, Colorado, Limited Tax General | 12/26 at 103.00 | N/R | 367,160
| Obligation Bonds, Series 2021, 4.875%, 12/01/51, 144A |  |  |
1,000 | Prairie Song Metropolitan District 4, Windsor, Colorado, Limited Tax General Obligation | 12/28 at 103.00 | N/R | 814,720
| Bonds, Series 2021, 6.000%, 12/01/51, 144A |  |  |
1,000 | Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, | 12/30 at 100.00 | N/R | 772,480
| 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 | 413,775
| In the Town of Windsor, Weld County, Colorado, Non-Potable Water Enterprise Revenue |  |  |
| Bonds, Series 2020, 5.250%, 12/01/50 |  |  |

111

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 1,000 | Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax | 10/26 at 102.00 | N/R | $ 645,820
| Supported and Special Revenue Bonds, Series 2021, 4.000%, 12/01/51 |  |  |
2,000 | Reagan Ranch Metropolitan District 1, Colorado Springs, Colorado, General Obligation | 12/26 at 103.00 | N/R | 1,550,020
| Bonds, Limited Tax Series 2021-3, 5.375%, 12/01/51 |  |  |
1,000 | Remuda Ranch Metropolitan District, Douglas County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 820,720
| 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 | 510,817
| 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 | 426,935
| 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 | 418,400
| 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 | 6/26 at 103.00 | N/R | 447,399
| Obligation Limited Tax Bonds, Convertible to Unlimited Tax Refunding Series 2021, |  |  |
| 5.000%, 12/01/51 |  |  |
1,000 | Riverwalk Metropolitan District 2, Glendale, Arapahoe County, Colorado, Special Revenue | 3/27 at 103.00 | N/R | 792,980
| Bonds, Series 2022A, 5.000%, 12/01/52 |  |  |
2,000 | RRC Metropolitan District 2, Jefferson County, Colorado, Limited Tax General Obligation | 12/26 at 103.00 | N/R | 1,545,520
| Bonds, Series 2021, 5.250%, 12/01/51 |  |  |
2,000 | Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General | 12/29 at 103.00 | N/R | 1,843,220
| Obligation Limited Tax Bonds, Series 2022A, 6.750%, 12/01/52 |  |  |
| Siena Lake Metropolitan District, Gypsum, Colorado, General Obligation Limited Tax |  |  |
| Bonds, Series 2021: |  |  |
1,000 | 3.750%, 12/01/41 | 9/26 at 103.00 | N/R | 707,630
2,000 | 4.000%, 12/01/51 | 9/26 at 103.00 | N/R | 1,374,520
1,025 | Silver Leaf Metropolitan District, Jefferson County, Colorado, General Obligation | 6/26 at 103.00 | N/R | 802,524
| 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 | 872,610
| 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 | 2,306,856
| Limited Tax Bonds, Series 2020, 5.125%, 12/01/50 |  |  |
3,000 | Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax | 12/22 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 | 572,859
| General Obligation Bonds, Refunding Subordinate Series 2020B, 7.125%, 12/15/50 |  |  |
| Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, |  |  |
| General Obligation Limited Bonds, Series 2021A-1: |  |  |
1,000 | 5.000%, 12/01/41 | 3/26 at 103.00 | N/R | 829,530
3,000 | 5.000%, 12/01/51 | 3/26 at 103.00 | N/R | 2,212,350
1,000 | Tree Farm Metropolitan District, Eagle County, Colorado, General Obligation Limited Tax | 12/26 at 103.00 | N/R | 686,610
| Bonds, Series 2021, 4.750%, 12/01/50, 144A |  |  |
1,000 | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General | 12/23 at 103.00 | N/R | 932,980
| 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 | 969,450
| 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 | 1,325,551
| 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 | 810,650
| 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 | 417,530
| Tax General Obligation Bonds, Series 2020A, 5.250%, 12/01/50 |  |  |

112

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 1,100 | Village Metropolitan District In the Town of Avon, Eagle County, Colorado, Special | 12/25 at 103.00 | N/R | $ 987,965
| Revenue and Limited Property Tax Bonds, Refunding & Improvement Series 2020, 5.000%, 12/01/40 |  |  |
3,000 | Villages at Johnstown Metropolitan District 7, Johnstown, Colorado, Limited Tax General | 6/27 at 103.00 | N/R | 2,822,370
| Obligation Bonds, Series 2022A(3), 6.250%, 12/01/52 |  |  |
1,000 | Waterfront at Foster Lake Metropolitan District 2, Weld County, Colorado, Special | No Opt. Call | N/R | 885,890
| Revenue Bonds, Series 2022, 4.625%, 12/01/28 |  |  |
750 | Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General | 3/27 at 103.00 | N/R | 636,338
| Obligation Bonds, Series 2022A, 5.000%, 12/01/41 |  |  |
1,500 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited | 12/29 at 103.00 | N/R | 1,304,265
| Tax Bonds, Series 2022, 6.750%, 12/01/52 |  |  |
1,000 | Westgate Metropolitan District, Colorado Springs, El Paso County, Colorado, General | 3/27 at 103.00 | N/R | 784,250
| Obligation Limited Tax Bonds, Series 2022, 5.125%, 12/01/51 |  |  |
2,000 | Westwood Metropolitan District, Thornton, Adams County, Colorado, Limited Tax General | 9/26 at 103.00 | N/R | 1,380,920
| Obligation Bonds, Senior Series 2021A, 4.000%, 12/01/51, 144A |  |  |
2,390 | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue | 9/26 at 97.28 | N/R | 1,144,882
| Bonds, Convertible Capital Appreciation Series 2021A-2, 4.625%, 12/01/51, 144A |  |  |
14,000 | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue | 9/26 at 103.00 | N/R | 8,737,120
| 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 | 587,371
| 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 | 759,080
| 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 | 750,046
| Limited Tax Bonds, Taxable Converting to Tax-Exempt Refunding Subordinate Series 2020B-1, |  |  |
| 6.250%, 12/15/40 |  |  |
190,463 | Total Colorado |  |  | 154,209,137
| Connecticut – 0.2% (0.1% of Total Investments) |  |  |
2,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford | 7/32 at 100.00 | BBB+ | 1,668,460
| Hospital, Forward Delivery Series 2022M, 4.000%, 7/01/41 |  |  |
500 | Great Pond Improvement District, Connecticut, Special Obligation Revenue Bonds, Great | 10/26 at 102.00 | N/R | 412,635
| Pond Phase 1 Project, Series 20019, 4.750%, 10/01/48, 144A |  |  |
| 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 | 88,951
410 | 4.000%, 4/01/51 | 4/30 at 100.00 | N/R | 305,971
3,020 | Total Connecticut |  |  | 2,476,017
| 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 | 2,563,700
| Project, Series 2015A, 7.000%, 9/01/45, 144A |  |  |
| District of Columbia – 3.3% (1.9% of Total Investments) |  |  |
30 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | No Opt. Call | A– | 30,519
| Bonds, Series 2001, 6.500%, 5/15/33 |  |  |
2,000 | District of Columbia, Revenue Bonds, Saint Paul on Fouth Street, Inc., Series 2019A, | 5/30 at 100.00 | N/R | 1,379,540
| 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 | 1,019,124
| Series 2021A, 4.250%, 6/01/46, 144A |  |  |
250 | District of Columbia, Washington, D.C., Revenue Bonds, KIPP DC Issue, Series 2013A, | 7/23 at 100.00 | N/R (7) | 254,365
| 6.000%, 7/01/33, (Pre-refunded 7/01/23) |  |  |
9,750 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/31 at 100.00 | A1 | 7,994,805
| Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A, |  |  |
| 4.000%, 10/01/52 – AGM Insured (8) |  |  |

113

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| District of Columbia (continued) |  |  |
$ 30,640 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/31 at 100.00 | A1 | $ 25,124,187
| Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A, |  |  |
| 4.000%, 10/01/52 – AGM Insured, (UB) (8) |  |  |
44,470 | Total District of Columbia |  |  | 35,802,540
| Florida – 20.1% (11.8% of Total Investments) |  |  |
350 | Abbott Square Community Development District, Zephyrhills, Florida, Special Assessment | 6/32 at 100.00 | N/R | 327,201
| Revenue Bonds, 2022 Project Series 2022, 5.500%, 6/15/52 |  |  |
500 | Academical Village Community Development District, Davie, Florida, Special Assessment | 5/30 at 100.00 | N/R | 377,300
| Revenue Bonds, Series 2020, 4.000%, 5/01/51 |  |  |
1,645 | Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, | 11/29 at 103.00 | N/R | 1,071,783
| Terraces at Bonita Springs Project, Refunding Series 2022A, 5.000%, 11/15/61, 144A |  |  |
250 | Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, | No Opt. Call | N/R | 212,277
| Terraces at Bonita Springs Project, Taxable Refunding Series 2022B, 6.500%, 11/15/33, 144A |  |  |
17,970 | Alachua County Health Facilities Authority, Florida, Health Facilties Revenue Bonds, | 12/29 at 100.00 | A3 | 14,516,346
| Shands Teaching Hospital & Clinics, Inc. at the University of Florida Project, Series 2019A, |  |  |
| 4.000%, 12/01/49, (UB) (8) |  |  |
1,680 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/25 at 100.00 | N/R | 1,580,846
| 2015 Assessment Project, Series 2015, 5.375%, 5/01/45 |  |  |
2,245 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 1,694,077
| 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 | 374,435
| Phase 3 Master Improvements Project, Series 2021, 4.000%, 5/01/52, 144A |  |  |
1,020 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special | 5/31 at 100.00 | N/R | 761,267
| Assessment Bonds, 2021 Project Series 2021, 4.000%, 5/01/52, 144A |  |  |
1,100 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special | 5/32 at 100.00 | N/R | 984,830
| Assessment Bonds, 2022 Project Series 2022, 5.000%, 5/01/53 |  |  |
995 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special | 11/25 at 100.00 | N/R | 934,464
| Assessment Bonds, Series 2015, 5.250%, 11/01/46 |  |  |
1,000 | Balm Grove Community Development District, Florida, Special Assessment Bonds, 2022 | 11/32 at 100.00 | N/R | 764,530
| Project, Series 2022, 4.125%, 11/01/51 |  |  |
905 | Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, | No Opt. Call | N/R | 937,779
| Phase 1 Project, Series 2013A, 6.125%, 11/01/33 |  |  |
1,635 | Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds, | 5/23 at 100.00 | N/R | 1,628,509
| 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 | 749,850
| Assessment Area 1 Project, Series 2021, 4.000%, 5/01/52 |  |  |
500 | Buckhead Trails Community Development District, Manatee County Florida, Special | 5/37 at 100.00 | N/R | 458,985
| Assessment Bonds, 2022 Project Series 2022, 5.750%, 5/01/52, 144A |  |  |
| 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 | 209,079
545 | 4.000%, 7/01/51, 144A | 7/31 at 100.00 | Ba2 | 359,553
445 | 4.000%, 7/01/56, 144A | 7/31 at 100.00 | Ba2 | 285,979
1,000 | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Legends Academy, | 12/28 at 100.00 | N/R | 708,460
| Series 2021A, 5.000%, 12/01/56, 144A |  |  |
2,500 | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, LLT Academy South | 6/25 at 105.00 | N/R | 2,032,250
| 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 | 340,580
1,000 | 4.200%, 8/15/56, 144A | 8/28 at 100.00 | N/R | 681,790
1,000 | 4.250%, 8/15/61, 144A | 8/28 at 100.00 | N/R | 667,550

114

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 6,000 | Capital Trust Agency, Florida, Revenue Bonds, Educational Growth Fund, LLC, Charter | 7/31 at 100.00 | N/R | $ 5,016,180
| School Portfolio Projects, Series 2021A-1, 5.000%, 7/01/56, 144A |  |  |
2,273 | Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center, | 6/28 at 100.00 | N/R | 477,292
| Orlando Project, Series 2018, 7.500%, 6/01/48, 144A 2018 1 (4) |  |  |
830 | Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series | 6/26 at 100.00 | N/R | 746,627
| 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 | 653,760
| 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 | 570,000
| Series 2017A, 7.000%, 10/01/49, 144A (4) |  |  |
1,000 | Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior | 8/24 at 103.00 | N/R | 670,540
| 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 | 890,442
| Assessment Revenue Bonds, Series 2014, 5.125%, 5/01/45 |  |  |
450 | Celebration Pointe Community Development District 1, Alachua County, Florida, Special | 5/31 at 100.00 | N/R | 335,691
| Assessment Revenue Bonds, Series 2021, 4.000%, 5/01/53 |  |  |
1,000 | Charlotte County Industrial Development Authority, Florida, Utility System Revenue | 10/27 at 100.00 | N/R | 846,430
| Bonds, Town & Country Utilities Project, Series 2019, 5.000%, 10/01/49, (AMT), 144A |  |  |
1,000 | Charlotte County Industrial Development Authority, Florida, Utility System Revenue | 10/31 at 100.00 | N/R | 671,540
| Bonds, Town & Country Utilities Project, Series 2021A, 4.000%, 10/01/51, (AMT), 144A |  |  |
215 | Coddington Community Development District, Manatee County, Florida, Capital | 5/32 at 100.00 | N/R | 212,960
| Improvement Revenue Bonds, Series 2022, 5.750%, 5/01/42, 144A |  |  |
2,000 | Collier County Industrial Development Authority, Florida, Continuing Care Community | 5/24 at 100.00 | N/R | 1,280,000
| Revenue Bonds, Arlington of Naples Project, Series 2014A, 0.000%, 5/15/35, 144A (4) |  |  |
995 | Cross Creek North Community Development District, Clay County, Florida, Special | 11/29 at 100.00 | N/R | 942,454
| Assessment Bonds, Series 2018, 5.375%, 11/01/50, 144A |  |  |
1,000 | Cross Creek North Community Development District, Clay County, Florida, Special | 5/32 at 100.00 | N/R | 819,020
| Assessment Bonds, Series 2022, 4.500%, 5/01/52 |  |  |
1,000 | Crystal Cay Community Development District, Florida, Special Assessment Bonds, 2021 | 5/31 at 100.00 | N/R | 754,600
| 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 | 1,327,495
| 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 | 395,194
| 2021, 4.000%, 5/01/51 |  |  |
750 | Eden Hills Community Development District, Lake Alfred, Florida, Special Assessment | 5/32 at 100.00 | N/R | 575,257
| Revenue Bonds, Series 2022, 4.125%, 5/01/52 |  |  |
600 | Fishhawk Community Development District IV, Hillsborough County, Florida, Special | 5/23 at 100.00 | N/R | 606,156
| 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 | 1,021,037
| 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 | 1,852,941
| 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 | 885,870
| Doral Charter Elementary School Project, Series 2017A, 5.750%, 7/01/44, 144A |  |  |
2,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Dreamers | 1/28 at 101.00 | N/R | 1,415,940
| Academy Project, Series 2022A, 6.000%, 1/15/57, 144A |  |  |
565 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida | 7/26 at 100.00 | N/R | 493,974
| Charter Foundation Inc. Projects, Series 2016A, 5.000%, 7/15/46, 144A |  |  |
5,855 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Imagine | 12/29 at 100.00 | Baa3 | 4,245,753
| School at Broward Project, Series 2021A, 4.000%, 12/15/56, 144A |  |  |
1,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Miami | 6/24 at 100.00 | N/R | 815,930
| Arts Charter School Projects, Series 2014, 6.000%, 6/15/44, 144A |  |  |

115

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 655 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin | 1/27 at 100.00 | N/R | $ 549,303
| Academies of Pasco County Inc., Series 2020A, 5.000%, 1/01/50, 144A |  |  |
5,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 6/23 at 100.00 | N/R (7) | 5,156,850
| Renaissance 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 | 101,280
| Renaissance Charter School, Inc. Projects, Series 2020C, 5.000%, 9/15/50, 144A |  |  |
19,360 | Florida Development Finance Corporation, Florida, Surface Transportation Facility | 1/24 at 107.00 | N/R | 16,394,048
| Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, |  |  |
| 1/01/49, (AMT), 144A |  |  |
| Florida Development Finance Corporation, Florida, Surface Transportation Facility |  |  |
| Revenue Bonds, Virgin Trains USA Passenger Rail Project, Series 2019A: |  |  |
5,590 | 6.250%, 1/01/49, (AMT), (Mandatory Put 1/01/24), 144A | 12/22 at 102.00 | N/R | 5,324,195
31,170 | 6.375%, 1/01/49, (AMT), (Mandatory Put 1/01/26), 144A | 12/22 at 103.00 | N/R | 28,088,846
6,485 | 6.500%, 1/01/49, (AMT), (Mandatory Put 1/01/29), 144A | 12/22 at 103.00 | N/R | 5,713,933
25,000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail | 12/22 at 102.00 | N/R | 24,472,750
| Expansion Project, Series 2022A, 7.250%, 7/01/57, (AMT), (Mandatory Put 10/03/23), 144A |  |  |
| 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 | 2,538,277
2,000 | 5.500%, 11/01/50 | 11/29 at 100.00 | N/R | 1,798,760
1,000 | Gracewater Sarasota Community Development District, Sarasota County, Florida, Capital | 5/31 at 100.00 | N/R | 751,230
| Improvement Revenue Bonds, Series 2021, 4.000%, 5/01/52, 144A |  |  |
1,000 | Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special | 5/24 at 100.00 | N/R | 1,015,900
| 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 | 163,650
| Assessment Bonds, Phase 2 Project, Series 2019, 4.375%, 11/01/49 |  |  |
1,000 | Hammock Reserve Community Development District, Haines City, Florida, Special Assessment | 5/32 at 100.00 | N/R | 868,030
| Revenue Bonds, Area 3 Project, Series 2022, 5.000%, 5/01/52, 144A |  |  |
1,865 | Harmony Community Development District, Florida, Capital Improvement Revenue Bonds, | 5/24 at 100.00 | N/R | 1,853,847
| 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 | 170,086
| Assessment Area 2, Series 2019, 4.000%, 11/01/39 |  |  |
265 | Lakes of Sarasota Community Development District, Florida, Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 204,108
| 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 | 396,995
| 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 | 456,018
| 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 | 564,788
| Centre North Project, Series 2015, 4.875%, 5/01/45 |  |  |
2,000 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee | 12/22 at 100.00 | BB– | 1,913,040
| County Community Charter Schools, Series 2007A, 5.375%, 6/15/37 |  |  |
1,630 | Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue | 12/22 at 105.00 | N/R | 1,103,559
| 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 | 562,043
| 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 | 828,290
| 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) (8) | 9/25 at 100.00 | AA– | 12,404,666
750 | Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue | 7/27 at 100.00 | N/R | 665,603
| 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 | 1,951,643
| Assessment Bonds, Series 2017, 5.250%, 11/01/49 |  |  |

116

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 1,750 | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op | 9/25 at 100.00 | N/R | $ 1,664,338
| Charter Schools Project, Series 2015A, 6.000%, 9/15/45, 144A |  |  |
1,000 | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Doral | 1/28 at 100.00 | BBB– | 883,980
| Academy, Seres 2018, 5.000%, 1/15/48 |  |  |
505 | Mirada Community Development District, Pasco County, Florida, Bond Anticipation Note, | 12/22 at 100.00 | N/R | 504,243
| Assessment Area 3, Series 2019, 4.500%, 5/01/24 |  |  |
500 | Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, | 5/32 at 100.00 | N/R | 477,110
| Series 2022, 5.750%, 5/01/53, 144A |  |  |
400 | North Park Isle Community Development District, Plant City, Florida, Special Assessment | 5/29 at 100.00 | N/R | 345,588
| 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 | 905,997
| 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 | 754,920
| Bonds, Development Unit 53, Series 2021, 4.000%, 8/01/51 |  |  |
9,305 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist | 8/29 at 100.00 | A1 | 7,635,218
| Health Systems of South Florida Obligated Group, Series 2019, 4.000%, 8/15/49, (UB) (8) |  |  |
250 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Jupiter | 11/32 at 100.00 | BBB– | 227,510
| Medical Center, Series 2022, 5.000%, 11/01/52 |  |  |
1,355 | Palm Beach County, Florida, Revenue Bonds, Provident Group – LU Properties LLC Lynn | 6/31 at 100.00 | N/R | 1,132,739
| 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 | 403,325
| Beach Atlantic University Housing Project, Series 2019A, 5.000%, 4/01/51, 144A |  |  |
250 | Palm Coast Park Community Development District, Florida, Special Assessment Revenue | 5/32 at 100.00 | N/R | 226,285
| Bonds, Sawmill Branch Phase 2 Flager, Series 2022, 5.125%, 5/01/51 |  |  |
500 | Portico Community Development District, Lee County, Florida, Special Assessment, | 5/30 at 100.00 | N/R | 379,640
| Improvement Series 2020-2, 4.000%, 5/01/50 |  |  |
1,370 | Reunion East Community Development District, Osceola County, Florida, Special Assessment | 5/31 at 100.00 | N/R | 1,000,223
| Bonds, Series 2021, 3.150%, 5/01/41 |  |  |
910 | Rivers Edge II Community Development District, Florida, Capital Improvement Revenue | 5/31 at 100.00 | N/R | 686,031
| 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 | 2,544,150
| 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 | 760,050
| 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 | 628,990
| 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 | 831,090
1,000 | 4.250%, 5/01/53, 144A | 5/31 at 100.00 | N/R | 780,690
610 | Seminole County Industrial Development Authority, Florida, Educational Facilities | 6/31 at 100.00 | Ba1 | 428,714
| 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 | 379,910
| 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 | 959,706
| Assessment Revenue Bonds, Series 2015, 5.400%, 11/01/45 |  |  |
835 | Southern Grove Community Development District 5, Port Saint Lucie, Florida, Special | 5/31 at 100.00 | N/R | 642,583
| Assessment Bonds, Community Infrastructure Series 2021, 4.000%, 5/01/48 |  |  |
615 | Summit View Community Development District, Dade City, Florida, Special Assessment | No Opt. Call | N/R | 510,881
| Revenue Bonds, Series 2021B, 5.000%, 5/01/41 |  |  |
1,000 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, | 9/23 at 100.00 | N/R | 878,570
| South Assessment Area Series 2021B, 4.625%, 5/01/36, 144A |  |  |

117

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 2,300 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 12/22 at 100.00 | N/R | $ 2,003,116
| Series 2015-2, 0.000%, 5/01/40 (5) |  |  |
2,505 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 12/22 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 | 1,021,822
| 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 | 299,548
| 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 | 971,000
2,020 | 5.000%, 5/01/47 | 5/28 at 100.00 | A2 | 1,843,593
1,680 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, | 11/31 at 100.00 | N/R | 1,660,327
| Master Infrastructure Improvements, Series 2016A-1, 6.375%, 11/01/47 |  |  |
3,470 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, | 11/31 at 100.00 | N/R | 3,429,366
| 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 | 386,050
| Expansion Area Project, Series 2019, 4.000%, 12/15/49 |  |  |
505 | Union Park East Community Development District, Florida, Capital Improvement Revenue | 5/31 at 100.00 | N/R | 379,967
| 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 | 748,250
| 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 | 1,073,520
| Assessment Bonds, Area One Project, Series 2013, 6.500%, 11/01/43 |  |  |
500 | Verano 3 Community Development District, Florida, Special Assessment Bonds, Phase 2 | 11/32 at 100.00 | N/R | 503,235
| Assessment Area, Series 2022, 6.625%, 11/01/52 (WI/DD, Settling 11/15/22) |  |  |
975 | Waterset North Community Development District, Hillsborough County, Florida, Special | 11/24 at 100.00 | N/R | 935,698
| 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 | 375,615
| Area 1 Project, Series 2021, 4.000%, 5/01/52 |  |  |
255,243 | Total Florida |  |  | 219,398,154
| 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+ | 730,130
| 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 | 1,884,174
| 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) | 1,012,650
| Series 2013A, 6.500%, 4/01/43, (Pre-refunded 4/01/23) |  |  |
3,880 | Total Georgia |  |  | 3,626,954
| 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 | 163,739
170 | 6.375%, 10/01/43, (Pre-refunded 10/01/23), (AMT) | 10/23 at 100.00 | Baa2 (7) | 173,973
330 | Total Guam |  |  | 337,712
| Idaho – 0.6% (0.4% of Total Investments) |  |  |
7,400 | Idaho Falls Auditorium District, Idaho, Certifications of Participation, Annual | 5/26 at 102.00 | N/R | 4,912,638
| Appropriation Series 2021, 5.250%, 5/15/51, 144A |  |  |
1,000 | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Doral Academy | 7/26 at 103.00 | N/R | 740,270
| of Idaho, Series 2021A, 5.000%, 7/15/56, 144A |  |  |

118

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Idaho (continued) |  |  |
$ 565 | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep | 7/25 at 100.00 | N/R | $ 420,976
| 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 | 619,460
| Meridian South Charter School Project, Series 2021, 4.000%, 5/01/56, 144A |  |  |
9,965 | Total Idaho |  |  | 6,693,344
| Illinois – 19.2% (11.3% of Total Investments) |  |  |
405 | Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005, 6.250%, 1/01/24 2020 2020 | 12/22 at 100.00 | N/R | 390,591
10,670 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 10,863,661
| Series 2016, 6.000%, 4/01/46, (UB) (8) |  |  |
1,500 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/24 at 100.00 | BB | 1,390,560
| 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 | 1,744,540
| Refunding Series 2017H, 5.000%, 12/01/46 |  |  |
4,575 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/23 at 100.00 | BB | 4,027,601
| Refunding Series 2018D, 5.000%, 12/01/46 |  |  |
15,385 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/25 at 100.00 | BB | 16,072,709
| 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 | 2,092,068
| 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 | 10,524,717
| Series 2017A, 7.000%, 12/01/46, 144A |  |  |
1,197 | Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State | 11/22 at 100.00 | N/R | 1,165,909
| Redevelopment Project, Series 2012, 6.100%, 1/15/29 |  |  |
1,940 | Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue | 12/22 at 100.00 | N/R | 1,779,308
| 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 | A | 4,156,100
| Refunding Senior Lien Series 2018A, 4.000%, 1/01/43, (UB) (8) |  |  |
30,500 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior | 1/29 at 100.00 | A | 29,653,625
| Lien Series 2018B, 5.000%, 1/01/48, (UB) (8) |  |  |
2,000 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, | 1/24 at 100.00 | Ba1 | 1,981,060
| 5.250%, 1/01/30 |  |  |
9,400 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, | 1/27 at 100.00 | BBB– | 9,576,814
| 1/01/38, (UB) (WI/DD Settling 11/03/22) |  |  |
1,000 | Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, | 1/25 at 100.00 | Ba1 | 983,790
| 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– | 123,106
| Chicago, Illinois, General Obligation Bonds, Series 2019A: |  |  |
11,000 | 5.000%, 1/01/44, (UB) | 1/29 at 100.00 | BBB– | 10,110,100
8,000 | 5.500%, 1/01/49, (UB) | 1/29 at 100.00 | BBB– | 7,752,320
1,500 | Chicago, Illinois, General Obligation Bonds, VAribale Rate Demand Series 2007F, | 1/25 at 100.00 | Ba1 | 1,463,505
| 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 | 3,115,500
| 11/01/46, 144A (4) |  |  |
| Illinois Finance Authority, Charter School Revenue Bonds, Art in Motion AIM Project, |  |  |
| Series 2021A: |  |  |
1,000 | 5.000%, 7/01/51, 144A | 7/31 at 100.00 | N/R | 703,400
1,000 | 5.000%, 7/01/56, 144A | 7/31 at 100.00 | N/R | 682,030
250 | Illinois Finance Authority, Revenue Bonds, Acero Charter Schools, Inc., Series 2021, | 10/31 at 100.00 | BB+ | 188,537
| 4.000%, 10/01/42, 144A |  |  |

119

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

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: |  |  |
$ 10,655 | 4.000%, 2/15/41, (UB) | 2/27 at 100.00 | Aa2 | $ 9,227,230
495 | 4.000%, 2/15/41, (Pre-refunded 2/15/27), (UB) | 2/27 at 100.00 | N/R (7) | 503,484
25 | 4.000%, 2/15/41, (Pre-refunded 2/15/27), (UB) | 2/27 at 100.00 | N/R (7) | 25,429
| Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022: |  |  |
550 | 5.000%, 3/01/36 | 9/32 at 100.00 | BBB– | 516,708
600 | 5.000%, 3/01/38 | 9/32 at 100.00 | BBB– | 556,290
700 | 5.000%, 3/01/40 | 9/32 at 100.00 | BBB– | 638,470
2,000 | Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2018B, 6.125%, | 10/28 at 100.50 | N/R | 1,814,920
| 4/01/58, 144A |  |  |
5,000 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, | 2/27 at 100.00 | A1 | 4,391,550
| Series 2016B, 4.000%, 8/15/41, (UB) (8) |  |  |
7,955 | Illinois State, General Obligation Bonds, June Series 2022A, 5.500%, 3/01/47, (UB) (8) | 3/32 at 100.00 | BBB+ | 7,701,872
1,715 | Illinois State, General Obligation Bonds, May Series 2020, 5.750%, 5/01/45 | 5/30 at 100.00 | BBB– | 1,720,351
| Illinois State, General Obligation Bonds, November Series 2016: |  |  |
1,000 | 5.000%, 11/01/35 | 11/26 at 100.00 | BBB– | 971,140
1,000 | 5.000%, 11/01/37 | 11/26 at 100.00 | BBB– | 963,540
5,000 | Illinois State, General Obligation Bonds, October Series 2020C, 4.250%, 10/01/45 | 10/30 at 100.00 | BBB+ | 3,997,100
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Refunding Series 2020A: |  |  |
7,075 | 4.000%, 6/15/50 – BAM Insured | 12/29 at 100.00 | AA | 5,365,963
12,215 | 5.000%, 6/15/50 | 12/29 at 100.00 | BB+ | 11,196,513
4,695 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | No Opt. Call | BB+ | 851,157
| Bonds, Series 2012B, 0.000%, 12/15/50 |  |  |
5,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/27 at 100.00 | BB+ | 4,529,050
| Bonds, Series 2017A, 5.000%, 6/15/57 |  |  |
35,635 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | No Opt. Call | BB+ | 5,007,074
| Bonds, Series 2017B, 0.000%, 12/15/54 |  |  |
750 | Rantoul, Champaign County, Illinois, Tax Increment Revenue Bonds, Evans Road Series | 12/23 at 100.00 | N/R | 727,515
| 2013B, 7.000%, 12/01/33 |  |  |
17,750 | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series | 1/29 at 100.00 | AA– | 17,870,700
| 2018C, 5.250%, 1/01/48, (UB) (8) |  |  |
9,875 | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series | 1/29 at 100.00 | AA– | 10,017,003
| 2018C, 5.000%, 1/01/36, (UB) (8) |  |  |
895 | Yorkville United City Business District, Illinois, Storm Water and Water Improvement | 11/22 at 100.00 | N/R | 384,850
| Project Revenue Bonds, Series 2007, 4.800%, 1/01/26 (4) |  |  |
255,972 | Total Illinois |  |  | 209,519,460
| Indiana – 1.3% (0.8% of Total Investments) |  |  |
1,280 | Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A, | 12/22 at 100.00 | N/R | 1,284,518
| 6.650%, 7/15/24 |  |  |
1,000 | Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender | No Opt. Call | AA | 1,322,970
| Option Bond Trust 2016-XL0019, 12.254%, 4/01/30 – AMBAC Insured, 144A, (IF) (8) |  |  |
1,000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Discovery Charter | 12/25 at 100.00 | BB– | 1,023,070
| School Project, Series 2015A, 7.250%, 12/01/45 |  |  |
7,725 | Indiana Finance Authority, Educational Facilities Revenue Bonds, University of | 9/32 at 100.00 | BBB– | 6,552,731
| Evansville Project, Series 2022A, 5.250%, 9/01/57, (UB) (8) |  |  |
2,000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | 12/22 at 100.00 | B– | 1,926,720
| Corporation Project, Series 2012, 5.750%, 8/01/42, (AMT) |  |  |
830 | Saint Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village | 12/22 at 100.00 | N/R | 831,287
| Apartments, Series 2005A, 7.500%, 7/01/35 |  |  |

120

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Indiana (continued) |  |  |
$ 1,000 | Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, | 11/23 at 100.00 | N/R | $ 1,012,590
| 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 | 443,891
| USA Indiana, LLC Project, Series 2017A, 7.250%, 12/01/28, (AMT) (4),(6) |  |  |
16,210 | Total Indiana |  |  | 14,397,777
| Iowa – 1.5% (0.9% of Total Investments) |  |  |
1,030 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. | 12/22 at 100.00 | Ba2 | 896,079
| Project, Series 2012, 4.750%, 8/01/42 |  |  |
17,940 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/29 at 103.00 | BBB– | 15,560,977
| Company Project, Refunding Series 2022, 5.000%, 12/01/50, (UB) (8) |  |  |
18,970 | Total Iowa |  |  | 16,457,056
| Kansas – 0.1% (0.1% of Total Investments) |  |  |
1,000 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation | 9/25 at 100.00 | N/R | 877,160
| Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32 |  |  |
| Kentucky – 5.4% (3.2% of Total Investments) |  |  |
1,385 | Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone’s | 12/30 at 100.00 | N/R | 1,155,935
| Ridge Project, Series 2020, 6.000%, 12/01/40 |  |  |
| Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro |  |  |
| Health, Refunding Series 2017A: |  |  |
5,450 | 5.000%, 6/01/41 | 6/27 at 100.00 | BBB– | 5,066,702
3,300 | 5.000%, 6/01/45 (8) | 6/27 at 100.00 | BBB– | 2,969,208
12,665 | 5.000%, 6/01/45, (UB) (8) | 6/27 at 100.00 | BBB– | 11,395,460
1,000 | Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue | 7/29 at 102.00 | N/R | 763,430
| 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) (8) | 7/25 at 100.00 | Baa2 | 10,745,900
9,295 | 5.000%, 7/01/40, (UB) (8) | 7/25 at 100.00 | Baa2 | 8,862,225
16,800 | 5.000%, 1/01/45 | 7/25 at 100.00 | Baa2 | 15,610,056
1,000 | Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series | 12/30 at 100.00 | N/R | 736,890
| 2020B, 5.500%, 12/01/60 |  |  |
1,000 | Union Kentucky, Special Obligation Revenue Bonds, Union Promenade Project, Series 2022B, | 12/32 at 100.00 | N/R | 872,090
| 5.500%, 12/01/52, 144A |  |  |
1,000 | Union, Kentucky, Special Obligation Revenue Bonds, Union Promenade Project, Series | 12/32 at 100.00 | N/R | 875,350
| 2022D, 5.750%, 12/01/52, 144A |  |  |
63,895 | Total Kentucky |  |  | 59,053,246
| Louisiana – 1.2% (0.7% of Total Investments) |  |  |
1,875 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala | 7/23 at 100.00 | N/R | 1,879,875
| Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 |  |  |
500 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles College Prep | 6/27 at 100.00 | N/R | 366,430
| 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 | 1,043,213
| 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 | 380,340
| School, Series 2019A, 5.000%, 4/01/57, 144A |  |  |
1,765 | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing | 7/23 at 100.00 | N/R | 1,776,402
| (US) LLC Project, Series 2013, 6.500%, 7/01/36, (AMT), 144A |  |  |
| Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Encore Academy Project, |  |  |
| Series 2021A: |  |  |
250 | 5.000%, 6/01/41, 144A | 6/31 at 100.00 | N/R | 200,218
250 | 5.000%, 6/01/51, 144A | 6/31 at 100.00 | N/R | 185,865

121

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Louisiana (continued) |  |  |
| Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Jefferson Rise Charter |  |  |
| School Project, Series 2022A: |  |  |
$ 500 | 6.250%, 6/01/52, 144A | 6/31 at 100.00 | N/R | $ 447,140
1,000 | 6.375%, 6/01/62, 144A | 6/31 at 100.00 | N/R | 881,780
200 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lincoln Preparatory | 6/31 at 100.00 | N/R | 178,648
| School Project, Series 2022A, 6.500%, 6/01/62, 144A |  |  |
1,465 | Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy | 12/22 at 100.00 | N/R | 1,467,534
| Foundation Project, Series 2011A, 7.750%, 12/15/31 |  |  |
2,000 | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, | No Opt. Call | BBB | 1,889,400
| Refunding Series 2017, 0.000%, 10/01/33 (5) |  |  |
2,110 | Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter | 12/23 at 100.00 | N/R | 2,130,340
| 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– | 568,447
| 2010, 6.350%, 7/01/40, 144A |  |  |
16,360 | Total Louisiana |  |  | 13,395,652
| Maryland – 0.8% (0.5% of Total Investments) |  |  |
1,595 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, | 9/27 at 100.00 | CCC | 1,332,670
| 5.000%, 9/01/42 |  |  |
4,000 | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt | 12/22 at 100.00 | N/R | 2,400,000
| Conference Center, Series 2006A, 5.000%, 12/01/31 (4) |  |  |
2,500 | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt | 12/22 at 100.00 | N/R | 1,500,000
| Conference Center, Series 2006B, 5.250%, 12/01/31 (4) |  |  |
1,000 | Maryland Economic Development Corporation, Special Obligation Bonds, Port Covington | 9/30 at 100.00 | N/R | 745,330
| Project, Series 2020, 4.000%, 9/01/50 |  |  |
5,000 | Maryland Stadium Authority, Lease Revenue Bonds, Built To Learn, Series 2021, | 6/31 at 100.00 | A+ | 3,004,950
| 2.750%, 6/01/51 (8) |  |  |
14,095 | Total Maryland |  |  | 8,982,950
| Massachusetts – 0.6% (0.4% of Total Investments) |  |  |
1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Springfield College, Green | 6/30 at 100.00 | BBB | 753,600
| Series 2021A, 4.000%, 6/01/56 |  |  |
5,735 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, | 7/26 at 100.00 | A | 5,192,584
| Series 2017B, 4.250%, 7/01/46, (AMT), (UB) (8) |  |  |
1,200 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue M, | 7/31 at 100.00 | BBB | 719,904
| Subordinate Series 2021C, 3.000%, 7/01/51, (AMT) |  |  |
7,935 | Total Massachusetts |  |  | 6,666,088
| Michigan – 2.8% (1.6% of Total Investments) |  |  |
5,000 | Detroit, Wayne County, Michigan, General Obligation Bonds, Financial Recovery Series | 12/22 at 100.00 | N/R | 3,460,550
| 2014B-1, 4.000%, 4/01/44 |  |  |
1,945 | Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Aquinas | 5/31 at 100.00 | N/R | 1,691,761
| College Project, Refunding Series 2021, 5.000%, 5/01/36 |  |  |
3,450 | Michigan Finance Authority, Hospital Revenue Bonds, Beaumont-Spectrum Consolidation, | 4/32 at 100.00 | Aa3 | 3,044,418
| Fixed Refunding Series 2022, 4.000%, 4/15/42, (UB) (8) |  |  |
1,000 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, | 8/31 at 100.00 | BB | 864,730
| 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 | 152,311
315 | 4.900%, 4/01/41, 144A | 4/28 at 100.00 | N/R | 224,557

