N-CSRS 1 d827402dncsrs.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: |  | April 30, 2024

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
Funds
Closed-End
Funds
Nuveen
Municipal
April
30,2024
Semi-Annual
Report
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
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
2
Table
of
Contents
Important
Notices
3
Fund
Leverage
4
Common
Share
Information
5
About
the
Funds’
Benchmarks
7
Performance
Overview
and
Holding
Summaries
8
Portfolios
of
Investments
18
Statement
of
Assets
and
Liabilities
184
Statement
of
Operations
185
Statement
of
Changes
in
Net
Assets
186
Statement
of
Cash
Flows
189
Financial
Highlights
190
Notes
to
Financial
Statements
198
Risk
Considerations
216
Additional
Fund
Information
217
Glossary
of
Terms
Used
in
this
Report
218
Annual
Investment
Management
Agreement
Approval
Process
219
Important
Notices
3
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
October
31,
2023
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
Management
Fees
As
of
May
1,
2024,
each
Fund’s
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
each
Fund’s
average
daily
net
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
Therefore,
the
maximum
management
fee
rate
for
each
Fund
is
the
fund-level
fee
listed
within
this
report
plus
0.1600%.
Refer
to
the
Notes
to
Financial
Statements
within
this
report
for
further
details
on
the
Funds’
management
fees.
4
Fund
Leverage
IMPACT
OF
THE
FUNDS’
LEVERAGE
STRATEGY
ON
PERFORMANCE
One
important
factor
impacting
the
returns
of
the
Funds’
common
shares
relative
to
their
comparative
benchmarks
was
the
Funds’
use
of
leverage
through
their
issuance
of
preferred
shares
and/or
investments
in
inverse
floating
rate
securities,
which
represent
leveraged
investments
in
underlying
bonds.
The
Funds
use
leverage
because
our
research
has
shown
that,
over
time,
leveraging
provides
opportunities
for
additional
income.
The
opportunity
arises
when
short-term
rates
that
a
Fund
pays
on
its
leveraging
instruments
are
lower
than
the
interest
the
Fund
earns
on
its
portfolio
of
long-term
bonds
that
it
has
bought
with
the
proceeds
of
that
leverage.
However,
use
of
leverage
can
expose
Fund
common
shares
to
additional
price
volatility.
When
a
Fund
uses
leverage,
the
Fund’s
common
shares
will
experience
a
greater
increase
in
their
net
asset
value
if
the
securities
acquired
through
the
use
of
leverage
increase
in
value,
but
will
also
experience
a
correspondingly
larger
decline
in
their
net
asset
value
if
the
securities
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
interest
rates.
While
fund
leverage
expenses
are
higher
than
their
prior
year
lows,
leverage
nevertheless
continues
to
provide
the
opportunity
for
incremental
common
share
income,
particularly
over
longer-term
periods.
The
Funds'
use
of
leverage
significantly
contributed
to
relative
performance
during
the
reporting
period.
As
of
April
30,
2024,
the
Funds’
percentages
of
leverage
are
as
shown
in
the
accompanying
table.
i
THE
FUNDS’
REGULATORY
LEVERAGE
As
of
April
30,
2024,
the
Funds
have
issued
and
outstanding
preferred
shares
as
shown
in
the
accompanying
table.
Refer
to
Notes
to
Financial
Statements
for
further
details
on
preferred
shares
and
each
Fund’s
respective
transactions.
NVG
NZF
NMZ
NMCO
NDMO
Effective
Leverage
*
40.74%
39.44%
39.65%
41.16%
28.37%
Regulatory
Leverage
*
37.98%
33.45%
22.70%
39.69%
27.00%
*
Effective
Leverage
is
a
Fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
and
the
leverage
effects
of
certain
derivative
and
other
investments
in
a
Fund’s
portfolio
that
increase
the
Fund’s
investment
exposure.
Currently,
the
leverage
effects
of
Tender
Option
Bond
(TOB)
inverse
floater
holdings
are
included
in
effective
leverage
values,
in
addition
to
any
regulatory
leverage.
Regulatory
leverage
consists
of
preferred
shares
issued
or
borrowings
of
a
Fund.
Both
of
these
are
part
of
a
Fund’s
capital
structure.
A
Fund,
however,
may
from
time
to
time
borrow
on
a
typically
transient
basis
in
connection
with
its
day-to-day
operations,
primarily
in
connection
with
the
need
to
settle
portfolio
trades.
Such
incidental
borrowings
are
excluded
from
the
calculation
of
a
Fund’s
effective
leverage
ratio.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
forth
in
the
Investment
Company
Act
of
1940.
Variable
Rate
Preferred*
Variable
Rate
Remarketed
Preferred**
Fund
Shares
Issued
at
Liquidation
Preference
Shares
Issued
at
Liquidation
Preference
Total
NVG
$67,400,000
$1,686,600,000
$1,754,000,000
NZF
$
1,172,000,000
$146,000,000
$1,318,000,000
NMZ
$357,000,000
$-
$357,000,000
NMCO
$315,000,000
$100,000,000
$415,000,000
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
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
for
further
details.
Common
Share
Information
5
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
April
30,
2024.
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.
NVG,
NZF,
NMZ
and
NMCO
sought
to
pay
regular
monthly
dividends
out
of
their
net
investment
income
at
a
rate
that
reflected
their
past
and
projected
net
income
performance.
To
permit
each
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
paid
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
Notes
to
Financial
Statements
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.
NDMO
made
regular
cash
distributions
to
shareholders
of
a
stated
dollar
amount
per
share.
Subject
to
approval
and
oversight
by
the
Board
of
Trustees,
the
Fund
sought
to
maintain
a
stable
distribution
level
designed
to
deliver
the
long-term
return
potential
of
the
Fund’s
investment
strategy
through
regular
distributions
(a
“Managed
Distribution
Program”).
The
practice
of
maintaining
a
stable
distribution
level
had
no
material
effect
on
the
Fund’s
investment
strategy
during
the
most
recent
fiscal
period
and
is
not
expected
to
have
such
an
effect
in
future
periods,
however,
distributions
in
excess
of
Fund
returns
would
cause
its
NAV
per
share
to
erode.
For
additional
information,
refer
to
the
Notes
to
Financial
Statements
herein.
Effective
for
distributions
payable
on
December
1,
2023,
(December
29,
2023
for
NDMO)
each
Fund’s
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
its
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distribution
rate
which
may
be
set
from
time
to
time).
The
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
the
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
the
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
If
the
Fund’s
distribution
includes
anything
other
than
net
investment
income,
the
Fund
will
provide
a
notice
to
shareholders
of
its
best
estimate
of
the
distribution
sources
at
that
the
time
of
the
distribution.
These
estimates
may
not
match
the
final
tax
characterization
(for
the
full
year’s
distributions)
contained
in
shareholders’
1099-DIV
forms
after
the
end
of
the
year.
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-closedend
funds,
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).