122

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Michigan (continued) |  |  |
$ 1,225 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, | 7/27 at 100.00 | N/R | $ 951,225
| Voyageur Academy Project, Refunding Series 2017. Private Placement of 2017, 5.900%, |  |  |
| 7/15/46, 144A |  |  |
28,335 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco | No Opt. Call | BBB– | 5,708,369
| Receipts, Taxable Series 2020B, 0.000%, 6/01/45 |  |  |
| Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2015A: |  |  |
2,225 | 4.350%, 10/01/45, (UB) (8) | 10/24 at 100.00 | AA | 1,928,830
4,500 | 4.600%, 4/01/52, (UB) (8) | 10/24 at 100.00 | AA | 3,981,780
1,465 | Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American | 12/22 at 100.00 | N/R | 1,394,695
| Montessori Academy, Series 2007, 6.500%, 12/01/37 |  |  |
1,000 | Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, | 12/22 at 100.00 | BBB– | 1,000,020
| 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 | 3,957,000
| Bonds, Capital Appreciation Turbo Term Series 2008C, 0.000%, 6/01/58 |  |  |
1,000 | Summit Academy North, Michigan, Revenue Bonds, Public School Academy, Refunding Series | 11/28 at 103.00 | BB | 776,980
| 2021, 4.000%, 11/01/41 |  |  |
500 | Summit Academy, Michigan, Revenue Bonds, Public School Academy Series 2005, | 12/22 at 100.00 | B+ | 463,960
| 6.375%, 11/01/35 |  |  |
535 | Universal Academy, Michigan, Public School Academy Bonds, Refunding Series 2021, | 12/28 at 103.00 | BBB– | 493,361
| 4.000%, 12/01/31 |  |  |
152,680 | Total Michigan |  |  | 30,094,547
| Minnesota – 1.1% (0.6% of Total Investments) |  |  |
2,000 | Bethel, Minnesota, Charter School Lease Revenue Bonds, Level Up Academy, Series 2021A, | 6/29 at 102.00 | N/R | 1,348,640
| 5.000%, 6/15/56 |  |  |
665 | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy | 7/25 at 100.00 | N/R | 577,007
| 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 | 790,380
| 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 | 401,526
| Performing Arts Project, Series 2016A, 5.000%, 7/01/47 |  |  |
1,190 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy | 6/32 at 100.00 | N/R | 1,056,506
| Project, Series 2022A, 5.500%, 6/01/57 |  |  |
100 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep | 7/30 at 100.00 | N/R | 77,243
| 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 | 1,809,860
| Bonds, Community School of Excellence, Series 2016A, 5.750%, 7/01/47, 144A |  |  |
1,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 9/30 at 100.00 | BB+ | 825,500
| 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 | 789,610
| 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 | 12/22 at 100.00 | BBB– | 2,718,870
| 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– | 648,720
575 | 4.000%, 7/01/56 | 7/28 at 103.00 | BB– | 386,354
14,110 | Total Minnesota |  |  | 11,430,216
| Mississippi – 0.1% (0.0% of Total Investments) |  |  |
500 | Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, King | 10/26 at 100.00 | N/R | 358,960
| Edward Mixed-Use Project, Refunding Series 2019A, 4.250%, 10/15/49, (Mandatory |  |  |
| Put 10/15/39), 144A |  |  |

123

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Mississippi (continued) |  |  |
$ 535 | Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care | 12/22 at 100.00 | N/R | $ 454,361
| Apartments, Series 2004-2, 6.125%, 9/01/34, (AMT) 2021 04-2 |  |  |
1,035 | Total Mississippi |  |  | 813,321
| Missouri – 4.4% (2.6% of Total Investments) |  |  |
655 | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward | 4/26 at 100.00 | N/R | 532,214
| Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, |  |  |
| 5.000%, 4/01/46, 144A |  |  |
9,740 | Kansas City, Missouri, Special Obligation Bonds, Main Streetcar Expansion Project Series | 9/32 at 100.00 | AA– | 8,381,270
| 2022C, 4.000%, 9/01/46, (UB) (8) |  |  |
2,000 | Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty | 6/25 at 100.00 | N/R | 1,745,700
| 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+ | 8,255,000
| Mercy Health, Series 2017C, 4.000%, 11/15/49, (UB) (8) |  |  |
15,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 6/30 at 100.00 | A+ | 12,137,850
| Mercy Health, Series 2020, 4.000%, 6/01/53, (UB) (8) |  |  |
| 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 | 846,650
1,000 | 4.000%, 10/01/44 | 10/31 at 100.00 | N/R | 744,030
490 | North Outer Forty Transportation Development District, Chesterfield, Missouri, | No Opt. Call | N/R | 328,006
| Transportation Development Revenue Notes, Refunding Series 2021A, 4.000%, 12/01/46 2021 2021 |  |  |
| Saint Louis County, Missouri, Special Obligation Bonds, Community Center Projects, Series 2022A: |  |  |
8,050 | 4.000%, 12/01/40, (UB) (8) | 12/30 at 100.00 | AA | 7,192,514
8,970 | 4.000%, 12/01/41, (UB) (8) | 12/30 at 100.00 | AA | 7,926,609
1,351 | Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square | 3/23 at 100.00 | N/R | 418,810
| 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 | 51,240
| Projects, Series 2007A, 3.300%, 12/31/26 (4) |  |  |
58,988 | Total Missouri |  |  | 48,559,893
| Nevada – 1.2% (0.7% of Total Investments) |  |  |
2,000 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 2/31 at 100.00 | N/R | 1,674,800
| Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020, 6.750%, 2/15/38, 144A |  |  |
1,000 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 12/27 at 100.00 | N/R | 862,860
| Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, 6.250%, 12/15/37, (AMT), 144A |  |  |
2,000 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 8/29 at 100.00 | N/R | 1,521,280
| Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, 5.750%, 2/15/38, (AMT), 144A |  |  |
940 | Henderson, Nevada, Local Improvement District No. T-20 Rainbow Canyon, Local Improvement | 9/28 at 100.00 | N/R | 892,173
| Bonds, Series 2018, 5.375%, 9/01/48 |  |  |
10,000 | Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue | 7/28 at 100.00 | A | 8,079,800
| Bonds, Series 2018B, 4.000%, 7/01/49, (UB) (8) |  |  |
550 | North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 64 Valley | 12/28 at 100.00 | N/R | 468,748
| Vista, Series 2019, 4.625%, 6/01/49 |  |  |
16,490 | Total Nevada |  |  | 13,499,661
| New Jersey – 4.0% (2.4% of Total Investments) |  |  |
2,500 | New Jersey Economic Development Authority, Lease Revenue Bonds, State Government | 12/27 at 100.00 | BBB | 2,395,050
| Buildings-Health Department & Taxation Division Office Project, Series 2018A, 5.000%, |  |  |
| 6/15/47, (UB) (8) |  |  |
5,000 | New Jersey Economic Development Authority, Lease Revenue Bonds, State Government | 12/27 at 100.00 | BBB | 4,790,100
| Buildings-Juvenile Justice Commission Facilities Project, Series 2018C, 5.000%, 6/15/47, (UB) (8) |  |  |
9,500 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | 6/27 at 100.00 | BBB | 9,227,920
| 2017DDD, 5.000%, 6/15/42, (UB) (8) |  |  |

124

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New Jersey (continued) |  |  |
$ 4,100 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | 12/22 at 101.00 | B+ | $ 4,035,220
| 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+ | 2,052,939
| Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30, (AMT) |  |  |
40,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding | No Opt. Call | BBB | 19,418,000
| Series 2006C, 0.000%, 12/15/36 – AMBAC Insured, (UB) (8) |  |  |
2,200 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 2,022,812
| Bonds, Series 2018B, 5.000%, 6/01/46 |  |  |
65,380 | Total New Jersey |  |  | 43,942,041
| New Mexico – 0.4% (0.2% of Total Investments) |  |  |
265 | Mariposa East Public Improvement District, New Mexico, Revenue Bonds, Capital | 3/23 at 64.12 | N/R | 117,822
| Appreciation Taxable Series 2015D, 0.000%, 3/01/32 |  |  |
45 | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, | 9/25 at 100.00 | N/R | 40,570
| Series 2015A, 5.900%, 9/01/32 |  |  |
185 | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, | 9/25 at 100.00 | N/R | 169,214
| Series 2015B, 5.900%, 9/01/32 |  |  |
330 | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, | No Opt. Call | N/R | 292,225
| 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 | 1,109,292
| 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 | 949,232
| Bonds, Series 2014, 6.750%, 10/01/33 |  |  |
500 | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross | 5/29 at 103.00 | N/R | 393,920
| Receipts Tax Increment Bonds, Senior Lien Series 2022, 4.250%, 5/01/40, 144A |  |  |
1,500 | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross | 11/23 at 103.00 | N/R | 1,285,530
| Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A |  |  |
5,055 | Total New Mexico |  |  | 4,357,805
| New York – 10.2% (6.0% of Total Investments) |  |  |
610 | Build New York City Resource Corporation, New York, Revenue Bonds, New World Preparatory | 6/31 at 100.00 | N/R | 468,565
| Charter School Project, Series 2021A, 4.000%, 6/15/41 |  |  |
2,350 | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of | 9/25 at 100.00 | N/R | 2,328,403
| 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 | 3,830,200
2,000 | 5.500%, 6/01/55, 144A | 12/30 at 100.00 | N/R | 1,432,100
| 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 | 803,780
2,000 | 5.000%, 6/01/55, 144A | 12/30 at 100.00 | N/R | 1,449,740
1,000 | Build Resource Corporation, New York, Revenue Bonds, Shefa School, Series 2021A | 6/31 at 100.00 | N/R | 871,310
| 5.000%, 6/15/51, 144A |  |  |
9,000 | Dormitory Authority of the State of New York, General Revenue Bonds, Northwell Health | 5/32 at 100.00 | A– | 7,946,730
| Obligated Group, Series 2022A, 4.250%, 5/01/52 – AGM Insured, (UB) (8) |  |  |
3,220 | Dormitory Authority of the State of New York, General Revenue Bonds, Yeshiva University, | 7/32 at 100.00 | BBB– | 2,972,382
| Series 2022A, 5.000%, 7/15/50 |  |  |
10,000 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, | 3/30 at 100.00 | A2 | 6,458,600
| Series 2020A, 3.000%, 9/01/50 – AGM Insured, (UB) (8) |  |  |
200 | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical | 6/27 at 100.00 | BBB– | 190,558
| Center Obligated Group, Series 2017, 5.000%, 12/01/36, 144A |  |  |
4,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 3/32 at 100.00 | AA+ | 3,397,960
| General Purpose Series 2022A, 4.000%, 3/15/49, (UB) (8) |  |  |

125

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
$ 2,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 3/32 at 100.00 | AA+ | $ 1,698,980
| General Purpose, Bidding Group 5 Series 2021E, 4.000%, 3/15/49 |  |  |
1,000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/30 at 100.00 | N/R | 914,010
| 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 | 2,001,894
1,000 | 4.600%, 2/01/51 | 2/30 at 100.00 | A2 | 703,330
1,000 | Madison County Capital Resource Corporation, New York, Revenue Bonds, Cazenovia College | 9/22 at 100.00 | N/R | 900,000
| Project, Series 2019A, 5.500%, 9/01/23 (4) |  |  |
10,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 5/30 at 100.00 | BBB+ | 9,418,200
| Climate Bond Certified Series 2020C-1, 5.250%, 11/15/55, (UB) (8) |  |  |
1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 11/30 at 100.00 | BBB+ | 939,830
| Climate Bond Certified Series 2020D-1, 5.000%, 11/15/43, (UB) (8) |  |  |
1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 11/30 at 100.00 | BBB+ | 765,910
| Climate Bond Certified Series 2020D-3, 4.000%, 11/15/49, (UB) (8) |  |  |
11,850 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue | 9/26 at 100.00 | Aa2 | 9,171,545
| Bonds, Sustainable Neighborhood Series 2018K, 4.125%, 11/01/53, (UB) (8) |  |  |
| 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) | 12/22 at 100.00 | N/R | 1,200,000
5,000 | 0.000%, 10/01/46 (4) | 12/22 at 100.00 | N/R | 4,000,000
170 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, | 12/22 at 100.00 | N/R | 165,320
| Special Needs Facilities Pooled Program, Series 2008A-1, 5.800%, 7/01/23, 144A |  |  |
2,000 | New York Counties Tobacco Trust IV, Tobacco Settlement Pass-Through Bonds, Turbo Term | 11/22 at 100.00 | B– | 1,706,500
| Series 2005A, 5.000%, 6/01/42 |  |  |
1,000 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 878,600
| Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A |  |  |
3,250 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 3,103,913
| 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 | 6,001,920
| Center Project, Class 3 Series 2014, 7.250%, 11/15/44, 144A |  |  |
2,000 | New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Series | 9/31 at 100.00 | AA+ | 1,351,260
| 2021A, 3.000%, 3/15/50 |  |  |
10,000 | New York Transportation Development Corporation, New York, Special Facility Revenue | 11/22 at 100.00 | B– | 9,825,600
| 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– | 2,989,750
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, |  |  |
| 5.375%, 8/01/36, (AMT) |  |  |
1,000 | New York Transportation Development Corporation, New York, Special Facility Revenue | No Opt. Call | B | 862,170
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2021, |  |  |
| 3.000%, 8/01/31, (AMT) |  |  |
1,000 | Niagara Area Development Corporation, New York, Revenue Bonds; Catholic Health System, | 7/32 at 100.00 | N/R | 702,860
| Inc, Series 2022, 4.500%, 7/01/52 |  |  |
5,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred | 8/32 at 100.00 | A+ | 4,664,000
| Thirty Series 2022, 4.625%, 8/01/52, (AMT), (UB) (8) |  |  |
385 | Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue | 12/22 at 100.00 | N/R | 385,085
| 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 | 71,367
| Asset-Backed Bonds, Series 2021B-2, 0.000%, 6/01/66 |  |  |

126

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
| Westchester County Local Development Corporation, New York, Revenue Bond, Purchase |  |  |
| Senior Learning Community, Inc. Project, Accd Inv Series 2021A: |  |  |
$ 5,000 | 4.500%, 7/01/56, 144A | 7/27 at 104.00 | N/R | $ 3,293,350
2,775 | 5.000%, 7/01/56, 144A | 7/27 at 104.00 | N/R | 2,043,343
9,975 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester | 11/25 at 100.00 | BBB– | 9,028,273
| Medical Center Obligated Group Project, Refunding Series 2016, 5.000%, 11/01/46, (UB) (8) |  |  |
250 | Western Regional Off-Track Betting Corporation, New York, Tax Exempt Revenue Bonds, | 6/31 at 100.00 | N/R | 179,732
| Additional Secured General Obligation Series 2021, 4.125%, 12/01/41, 144A |  |  |
131,820 | Total New York |  |  | 111,117,070
| North Dakota – 0.1% (0.1% of Total Investments) |  |  |
2,000 | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC | 9/23 at 100.00 | N/R | 1,000,000
| Project, Series 2013, 7.750%, 9/01/38 (4) |  |  |
| Ohio – 5.6% (3.3% of Total Investments) |  |  |
137,120 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | 13,705,144
| Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, |  |  |
| 0.000%, 6/01/57 |  |  |
10,195 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 8,592,958
| Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 |  |  |
1,500 | Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center | 12/22 at 100.00 | N/R (7) | 1,503,105
| Project, Liberty Community Authority, Series 2014C, 6.000%, 12/01/43, (Pre-refunded 12/01/22) |  |  |
250 | Cleveland-Cuyahoga County Port Authority, Ohio, Tax Increment Financing Revenue Bonds, | 12/29 at 100.00 | BB | 182,565
| Flats East Bank Project, Refunding Senior Series 2021A, 4.000%, 12/01/55, 144A |  |  |
340 | Evans Farm New Community Authority, Ohio, Community Development Charge Revenue Bonds, | 6/29 at 100.00 | N/R | 247,217
| 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 | 648,980
| 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 | A2 | 9,152,986
| Obligated Group, Series 2016, 4.000%, 8/01/47, (UB) (8) |  |  |
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%, 8/01/23 |  |  |
3,310 | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG | 7/29 at 100.00 | B– | 2,794,832
| 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 |  |  |
1,300 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 1,123,967
| 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 | 5,937
| 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 | 940,510
| 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) |  |  |

127

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Ohio (continued) |  |  |
$ 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) |  |  |
11,300 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 10,446,737
| Nuclear Generating Corporation Project, Series 2010B, 4.750%, 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 | 722,310
| 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 | 728,490
| 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 | 6,826,520
| 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 | 1,959,640
| 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 | 1,907,680
| Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, |  |  |
| 6.000%, 3/01/45 |  |  |
210,970 | Total Ohio |  |  | 61,506,134
| Oklahoma – 1.8% (1.1% of Total Investments) |  |  |
1,200 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | 8/32 at 100.00 | N/R | 1,041,996
| Project, Taxable Series 2022, 5.500%, 8/15/44 |  |  |
1,000 | Tulsa Authority for Economic Opportunity, Tulsa County, Oklahoma, Tax Apportionment | 12/31 at 100.00 | N/R | 770,400
| Revenue Bonds, Santa Fe Square Project, Series 2021, 4.375%, 12/01/41, 144A |  |  |
495 | Tulsa Authority for Economic Opportunity, Tulsa County, Oklahoma, Tax Apportionment | 12/31 at 100.00 | N/R | 359,915
| 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 | 14,916,600
| 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 | 2,604,524
| Refunding Series 2001B, 5.500%, 12/01/35, (AMT) |  |  |
20,295 | Total Oklahoma |  |  | 19,693,435
| Oregon – 0.1% (0.0% of Total Investments) |  |  |
| Clackamas and Washington Counties School District 3JT, Oregon, General Obligation Bonds, |  |  |
| Series 2020A: |  |  |
1,750 | 0.000%, 6/15/49 | 6/30 at 57.54 | Aa1 | 419,598
2,000 | 0.000%, 6/15/50 | 6/30 at 55.67 | Aa1 | 453,440
3,750 | Total Oregon |  |  | 873,038
| Pennsylvania – 2.2% (1.3% of Total Investments) |  |  |
2,280 | Allentown Commercial and Industrial Development Authority, Pennsylvania, Revenue Bonds, | 6/29 at 103.00 | N/R | 1,777,875
| Arts Academy Charter Middle School Foundation Project, Series 2022A, 5.000%, 6/15/57, 144A |  |  |
955 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/31 at 100.00 | N/R | 900,727
| Bonds, 615 Waterfront Project, Senior Series 2021, 6.000%, 5/01/42, 144A |  |  |
1,250 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/28 at 100.00 | N/R | 1,162,262
| 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 | 359,860
| Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 |  |  |
290 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University | 10/29 at 100.00 | BB+ | 236,913
| 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 | 872,010
| Science & Technology Project, Series 2017, 5.125%, 10/15/41, 144A |  |  |

128

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Pennsylvania (continued) |  |  |
$ 1,500 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of | 10/28 at 100.00 | BB | $ 1,446,345
| Science & Technology Project, Series 2020, 6.250%, 10/15/53, 144A |  |  |
1,245 | Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd | 11/31 at 100.00 | A– | 943,274
| Group, Series 2021A, 4.000%, 11/01/51, (UB) (8) |  |  |
675 | Lehigh County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, | 5/30 at 100.00 | BB | 598,975
| Seven 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 | 1,500,580
| 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 | 1,500,580
| 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 | 2,562,960
| 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 | CCC | 5,469,625
| Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 0.000%, 12/01/38 (4) |  |  |
1,000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana | 12/27 at 100.00 | N/R | 813,360
| 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: |  |  |
975 | 4.875%, 12/15/35, 144A | 12/27 at 100.00 | N/R | 838,042
1,000 | 5.125%, 12/15/44, 144A | 12/27 at 100.00 | N/R | 809,720
2,500 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Nueva | 1/23 at 100.00 | N/R (7) | 2,518,225
| Esperanza, Inc. – Esperanza Academy Charter School, Series 2013, 8.000%, 1/01/33, |  |  |
| (Pre-refunded 1/01/23) |  |  |
180 | The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, | 5/24 at 100.00 | BB+ | 168,653
| Guaranteed Lease Revenue Bonds, Series 2016A, 5.000%, 11/15/28 |  |  |
33,660 | Total Pennsylvania |  |  | 24,486,511
| Puerto Rico – 10.9% (6.4% of Total Investments) |  |  |
| Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien |  |  |
| Series 2020A: |  |  |
2,000 | 5.000%, 7/01/35, 144A | 7/30 at 100.00 | N/R | 1,838,280
3,000 | 5.000%, 7/01/47, 144A | 7/30 at 100.00 | N/R | 2,571,090
8,625 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Federally Taxable Build | 12/22 at 100.00 | D | 6,511,875
| America Bonds, Series 2010YY, 4.050%, 7/01/40 (4) |  |  |
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A: |  |  |
4,835 | 3.957%, 7/01/42 (4) | 12/22 at 100.00 | D | 3,638,337
185 | 3.961%, 7/01/42 (4) | 12/22 at 100.00 | D | 138,750
2,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 3.999%, | No Opt. Call | D | 1,502,500
| 7/01/20 (4) |  |  |
1,025 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 3.957%, | 12/22 at 100.00 | D | 771,312
| 7/01/37 (4) |  |  |
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA: |  |  |
5,690 | 3.978%, 7/01/23 (4) | No Opt. Call | N/R | 4,253,275
3,000 | 3.978%, 7/01/25 (4) | 12/22 at 100.00 | D | 2,257,500
1,186 | 3.978%, 7/01/28 (4) | 12/22 at 100.00 | D | 892,465
890 | 3.978%, 7/01/29 (4) | 12/22 at 100.00 | D | 669,725
658 | 3.978%, 7/01/31 (4) | 12/22 at 100.00 | D | 495,145
405 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC, 3.957%, | 12/22 at 100.00 | D | 304,763
| 7/01/28 (4) |  |  |
1,350 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 3.978%, | 12/22 at 100.00 | D | 1,015,875
| 7/01/40 (4) |  |  |

129

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Puerto Rico (continued) |  |  |
$ 4,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ, 3.978%, | 7/20 at 100.00 | D | $ 2,990,000
| 7/01/21 (4) |  |  |
1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A, 4.102%, | 7/23 at 100.00 | D | 767,500
| 7/01/36 (4) |  |  |
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW: |  |  |
710 | 3.988%, 7/01/23 (4) | 12/22 at 100.00 | D | 535,163
360 | 3.988%, 7/01/23 (4) | No Opt. Call | N/R | 270,450
375 | 3.978%, 7/01/33 (4) | 12/22 at 100.00 | D | 282,187
5,500 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Taxable Build America Bond | 12/22 at 100.00 | D | 4,152,500
| Series 2010EE, 4.044%, 7/01/32 (4) |  |  |
5,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, | No Opt. Call | N/R | 4,710,050
| 5.250%, 7/01/38 – AMBAC Insured |  |  |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: |  |  |
4,000 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 871,200
248,530 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 38,678,724
6,000 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 5,159,880
5,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | 7/28 at 100.00 | N/R | 4,206,000
| Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40 |  |  |
| Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1: |  |  |
– (9) | 5.625%, 7/01/27 | No Opt. Call | N/R | 92
1,014 | 5.625%, 7/01/29 | No Opt. Call | N/R | 1,020,817
984 | 5.750%, 7/01/31 | No Opt. Call | N/R | 992,112
6,201 | 0.000%, 7/01/33 | 7/31 at 89.94 | N/R | 3,160,849
933 | 4.000%, 7/01/33 | 7/31 at 103.00 | N/R | 791,684
6,979 | 4.000%, 7/01/41 | 7/31 at 103.00 | N/R | 5,325,671
14,018 | 4.000%, 7/01/46 | 7/31 at 103.00 | N/R | 10,211,446
17,483 | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022, | No Opt. Call | N/R | 7,998,805
| 0.000%, 11/01/43 |  |  |
362,936 | Total Puerto Rico |  |  | 118,986,022
| Rhode Island – 0.2% (0.1% of Total Investments) |  |  |
18,260 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 11/22 at 17.44 | CCC– | 2,453,779
| Bonds, Series 2007A, 0.000%, 6/01/52 |  |  |
| South Carolina – 1.5% (0.9% of Total Investments) |  |  |
640 | Hardeeville, South Carolina, Special Assessment Revenue Bonds, East Argent Improvement | 5/29 at 100.00 | N/R | 411,385
| District, Series 2021, 4.000%, 5/01/52, 144A |  |  |
| Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement |  |  |
| District, Capital Appreciation Series 2007-A&B: |  |  |
8,025 | 0.000%, 11/01/39 | 12/22 at 27.63 | N/R | 1,474,835
7,790 | 0.000%, 11/01/39 | 12/22 at 27.63 | N/R | 1,431,646
5,000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 8/26 at 100.00 | N/R (7) | 5,260,700
| 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 | 309,796
| Hilton Head Christian Academy, Series 2020, 5.000%, 1/01/55, 144A |  |  |
955 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 11/26 at 100.00 | N/R | 990,927
| Midland Valley Preparatory School Project, Series 2014, 7.750%, 11/15/45, 144A |  |  |
3,000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | No Opt. Call | N/R | 1,841,520
| Patriots Place Apartments Project, Series 2022A-1, 5.750%, 6/01/52 |  |  |
1,000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue | 11/26 at 100.00 | N/R | 747,740
| Bonds, Horse 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 | 3,635,269
| 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, | 11/22 at 100.00 | N/R | 759,645
| Kiawah Life Plan Village, Inc. Project, Series 2021A, 8.750%, 7/01/25 |  |  |
31,775 | Total South Carolina |  |  | 16,863,463

130

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| South Dakota – 0.1% (0.0% of Total Investments) |  |  |
$ 1,125 | Lincoln County, South Dakota, Economic Development Revenue Bonds, The Augustana College | 8/31 at 100.00 | BBB– | $ 778,455
| Association Project, Series 2021A, 4.000%, 8/01/56 |  |  |
| Tennessee – 1.3% (0.7% of Total Investments) |  |  |
1,000 | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, | 7/27 at 100.00 | N/R | 616,640
| Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.625%, 1/01/46 |  |  |
5,240 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 7/26 at 100.00 | A3 | 4,886,090
| Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, |  |  |
| 7/01/46, (UB) (8) |  |  |
150 | Metropolitan Government of Nashville-Davidson County Industrial Development Board, | 6/31 at 100.00 | N/R | 109,566
| Tennessee, Special Assessment Revenue Bonds, South Nashville Central Business Improvement |  |  |
| District, Series 2021A, 4.000%, 6/01/51, 144A |  |  |
5,000 | The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue | 6/27 at 100.00 | N/R | 1,350,000
| 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 | 6,251,647
| 5.625%, 9/01/26 |  |  |
900 | Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue | 12/22 at 100.00 | N/R | 599,877
| Bonds, Rutland Place Inc. Project, Series 2015A, 5.500%, 1/01/46, 144A |  |  |
18,314 | Total Tennessee |  |  | 13,813,820
| Texas – 6.3% (3.7% of Total Investments) |  |  |
1,000 | Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, | 10/31 at 100.00 | BBB– | 804,680
| 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 | 1,573,880
| 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 | 787,330
| 2 Area 1 Project, Series 2021, 4.000%, 9/15/41, 144A |  |  |
1,000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Brooks | 6/26 at 100.00 | N/R | 771,180
| Academies, Series 2021A, 5.000%, 6/15/51 |  |  |
1,000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Legacy | 2/30 at 100.00 | N/R | 686,520
| Traditional Schools – Texas Project, Refunding Series 2021A, 4.500%, 2/15/56 |  |  |
1,000 | Baytown Municipal Development District, Texas, Hotel Revenue Bonds, Baytown Convention | 10/31 at 100.00 | BBB– | 742,990
| Center Hotel, First-Lien Series 2021A, 4.000%, 10/01/50 |  |  |
300 | Bee Cave, Travis County, Texas, Special Assessment Revenue Bonds, Backyard Public | 9/31 at 100.00 | N/R | 253,854
| Improvement District Project, Series 2021, 5.250%, 9/01/51, 144A |  |  |
500 | Celina, Texas, Special Assessment Revenue Bonds, Celina Sutton Fields II Public | 9/29 at 100.00 | N/R | 393,000
| 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 | 3/23 at 103.00 | N/R | 1,024,343
| District Phase 1 Project, Series 2014, 7.000%, 9/01/40 |  |  |
500 | Celina, Texas, Special Assessment Revenue Bonds, The Parks at Wilson Creek Public | 9/31 at 100.00 | N/R | 398,085
| Improvement District Initial Major Improvement Project, Series 2021, 4.500%, 9/01/51, 144A |  |  |
1,765 | Comal County Meyer Ranch Municipal Utility District, Texas, General Obligation Bonds, | 8/26 at 100.00 | N/R | 1,065,177
| Road Series 2021, 3.000%, 8/15/51 |  |  |
675 | Conroe Local Government Corporation, Texas, Hotel Revenue and Contract Revenue Bonds, | 10/31 at 100.00 | A2 | 564,597
| Subordinate Third Lien Series 2021C, 4.000%, 10/01/50 |  |  |
1,000 | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, Crandall Carwright | 9/31 at 100.00 | N/R | 778,320
| Ranch Public Improvement District Improvement Area 1 Project, Series 2021, 4.500%, 9/15/51, 144A |  |  |
| Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A: |  |  |
315 | 6.625%, 9/01/31, (Pre-refunded 9/01/23) | 9/23 at 100.00 | N/R (7) | 323,143
1,000 | 6.375%, 9/01/42, (Pre-refunded 9/01/23) | 9/23 at 100.00 | N/R (7) | 1,024,660

131

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 165 | Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public | 8/27 at 100.00 | N/R | $ 132,058
| 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 | 12/22 at 100.00 | Baa2 | 1,376,475
| Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 |  |  |
1,000 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, | 12/22 at 100.00 | B3 | 999,880
| 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 | 909,411
| 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 | 101,040
| Improvement Area 1 Project, Series 2019, 4.375%, 9/01/49, 144A |  |  |
740 | Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series | 12/22 at 100.00 | N/R | 699,774
| 2006A, 6.000%, 2/15/36 |  |  |
1,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines | 12/22 at 100.00 | B | 999,910
| Inc. – Terminal Improvement Project, Refunding Series 2011, 6.625%, 7/15/38, (AMT) |  |  |
3,080 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | 7/29 at 100.00 | B– | 2,373,510
| Terminal E Project, Series 2021A, 4.000%, 7/01/41, (AMT) |  |  |
500 | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Durango Farms Public | 9/29 at 100.00 | N/R | 362,790
| Improvement Project Series 2021, 4.000%, 9/01/56, 144A |  |  |
500 | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Emory Crossing, Public | 9/29 at 100.00 | N/R | 362,320
| Improvement Area 1 Project Series 2021, 4.000%, 9/01/56, 144A |  |  |
1,000 | Kaufman County Fresh Water Supply District 1-D, Texas, General Obligation Road Bonds, | 9/26 at 100.00 | N/R | 623,840
| 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 | 367,000
| Phase 1A-1B Project, Series 2021, 4.000%, 9/15/50, 144A |  |  |
4,000 | Legato Community Authority, Commerce City, Texas, Limited Tax Supported Revenue | 6/26 at 100.67 | N/R | 2,323,760
| Bonds, District 1, 2, 3 & 7, Convertible Capital Appreciation Series 2021A-2, 5.000%, 12/01/51 |  |  |
1,000 | Legato Community Authority, Commerce City, Texas, Limited Tax Supported Revenue | 6/26 at 103.00 | N/R | 843,580
| 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 | 1,069,405
| 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 | 716,940
1,500 | 4.375%, 9/15/51, 144A | 9/31 at 100.00 | N/R | 1,146,915
1,170 | McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement | 9/29 at 100.00 | N/R | 1,013,980
| District Improvement Area 2 Project, Series 2019, 4.250%, 9/15/39, 144A |  |  |
| Mesquite, Texas, Special Assessment Bonds, Iron Horse Public Improvement District |  |  |
| Project, Series 2019: |  |  |
300 | 5.750%, 9/15/39, 144A | 9/29 at 100.00 | N/R | 282,090
500 | 6.000%, 9/15/49, 144A | 9/29 at 100.00 | N/R | 463,615
1,965 | Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro | 1/26 at 102.00 | N/R | 39,304
| Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45, (AMT), 144A 2045 2045 (4) |  |  |
1,125 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, | 9/27 at 100.00 | N/R | 749,273
| Road Series 2021, 3.000%, 9/01/46 |  |  |
20,000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue | 1/28 at 103.00 | N/R | 14,828,000
| 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) | 1,023,130
| Revenue Bonds, CHF-Collegiate Housing Corpus Christi I, L.L.C.-Texas A&M University-Corpus |  |  |
| Christi Project, Series 2014A, 5.000%, 4/01/44, (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) | 1,047,520
| Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M |  |  |
| University – San Antonio Project, Series 2016A, 5.000%, 4/01/48, (Pre-refunded 4/01/26) |  |  |

132

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 1,000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | N/R (7) | $ 1,021,740
| Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, |  |  |
| Series 2014A, 5.000%, 4/01/44, (Pre-refunded 4/01/24) |  |  |
| New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing |  |  |
| Revenue Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, |  |  |
| Series 2015A: |  |  |
1,250 | 5.000%, 7/01/35 (4) | 7/25 at 100.00 | CCC | 1,062,500
2,445 | 5.000%, 7/01/47 (4) | 7/25 at 100.00 | CCC | 2,078,250
250 | Newark Higher Education Finance Corporation, Texas, Education Revenue Bonds, TLC | 8/28 at 100.00 | BB | 169,085
| 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 | 434,710
| 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 | 815,147
| Improvement District 2 Project, Series 2020, 4.000%, 9/01/50, 144A |  |  |
250 | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement | 9/32 at 100.00 | N/R | 227,860
| District Zone A Improvement Area 1 Project, Series 2022, 5.625%, 9/15/52, 144A |  |  |
325 | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement | 9/32 at 100.00 | N/R | 296,218
| District Zone B Improvement Area 1 Project, Series 2022, 5.625%, 9/15/52, 144A |  |  |
2,000 | Plano, Collin and Denton Counties, Texas, Special Assessment Revenue Bonds, Collin Creek | 9/31 at 100.00 | N/R | 1,504,600
| 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 | 733,610
| 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 | 12/22 at 103.00 | N/R | 301,356
| Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2020, 4.000%, 1/01/50, (AMT), 144A |  |  |
8,000 | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility | 7/23 at 103.00 | N/R | 4,429,920
| 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+ | 1,222,110
1,500 | 4.000%, 6/01/51, (AMT) | 6/31 at 100.00 | A+ | 1,174,230
1,000 | Princeton, Collins County, Texas, Special Assessment Revenue Bonds, Winchester Public | 9/30 at 100.00 | N/R | 918,340
| Improvement District 2 Project, Series 2022, 5.250%, 9/01/52 |  |  |
205 | Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement | 9/29 at 100.00 | N/R | 175,000
| 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 | 176,964
| 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 | 12/22 at 100.00 | N/R | 1,220,000
| Bonds, Eden Home Inc., Series 2012, 4.087%, 12/15/32 (4) |  |  |
150 | Rowlett, Texas, Special Assessment Revenue Bonds, Bayside Public Improvement District | 3/24 at 102.00 | N/R | 140,256
| North Improvement Area, Series 2016, 5.750%, 9/15/36 |  |  |
3,280 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, | 9/27 at 100.00 | AA+ | 3,232,112
| Series 2018A, 4.250%, 9/01/48, (UB) (8) |  |  |
1,997 | Texas State Affordable Housing Corporation Multifamily Housing Revenue Bonds, Peoples El | 1/34 at 100.00 | N/R | 1,695,769
| Shaddai Village and St. James Manor Apartments Project, Series 2016, 4.850%, 12/01/56, 144A |  |  |
91,852 | Total Texas |  |  | 69,077,056
| Utah – 0.6% (0.3% of Total Investments) |  |  |
2,500 | Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds, | 9/26 at 103.00 | N/R | 1,713,600
| Series 2021A, 4.000%, 3/01/51, 144A |  |  |
1,000 | Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds, | 9/26 at 103.00 | N/R | 763,160
| Subordinate Series 2021B, 7.375%, 9/15/51, 144A |  |  |
1,000 | Military Installation Development Authority, Utah, Tax Allocation and Hotel Tax Revenue | 9/26 at 103.00 | N/R | 692,140
| Bonds, Series 2021A-1, 4.000%, 6/01/52 |  |  |
2,000 | ROAM Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, | 9/26 at 103.00 | N/R | 1,353,720
| Series 2021A, 4.250%, 3/01/51, 144A |  |  |

133

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Utah (continued) |  |  |
$ 985 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High | 1/25 at 102.00 | N/R | $ 712,894
| 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 | 793,320
| Projects, Refunding Series 2021A, 4.000%, 10/15/51 |  |  |
8,485 | Total Utah |  |  | 6,028,834
| Virgin Islands – 1.4% (0.8% of Total Investments) |  |  |
2,375 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, | 10/32 at 100.00 | N/R | 2,341,821
| Series 2022A, 5.000%, 10/01/39 |  |  |
| Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding |  |  |
| Series 2014C: |  |  |
1,000 | 5.000%, 10/01/30, 144A | 10/24 at 100.00 | N/R | 940,850
5,000 | 5.000%, 10/01/39, 144A | 10/24 at 100.00 | N/R | 4,405,500
3,000 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond | No Opt. Call | N/R | 2,804,700
| Anticipation Notes, Senior Series 2021A, 6.750%, 7/01/26, 144A |  |  |
3,085 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond | No Opt. Call | N/R | 2,986,743
| Anticipation Notes, Taxable Series 2022A, 7.750%, 7/01/24 |  |  |
215 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond | No Opt. Call | N/R | 211,837
| Anticipation Notes, Taxable Series 2022B, 10.000%, 7/01/24 |  |  |
1,480 | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds, WICO | 10/29 at 104.00 | N/R | 1,389,306
| Financing, Series 2022B, 6.250%, 10/01/42, (AMT), 144A |  |  |
16,155 | Total Virgin Islands |  |  | 15,080,757
| Virginia – 4.4% (2.6% of Total Investments) |  |  |
762 | Celebrate Virginia North Community Development Authority, Special Assessment Revenue | No Opt. Call | N/R | 495,300
| Bonds, Series 2003B, 4.125%, 3/01/22 (4) |  |  |
1,000 | Cutalong II Community Development Authority, Louisa County, Virginia, Special Assessment | 3/27 at 103.00 | N/R | 734,260
| Revenue Bonds, Cutalong II Project, Series 2022, 4.500%, 3/01/55, 144A |  |  |
720 | Farms of New Kent Community Development Authority, Virginia, Special Assessment Bonds, | 3/31 at 100.00 | N/R | 639,346
| Refunding Series 2021A, 3.750%, 3/01/36, 144A |  |  |
10,000 | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton | 7/30 at 100.00 | AA | 8,622,600
| Roads Transportation Fund, Senior Lien Series 2020A, 4.000%, 7/01/50, (UB) (8) |  |  |
15,000 | Industrial Development Authority of the City of Newport News, Virginia, Health System | 7/27 at 100.00 | N/R | 13,701,450
| Revenue Bonds, Riverside Health System, Series 2017A, 5.000%, 7/01/46, 144A |  |  |
11,495 | Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra | 1/32 at 100.00 | Baa1 | 9,103,695
| Health Obligated Group, Refunding Series 2021, 4.000%, 1/01/55, (UB) (8) |  |  |
1,000 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed | 11/22 at 100.00 | B– | 872,250
| Bonds, Series 2007B1, 5.000%, 6/01/47 |  |  |
7,000 | Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, | 7/34 at 100.00 | N/R | 6,217,680
| 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 | 6,926,329
| Provident Resource Group – Rixey Student Housing Project, Series 2019B, 6.525%, 7/01/52, 144A |  |  |
| (cash 7.500%, PIK 7.500%) |  |  |
550 | West Falls Community Development Authority, Arlington County, Virginia, Revenue Bonds, | 9/32 at 100.00 | N/R | 509,646
| Series 2022A, 5.375%, 9/01/52, 144A |  |  |
55,062 | Total Virginia |  |  | 47,822,556
| Washington – 1.3% (0.7% of Total Investments) |  |  |
1,000 | King County Public Hospital District 4, Washington, Hospital Revenue Bonds, Snoqualmie | 12/25 at 100.00 | N/R | 1,006,100
| Valley Hospital, Series 2015A, 6.250%, 12/01/45 |  |  |
1,000 | Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing | 12/22 at 100.00 | N/R | 896,940
| 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 | 1,283,828
| Revenue Refunding Bonds, Delta Air Lines, Inc. Project, Series 2012, 5.000%, 4/01/30, (AMT) |  |  |

134

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Washington (continued) |  |  |
$ 2,500 | Seattle Housing Authority, Washington, Revenue Bonds, Lam Bow Apartments Project, Series | 6/31 at 100.00 | AA | $ 1,423,575
| 2021, 2.500%, 6/01/54 |  |  |
195 | Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, | 11/22 at 100.00 | N/R | 175,161
| Series 2013, 5.750%, 4/01/43 |  |  |
3,065 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | 1/28 at 100.00 | N/R | 1,229,371
| Bonds, Columbia Pulp I, LLC Project, Series 2017A, 7.500%, 1/01/32, (AMT), 144A (4),(6) |  |  |
545 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | 1/28 at 100.00 | N/R | 218,599
| Bonds, Columbia Pulp I, LLC Project, Series 2018, 7.250%, 1/01/32, (AMT), 144A (4),(6) |  |  |
1,565 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | 1/28 at 100.00 | N/R | 627,722
| Bonds, Columbia Pulp I, LLC Project, Series 2019A, 7.500%, 1/01/32, (AMT), 144A (4),(6) |  |  |
1,000 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | No Opt. Call | N/R | 741,640
| 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 | 190,332
| 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– | 6,002,317
| Center, Series 2017, 4.000%, 8/15/42, (UB) (8) |  |  |
19,755 | Total Washington |  |  | 13,795,585
| West Virginia – 0.4% (0.2% of Total Investments) |  |  |
1,308 | Berkeley, Hardy and Jefferson Counties, West Virginia, as Joint Issuers, Commercial | 12/23 at 100.00 | N/R | 1,195,172
| 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 | 1,106,291
| 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 | 827,490
| 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 | 775,710
| Empire Trimodal Terminal, LLC Project, Series 2020, 7.625%, 12/01/40, 144A |  |  |
4,433 | Total West Virginia |  |  | 3,904,663
| Wisconsin – 8.4% (4.9% of Total Investments) |  |  |
2,500 | Gillett, Wisconsin, Solid Waste Disposal Revenue Bonds, WI RNG Hub North LLC Renewable | 12/26 at 100.00 | N/R | 1,992,900
| Natural Gas Production Plant Project, Series 2021A, 5.500%, 12/01/32, 144A |  |  |
2,000 | Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, General Revenue | 12/27 at 100.00 | N/R | 1,756,840
| Bonds, Refunding Series 2017, 6.750%, 6/01/32 |  |  |
255 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Ascend Leadership | 6/29 at 100.00 | N/R | 189,057
| Academy Project, Series 2021A, 5.000%, 6/15/51, 144A |  |  |
850 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Coral Academy of | 6/27 at 100.00 | N/R | 557,149
| Science, Reno, Series 2021A, 4.000%, 6/01/51, 144A |  |  |
150 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Founders Academy of | 7/28 at 100.00 | BB– | 120,335
| Las Vegas, Series 2020A, 5.000%, 7/01/55, 144A |  |  |
2,015 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Guilford | 4/31 at 100.00 | N/R | 1,560,920
| Preparatory Academy, North Carolina, Taxable Series 2022A, 5.000%, 4/01/57, 144A |  |  |
1,000 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, High Desert | 6/29 at 100.00 | N/R | 800,810
| 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 | 3,650,067
| 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 | 369,240
| Preparatory, Series 2020A, 5.000%, 6/15/55, 144A |  |  |

135

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

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 | $ 245
11 | 0.000%, 1/01/48, 144A (4) | No Opt. Call | N/R | 204
11 | 0.000%, 1/01/49, 144A (4) | No Opt. Call | N/R | 190
10 | 0.000%, 1/01/50, 144A (4) | No Opt. Call | N/R | 171
10 | 0.000%, 1/01/51, 144A (4) | No Opt. Call | N/R | 160
13 | 0.000%, 1/01/52, 144A (4) | No Opt. Call | N/R | 194
13 | 0.000%, 1/01/53, 144A (4) | No Opt. Call | N/R | 182
13 | 0.000%, 1/01/54, 144A (4) | No Opt. Call | N/R | 166
13 | 0.000%, 1/01/55, 144A (4) | No Opt. Call | N/R | 155
12 | 0.000%, 1/01/56, 144A (4) | No Opt. Call | N/R | 144
667 | 0.000%, 7/01/56, 144A (4) | 3/28 at 100.00 | N/R | 371,419
14 | 0.000%, 1/01/57, 144A (4) | No Opt. Call | N/R | 151
13 | 0.000%, 1/01/58, 144A (4) | No Opt. Call | N/R | 140
13 | 0.000%, 1/01/59, 144A (4) | No Opt. Call | N/R | 130
13 | 0.000%, 1/01/60, 144A (4) | No Opt. Call | N/R | 119
12 | 0.000%, 1/01/61, 144A (4) | No Opt. Call | N/R | 111
12 | 0.000%, 1/01/62, 144A (4) | No Opt. Call | N/R | 102
12 | 0.000%, 1/01/63, 144A (4) | No Opt. Call | N/R | 95
12 | 0.000%, 1/01/64, 144A (4) | No Opt. Call | N/R | 89
11 | 0.000%, 1/01/65, 144A (4) | No Opt. Call | N/R | 82
12 | 0.000%, 1/01/66, 144A (4) | No Opt. Call | N/R | 82
148 | 0.000%, 1/01/67, 144A (4) | No Opt. Call | N/R | 896
| 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 | 502
24 | 0.000%, 1/01/47, 144A (4) | No Opt. Call | N/R | 461
24 | 0.000%, 1/01/48, 144A (4) | No Opt. Call | N/R | 436
23 | 0.000%, 1/01/49, 144A (4) | No Opt. Call | N/R | 410
23 | 0.000%, 1/01/50, 144A (4) | No Opt. Call | N/R | 377
25 | 0.000%, 1/01/51, 144A (4) | No Opt. Call | N/R | 393
651 | 1.000%, 7/01/51, 144A (4) | 3/28 at 100.00 | N/R | 299,555
25 | 0.000%, 1/01/52, 144A (4) | No Opt. Call | N/R | 364
25 | 0.000%, 1/01/53, 144A (4) | No Opt. Call | N/R | 342
25 | 0.000%, 1/01/54, 144A (4) | No Opt. Call | N/R | 320
24 | 0.000%, 1/01/55, 144A (4) | No Opt. Call | N/R | 300
24 | 0.000%, 1/01/56, 144A (4) | No Opt. Call | N/R | 282
24 | 0.000%, 1/01/57, 144A (4) | No Opt. Call | N/R | 265
23 | 0.000%, 1/01/58, 144A (4) | No Opt. Call | N/R | 247
23 | 0.000%, 1/01/59, 144A (4) | No Opt. Call | N/R | 234
23 | 0.000%, 1/01/60, 144A (4) | No Opt. Call | N/R | 219
23 | 0.000%, 1/01/61, 144A (4) | No Opt. Call | N/R | 204
23 | 0.000%, 1/01/62, 144A (4) | No Opt. Call | N/R | 191
22 | 0.000%, 1/01/63, 144A (4) | No Opt. Call | N/R | 179
22 | 0.000%, 1/01/64, 144A (4) | No Opt. Call | N/R | 170
22 | 0.000%, 1/01/65, 144A (4) | No Opt. Call | N/R | 158
22 | 0.000%, 1/01/66, 144A (4) | No Opt. Call | N/R | 145
281 | 0.000%, 1/01/67, 144A (4) | No Opt. Call | N/R | 1,705
4,700 | Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public | 3/27 at 100.00 | N/R | 4,939,841
| 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 | 1,270,305
| 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 | 760,090
| 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 | 1,513,860
| College, Series 2019A, 5.875%, 10/01/54, 144A |  |  |

136

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Wisconsin (continued) |  |  |
$ 830 | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood | 12/22 at 100.00 | N/R (7) | $ 831,992
| Classical Preparatory School in Albuquerque, New Mexico, Series 2012A, 6.250%, 12/01/42, |  |  |
| (Pre-refunded 12/01/22) |  |  |
1,550 | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy | 8/28 at 100.00 | N/R | 1,174,404
| Project, Series 2021, 5.000%, 8/01/51, 144A |  |  |
3,000 | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Lenoir-Rhyne | 4/32 at 100.00 | BBB | 2,608,020
| University, Refunding Series 2022, 5.125%, 4/01/52 |  |  |
335 | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum | 8/26 at 100.00 | N/R | 274,040
| 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+ | 1,004,305
| Center, Series 2021A, 4.000%, 12/01/41 |  |  |
5,000 | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio | 2/32 at 100.00 | BBB– | 4,104,850
| Hotel Acquisition Project, Senior Lien Series 2022A, 5.000%, 2/01/62 |  |  |
6,665 | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio | 2/32 at 100.00 | N/R | 5,749,229
| Hotel Acquisition Project, Subordinate Lien Series 2022B, 6.000%, 2/01/62, 144A |  |  |
| Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American |  |  |
| Dream @ Meadowlands Project, Series 2017A: |  |  |
1,665 | 3.125%, 8/01/27, 144A (4) | No Opt. Call | N/R | 1,356,775
1,000 | 3.375%, 8/01/31, 144A (4) | No Opt. Call | N/R | 594,000
| Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American |  |  |
| Dream @ Meadowlands Project, Series 2017: |  |  |
2,000 | 6.750%, 12/01/42, 144A | 12/27 at 100.00 | N/R | 1,645,600
19,335 | 7.000%, 12/01/50, 144A | 12/27 at 100.00 | N/R | 15,866,301
400 | Public Finance Authority of Wisconsin, Retirement Facility Revenue Bonds, Shalom Park | No Opt. Call | N/R | 212,000
| 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 | 2,442,300
| 2018A, 6.500%, 9/01/48, 144A |  |  |
500 | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, | 10/27 at 100.00 | N/R | 385,505
| Senior Series 2017A, 7.000%, 10/01/47, 144A (4) |  |  |
| Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, |  |  |
| Senior Series 2018A: |  |  |
4,415 | 6.950%, 7/01/38, 144A | 7/28 at 100.00 | N/R | 3,527,011
6,585 | 7.000%, 7/01/48, 144A | 7/28 at 100.00 | N/R | 5,260,032
1,060 | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health | 4/25 at 100.00 | BB | 1,020,981
| Sciences, Series 2015, 5.875%, 4/01/45 |  |  |
| 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 | 812,820
4,000 | 5.000%, 6/01/52 (WI/DD, Settling 3/03/23) | 6/28 at 103.00 | N/R | 2,782,080
| 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 | 849,360
2,485 | 4.250%, 7/01/54, (AMT) | 7/31 at 100.00 | N/R | 1,622,630
1,000 | Public Finance Authority of Wisconsin, Revenue Bonds, Wonderful Foundations Charter | 1/31 at 100.00 | N/R | 704,710
| 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 | 1,719,150
| 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 | 615,000
2,000 | 6.250%, 1/01/38, 144A | 1/28 at 100.00 | N/R | 1,230,000
3,500 | 6.375%, 1/01/48, 144A | 1/28 at 100.00 | N/R | 2,152,500
91 | Public Finance Authority, Wisconsin, Revenue Bonds, Minnesota College of Osteopathic | 12/28 at 100.00 | N/R | 28,301
| Medicine, Senior Series 2019A-1, 0.000%, 12/01/48, 144A (4) |  |  |

137

NMZ | Nuveen Municipal High Income Opportunity Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Wisconsin (continued) |  |  |
$ 815 | Public Finance Authority, Wisconsin, Revenue Bonds, Ocean Academy Charter School, Series | 10/31 at 100.00 | N/R | $ 631,128
| 2021, 5.000%, 10/15/56, 144A |  |  |
1,000 | Saint Croix Chippewa Indians of Wisconsin, Revenue Bonds, Refunding Senior Series 2021, | 9/28 at 100.00 | N/R | 736,480
| 5.000%, 9/30/41, 144A |  |  |
| Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, |  |  |
| Ascension Health Alliance Senior Credit Group, Series 2016A: |  |  |
3,600 | 4.000%, 11/15/46, (UB) | 5/26 at 100.00 | AA+ | 2,925,108
1,400 | 4.000%, 11/15/46, (Pre-refunded 5/15/26), (UB) | 5/26 at 100.00 | N/R (7) | 1,416,506
6,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Medical | 11/26 at 100.00 | Aa3 | 4,976,040
| College of Wisconsin, Inc., Series 2016, 4.000%, 12/01/46, (UB) (8) |  |  |
116,644 | Total Wisconsin |  |  | 91,423,258
$ 2,793,701 | Total Municipal Bonds (cost $2,123,135,963) |  |  | 1,798,420,602

Shares | Description (1) | Value
| COMMON STOCKS – 5.8% (3.4% of Total Investments) |
| Airlines – 0.3% (0.2% of Total Investments) |
227,514 | American Airlines Group Inc (10),(11) | $ 3,226,149
| Independent Power And Renewable Electricity Producers – 5.5% (3.2% of Total Investments) |
750,823 | Energy Harbor Corp (11),(12), | 60,403,711
| Total Common Stocks (cost $27,440,408) | 63,629,860

Principal |  |  |  |  |
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value
| CORPORATE BONDS – 0.0% (0.0% of Total Investments) |  |  |  |
| Machinery – 0.0% (0.0% of Total Investments) |  |  |  |
$ 260 | Columbia Pulp I LLC | 16.000% | 2/28/23 | N/R | $ 259,707
| Real Estate Management & Development – 0.0% (0.0% of Total Investments) |  |  |  |
300 | Zilkha Biomass Selma LLC (4),(6) | 5.000% | 8/01/28 | N/R | 128,070
3,170 | Zilkha Biomass Selma LLC (4),(6) | 10.000% | 8/01/38 | N/R | 32
3,470 | Total Real Estate Management & Development |  |  |  | 128,102
$ 3,730 | Total Corporate Bonds (cost $3,729,707) |  |  |  | 387,809

Principal |  |  | Reference |  |  |  |
Amount (000) | Description (1) | Coupon (13) | Rate (13) | Spread (13) | Maturity (14) | Ratings (3) | Value
| VARIABLE RATE SENIOR LOAN INTERESTS – 0.0% (0.0% of Total Investments) (13) |  |  |  |
| Hotels, Restaurants & Leisure – 0.0% (0.0% of Total Investments) |  |  |  |  |
$ 58 | Lombard Starwood Westin Hotel Conference Center and Hotel |  |  |  |  |
| Project Revenue Bonds(cash 7.500%, PIK 7.500%)(15) | 7.500% | N/A | N/A | 12/31/23 | N/R | $ 57,734
$ 58 | Total Variable Rate Senior Loan Interests (cost $57,734) |  |  |  |  | 57,734
| Total Long-Term Investments (cost $2,154,363,812) |  |  |  |  | 1,862,496,005
| Floating Rate Obligations – (40.5)% |  |  |  |  | (442,605,000)
| Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (32.6)%(16) |  |  | (356,453,246)
| Other Assets Less Liabilities – 2.7% |  |  |  |  | 29,546,576
| Net Assets Applicable to Common Shares – 100% |  |  |  |  | $ 1,092,984,335

138

(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) |  | For fair value measurement disclosure purposes, investment classified as Level 3.

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

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

(10) |  | 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 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.

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

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

(13) |  | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period.

(14) |  | Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown.

(15) |  | Senior loan received as part of the bondholder funding agreement during March 2022 for Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1, 0.000%, 7/01/56, 144A.

(16) |  | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 19.1%

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.

N/A |  | Not Applicable.

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.

139

NMCO | Nuveen Municipal Credit Opportunities Fund
| Portfolio of Investments
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| LONG-TERM INVESTMENTS – 176.8% (100.0% of Total Investments) |  |  |
| MUNICIPAL BONDS – 164.7% (93.2% of Total Investments) |  |  |
| Alabama – 6.6% (3.7% of Total Investments) |  |  |
$ 395 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | No Opt. Call | B– | $ 429,084
| United States Steel Corporation Project, Green Series 2020, 6.375%, 11/01/50, (AMT), |  |  |
| (Mandatory Put 11/01/30) |  |  |
38,450 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | 10/29 at 100.00 | B | 38,854,655
| 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: |  |  |
428 | 4.500%, 5/01/32, 144A | 5/29 at 100.00 | N/R | 363,056
500 | 5.250%, 5/01/44, 144A | 5/29 at 100.00 | N/R | 407,765
39,773 | Total Alabama |  |  | 40,054,560
| Arizona – 4.1% (2.3% of Total Investments) |  |  |
4,000 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/24 at 101.00 | N/R | 3,382,000
| 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 | 1,611,709
1,500 | 5.000%, 7/01/54, 144A | 7/29 at 100.00 | BB | 1,277,115
340 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest | 7/28 at 100.00 | BB+ | 268,263
| 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 | 773,600
| 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 | BB+ | 1,852,520
5,355 | 5.000%, 7/01/49, 144A | 7/29 at 100.00 | BB+ | 4,685,036
1,525 | 5.000%, 7/01/54, 144A | 7/29 at 100.00 | BB+ | 1,315,556
315 | Maricopa County Industrial Development Authority, Arizona, Educational Facilities | 10/27 at 103.00 | N/R | 296,355
| 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 | 582,966
| 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 | 213,811
| 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+ | 2,499,255
| Foundation, Inc. Project, Series 2014, 5.375%, 2/01/41 |  |  |
500 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 6/25 at 100.00 | N/R | 413,220
| 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 | 947,490
| 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 | 41,318
| 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 | 291,639
| Synergy Public Charter School Project, Series 2020, 5.250%, 6/15/50, 144A |  |  |
1,000 | Sierra Vista Industrial Development Authority, Arizona, Economic Development Revenue | 10/29 at 103.00 | N/R | 579,850
| Bonds, Convertible Capital Appreciation Revenue Bonds, Series 2021A, 0.000%, 10/01/56 (4) |  |  |

140

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 | $ 1,946,927
2,350 | 6.125%, 10/01/52, 144A | 10/27 at 100.00 | N/R | 1,956,962
28,960 | Total Arizona |  |  | 24,935,592
| Arkansas – 1.1% (0.6% of Total Investments) |  |  |
3,835 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue | 9/25 at 105.00 | BB– | 3,469,793
| Bonds, United States Steel Corporation, Green Series 2022, 5.450%, 9/01/52, (AMT), 144A |  |  |
4,050 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/26 at 103.00 | Ba3 | 3,176,982
| Steel Project, Series 2019, 4.500%, 9/01/49, (AMT), 144A |  |  |
7,885 | Total Arkansas |  |  | 6,646,775
| California – 8.5% (4.8% of Total Investments) |  |  |
3,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, K | 8/32 at 100.00 | N/R | 1,952,220
| Street Flats, Series 2021A-2, 4.000%, 8/01/50, 144A |  |  |
4,500 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 2/30 at 100.00 | N/R | 3,732,165
| 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 | 249,158
| Los Angeles County Securitization Corporation, Series 2020B-2, 0.000%, 6/01/55 |  |  |
1,530 | California Enterprise Development Authority, Charter School Revenue Bonds, Norton | 7/27 at 102.00 | N/R | 1,310,445
| 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 | 3,899,320
| 6.000%, 10/01/50, 144A |  |  |
2,000 | California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, | No Opt. Call | B+ | 1,857,420
| 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 | 1,054,498
| 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 | 253,155
| 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 | 3,084,988
4,380 | 5.000%, 6/01/52, 144A | 6/26 at 100.00 | N/R | 3,128,722
1,260 | California School Finance Authority, California, Charter School Revenue Bonds, Encore | 12/22 at 100.00 | N/R | 1,258,979
| Education, Series 2022, 8.000%, 7/01/30, 144A |  |  |
| 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 | 1,226,051
700 | 5.000%, 6/01/59, 144A | 6/27 at 100.00 | N/R | 591,304
1,000 | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep | 6/28 at 100.00 | N/R | 692,120
| 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 | 2,009,080
| 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 | 1,356,287
10,090 | 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB | 9,176,552
1,095 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/28 at 100.00 | BB | 1,024,548
| Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A |  |  |

141

NMCO | Nuveen Municipal Credit Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

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: |  |  |
$ 104 | 5.750%, 7/01/24 (5),(6) | 1/22 at 100.00 | N/R | $ 104,007
1 | 5.750%, 7/01/30 (5),(6) | 1/22 at 100.00 | N/R | 1,317
50 | 5.750%, 7/01/35 (5),(6) | 1/22 at 100.00 | N/R | 49,864
82 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 1/22 at 100.00 | N/R | 81,626
| Charity Health System, Series 2005G, 5.500%, 7/01/24 (5),(6) |  |  |
37 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 1/22 at 100.00 | N/R | 37,193
| Charity Health System, Series 2005H, 5.750%, 7/01/25 (5),(6) |  |  |
25,000 | California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled | 11/22 at 23.48 | N/R | 5,394,500
| Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46 |  |  |
2,500 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 4/32 at 100.00 | N/R | 1,522,750
| Vineyard Gardens Apartments, Senior Lien Series 2021A, 3.250%, 10/01/58, 144A |  |  |
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood | 6/32 at 100.00 | N/R | 1,335,280
| Creek Apartments, Mezzanine Lien Series 2021A-2, 4.000%, 12/01/58 |  |  |
55,565 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 12/31 at 27.75 | N/R | 4,654,124
| Asset-Backed Bonds, Capital Appreciation Series 2021B-2, 0.000%, 6/01/66 |  |  |
615 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/31 at 100.00 | Aa3 | 611,937
| Airport, Refunding Subordinate Lien Series 2021A. Private Activity, 5.000%, 5/15/39, (AMT) |  |  |
131,744 | Total California |  |  | 51,649,610
| Colorado – 12.4% (7.0% of Total Investments) |  |  |
3,000 | Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue | 12/28 at 103.00 | N/R | 2,519,460
| Bonds, Refunding & Improvement Series 2021A, 5.750%, 12/01/51 |  |  |
2,000 | Bradley Heights Metropolitan District 2, Colorado Springs, El Paso County, Colorado, | 9/26 at 103.00 | N/R | 1,403,640
| General Obligation Limited Tax Bonds, Series 2021A-3, 4.750%, 12/01/51 |  |  |
1,000 | Broadway Station Metropolitan District 3, Denver City and County, Colorado, General | 6/24 at 103.00 | N/R | 759,540
| 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 | 600,940
| Obligation Limited Tax Bonds, Subordinate Convertible to Senior Capital Appreciation Series |  |  |
| 2019B, 0.000%, 12/01/49 (4) |  |  |
500 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds | 10/27 at 100.00 | N/R | 418,970
| World Compass Academy Project, Series 2017, 5.375%, 10/01/37 |  |  |
3,145 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 3/32 at 100.00 | Ba2 | 2,769,896
| Belle Creek Charter School, Series 2022A, 5.250%, 3/15/52, 144A |  |  |
| 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 | 491,542
500 | 5.000%, 7/01/36, 144A | 7/26 at 100.00 | BB | 452,910
10,170 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain | 10/27 at 100.00 | Ba1 | 8,432,862
| 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+ | 8,003,759
| Series 2019A-2, 3.250%, 8/01/49 |  |  |
2,100 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 11/32 at 100.00 | N/R | 2,079,903
| Series 2022A, 5.250%, 11/01/52, (UB) (7) |  |  |
1,000 | Copper Ridge Metropolitan District, Colorado Springs, Colorado, Tax Increment and Sales | 12/24 at 103.00 | N/R | 872,150
| Tax Supported Revenue Bonds, Series 2019, 5.000%, 12/01/39 |  |  |
2,000 | Crossroads Metropolitan District 1, El Paso County, Colorado, Limited Tax General | 12/29 at 103.00 | N/R | 1,776,260
| Obligation and Special Revenue Bonds, Series 2022, 6.500%, 12/01/51 |  |  |
14,000 | Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation | 3/25 at 93.28 | N/R | 9,409,400
| Bonds, Convertible Capital Appreciation Series 2020A-2, 0.000%, 12/01/49 (4) |  |  |
5,500 | Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation | 3/25 at 103.00 | N/R | 4,477,330
| Bonds, Series 2020A-1, 5.000%, 12/01/49 |  |  |

142

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 1,075 | Indy Oak Tod Metropolitan District, Lakewood, Jefferson County, Colorado, Limited Tax | 6/25 at 103.00 | N/R | $ 936,497
| 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 | 409,040
| General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/49 |  |  |
500 | Johnstown North Metropolitan District 2, Johnstown, Colorado, General Obligation Bonds, | 12/27 at 103.00 | N/R | 483,270
| Refunding & Improvement Series 2022A, 7.000%, 8/15/52 (WI/DD, Settling 11/02/22) |  |  |
1,000 | Lanterns Metropolitan District 2, Castle Rock, Douglas County, Colorado, Limited Tax | 9/26 at 103.00 | N/R | 694,870
| General Obligation Bonds, Series 2021A-3, 4.500%, 12/01/50 |  |  |
500 | Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, | 12/25 at 100.00 | N/R | 476,055
| 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 | 808,170
| 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 | 436,236
| 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 | 4,490,950
5,000 | 5.000%, 12/01/49 | 12/24 at 103.00 | N/R | 4,171,600
1,000 | Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation | 12/24 at 103.00 | N/R | 853,480
| 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 | 590,740
| Tax Bonds, Series 2019A, 5.000%, 12/01/49 |  |  |
4,445 | Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series | 6/29 at 103.00 | N/R | 3,997,700
| 2022, 6.500%, 12/01/34 |  |  |
5,000 | Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General | 12/29 at 103.00 | N/R | 4,608,050
| Obligation Limited Tax Bonds, Series 2022A, 6.750%, 12/01/52 |  |  |
1,200 | Sky Ranch Community Authority Board, Arapahoe County, Colorado, Limited Tax Supported | 12/24 at 102.00 | N/R | 1,097,064
| 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 | 913,598
| 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 | 425,185
| 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 | 12/25 at 103.00 | N/R | 588,719
| Obligation Bonds, Convertible to Unlimited Tax Refunding & Improvement Series 2019A, |  |  |
| 5.250%, 12/01/51 |  |  |
| Thompson Crossing Metropolitan District 4, Johnstown, Larimer County, Colorado, General |  |  |
| Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding & Improvement Series 2019: |  |  |
1,400 | 5.000%, 12/01/39 | 9/24 at 103.00 | N/R | 1,259,972
2,125 | 5.000%, 12/01/49 | 9/24 at 103.00 | N/R | 1,783,300
1,000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | 737,450
| General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/51 |  |  |
1,000 | Ward TOD Metropolitan District 1, Wheat Ridge, Jefferson County, Colorado, Limited Tax | 12/24 at 103.00 | N/R | 835,450
| General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49 |  |  |
1,000 | Willow Bend Metropolitan District, City of Thornton, Adams County, Colorado, Limited Tax | 9/24 at 103.00 | N/R | 828,540
| General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49 |  |  |
95,030 | Total Colorado |  |  | 75,894,498
| District of Columbia – 3.0% (1.7% of Total Investments) |  |  |
87,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | 12/22 at 23.49 | N/R | 16,857,990
| 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 | 1,379,540
| 5.250%, 5/15/55, 144A |  |  |
89,000 | Total District of Columbia |  |  | 18,237,530

143

NMCO | Nuveen Municipal Credit Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida – 23.6% (13.4% 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 | $ 1,520,300
1,000 | 4.000%, 5/01/51 | 5/30 at 100.00 | N/R | 754,600
| 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 | 3,895,768
2,500 | 6.000%, 7/01/45, 144A | 7/25 at 100.00 | N/R | 2,199,700
| 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 | 130,654
100 | 5.000%, 12/15/50, 144A | 7/26 at 100.00 | N/R | 84,816
100 | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Imagine School at | 12/30 at 100.00 | Ba1 | 85,144
| 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 | 1,767,812
| Classical Academy, Series 2019A, 5.125%, 7/01/39, 144A |  |  |
725 | Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center, | 6/28 at 100.00 | N/R | 152,246
| Orlando Project, Series 2018, 7.500%, 6/01/48, 144A 2018 1 (5) |  |  |
1,000 | Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens Senior Living Community | 12/22 at 103.00 | N/R | 727,500
| 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 | 1,107,129
3,735 | 5.875%, 8/01/52, 144A | 8/24 at 103.00 | N/R | 2,504,467
2,085 | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria | 6/23 at 100.00 | BBB– | 2,083,290
| University, Refunding Series 2013A, 6.125%, 6/01/43 |  |  |
170 | Cypress Preserve Community Development District, Pasco County, Florida, Special | 11/29 at 100.00 | N/R | 132,299
| 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 | 977,750
1,000 | 5.750%, 11/01/49, 144A | 11/29 at 100.00 | N/R | 968,760
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Miami |  |  |
| Arts Charter School Projects, Series 2014: |  |  |
165 | 5.000%, 6/15/24, 144A | No Opt. Call | N/R | 160,357
2,500 | 5.875%, 6/15/34, 144A | 6/24 at 100.00 | N/R | 2,184,800
5,795 | 6.000%, 6/15/44, 144A | 6/24 at 100.00 | N/R | 4,728,314
| 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 | 2,164,106
500 | 5.000%, 1/01/50, 144A | 1/27 at 100.00 | N/R | 419,315
1,575 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest | 6/27 at 100.00 | N/R | 1,404,364
| Charter Foundation Inc Projects, Series 2017A, 6.000%, 6/15/37, 144A |  |  |
29,865 | Florida Development Finance Corporation, Florida, Surface Transportation Facility | 1/24 at 107.00 | N/R | 25,289,682
| 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: |  |  |
7,535 | 6.250%, 1/01/49, (AMT), (Mandatory Put 1/01/24), 144A | 12/22 at 102.00 | N/R | 7,176,711
3,200 | 6.375%, 1/01/49, (AMT), (Mandatory Put 1/01/26), 144A | 12/22 at 103.00 | N/R | 2,883,680
41,225 | 6.500%, 1/01/49, (AMT), (Mandatory Put 1/01/29), 144A | 12/22 at 103.00 | N/R | 36,323,347
10,000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail | 12/22 at 102.00 | N/R | 9,789,100
| Expansion Project, Series 2022A, 7.250%, 7/01/57, (AMT), (Mandatory Put 10/03/23), 144A |  |  |

144

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 3,000 | Florida Development Finance Corporation, Senior Living Revenue Bonds, Glenridge on | 6/28 at 103.00 | N/R | $ 2,313,900
| Palmer Ranch Project, Refunding Series 2021, 5.000%, 6/01/51 |  |  |
2,500 | Greater Orlando Aviation Authority, Florida, Special Purpose Airport Facilities Revenue | 5/23 at 100.00 | N/R | 2,505,000
| Bonds, JetBlue Airways Corporation, Series 2013, 5.000%, 11/15/26, (AMT) |  |  |
1,180 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee | 12/22 at 100.00 | BB– | 1,177,534
| 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 | 804,520
1,100 | 5.625%, 12/01/37, 144A | 12/22 at 105.00 | N/R | 834,647
1,300 | 5.750%, 12/01/52, 144A | 12/22 at 105.00 | N/R | 880,139
690 | LT Ranch Community Development District, Sarasota County, Florida, Capital Improvement | 5/30 at 100.00 | N/R | 575,419
| Revenue Bonds, Series 2019, 4.000%, 5/01/40 |  |  |
2,425 | Mandarin Grove Community Development District, Manatee County, Florida, Special | 5/42 at 100.00 | N/R | 2,381,738
| Assessment Revenue Bonds, 2022 Project Series 2022, 6.625%, 5/01/53, 144A (WI/DD, |  |  |
| Settling 11/03/22) |  |  |
| 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+ | 1,200,704
1,000 | 5.000%, 7/01/27 | No Opt. Call | BB+ | 940,650
1,410 | Miami World Center Community Development District, Miami-Dade County, Florida, Special | 11/27 at 100.00 | N/R | 1,354,939
| Assessment Bonds, Series 2017, 5.125%, 11/01/39 |  |  |
2,410 | Middleton Community Development District A, Florida, Special Assessment Revenue Bonds, | 11/30 at 100.00 | N/R | 2,358,330
| Series 2022, 6.200%, 5/01/53, 144A |  |  |
4,935 | North Springs Improvement District, Browaard County, Florida, Special Assessment Bonds, | 5/28 at 100.00 | N/R | 4,719,341
| 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+ | 67,575
| 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 | 79,202
| 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 | 97,773
| Refunding Improvement Series 2020-1, 3.500%, 5/01/37 |  |  |
| Seminole County Industrial Development Authority, Florida, Retirement Facility Revenue |  |  |
| Bonds, Legacy Pointe At UCF Project, Series 2019A: |  |  |
3,970 | 5.500%, 11/15/49 | 11/26 at 103.00 | N/R | 3,170,958
2,440 | 5.750%, 11/15/54 | 11/26 at 103.00 | N/R | 1,986,624
2,395 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, | 5/29 at 100.00 | N/R | 2,075,986
| Series 2019A-1, 4.750%, 5/01/50 |  |  |
70 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, | No Opt. Call | N/R | 67,810
| Series 2019A-2, 4.750%, 5/01/29 |  |  |
1,680 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, | 11/31 at 100.00 | N/R | 1,660,327
| 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 | 483,620
| 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 | 781,758
| Refunding Series 2019, 4.125%, 5/01/38, 144A |  |  |
165,050 | Total Florida |  |  | 144,134,505
| Georgia – 2.5% (1.4% 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 (5) | 1/28 at 100.00 | N/R | 662,500
7,030 | 6.750%, 1/01/35 (5) | 1/28 at 100.00 | N/R | 3,725,900
18,430 | 7.000%, 1/01/40 (5) | 1/28 at 100.00 | N/R | 9,767,900

145

NMCO | Nuveen Municipal Credit Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Georgia (continued) |  |  |
$ 441 | Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, | No Opt. Call | Baa2 | $ 450,115
| 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 | 707,982
| Series 2019, 5.125%, 10/01/39 |  |  |
28,001 | Total Georgia |  |  | 15,314,397
| Guam – 0.3% (0.2% of Total Investments) |  |  |
2,105 | Guam Government, General Obligation Bonds, Series 2019, 5.000%, 11/15/31, (AMT) | 5/29 at 100.00 | Ba1 | 2,049,217
| Hawaii – 0.1% (0.1% of Total Investments) |  |  |
1,150 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade | 1/25 at 100.00 | BB+ | 940,666
| University of Honolulu, Series 2015A, 5.000%, 1/01/45, 144A |  |  |
| Illinois – 15.1% (8.6% of Total Investments) |  |  |
2,800 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, | 1/26 at 100.00 | BBB+ | 2,651,516
| 1/01/38, (UB) |  |  |
5,000 | Chicago, Illinois, General Obligation Bonds, Series 2019A, 5.500%, 1/01/49, (UB) | 1/29 at 100.00 | BBB+ | 4,845,200
3,965 | Chicago, Illinois, General Obligation Bonds, VAribale Rate Demand Series 2007F, 5.500%, | 1/25 at 100.00 | BBB+ | 3,868,532
| 1/01/42, (UB) |  |  |
325 | Evergreen Park, Cook County, Illinois, Sales Tax Revenue Bonds, Evergreen Plaza | 12/29 at 100.00 | N/R | 260,611
| 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 | 7,135,177
| 2017, 5.250%, 5/15/54 |  |  |
5,000 | Illinois Finance Authority, Student Housing Revenue Bonds, CHF-Collegiate Housing | 7/25 at 100.00 | B– | 3,608,300
| Foundation – Cook LLC Northeastern Illinois University Project, Series 2015A, 5.000%, 7/01/47 |  |  |
9,945 | Illinois State, General Obligation Bonds, June Series 2022A, 5.500%, 3/01/47, (UB) (7) | 3/32 at 100.00 | BBB+ | 9,628,550
4,840 | Illinois State, General Obligation Bonds, May Series 2018A, 5.000%, 5/01/32 | 5/28 at 100.00 | BBB | 4,807,136
890 | Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 | 5/30 at 100.00 | BBB | 894,717
14,600 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/28 | 11/27 at 100.00 | BBB | 14,625,404
| Illinois State, General Obligation Bonds, November Series 2019C: |  |  |
15,000 | 4.000%, 11/01/43 | 11/29 at 100.00 | BBB | 11,708,700
4,000 | 4.000%, 11/01/44 | 11/29 at 100.00 | BBB | 3,092,280
7,935 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/29 at 100.00 | BBB+ | 7,273,380
| Bonds, Refunding Series 2020A, 5.000%, 6/15/50 |  |  |
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project |  |  |
| Bonds, Series 2012B: |  |  |
3,135 | 0.000%, 12/15/50 | No Opt. Call | BBB+ | 568,344
2,500 | 0.000%, 12/15/51 | No Opt. Call | BBB+ | 425,475
| 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 | 3,359,840
22,500 | 0.000%, 12/15/56 – AGM Insured | No Opt. Call | AA | 3,436,200
4,565 | 5.000%, 6/15/57 | 12/27 at 100.00 | BBB+ | 4,135,023
10,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | No Opt. Call | AA | 1,527,200
| 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 | 428,735
| Project, Senior Lien Series 2019, 5.000%, 1/01/39 |  |  |
| Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021: |  |  |
425 | 4.000%, 10/01/39 – BAM Insured | 4/31 at 100.00 | AA | 368,003
800 | 4.000%, 10/01/40 – BAM Insured | 4/31 at 100.00 | AA | 686,168
700 | 4.000%, 10/01/41 – BAM Insured | 4/31 at 100.00 | AA | 595,973