Per
Common
Share
Amounts
Monthly
Distributions
(Ex-Dividend
Date)
NVG
NZF
NMZ
NMCO
November
$0.0505
$0.0515
$0.0425
$0.0455
December
0.0505
0.0515
0.0425
0.0455
January
0.0505
0.0515
0.0425
0.0455
February
0.0505
0.0515
0.0425
0.0455
March
0.0575
0.0575
0.0475
0.0500
April
0.0575
0.0575
0.0475
0.0500
Total
Distributions
from
Net
Investment
Income
$0.3170
$0.3210
$0.2650
$0.2820
Yields
NVG
NZF
NMZ
NMCO
Market
Yield
1
5.97%
5.90%
5.54%
5.92%
Taxable-Equivalent
Yield
1
10.08%
9.97%
9.22%
9.93%
1
Market
Yield
is
based
on
the
Fund’s
current
annualized
monthly
dividend
divided
by
the
Fund’s
current
market
price
as
of
the
end
of
the
reporting
period.
Taxable-
Equivalent
Yield
represents
the
yield
that
must
be
earned
on
a
fully
taxable
investment
in
order
to
equal
the
yield
of
the
Fund
on
an
after-tax
basis.
It
is
based
on
a
federal
income
tax
rate
of
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.
6
Common
Share
Information
(continued)
COMMON
SHARE
EQUITY
SHELF
PROGRAMS
During
the
current
reporting
period,
NVG,
NMZ,
NMCO
and
NDMO were
authorized
by
the
Securities
and
Exchange
Commission
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
the
Fund's
NAV
per
common
share.
The
maximum
aggregate
offering under
these
Shelf
Offerings
are
as
shown
in
the
accompanying
table.
During
the
current
reporting
period,
NVG,
NMZ,
NMCO
and
NDMO
did
not
sell
any
common
shares
through
their
Shelf
Offerings.
Refer
to
Notes
to
Financial
Statements,
for
further
details
of
Shelf
Offerings
and
each
Fund’s
transactions.
COMMON
SHARE
REPURCHASES
The
Funds’
Board
of
Trustees
reauthorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
and
retire
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
April
30,
2024,
(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.
OTHER
COMMON
SHARE
INFORMATION
As
of
April
30,
2024,
the
Funds’
common
share
prices
were
trading
at
a
premium/(discount)
to
their
common
share
NAVs
and
trading
at
an
average
premium/(discount)
to
NAV
during
the
current
reporting
period,
as
follows:
NVG
NMZ*
NMCO
NDMO
Maximum
aggregate
offering
Unlimited
Unlimited
$90,000,000
$250,000,000
*
The
Fund
carried
forward
13,340,607
common
shares
from
the
19,500,000
additional
previously
authorized
common
shares.
NVG
NZF
NMZ
NMCO
NDMO
Common
shares
repurchased
and
retired
202,500
67,500
0
0
0
Common
shares
authorized
for
repurchase
21,350,000
19,370,000
11,050,000
5,480,000
5,955,000
NVG
NZF
NMZ
NMCO
NDMO
Common
share
NAV
$13.41
$13.54
$11.00
$11.51
$10.89
Common
share
price
$11.55
$11.69
$10.29
$10.14
$10.68
Premium/(Discount)
to
NAV
(13.87)%
(13.66)%
(6.45)%
(11.90)%
(1.93)%
Average
premium/(discount)
to
NAV
(13.98)%
(13.65)%
(8.39)%
(10.73)%
(4.63)%
About
the
Funds’
Benchmarks
7
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.
8
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
Performance
Overview
and
Holding
Summaries
April
30,
2024
NVG
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
NVG
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
60%
S&P
Municipal
Bond
Investment
Grade
Index
and
2)
40%
S&P
Municipal
Bond
High
Yield
Index.
The
Fund’s
performance
was
measured
against
the
S&P
Municipal
Bond
Index
through
April
10,
2016.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NVG
at
Common
Share
NAV
3/25/02
16.39%
3.29%
0.79%
3.65%
NVG
at
Common
Share
Price
3/25/02
18.29%
2.89%
(0.53)%
3.76%
S&P
Municipal
Bond
Index
—
7.14%
2.35%
1.38%
2.46%
NVG
Blended
Benchmark
—
8.73%
3.84%
1.95%
3.09%
9
Holdings
Summaries
as
of
April
30,
2024
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)
Municipal
Bonds
163
.8‌
%
Common
Stocks
1
.6‌
%
Short-Term
Municipal
Bonds
1
.8‌
%
Other
Assets
&
Liabilities,
Net
1.1%
Floating
Rate
Obligations
(7.2)%
MFP
Shares,
Net
(
18
.0‌
)
%
VRDP
Shares,
Net
(
43
.1‌
)
%
Net
Assets
100‌
%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
6.2%
AAA
7.0%
AA
19.4%
A
22.3%
BBB
16.5%
BB
or
Lower
10.4%
N/R
(not
rated)
17.2%
N/A
(not
applicable)
1.0%
Total
100‌
%
Portfolio
Composition
(%
of
total
investments)
Tax
Obligation/Limited
19.0%
Health
Care
13.9%
Tax
Obligation/General
12.0%
Utilities
10.2%
Transportation
9.8%
Education
and
Civic
Organizations
9.0%
Housing/Single
Family
7.2%
Other
17.9%
Common
Stocks
1.0%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
Illinois
14.0%
Texas
8.3%
California
7.2%
New
York
6.0%
Colorado
5.4%
Ohio
5.4%
Puerto
Rico
4.4%
New
Jersey
3.5%
Pennsylvania
2.8%
Connecticut
2.8%
Wisconsin
2.8%
Georgia
2.5%
Florida
2.4%
District
of
Columbia
2.2%
Michigan
2.0%
Indiana
1.8%
Massachusetts
1.7%
South
Carolina
1.6%
North
Dakota
1.4%
Rhode
Island
1.4%
Arizona
1.3%
Alabama
1.3%
Kentucky
1.2%
Minnesota
1.2%
Idaho
1.2%
Other
14.2%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
10
Nuveen
Municipal
Credit
Income
Fund
Performance
Overview
and
Holding
Summaries
April
30,
2024
NZF
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
NZF
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
60%
S&P
Municipal
Bond
Investment
Grade
Index
and
2)
40%
S&P
Municipal
Bond
High
Yield
Index.
The
Fund’s
performance
was
measured
against
the
S&P
Municipal
Bond
Index
through
April
10,
2016.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NZF
at
Common
Share
NAV
9/25/01
15.88%
4.02%
1.20%
3.91%
NZF
at
Common
Share
Price
9/25/01
18.91%
5.33%
(0.55)%
4.07%
S&P
Municipal
Bond
Index
—
7.14%
2.35%
1.38%
2.46%
NZF
Blended
Benchmark
—
8.73%
3.84%
1.95%
3.09%
11
Holdings
Summaries
as
of
April
30,
2024
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)
Municipal
Bonds
158
.5‌
%
Common
Stocks
3
.7‌
%
Other
Assets
&
Liabilities,
Net
2.4%
Floating
Rate
Obligations
(14.5)%
MFP
Shares,
Net
(
24
.4‌
)
%
VRDP
Shares,
Net
(
25
.7‌
)
%
Net
Assets
100‌
%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
3.1%
AAA
1.1%
AA
13.1%
A
32.0%
BBB
22.4%
BB
or
Lower
13.4%
N/R
(not
rated)
14.9%
Total
100‌
%
Portfolio
Composition
(%
of
total
investments)
Health
Care
23.2%
Transportation
21.9%
Tax
Obligation/Limited
20.3%
Tax
Obligation/General
11.5%
Utilities
7.8%
U.S.