146

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Illinois (continued) |  |  |
| 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– | $ 132,582
120 | 4.000%, 1/01/39 | 1/30 at 100.00 | AA– | 105,041
1,000 | Yorkville United City Business District, Illinois, Storm Water and Water Improvement | 11/22 at 100.00 | N/R | 430,000
| Project Revenue Bonds, Series 2007, 4.800%, 1/01/26 (5) |  |  |
897 | Yorkville United City, Kendall County, Illinois, Sales Tax Revenue Bonds, Kendall | 11/22 at 100.00 | N/R | 896,615
| Marketplace Project, Series 2007, 6.000%, 1/01/26 |  |  |
850 | Yorkville, Illinois, Special Tax Bonds, Special Service Area 2006-113 Cannoball & | 12/22 at 100.00 | N/R | 831,079
| Beecher, Series 2007, 5.750%, 3/01/28 |  |  |
155,292 | Total Illinois |  |  | 92,325,781
| Indiana – 1.0% (0.6% of Total Investments) |  |  |
140 | Anderson, Indiana, Multifamily Housing Revenue Bonds, Sweet Galilee at the Wigwam | 1/27 at 102.00 | N/R | 109,715
| Project, Series 2020A, 5.375%, 1/01/40, 144A |  |  |
3,105 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Earlham College, | 10/23 at 100.00 | N/R | 3,112,266
| Refunding Series 2013, 5.000%, 10/01/32 |  |  |
500 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | 11/30 at 100.00 | B– | 550,180
| 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 | 2,378,824
| 2013, 7.000%, 1/01/44, (AMT) |  |  |
6,070 | Total Indiana |  |  | 6,150,985
| Iowa – 1.2% (0.7% of Total Investments) |  |  |
8,540 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. | 12/22 at 100.00 | BBB– | 7,429,629
| Project, Series 2012, 4.750%, 8/01/42 |  |  |
| Kansas – 1.1% (0.6% of Total Investments) |  |  |
1,365 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation | 9/25 at 100.00 | N/R | 1,197,324
| Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32 |  |  |
6,475 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation | 3/29 at 103.00 | N/R | 5,712,439
| Bonds, Village East Project Areas 2B 3 and 5, Series 2022, 5.750%, 3/01/41, 144A |  |  |
7,840 | Total Kansas |  |  | 6,909,763
| Louisiana – 1.8% (1.0% of Total Investments) |  |  |
6,825 | Louisiana Local Government Environmental Facilities and Community Development Authority, | 11/29 at 100.00 | N/R | 4,924,920
| 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 | 190,544
| Project, Series 2019A, 5.000%, 6/01/58, 144A |  |  |
| Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Tulane University, |  |  |
| Refunding Series 2020A: |  |  |
1,765 | 4.000%, 4/01/50 | 4/30 at 100.00 | A+ | 1,436,569
235 | 4.000%, 4/01/50, (Pre-refunded 4/01/30) | 4/30 at 100.00 | N/R (8) | 241,321
200 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | No Opt. Call | BB– | 209,998
| 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– | 1,300,060
| 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– | 842,144
| 2010A, 6.350%, 10/01/40, 144A |  |  |
695 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | No Opt. Call | BB– | 729,743
| 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– | 1,106,754
| 2011, 5.850%, 8/01/41, (Mandatory Put 6/01/25), 144A |  |  |
13,100 | Total Louisiana |  |  | 10,982,053

147

NMCO | Nuveen Municipal Credit Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Maryland – 0.5% (0.3% of Total Investments) |  |  |
| Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: |  |  |
$ 1,480 | 5.000%, 9/01/24 | No Opt. Call | CCC | $ 1,458,111
1,000 | 5.000%, 9/01/39 | 9/27 at 100.00 | CCC | 859,270
680 | 5.000%, 9/01/46 | 9/27 at 100.00 | CCC | 564,971
3,160 | Total Maryland |  |  | 2,882,352
| Massachusetts – 0.7% (0.4% of Total Investments) |  |  |
1,620 | Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, | 6/26 at 100.00 | N/R | 1,365,514
| 5.000%, 6/15/54 |  |  |
3,900 | Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, | 7/27 at 100.00 | B– | 3,073,356
| Series 2017, 5.000%, 7/01/42 |  |  |
5,520 | Total Massachusetts |  |  | 4,438,870
| 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 | 34,109
| 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 | 2,933,324
| Bonds, Capital Appreciation Turbo Term Series 2008C, 0.000%, 6/01/58 |  |  |
74,170 | Total Michigan |  |  | 2,967,433
| Minnesota – 1.0% (0.5% of Total Investments) |  |  |
500 | Bethel, Minnesota Charter School Lease Revenue Bonds, Partnership Academy Project, | 7/26 at 102.00 | N/R | 385,150
| 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 | 1,052,064
| 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 | 1,918,596
| 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 | 104,603
| Arts Project, Series 2019A, 5.250%, 12/01/52, 144A |  |  |
30 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep | 7/30 at 100.00 | N/R | 25,367
| Project, Series 2020A, 5.000%, 7/01/40 |  |  |
2,040 | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Athlos Academy, Series | 6/30 at 102.00 | N/R | 1,710,356
| 2022A, 5.875%, 6/01/57, 144A |  |  |
1,000 | Scanlon, Minnesota, Health Care Facilities Revenue Bonds, Duluth Health Services | 3/25 at 101.00 | N/R | 658,160
| Project, Refunding Series 2020, 3.950%, 3/01/50 |  |  |
7,440 | Total Minnesota |  |  | 5,854,296
| Missouri – 0.2% (0.1% of Total Investments) |  |  |
315 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series | 8/26 at 100.00 | BBB– | 252,435
| 2016, 4.000%, 8/01/38 |  |  |
1,500 | Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue | 2/28 at 100.00 | N/R | 996,465
| Bonds, Convention Center Hotel Project – TIF Financing, Series 2018B, 5.000%, 2/01/50, 144A |  |  |
1,815 | Total Missouri |  |  | 1,248,900
| Nevada – 2.8% (1.6% of Total Investments) |  |  |
9,385 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 8/28 at 100.00 | N/R | 8,101,132
| Revenue 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 | 1,674,800
| 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: |  |  |
1,964 | 5.875%, 12/15/27, (AMT), 144A 2021 2021 | No Opt. Call | N/R | 1,993,146
340 | 6.250%, 12/15/37, (AMT), 144A | 12/27 at 100.00 | N/R | 293,373

148

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Nevada (continued) |  |  |
$ 2,750 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 8/29 at 100.00 | N/R | $ 2,091,760
| Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, 5.750%, 2/15/38, (AMT), 144A |  |  |
28,000 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, | 7/38 at 31.26 | N/R | 2,880,080
| ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018C, 0.000%, 7/01/58, 144A |  |  |
44,439 | Total Nevada |  |  | 17,034,291
| 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 | B1 | 403,993
| Project, Refunding Series 2018C, 4.875%, 11/01/42, (AMT), 144A |  |  |
| New Jersey – 4.3% (2.4% of Total Investments) |  |  |
4,000 | New Jersey Economic Development Authority Revenue Bonds, Black Horse EHT Urban Renewal | 10/27 at 102.00 | N/R | 3,072,400
| 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 | 1,346,325
| 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 | 4,083,693
| LLC Project, Series 2020, 5.000%, 1/01/40, 144A |  |  |
7,500 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | 12/22 at 100.00 | Ba3 | 7,503,825
| Airlines Inc., Refunding Series 2012, 5.750%, 9/15/27, (AMT) |  |  |
2,500 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | 12/22 at 101.00 | Ba3 | 2,460,500
| 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 | Baa1 | 5,900,850
| 2009A, 0.000%, 12/15/39 |  |  |
| 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 | 1,224,254
500 | 5.000%, 1/01/42, (AMT) | 1/28 at 100.00 | Baa1 | 461,085
37,735 | Total New Jersey |  |  | 26,052,932
| New Mexico – 1.1% (0.6% of Total Investments) |  |  |
9,500 | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian | 8/29 at 100.00 | AA | 6,312,750
| 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 | 707,042
| Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A |  |  |
10,325 | Total New Mexico |  |  | 7,019,792
| New York – 11.7% (6.6% of Total Investments) |  |  |
950 | Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College | 11/24 at 100.00 | BB | 895,090
| of New York, Series 2014, 5.250%, 11/01/34 |  |  |
2,910 | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | 12/30 at 100.00 | N/R | 2,083,705
| 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 | 1,152,543
| 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– | 354,708
| Series 2018A, 4.000%, 8/01/38 |  |  |
36,150 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | 12/22 at 5.99 | N/R | 1,611,567
| 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 | 594,107
| 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 | A3 | 1,478,657
| 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 | A3 | 4,962,650
| 2014A-1, 5.250%, 11/15/39 |  |  |

149

NMCO | Nuveen Municipal Credit Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
$ 380 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Academy of | 7/32 at 100.00 | N/R | $ 345,439
| Health Sciences Charter School Project, Social Impact Series 2022, 5.875%, 7/01/52, 144A |  |  |
14,750 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 12,959,350
| 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 | 3,089,587
6,960 | 5.375%, 11/15/40, 144A | 11/24 at 100.00 | N/R | 6,639,144
1,740 | New York Transportation Development Corporation, New York, Special Facilities Bonds, | 7/24 at 100.00 | BBB | 1,635,530
| LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.250%, 1/01/50, (AMT) |  |  |
| New York Transportation Development Corporation, New York, Special Facility Revenue |  |  |
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding |  |  |
| Series 2016: |  |  |
6,690 | 5.000%, 8/01/26, (AMT) | 11/22 at 100.00 | B | 6,664,645
3,000 | 5.000%, 8/01/31, (AMT) | 11/22 at 100.00 | B | 2,947,680
875 | New York Transportation Development Corporation, New York, Special Facility Revenue | 8/30 at 100.00 | B | 852,128
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, |  |  |
| 5.375%, 8/01/36, (AMT) |  |  |
10,000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | 6/31 at 27.72 | N/R | 834,700
| Asset-Backed Bonds, Series 2021B-2, 0.000%, 6/01/66 |  |  |
| 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 | Caa1 | 2,251,440
3,000 | 5.000%, 1/01/33, (AMT) | 1/26 at 100.00 | Caa1 | 2,227,620
2,500 | 5.000%, 1/01/35, (AMT) | 1/26 at 100.00 | Caa1 | 1,782,975
2,775 | 5.000%, 1/01/36, (AMT) | 1/26 at 100.00 | Caa1 | 1,937,061
16,200 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 13,853,754
124,325 | Total New York |  |  | 71,154,080
| North Dakota – 0.2% (0.1% of Total Investments) |  |  |
1,500 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series | 6/28 at 100.00 | BBB– | 1,201,020
| 2017C, 5.000%, 6/01/48 |  |  |
| Ohio – 11.1% (6.3% of Total Investments) |  |  |
69,235 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | 6,920,038
| 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: |  |  |
195 | 3.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 126,892
3,000 | 4.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 2,378,820
14,405 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 12,141,398
| Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 |  |  |
410 | Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center | 12/22 at 100.00 | N/R (8) | 410,533
| Project, Liberty Community Authority, Series 2014C, 5.000%, 12/01/24, (Pre-refunded 12/01/22) |  |  |
7,610 | Cleveland, Ohio, Airport Special Revenue Bonds, Continental Airlines Inc. Project, | 12/22 at 100.00 | Ba3 | 7,596,302
| 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 | 1,633,858
140 | 4.000%, 12/01/46 | 6/29 at 100.00 | N/R | 101,795
5,000 | Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, | 12/29 at 100.00 | BBB– | 4,502,450
| Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51 |  |  |
930 | Hilliard Hickory Chase Community Authority, Ohio, Infrastructure Improvement Revenue | 12/29 at 100.00 | N/R | 792,872
| Bonds, Hickory Chase Project, Senior Series 2019A, 5.000%, 12/01/40, 144A |  |  |

150

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Ohio (continued) |  |  |
$ 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%, 8/01/23 |  |  |
15,950 | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG | 7/29 at 100.00 | B– | 13,467,542
| 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) |  |  |
16,350 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 15,115,412
| FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.750%, 6/01/33, (Mandatory |  |  |
| Put 6/01/22) |  |  |
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) |  |  |
1,000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment | 11/30 at 100.00 | N/R | 728,490
| 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 | 803,120
| 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 | 966,520
| 2020B, 10.000%, 12/01/27, (AMT), 144A |  |  |
156,620 | Total Ohio |  |  | 67,708,824
| Oklahoma – 1.1% (0.6% of Total Investments) |  |  |
2,475 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., | 6/23 at 100.00 | N/R | 2,461,239
| 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 | 861,496
| 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– | 3,463,220
| Refunding Series 2015, 5.000%, 6/01/35, (AMT), (Mandatory Put 6/01/25) |  |  |
6,810 | Total Oklahoma |  |  | 6,785,955
| Oregon – 0.1% (0.1% of Total Investments) |  |  |
100 | Oregon Facilities Authority, Revenue Bonds, Metro East Web Academy Project, Series | 6/27 at 102.00 | N/R | 79,843
| 2019A, 5.000%, 6/15/49, 144A |  |  |
1,000 | Yamhill County Hospital Authority, Oregon, Revenue Bonds, Friendsview Retirement | 11/28 at 103.00 | N/R | 750,930
| Community, Refunding Series 2021A, 5.000%, 11/15/56 |  |  |
1,100 | Total Oregon |  |  | 830,773
| Pennsylvania – 7.5% (4.3% of Total Investments) |  |  |
1,125 | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental | 12/22 at 100.00 | B | 1,083,780
| 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 | B | 5,936,926
6,995 | 5.125%, 5/01/30 | No Opt. Call | B | 6,886,088
345 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/31 at 100.00 | N/R | 325,394
| Bonds, 615 Waterfront Project, Senior Series 2021, 6.000%, 5/01/42, 144A |  |  |

151

NMCO | Nuveen Municipal Credit Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Pennsylvania (continued) |  |  |
| 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 | $ 3,291,552
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 | 1,119,165
| Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 |  |  |
2,565 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University | 10/29 at 100.00 | BB+ | 2,095,451
| Project, Series 2020, 5.000%, 10/01/49 |  |  |
3,100 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital & | 11/22 at 100.00 | BB– | 2,168,977
| 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 | 929,980
| Simpson Senior Services Project, Series 2015A, 5.000%, 12/01/30 |  |  |
| Chester County Industrial Development Authority, Pennsylvania, Revenue Bonds, Collegium |  |  |
| Charter School Project, Series 2017A: |  |  |
1,870 | 5.125%, 10/15/37 | 4/27 at 100.00 | BB | 1,732,518
3,250 | 5.250%, 10/15/47 | 4/27 at 100.00 | BB | 2,760,387
| 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 | 1,950,696
1,240 | 5.000%, 1/01/45 | 1/25 at 104.00 | N/R | 1,075,315
3,555 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of | 10/28 at 100.00 | BB | 3,427,838
| 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 | 1,500,580
| 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 | 1,500,580
| 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 | 1,084,986
| KDC Agribusiness Fairless Hills LLC Project, Series 2021A, 10.000%, 12/01/31 |  |  |
6,950 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue | 9/25 at 100.00 | Caa1 | 5,716,375
| Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 0.000%, 12/01/38 (5) |  |  |
1,025 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the | 11/25 at 100.00 | Baa1 | 1,049,979
| Sciences in Philadelphia, Series 2015A, 5.000%, 11/01/27 |  |  |
545 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana | 12/27 at 100.00 | N/R | 443,281
| Bracetti Academy Project, Series 2020A, 5.375%, 6/15/50, 144A |  |  |
59,640 | Total Pennsylvania |  |  | 46,090,323
| Puerto Rico – 16.9% (9.6% of Total Investments) |  |  |
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A: |  |  |
2,070 | 3.957%, 7/01/29 (5) | 12/22 at 100.00 | D | 1,557,675
3,170 | 3.957%, 7/01/42 (5) | 12/22 at 100.00 | D | 2,385,425
1,000 | 3.961%, 7/01/42 (5) | 12/22 at 100.00 | D | 750,000
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT: |  |  |
130 | 3.957%, 7/01/21 (5) | No Opt. Call | N/R | 97,175
3,750 | 3.957%, 7/01/26 (5) | 12/22 at 100.00 | D | 2,821,875
310 | 3.957%, 7/01/32 (5) | 12/22 at 100.00 | D | 233,275
1,860 | 3.957%, 7/01/37 (5) | 12/22 at 100.00 | D | 1,399,650
1,750 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, | No Opt. Call | Baa2 | 1,718,290
| 7/01/32 – NPFG Insured |  |  |

152

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Puerto Rico (continued) |  |  |
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA: |  |  |
$ 1,124 | 3.978%, 7/01/28 (5) | 12/22 at 100.00 | Ca | $ 845,810
468 | 3.978%, 7/01/29 (5) | 12/22 at 100.00 | D | 352,170
346 | 3.978%, 7/01/31 (5) | 12/22 at 100.00 | Ca | 260,365
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC: |  |  |
2,995 | 3.957%, 7/01/28 (5) | 12/22 at 100.00 | Ca | 2,253,737
500 | 3.978%, 7/01/28 (5) | 12/22 at 100.00 | Ca | 376,250
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX: |  |  |
100 | 3.978%, 7/01/27 (5) | 12/22 at 100.00 | D | 75,250
4,000 | 3.978%, 7/01/35 (5) | 12/22 at 100.00 | D | 3,010,000
400 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ, 3.978%, | 12/22 at 100.00 | Ca | 301,000
| 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 | Ca | 3,850,000
10,000 | 4.102%, 7/01/36 (5) | 7/23 at 100.00 | D | 7,675,000
1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2016A-4-RSA-1, 4.371%, | No Opt. Call | N/R | 790,000
| 7/01/19 (5) |  |  |
| Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW: |  |  |
373 | 3.988%, 7/01/23 (5) | 12/22 at 100.00 | Ca | 281,149
190 | 3.988%, 7/01/23 (5) | No Opt. Call | N/R | 142,737
25 | 3.978%, 7/01/33 (5) | 12/22 at 100.00 | Ca | 18,813
2,525 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, | No Opt. Call | Baa2 | 2,451,623
| 5.250%, 7/01/35 – NPFG Insured |  |  |
3,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, | No Opt. Call | AA | 2,909,880
| 5.250%, 7/01/36 – AGC Insured |  |  |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured |  |  |
| 2018A-1: |  |  |
32,702 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 7,122,506
17,550 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 2,731,359
1,750 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 1,505,032
3,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | 7/28 at 100.00 | N/R | 2,523,600
| Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40 |  |  |
| Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1: |  |  |
– (9) | 5.625%, 7/01/27 | No Opt. Call | N/R | 3
4,740 | 5.750%, 7/01/31 | No Opt. Call | N/R | 4,777,747
18,533 | 0.000%, 7/01/33 | 7/31 at 89.94 | N/R | 9,446,840
20,704 | 4.000%, 7/01/33 | 7/31 at 103.00 | N/R | 17,562,761
5,638 | 4.000%, 7/01/37 | 7/31 at 103.00 | N/R | 4,498,749
10,182 | 4.000%, 7/01/41 | 7/31 at 103.00 | N/R | 7,770,419
2,012 | 4.000%, 7/01/46 | 7/31 at 103.00 | N/R | 1,465,378
14,717 | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022, | No Opt. Call | N/R | 6,732,869
| 0.000%, 11/01/43 |  |  |
500 | University of Puerto Rico, University System Revenue Bonds, Series 2006Q, | 12/22 at 100.00 | CC | 492,265
| 5.000%, 6/01/24 |  |  |
178,114 | Total Puerto Rico |  |  | 103,186,677
| 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 | 322,186
| 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 | 309,796
| Hilton Head Christian Academy, Series 2020, 5.000%, 1/01/55, 144A |  |  |
830 | Total South Carolina |  |  | 631,982

153

NMCO | Nuveen Municipal Credit Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Tennessee – 2.2% (1.2% of Total Investments) |  |  |
$ 1,000 | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle | No Opt. Call | N/R | $ 592,570
| Project, Capital Appreciation Series 2016B, 0.000%, 12/01/31, 144A |  |  |
5,000 | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle | 12/26 at 100.00 | N/R | 4,483,500
| 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 | 940,000
| 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 | 616,640
| Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.625%, 1/01/46 |  |  |
6,590 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 7/26 at 100.00 | A3 | 6,144,911
| Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, |  |  |
| 5.000%, 7/01/46 |  |  |
1,500 | The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue | No Opt. Call | N/R | 405,000
| Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 6.500%, |  |  |
| 6/01/27, 144A (5) |  |  |
17,090 | Total Tennessee |  |  | 13,182,621
| Texas – 3.6% (2.0% 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+ | 498,270
500 | 5.000%, 1/01/32 | 1/27 at 100.00 | BB+ | 495,235
| 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 | 533,990
475 | 5.000%, 1/01/29 | 1/27 at 100.00 | B | 458,845
850 | 5.000%, 1/01/34 | 1/27 at 100.00 | B | 785,749
4,665 | Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines | 12/22 at 100.00 | Ba3 | 4,664,767
| 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 | Ba3 | 641,628
| 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 | 225,960
| 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 | 164,778
| 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 | 443,113
| Bonds, Beta Academy, Series 2019A, 5.000%, 8/15/49, 144A |  |  |
70 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility | No Opt. Call | N/R | 55,834
| Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-1, |  |  |
| 7.500%, 11/15/37 |  |  |
445 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility | No Opt. Call | N/R | 374,120
| Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-2, |  |  |
| 7.500%, 11/15/36 |  |  |
3,966 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility | 11/26 at 105.00 | N/R | 1,757,420
| Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021B, 2.000%, 11/15/61 |  |  |
7,850 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue | 1/28 at 103.00 | N/R | 5,819,990
| 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 (8) | 655,725
| Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus |  |  |
| Christi Project, Series 2016A, 5.000%, 4/01/48, (Pre-refunded 4/01/26) |  |  |
400 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | N/R (8) | 408,696
| 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 | 97,170
| Improvement District Zone B Project, Series 2019, 5.375%, 9/01/50, 144A |  |  |

154

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 145 | Royse City, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Public | 9/27 at 100.00 | N/R | $ 125,068
| improvement District Improvement Area 2 Project, Series 2019, 4.750%, 9/15/49, 144A |  |  |
| Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement |  |  |
| Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2016A: |  |  |
1,000 | 0.000%, 2/15/41 (5) | 2/27 at 100.00 | N/R | 650,000
4,575 | 0.000%, 2/15/48 (5) | 2/27 at 100.00 | N/R | 2,973,750
28,336 | Total Texas |  |  | 21,830,108
| Utah – 0.8% (0.4% of Total Investments) |  |  |
2,000 | Military Installation Development Authority, Utah, Tax Allocation Revenue Bonds, Series | 9/26 at 103.00 | N/R | 1,362,300
| 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 | 825,150
| Academy Project, Series 2019A, 5.000%, 6/15/50, 144A |  |  |
2,500 | Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2020A, | 5/30 at 100.00 | AA+ | 2,561,200
| 5.000%, 5/15/43 |  |  |
5,500 | Total Utah |  |  | 4,748,650
| Virgin Islands – 3.4% (1.9% of Total Investments) |  |  |
1,585 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, | 10/32 at 100.00 | N/R | 1,562,857
| Series 2022A, 5.000%, 10/01/39 |  |  |
710 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding | 12/22 at 100.00 | N/R | 656,864
| 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 | 15,053,600
| Series 2014C, 5.000%, 10/01/30, 144A |  |  |
295 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital | No Opt. Call | N/R | 291,835
| Series 2014A, 5.000%, 10/01/24, 144A |  |  |
2,000 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond | No Opt. Call | N/R | 1,869,800
| Anticipation Notes, Senior Series 2021A, 6.750%, 7/01/26, 144A |  |  |
1,400 | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds, WICO | 10/29 at 104.00 | N/R | 1,299,004
| Financing, Series 2022A, 6.375%, 4/01/52, 144A |  |  |
21,990 | Total Virgin Islands |  |  | 20,733,960
| Virginia – 1.2% (0.7% 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 | 3,729,563
4,840 | 5.125%, 9/01/55 (5) | 9/27 at 103.00 | N/R | 3,057,089
538 | Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, | No Opt. Call | N/R | 494,738
| 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 |  |  | 7,281,390
| 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+ | 1,111,005
| 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 | 721,120
| Retirement Communities Project, Series 2020A, 5.000%, 1/01/51, 144A |  |  |
2,125 | Total Washington |  |  | 1,832,125
| West Virginia – 0.7% (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 | 2,943,870
625 | 5.750%, 6/01/43, 144A | 6/27 at 100.00 | N/R | 614,606

155

NMCO | Nuveen Municipal Credit Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| West Virginia (continued) |  |  |
$ 1,000 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue | 1/25 at 100.00 | B | $ 965,570
| Bonds, Arch Resources Project, Series 2021, 4.125%, 7/01/45, (AMT), (Mandatory Put 7/01/25) |  |  |
4,625 | Total West Virginia |  |  | 4,524,046
| Wisconsin – 10.2% (5.8% 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 | 628,253
1,340 | 5.000%, 6/01/49, 144A | 6/28 at 102.00 | N/R | 1,042,466
365 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community | 6/26 at 100.00 | N/R | 298,059
| 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 | 2,457,780
4,240 | 5.000%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 3,104,570
3,315 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter | 6/32 at 100.00 | Ba2 | 2,716,841
| Academy, North Carolina, Series 2022A, 5.000%, 6/15/52, 144A |  |  |
2,000 | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie | 10/29 at 100.00 | N/R | 1,513,860
| 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: |  |  |
13,695 | 3.125%, 8/01/27, 144A (5) | No Opt. Call | N/R | 11,159,782
2,375 | 3.375%, 8/01/31, 144A (5) | No Opt. Call | N/R | 1,410,750
| 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 | 458,708
15,915 | 7.000%, 12/01/50, 144A | 12/27 at 100.00 | N/R | 13,059,849
215 | Public Finance Authority of Wisconsin, Retirement Facility Revenue Bonds, Shalom Park | No Opt. Call | N/R | 113,950
| 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 | 640,000
| Senior Series 2017B, 8.500%, 10/01/47, 144A (5) |  |  |
| Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., |  |  |
| Series 2017A: |  |  |
225 | 5.000%, 12/01/27 | No Opt. Call | BBB– | 226,184
1,765 | 5.200%, 12/01/37 | 12/27 at 100.00 | BBB– | 1,776,931
2,000 | Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, | 7/28 at 100.00 | N/R | 1,597,580
| 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 | 531,463
| Sciences, Series 2020, 5.000%, 4/01/50, 144A |  |  |
8,930 | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group | 7/31 at 100.00 | N/R | 5,831,022
| 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 | 3,619,275
250 | 6.250%, 1/01/38, 144A | 1/28 at 100.00 | N/R | 153,750
8,735 | 6.375%, 1/01/48, 144A | 1/28 at 100.00 | N/R | 5,372,025
| Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral |  |  |
| Obligation Junior Series 2020D: |  |  |
6,225 | 0.000%, 12/15/45 – AGM Insured | 12/30 at 56.77 | AA | 1,817,015
4,500 | 0.000%, 12/15/60 – AGM Insured | 12/30 at 29.95 | AA | 541,215
3,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint | 11/26 at 103.00 | N/R | 2,324,760
| Camillus Health System Inc, Series 2019A, 5.000%, 11/01/54 |  |  |
90,915 | Total Wisconsin |  |  | 62,396,088
$ 1,675,382 | Total Municipal Bonds (cost $1,176,328,566) |  |  | 1,005,677,042

156

Shares | Description (1) |  |  |  | Value
| COMMON STOCKS – 11.3% (6.4% of Total Investments) |  |  |  |
| Independent Power And Renewable Electricity Producers – 11.3% (6.4% of Total Investments) |  |  |
859,113 | Energy Harbor Corp (10),(11) |  |  |  | $ 69,115,641
| Total Common Stocks (cost $24,407,228) |  |  |  | 69,115,641
Principal |  |  |  |  |
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value
| CORPORATE BONDS – 0.5% (0.3% of Total Investments) |  |  |  |
| Independent Power and Renewable Electricity Producers – 0.5% (0.3% of Total Investments) |  |  |
$ 11,512 | Talen Energy Corp | 0.000% | 8/31/23 | N/R | $ 3,252,209
$ 11,512 | Total Corporate Bonds (cost $–) |  |  |  | 3,252,209
Shares | Description (1) |  |  |  | Value
| EXCHANGE-TRADED FUNDS – 0.3% (0.1% of Total Investments) |  |  |  |
32,000 | VanEck High Yield Muni Exchange Traded Fund |  |  |  | $ 1,567,040
| Total Exchange-Traded Funds (cost $2,058,659) |  |  |  | 1,567,040
| Total Long-Term Investments (cost $1,202,794,453) |  |  |  | 1,079,611,932
| Borrowings – (1.3)% (12) |  |  |  | (8,200,000)
| Floating Rate Obligations – (2.9)% |  |  |  | (17,850,000)
| MuniFund Preferred Shares, net of deferred offering costs – (73.5)%(13) |  |  |  | (449,018,292)
| Other Assets Less Liabilities – 0.9% |  |  |  | 5,957,852
| Net Assets Applicable to Common Shares – 100% |  |  |  | $ 610,501,492

157

NMCO | Nuveen Municipal Credit Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

(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) |  | 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.

(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) |  | For fair value measurement disclosure purposes, investment classified as Level 3.

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

(8) |  | 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.

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

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

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

(12) |  | Borrowings as a percentage of Total Investments is 0.8%.

(13) |  | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 41.6%.

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

AMT |  | Alternative Minimum Tax

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.

158

NDMO | Nuveen Dynamic Municipal Opportunities Fund
| Portfolio of Investments )
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| LONG-TERM INVESTMENTS – 129.1% (100.0% of Total Investments) |  |  |
| MUNICIPAL BONDS – 128.7% (99.7% of Total Investments) |  |  |
| Alabama – 1.6% (1.2% of Total Investments) |  |  |
$ 2,360 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | No Opt. Call | B– | $ 2,563,645
| United States Steel Corporation Project, Green Series 2020, 6.375%, 11/01/50, (AMT), |  |  |
| (Mandatory Put 11/01/30) |  |  |
4,500 | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, | 8/31 at 100.00 | A– | 3,718,440
| Revenue Bonds, Infirmary Health System, Inc., Series 2021, 4.000%, 2/01/46 |  |  |
4,960 | Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020, | 11/29 at 100.00 | N/R | 3,536,827
| 4.000%, 11/01/45, 144A |  |  |
11,820 | Total Alabama |  |  | 9,818,912
| Arizona – 5.5% (4.3% of Total Investments) |  |  |
565 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Doral | 7/29 at 100.00 | Ba1 | 377,126
| 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 | 1,768,874
| 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 | 2,827,633
| 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 | 902,770
| 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 | 855,618
1,500 | 5.000%, 12/15/50, 144A | 12/28 at 100.00 | BB | 1,332,555
1,500 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Social Bonds | 7/28 at 100.00 | BB– | 1,183,140
| Pensar Academy Project, Series 2020, 5.000%, 7/01/55, 144A |  |  |
4,500 | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group | 12/31 at 100.00 | BB | 3,071,475
| Falcon Properties LLC, Project, Senior Series 2022A-1, 4.000%, 12/01/51, 144A |  |  |
1,090 | Coconino County Industrial Development Authority, Arizona, Education Revenue Bonds, | 7/28 at 100.00 | N/R | 874,747
| 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 | 945,550
| Revenue Bonds, Ottawa University Projects, Series 2020, 5.250%, 10/01/40, 144A |  |  |
3,405 | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 9/30 at 100.00 | Ba2 | 2,600,092
| Northwest Christian School Project, Series 2020A, 5.000%, 9/01/55, 144A |  |  |
| Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, |  |  |
| American Leadership Academy Project, Refunding Series 2022. Forward Delivery: |  |  |
690 | 4.000%, 6/15/41, 144A | 6/26 at 100.00 | N/R | 519,287
1,000 | 4.000%, 6/15/51, 144A | 6/26 at 100.00 | N/R | 677,940
1,015 | 4.000%, 6/15/57, 144A | 6/26 at 100.00 | N/R | 657,314
| 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 | 4,855,541
6,800 | 5.000%, 7/01/40, 144A | 7/26 at 103.00 | N/R | 6,033,028
4,580 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 6/28 at 100.00 | N/R | 3,605,788
| 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: |  |  |
400 | 4.000%, 4/01/39 | 4/31 at 100.00 | A | 342,468
150 | 4.000%, 4/01/40 | 4/31 at 100.00 | A | 126,981
650 | 4.000%, 4/01/41 | 4/31 at 100.00 | A | 543,614
42,680 | Total Arizona |  |  | 34,101,541

159

NDMO | Nuveen Dynamic Municipal Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Arkansas – 3.5% (2.7% of Total Investments) |  |  |
$ 5,500 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue | 9/25 at 105.00 | BB– | $ 4,976,235
| Bonds, United States Steel Corporation, Green Series 2022, 5.450%, 9/01/52, (AMT), 144A |  |  |
3,000 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/26 at 103.00 | Ba3 | 2,353,320
| 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 | Ba3 | 13,909,570
| Steel Project, Series 2020A, 4.750%, 9/01/49, (AMT), 144A |  |  |
25,500 | Total Arkansas |  |  | 21,239,125
| California – 13.0% (10.1% of Total Investments) |  |  |
3,815 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 2,639,103
| 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 | 2,378,288
| 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 | 1,602,300
| Sonoma County Tobacco Securitization Corporation, Series 2020B-2, 0.000%, 6/01/55 |  |  |
2,000 | California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, | 4/30 at 100.00 | BBB+ | 1,603,440
| Series 2020A, 4.000%, 4/01/45 |  |  |
3,522 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series | No Opt. Call | BBB+ | 3,013,231
| 2021-1, 3.500%, 11/20/35 |  |  |
1,250 | California Infrastructure and Economic Development Bank Infrastructure State, Revolving | 10/30 at 100.00 | AAA | 810,950
| Fund Revenue Bonds, Tax Series 2020A, 2.786%, 10/01/43 |  |  |
5,500 | California Infrastructure and Economic Development Bank, Revenue Bonds, Los Angeles | 7/30 at 100.00 | A2 | 3,719,705
| County Museum of Natural History Foundation, Series 2020, 3.000%, 7/01/50 |  |  |
250 | California Infrastructure and Economic Development Bank, Revenue Bonds, WFCS Portfolio | 1/31 at 100.00 | N/R | 178,512
| Projects, Senior Series 2021A-1, 5.000%, 1/01/56, 144A |  |  |
7,000 | California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, | No Opt. Call | B+ | 6,500,970
| 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 | 3,806,850
| 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 | 367,866
| 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 | 1,384,240
| Public Schools Obligated Group, Series 2020A, 5.000%, 6/01/60, 144A |  |  |
6,680 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, | 11/31 at 100.00 | A+ | 6,954,348
| Series 2021D, 5.000%, 11/01/46 |  |  |
3,000 | California Statewide Communities Development Authority, Revenue Bonds, Emanate Health, | 4/30 at 100.00 | A+ | 1,930,380
| Series 2020A, 3.000%, 4/01/50 |  |  |
995 | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Junior | 8/31 at 100.00 | N/R | 664,670
| 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 | 1,203,780
| 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 | 5,067,167
| 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 | 301,381
| 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 | 651,979
| 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 | 322,640
| Pasadena Portfolio Social Bond, Mezzanine Senior Series 2021B, 4.000%, 12/01/56, 144A |  |  |
1,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 7/31 at 100.00 | N/R | 851,800
| Renaissance at City Center, Series 2020A, 5.000%, 7/01/51, 144A |  |  |

160

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| California (continued) |  |  |
$ 2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 7/31 at 100.00 | N/R | $ 1,400,260
| Union South Bay, Series 2021A-2, 4.000%, 7/01/56, 144A |  |  |
| 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+ | 1,837,772
3,015 | 2.246%, 6/01/29 | No Opt. Call | A+ | 2,459,154
2,000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 12/31 at 100.00 | BBB– | 1,709,160
| Asset-Backed Bonds, Taxable Subordinate Series 2021B-1, 3.850%, 6/01/50 |  |  |
4,830 | Huntington Beach, California, Pension Obligation Bonds, Taxable Series 2021, 2.963%, | 6/31 at 100.00 | AA+ | 3,581,493
| 6/15/36 – BAM Insured |  |  |
| Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International |  |  |
| Airport, Refunding Subordinate Series 2022G: |  |  |
2,775 | 5.500%, 5/15/35, (AMT) | 11/31 at 100.00 | AA | 2,928,680
3,515 | 5.500%, 5/15/36, (AMT) | 11/31 at 100.00 | AA | 3,702,244
4,380 | 5.500%, 5/15/37, (AMT) | 11/31 at 100.00 | AA | 4,597,204
1,280 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, | 1/32 at 100.00 | AA– | 1,321,318
| Series 2022C, 5.000%, 7/01/52 |  |  |
1,885 | Los Angeles Municipal Improvement Corporation, California, Lease Revenue Bonds, Capital | No Opt. Call | AA– | 1,511,110
| Equipment Program, Refunding Series 2021A, 1.648%, 11/01/28 |  |  |
915 | Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding | 7/32 at 100.00 | Aa1 | 1,001,166
| Series 2022B, 5.000%, 7/01/39 |  |  |
985 | Northstar Community Services District, California, Special Tax Bonds, Community | 3/23 at 100.00 | N/R | 443,444
| Facilities District 1, Series 2006, 2.000%, 9/01/37 (4) |  |  |
| 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 | 142,528
370 | 4.000%, 8/01/39 | 8/29 at 100.00 | AAA | 340,278
| River Islands Public Financing Authority, California, Special Tax Bonds, Community |  |  |
| Facilities District 2003-1 Improvement Area 1, Refunding Series 2022A-1: |  |  |
1,070 | 5.000%, 9/01/42 – AGM Insured | 9/29 at 103.00 | AA | 1,106,487
525 | 5.250%, 9/01/52 – AGM Insured | 9/29 at 103.00 | AA | 545,638
| River Islands Public Financing Authority, California, Special Tax Bonds, Community |  |  |
| Facilities District 2003-1 Improvement Area 1, Subordinate Series 2022B-2: |  |  |
1,070 | 5.000%, 9/01/42 | 9/29 at 103.00 | N/R | 995,453
1,805 | 5.250%, 9/01/47 | 9/29 at 103.00 | N/R | 1,691,502
1,000 | 5.000%, 9/01/52 | 9/29 at 103.00 | N/R | 890,390
750 | San Francisco Community College District, California, General Obligation Bonds, Taxable | 6/30 at 100.00 | A1 | 548,550
| Election 2020 Series 2020A-1, 3.165%, 6/15/41 |  |  |
750 | San Francisco Municipal Transportation Agency, California, Revenue Bonds, Taxable | No Opt. Call | Aa2 | 612,682
| 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 | A2 | 417,420
290 | 2.310%, 3/01/30 | No Opt. Call | A2 | 231,977
420 | 3.290%, 3/01/41 | 3/31 at 100.00 | A2 | 286,444
104,457 | Total California |  |  | 80,255,954
| Colorado – 17.3% (13.4% of Total Investments) |  |  |
2,370 | 64th Avenue ARI Authority, Adams County, Colorado, Special Revenue Bonds, Series 2020, | 12/25 at 103.00 | N/R | 2,115,462
| 6.500%, 12/01/43 |  |  |
500 | Alpine Mountain Ranch Metropolitan District, Routt County, Colorado, Special Assessment | 9/26 at 103.00 | N/R | 368,165
| 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 | 12/23 at 103.00 | N/R | 1,127,396
| Tax Bonds, Refunding & Improvement Convertible to Unlimited Tax Series 2018A, 5.000%, 12/01/38 |  |  |

161

NDMO | Nuveen Dynamic Municipal Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 1,060 | Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation | 9/25 at 103.00 | N/R | $ 863,688
| 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 | 1,968,779
| Bonds, Subordinate Series 2020B, 7.750%, 12/15/50 |  |  |
5,220 | Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue | 12/28 at 103.00 | N/R | 4,383,860
| Bonds, Refunding & Improvement Series 2021A, 5.750%, 12/01/51 |  |  |
500 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax | 9/24 at 103.00 | N/R | 454,015
| 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 | 1,418,640
| 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 | 801,470
| Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A, 5.000%, 12/01/51 |  |  |
741 | Blue Lake Metropolitan District 3, Lochbuie, Weld County, Colorado, Limited Tax General | 12/23 at 103.00 | N/R | 615,660
| 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 | 447,270
| Obligation Bonds, Refunding & Improvement Series 2020, 5.000%, 12/01/40, 144A |  |  |
1,500 | Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General | 12/22 at 100.00 | N/R | 965,280
| Obligation and Special Revenue Bonds, Junior Subordinate Series 2016, 7.000%, 12/15/57 |  |  |
500 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & | No Opt. Call | N/R | 500,035
| 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 | 2,245,766
| 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 | 1,205,240
| 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– | 2,187,945
| 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 | 76,875
100 | 4.000%, 7/01/51, 144A | 7/31 at 100.00 | N/R | 69,856
1,000 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village | 12/30 at 100.00 | N/R | 760,010
| 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 | 312,775
| Junction Project, Series 2019, 5.000%, 12/01/54, 144A (4) |  |  |
16,000 | Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited | 9/25 at 103.00 | N/R | 13,587,360
| 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 | AA | 4,352,595
| Obligation Bonds, Refunding & Improvement Series 2020A, 3.000%, 12/01/49 – AGM Insured |  |  |
1,000 | Dacono Urban Renewal Authority, Weld County, Colorado, Tax Increment Revenue Bonds, | 12/25 at 103.00 | N/R | 888,580
| Series 2020, 6.250%, 12/01/39 |  |  |
| Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A: |  |  |
1,000 | 5.000%, 11/15/31, (AMT) | No Opt. Call | N/R | 1,029,010
1,355 | 5.500%, 11/15/42, (AMT) | 11/32 at 100.00 | AA– | 1,394,471
1,085 | 5.500%, 11/15/53, (AMT) | 11/32 at 100.00 | AA– | 1,098,823
4,000 | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue | 9/27 at 103.00 | N/R | 3,690,760
| Bonds, Series 2022A, 6.750%, 12/01/34, 144A |  |  |
1,000 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series | 12/24 at 100.00 | N/R | 880,640
| 2014, 6.000%, 12/01/38 |  |  |
| Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, |  |  |
| Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A: |  |  |
1,425 | 5.250%, 12/01/32 | 12/30 at 102.00 | N/R | 1,349,076
1,200 | 5.750%, 12/01/52 | 12/30 at 102.00 | N/R | 1,080,216

162

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 2,000 | Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General | 6/25 at 103.00 | N/R | $ 1,578,340
| 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 | 811,010
| 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 | 4,670,348
| 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 | 1,497,660
| 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 | 811,680
| 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 | 1,244,512
| 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 | 423,115
500 | 5.000%, 4/15/51 | 6/26 at 103.00 | N/R | 392,570
500 | Meadowbrook Heights Metropolitan District, Jefferson County, Colorado, General | 9/26 at 103.00 | N/R | 367,830
| Obligation Limited Tax Bonds, Series 2021A(3), 4.875%, 12/01/51 |  |  |
480 | Mountain Sky Metropolitan District, Fort Lupton, Weld County, Colorado, Limited Tax | 3/25 at 103.00 | N/R | 398,957
| General Obligation Bonds, Series 2020A, 5.000%, 12/01/49 |  |  |
1,000 | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 808,170
| 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 | 1,453,086
| 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 | 228,824
| General Obligation Bonds, Series 2021A, 5.000%, 12/01/51, 144A |  |  |
925 | Pinon Pines Metropolitan District 2, El Paso County, Colorado, General Obligation | 9/25 at 103.00 | N/R | 821,853
| Limited Tax Bonds, Series 2020, 5.000%, 12/01/40 |  |  |
7,040 | Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series | 6/29 at 103.00 | N/R | 6,331,565
| 2022, 6.500%, 12/01/34 |  |  |
| Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and |  |  |
| Special Revenue Bonds, Refunding & Improvement Series 2017: |  |  |
3,665 | 5.000%, 12/01/42 | 12/27 at 100.00 | AA | 3,786,128
1,685 | 5.000%, 12/01/47 | 12/27 at 100.00 | AA | 1,732,163
1,620 | Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax | 10/26 at 102.00 | N/R | 1,046,228
| Supported and Special Revenue Bonds, Series 2021, 4.000%, 12/01/51 |  |  |
500 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit | 1/31 at 100.00 | A– | 434,695
| 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 | 841,721
| 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 | 752,550
| 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 | 655,492
| 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 | 2,064,240
2,300 | 5.125%, 12/01/50 | 12/25 at 103.00 | N/R | 1,901,709
2,175 | Sunlight Metropolitan District, Steamboat Springs, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 1,758,618
| 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 | 448,695
| Obligation Refunding and Improvement Bonds,Subordinate Limited Tax General Obligation Bonds, |  |  |
| Series 2018A, 5.250%, 12/01/47 |  |  |

163

NDMO | Nuveen Dynamic Municipal Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Colorado (continued) |  |  |
$ 1,000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | $ 667,550
| General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2, 0.000%, |  |  |
| 12/01/51 (5) |  |  |
1,270 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | 1,053,503
| 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 | 3,231,500
| Obligation Bonds, Convertible Capital Appreciation Series 2020A-2, 6.000%, 12/01/50 |  |  |
10,000 | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General | 12/23 at 103.00 | N/R | 8,443,000
| Obligation Bonds, Series 2020A-1, 5.375%, 12/01/50 |  |  |
1,500 | Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, | 3/26 at 103.00 | N/R | 1,215,975
| 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 | 1,248,160
| 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 | 903,670
| Limited Tax Bonds, Taxable Converting to Tax-Exempt Refunding Subordinate Series 2020B-1, |  |  |
| 6.250%, 12/15/40 |  |  |
127,351 | Total Colorado |  |  | 106,264,835
| Connecticut – 0.2% (0.1% of Total Investments) |  |  |
1,015 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, | 5/31 at 100.00 | AA– | 1,061,254
| Series 2021A, 5.000%, 5/01/41 |  |  |
| District of Columbia – 2.4% (1.9% of Total Investments) |  |  |
7,090 | District of Columbia, Income Tax Secured Revenue Bonds, Refunding Forward Delivery | 12/32 at 100.00 | N/R | 7,757,665
| Series 2022C, 5.000%, 12/01/36 |  |  |
| District of Columbia, Income Tax Secured Revenue Bonds, Series 2022A: |  |  |
3,625 | 5.000%, 7/01/36 (6) | 7/32 at 100.00 | AA+ | 3,958,355
1,705 | 5.500%, 7/01/47 | 7/32 at 100.00 | AA+ | 1,846,072
1,000 | Washington Convention and Sports Authority, Washington D.C., Dedicated Tax Revenue | 10/30 at 100.00 | AA | 915,150
| Bonds, Refunding Senior Lien Series 2021A, 4.000%, 10/01/37 |  |  |
625 | Washington Convention and Sports Authority, Washington D.C., Dedicated Tax Revenue | 10/30 at 100.00 | AA | 561,125
| Bonds, Refunding Senior Lien Series 2021B, 4.000%, 10/01/38 |  |  |
14,045 | Total District of Columbia |  |  | 15,038,367
| Florida – 18.7% (14.5% of Total Investments) |  |  |
1,000 | Ave Maria Stewardship Community District, Florida, Bond Anticipation Notes, Phase 4 | 5/23 at 100.00 | N/R | 935,000
| 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 | 1,192,154
| 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 | 374,435
| Phase 3 Master Improvements 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 | 983,862
| 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 | 1,140,615
| Assessment Revenue Bonds, 2020 Assessment Area, Series 2020, 4.000%, 12/15/50 |  |  |
2,500 | Broward County, Florida, Port Facilities Revenue Bonds, Series 2019B, 4.000%, | 9/29 at 100.00 | A1 | 2,231,525
| 9/01/39, (AMT) |  |  |
| 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 | 1,060,791
1,260 | 5.000%, 6/15/55, 144A | 6/27 at 100.00 | N/R | 992,565

164

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
| Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, |  |  |
| Series 2021: |  |  |
$ 250 | 4.000%, 8/15/51, 144A | 8/28 at 100.00 | N/R | $ 170,290
450 | 4.200%, 8/15/56, 144A | 8/28 at 100.00 | N/R | 306,805
500 | 4.250%, 8/15/61, 144A | 8/28 at 100.00 | N/R | 333,775
3,690 | Capital Trust Agency, Florida, Revenue Bonds, Educational Growth Fund, LLC, Charter | 7/31 at 100.00 | N/R | 3,084,951
| 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 | 653,760
| Series 2021A, 4.000%, 6/15/56, 144A |  |  |
250 | Centre Lake Community Development District, Miami Lakes, Florida, Special Assessment | 5/31 at 100.00 | N/R | 187,308
| Bonds, Series 2021, 4.000%, 5/01/52, 144A |  |  |
5,415 | Currents Community Development District, Collier County, Florida, Capital Improvement | No Opt. Call | N/R | 4,585,260
| Revenue Bonds, Series 2020B, 4.250%, 5/01/41, 144A |  |  |
1,500 | Cypress Park Estates Community Development District, Florida, Special Assessment Revenue | 5/32 at 100.00 | N/R | 1,131,900
| 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 | 1,945,575
| 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 | 754,600
| 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 | 8,058,400
| 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 | 988,383
| Academy Projects, Series 2020A, 5.000%, 6/15/50 |  |  |
500 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, River | 7/28 at 100.00 | Baa3 | 357,790
| City Science Academy Projects, Series 2021A, 4.000%, 7/01/55 |  |  |
19,650 | Florida Development Finance Corporation, Florida, Surface Transportation Facility | 1/24 at 107.00 | N/R | 16,639,620
| 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: |  |  |
1,250 | 6.375%, 1/01/49, (AMT), (Mandatory Put 1/01/26), 144A | 12/22 at 103.00 | N/R | 1,126,437
6,890 | 6.500%, 1/01/49, (AMT), (Mandatory Put 1/01/29), 144A | 12/22 at 103.00 | N/R | 6,070,779
| Florida Development Finance Corporation, Healthcare Facilties Revenue Bonds, Lakeland |  |  |
| Regional Health Systems, Series 2021: |  |  |
450 | 4.000%, 11/15/35 | 11/31 at 100.00 | A2 | 411,169
1,000 | 4.000%, 11/15/37 | 11/31 at 100.00 | A2 | 894,290
1,940 | 4.000%, 11/15/38 | 11/31 at 100.00 | A2 | 1,717,851
22,505 | Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail | 12/22 at 102.00 | N/R | 22,030,370
| Expansion Project, Series 2022A, 7.250%, 7/01/57, (AMT), (Mandatory Put 10/03/23), 144A |  |  |
1,100 | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Jacksonville | 6/28 at 100.00 | N/R | 901,395
| University Project, Series 2018A-1, 5.000%, 6/01/48, 144A |  |  |
985 | Forest Lake Community Development District, Polk County, Florida, Special Assessment | 5/30 at 100.00 | N/R | 739,075
| 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 | 942,304
1,500 | 4.500%, 5/01/52 | 5/31 at 100.00 | N/R | 1,227,885
2,500 | Greater Orlando Aviation Authority, Florida, Special Purpose Airport Facilities Revenue | 5/23 at 100.00 | N/R | 2,409,050
| Bonds, JetBlue Airways Corporation, Series 2013, 5.000%, 11/15/36, (AMT) |  |  |
1,000 | Hammock Reserve Community Development District, Haines City, Florida, Special Assessment | 5/30 at 100.00 | N/R | 760,220
| Revenue Bonds, Area1 Project, Series 2020, 4.000%, 5/01/51 |  |  |
1,250 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, | 5/30 at 100.00 | N/R | 949,100
| Northeast Sector Project, Phase 2B, Series 2020, 4.000%, 5/01/50, 144A |  |  |

165

NDMO | Nuveen Dynamic Municipal Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Florida (continued) |  |  |
$ 3,245 | Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai | 11/31 at 100.00 | A– | $ 2,498,553
| Medical Center of Florida Project, Series 2021B, 4.000%, 11/15/51 |  |  |
1,225 | Miami Dade County Industrial Development Authority, Florida, Educational Facilities | 6/26 at 103.00 | Ba2 | 966,990
| 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 | A | 7,760,480
| 2014A, 5.000%, 7/01/44 |  |  |
2,840 | Miami-Dade County, Florida, Special Obligation Bonds, Subordinate Series 2009, 0.000%, | No Opt. Call | A2 | 966,821
| 10/01/42 – BAM Insured |  |  |
1,200 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2021, 3.000%, | 4/31 at 100.00 | AA– | 936,492
| 10/01/40 |  |  |
1,500 | Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 1,125,360
| 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– | 2,398,653
| 2.643%, 10/01/36 |  |  |
1,000 | North Powerline Road Community Development District, Polk County, Florida, Special | 5/30 at 100.00 | N/R | 752,980
| 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 | 754,920
| Bonds, Development Unit 53, Series 2021, 4.000%, 8/01/51 |  |  |
250 | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Toby & Leon | 6/27 at 103.00 | N/R | 178,238
| Cooperman Sinai Residences of Boca Raton, Refunding Series 2022, 4.250%, 6/01/56 |  |  |
1,500 | Parrish Plantation Community Development District, Manatee County, Florida, Special | 5/31 at 100.00 | N/R | 1,123,035
| 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 | 390,345
| Bonds, Series 2021, 4.250%, 5/01/53, 144A |  |  |
2,145 | South Broward Hospital District, Florida, Hospital Revenue Bonds, South Broward Hospital | 5/26 at 100.00 | Aa3 | 1,836,463
| District Obligated Group, Refunding Series 2016A, 4.000%, 5/01/44 |  |  |
3,000 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health | 8/27 at 100.00 | AA– | 2,492,130
| Systems of South Florida Obligated Group, Refunding Series 2017, 4.000%, 8/15/47 |  |  |
1,500 | Stoneybrook South Championsgate Community Development District, Florida, Special | 12/30 at 100.00 | N/R | 1,061,460
| Assessment Revenue Bonds, Fox South Assessment Area, Series 2020, 3.750%, 12/15/50, 144A |  |  |
245 | Summit View Community Development District, Dade City, Florida, Special Assessment | No Opt. Call | N/R | 203,522
| Revenue Bonds, Series 2021B, 5.000%, 5/01/41 |  |  |
500 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, | 9/23 at 100.00 | N/R | 439,285
| 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 | 346,273
| Assessment Bonds, Series 2021, 2.700%, 5/01/31 |  |  |
655 | Windward Community Development District, Florida, Special Assessment Bonds, Series | No Opt. Call | N/R | 586,697
| 2020A-2, 4.400%, 11/01/35 |  |  |
136,370 | Total Florida |  |  | 115,107,986
| Georgia – 0.4% (0.3% of Total Investments) |  |  |
500 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | 2/31 at 100.00 | A | 307,015
| Certificates, Northeast Georgia Health Services Inc., Series 2021A, 3.000%, 2/15/51 |  |  |
3,000 | Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center | 1/31 at 100.00 | BBB– | 2,262,390
| Hotel Revenue Bonds, First Tier Series 2021A, 4.000%, 1/01/54 |  |  |
3,500 | Total Georgia |  |  | 2,569,405
| Guam – 0.7% (0.5% of Total Investments) |  |  |
415 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2021F. Forward | 1/31 at 100.00 | Ba1 | 326,198
| Delivery, 4.000%, 1/01/42 |  |  |
1,600 | Government of Guam, Hotel Occupancy Tax Revenue Bonds, Refunding Series 2021A, | 5/31 at 100.00 | Ba1 | 1,469,776
| 5.000%, 11/01/40 |  |  |

166

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Guam (continued) |  |  |
| Guam A.B. Won Pat International Airport Authority, Revenue Bonds, Series 2021A: |  |  |
$ 750 | 2.499%, 10/01/25 | No Opt. Call | Baa2 | $ 685,688
835 | 2.899%, 10/01/27 | No Opt. Call | Baa2 | 728,462
765 | 3.099%, 10/01/28 | No Opt. Call | Baa2 | 656,232
450 | 4.460%, 10/01/43 | 10/31 at 100.00 | Baa2 | 338,967
4,815 | Total Guam |  |  | 4,205,323
| Idaho – 0.2% (0.1% of Total Investments) |  |  |
| Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal |  |  |
| Highway Trust Funds, Series 2021A: |  |  |
645 | 4.000%, 7/15/38 | 7/31 at 100.00 | A+ | 587,034
500 | 4.000%, 7/15/39 | 7/31 at 100.00 | A+ | 449,665
1,145 | Total Idaho |  |  | 1,036,699
| Illinois – 8.6% (6.7% of Total Investments) |  |  |
2,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/30 at 100.00 | BB | 1,894,100
| Series 2021A, 5.000%, 12/01/34 |  |  |
15,000 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, | 12/24 at 100.00 | AA | 15,076,200
| 5.250%, 12/01/49 |  |  |
| Cook County, Illinois, General Obligation Bonds, Refunding Series 2021A: |  |  |
2,575 | 5.000%, 11/15/31 | 11/30 at 100.00 | A+ | 2,713,561
1,600 | 5.000%, 11/15/33 | 11/30 at 100.00 | A+ | 1,671,936
| Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A: |  |  |
175 | 4.000%, 11/15/39 | 11/30 at 100.00 | AA– | 156,466
475 | 4.000%, 11/15/40 | 11/30 at 100.00 | AA– | 420,299
5,085 | DuPage County, Illinois, Revenue Bonds, Morton Arboretum Project, Green Series 2020, | 5/30 at 100.00 | A1 | 3,406,950
| 3.000%, 5/15/47 |  |  |
250 | Illinois Finance Authority, Revenue Bonds, Acero Charter Schools, Inc., Series 2021, | 10/31 at 100.00 | BB+ | 188,537
| 4.000%, 10/01/42, 144A |  |  |
240 | Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022, | 9/32 at 100.00 | BBB– | 229,138
| 5.000%, 3/01/34 |  |  |
875 | Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A, | 11/26 at 103.00 | N/R | 677,031
| 5.000%, 11/01/49 |  |  |
815 | Illinois Finance Authority, Revenue Bonds, Northshore – Edward-Elmhurst Health Credit | 8/32 at 100.00 | N/R | 810,689
| Group, Series 2022A, 5.000%, 8/15/47 |  |  |
4,400 | Illinois State, General Obligation Bonds, Build America Taxable Bonds, Series 2010-4, | No Opt. Call | BBB | 4,433,836
| 7.100%, 7/01/35 |  |  |
5,753 | Illinois State, General Obligation Bonds, Build America Taxable Bonds, Series 2010-5, | No Opt. Call | BBB | 5,896,542
| 7.350%, 7/01/35 2022 1 |  |  |
1,500 | Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/32 | 5/24 at 100.00 | BBB | 1,489,815
5,000 | Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3, | No Opt. Call | BBB | 4,999,700
| 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 | 12/31 at 90.33 | BBB+ | 311,483
1,285 | 0.000%, 6/15/36 | 12/31 at 89.03 | BBB+ | 600,892
1,285 | 0.000%, 6/15/37 | 12/31 at 86.57 | BBB+ | 562,110
1,715 | 0.000%, 6/15/38 | 12/31 at 84.11 | BBB | 701,161
1,500 | 0.000%, 12/15/39 | 12/31 at 80.50 | BBB | 553,920
1,415 | 0.000%, 12/15/40 | 12/31 at 78.00 | BBB | 488,996
645 | 0.000%, 6/15/41 | 12/31 at 76.71 | BBB+ | 215,604
550 | 0.000%, 12/15/41 | 12/31 at 75.58 | BBB+ | 178,519
5,190 | Romeoville, Will County, Illinois, Revenue Bonds, Lewis University Project, Series 2015, | 4/25 at 100.00 | BBB | 5,216,677
| 5.000%, 10/01/35 |  |  |
59,973 | Total Illinois |  |  | 52,894,162

167

NDMO | Nuveen Dynamic Municipal Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Indiana – 1.0% (0.8% of Total Investments) |  |  |
$ 1,415 | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, | 6/30 at 100.00 | N/R | $ 1,144,070
| 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 | 3,531,090
| 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 | B– | 1,788,085
| Corporation Project, Series 2020, 6.750%, 5/01/39, (AMT) |  |  |
6,485 | Total Indiana |  |  | 6,463,245
| Iowa – 0.5% (0.4% of Total Investments) |  |  |
| Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer |  |  |
| Company Project, Refunding Series 2022: |  |  |
1,745 | 5.000%, 12/01/50, (Mandatory Put 12/01/42) | 12/29 at 103.00 | BBB– | 1,555,877
1,615 | 5.000%, 12/01/50 | 12/29 at 103.00 | BBB– | 1,400,835
3,360 | Total Iowa |  |  | 2,956,712
| Kentucky – 1.3% (1.0% of Total Investments) |  |  |
3,000 | Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone’s | 12/30 at 100.00 | N/R | 2,503,830
| Ridge Project, Series 2020, 6.000%, 12/01/40 |  |  |
1,080 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities | 6/31 at 100.00 | A1 | 754,272
| Company Project, Refunding Series 2006B, 2.125%, 10/01/34, (AMT) |  |  |
2,175 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities | 6/31 at 100.00 | A1 | 1,617,526
| 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 | 2,633,657
| 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 | 736,890
| 2020B, 5.500%, 12/01/60 |  |  |
9,770 | Total Kentucky |  |  | 8,246,175
| Louisiana – 0.9% (0.7% of Total Investments) |  |  |
1,150 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lincoln Preparatory | 6/31 at 100.00 | N/R | 907,361
| School Project, Series 2021A, 5.250%, 6/01/51, 144A |  |  |
2,000 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/27 at 100.00 | A2 | 1,888,240
| Project, Series 2017B, 5.000%, 1/01/48, (AMT) |  |  |
2,000 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | 6/30 at 100.00 | BB– | 2,105,360
| 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+ | 506,592
| Oaks Health System Project, Refunding Series 2021, 4.000%, 2/01/38 |  |  |
5,750 | Total Louisiana |  |  | 5,407,553
| Maryland – 2.0% (1.6% of Total Investments) |  |  |
200 | Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series | 6/31 at 100.00 | N/R | 183,054
| 2022, 4.500%, 6/01/33, 144A |  |  |
2,200 | Frederick County, Maryland, Special Obligation Bonds, Urbana Community Development | 7/30 at 100.00 | N/R | 1,728,342
| Authority, Refunding Series 2020C, 4.000%, 7/01/50, 144A |  |  |
5,255 | Frederick County, Maryland, Special Tax Limited Obligation Bonds, Jefferson Technology | 7/30 at 102.00 | N/R | 4,711,370
| Park Project, Refunding Series 2020A, 5.000%, 7/01/43, 144A |  |  |
5,765 | Maryland State, General Obligation Bonds, State and Local Facilities Loan, First Series | 3/29 at 100.00 | AAA | 5,815,444
| 2019, 4.000%, 3/15/33 |  |  |
13,420 | Total Maryland |  |  | 12,438,210

168

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Massachusetts – 0.7% (0.5% of Total Investments) |  |  |
| Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, |  |  |
| Series 2022: |  |  |
$ 395 | 5.000%, 10/01/39 | 10/32 at 100.00 | A1 | $ 411,136
2,755 | 5.000%, 10/01/41 | 10/32 at 100.00 | A1 | 2,834,592
935 | 5.000%, 10/01/44 | 10/32 at 100.00 | A1 | 954,607
4,085 | Total Massachusetts |  |  | 4,200,335
| Michigan – 0.8% (0.6% of Total Investments) |  |  |
5,000 | Detroit, Wayne County, Michigan, General Obligation Bonds, Financial Recovery Series | 12/22 at 100.00 | N/R | 3,460,550
| 2014B-1, 4.000%, 4/01/44 |  |  |
710 | Gerald R. Ford International Airport Authority, Kent County, Michigan, Revenue Bonds, | 1/32 at 100.00 | N/R | 719,791
| Limited Tax General Obligation Series 2021, 5.000%, 1/01/46, (AMT) |  |  |
7,610 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco | 12/30 at 18.38 | N/R | 511,925
| Receipts, Series 2020B2-CL2, 0.000%, 6/01/65 |  |  |
13,320 | Total Michigan |  |  | 4,692,266
| 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 | 847,658
| 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 | 795,344
| Bonds, Math & Science Academy Charter School Project, Series 2021A, 4.000%, 6/01/41, 144A |  |  |
2,240 | Total Minnesota |  |  | 1,643,002
| Missouri – 1.1% (0.9% 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 | BBB– | 79,123
310 | 3.000%, 3/01/46 | 3/31 at 100.00 | BBB– | 185,036
80 | 4.000%, 3/01/46 | 3/31 at 100.00 | BBB– | 60,557
1,100 | M150 and 135th Street Transportation Development District, Kansas City, Missouri, | 10/27 at 100.00 | N/R | 846,945
| Transportation Sales Tax Revenue Bonds, Series 2020A, 4.250%, 10/01/43 |  |  |
3,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/24 at 100.00 | A+ | 2,565,390
| Mercy Health, Series 2014F, 4.000%, 11/15/45 |  |  |
3,155 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention | 10/30 at 100.00 | AA | 3,080,163
| Center, Expansion & Improvement Projects Series 2020, 5.000%, 10/01/45 – AGM Insured |  |  |
7,745 | Total Missouri |  |  | 6,817,214
| Nevada – 0.5% (0.4% of Total Investments) |  |  |
2,000 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 2/31 at 100.00 | N/R | 1,674,800
| 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 | 369,823
1,150 | 4.125%, 6/01/50 | 6/30 at 100.00 | N/R | 884,488
3,600 | Total Nevada |  |  | 2,929,111
| New Hampshire – 0.2% (0.1% of Total Investments) |  |  |
1,250 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical | 7/27 at 100.00 | BBB+ | 941,325
| Center, Series 2017, 3.750%, 7/01/40 |  |  |
| New Jersey – 0.9% (0.7% of Total Investments) |  |  |
2,035 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s | 7/26 at 100.00 | BBB– | 1,525,233
| Healthcare System Obligated Group Issue, Refunding Series 2016, 4.000%, 7/01/48 |  |  |
470 | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series | 12/31 at 100.00 | BBB+ | 418,878
| 2022BB, 4.000%, 6/15/37 |  |  |

169

NDMO | Nuveen Dynamic Municipal Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New Jersey (continued) |  |  |
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Forward |  |  |
| Delivery Series 2022A: |  |  |
$ 770 | 4.000%, 6/15/39 | 6/32 at 100.00 | Baa1 | $ 668,529
700 | 4.000%, 6/15/40 | 6/32 at 100.00 | Baa1 | 602,014
390 | 4.000%, 6/15/41 | 6/32 at 100.00 | Baa1 | 331,972
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, |  |  |
| Series 2020AA: |  |  |
1,000 | 4.000%, 6/15/35 | 12/30 at 100.00 | Baa1 | 911,170
340 | 4.000%, 6/15/37 | 12/30 at 100.00 | Baa1 | 303,018
620 | 4.000%, 6/15/40 | 12/30 at 100.00 | Baa1 | 533,212
545 | 4.000%, 6/15/50, (UB) (6) | 12/30 at 100.00 | Baa1 | 436,055
6,870 | Total New Jersey |  |  | 5,730,081
| New Mexico – 1.0% (0.8% of Total Investments) |  |  |
7,000 | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross | 11/23 at 103.00 | N/R | 5,999,140
| Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A |  |  |
| New York – 14.9% (11.5% of Total Investments) |  |  |
5,755 | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of | 9/25 at 100.00 | N/R | 5,702,112
| Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A |  |  |
5,000 | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | 12/30 at 100.00 | N/R | 3,580,250
| School, Series 2020A-1, 5.500%, 6/01/55, 144A |  |  |
| 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 | 1,052,952
3,000 | 5.000%, 6/01/55, 144A | 12/30 at 100.00 | N/R | 2,174,610
1,000 | Build Resource Corporation, New York, Revenue Bonds, Shefa School, Series 2021A, | 6/31 at 100.00 | N/R | 871,310
| 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 | BBB | 6,701,100
| Obligated Group Series 2019A, 4.000%, 7/01/45 |  |  |
1,500 | Dormitory Authority of the State of New York, Revenue Bonds, State University Dormitory | No Opt. Call | A+ | 1,223,505
| Facilities, Taxable Series 2021A, 2.084%, 7/01/29 |  |  |
10,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 11/24 at 100.00 | A3 | 9,704,300
| 2014D-1, 5.250%, 11/15/44, (UB) (6) |  |  |
4,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate |  |  |
| Fiscal 2022 Subseries F-1, 5.000%, 2/01/47 | 2/32 at 100.00 | Aa1 | 4,071,720
| New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, |  |  |
| Subordinate Fiscal 2023 Series A-1: |  |  |
2,785 | 5.250%, 8/01/42 | 8/32 at 100.00 | Aa1 | 2,926,868
4,640 | 5.000%, 8/01/43 | 8/32 at 100.00 | Aa1 | 4,772,565
3,005 | 5.000%, 8/01/44 | 8/32 at 100.00 | Aa1 | 3,083,611
3,000 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 2,635,800
| Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A |  |  |
| New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 7 World Trade |  |  |
| Center Project, Refunding Green Series 2022A-CL2: |  |  |
1,290 | 3.250%, 9/15/52 | 3/30 at 100.00 | Aa3 | 870,208
515 | 3.500%, 9/15/52 | 3/30 at 100.00 | A2 | 350,988
| New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Secured by |  |  |
| Port Authority Consolidated Bonds, Refunding Series 1WTC-2021: |  |  |
5,040 | 4.000%, 2/15/43 – BAM Insured | 2/30 at 100.00 | AA | 4,287,326
3,045 | 2.750%, 2/15/44 – BAM Insured | 2/30 at 100.00 | AA | 2,005,559
3,530 | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding Group | 9/32 at 100.00 | AA+ | 3,671,306
| 1 Series 2022A, 5.000%, 3/15/41 |  |  |
3,500 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | 9/32 at 100.00 | Aa1 | 3,585,400
| General Purpose, Series 2022A, 5.000%, 3/15/45 |  |  |

170

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| New York (continued) |  |  |
$ 180 | New York Transportation Development Corporation, New York, Facility Revenue Bonds, | 10/31 at 100.00 | BBB– | $ 147,449
| Thruway Service Areas Project, Series 2021, 4.000%, 10/31/41, (AMT) |  |  |
| New York Transportation Development Corporation, New York, Special Facility Revenue |  |  |
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020: |  |  |
11,250 | 5.250%, 8/01/31, (AMT) | 8/30 at 100.00 | B | 11,170,237
3,400 | 5.375%, 8/01/36, (AMT) | 8/30 at 100.00 | B | 3,311,124
420 | New York Transportation Development Corporation, New York, Special Facility Revenue | No Opt. Call | B | 385,598
| Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2021, |  |  |
| 2.250%, 8/01/26, (AMT) |  |  |
1,000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta | No Opt. Call | Baa3 | 937,750
| Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, 4.000%, |  |  |
| 10/01/30, (AMT) |  |  |
3,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred | 7/31 at 100.00 | Aa3 | 2,705,670
| Twenty-Third Series 2021, 5.000%, 7/15/56, (AMT) |  |  |
4,520 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel | No Opt. Call | Caa1 | 4,329,030
| Center Project, Taxable Series 2007B, 5.693%, 1/01/28 – SYNCORA GTY Insured, 144A |  |  |
| Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & |  |  |
| Tunnels, Series 2020A: |  |  |
2,225 | 5.000%, 11/15/49 | 11/30 at 100.00 | AA– | 2,262,157
1,015 | 5.000%, 11/15/54 | 11/30 at 100.00 | AA– | 1,028,104
1,985 | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & | 5/31 at 100.00 | AA– | 2,003,619
| Tunnels, Series 2021A, 5.000%, 11/15/56 |  |  |
100,910 | Total New York |  |  | 91,552,228
| 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 | 335,810
| Bonds, The Forest at Duke, Inc., Series 2021, 4.000%, 9/01/41 |  |  |
| Ohio – 4.8% (3.7% of Total Investments) |  |  |
2,115 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | BBB+ | 1,677,068
| Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 |  |  |
6,805 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 5,735,662
| 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%, 12/01/33 | 6/30 at 100.00 | AA+ | 424,540
605 | 3.000%, 12/01/34 | 6/30 at 100.00 | AA+ | 518,691
1,000 | Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds, | 6/29 at 100.00 | N/R | 902,360
| Bridge Park D Block Project, Series 2019A-1, 5.000%, 12/01/51 |  |  |
1,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 864,590
| FirstEnergy 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 | 705,382
| University Circle Incorporated 2020 Project, Series 2020, 5.000%, 1/15/50 |  |  |
1,000 | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Fixed | 1/30 at 100.00 | A2 | 663,050
| Interest Rate Series 2020A, 3.000%, 1/15/45 |  |  |
21,000 | Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series | 12/27 at 103.00 | N/R | 16,865,520
| 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 | 966,520
| 2020B, 10.000%, 12/01/27, (AMT), 144A |  |  |
35,760 | Total Ohio |  |  | 29,323,383
| Oklahoma – 0.1% (0.1% of Total Investments) |  |  |
1,000 | Mannford Public Works Authority, Oklahoma, Revenue Bonds, Capital Improvement Series | 1/29 at 100.00 | N/R | 667,330
| 2021, 3.250%, 1/01/51 |  |  |