Guaranteed
3.1%
Industrials
3.1%
Other
6.8%
Common
Stocks
2.3%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
Illinois
14.2%
California
13.1%
New
York
10.9%
Texas
6.9%
Ohio
5.8%
Colorado
5.1%
Florida
4.9%
New
Jersey
4.9%
Puerto
Rico
4.5%
Pennsylvania
4.5%
Virginia
2.6%
South
Carolina
2.1%
Washington
2.1%
Georgia
1.6%
Oklahoma
1.5%
Wisconsin
1.4%
North
Dakota
1.3%
Minnesota
1.2%
Louisiana
1.2%
Michigan
1.0%
Other
9.2%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
12
Nuveen
Municipal
High
Income
Opportunity
Fund
Performance
Overview
and
Holding
Summaries
as
of
April
30,
2024
NMZ
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*
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
per-
formance
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
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NMZ
at
Common
Share
NAV
11/19/03
18.83%
3.57%
1.13%
4.08%
NMZ
at
Common
Share
Price
11/19/03
26.18%
0.50%
(0.13)%
3.59%
S&P
Municipal
Yield
Index
—
11.60%
5.83%
2.63%
4.23%
13
Holdings
Summaries
as
of
April
30,
2024
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)
Municipal
Bonds
154
.2‌
%
Common
Stocks
3
.9‌
%
Corporate
Bonds
0
.0‌
%
Variable
Rate
Senior
Loan
Interests
0
.0‌
%
Short-Term
Municipal
Bonds
1
.3‌
%
Other
Assets
&
Liabilities,
Net
5.3%
Floating
Rate
Obligations
(35.4)%
AMTP
Shares,
Net
(
29
.3‌
)
%
Net
Assets
100‌
%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
0.7%
AAA
1.2%
AA
8.2%
A
18.6%
BBB
12.8%
BB
or
Lower
8.4%
N/R
(not
rated)
47.6%
N/A
(not
applicable)
2.5%
Total
100‌
%
Portfolio
Composition
(%
of
total
investments)
Tax
Obligation/Limited
29.6%
Transportation
18.0%
Health
Care
11.1%
Education
and
Civic
Organizations
10.6%
Tax
Obligation/General
7.2%
Housing/Multifamily
5.4%
Industrials
4.6%
Other
11.0%
Common
Stocks
2.5%
Corporate
Bonds
0.0%
Variable
Rate
Senior
Loan
Interests
0.0%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
Florida
11.7%
Illinois
11.5%
Colorado
9.3%
California
8.7%
New
York
8.0%
Puerto
Rico
6.3%
Wisconsin
5.6%
Texas
4.3%
Missouri
2.7%
Ohio
2.7%
New
Jersey
2.6%
Arizona
2.5%
Virginia
2.4%
Michigan
2.0%
Alabama
1.9%
Kentucky
1.7%
District
of
Columbia
1.7%
Washington
1.3%
South
Carolina
1.2%
Iowa
1.2%
Indiana
1.1%
Oklahoma
1.1%
Pennsylvania
1.1%
Nebraska
0.7%
Louisiana
0.7%
Other
6.0%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
14
Nuveen
Municipal
Credit
Opportunities
Fund
Performance
Overview
and
Holding
Summaries
as
of
April
30,
2024
NMCO
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*
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
per-
formance
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
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
Since
Inception
NMCO
at
Common
Share
NAV
9/16/19
17.24%
1.33%
(0.62)%
NMCO
at
Common
Share
Price
9/16/19
20.22%
(3.31)%
(3.07)%
S&P
Municipal
Yield
Index
—
11.60%
5.83%
1.90%
15
Holdings
Summaries
as
of
April
30,
2024
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)
Municipal
Bonds
146
.6‌
%
Common
Stocks
9
.0‌
%
Variable
Rate
Senior
Loan
Interests
0
.0‌
%
Other
Assets
&
Liabilities,
Net
14.3%
Floating
Rate
Obligations
(4.2)%
MFP
Shares,
Net
(
65
.7‌
)
%
Net
Assets
100‌
%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
0.2%
AA
2.2%
A
8.5%
BBB
10.5%
BB
or
Lower
16.2%
N/R
(not
rated)
56.6%
N/A
(not
applicable)
5.8%
Total
100‌
%
Portfolio
Composition
(%
of
total
investments)
Tax
Obligation/Limited
26.2%
Education
and
Civic
Organizations
15.0%
Transportation
11.8%
Consumer
Staples
7.4%
Long-Term
Care
7.1%
Tax
Obligation/General
6.8%
Industrials
6.3%
Health
Care
5.5%
Other
8.1%
Common
Stocks
5.8%
Variable
Rate
Senior
Loan
Interests
0.0%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
Florida
10.8%
Illinois
10.1%
Colorado
10.0%
Wisconsin
9.0%
New
York
7.3%
Ohio
5.1%
California
4.6%
Puerto
Rico
4.5%
Texas
3.5%
Alabama
3.2%
Georgia
2.5%
Pennsylvania
2.4%
District
of
Columbia
2.4%
New
Jersey
2.4%
Arizona
2.2%
Virgin
Islands
2.0%
Utah
1.8%
Virginia
1.6%
Louisiana
1.5%
Arkansas
1.4%
Idaho
1.0%
Kansas
1.0%
Alaska
0.8%
Tennessee
0.8%
Missouri
0.8%
Other
7.3%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
16
Nuveen
Dynamic
Municipal
Opportunities
Fund
Performance
Overview
and
Holding
Summaries
as
of
April
30,
2024
NDMO
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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
Total
Returns
as
of
April
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
Since
Inception
NDMO
at
Common
Share
NAV
8/26/20
14.93%
5.77%
(2.12)%
NDMO
at
Common
Share
Price
8/26/20
21.33%
7.98%
(2.44)%
S&P
Municipal
Yield
Index
—
11.60%
5.83%
1.48%
S&P
Municipal
Bond
Index
—
7.14%
2.35%
(0.09)%
17
Holdings
Summaries
as
of
April
30,
2024
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)
Municipal
Bonds
123
.8‌
%
U.S.
Government
and
Agency
Obligations
4
.5‌
%
Corporate
Bonds
1
.9‌
%
Common
Stocks
0
.1‌
%
Variable
Rate
Senior
Loan
Interests
0
.0‌
%
Short-Term
Municipal
Bonds
0
.8‌
%
Other
Assets
&
Liabilities,
Net
8.4%
Floating
Rate
Obligations
(2.6)%
MFP
Shares,
Net
(
36
.9‌
)
%
Net
Assets
100‌
%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
AAA
1.0%
AA
20.6%
A
18.5%
BBB
7.7%
BB
or
Lower
12.5%
N/R
(not
rated)
39.7%
Total
100‌
%
Portfolio
Composition
(%
of
total
investments)
Tax
Obligation/Limited
25.8%
Transportation
16.6%
Utilities
12.8%
Education
and
Civic
Organizations
12.2%
Tax
Obligation/General
7.7%
Health
Care
7.2%
Industrials
5.2%
Other
7.5%
U.S.
Government
and
Agency
Obligations
3.5%
Corporate
Bonds
1.4%
Common
Stocks
0.1%
Variable
Rate
Senior
Loan
Interests
0.0%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
New
York
16.1%
Colorado
13.9%
Florida
9.1%
Texas
6.4%
California
6.1%
Arizona
5.3%
Alabama
5.1%
Illinois
4.4%
Puerto
Rico
4.0%
Wisconsin
3.8%
Pennsylvania
3.2%
Indiana
2.1%
Nebraska
1.7%
Tennessee
1.5%
District
of
Columbia
1.4%
Arkansas
1.4%
Michigan
1.3%
Washington
1.1%
Minnesota
1.0%
Georgia
0.9%
Ohio
0.8%
Missouri
0.8%
New
Mexico
0.8%
Virginia
0.8%
Louisiana
0.7%
Other
6.3%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
18
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
NVG
vb
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
165.4%
(98.9%
of
Total
Investments)
X
–
MUNICIPAL
BONDS
-
163.8%
(97.9%
of
Total
Investments)
X
4,690,795,609
Alabama
-
2.2%
(1.3%
of
Total
Investments)
$
3,645
(c)
Alabama
Private
Colleges
and
University
Facilities
Authority,
Limited
Obligation
Bonds,
University
of
Mobile
Project,
Series
2015A,
6.000%,
9/01/45
9/25
at
100.00
$
3,662,646
2,060
Birmingham-Jefferson
Civic
Center
Authority,
Alabama,
Special
Tax
Bonds,
Series
2018A,
4.000%,
7/01/43
7/28
at
100.00
1,963,707
7,500
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Prepay
Morgan
Stanley
Series
2022C-1,
5.250%,
2/01/53,
(Mandatory
Put
6/01/29)
3/29
at
100.15
7,828,882
2,285
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024,
5.250%,
10/01/49
10/33
at
100.00
2,407,714
30,730
Lower
Alabama
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Series
2016A,
5.000%,
9/01/46
No
Opt.
Call
31,658,307
8,100
Mobile
Spring
Hill
College
Educational
Building
Authority,
Alabama,
Revenue
Bonds,
Spring
Hill
College
Project,
Series
2015,
5.875%,
4/15/45
4/25
at
100.00
6,029,027
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
957,146
1,300
5.500%,
8/01/35
8/26
at
100.00
1,234,189
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A
:
2,914
(c)
4.500%,
5/01/32
5/24
at
100.00
2,911,808
4,220
(c)
5.250%,
5/01/44
5/29
at
100.00
4,229,173
Total
Alabama
62,882,599
Alaska
-
0.6%
(0.3%
of
Total
Investments)
2,000
Alaska
Housing
Finance
Corporation,
Mortgage
Revenue
Bonds,
General
Series
2024A-II,
4.700%,
12/01/49
6/33
at
100.00
2,001,508
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
4,354,531
8,100
4.000%,
6/01/50
6/31
at
100.00
7,320,256
915
Northern
Tobacco
Securitization
Corporation,
Alaska,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2021B-1
Class
2,
4.000%,
6/01/50
6/31
at
100.00
916,656
14,045
Northern
Tobacco
Securitization
Corporation,
Alaska,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2021B-2
Class
2,
0.000%,
6/01/66
6/31
at
30.73
1,722,168
Total
Alaska
16,315,119
Arizona
-
2.2%
(1.3%
of
Total
Investments)
5,000
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Green
Series
2024A,
5.000%,
7/01/50,
(WI/DD)
7/34
at
100.00
5,356,697
1,475
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2017D,
5.000%,
7/01/47
7/27
at
100.00
1,386,294
6,290
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2019,
5.000%,
7/01/54
7/29
at
100.00
5,794,362
3,260
(c)
Arizona
Industrial
Development
Authority,
Education
Facility
Revenue
Bonds,
Caurus
Academy
Project,
Series
2018A,
6.375%,
6/01/39
6/28
at
100.00
3,392,967
19
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Arizona
(continued)
$
3,142
(c),(d)
Cahava
Springs
Revitalization
District,
Cave
Creek,
Arizona,
Special
Assessment
Bonds,
Series
2017A,
7.000%,
7/01/41
7/27
at
100.00
$
2,419,491
1,350
(c)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Series
2021A,
4.000%,
7/01/56
7/31
at
100.00
1,019,744
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Taxable
Series
2019B
:
1,730
(c)
5.000%,
7/01/49
7/29
at
100.00
1,617,214
1,975
(c)
5.000%,
7/01/54
7/29
at
100.00
1,819,374
800
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Reid
Traditional
School
Projects,
Series
2016,
5.000%,
7/01/47
7/26
at
100.00
780,243
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
7,309,148
8,755
5.500%,
7/01/39
-
FGIC
Insured
No
Opt.
Call
10,687,296
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2016A
:
620
(c)
5.000%,
7/01/35
7/25
at
100.00
621,973
1,025
(c)
5.000%,
7/01/46
7/25
at
100.00
970,924
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
1,131,616
1,850
5.375%,
7/01/46
7/26
at
100.00
1,778,952
2,135
5.500%,
7/01/51
7/26
at
100.00
2,053,171
2,920
(c)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Edkey
Charter
Schools
Project,
Series
2019,
5.875%,
7/01/51
7/26
at
103.00
2,926,833
3,050
(c)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
San
Tan
Montessori
School
Project,
Series
2017,
6.750%,
2/01/50
2/28
at
100.00
3,123,325
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007
:
6,120
5.000%,
12/01/32
No
Opt.
Call
6,439,948
2,365
5.000%,
12/01/37
No
Opt.
Call
2,515,435
Total
Arizona
63,145,007
Arkansas
-
0.6%
(0.4%
of
Total
Investments)
Arkansas
Development
Finance
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Series
2024A
:
1,000
4.600%,
7/01/49,
(WI/DD)
7/33
at
100.00
994,498
1,000
4.650%,
1/01/54,
(WI/DD)
7/33
at
100.00
1,003,211
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
1,576,461
20,480
0.000%,
7/01/46
-
AMBAC
Insured
No
Opt.
Call
6,743,896
8,425
Springdale,
Arkansas,
Sales
and
Use
Tax
Revenue
Bonds,
Refunding
&
Improvement
Series
2023B,
4.125%,
8/01/50
-
BAM
Insured
2/30
at
100.00
8,133,821
Total
Arkansas
18,451,887
California
-
11.7%
(7.0%
of
Total
Investments)
6,135
Alhambra
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Capital
Appreciation
Series
2009B,
0.000%,
8/01/30
-
AGC
Insured
No
Opt.
Call
4,999,338
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
20
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C
:
$
6,820
(e)
0.000%,
9/01/35
-
AGM
Insured,
(ETM)
No
Opt.