171

NDMO | Nuveen Dynamic Municipal Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Pennsylvania – 2.3% (1.7% of Total Investments) |  |  |
$ 955 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/31 at 100.00 | N/R | $ 900,727
| 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 | 359,860
| Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 |  |  |
1,000 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of | 10/27 at 100.00 | BB | 872,010
| Science & Technology Project, Series 2017, 5.125%, 10/15/41, 144A |  |  |
2,000 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of | 10/28 at 100.00 | BB | 1,928,460
| Science & Technology Project, Series 2020, 6.250%, 10/15/53, 144A |  |  |
1,315 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | No Opt. Call | N/R | 1,123,431
| KDC 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 | AA | 267,377
940 | 0.000%, 1/01/46 – BAM Insured | No Opt. Call | AA | 236,269
1,025 | 0.000%, 1/01/47 – BAM Insured | No Opt. Call | AA | 241,818
2,500 | Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, | 6/26 at 100.00 | BBB | 2,427,050
| Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/34, (AMT) |  |  |
| Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021B: |  |  |
1,720 | 4.000%, 12/01/40 | 12/31 at 100.00 | A | 1,510,556
1,165 | 4.000%, 12/01/41 | 12/31 at 100.00 | A | 1,008,750
2,475 | 4.000%, 12/01/51 | 12/31 at 100.00 | A3 | 2,021,035
800 | Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue | 6/31 at 100.00 | BB | 551,904
| 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+ | 418,805
| Bonds, Philadelphia Performing Arts: A String Theory Charter School, Series 2020, 5.000%, |  |  |
| 6/15/50, 144A |  |  |
17,890 | Total Pennsylvania |  |  | 13,868,052
| Puerto Rico – 5.3% (4.1% of Total Investments) |  |  |
8,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 3.978%, | 12/22 at 100.00 | D | 6,020,000
| 7/01/40 (4) |  |  |
3,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, | No Opt. Call | N/R | 2,826,030
| 5.250%, 7/01/38 – AMBAC Insured |  |  |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, |  |  |
| Restructured 2018A-1: |  |  |
35,000 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 5,447,050
5,514 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 4,612,682
2,500 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 2,149,950
| Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1: |  |  |
447 | 5.250%, 7/01/23 | No Opt. Call | N/R | 447,456
267 | 0.000%, 7/01/24 | No Opt. Call | N/R | 243,399
891 | 5.375%, 7/01/25 | No Opt. Call | N/R | 891,085
883 | 5.625%, 7/01/27 | No Opt. Call | N/R | 890,166
868 | 5.625%, 7/01/29 | No Opt. Call | N/R | 875,011
844 | 5.750%, 7/01/31 | No Opt. Call | N/R | 850,406
1,029 | 0.000%, 7/01/33 | 7/31 at 89.94 | N/R | 524,758
800 | 4.000%, 7/01/33 | 7/31 at 103.00 | N/R | 678,605
719 | 4.000%, 7/01/35 | 7/31 at 103.00 | N/R | 589,345
1,117 | 4.000%, 7/01/37 | 7/31 at 103.00 | N/R | 891,349
839 | 4.000%, 7/01/41 | 7/31 at 103.00 | N/R | 640,314
873 | 4.000%, 7/01/46 | 7/31 at 103.00 | N/R | 635,672
6,828 | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022, | No Opt. Call | N/R | 3,123,627
| 0.000%, 11/01/43 |  |  |
70,419 | Total Puerto Rico |  |  | 32,336,905

172

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| South Carolina – 0.7% (0.6% of Total Investments) |  |  |
$ 2,500 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 8/26 at 100.00 | N/R (7) | $ 2,630,350
| Custodial Receipts CR-086, 5.000%, 8/15/36, (Pre-refunded 8/15/26), 144A |  |  |
1,000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue | 10/27 at 103.00 | N/R | 865,350
| Bonds, Columbia College, Refunding Series 2020A, 5.625%, 10/01/40 |  |  |
1,000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue | 11/26 at 100.00 | N/R | 747,740
| Bonds, Horse Creek Academy Project, Series 2021A, 5.000%, 11/15/55, 144A |  |  |
250 | South Carolina Jobs-Economic Development Authority, Retirement Community Revenue Notes, | 11/22 at 100.00 | N/R | 253,215
| Kiawah Life Plan Village, Inc. Project, Series 2021A, 8.750%, 7/01/25 |  |  |
4,750 | Total South Carolina |  |  | 4,496,655
| South Dakota – 0.2% (0.2% of Total Investments) |  |  |
1,800 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument | 9/30 at 100.00 | AA– | 1,488,114
| Health, Inc., Series 2020A, 4.000%, 9/01/50 |  |  |
| Texas – 9.8% (7.6% of Total Investments) |  |  |
500 | Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, | 10/31 at 100.00 | N/R | 393,470
| 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 | AA | 424,260
625 | 1.325%, 11/15/27 – AGM Insured | No Opt. Call | AA | 516,825
500 | 1.710%, 11/15/29 – AGM Insured | No Opt. Call | AA | 392,505
755 | Bexar County, Texas, Venue Project Revenue Bonds, Taxable Refunding Combined Venue Tax | 8/31 at 100.00 | AA | 521,222
| Series 2021, 3.031%, 8/15/41 – AGM Insured |  |  |
| Board of Regents of the University of Texas System, Revenue Financing System Bonds, |  |  |
| Series 2022A: |  |  |
1,580 | 4.000%, 8/15/37 | 8/32 at 100.00 | AAA | 1,495,091
1,650 | 4.000%, 8/15/38 | 8/32 at 100.00 | AAA | 1,542,403
2,190 | 4.000%, 8/15/39 | 8/32 at 100.00 | AAA | 2,032,123
1,000 | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series | 7/31 at 100.00 | A– | 825,500
| 2021D, 4.000%, 1/01/44 |  |  |
225 | City of Midlothian, Texas, Westside Preserve Public Improvement District Improvement | No Opt. Call | N/R | 208,697
| Area #1 Project, Special Assessment Revenue Bonds, Series 2022, 4.750%, 9/15/32, 144A |  |  |
5,405 | Community Independent School District, Collin & Hunt Counties, Texas, School Building | 2/31 at 100.00 | AAA | 5,576,933
| Series 2022A, 5.000%, 2/15/52 |  |  |
1,000 | Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement | 9/31 at 100.00 | N/R | 766,070
| District 1, Refunding Series 2021, 3.500%, 9/01/36, 144A |  |  |
1,200 | Hays County, Texas, Special Assessment Revenue Bonds, La Cima Public Improvement | 9/30 at 100.00 | N/R | 895,200
| District Neighbor Improvement Areas 1-2 Project, Series 2020, 4.000%, 9/15/50, 144A |  |  |
| Houston Community College System, Texas, General Obligation Bonds, Taxable Refunding |  |  |
| Limited Tax Series 2021B: |  |  |
750 | 2.209%, 2/15/38 | 2/31 at 100.00 | Aaa | 491,198
750 | 2.259%, 2/15/39 | 2/31 at 100.00 | Aaa | 481,087
1,000 | Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District | 9/30 at 100.00 | N/R | 766,190
| Improvement Area 2 Project, Series 2020, 4.000%, 9/01/46, 144A |  |  |
| Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds, |  |  |
| Refunding Series 2021: |  |  |
1,000 | 4.000%, 11/01/39 – AGM Insured, (AMT) | 11/31 at 100.00 | AA | 864,170
5,260 | 4.000%, 11/01/40 – AGM Insured, (AMT) | 11/31 at 100.00 | A | 4,499,983
| Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA |  |  |
| Transmission Services Corporation Project, Refunding Series 2021: |  |  |
4,540 | 5.000%, 5/15/39 | 5/30 at 100.00 | A+ | 4,705,755
375 | 5.000%, 5/15/41 | 5/30 at 100.00 | A+ | 383,430
500 | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock | 9/31 at 100.00 | N/R | 402,065
| Public Improvement District Improvement Area 1 Project, Series 2021, 4.125%, 9/01/41, 144A |  |  |

173

NDMO | Nuveen Dynamic Municipal Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Texas (continued) |  |  |
$ 625 | McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement | 9/31 at 100.00 | N/R | $ 452,519
| District Improvement Area 3 Project, Series 2021, 3.625%, 9/15/41, 144A |  |  |
5,885 | Melissa Independent School District, Collin County, Texas, General Obligation Bonds, | 8/32 at 100.00 | AAA | 6,131,640
| Series 2022, 5.000%, 2/01/52 |  |  |
4,175 | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue | 8/25 at 103.00 | BB+ | 3,504,996
| Bonds, 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 | 5,310,496
6,465 | 5.500%, 1/01/57 | 1/28 at 103.00 | N/R | 4,793,151
3,500 | Port Beaumont Industrial Development Authority, Texas, Facility Revenue Bonds, Jefferson | 7/23 at 102.05 | N/R | 2,804,515
| Gulf Coast Energy Project, Series 2021B, 4.100%, 1/01/28, 144A |  |  |
6,675 | Rockwall Independent School District, Rockwall, Kaufman, and Collin Counties, Texas, | 2/31 at 100.00 | AAA | 6,918,637
| General Obligation Bonds, School Building Series 2022A, 5.000%, 2/15/47 |  |  |
2,020 | Sachse, Texas, Special Assessment Bonds, Sachse Public Improvement District 1 Major | 9/30 at 100.00 | N/R | 1,815,273
| Improvement Area Project, Series 2020, 5.375%, 9/15/40, 144A |  |  |
| 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 | AA | 319,694
350 | 3.422%, 9/01/50 – AGM Insured | 9/30 at 100.00 | AA | 224,441
68,245 | Total Texas |  |  | 60,459,539
| Utah – 0.3% (0.2% of Total Investments) |  |  |
500 | Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, | 2/26 at 103.00 | N/R | 374,560
| Series 2021A, 4.125%, 2/01/41, 144A |  |  |
985 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High | 1/25 at 102.00 | N/R | 712,894
| School Project, Series 2020A, 5.125%, 7/15/51, 144A |  |  |
| Utah Infrastructure Agency, Telecommunications Revenue Bonds, Series 2021: |  |  |
375 | 4.000%, 10/15/41 | 4/31 at 100.00 | BBB– | 293,528
500 | 3.000%, 10/15/45 | 4/31 at 100.00 | BBB– | 298,710
| 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 | 58,211
95 | 4.000%, 5/01/38 – AGM Insured | 5/31 at 100.00 | AA | 88,280
2,515 | Total Utah |  |  | 1,826,183
| Virgin Islands – 0.5% (0.4% of Total Investments) |  |  |
2,365 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, | No Opt. Call | N/R | 2,382,738
| Series 2022A, 5.000%, 10/01/32 |  |  |
1,000 | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds, WICO | 10/29 at 104.00 | N/R | 925,300
| Financing, Series 2022A, 6.125%, 10/01/42, 144A |  |  |
3,365 | Total Virgin Islands |  |  | 3,308,038
| Virginia – 1.1% (0.9% of Total Investments) |  |  |
| 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 | Aa1 | 584,232
900 | 4.000%, 5/15/38 | 5/31 at 100.00 | Aa1 | 871,695
3,000 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform | 6/27 at 100.00 | BBB | 2,765,730
| 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/49, (AMT) |  |  |
2,000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC | 12/32 at 100.00 | Baa1 | 1,885,200
| Project, Refunding Senior Lien Series 2022, 5.000%, 12/31/57, (AMT) |  |  |
1,000 | Virginia Small Business Financing Authority, Tourism Development Financing Program | 10/30 at 120.40 | N/R | 962,540
| Revenue Bonds, Virginia Beach Oceanfront South Hotel Project, Senior Series 2020A-1, 8.000%, |  |  |
| 10/01/43, 144A |  |  |
7,500 | Total Virginia |  |  | 7,069,397

174

Principal |  | Optional Call |  |
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value
| Washington – 1.2% (1.0% of Total Investments) |  |  |
$ 2,145 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & | 10/24 at 100.00 | A+ | $ 2,105,618
| Services, Series 2014D, 5.000%, 10/01/41 |  |  |
1,915 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Saint Joseph | No Opt. Call | A1 | 1,840,008
| Health, Refunding Series 2021B, 4.000%, 10/01/42, (Mandatory Put 10/01/30) |  |  |
3,500 | Washington State, General Obligation Bonds, Various Purpose Series 2022A-2, | 8/31 at 100.00 | AA+ | 3,715,950
| 5.000%, 8/01/40 |  |  |
7,560 | Total Washington |  |  | 7,661,576
| West Virginia – 0.7% (0.5% of Total Investments) |  |  |
4,000 | West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, | 12/27 at 103.00 | N/R | 3,102,840
| 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 | 965,570
| Bonds, Arch Resources Project, Series 2021, 4.125%, 7/01/45, (AMT), (Mandatory Put 7/01/25) |  |  |
5,000 | Total West Virginia |  |  | 4,068,410
| Wisconsin – 3.4% (2.7% of Total Investments) |  |  |
3,000 | Gillett, Wisconsin, Solid Waste Disposal Revenue Bonds, WI RNG Hub North LLC Renewable | 12/26 at 100.00 | N/R | 2,391,480
| Natural Gas Production Plant Project, Series 2021A, 5.500%, 12/01/32, 144A |  |  |
6,350 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Freedom Classical | 1/28 at 100.00 | N/R | 4,981,702
| Academy Inc., Series 2020A, 5.000%, 1/01/56, 144A |  |  |
200 | Public Finance Authority of Wisconsin, Education Revenue Bonds, Shining Rock Classical | 6/29 at 101.00 | N/R | 174,740
| Academy, Series 2022A, 6.125%, 6/15/57 |  |  |
1,000 | Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore | 6/28 at 100.00 | N/R | 760,090
| Academy, Series 2021A, 5.000%, 6/01/56, 144A |  |  |
1,000 | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy | 8/28 at 100.00 | N/R | 757,680
| Project, Series 2021, 5.000%, 8/01/51, 144A |  |  |
| Public Finance Authority of Wisconsin, Health Care Facilities Revenue Bonds, Appalachian |  |  |
| Regional Healthcare System Obligated Group, Series 2021A: |  |  |
300 | 5.000%, 7/01/35 | 1/31 at 100.00 | BBB | 300,720
190 | 5.000%, 7/01/38 | 1/31 at 100.00 | BBB | 187,167
2,000 | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio | 2/32 at 100.00 | BBB– | 1,641,940
| Hotel Acquisition Project, Senior Lien Series 2022A, 5.000%, 2/01/62 |  |  |
| Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio |  |  |
| Hotel Acquisition Project, Subordinate Lien Series 2022B: |  |  |
1,670 | 5.625%, 2/01/46, 144A | 2/32 at 100.00 | N/R | 1,431,608
2,000 | 6.000%, 2/01/62, 144A | 2/32 at 100.00 | N/R | 1,725,200
5,000 | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American | 12/27 at 100.00 | N/R | 4,103,000
| Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A |  |  |
1,000 | Public Finance Authority of Wisconsin, Pollution Control Revenue Bonds, Duke Energy | No Opt. Call | A | 973,780
| Progress Project, Refunding Series 2022B, 4.000%, 10/01/46, (Mandatory Put 10/01/30) |  |  |
2,000 | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group | 7/31 at 100.00 | N/R | 1,415,600
| Aviation Facilities Project, Series 2021, 4.000%, 7/01/41, (AMT) |  |  |
200 | Public Finance Authority of Wisconsin, Revenue Bonds, Wonderful Foundations Charter | 1/31 at 100.00 | N/R | 140,942
| School WFCS Portfolio Projects, Senior Series 2021A-1, 5.000%, 1/01/56, 144A |  |  |
205 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 10/31 at 100.00 | AA– | 156,800
| Gundersen Health System, Refunding Series 2021A, 3.000%, 10/15/37 |  |  |
26,115 | Total Wisconsin |  |  | 21,142,449
$ 970,810 | Total Municipal Bonds (cost $949,469,058) |  |  | 791,662,001

175

NDMO | Nuveen Dynamic Municipal Opportunities Fund
| Portfolio of Investments (continued)
| October 31, 2022

Principal |  |  |  |  |
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value
| CORPORATE BONDS – 0.4% (0.3% of Total Investments) |  |  |  |
| Electric Utilities – 0.2% (0.1% of Total Investments) |  |  |  |
$ 1,500 | Talen Energy Supply LLC (4) | 6.000% | 12/15/36 | BBB | $ 900,000
| Independent Power and Renewable Electricity Producers – 0.1% (0.1% of Total Investments) |  |  |
2,172 | Talen Energy Corp | 0.000% | 8/31/23 | N/R | 613,624
| Real Estate Management & Development – 0.1% (0.1% of Total Investments) |  |  |  |
761 | Benloch Ranch Improvement Association No 1, 144A | 9.750% | 12/01/39 | N/R | 691,935
$ 4,433 | Total Corporate Bonds (cost $1,535,324) |  |  |  | 2,205,559
| Total Long-Term Investments (cost $951,004,382) |  |  |  | 793,867,560
| Floating Rate Obligations – (1.4)% |  |  |  | (8,405,000)
| MuniFund Preferred Shares, net of deferred offering costs – (39.0)%(8) |  |  |  | (239,692,499)
| Other Assets Less Liabilities – 11.3%(9) |  |  |  | 69,384,003
| Net Assets Applicable to Common Shares – 100% |  |  |  | $ 615,154,064

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 Ultra Bond | (102) | 12/22 | (15,161,702) | (13,020,938) | 2,140,765 | 172,125

(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) |  | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.2%.

(9) |  | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, 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.

See accompanying notes to financial statements.

176

Statement of Assets and Liabilities

October 31, 2022

| NVG | NZF | NMZ | NMCO | NDMO
Assets |  |  |  |  |
Long-term investments, at value (cost $5,008,945,514 |  |  |  |  |
$3,641,285,372, $2,154,363,812, $1,202,794,453 |  |  |  |  |
and $951,004,382, respectively) | $4,568,405,836 | $3,510,034,363 | $1,862,496,005 | $1,079,611,932 | $ 793,867,560
Cash | — | — | 5,480,318 | — | 55,203,981
Cash held in escrow for preferred shares noticed for redemption(1) | 44,500,000 | — | — | — | —
Cash collateral at brokers for investments in futures contracts(2) | — | — | — | — | 730,023
Receivable for: |  |  |  |  |
Dividends | — | 2,859 | — | — | —
Interest | 67,634,833 | 54,000,424 | 42,198,878 | 24,091,588 | 19,001,711
Investments sold | 24,221,850 | 106,973,072 | 19,945,245 | 16,567,299 | 380,000
Variation margin on futures contracts | — | — | — | — | 172,125
Deferred offering costs | 91,707 | — | 273,343 | 216,389 | 282,340
Other assets | 1,881,773 | 897,477 | 134,365 | 104,033 | 29,832
Total assets | 4,706,735,999 | 3,671,908,195 | 1,930,528,154 | 1,120,591,241 | 869,667,572
Liabilities |  |  |  |  |
Cash overdraft | 544,737 | 2,845,247 | — | 3,752,896 | —
Borrowings | — | 40,000,000 | — | 8,200,000 | —
Floating rate obligations | 189,620,000 | 168,959,000 | 442,605,000 | 17,850,000 | 8,405,000
Unrealized depreciation on recourse trusts | — | 2,027,605 | — | 178,372 | —
Payable for: |  |  |  |  |
MuniFund Preferred (“MFP”) Shares noticed for redemption, |  |  |  |  |
at liquidation value | 44,500,000 | — | — | — | —
Dividends | 11,013,411 | 7,966,013 | 5,692,254 | 2,983,912 | 4,103,250
Interest(3) | 1,765,134 | 1,717,635 | 4,326,512 | 313,790 | 1,314,921
Investments purchased – regular settlement | — | 54,220,428 | 17,587,406 | 23,719,349 | —
Investments purchased – when-issued/ |  |  |  |  |
delayed-delivery settlement | 8,878,860 | 2,626,987 | 9,402,867 | 2,917,240 | —
Offering costs | — | — | 14,329 | — | 190,634
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, |  |  |  |  |
net of deferred offering costs (liquidation preference |  |  |  |  |
$—, $—, $357,000,000, $— and $—, respectively) | — | — | 356,453,246 | — | —
MuniFund Preferred (“MFP”) Shares, net of deferred offering |  |  |  |  |
costs (liquidation preference $610,900,000, $641,000,000, |  |  |  |  |
$—, $450,000,000 and $240,000,000, respectively) | 608,669,769 | 640,083,278 | — | 449,018,292 | 239,692,499
Variable Rate Demand Preferred (“VRDP”) Shares, net of |  |  |  |  |
deferred offering costs (liquidation preference $1,236,600,000, |  |  |  |  |
$727,000,000, $—, $— and $—, respectively) | 1,233,766,379 | 722,987,135 | — | — | —
Accrued expenses: |  |  |  |  |
Management fees | 2,450,665 | 1,864,053 | 1,027,536 | 825,796 | 629,918
Trustees fees | 1,096,134 | 751,887 | 129,947 | 25,514 | 21,710
Shelf offering costs | — | — | 35,218 | 74,127 | 9,542
Other | 664,154 | 722,438 | 269,504 | 230,461 | 146,034
Total liabilities | 2,102,969,243 | 1,646,771,706 | 837,543,819 | 510,089,749 | 254,513,508
Commitments and contingencies (as disclosed in Note 8) |  |  |  |  |
Net assets applicable to common shares | $2,603,766,756 | $2,025,136,489 | $1,092,984,335 | $ 610,501,492 | $ 615,154,064
Common shares outstanding | 213,522,363 | 165,390,401 | 109,625,304 | 54,771,474 | 59,465,234
Net asset value (“NAV”) per common share outstanding | $ 12.19 | $ 12.24 | $ 9.97 | $ 11.15 | $ 10.34
Net assets applicable to common shares consist of: |  |  |  |  |
Common shares, $0.01 par value per share | $ 2,135,224 | $ 1,653,904 | $ 1,096,253 | $ 547,715 | $ 594,652
Paid-in surplus | 3,086,790,588 | 2,352,970,164 | 1,443,894,425 | 818,083,840 | 862,219,146
Total distributable earnings (loss) | (485,159,056) | (329,487,579) | (352,006,343) | (208,130,063) | (247,659,734)
Net assets applicable to common shares | $2,603,766,756 | $2,025,136,489 | $1,092,984,335 | $ 610,501,492 | $ 615,154,064
Authorized shares: |  |  |  |  |
Common | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited
Preferred | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited

(1) |  | Consists of cash irrevocably deposited for payment of preferred shares noticed for redemption.

(2) |  | Cash pledged to collateralize the net payment obligations for investments in derivatives.

(3) |  | Excludes accrued interest on reverse repurchase agreements, which is recognized above.

See accompanying notes to financial statements.

177

Statement of Operations

Year Ended October 31, 2022

| NVG | NZF | NMZ | NMCO | NDMO
Investment Income | $ 226,164,867 | $ 157,528,529 | $ 99,980,040 | $ 62,184,193 | $ 46,090,403
Expenses |  |  |  |  |
Management fees | 32,444,157 | 22,304,103 | 13,806,092 | 10,646,582 | 9,833,073
Interest expense and amortization of offering costs | 23,670,462 | 23,986,991 | 12,127,041 | 8,043,224 | 5,909,650
Liquidity fees | 9,527,352 | 1,619,188 | — | 818,738 | —
Remarketing fees | 2,347,455 | 99,362 | — | 101,388 | —
Custodian expenses, net | 376,089 | 299,960 | 139,820 | 97,364 | 100,113
Trustees fees | 145,482 | 99,727 | 49,805 | 33,149 | 32,634
Professional fees | 457,966 | 315,774 | 342,012 | 282,742 | 142,282
Shareholder reporting expenses | 208,751 | 143,235 | 91,158 | 43,270 | 47,022
Shareholder servicing agent fees | 91,502 | 43,355 | 19,738 | 594 | 1,600
Stock exchange listing fees | 64,465 | 42,749 | 78,750 | 16,160 | 49,314
Investor relations expenses | 238,602 | 165,730 | 71,443 | 53,642 | 119,015
Reorganization expenses | — | 492,000 | — | — | —
Other | 213,814 | 114,499 | 63,367 | 62,901 | 41,281
Total expenses | 69,786,097 | 49,726,673 | 26,789,226 | 20,199,754 | 16,275,984
Net investment income (loss) | 156,378,770 | 107,801,856 | 73,190,814 | 41,984,439 | 29,814,419
Realized and Unrealized Gain (Loss) |  |  |  |  |
Net realized gain (loss) from: |  |  |  |  |
Investments | (39,621,634) | (171,362,098) | (59,668,730) | (20,149,038) | (123,084,429)
Futures contracts | — | — | — | — | 35,381,726
Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
Investments | (1,029,776,506) | (552,200,933) | (412,043,906) | (215,318,529) | (201,197,612)
Futures contracts | — | — | — | — | 1,357,728
Net realized and unrealized gain (loss) | (1,069,398,140) | (723,563,031) | (471,712,636) | (235,467,567) | (287,542,587)
Net increase (decrease) in net assets applicable to |  |  |  |  |
common shares from operations | $ (913,019,370) | $(615,761,175) | $(398,521,822) | $(193,483,128) | $(257,728,168)

See accompanying notes to financial statements.

178

Statement of Changes in Net Assets

| NVG |  | NZF
| Year Ended | Year Ended |  | Year Ended | Year Ended
| 10/31/22 | 10/31/21 |  | 10/31/22 | 10/31/21
Operations |  |  |  |  |
Net investment income (loss) | $ 156,378,770 | $ 175,139,255 |  | $ 107,801,856 | $ 111,163,601
Net realized gain (loss) from: |  |  |  |  |
Investments | (39,621,634) | 9,098,222 |  | (171,362,098) | 4,825,339
Futures contracts | — | — |  | — | —
Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
Investments | (1,029,776,506) | 117,264,867 |  | (552,200,933) | 142,011,149
Futures contracts | — | — |  | — | —
Net increase (decrease) in net assets applicable to |  |  |  |  |
common shares from operations | (913,019,370) | 301,502,344 |  | (615,761,175) | 258,000,089
Distributions to Common Shareholders |  |  |  |  |
Dividends | (172,239,856) | (191,489,814) |  | (110,518,441) | (112,570,414)
Return of capital | — | — |  | — | —
Decrease in net assets applicable to common shares from |  |  |  |  |
distributions to common shareholders | (172,239,856) | (191,489,814) |  | (110,518,441) | (112,570,414)
Capital Share Transactions |  |  |  |  |
Common shares: |  |  |  |  |
Proceeds from shelf offering, net of offering costs | — | — |  | — | —
Issued in the Reorganization | — | — |  | 337,312,370 | —
Net proceeds from shares issued to shareholders |  |  |  |  |
due to reinvestment of distributions | 1,689,861 | 968,023 |  | — | 708,579
Net increase (decrease) in net assets applicable to |  |  |  |  |
common shares from capital share transactions | 1,689,861 | 968,023 |  | 337,312,370 | 708,579
Net increase (decrease) in net assets applicable to |  |  |  |  |
common shares | (1,083,569,365) | 110,980,553 |  | (388,967,246) | 146,138,254
Net assets applicable to common shares at the |  |  |  |  |
beginning of period | 3,687,336,121 | 3,576,355,568 |  | 2,414,103,735 | 2,267,965,481
Net assets applicable to common shares at the end |  |  |  |  |
of period | $2,603,766,756 | $3,687,336,121 |  | $2,025,136,489 | $2,414,103,735

See accompanying notes to financial statements.

179

Statement of Changes in Net Assets (continued)

| NMZ |  | NMCO
| Year Ended | Year Ended |  | Year Ended | Year Ended
| 10/31/22 | 10/31/21 |  | 10/31/22 | 10/31/21
Operations |  |  |  |  |
Net investment income (loss) | $ 73,190,814 | $ 65,257,164 |  | $ 41,984,439 | $ 43,871,984
Net realized gain (loss) from: |  |  |  |  |
Investments | (59,668,730) | (3,421,571) |  | (20,149,038) | 3,406,526
Futures contracts | — | — |  | — | —
Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
Investments | (412,043,906) | 110,094,377 |  | (215,318,529) | 133,963,060
Futures contracts | — | — |  | — | —
Net increase (decrease) in net assets applicable to |  |  |  |  |
common shares from operations | (398,521,822) | 171,929,970 |  | (193,483,128) | 181,241,570
Distributions to Common Shareholders |  |  |  |  |
Dividends | (77,261,266) | (67,633,664) |  | (39,698,302) | (39,638,330)
Return of capital | — | — |  | — | —
Decrease in net assets applicable to common shares from |  |  |  |  |
distributions to common shareholders | (77,261,266) | (67,633,664) |  | (39,698,302) | (39,638,330)
Capital Share Transactions |  |  |  |  |
Common shares: |  |  |  |  |
Proceeds from shelf offering, net of offering costs | 162,568,435 | 201,974,141 |  | 19,150,641 | 157,761
Issued in the Reorganization | — | — |  | — | —
Net proceeds from shares issued to shareholders |  |  |  |  |
due to reinvestment of distributions | 1,447,326 | 1,063,415 |  | 260,907 | —
Net increase (decrease) in net assets applicable to |  |  |  |  |
common shares from capital share transactions | 164,015,761 | 203,037,556 |  | 19,411,548 | 157,761
Net increase (decrease) in net assets applicable to |  |  |  |  |
common shares | (311,767,327) | 307,333,862 |  | (213,769,882) | 141,761,001
Net assets applicable to common shares at the |  |  |  |  |
beginning of period | 1,404,751,662 | 1,097,417,800 |  | 824,271,374 | 682,510,373
Net assets applicable to common shares at the end |  |  |  |  |
of period | $1,092,984,335 | $1,404,751,662 |  | $ 610,501,492 | $824,271,374

See accompanying notes to financial statements.

180

| NDMO
| Year Ended | Year Ended
| 10/31/22 | 10/31/21
Operations |  |
Net investment income (loss) | $ 29,814,419 | $ 27,319,402
Net realized gain (loss) from: |  |
Investments | (123,084,429) | 21,029,408
Futures contracts | 35,381,726 | (4,150,212)
Change in net unrealized appreciation (depreciation) of: |  |
Investments | (201,197,612) | 45,354,449
Futures contracts | 1,357,728 | 783,037
Net increase (decrease) in net assets applicable to |  |
common shares from operations | (257,728,168) | 90,336,084
Distributions to Common Shareholders |  |
Dividends | (29,662,852) | (46,057,401)
Return of capital | (24,771,804) | (6,322,022)
Decrease in net assets applicable to common shares from |  |
distributions to common shareholders | (54,434,656) | (52,379,423)
Capital Share Transactions |  |
Common shares: |  |
Proceeds from shelf offering, net of offering costs | 12,647,921 | 23,101,155
Issued in the Reorganization | — | —
Net proceeds from shares issued to shareholders |  |
due to reinvestment of distributions | 1,121,470 | 5,699,569
Net increase (decrease) in net assets applicable to |  |
common shares from capital share transactions | 13,769,391 | 28,800,724
Net increase (decrease) in net assets applicable to |  |
common shares | (298,393,433) | 66,757,385
Net assets applicable to common shares at the |  |
beginning of period | 913,547,497 | 846,790,112
Net assets applicable to common shares at the end |  |
of period | $ 615,154,064 | $913,547,497

See accompanying notes to financial statements.

181

Statement of Cash Flows

Year Ended October 31, 2022

| NVG | NZF | NMZ | NMCO | NDMO
Cash Flows from Operating Activities: |  |  |  |  |
Net Increase (Decrease) in Net Assets Applicable to |  |  |  |  |
Common Shares from Operations | $(913,019,370) | $ (615,761,175) | $(398,521,822) | $(193,483,128) | $(257,728,168)
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 | (1,003,124,413) | (2,250,895,362) | (849,221,835) | (394,973,539) | (714,020,049)
Proceeds from sales and maturities of investments | 1,118,187,733 | 2,225,634,335 | 632,913,431 | 362,518,339 | 950,788,214
Proceeds from (Purchases of) short-term investments, net | — | — | — | 798,107 | —
Taxes paid | (40,132) | — | (9,682) | (56,271) | —
Amortization (Accretion) of premiums and discounts, net | (9,563,176) | (11,336,929) | (2,893,500) | (5,465,480) | 4,532,580
Amortization of deferred offering costs | 635,545 | 266,621 | 57,975 | 110,052 | 12,499
(Increase) Decrease in: |  |  |  |  |
Receivable for dividends and interest | 4,220,729 | (3,321,902) | (6,508,651) | (2,315,450) | (1,058,407)
Receivable for investments sold | 6,725,712 | (50,999,151) | (18,136,904) | (16,137,299) | 6,401,711
Receivable for variation margin on futures contracts | — | — | — | — | (150,000)
Other assets | 349,744 | 151,981 | 6,065 | (12,960) | (13,086)
Increase (Decrease) in: |  |  |  |  |
Unrealized depreciation on recourse trusts | — | 2,027,605 | — | 178,372 | —
Payable for interest | 1,385,853 | 1,681,149 | 3,388,012 | 245,958 | 898,840
Payable for investments purchased – regular settlement | (36,930) | 53,170,428 | 11,695,106 | 23,719,349 | (6,903,555)
Payable for investments purchased – when issued/ |  |  |  |  |
delayed-delivery settlement | (15,050,180) | (1,533,142) | (5,541,553) | 2,917,240 | (24,677,205)
Payable for offering costs | — | — | 14,329 | — | 190,634
Payable for variation margin on futures contracts | — | — | — | — | (315,438)
Accrued management fees | (489,814) | (66,255) | (178,683) | (134,933) | (314,384)
Accrued interest | — | — | — | — | (9,557)
Accrued Trustees fees | (249,209) | (133,131) | (19,405) | 1,621 | (15,769)
Accrued other expenses | (186,693) | (142,452) | (33,788) | (13,596) | (192,530)
Net realized (gain) loss from: |  |  |  |  |
Investments | 39,621,634 | 171,362,098 | 59,668,730 | 20,149,038 | 123,084,429
Paydowns | 1,984,054 | 1,348,880 | 27,683 | (196,375) | 1,983
Change in net unrealized (appreciation) depreciation |  |  |  |  |
of investments | 1,029,776,506 | 552,176,714 | 412,043,906 | 215,318,529 | 201,197,612
Net cash provided by (used in) operating activities | 261,127,593 | 73,630,312 | (161,250,586) | 13,167,574 | 281,710,354

See accompanying notes to financial statements.

182

| NVG | NZF | NMZ | NMCO | NDMO
Cash Flows from Financing Activities: |  |  |  |  |
Proceeds from borrowings | $ 22,000,000 | $ 275,509,047 | $ 76,094,238 | $ 88,042,546 | $ —
(Repayments of) borrowings | (22,000,000) | (235,509,047) | (76,094,238) | (79,842,546) | (191,900,000)
Proceeds from reverse repurchase agreements | — | — | 74,310,000 | — | —
(Repayments of) reverse repurchase agreements | — | — | (74,310,000) | — | (44,800,000)
Proceeds from AMTP Shares issued, at liquidation preference | — | — | 100,000,000 | — | —
(Repayments of) AMTP Shares issued, at liquidation preference | (112,000,000) | — | — | — | —
Proceeds from MFP Shares issued, at liquidation preference | 250,000,000 | — | — | — | 240,000,000
(Repayments of) VRDP Shares issued, at liquidation preference | (175,000,000) | — | — | — | —
(Payments for) deferred offering costs | (880,000) | — | (175,000) | — | (320,000)
Proceeds from shelf offering, net of offering costs | (91,707) | — | 162,499,079 | 19,154,248 | 12,605,581
Increase (Decrease) in: |  |  |  |  |
Cash overdraft | (7,688,599) | (1,953,139) | (4,909,984) | 3,752,896 | —
Accrued shelf offering costs | — | — | 13,465 | (54,197) | (131,220)
Proceeds from floating rate obligations | 2,220,000 | — | — | — | —
(Repayments of) floating rate obligations | — | (4,655,000) | (14,438,000) | (7,972,000) | (196,185,000)
Cash distribution paid to common shareholders | (173,187,287) | (111,459,448) | (76,258,656) | (39,636,069) | (53,166,187)
Net cash provided by (used in) financing activities | (216,627,593) | (78,067,587) | 166,730,904 | (16,555,122) | (233,896,826)
Net Increase (Decrease) in cash, cash held in escrow for |  |  |  |  |
preferred shares noticed for redemption and cash |  |  |  |  |
collateral at brokers | 44,500,000 | (4,437,275) | 5,480,318 | (3,387,548) | 47,813,528
Cash, cash held in escrow for preferred shares noticed for |  |  |  |  |
redemption and cash collateral at brokers at the beginning |  |  |  |  |
of period | — | — | — | 3,387,548 | 8,120,476
Cash acquired in connection with the Reorganizations | — | 4,437,275 | — | — | —
Cash, cash held in escrow for preferred shares noticed |  |  |  |  |
for redemption and cash collateral at brokers at the |  |  |  |  |
end of period | $ 44,500,000 | $ — | $ 5,480,318 | $ — | $ 55,934,004

The following table provides a reconciliation of cash, cash held in escrow for preferred shares noticed for redemption and cash collateral at brokers to the statement of assets and liabilities:

| NVG | NZF | NMZ | NMCO | NDMO
Cash | $ — | $ — | $ 5,480,318 | $ — | $ 55,203,981
Cash held in escrow for preferred shares noticed for redemption | 44,500,000 | — | — | — | —
Cash collateral at brokers for investments in futures contracts | — | — | — | — | 730,023
Total cash, cash held in escrow for preferred shares noticed for |  |  |  |  |
redemption and cash collateral at brokers | $ 44,500,000 | $ — | $ 5,480,318 | $ — | $ 55,934,004
Supplemental Disclosure of Cash Flow Information |  |  |  |  |
Cash paid for interest on borrowings (excluding borrowing |  |  |  |  |
and amortization of offering costs) | $ 21,356,794 | $ 21,864,680 | $ 8,585,069 | $ 7,570,466 | $ 4,870,640
Non-cash financing activities not included herein consists |  |  |  |  |
of reinvestments of common share distributions | 1,689,861 | — | 1,447,326 | 260,907 | 1,121,470

183

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: |  |  |  |  |  |  |  |  |
2022 | $17.28 | $0.73 | $(5.01) | $(4.28) | $(0.78) | $(0.03) | $(0.81) | $12.19 | $11.03
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
NZF |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |
2022 | 16.98 | 0.71 | (4.72) | (4.01) | (0.73) | — | (0.73) | 12.24 | 10.83
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

(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.

184

|  |  | 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)
(25.56)% | (32.54)% | $2,603,767 | 2.16% | 4.83% | 19%
8.54 | 16.65 | 3,687,336 | 1.52 | 4.70 | 12
2.53 | 0.06 | 3,576,356 | 1.98 | 4.89 | 15
16.52 | 29.47 | 3,476,962 | 2.49 | 4.82 | 6
(0.50) | (6.49) | 3,134,970 | 2.40 | 5.02 | 15
(24.20) | (31.77) | 2,025,136 | 2.20 | 4.78 | 61
11.45 | 19.05 | 2,414,104 | 1.61 | 4.60 | 15
0.58 | (3.34) | 2,267,965 | 2.04 | 4.95 | 21
15.90 | 27.08 | 2,364,022 | 2.60 | 4.68 | 12
(0.85) | (6.21) | 2,141,680 | 2.43 | 5.17 | 25

(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:

| Ratios of Interest Expense to |  |  | Ratios of Interest Expense to
| Average Net Assets Applicable |  |  | Average Net Assets Applicable
NVG | to Common Shares |  | NZF | to Common Shares
Year Ended 10/31: |  |  | Year Ended 10/31: |
2022 | 1.10% |  | 2022 | 1.14%
2021 | 0.52 |  | 2021 | 0.62
2020 | 0.97 |  | 2020 | 1.01
2019 | 1.47 |  | 2019 | 1.55
2018 | 1.37 |  | 2018 | 1.38

(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.

See accompanying notes to financial statements.