Call
$
4,668,385
5,795
0.000%,
9/01/35
-
AGM
Insured
No
Opt.
Call
3,892,239
4,100
Antelope
Valley
Healthcare
District,
California,
Revenue
Bonds,
Series
2016A,
5.000%,
3/01/41
3/26
at
100.00
3,877,235
3,875
Bakersfield
City
School
District,
Kern
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2022C,
2.500%,
11/01/46
-
BAM
Insured
11/31
at
100.00
2,653,405
1,650
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023C,
5.250%,
1/01/54,
(Mandatory
Put
10/01/31)
10/30
at
100.65
1,722,253
2,325
(c)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Fountains
at
Emerald
Park,
Senior
Lien
Series
2021A-1,
3.000%,
8/01/56
8/31
at
100.00
1,618,403
2,000
(c)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-1,
3.000%,
2/01/57
8/32
at
100.00
1,363,541
310
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020B-1,
5.000%,
6/01/49
6/30
at
100.00
315,185
50,460
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020B-2,
0.000%,
6/01/55
6/30
at
26.72
9,719,832
1,500
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Bonds,
Gold
Country
Settlement
Funding
Corporation,
Senior
Series
2020A,
4.000%,
6/01/49
12/30
at
100.00
1,422,477
12,940
(f)
California
Educational
Facilities
Authority,
Revenue
Bonds,
Stanford
University
Series
2019V-1,
5.000%,
5/01/49,
(UB)
No
Opt.
Call
14,946,062
5,000
(f)
California
Educational
Facilities
Authority,
Revenue
Bonds,
Stanford
University
Series
2019V-1,
5.000%,
5/01/49
No
Opt.
Call
5,775,140
10,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
Stanford
University
Series
2021V-2,
5.000%,
4/01/51
No
Opt.
Call
11,525,598
8,300
(f)
California
Educational
Facilities
Authority,
Revenue
Bonds,Stanford
University,
Refunding
Series
2014U-6,
5.000%,
5/01/45,
(UB)
No
Opt.
Call
9,709,068
1,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Stanford
Hospitals
and
Clinics,
Series
2015A,
5.000%,
8/15/54
8/25
at
100.00
1,007,077
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2016A
:
3,065
(c)
5.000%,
7/01/31
7/26
at
100.00
3,100,489
1,000
(c)
5.000%,
7/01/36
7/26
at
100.00
1,004,611
555
(c)
5.000%,
7/01/41
7/26
at
100.00
541,843
195
(c)
5.000%,
7/01/46
7/26
at
100.00
186,187
California
Municipal
Finance
Authority,
Education
Revenue
Bonds, American
Heritage
Foundation
Project,
Series
2016A
:
260
5.000%,
6/01/36
6/26
at
100.00
262,145
435
5.000%,
6/01/46
6/26
at
100.00
416,043
3,000
(c)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Simpson
University,
Series
2020A,
6.000%,
10/01/50
10/27
at
103.00
3,026,785
5,425
(c)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authoriity
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
11/21/45
1/29
at
100.00
5,512,544
2,050
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017,
5.000%,
10/15/47
10/26
at
100.00
1,974,899
21
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
735
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016,
5.000%,
6/01/46
6/26
at
100.00
$
696,403
715
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
Obligated
Group,
Series
2016A,
5.000%,
6/01/36
6/25
at
100.00
717,132
570
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Rocketship
Education
Obligated
Group,
Series
2017A,
5.125%,
6/01/47
6/26
at
100.00
556,781
80
California
State,
General
Obligation
Bonds,
Series
2002,
5.000%,
10/01/32
-
NPFG
Insured
5/24
at
100.00
80,046
5
California
State,
General
Obligation
Bonds,
Series
2004,
5.000%,
4/01/31
-
AMBAC
Insured
5/24
at
100.00
5,003
6,290
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A,
5.500%,
12/01/54
12/24
at
100.00
6,309,544
63,130
(c)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56
6/26
at
100.00
63,432,424
7,130
(c)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A,
5.500%,
12/01/58
6/28
at
100.00
7,264,424
4,000
(e)
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Huntington
Memorial
Hospital,
Refunding
Series
2014B,
4.000%,
7/01/39,
(Pre-refunded
7/01/24)
7/24
at
100.00
4,001,396
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
:
16
(d),(g)
5.750%,
7/01/30
1/22
at
100.00
16,298
47
(d),(g)
5.750%,
7/01/35
1/22
at
100.00
47,035
5,000
(e)
Clovis
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Series
2001A,
0.000%,
8/01/25
-
FGIC
Insured,
(ETM)
No
Opt.
Call
4,783,837
5,330
(c)
CMFA
Special
Finance
Agency
VII,
California,
Essential
Housing
Revenue
Bonds,
Senior
Lien
Series
2021A-1,
3.000%,
8/01/56
8/31
at
100.00
3,548,825
4,000
(c)
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-1,
3.000%,
12/01/56
12/31
at
100.00
2,759,304
3,410
Coachella
Valley
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2005
Series
2010C,
0.000%,
8/01/33
-
AGM
Insured
No
Opt.
Call
2,461,774
14,375
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2006
Refunding
Series
2009C,
0.000%,
8/01/39
-
AGM
Insured
No
Opt.
Call
7,300,937
2,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1,
3.600%,
5/01/47
5/32
at
100.00
1,646,088
5,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2,
3.250%,
5/01/57
5/32
at
100.00
3,457,628
5,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Escondido
Portfolio,
Social
Senior
Lien
Series
2021A-2,
4.000%,
6/01/58
6/31
at
100.00
3,727,491
4,720
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-1,
3.400%,
10/01/46
10/31
at
100.00
3,752,210
15,985
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-
1,
3.125%,
7/01/56
7/32
at
100.00
10,553,022
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
22
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
5,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2,
3.000%,
12/01/56
12/31
at
100.00
$
3,449,130
2,475
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Vineyard
Gardens
Apartments,
Senior
Lien
Series
2021A,
3.250%,
10/01/58
4/32
at
100.00
1,670,378
12,500
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021A-
2,
4.000%,
12/01/58
6/32
at
100.00
9,260,530
El
Rancho
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2010
Series
2011A
:
2,615
6.900%,
8/01/31
-
AGM
Insured
8/28
at
100.00
3,017,996
3,600
7.050%,
8/01/34
-
AGM
Insured
8/28
at
100.00
4,172,241
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
2,798,563
5,000
0.000%,
1/15/35
-
AGM
Insured
No
Opt.
Call
3,396,172
910
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A,
6.850%,
1/15/42
1/31
at
100.00
1,078,608
4,595
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Term
Rate
Sub-Series
2013B-1,
3.500%,
1/15/53
7/29
at
100.00
3,785,913
7,860
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2,
0.000%,
6/01/66
12/31
at
27.75
798,127
1,825
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1,
5.000%,
6/01/51
12/31
at
100.00
1,887,734
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
5,500,611
5,795
0.000%,
11/01/25
-
AGM
Insured
No
Opt.
Call
5,496,143
1,075
Lincoln
Public
Financing
Authority,
Placer
County,
California,
Twelve
Bridges
Limited
Obligation
Revenue
Bonds,
Refunding
Series
2011A,
4.375%,
9/02/25
-
AGM
Insured
5/24
at
100.00
1,075,798
7,575
(h)
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A,
0.000%,
8/01/43
8/35
at
100.00
7,258,268
3,310
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009B,
6.500%,
11/01/39
No
Opt.
Call
4,132,627
Oceanside
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
2008
Election
Series
2009A
:
3,960
0.000%,
8/01/26
-
AGC
Insured
No
Opt.
Call
3,655,997
605
(e)
0.000%,
8/01/26
-
AGC
Insured,
(ETM)
No
Opt.
Call
561,212
540
(e)
0.000%,
8/01/26
-
AGC
Insured,
(ETM)
No
Opt.
Call
500,917
530
(e)
0.000%,
8/01/26
-
AGC
Insured,
(ETM)
No
Opt.
Call
491,641
270
(e)
0.000%,
8/01/26
-
AGC
Insured,
(ETM)
No
Opt.
Call
250,458
1,715
0.000%,
8/01/28
-
AGC
Insured
No
Opt.
Call
1,481,176
225
(e)
0.000%,
8/01/28
-
AGC
Insured,
(ETM)
No
Opt.
Call
197,099
170
(e)
0.000%,
8/01/28
-
AGC
Insured,
(ETM)
No
Opt.
Call
148,920
110
(e)
0.000%,
8/01/28
-
AGC
Insured,
(ETM)
No
Opt.
Call
96,360
3,905
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Esencia
Village,
Series
2015A,
4.250%,
8/15/38
8/25
at
100.00
3,874,532
23
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
Palo
Alto,
California,
Certificates
of
Participation,
Public
Safety
Building,
Series
2021
:
$
2,560
2.000%,
11/01/42
11/30
at
100.00
$
1,686,979
1,940
2.125%,
11/01/44
11/30
at
100.00
1,257,683
3,700
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
of
2004,
Series
2007A,
0.000%,
8/01/25
-
NPFG
Insured
No
Opt.
Call
3,504,903
7,935
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A,
7.000%,
8/01/38
-
AGC
Insured
8/29
at
100.00
9,022,842
9,145
Pittsburg
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Los
Medanos
Community
Development
Project,
Series
1999,
0.000%,
8/01/30
-
AMBAC
Insured
No
Opt.
Call
7,302,658
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
484,648
905
5.000%,
9/01/46
9/25
at
100.00
911,446
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2014A
:
2,680
(e)
5.000%,
1/15/44,
(Pre-refunded
1/15/25)
1/25
at
100.00
2,709,642
8,275
(e)
5.000%,
1/15/50,
(Pre-refunded
1/15/25)
1/25
at
100.00
8,366,525
3,400
San
Mateo
County
Community
College
District,
California,
General
Obligation
Bonds,
Series
2006C,
0.000%,
9/01/30
-
NPFG
Insured
No
Opt.
Call
2,761,052
4,340
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
1997
Election
Series
2012G,
0.000%,
8/01/34
-
AGM
Insured
No
Opt.
Call
2,942,800
Santa
Ana
Financing
Authority,
California,
Lease
Revenue
Bonds,
Police
Administration
and
Housing
Facility,
Series
1994A
:
1,265
(e)
6.250%,
7/01/24,
(ETM)
No
Opt.
Call
1,269,640
1,265
6.250%,
7/01/24
No
Opt.
Call
1,269,576
605
(c)
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017,
6.250%,
9/01/47
9/27
at
100.00
628,943
Total
California
336,514,874
Colorado
-
9.0%
(5.4%
of
Total
Investments)
4,300
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2021,
4.375%,
12/01/52
12/26
at
103.00
3,524,676
850
Aviation
Station
North
Metropolitan
District
2,
Denver
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2019A,
5.000%,
12/01/39
9/24
at
103.00
805,734
Base
Village
Metropolitan
District
2,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2016A
:
806
5.500%,
12/01/36
5/24
at
101.00
807,992
1,175
5.750%,
12/01/46
5/24
at
101.00
1,171,274
700
Brighton
Crossing
Metropolitan
District
4,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Series
2017A,
5.000%,
12/01/47
5/24
at
102.00
656,203
3,410
Canyons
Metropolitan
District
5,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017A,
6.125%,
12/01/47
5/24
at
102.00
3,367,784
1,690
Canyons
Metropolitan
District
6,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017A,
6.125%,
12/01/47
5/24
at
102.00
1,654,773
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
:
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
24
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
1,140
(c)
5.000%,
12/01/37
5/24
at
102.00
$
1,094,406
5,465
(c)
5.000%,
12/01/47
5/24
at
102.00
4,909,738
4,475
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2020A,
5.000%,
12/01/51
12/25
at
103.00
3,982,701
930
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Flagstaff
Academy
Project,
Refunding
Series
2016,
3.625%,
8/01/46
8/26
at
100.00
733,175
1,165
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
The
Classical
Academy
Project,
Refunding
Series
2015A,
5.000%,
12/01/38
12/24
at
100.00
1,168,881
3,675
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Vanguard
School
Project,
Refunding
&
Improvement
Series
2016,
3.750%,
6/15/47
6/26
at
100.00
3,038,915
1,750
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Weld
County
School
District
6
-
Frontier
Academy,
Refunding
&
Improvement
Series
2016,
3.250%,
6/01/46
6/26
at
100.00
1,328,162
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017
:
2,460
(e)
5.000%,
6/01/42,
(Pre-refunded
6/01/27)
6/27
at
100.00
2,588,596
23,470
(e)
5.000%,
6/01/47,
(Pre-refunded
6/01/27)
6/27
at
100.00
24,696,887
2,900
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
4.000%,
8/01/49
8/29
at
100.00
2,637,761
4,900
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Covenant
Living
Communities
&
Services,
Series
2020A,
4.000%,
12/01/50
12/27
at
103.00
3,954,569
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Series
2013A
:
1,410
(e)
5.000%,
6/01/32,
(Pre-refunded
6/01/25)
6/25
at
100.00
1,429,102
2,000
(e)
5.000%,
6/01/33,
(Pre-refunded
6/01/25)
6/25
at
100.00
2,027,094
5,870
(e)
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
5,949,522
6,920
(e)
5.000%,
6/01/45,
(Pre-refunded
6/01/25)
6/25
at
100.00
7,013,747
2,035
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Frasier
Meadows
Project,
Refunding
&
Improvement
Series
2017A,
5.250%,
5/15/47
5/27
at
100.00
2,005,538
13,610
Colorado
Housing
and
Finance
Authority,
Multifamily
Project
Bonds,
Class
I
Series
2020B,
2.350%,
10/01/43
10/29
at
100.00
9,345,089
4,105
Colorado
International
Center
Metropolitan
District
14,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018,
5.875%,
12/01/46
5/24
at
103.00
4,039,320
600
Copperleaf
Metropolitan
District
4,
Arapahoe
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2020A,
5.000%,
12/01/49
3/25
at
103.00
543,098
1,480
Cornerstar
Metropolitan
District,
Arapahoe
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Refunding
Series
2017A,
5.250%,
12/01/47
5/24
at
102.00
1,413,451
1,255
Cornerstar
Metropolitan
District,
Arapahoe
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Refunding
Series
2017B,
5.250%,
12/01/47
5/24
at
102.00
1,195,414
500
Crystal
Crossing
Metropolitan
District,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
Series
2016,
5.250%,
12/01/40
12/25
at
100.00
492,381
Denver
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
9th
and
Colorado
Urban
Redevelopement
Area,
Series
2018A
:
2,125
(c)
5.250%,
12/01/39
5/24
at
103.00
2,137,539
425
(c)
5.250%,
12/01/39
5/24
at
103.00
427,508
25
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
11,700
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Capital
Appreciation
Series
2010A,
0.000%,
9/01/41
No
Opt.