185

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: |  |  |  |  |  |  |  |  |  |  |  |  |
2022 | $14.53 | $0.70 | $(4.53) | $(3.83) |  | $(0.75) | $ — | $(0.75) |  | $0.02 | $ —* | $9.97 | $9.85
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
NMCO |  |  |  |  |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |  |  |  |  |
2022 | 15.47 | 0.78 | (4.36) | (3.58) |  | (0.74) | — | (0.74) |  | —* | —* | 11.15 | 10.39
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.

186

|  |  | 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)
(27.13)% | (28.88)% | $1,092,984 | 2.05% | 5.61% | 30%
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
(23.88) | (26.91) | 610,501 | 2.74 | 5.69 | 30
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 reverse repurchase agreements (as described in Note 9 – Borrowing Arrangements), where applicable, 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:

| Ratios of Interest Expense to |  |  | Ratios of Interest Expense to
| Average Net Assets Applicable |  |  | Average Net Assets Applicable
NMZ | to Common Shares |  | NMCO | to Common Shares
Year Ended 10/31: |  |  | Year Ended 10/31: |
2022 | 0.93% |  | 2022 | 1.21%
2021 | 0.36 |  | 2021 | 0.72
2020 | 0.66 |  | 2020 | 1.00
2019 | 1.16 |  | 2019(d) | 0.05**
2018 | 0.91 |  |  |

(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.

* |  | Value rounded to zero.

** |  | Annualized.

See accompanying notes to financial statements.

187

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: |  |  |  |  |  |  |  |  |  |  |  |  |  |
2022 | $15.60 | $0.51 | $(4.85) | $(4.34) |  | $(0.50) | $ — | $(0.42) | $(0.92) |  | $ —* | $ —* | $10.34 | $ 9.43
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.

188

|  |  |  | 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)
(28.77)% | (35.09)% |  | 615,154 | 2.07% | 3.78% | 61%
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), where applicable, 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:

| Ratios of Interest Expense to
| Average Net Assets Applicable
NDMO | to Common Shares
Year Ended 10/31: |
2022 | 0.75%
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.

* |  | Value rounded to zero.

** |  | Annualized.

See accompanying notes to financial statements.

189

Financial Highlights (continued)

The following table sets forth information regarding each Fund’s outstanding senior securities as of the end of each of the Fund’s last five fiscal periods, as applicable.

|  |  |  |  |  |  |  |  |  | AMTP, MFP,
|  |  |  |  |  |  |  |  |  | and /or
| AMTP Shares |  | MFP Shares |  | VRDP Shares |  | VRDP Shares
|  |  |  |  |  |  |  |  |  | Asset
| Aggregate | Asset |  | Aggregate | Asset |  | Aggregate | Asset |  | Coverage
| Amount | Coverage |  | Amount | Coverage |  | Amount | Coverage |  | Per $1
| Outstanding | Per $100,000 |  | Outstanding | Per $100,000 |  | Outstanding | Per $100,000 |  | Liquidation
| (000)(a) | Share(b)(d) |  | (000)(a) | Share(b) |  | (000)(a) | Share(b) |  | Preference
NVG |  |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |  |
2022 | $ — | $ — |  | $610,900 | $240,935 |  | $1,236,600 | $240,935 |  | $2.41
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
NZF |  |  |  |  |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |  |  |  |  |
2022 | — | — |  | 641,000 | 243,831 |  | 727,000 | 243,831 |  | 2.44
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

(a) |  | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year and does not include any preferred shares noticed for redemption as noted on the Statement of Assets and Liabilities, where applicable.

(b) |  | Asset Coverage Per $100,000: Asset coverage per $100,000 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 (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000.

(c) |  | Asset Coverage Per $1,000: Asset coverage per $1,000 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 (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000.

(d) |  | NVG’s Series B and Series C 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 and Series C MFP Shares were as follows:

| Asset
| Coverage
| Per $1,000
NVG | Share(c)
Series B |
Year Ended 10/31: |
2022 | $2,409
2021 | 2,912
2020 | 2,854
2019 | 2,914
2018 | —
Series C |
Year Ended 10/31: |
2022 | $2,409
2021 | —
2020 | —
2019 | —
2018 | —

See accompanying notes to financial statements.

190

| Borrowings | AMTP Shares | MFP Shares
| Aggregate | Asset | Aggregate | Asset | Aggregate | Asset
| Amount | Coverage | Amount | Coverage | Amount | Coverage
| Outstanding | Per $1,000 | Outstanding | Per $100,000 | Outstanding | Per $100,000
| (000)(a) | Share(c) | (000)(a) | Share(b) | (000)(a) | Share(b)
NMZ |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |
2022 | $ — | $ — | $357,000 | $ 406,158 | $ — | $ —
2021 | — | — | 257,000 | 646,596 | — | —
2020 | — | — | 87,000 | 1,361,400 | — | —
2019 | — | — | 87,000 | 1,213,872 | — | —
2018 | — | — | 87,000 | 1,040,734 | — | —
NMCO |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |
2022 | — | — | — | — | 450,000 | 237,489
2021 | — | — | — | — | 450,000 | 283,171
2020 | — | — | — | — | 450,000 | 251,669
2019(e) | — | — | — | — | — | —
NDMO |  |  |  |  |  |
Year Ended 10/31: |  |  |  |  |  |
2022 | — | — | — | — | 240,000 | 356,314
2021 | 191,900 | 5,761 | — | — | — | —
2020(f) | — | — | — | — | — | —

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

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

See accompanying notes to financial statements.

191

Notes to
Financial Statements

1. General Information
Fund Information

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

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

• Nuveen Municipal Credit Income Fund (NZF)

• Nuveen Municipal High Income Opportunity Fund (NMZ)

• Nuveen Municipal Credit Opportunities Fund (NMCO)

• Nuveen Dynamic Municipal Opportunities Fund (NDMO)

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

Current Fiscal Period

The end of the reporting period for the Funds is October 31, 2022, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 2022 (the “current fiscal period”).

Investment Adviser and Sub-Adviser

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

Fund Reorganizations

Effective prior to the opening of business on June 6, 2022, Nuveen Enhanced Municipal Value Fund (NEV) (the “Target Fund”) was reorganized into NZF (the “Acquiring Fund”), (the “Reorganization”). The Reorganization was intended to create one larger fund with lower operating expenses and increased trading volume on the exchange for common shares. Refer to Note 11 for further details on the Reorganization.

For accounting and performance reporting purposes, the Acquiring Fund is the survivor.

Upon the closing of the Reorganization, the Target Fund transferred its assets to the Acquiring Fund in exchange for common shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Target Fund. The Target Fund was then liquidated, dissolved and terminated in accordance with its Declaration of Trust. Shareholders of the Target Fund became shareholders of the Acquiring Fund. Holders of common shares of the Target Fund received newly issued common shares of the Acquiring Fund, the aggregate net asset value (“NAV”) of which was equal to the aggregate NAV of the common shares of the Target Fund held immediately prior to the Reorganization (including for this purpose fractional Acquiring Fund shares to which shareholders were entitled).

After October 31, 2022, each Fund’s Board of Trustees (the “Board”) approved the merger of Nuveen Ohio Quality Municipal Income Fund (NUO) and Nuveen Georgia Quality Municipal Income Fund (NKG) (each a “Target Fund”) into NZF. The mergers are intended to create a larger fund with lower operating expenses, enhanced earnings potential, and increased trading volume on the exchange for common shares. In order for a merger to occur, it must be approved by shareholders of the respective Target Funds.

Developments Regarding the Funds’ Control Share By-Law

On October 5, 2020, the Funds and certain other closed-end funds in the Nuveen fund complex amended their by-laws. Among other things, the amended by-laws included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”). On January 14, 2021, a shareholder of certain Nuveen closed-end funds filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against certain Nuveen funds and their trustees, seeking a

192

declaration that such funds’ Control Share By-Laws violate the 1940 Act, rescission of such fund’s Control Share By-Laws and a permanent injunction against such funds applying the Control Share By-Laws. On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share By-Laws and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share By-Laws violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board amended the Funds’ bylaws to provide that the Funds’ Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Funds’ Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.

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 or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. 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.

Custodian Fee Credit

As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the “Custodian”) whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of “Custodian expenses, net.” During the current reporting period, the custodian fee credit earned by each Fund was as follows:

| NVG | NZF | NMZ | NMCO | NDMO
Custodian Fee Credit | $10,588 | $5,804 | $43,442 | $16,877 | $15,106

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.

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.

193

Notes to Financial Statements (continued)

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.

New Rules to Modernize Fund Valuation Framework Take Effect

A new rule adopted by the Securities and Exchange Commission (the “SEC”) governing fund valuation practices, Rule 2a-5 under the 1940 Act, has established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits 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. Separately, new SEC Rule 31a-4 under the 1940 Act sets forth the recordkeeping requirements associated with fair value determinations. The Funds adopted a valuation policy conforming to the new rules, effective September 1, 2022, and there was no material impact to the Funds.

FASB issues ASU 2022-03 -- Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”)

In June 2022, the FASB issued ASU 2022-03 to clarify the guidance in Topic 820, Fair Value Measurement (“Topic 820”). The amendments in ASU 2022-03 affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 (1) clarifies the guidance in Topic 820, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) amends a related illustrative example, and (3) introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. For public business entities, the amendments in ASU 2022-03 are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. Management is currently assessing the impact of these provisions on the Funds’ financial statements.

194

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 Adviser, subject to oversight of 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 pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish 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, pricing services 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 or market price 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 last reported sales price or official closing price 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 reported sales price or official closing price on the principal exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, 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.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is 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; 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* | $ — | $4,509,396,749 | $196,331*** | $4,509,593,080
Common Stocks** | — | 54,408,979 | — | 54,408,979
Corporate Bonds** | — | 4,403,777 | — | 4,403,777
Total | $ — | $4,568,209,505 | $196,331 | $4,568,405,836

195

Notes to Financial Statements (continued)

NZF | Level 1 | Level 2 | Level 3 | Total
Long-Term Investments: |  |  |  |
Municipal Bonds* | $ — | $3,391,865,616 | $55,131*** | $3,391,920,747
Common Stocks** | — | 116,481,142 | — | 116,481,142
Investment Companies | 1,266,739 | — | — | 1,266,739
Variable Rate Senior Loan Interests | — | 365,735 | — | 365,735
Total | $1,266,739 | $3,508,712,493 | $55,131 | $3,510,034,363

NMZ | Level 1 | Level 2 | Level 3 | Total
Long-Term Investments: |  |  |  |
Municipal Bonds* | $ — | $1,795,851,648 | $2,568,954*** | $1,798,420,602
Common Stocks** | 3,226,149 | 60,403,711 | — | 63,629,860
Corporate Bonds** | — | 259,707 | 128,102*** | 387,809
Variable Rate Senior Loan Interests | — | 57,734 | — | 57,734
Total | $3,226,149 | $1,856,572,800 | $2,697,056 | $1,862,496,005

NMCO | Level 1 | Level 2 | Level 3 | Total
Long-Term Investments: |  |  |  |
Municipal Bonds* | $ — | $1,005,403,035 | $274,007*** | $1,005,677,042
Common Stocks** | — | 69,115,641 | — | 69,115,641
Corporate Bonds** | — | 3,252,209 | — | 3,252,209
Exchange-Traded Funds | 1,567,040 | — | — | 1,567,040
Total | $1,567,040 | $1,077,770,885 | $274,007 | $1,079,611,932

NDMO | Level 1 | Level 2 | Level 3 | Total
Long-Term Investments: |  |  |  |
Municipal Bonds* | $ — | $791,662,001 | $ — | $791,662,001
Corporate Bonds** | — | 2,205,559 | — | 2,205,559
Investments in Derivatives: |  |  |  |
Futures Contracts**** | 2,140,765 | — | — | 2,140,765
Total | $2,140,765 | $793,867,560 | $ — | $796,008,325

* |  | 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.

**** |  | 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

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Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

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

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

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

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

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

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

Floating Rate Obligations Outstanding | NVG | NZF | NMZ | NMCO | NDMO
Floating rate obligations: self-deposited Inverse Floaters | $189,620,000 | $168,959,000 | $442,605,000 | $17,850,000 | $8,405,000
Floating rate obligations: externally-deposited Inverse Floaters | 28,330,000 | 16,175,000 | 17,610,000 | — | —
Total | $217,950,000 | $185,134,000 | $460,215,000 | $17,850,000 | $8,405,000

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

Self-Deposited Inverse Floaters | NVG | NZF | NMZ | NMCO | NDMO
Average floating rate obligations outstanding | $191,956,452 | $78,529,929 | $459,770,058 | $28,837,115 | $169,110,452
Average annual interest rate and fees | 1.33% | 1.81% | 1.35% | 1.46% | 1.17%

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

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Notes to Financial Statements (continued)

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, NMZ had outstanding borrowings under such liquidity facilities in the amount of $4,320,941, 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 the other Funds as of the end of the reporting period.

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

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

Floating Rate Obligations - Recourse Trusts | NVG | NZF | NMZ | NMCO | NDMO
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | $187,090,000 | $162,044,000 | $442,605,000 | $17,850,000 | $8,405,000
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | 20,170,000 | 16,175,000 | 17,610,000 | — | —
Total | $207,260,000 | $178,219,000 | $460,215,000 | $17,850,000 | $8,405,000

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 | $1,002,397,197 | $2,250,895,362 | $849,221,835 | $394,973,539 | $714,020,049
Sales and maturities | 1,117,460,517 | 2,225,634,335 | 632,913,431 | 362,518,339 | 950,788,214

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

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in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.

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

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

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

| NDMO
Average notional amount of futures contracts outstanding* | $208,221,878

* 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 | $2,140,765 | — |  | $ —
|  | 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 | $35,381,726 | $1,357,728

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.

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Notes to Financial Statements (continued)

5. Fund Shares
Common Shares

Common Shares Equity Shelf Programs and Offering Costs

NVG, 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.

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.

Maximum aggregate offering, 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:

| NVG |  | NMZ |  | NMCO |  | NDMO
| Year |  | Year | Year |  | Year | Year |  | Year | Year
| Ended |  | Ended | Ended |  | Ended | Ended |  | Ended | Ended
| 10/31/22* |  | 10/31/22 | 10/31/21** |  | 10/31/22 | 10/31/21*** |  | 10/31/22 | 10/31/21****
Maximum aggregate offering | Unlimited |  | Unlimited | Unlimited |  | 90,000,000 | 90,000,000 |  | 250,000,000 | 250,000,000
Common shares sold | — |  | 12,811,555 | 13,616,818 |  | 1,467,274 | 10,000 |  | 827,780 | 1,449,334
Offering proceeds, net of offering costs | $ — |  | $162,568,435 | $201,974,141 |  | $19,150,641 | $157,761 |  | $12,647,921 | $23,101,155

* For the period November 21, 2021 through October 31, 2022.

** 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 after the effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of “Other expenses” on the Statement of Operations.

Common Share Transactions

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

|  | NVG |  |  | NZF |  | NMZ
| Year | Year |  | Year | Year |  | Year | Year
| Ended | Ended |  | Ended | Ended |  | Ended | Ended
| 10/31/22 | 10/31/21 |  | 10/31/22 | 10/31/21 |  | 10/31/22 | 10/31/21
Common shares: |  |  |  |  |  |  |  |
Issued to shareholders due to reinvestment of distributions | 97,083 | 54,736 |  | — | 40,713 |  | 113,611 | 73,944
Sold through shelf offering | — | — |  | — | — |  | 12,811,555 | 13,616,818
Issued in the Reorganization | — | — |  | 23,223,782 | — |  | — | —
Weighted average common share: |  |  |  |  |  |  |  |
Premium to NAV per shelf offering share sold | — | — |  | — | — |  | 1.52% | 2.75%

|  |  |  | NMCO |  | NDMO
|  |  |  | Year | Year |  | Year | Year
|  |  |  | Ended | Ended |  | Ended | Ended
|  |  |  | 10/31/22 | 10/31/21 |  | 10/31/22 | 10/31/21
Common shares: |  |  |  |  |  |  |  |
Issued to shareholders due to reinvestment of distributions |  |  |  | 18,120 | — |  | 72,033 | 359,420
Sold through shelf offering |  |  |  | 1,467,274 | 10,000 |  | 827,780 | 1,449,334
Weighted average common share: |  |  |  |  |  |  |  |
Premium to NAV per shelf offering share sold |  |  |  | 1.24% | 1.09% |  | 1.28% | 1.58%

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Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares

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

As of the end of the reporting period, NMZ had $356,453,246 AMTP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of Fund’s AMTP Shares outstanding as of the end of the reporting period, were as follows:

|  | Shares | Liquidation
Fund | Series | Outstanding | Preference
NMZ | 2028 | 870 | $87,000,000
| 2031 | 1,700 | $170,000,000
| 2032 | 1,000 | $100,000,000

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

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

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

| Notice |  | Term | Premium
Fund | Period | Series | Redemption Date | Expiration Date
NMZ | 360-day | 2028 | March 1, 2028* | August 31, 2018
| 360-day | 2031 | April 1, 2031* | April 17, 2023
| 360-day | 2032 | June 1, 2032* | June 8, 2023

* 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 | $296,726,027
Annualized dividend rate | 1.73% | 1.80%

** For the period November 1, 2022 through October 3, 2022 (redemption date of shares).

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

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

NMZ incurred offering costs of $175,000 in connection with its offering of Series 2032 AMTP Shares, which were recorded as deferred charges and are 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.

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Notes to Financial Statements (continued)

MuniFund Preferred Shares

NVG, NZF, NMCO and NDMO have issued and have outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 ($1,000 for NVG’s Series B and Series C) 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.

NVG incurred offering costs of $880,000 in connection with its offering of Series C MFP Shares and NDMO incurred offering costs of $320,000 in connection with its offerings of Series A MFP Shares, which 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.

202

As of the end of the reporting period, NVG, NZF, NMCO and NDMO had $608,669,769, $640,083,278, $449,018,292 and $239,692,499 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 | 1,609 | $160,900,000 | January 3, 2028 | VRM | January 3, 2028*
| B | 200,000 | $200,000,000 | March 1, 2029 | VRRM | March 1, 2029
| C | 250,000 | $250,000,000 | December 1, 2031 | VRRM | December 1, 2031
NZF | A | 1,500 | $150,000,000 | May 1, 2047 | VRM | May 3, 2023
| B | 1,550 | $155,000,000 | February 3, 2048 | VRM | February 3, 2048*
| C | 3,360 | $336,000,000 | June 1, 2048 | VRM | September 1, 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 1, 2024
| C | 1,250 | $125,000,000 | October 1, 2031 | VRM | May 16, 2024
NDMO | A | 2,400 | $240,000,000 | September 1, 2032 | VRM | September 1, 2032

* 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 | NDMO*
Average liquidation preference of MFP Shares outstanding | $632,994,521 | $641,000,000 | $450,000,000 | $240,000,000
Annualized dividend rate | 1.29% | 1.78% | 1.64% | 2.45%

* For the period June 8, 2022 (first issuance of shares) through October 31, 2022.

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 $1,233,766,379 and $722,987,135 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 | 2,954 | 0.10 | $295,400,000 | December 1, 2040
| 4 | 1,800 | 0.10 | $180,000,000 | June 1, 2046
| 5 | 2,955 | 0.10 | $295,500,000 | December 1, 2040
| 6 | 2,867 | 0.10 | $286,700,000 | 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

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Notes to Financial Statements (continued)

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.

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 | $1,258,654,795 | $727,000,000
Annualized dividend rate | 0.81% | 1.47%

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, 2022
NVG | Series | Shares | Amount
AMTP Shares redeemed | 2028 | (1,120) | $(112,000,000)
NMZ |  |  |
AMTP Shares issued | 2032 | 1,000 | $ 100,000,000
| Year Ended
| October 31, 2021
NMZ | Series | Shares | Amount
AMTP Shares issued | 2031 | 1,700 | $170,000,000

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

| Year Ended
| October 31, 2022
NVG | Series | Shares | Amount
MFP Shares issued | C | 250,000 | $250,000,000
MFP Shares noticed for redemption* | A | 445 | (44,500,000)

* Cash irrevocably deposited for payment of preferred shares noticed for redemption included in “Cash held in escrow for preferred shares noticed for redemption”, on the Statement of Assets and Liabilities.

| Year Ended
| October 31, 2022
NDMO | Series | Shares | Amount
MFP Shares issued | A | 2,400 | $240,000,000

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

| Year Ended
| October 31, 2022
NVG | Series | Shares | Amount
VRDP Shares redeemed | 2 | (900) | $ (90,000,000)
| 5 | (450) | (45,000,000)
| 6 | (400) | (40,000,000)
Total |  | (1,750) | (175,000,000)

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 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.

Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of NVG, the AMT applicable to individuals 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.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to distressed PIK bond adjustments, distribution reallocations, investments in partnerships, nondeductible offering costs , nondeductible reorganization expenses, paydowns, reorganization adjustments, taxable market discount, and taxes paid. Temporary and permanent differences have no impact on a Fund’s net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:

|  | Gross | Gross | Net Unrealized
|  | Unrealized | Unrealized | Appreciation
Fund | Tax Cost | Appreciation | (Depreciation) | (Depreciation)
NVG | $4,816,380,806 | $123,847,107 | $(561,439,810) | $(437,592,703)
NZF | 3,474,703,370 | 133,118,105 | (266,744,455) | (133,626,350)
NMZ | 1,707,239,329 | 53,029,898 | (340,376,297) | (287,346,399)
NMCO | 1,183,210,233 | 53,108,755 | (174,571,293) | (121,462,538)
NDMO | 944,547,489 | 1,157,157 | (158,101,298) | (156,944,141)

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis was as follows:

| Undistributed |  | Undistributed |  | Undistributed | Unrealized |  |  | Other |
| Tax-Exempt | Ordinary | Long-Term | Appreciation | Capital Loss | Late-Year Loss | Book-to-Tax |
Fund | Income1 | Income | Capital Gains | (Depreciation) | Carryforwards | Deferrals | Differences | Total
NVG | $3,059,114 | $ 640,469 | $ — | $(437,592,703) | $ (39,628,967) | $ — | $(11,636,969) | $(485,159,056)
NZF | 2,960,932 | 58,907 | — | (133,626,350) | (190,528,853) | — | (8,352,215) | (329,487,579)
NMZ | 1,785,519 | 2,682,585 | — | (287,346,399) | (63,280,785) | — | (5,847,263) | (352,006,343)
NMCO | 5,868,676 | 768,493 | — | (121,462,539) | (89,959,088) | — | (3,167,233) | (207,951,691)
NDMO | — | 78,306 | — | (156,944,140) | (86,230,737) | — | (4,563,162) | (247,659,733)

1 |  | Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 3, 2022 and paid on November 1, 2022.

205

Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

|  | 10/31/22 |  |  |  | 10/31/21 |
| Tax-Exempt | Ordinary | Long-Term | Return of |  | Tax-Exempt | Ordinary | Long-Term | Return of
Fund | Income1 | Income | Capital Gains | Capital |  | Income | Income | Capital Gains | Capital
NVG | $165,132,471 | $ 562,238 | $6,545,147 | $ — |  | $170,492,494 | $ 2,348,734 | $18,648,586 | $ —
NZF | 110,510,171 | 8,270 | — | — |  | 111,824,028 | 746,386 | — | —
NMZ | 75,631,470 | 1,629,796 | — | — |  | 65,326,962 | 2,306,702 | — | —
NMCO | 39,069,521 | 628,781 | — | — |  | 38,177,868 | 1,460,462 | — | —
NDMO | 27,535,309 | 2,127,543 | — | 24,771,804 |  | 27,169,424 | 18,887,977 | — | 6,322,022

1 |  | Each Fund designates these amounts paid during the period as Exempt Interest Dividends.

As of year end, the Funds had capital loss carryforwards, which will not expire:

Fund | Short-Term | Long-Term | Total
NVG1 | $ 12,873,835 | $26,755,132 | $ 39,628,967
NZF1 | 117,615,845 | 72,913,008 | 190,528,853
NMZ | 29,362,558 | 33,918,227 | 63,280,785
NMCO | 72,786,146 | 17,172,942 | 89,959,088
NDMO | 46,082,932 | 40,147,805 | 86,230,737

1 |  | A portion of NVG’s and NZF’s capital loss carryforwards is subject to limitation under the Internal Revenue Code and related regulations.

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

206

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, 2022, the complex-level fee for each Fund was 0.1592%.

Other Transactions with Affiliates

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

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

Cross-Trades | NZF | NMZ | NDMO
Purchases | $60,569,272 | $28,694,500 | $1,029,410
Sales | 52,833,865 | 11,592,001 | 1,088,493
Realized gain (loss) | (3,307,177) | (1,915,489) | (149,549)

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, management has determined that any legal proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds’ financial statements.

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, $2.700 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

207

Notes to Financial Statements (continued)

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 2023 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. The Participating Funds also incurred a 0.05% upfront fee on the increased commitments from select lenders. 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 | NMZ | NMCO
Maximum outstanding balance | $22,000,000 | $55,500,000 | $43,800,000 | $25,900,000

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

| NVG | NZF | NMZ | NMCO
Utilization period (days outstanding) | 4 | 119 | 76 | 131
Average daily balance outstanding | $19,450,000 | $17,164,094 | $7,953,720 | $11,648,303
Average annual interest rate | 2.19% | 2.80% | 3.86% | 2.59%

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

Borrowing Information for NDMO

NDMO had 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 1, 2022 unless extended or renewed.

Interest was 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 accrued 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. On June 8, 2022, in connection with its issuance of preferred shares, the Fund fully paid down its remaining borrowings and terminated its borrowings agreement with its custodian bank.

During the current fiscal period, the average daily balance outstanding (which was for the period November 1, 2021 through June 7, 2022) and average annual interest rate on these LIBOR Loans were $191,900,000 and 1.04%, respectively.

In order to maintain these Borrowings, the Fund met certain collateral, asset coverage and other requirements. Borrowings outstanding were 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 NMZ and 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. 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.

208

In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. In order to minimize risk, the Fund identifies for coverage securities and cash as collateral with a fair value at least equal to its purchase obligations under these agreements (including accrued interest). 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.

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

| NMZ | NDMO
Utilization period (days outstanding) | 217 | 219
Average daily balance outstanding | $65,153,760 | $44,800,000
Average interest rate | 1.08% | 0.91%

The Funds did not have any outstanding balances on their reverse repurchase agreements as of the end of the reporting period.

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. Fund Reorganization

The Reorganization as previously described in Note 1 — General Information were structured to qualify as tax-free reorganizations under the Internal Revenue Code for federal income tax purposes, and the Target Fund’s shareholders recognized no gain or loss for federal income tax purposes as a result. Prior to the closing of the Reorganization, the Target Fund distributed all of its net investment income and capital gains, if any. Such a distribution may be taxable to the Target Fund’s shareholders for federal income tax purposes.

Investments

The cost, fair value and net unrealized appreciation (depreciation) of the investments (including investments in derivatives) of the Target Fund as of the date of the Reorganization, were as follows:

| NEV
Cost of investments | $335,655,724
Fair value of investments | 326,289,175
Net unrealized appreciation (depreciation) of investments | (9,366,549)

209

Notes to Financial Statements (continued)

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund were carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Common Shares

The common shares outstanding, net assets applicable to common shares and NAV per common share outstanding immediately before and after the Reorganization were as follows:

Target Fund – Prior to Reorganization into NZF | NEV
Common shares outstanding | 24,959,414
Net assets applicable to common shares | $337,312,370
NAV per common share outstanding | $13.51
Acquiring Fund – Prior to Reorganization | NZF
Common shares outstanding | 142,166,619
Net assets applicable to common shares | $2,064,886,538
NAV per common share outstanding | $14.52
Acquiring Fund – Post Reorganization | NZF
Common shares outstanding | 165,390,401
Net assets applicable to common shares | $2,402,198,908
NAV per common share outstanding | $14.52

Pro Forma Results of Operations (Unaudited)

The beginning of the Target Fund’s current fiscal period was November 1, 2021. Assuming the Reorganization had been completed on November 1, 2021, the beginning of the Acquiring Fund’s current fiscal period, the pro forma results of operations for the Fund’s current fiscal period, are as follows:

Acquiring Fund – Pro Forma Results from Operations | NZF
Net investment income (loss) | $ 166,038,473
Net realized and unrealized gains (losses) | (778,086,712)
Change in net assets resulting from operations | (612,048,240)

Because the combined investment portfolio of the Reorganization has been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Statement of Operations of the Acquiring Fund since the Reorganization was consummated.

Cost and Expenses

In connection with the Reorganization, the Acquiring Fund incurred certain associated costs and expenses. Such amounts were included as components of “Accrued other expenses” on the Statement of Assets and Liabilities and “Reorganization expenses” on the Statement of Operations.

12. Subsequent Events

Preferred Shares for NVG

During November 2022, NVG redeemed 935 Shares of Series A MFP Shares ($93,500,000 liquidation preference).

Preferred Shares for NZF

During November 2022, NZF redeemed 500 Shares of Series 3 VRDP Shares ($50,000,000 liquidation preference).

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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.

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Shareholder Update (Unaudited) (continued)

Portfolio Contents

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

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

The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in 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.

212

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 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.

213

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.

214

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

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

The Fund may invest in 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

215

Shareholder Update (Unaudited) (continued)

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 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.

216

NUVEEN ENHANCED MUNICIPAL VALUE FUND (NEV)

Effective June 6, 2022, NEV was reorganized into the Nuveen Municipal Credit Income Fund (NZF). In the reorganization, the shareholders of NEV became shareholders of NZF. Holders of common shares of NEV received newly issued common shares of NZF, with cash being distributed in lieu of fractional common shares. As a result of the reorganization, for the current investment objectives, investment policies and principal risks following the reorganization, please review the most-recent annual shareholder report filed for NZF, which January 6, 2023.

CHANGES OCCURRING DURING THE PRIOR FISCAL YEAR

The following information in this annual report is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of a Fund.

During the most recent fiscal year, there have been no changes to: (i) the Fund’s 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 Fund; (iv) a Fund’s charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by shareholders except as follows:

Developments Regarding the Funds’ Control Share By-Law

On October 5, 2020, the Nuveen Enhanced Municipal Value Fund (the “Fund”) and certain other closed-end funds in the Nuveen fund complex amended their by-laws. Among other things, the amended by-laws included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”). On January 14, 2021, a shareholder of certain Nuveen closed-end funds filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against certain Nuveen funds and their trustees, seeking a declaration that such funds’ Control Share By-Laws violate the 1940 Act, rescission of such fund’s Control Share By-Laws and a permanent injunction against such funds applying the Control Share By-Laws. On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share By-Laws and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share By-Laws violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board amended the Fund’s bylaws to provide that the Fund’s Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Fund’s Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.

217

Shareholder Update (Unaudited) (continued)

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.

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

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

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

The Fund may invest in 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.

219

Shareholder Update (Unaudited) (continued)

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.

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.

220

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.

221

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 “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.

222

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.

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.

223

Shareholder Update (Unaudited) (continued)

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

224

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 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 corporate debt securities. Corporate debt securities are fully taxable debt obligations issued by corporations. The broad category of corporate debt securities includes debt issued by companies of all kinds, including those with small-, mid- and large-capitalizations. Corporate debt may be rated investment-grade or below investment-grade and may carry variable or floating rates of interest. Corporate debt securities are fixed income securities issued by businesses to finance their operations, although corporate debt instruments may also include bank loans to companies. Notes, bonds, debentures and commercial paper are the most common types of corporate debt securities, with the primary difference being their maturities and secured or unsecured status. Commercial paper has the shortest term and is usually unsecured.

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 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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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 |  | Nuveen | Nuveen | Nuveen
| AMT-Free | Nuveen | Municipal | Municipal | Dynamic
| Municipal | Municipal | High Income | Credit | Municipal
| Credit Income | Credit Income | Opportunity | Opportunities | Opportunities
Risk | Fund (NVG) | Fund (NZF) | Fund (NMZ) | Fund (NMCO) | Fund (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
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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Shareholder Update (Unaudited) (continued)

| Nuveen |  | Nuveen | Nuveen | Nuveen
| AMT-Free | Nuveen | Municipal | Municipal | Dynamic
| Municipal | Municipal | High Income | Credit | Municipal
| Credit Income | Credit Income | Opportunity | Opportunities | Opportunities
Risk | Fund (NVG) | Fund (NZF) | Fund (NMZ) | Fund (NMCO) | Fund (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.

Debt securities held by the Fund may fail to make dividend or interest payments when due. Investments in investments below investment grade credit quality are predominantly speculative and subject to greater volatility and risk of default. Unrated investments are evaluated by Fund managers using industry data and their own analysis processes that may be similar to that of a NRSRO; however, such internal ratings are not equivalent to a national agency credit rating. Counterparty credit risk may arise if counterparties fail to meet their obligations, should the Fund hold any derivative instruments for either investment exposure or hedging purposes.

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.

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Debt Securities Risk. The corporate debt securities in which the Fund may invest may be rated investment-grade or below investment-grade and may carry variable or floating rates of interest. To the extent that the credit rating assigned to a corporate debt security in the Fund’s portfolio is downgraded, the market price and liquidity of such corporate debt security may be adversely affected. Corporate debt securities carry both credit risk and interest rate risk. The interest rate risk associated with corporate debt securities is that the value of certain corporate debt securities will tend to fall when interest rates rise. The credit risk associated with corporate debt securities is that the Fund could lose money if the issuer of a corporate debt security is unable to pay interest or repay principal when it’s due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a corporate debt security 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. The credit risk of a particular issuer’s corporate debt security may vary based on its priority for repayment. Additionally, corporate debt securities may also be subject to price volatility due to such factors as market interest rates, market perception of the creditworthiness of the issuer and general market liquidity.

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 regulatory or other developments in the derivatives market, including the SEC’s recently adopted new Rule 18f-4 under the 1940 Act, which imposes limits on the amount of derivatives a fund can enter into, could adversely impact the Fund’s ability successfully use derivative instruments.

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.

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Shareholder Update (Unaudited) (continued)

Financial Futures and Options Transactions Risk. The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged.

If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the municipal securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed.

Hedging Risk. The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or the sub-adviser’s ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors. No assurance can be given that the investment adviser’s and/or the sub-adviser’s judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses.

Illiquid Investments Risk. Illiquid investments are investments that are not readily marketable. These investments may include restricted investments, including Rule 144A securities, which cannot be resold to the public without an effective registration statement under the 1933 Act, or, if they are unregistered may be sold only in a privately negotiated transaction or pursuant to an available exemption from registration. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund’s NAV and ability to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any 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. Currently, inflation rates are elevated relative to normal market conditions and could continue to increase.

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. The risks associated with rising interest rates are greatly heightened in view of the US Federal Reserve Bank’s decision to raise the federal funds rate from historic lows, and may continue to raise interest rates if considered necessary to reduce inflation to acceptable levels.

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

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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 London Inter-Bank Offered Rate (“LIBOR”) is an index rate that historically has been widely used in lending transactions and remains a common reference rate for setting the floating interest rate on private loans. The use of the 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. While the Secured Financing Oversight Rate (“SOFR”) has been recommended as the replacement rate for LIBOR, and some product markets have adopted the use of SOFR, LIBOR may still be used as a reference rate until such time that private markets have fully transitioned to using SOFR or other alternative reference rates recommended by applicable market regulators. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity 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) 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 and instruments will be impacted by this transition.

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.

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Shareholder Update (Unaudited) (continued)

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 Oversight, Management and Economic Stability Act (“PROMESA”), which is similar to bankruptcy protection, through which the Commonwealth of Puerto Rico can restructure its debt. However, Puerto Rico’s case is the first ever heard under PROMESA and there is no existing case precedent to guide the proceedings. Accordingly, Puerto Rico’s debt restructuring process could take significantly longer than traditional municipal bankruptcy proceedings. Further, it is not clear whether a debt restructuring process will ultimately be approved or, if so, the extent to which it will apply to Puerto Rico municipal securities sold by an issuer other than the territory. A debt restructuring could reduce the principal amount due, the interest rate, the maturity, and other terms of Puerto Rico municipal securities, which could adversely affect the value of Puerto Rican municipal securities. Legislation that would allow Puerto Rico to restructure its municipal debt obligations, thus increasing the risk that Puerto Rico may never pay off municipal indebtedness, or may pay only a small fraction of the amount owed, could also impact the value of the Fund’s investments in Puerto Rican municipal securities.

These challenges and uncertainties have been exacerbated by multiple hurricanes and the resulting natural disasters that have stuck Puerto Rico since 2017. The full extent of the natural disasters’ impact on Puerto Rico’s economy and foreign investment in Puerto Rico is difficult to estimate.

Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called municipal securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, NAV and/or a common shareholder’s overall returns.

Sector and Industry Risk. Subject to the concentration limits of the Fund’s investment policies and guidelines, a Fund may invest a significant portion of its net assets in certain sectors of the municipal securities market, such as hospitals and other health care facilities, charter schools and other private educational facilities, special taxing districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies such as airline companies, whose credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its net assets in the sectors noted above, the Fund’s performance may be subject to additional risk and variability.

Sector Focus Risk. At times, the Fund may focus its investments (i.e., overweight its investments relative to the overall municipal securities market) in one or more particular sectors, which may subject the Fund to additional risk and variability. Securities issued in the same sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. As the percentage of the Fund’s Managed Assets invested in a particular sector increases, so does the potential for fluctuation in the NAV of the Fund’s common shares.

Special Risks Related to Certain Municipal Obligations. Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of “non-appropriation” clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of non-appropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or 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.

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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. Unrated securities determined by the Fund’s investment adviser to be of comparable quality to rated investments which the Fund may purchase may pay a higher dividend or interest rate than such rated investments and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated investments or issuers than rated investments or issuers. 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.

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. Although the application of the “Control Share Acquisition” provisions has currently been suspended, 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

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Shareholder Update (Unaudited) (continued)

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 investments 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, instability in various countries, such as Afghanistan and Syria, and natural and environmental disasters and the spread of infectious illnesses or other public health emergencies, possible terrorist attacks in the United States and around the world, continued tensions between North Korea and the United States and the international community generally, growing social and political discord in the United States, the European debt crisis, the response of the international community—through economic sanctions and otherwise—further downgrade of U.S. government securities, the change in the U.S. president and the new administration and other similar events 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. In addition, Russia’s recent invasion of Ukraine in February 2022 has resulted in sanctions imposed by several nations, such as the United States, United Kingdom, European Union and Canada. The current sanctions and potential further sanctions may negatively impact certain sectors of Russia’s economy, but also may negatively impact the value of the Fund’s investments that do not have direct exposure to Russia. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the Fund’s 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.