Call
$
5,412,120
6,525
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
1997B,
0.000%,
9/01/26
-
NPFG
Insured
No
Opt.
Call
5,977,342
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
:
17,030
0.000%,
9/01/25
-
NPFG
Insured
No
Opt.
Call
16,200,283
10,005
0.000%,
9/01/32
-
NPFG
Insured
No
Opt.
Call
7,363,835
43,090
0.000%,
9/01/33
-
NPFG
Insured
No
Opt.
Call
30,408,324
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A
:
20,000
0.000%,
9/01/27
-
NPFG
Insured
No
Opt.
Call
17,728,908
1,180
0.000%,
9/01/28
-
NPFG
Insured
No
Opt.
Call
1,011,236
7,000
0.000%,
9/01/34
-
NPFG
Insured
No
Opt.
Call
4,738,137
5,575
(c)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A,
6.750%,
12/01/34
9/27
at
103.00
5,491,758
590
Foothills
Metropolitan
District,
Fort
Collins,
Colorado,
Special
Revenue
Bonds,
Series
2014,
6.000%,
12/01/38
12/24
at
100.00
557,561
500
Iron
Mountain
Metropolitan
District
2,
Windsor,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2019A,
5.000%,
12/01/39
12/24
at
103.00
472,960
Lambertson
Farms
Metropolitan
District
1,
Colorado,
Revenue
Bonds,
Refunding
&
Improvement
Series
2015
:
1,005
(d)
5.750%,
12/15/46
5/24
at
100.00
879,377
5,355
(d)
6.000%,
12/15/50
5/24
at
100.00
4,749,890
860
Mountain
Shadows
Metropolitan
District,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
Series
2016,
5.000%,
12/01/35
12/25
at
100.00
860,963
5,155
North
Range
Metropolitan
District
1,
Adams
County,
Colorado,
General
Obligation
Bonds,
Series
2016B,
3.500%,
12/01/45
12/25
at
100.00
4,155,568
North
Range
Metropolitan
District
2,
Adams
County,
Colorado
,
Limited
Tax
General
Obligation
Bonds,
Refunding
Special
Revenue
&
Improvement
Series
2017A
:
978
5.625%,
12/01/37
5/24
at
102.00
967,496
1,000
5.750%,
12/01/47
5/24
at
102.00
985,314
Painted
Prairie
Public
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2019
:
3,380
5.000%,
12/01/39
12/24
at
103.00
3,160,330
6,900
5.000%,
12/01/49
12/24
at
103.00
6,060,884
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
668,757
1,060
5.000%,
12/01/46
12/26
at
100.00
1,050,325
660
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
12/01/45
12/25
at
100.00
648,754
1,000
(c)
Parkdale
Community
Authority,
Erie
County,
Colorado,
Limited
Tax
Supported
Convertible
Capital
Appreciation
Revenue
Bonds,
District
2,
Series
2024A,
7.750%,
12/01/53
3/29
at
103.00
727,870
1,335
(c)
Peak
Metropolitan
District
1,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021A,
5.000%,
12/01/41
3/26
at
103.00
1,187,724
4,000
Peak
Metropolitan
District
3,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Convertible
Capital
Appreciation
Bonds,
Series
2022A-2,
8.000%,
12/01/52
12/27
at
81.40
2,305,716
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
26
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
2,760
(c)
Prairie
Center
Metopolitan
District
No.
3,
In
the
City
of
Brighton,
Adams
County,
Colorado,
Limited
Property
Tax
Supported
Primary
Improvements
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
12/15/41
12/26
at
100.00
$
2,734,916
1,500
Rampart
Range
Metropolitan
District
5,
Lone
Tree,
Douglas
County,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Series
2021,
4.000%,
12/01/41
10/26
at
102.00
1,244,649
Reata
South
Metropolitan
District,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2018
:
1,310
5.375%,
12/01/37
5/24
at
103.00
1,323,611
3,265
5.500%,
12/01/47
5/24
at
103.00
3,267,528
5,050
Regional
Transportation
District,
Colorado,
Private
Activity
Bonds,
Denver
Transit
Partners
Eagle
P3
Project,
Series
2020A,
3.000%,
7/15/37
1/31
at
100.00
4,374,728
1,320
Riverwalk
Metropolitan
District
2,
Glendale,
Arapahoe
County,
Colorado,
Special
Revenue
Bonds,
Series
2022A,
5.000%,
12/01/52
3/27
at
103.00
1,139,871
917
SouthGlenn
Metropolitan
District,
Colorado,
Special
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
12/01/46
5/24
at
101.00
827,935
1,000
St.
Vrain
Lakes
Metropolitan
District
No.
2,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2017A,
5.000%,
12/01/37
5/24
at
102.00
984,533
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
951,036
570
5.000%,
12/01/49
12/24
at
103.00
518,076
765
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Limited
Tax
Supported
District
2,
Refunding
&
Improvement
Senior
Series
2020A,
4.250%,
12/01/50
12/25
at
102.00
641,225
600
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Special
Improvement
Revenue
Bonds,
Special
District
1,
Series
2024,
5.625%,
12/01/43
No
Opt.
Call
608,653
2,765
Sterling
Ranch
Metropolitan
District
1,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2020,
5.125%,
12/01/50
12/25
at
103.00
2,471,034
450
The
Village
at
Dry
Creek
Metropolitan
District
No.