The Fund does not know and cannot predict how long the securities markets may be affected by these events and the effects of these and similar events in the future on the U.S. economy and securities markets. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organizations to carry out the duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements.

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.

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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.

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 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

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Shareholder Update (Unaudited) (continued)

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. Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market’s expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund’s investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region.

The current outbreak of COVID-19 has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain the spread of COVID-19 have resulted in travel restrictions, closed international borders, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, defaults and credit downgrades, among other significant economic impacts, all of which have disrupted global economic activity across many industries and may exacerbate other pre-existing political, social and economic risks, locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

To the extent the impacts of COVID-19 continue, the Fund may experience negative impacts to its business that could exacerbate other risks to which the Fund is subject, including: (1) operational impacts on and availability of key personnel of the Fund’s investment adviser, the Fund’s sub-adviser, and/or any of the Fund’s other service providers, vendors and counterparties as they face changed circumstances and/or illness related to the pandemic and (2) limitations on the Fund’s ability to make distributions or dividends, as applicable, to Common Shareholders.

Governmental authorities and regulators throughout the world, such as the U.S. Federal Reserve, have in the past responded to major economic disruptions with changes to fiscal and monetary policy, including but not limited to, direct capital infusions, new monetary programs, and dramatically lower interest rates. Certain of those policy changes are being implemented or considered in response to the COVID-19 outbreak. Such policy changes may adversely affect the value, volatility and liquidity of instruments in which the Fund invests.

On June 23, 2016, the United Kingdom (“UK”) held a referendum on whether to remain a member state of the European Union (“EU”), in which voters favored the UK’s withdrawal from the EU, an event widely referred to as “Brexit.” On January 31, 2020, the UK formally withdrew from the EU. The transition period concluded on December 31, 2020, and EU law no longer applies in the UK. On December 30, 2020, the UK and EU signed an EU-UK Trade and Cooperation Agreement (“UK/EU Trade Agreement”), which went into effect on January 1, 2021 and sets out the foundation of the economic and legal framework for trade between the UK and EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement may result in uncertainty in its application and periods of volatility in both the UK and wider European markets. The longer term economic, legal, political and social framework to be put in place between the UK and the EU are unclear at this stage, remain subject to negotiation and are likely to lead to ongoing political and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets for some time. The outcomes may cause increased volatility and have a significant adverse impact on world financial markets, other international trade agreements, and the UK and European economies, as well as the broader global economy for some time. Additionally, a number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future.

Ukraine has experienced ongoing military conflict, most recently in February 2022 when Russia invaded Ukraine; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.

The ongoing trade war between China and the United States, including the imposition of tariffs by each country on the other country’s products, has created a tense political environment. 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. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.

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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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Shareholder Update (Unaudited) (continued)

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, 2022 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, 2022) 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 |  | Nuveen | Nuveen | Nuveen
| AMT-Free | Nuveen | Municipal | Municipal | Dynamic
| Municipal | Municipal | High Income | Credit | Municipal
| Credit Income | Credit Income | Opportunity | Opportunities | Opportunities
| Fund (NVG) | Fund (NZF) | Fund (NMZ) | Fund (NMCO) | Fund (NDMO)
Estimated Leverage as a Percentage of Managed Assets |  |  |  |  |
(Including Assets Attributable to Leverage) | 44.24% | 43.40% | 42.78% | 43.39% | 28.76%
Estimated Annual Effective Leverage Expense Rate |  |  |  |  |
Payable by Fund on Leverage | 1.63% | 1.78% | 1.60% | 1.87% | 1.44%
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover |  |  |  |
Estimated Annual Effective Interest Expense Rate on Leverage | 0.72% | 0.77% | 0.69% | 0.81% | 0.42%
Common Share Total Return for (10.00)% Assumed Portfolio |  |  |  |  |
Total Return | -19.22% | -19.03% | -18.67% | -19.10% | -14.62%
Common Share Total Return for (5.00)% Assumed Portfolio |  |  |  |  |
Total Return | -10.26% | -10.20% | -9.94% | -10.27% | -7.60%
Common Share Total Return for 0.00% Assumed Portfolio |  |  |  |  |
Total Return | -1.29% | -1.36% | -1.20% | -1.43% | -0.58%
Common Share Total Return for 5.00% Assumed Portfolio |  |  |  |  |
Total Return | 7.68% | 7.47% | 7.54% | 7.40% | 6.44%
Common Share Total Return for 10.00% Assumed Portfolio |  |  |  |  |
Total Return | 16.64% | 16.31% | 16.28% | 16.23% | 13.45%

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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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.

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Shareholder Update (Unaudited) (continued)

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 except as follows:

Developments Regarding the Funds’ Control Share By-Law

On October 5, 2020, the Nuveen AMT-Free Municipal Credit Income Fund, Nuveen Municipal Credit Income Fund, Nuveen Municipal High Income Opportunity Fund, Nuveen Municipal Credit Opportunities Fund and the Nuveen Dynamic Opportunities Fund (each a “Fund” and collectively the “Funds”) and certain other closed-end funds in the Nuveen fund complex amended their by-laws. Among other things, the amended by-laws included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”). On January 14, 2021, a shareholder of certain Nuveen closed-end funds filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against certain Nuveen funds and their trustees, seeking a declaration that such funds’ Control Share By-Laws violate the 1940 Act, rescission of such fund’s Control Share By-Laws and a permanent injunction against such funds applying the Control Share By-Laws. On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share By-Laws and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share By-Laws violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board amended the Funds’ bylaws to provide that the Funds’ Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Fund’s Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.

240

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, 2022.

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 each 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 | 1.00% | 1.06% | 1.44% | 1.25%
Interest and Other Related Expenses (2) | 1.10% | 0.93% | 1.21% | 0.75%
Other Expenses (3) | 0.06% | 0.06% | 0.09% | 0.07%
Total Annual Expenses | 2.16% | 2.05% | 2.74% | 2.07%

(1) |  | Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended October 31, 2022.

(2) |  | Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by a Fund for the fiscal year ended October 31, 2022. The types of leverage used by each Fund during the fiscal year ended October 31, 2022 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.

241

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 | $32 | $31 | $37 | $31
3 Years | $77 | $74 | $94 | $74
5 Years | $125 | $119 | $154 | $120
10 Years | $257 | $246 | $314 | $248

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 | $60 | $67 | N/A
3 Years | N/A | $102 | $122 | N/A
5 Years | N/A | $146 | $179 | N/A
10 Years | N/A | $268 | $335 | 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 | $22 | $21 | $28 | $21
3 Years | $68 | $64 | $85 | $65
5 Years | $116 | $110 | $145 | $111
10 Years | $249 | $238 | $307 | $240

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.

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 2022 | $14.61 | $10.92 | $14.71 |  | $12.07 | 0.63% | (10.69)%
July 2022 | $14.32 | $12.64 | $14.71 |  | $13.50 | (2.59)% | (7.62)%
April 2022 | $16.21 | $13.51 | $16.79 |  | $14.45 | (1.78)% | (8.81)%
January 2022 | $17.93 | $15.77 | $17.54 |  | $16.62 | 2.75% | (7.02)%
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)%

242

Nuveen Municipal High Income Opportunity Fund (NMZ)

| Market Price |  | NAV |  | Premium/(Discount) to NAV
Fiscal Quarter End | High | Low | High |  | Low | High | Low
October 2022 | $12.51 | $9.78 | $12.36 |  | $9.86 | 1.78% | (4.61)%
July 2022 | $12.71 | $10.99 | $12.40 |  | $11.09 | 2.99% | (1.17)%
April 2022 | $14.26 | $11.95 | $14.19 |  | $12.11 | 2.23% | (4.23)%
January 2022 | $15.15 | $14.13 | $14.80 |  | $14.04 | 3.02% | (1.87)%
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)%

Nuveen Municipal Credit Opportunities Fund (NMCO) |  |  |  |  |  |

| Market Price |  | NAV |  | Premium/(Discount) to NAV
Fiscal Quarter End | High | Low | High |  | Low | High | Low
October 2022 | $13.64 | $10.29 | $13.42 |  | $10.97 | 2.40% | (7.81)%
July 2022 | $13.78 | $11.78 | $13.58 |  | $12.19 | 2.21% | (5.63)%
April 2022 | $14.84 | $12.46 | $15.21 |  | $13.21 | (1.85)% | (8.08)%
January 2022 | $15.94 | $14.52 | $15.81 |  | $15.12 | 0.89% | (5.90)%
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)%

Nuveen Dynamic Municipal Opportunities Fund (NDMO)

| Market Price |  | NAV |  | Premium/(Discount) to NAV
Fiscal Quarter End | High | Low | High |  | Low | High | Low
October 2022 | $12.56 | $9.38 | $12.66 |  | $10.28 | (0.08)% | (9.88)%
July 2022 | $12.53 | $10.56 | $12.86 |  | $11.51 | (1.84)% | (9.92)%
April 2022 | $15.14 | $11.47 | $15.22 |  | $12.51 | 3.42% | (8.31)%
January 2022 | $16.64 | $15.00 | $15.86 |  | $15.01 | 5.32% | (2.15)%
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)%

The following table shows, as of October 31, 2022, 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.

|  |  | 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, 2022 | (NVG) | (NMZ) | (NMCO) | (NDMO)
NAV per Common Share | $12.19 | $9.97 | $11.15 | $10.34
Market Price | $11.03 | $9.85 | $10.39 | $9.43
Percentage of Premium/(Discount) to NAV per Common Share | (9.52)% | (1.20)% | (6.82)% | (8.80)%
Net Assets Attributable to Common Shares | $2,603,766,756 | $1,092,984,335 | $610,501,492 | $615,154,064

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

243

Shareholder Update (Unaudited) (continued)

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 as of and for the fiscal years ended 2022 through 2014 has been audited by KPMG LLP, independent registered public accounting firm. The information with respect to the fiscal years ended prior to 2014, where applicable, has been audited by other auditors. 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 |  |  |  |  |  |  |  |  |  |  |
2022 | $0 | $0 | $610,900 | $240,935 | $0 | $0 | $0 | $0 | $1,236,600 | $240,935 | $2.41
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

(1) |  | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year and does not include any preferred shares noticed for redemption as noted on the Statement of Assets and Liabilities, where applicable.

(2) |  | Asset Coverage Per $100,000: Asset coverage per $100,000 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 (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000.

(3) |  | The Fund’s Series B and Series C 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 and Series C MFP Shares were as follows:

|  | Fiscal Year Ended October 31 |  |
Series B MFP Shares | 2022 | 2021 | 2020 | 2019 | 2018
Asset Coverage Per $1,000 Share* | $2,409 | $2,912 | $2,854 | $2,914 | $0
|  | Fiscal Year Ended October 31 |  |
Series C MFP Shares | 2022 | 2021 | 2020 | 2019 | 2018
Asset Coverage Per $1,000 Share* | $2,409 | $0 | $0 | $0 | $0

244

* |  | Asset Coverage Per $1,000: Asset coverage per $1,000 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 (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000.

(4) |  | Asset Coverage Per $10: Asset coverage per $10 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 (5) | $10.11 | $10.16

(5) |  | 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 |  |  |  |  |  |
2022 | $0 | $0 | $357,000 | $406,158 | $0 | $0
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

(1) Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year.

(2) Asset Coverage Per $1,000: Asset coverage per $1,000 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 (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000.

(3) Asset Coverage Per $100,000: Asset coverage per $100,000 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 (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, 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 |  |
2022 | $450,000 | $237,489
2021 | $450,000 | $283,171
2020 | $450,000 | $251,699
2019 (3) | $0 | $0

(1) |  | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year.

(2) |  | Asset Coverage Per $100,000: Asset coverage per $100,000 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 (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, 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 | MuniFund Preferred
| Outstanding | (MFP) Shares
| at the End of Period | at the End of Period
|  |  |  | Asset
| Aggregate | Asset | Aggregate | Coverage
| Amount | Coverage | Amount | Per
| Outstanding | Per | Outstanding | $100,000
Fiscal Year Ended | (000) (1) | $1,000 (2) | (000) (1) | Share (3)(4)
October 31 |  |  |  |
2022 | $0 | $0 | $240,000 | $356,314
2021 | $191,900 | $5,761 | $0 | $0
2020 (4) | $0 | $0 | $0 | $0

(1) |  | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year.

(2) |  | Asset Coverage Per $1,000: Asset coverage per $1,000 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 (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000.

(3) |  | Asset Coverage Per $100,000: Asset coverage per $100,000 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 (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000.

(4) |  | 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, 2022, 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.

246

Important Tax Information (Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

| Net Long-Term
Fund | Capital Gains
NVG | $6,545,147
NZF | —
NMZ | —
NMCO | —
NDMO | —

247

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 are the residual interest in a tender option bond (TOB) trust, sometimes referred to as “inverse floaters”, 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.

• |  | 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.

• |  | NVG Blended Benchmark: Consists of: the S&P Municipal Bond Index (defined herein) through 4/10/16 and thereafter 1) 60% S&P Municipal Bond Investment Grade Index (defined herein), and 2) 40% S&P Municipal Bond High Yield Index (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

• |  | NZF Blended Benchmark: Consists of: the S&P Municipal Bond Index (defined herein) through 4/10/16 and thereafter 1) 60% S&P Municipal Bond Investment Grade Index (defined herein), and 2) 40% S&P Municipal Bond High Yield Index (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

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Glossary of Terms Used in this Report (Unaudited) (continued)

• |  | 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 High Yield Index: An index designed to measure the performance of tax-exempt high yield municipal bonds. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

• |  | S&P Municipal Bond Index: An 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 Bond Investment Grade Index: An index designed to measure the performance of tax-exempt investment grade municipal bonds. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

• |  | S&P Municipal Yield Index: An 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.

• |  | Tax Obligation/General Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the ability to increase taxes by an unlimited amount to pay the bonds back.

• |  | Tax Obligation/Limited Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesn’t have the ability to increase taxes by an unlimited amount to pay the bonds back.

• |  | 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.

250

Annual Investment Management Agreement Approval Process (Unaudited)

At a meeting held on May 23-25, 2022 (the “May Meeting”), 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”), approved, for their respective Fund, the renewal of the management agreement (each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as investment adviser to such Fund and the sub-advisory agreement (each, a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the sub-adviser to such Fund for an additional one-year term. As the Board is comprised of all Independent Board Members, the references to the Board and the Independent Board Members are interchangeable.

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. 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.” The Board has established various standing committees composed of various Independent Board Members that are assigned specific responsibilities to enhance the effectiveness of the Board’s oversight and decision making. 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 the Board’s 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 Nuveen funds; management of distributions; 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/or portfolio teams, when feasible. The Board further meets, among other things, to specifically consider the annual renewal of the advisory agreements for the Nuveen funds.

In connection with its 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 review 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 2021 (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/or 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 secondary market performance and commentary regarding the leverage management, share repurchase and shelf offering programs of Nuveen closed-end funds); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued in 2021 and 2022 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 informa-

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

tion provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board’s review of the advisory agreements for the Nuveen funds is based on all the information provided to the Board and its committees throughout the year as well as the information prepared specifically with respect to the annual review of such advisory agreements.

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 13-14, 2022 (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 and/or its investment teams. At the April Meeting, the Board Members asked questions and requested additional information that was provided for the May Meeting.

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, including guidance from court cases evaluating advisory fees.

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 to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the renewal process. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process and may place different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

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.

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, market and other developments. The Board accordingly considered the Adviser’s dedication of extensive resources, time, people and capital employed to support and manage the Nuveen funds as well as the Adviser’s continued program of developing improvements and innovations for the benefit of the funds and shareholders and to meet the ever increasing regulatory requirements applicable to the funds. In this regard, the Board received and reviewed information regarding, among other things, the Adviser’s investment oversight responsibilities, regulatory and compliance services, administrative duties and other services. The Board considered the Adviser’s investment oversight team’s extensive services in overseeing the various sub-advisers to the Nuveen funds; evaluating fund performance; and preparing reports to the Board addressing, among other things, fund performance, market

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conditions, investment team matters, product developments and management proposals. The Board further recognized the range of services the various teams of the Adviser provided including, but not limited to, overseeing operational and risk management; managing liquidity; overseeing the daily valuation process; and managing distributions in seeking to deliver long-term fund earnings to shareholders consistent with the respective Nuveen fund’s product design and positioning. The Board also considered the structure of investment personnel compensation of each Fund Adviser and whether the structure provides appropriate incentives to attract and maintain qualified personnel and to act in the best interests of the respective Nuveen fund.

The Board further recognized that the Adviser’s compliance and regulatory functions were integral to the investment management of the Nuveen funds. The Board recognized such services included, but were not limited to, managing compliance policies; monitoring compliance with applicable policies, law and regulations; devising internal compliance programs and a framework to review and assess compliance programs; overseeing sub-adviser compliance testing; preparing compliance training materials; and responding to regulatory requests. The Board further considered information regarding the Adviser’s business continuity and disaster recovery plans as well as information regarding its information security program, including presentations of such program provided at a site visit in 2022, to help identify and manage information security risks.

In addition to the above functions, the Board considered that the Adviser also provides, among other things, fund administration services (such as preparing fund tax returns and other tax compliance services; preparing regulatory filings; interacting with the Nuveen funds’ independent public accountants and overseeing other service providers; and managing fund budgets and expenses); product management services (such as evaluating and enhancing products and strategies); legal services (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); 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); and with respect to the Nuveen closed-end funds, managing leverage, monitoring asset coverage and seeking to promote an orderly secondary market.

The Board also considered the quality of support services and communications the Adviser provided the Board, including, in part, organizing and administrating Board meetings and supporting Board committees; preparing regular and ad hoc reports on fund performance, market conditions and investment team matters; providing due diligence reports addressing product development and management proposals; and coordinating site visits of the Board and presentations by investment teams and senior management.

In addition to the services provided, the Board considered the financial resources of the Adviser and its affiliates and their willingness to make investments in the technology, personnel and infrastructure to support the Nuveen funds, including maintaining a seed capital budget to support new or existing funds and/or facilitate changes for a respective fund. Further, the Board noted the benefits to shareholders of investing in a fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the Nuveen funds including during stressed times. The Board recognized the overall reputation and capabilities of the Adviser and its affiliates, the Adviser’s continuing commitment to provide high quality services, its willingness to implement operational or organizational changes in seeking, among other things, to enhance efficiencies and services to the Nuveen funds and its responsiveness to the Board’s questions and/or concerns raised throughout the year and during the annual review of advisory agreements. The Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring new funds and ongoing risks with managing the funds such as investment, operational, reputational, regulatory, compliance and litigation risks.

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

In evaluating services, the Board reviewed various highlights of the initiatives the Adviser and its affiliates have undertaken or continued in 2021 and 2022 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 and create a more cohesive market approach and centralized shared support model (including through the consolidation of certain affiliated sub-advisers) in seeking to operate more effectively and enhance the research capabilities and 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; soft closing certain funds; modifying the conversion periods on certain share classes; and evaluating and adjusting portfolio management teams as appropriate for various funds;

• |  | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds;

• |  | Compliance Program Initiatives – continuing efforts to mitigate compliance risk with a focus on environmental, social and governance (“ESG”) controls and processes, increase operating efficiencies, implement enhancements to strengthen ongoing execution of key compliance program elements, support international business growth and facilitate integration of Nuveen’s operating model;

• |  | Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment team matters; product developments; changes to mandates, policies and benchmarks; and other management proposals as well as preparing and coordinating investment presentations to the Board;

• |  | Risk Management and Valuation Services - continuing to oversee and manage risk including, among other things, conducting ongoing calculations and monitoring of risk measures across the Nuveen funds, instituting investment risk controls, providing risk reporting throughout Nuveen, participating in internal oversight committees, dedicating the resources and time to develop the processes necessary to help address fund compliance with the new derivatives rule 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, maintain the valuation policies and procedures, facilitate valuation committee meetings, manage relationships with pricing vendors, prepare relevant valuation reports and design methods to simplify and enhance valuation workflow within the organization and implement processes and procedures to help address compliance with the new valuation rule applicable to the funds;

• |  | 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 that seeks to identify and manage information security risks, and provide reports to the Board, at least annually,

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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;

• |  | Distribution Management Services – continuing to manage the distributions 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;

• |  | • Capital Management, Market Intelligence and Secondary Market Services – ongoing capital management efforts which may include at times shelf offerings, tender offers, capital return programs and share repurchases as well as providing market data analysis to help understand closed-end fund ownership cycles and their impact on secondary market trading as well as to improve proxy solicitation efforts; and

• |  | • Closed-end Fund Investor Relations Program – maintaining the closed-end fund investor relations program which, among other things, raises awareness, provides educational materials and cultivates advocacy for closed-end funds and the Nuveen closed-end fund product line.

The Board 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 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 the broader perspective of 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, 2021 and March 31, 2022 (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

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

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 or other significant changes to their investment strategies or policies since March 2019, the Board reviewed certain tracking 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); differences in the composition of the Performance Peer Group over time; and differences in the types and/or levels of any leverage and related costs with that of the Performance Peer Group would all necessarily contribute to differences in performance results and limit the value of the comparative information. Further, the Board recognized the inherent limitations in comparing the performance of an actively managed fund to a benchmark index due to the fund’s pursuit of an investment strategy that does not directly follow the index. 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 which may include, 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 had recognized the recent periods in 2022 of general market volatility and underperformance. In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. Further, the Board recognized that the market and economic conditions may significantly impact a fund’s performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. 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 has 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 also continues to be a priority for the Board given its importance to shareholders, and therefore the Board and/or its Closed-end Fund committee reviews certain performance data reflecting, among other things, the premiums and discounts at which the shares of the closed-end funds have traded over specified periods throughout the year. In its review, the Board considers, among other things, changes to investment mandates and guidelines, distribution policies, leverage levels and types; 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 Municipal Credit Fund”), the Board noted that the Fund outperformed its blended benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2021. Further, although the Fund’s performance was below the performance of its blended benchmark for the one-year period ended March 31, 2022, the Fund outperformed its blended benchmark for the three- and five-year periods ended March 31, 2022 and ranked in the second quartile of its Performance Peer Group for the one-year period ended March 31, 2022 and first quartile for the three- and five-year periods ended March 31, 2022. In its review, the

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Board noted that the Performance Peer Group was classified as low for relevancy. Based on its review, the Board was generally satisfied with the Fund’s overall performance.

For Nuveen Municipal Credit Income Fund (the “Municipal Credit Fund”), the Board noted that the Fund outperformed its blended benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2021. Further, although the Fund’s performance was below the performance of its blended benchmark for the one-year period ended March 31, 2022, the Fund outperformed its blended benchmark for the three- and five-year periods ended March 31, 2022 and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2022. In its review, the Board noted that the Performance Peer Group was classified as low for relevancy. Based on its review, the Board was generally satisfied with the Fund’s overall performance.

For Nuveen Municipal High Income Opportunity Fund (the “Municipal High Income Fund”), the Board noted that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2021. Further, although the Fund’s performance was below the performance of its benchmark for the one-year period ended March 31, 2022, the Fund outperformed its benchmark for the three- and five-year periods ended March 31, 2022 and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2022. Based on its review, the Board was generally satisfied with the Fund’s overall performance.

For Nuveen Municipal Credit Opportunities Fund (the “Municipal Credit Opportunities Fund”), the Board noted that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-year periods ended December 31, 2021 and March 31, 2022. The Board noted, however, that the Fund was new with a performance history too limited to make a meaningful assessment of performance.

For Nuveen Dynamic Municipal Opportunities Fund (the “Dynamic Municipal Opportunities Fund”), the Board noted that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-year period ended December 31, 2021 although 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 March 31, 2022. The Board noted, however, that the Fund was new with a performance history too limited to make a meaningful assessment of performance. In addition, in its review, the Board noted that the Performance Peer Group was classified as low for relevancy.

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 a 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 take these limitations and differences into account when reviewing comparative peer 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

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

Fund”), including the Municipal Credit Opportunities Fund and the Dynamic Municipal 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) 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, as applicable. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by approximately $72.5 million and fund-level breakpoints reduced fees by approximately $89.1 million in 2021.

With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund and comparative data of the fees the Sub-Adviser charges to other clients, if any. In its review, the Board recognized that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.

The Independent Board Members noted that (a) the AMT-Free Municipal Credit Fund, the Municipal Credit Fund and the Municipal High Income Fund each had a net management fee that was in line with the respective peer average and a net expense ratio that was below the respective peer average; and (b) the Municipal Credit Opportunities Fund and the Dynamic Municipal Opportunities Fund each had a net management fee and a net expense ratio that were higher than the respective peer average. With respect to the Municipal Credit Opportunities Fund and the Dynamic Municipal Opportunities Fund, the Independent Board Members noted that the differences in each such Fund’s investment strategy relative to the applicable peer set contributed to the differential in fees, but that each such Fund’s net expense ratio was lower than initially projected prior to the 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, exchange-traded funds (“ETFs”) sub-advised by the Sub-Adviser that are offered by another fund complex, municipal managed accounts offered by an unaffiliated adviser and private limited partnerships offered by Nuveen. 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 certain ETFs offered outside the Nuveen family.

In considering the fee data of other clients, the Board recognized, among other things, that differences in the amount, type and level of services provided to the Nuveen funds relative to other types of clients as well as any differences in portfolio investment policies, the types of assets managed and related complexities in managing such assets, the entrepreneurial and other risks associated with a particular strategy, investor profiles, account sizes and regulatory requirements will 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

258

these 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. 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 2021 and 2020. The Board reviewed, among other things, the net margins (pre-tax) for Nuveen Investments, Inc. (“Nuveen Investments”), the gross and net revenue margins (pre- and post-tax and excluding distribution) and the revenues, expenses and net income (pre- and post-tax and before distribution expenses) of Nuveen Investments from the Nuveen funds only; and comparative profitability data comparing the operating margins of Nuveen Investments 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. The Board also reviewed the revenues, expenses and operating margin (pre- and post-tax) the Adviser derived from its ETF product line for the 2021 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 overhead/shared service expenses, TIAA (defined below) corporate-wide overhead expenses and partially fund related expenses to the Nuveen complex and its affiliates and to further allocate such expenses between the Nuveen fund and non-fund businesses. 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 2021, and the net revenue margins derived from the Nuveen funds (pre-tax and including and excluding distribution) and total company margins from Nuveen Investments compared to the firm-wide adjusted operating margins of the peers for each calendar year from 2012 to 2021.

The Board had also appointed four 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 to report to the full Board. In its evaluation, the Board, however, recognized that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. The Independent Board Members also reviewed a summary of the key drivers that affected Nuveen’s revenues and expenses impacting profitability in 2021 versus 2020.

In reviewing the comparative peer data noted above, the Board considered that the operating margins of Nuveen Investments compared favorably to the peer group range of operating margins; 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 2021 and 2020 calendar years to consider the financial strength of TIAA. The Board recognized the benefit of an investment adviser and its parent with signifi-

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

cant resources, particularly during periods of market volatility. The Board also noted the reinvestments Nuveen, its parent and/or other affiliates made into its business through, among other things, the investment of seed capital in certain Nuveen funds and continued investments in enhancements to technological capabilities.

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 to the respective funds for the calendar years ended December 31, 2021 and December 31, 2020. 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 years ending December 31, 2021 and December 31, 2020 and the pre- and post-tax revenue margins from 2021 and 2020.

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 recognized 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. Further, 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. As noted above, the Independent Board Members also recognized the continued reinvestment in Nuveen’s business.

Based on its review, the Board concluded that the current fee arrangements together with the reinvestment in Nuveen’s 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

260

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.

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 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.

261

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); formerly, Director, Quality Control Corporation |
333 W. Wacker Drive | Chair and | 2008 | (manufacturing) (since 2012-2021); Chair of the Board of the Kehrein | 142
Chicago, IL 6o6o6 | Board Member | Class II | Center for the Arts (philanthropy) (since 2021); member: Catalyst |
|  |  | Schools of Chicago Board (since 2008) and Mather Foundation Board |
|  |  | (philanthropy) (since 2012), and chair of its Investment Committee; |
|  |  | formerly, Member, Chicago Fellowship Board (philanthropy) (2005-2016); |
|  |  | 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 |
333 W. Wacker Drive | Board Member | 1999 | College; formerly, Member and President Pro-Tern of the Board of | 142
Chicago, IL 6o6o6 |  | Class III | Regents for the 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 Well mark, Inc. (since 2009); past Director |
333 W. Wacker Drive | Board Member | 2003 | (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., | 142
Chicago, IL 6o6o6 |  | Class I | The 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. |

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Table of Contents

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): |  |  |
■ AMY B. R. LANCELLOTTA |  |  | Formerly, Managing Director, Independent Directors Council (IDC) |
1959 |  |  | (supports the fund independent director community and is part of the |
333 W. Wacker Drive | Board Member | 2021 | Investment Company Institute (ICI), which represents regulated | 142
Chicago, IL 6o6o6 |  | Class II | investment companies) (2006-2019); formerly, various positions with ICI |
|  |  | (1989-2006); Member of the Board of Directors, Jewish Coalition Against |
|  |  | Domestic Abuse (UCADA) (since 2020). |
■ 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, | 142
Chicago, IL 6o6o6 |  | Class III | Managing (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. |

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Table of Contents

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): |  |  |
■ 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). |
■ 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 (2018-2019), |
1958 |  |  | Fed Ex Freight Corporation, a subsidiary of FedEx Corporation (“FedEx”) |
333 W. Wacker Drive | Board Member | 2020 | (provider of transportation, e-commerce and business services through | 142
Chicago, IL 6o6o6 |  | Class III | its portfolio of companies); formerly, Senior Vice President, U.S. |
|  |  | Operations (2006-2018), Federal Express Corporation, a subsidiary of |
|  |  | FedEx; formerly, Member of the Board of Directors (2012-2018), Safe Kids |
|  |  | Worldwide®(a non-profit organization dedicated to preventing childhood |
|  |  | injuries). Member of the Board of Directors (since 2014), The |
|  |  | Sherwin-Williams Company (develops, manufactures, distributes and sells |
|  |  | paints, coatings and related products); Director (since 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 | 142
Chicago, IL 6o6o6 |  | Class I | operation of The Travelers Companies, Inc.); formerly, Of Counsel, |
|  |  | Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions |
|  |  | Group) (legal services) (2005-2014); Member of the Board of Trustees |
|  |  | of New York-Presbyterian Hospital (since 2005); Member (since 2004), |
|  |  | formerly, Chair (2015-2022) 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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Table of Contents

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 of
Chicago, IL 6o6o6 | Officer |  | Nuveen (2006-2017), Vice President prior to 2006.
■ BRETT E. BLACK |  |  | Enterprise Senior Compliance Officer of Nuveen (since 2022); formerly, Vice President (2014-2022),
1972 | Vice President |  | Chief Compliance Officer (2017-2022), Deputy Chief Compliance Officer (2014-2017) and Senior
333 W. Wacker Drive | and Chief | 2022 | Compliance Officer (2012-2014) of BMO Funds, Inc.; formerly Senior Compliance Officer of BMO
Chicago, IL 6o6o6 | Compliance |  | Asset Management Corp. (2012-2014).
| Officer |  |
■ MARK J. CZARNIECKI |  |  | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) ; Managing Director
1979 | Vice President |  | (since 2022), formerly, Vice President (2017-2022) and Assistant Secretary (since 2017) of Nuveen
901 Marquette Avenue | and Assistant | 2013 | Fund Advisors, LLC; Managing Director and Associate General Counsel (since January
Minneapolis, MN 55402 | Secretary |  | 2022), formerly, Vice President and Associate General Counsel of Nuveen (2013-2021); Managing
|  |  | Director (since 2022), formerly, Vice President (2018-2022), Assistant Secretary and Associate
|  |  | General Counsel (since 2018) of Nuveen Asset Management LLC.
■ DIANA R. GONZALEZ |  |  | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President,
1978 | Vice President |  | Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since
8500 Andrew Carnegie Blvd. | and Assistant | 2017 | 2022); Vice President and Associate General Counsel of Nuveen (since 2017); formerly, Associate
Charlotte, NC 28262 | Secretary |  | General Counsel of Jackson National Asset Management (2012-2017).
■ 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 (since 2015) of
333 W. Wacker Drive | Vice President | 2016 | Nuveen Fund Advisors, LLC; Chartered Financial Analyst.
Chicago, IL 6o6o6 | and Treasurer |  |
■ TINA M. LAZAR |  |  | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of
1961 |  |  | Nuveen 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 of
333 W. Wacker Drive | Vice President | 2019 | Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017);
Chicago, IL 6o6o6 |  |  | Chartered Financial Analyst and Certified Financial Risk Manager.
■ JOHN M. MCCANN |  |  | Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2021); Managing
1975 |  |  | Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC
8500 Andrew Carnegie Blvd. | Vice President | 2022 | (since 2021); Managing Director (since 2021) and Assistant Secretary (since 2016) of TIAA SMA Strategies
Charlotte, NC 28262 | and Assistant |  | LLC; Managing Director (since 2019, formerly, Vice President and Director), Associate General
| Secretary |  | Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1,
|  |  | TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director (since 2018), formerly, Vice
|  |  | President and Director, Associate General Counsel and Assistant Secretary of Teachers Insurance
|  |  | and Annuity Association of America, Teacher Advisors LLC and TIAA-CREF Investment
|  |  | Management, LLC; Vice President (since 2017), Associate General Counsel and Assistant Secretary
|  |  | (since 2011) of Nuveen Alternative Advisors LLC; General Counsel and Assistant Secretary of
|  |  | Covariance Capital Management, Inc. (2014-2017).

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Table of Contents

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): |  |
■ 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); formerly, Vice President (2007-2021) and
|  |  | Secretary (2016-2021), of NWQ Investment Management Company, LLC, and Santa Barbara Asset
|  |  | Management, LLC; Vice President and Secretary of 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 Carnegie Blvd. | and Assistant | 2019 | Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since
Charlotte, NC 28262 | Secretary |  | 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate
|  |  | Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004.
■ DEANN D. MORGAN |  |  | President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head of
1969 |  |  | Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC since 2020);
730 Third Avenue | Vice President | 2020 | Managing Member of MDR Collaboratory LLC (since 2018); formerly, Managing Director, (Head of
New York, NY 10017 |  |  | Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group
|  |  | (2013-2017).
■ 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 |  |  |
■ TREY S. STENERSEN |  |  | Senior Managing Director of Teacher Advisors LLC and TIAACREF Investment Management, LLC
1965 |  |  | (since 2018); Senior Managing Director (since 2019) and Chief Risk Officer (since 2022), formerly
8500 Andrew Carnegie Blvd. | Vice President | 2022 | Head of Investment Risk Management (2017-2022) of Nuveen; Senior Managing Director (since
Charlotte, NC 28262 |  |  | 2018) of Nuveen Alternative Advisors LLC.
■ 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 Carnegie Blvd. | and Controller | 2019 | Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA
Charlotte, NC 28262 |  |  | CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial
|  |  | Financial 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.

266

Table of Contents

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): |  |
■ GIFFORD R. ZIMMERMAN |  |  | Managing Director and Assistant Secretary of Nuveen Securities, LLC (since 2022);
1956 | Vice President |  | Managing Director, Assistant Secretary and General Counsel (since 2022), formerly,
333 W. Wacker Drive | and Assistant | 1988 | Co-General Counsel (2011- 2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director
Chicago, IL 60606 | Secretary |  | (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; Managing Director,
|  |  | Assistant Secretary and Associate General Counsel (since 2022) of Nuveen Asset Management,
|  |  | LLC; Vice President and Assistant Secretary (since 2022) of Winslow Capital Management, LLC:
|  |  | formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC
|  |  | (2002-2020), and Santa Barbara Asset Management, LLC (2006-2020); Chartered Financial
|  |  | Analyst.
■ RACHAEL ZUFALL |  |  | Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2014)
1973 | Vice President |  | of the CREF Accounts, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds;
8500 Andrew Carnegie Blvd. | and Assistant | 2022 | Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2011) of
Charlotte, NC 28262 | Secretary |  | Teacher Advisors LLC and TIAA-CREF Investment Management, LLC; Managing Director of
|  |  | Nuveen, LLC and of TIAA (since 2017).

(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.

267

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-1022D 2615425-INV-Y-12/23

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, Albin F. Moschner, John K. Nelson and Robert L. Young, 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. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the 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 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. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

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

Fiscal Year Ended |  | Audit Fees Billed to Fund 1 |  |  | Audit-Related Fees Billed to Fund 2 |  |  | Tax Fees Billed to Fund 3 |  |  | All Other Fees Billed to Fund 4 |
October 31, 2022 |  | $ | 31,580 |  |  | $ | 37,500 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved pursuant to pre-approval exception |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
October 31, 2021 |  | $ | 28,125 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved pursuant to pre-approval exception |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %

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.

Fiscal Year Ended |  | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |  |  | Tax Fees Billed to Adviser and Affiliated Fund Service Providers |  |  | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
October 31, 2022 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved pursuant to pre-approval exception |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
October 31, 2021 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved pursuant to pre-approval exception |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %

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.

Fiscal Year Ended |  | Total Non-Audit Fees Billed to Fund |  |  | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) |  |  | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) |  |  | Total |
October 31, 2022 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
October 31, 2021 |  | $ | 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 managers 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 registrant’s investment strategies:

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. Previously, he audited mutual funds and investment advisors as a member of Deloitte & Touche’s audit group. He earned his B.S. in Accountancy and Finance from Wright State University. He is a registered CPA (inactive) and a member of the American Institute of Certified Public Accountants. He also holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA institute.

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 |  |  | 9 |  |  | $ | 18.96 billion |
|  | Other Pooled Investment Vehicles |  |  | 0 |  |  | $ | 0 |
|  | Other Accounts |  |  | 10 |  |  | $ | 23.64 billion |

* |  | Assets are as of October 31, 2022. 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.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

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). | BENEFICIAL OWNERSHIP OF NVG SECURITIES

As of October 31, 2022, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Fund and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.

Name of Portfolio Manager |  | Fund |  | Dollar range of equity securities beneficially owned in Fund |  |  | Dollar range of equity securities beneficially owned in the remainder of Nuveen funds managed by Nuveen Asset Management’s municipal investment team |
Paul Brennan |  | Nuveen AMT-Free Municipal Credit Income Fund |  | $ | 100,001-$500,000 |  |  | $ | 500,001-$1,000,000 |

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 9, 2023

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 9, 2023

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

Date: January 9, 2023