2,
In
the
City
of
Thornton,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2019,
4.375%,
12/01/44
9/24
at
103.00
419,641
500
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Convertible
Capital
Appreciation
Series
2021A-2,
5.500%,
12/01/51
3/26
at
103.00
377,669
900
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1,
5.000%,
12/01/51
3/26
at
103.00
711,106
3,410
Vauxmont
Metropolitan
District,
Arvada,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Convertible
to
Unlimited
Tax
Refunding
Subordinate
Series
2020,
5.000%,
12/01/50
-
AGM
Insured
12/29
at
100.00
3,512,912
8,260
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022,
6.750%,
12/01/52
12/29
at
103.00
7,750,724
Total
Colorado
257,772,309
Connecticut
-
4.6%
(2.8%
of
Total
Investments)
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2014A
:
2,345
5.000%,
7/01/32
-
AGM
Insured
7/24
at
100.00
2,349,410
1,600
5.000%,
7/01/34
-
AGM
Insured
7/24
at
100.00
1,602,777
2,800
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2016D,
5.000%,
8/15/41
-
AGM
Insured
8/26
at
100.00
2,839,989
27
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Connecticut
(continued)
Bridgeport,
Connecticut,
General
Obligation
Bonds,
Series
2017A
:
$
1,470
5.000%,
11/01/36
11/27
at
100.00
$
1,534,269
750
5.000%,
11/01/37
11/27
at
100.00
779,858
875
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Connecticut
Childrens
Medical
Center
and
Subsidiaries,
Series
2023E,
4.250%,
7/15/53
1/33
at
100.00
837,313
1,100
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Duncaster,
Inc.,
Series
2014A,
5.000%,
8/01/44
8/24
at
100.00
1,053,967
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Healthcare
Facility
Expansion
Church
Home
of
Hartford
Inc.
Project,
Series
2016A
:
590
(c)
5.000%,
9/01/46
9/26
at
100.00
504,330
2,540
(c)
5.000%,
9/01/53
9/26
at
100.00
2,066,003
3,000
(c)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mary
Wade
Home
Issue,
Series
2019A-1,
5.000%,
10/01/54
10/24
at
104.00
2,284,819
1,915
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Middlesex
Hospital,
Series
2015O,
5.000%,
7/01/36
7/25
at
100.00
1,931,401
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Nuvance
Health
Series
2019A
:
2,770
4.000%,
7/01/41
7/29
at
100.00
2,543,677
2,000
4.000%,
7/01/49
7/29
at
100.00
1,714,822
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Refunding
Series
2015L
:
5,500
4.125%,
7/01/41
7/25
at
100.00
5,444,727
1,745
5.000%,
7/01/45
7/25
at
100.00
1,755,778
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Quinnipiac
University,
Series
2016M
:
500
5.000%,
7/01/34
7/26
at
100.00
512,282
1,250
5.000%,
7/01/36
7/26
at
100.00
1,275,781
5,145
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sacred
Heart
University,
Series
2017I-1,
5.000%,
7/01/42
7/27
at
100.00
5,180,223
4,025
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Stamford
Hospital,
Series
2016K,
4.000%,
7/01/46
7/26
at
100.00
3,485,307
2,250
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
New
Haven,
Series
2018K-1,
5.000%,
7/01/38
7/28
at
100.00
2,222,072
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
2,613,783
2,740
5.000%,
7/01/33
7/24
at
100.00
2,743,707
900
5.000%,
7/01/34
7/24
at
100.00
901,129
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2023B
:
1,775
4.500%,
11/15/43
5/32
at
100.00
1,788,133
13,425
(f)
4.650%,
11/15/48,
(UB)
5/32
at
100.00
13,489,479
2,940
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2024A,
4.450%,
11/15/44
11/32
at
100.00
2,941,510
3,500
Connecticut
State,
General
Obligation
Bonds,
Series
2014F,
5.000%,
11/15/34
11/24
at
100.00
3,518,150
2,630
Connecticut
State,
General
Obligation
Bonds,
Series
2015F,
5.000%,
11/15/34
11/25
at
100.00
2,678,791
3,750
Connecticut
State,
General
Obligation
Bonds,
Series
2017A,
5.000%,
4/15/35
4/27
at
100.00
3,921,333
Connecticut
State,
General
Obligation
Bonds,
Series
2018A
:
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
28
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Connecticut
(continued)
$
2,315
5.000%,
4/15/37
4/28
at
100.00
$
2,438,513
5,000
5.000%,
4/15/38
4/28
at
100.00
5,241,480
1,035
Connecticut
State,
General
Obligation
Bonds,
Series
2018E,
5.000%,
9/15/37
9/28
at
100.00
1,092,901
1,380
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2015A,
5.000%,
8/01/33
8/25
at
100.00
1,401,161
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes
Series
2016A
:
5,300
5.000%,
9/01/33
9/26
at
100.00
5,459,289
1,075
5.000%,
9/01/34
9/26
at
100.00
1,107,000
3,500
Connecticut
State,
Special
Tax
Obligation
Bonds,
Transportation
Infrastructure
Purposes,
Series
2014A,
5.000%,
9/01/33
9/24
at
100.00
3,512,292
Greater
New
Haven
Water
Pollution
Control
Authority,
Connecticut,
Regional
Wastewater
System
Revenue
Bonds,
Refunding
Series
2014B
:
500
(e)
5.000%,
8/15/30,
(Pre-refunded
8/15/24)
8/24
at
100.00
501,647
1,000
(e)
5.000%,
8/15/31,
(Pre-refunded
8/15/24)
8/24
at
100.00
1,003,295
55
Greater
New
Haven
Water
Pollution
Control
Authority,
Connecticut,
Regional
Wastewater
System
Revenue
Bonds,
Series
2005A,
5.000%,
8/15/35
-
NPFG
Insured
5/24
at
100.00
54,999
225
Hamden,
Connecticut,
General
Obligation
Bonds,
Series
2016,
5.000%,
8/15/32
-
BAM
Insured
8/24
at
100.00
225,806
2,315
(c)
Harbor
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Harbor
Point
Project,
Refunding
Series
2017,
5.000%,
4/01/39
4/27
at
100.00
2,297,791
10,015
(e)
Hartford
County
Metropolitan
District,
Connecticut,
Clean
Water
Project
Revenue
Bonds,
Refunding
Green
Bond
Series
2014A,
5.000%,
11/01/42,
(Pre-refunded
11/01/24)
11/24
at
100.00
10,077,579
2,285
Hartford
County
Metropolitan
District,
Connecticut,
General
Obligation
Bonds,
Series
2018,
5.000%,
7/15/36
7/28
at
100.00
2,431,791
1,550
New
Haven,
Connecticut,
General
Obligation
Bonds,
Refunding
Series
2016A,
5.000%,
8/15/35
-
AGM
Insured
8/26
at
100.00
1,593,373
985
(e)
New
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2014A,
5.000%,
8/01/33,
(Pre-refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
987,668
New
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2015
:
790
5.000%,
9/01/32
-
AGM
Insured
9/25
at
100.00
803,620
1,620
5.000%,
9/01/33
-
AGM
Insured
9/25
at
100.00
1,646,643
500
5.000%,
9/01/35
-
AGM
Insured
9/25
at
100.00
507,860
New
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2017A
:
1,045
5.000%,
8/01/35
8/27
at
100.00
1,084,261
1,425
5.000%,
8/01/36
8/27
at
100.00
1,475,088
900
North
Haven,
Connecticut,
General
Obligation
Bonds,
Series
2006,
5.000%,
7/15/24
No
Opt.
Call
902,226
795
(e)
South
Central
Connecticut
Regional
Water
Authority
Water
System
Revenue
Bonds,
Thirtieth
Series
2014A,
5.000%,
8/01/44,
(Pre-refunded
8/01/24)
8/24
at
100.00
797,252
2,220
South
Central
Connecticut
Regional
Water
Authority,
Water
System
Revenue
Bonds,
Refunding
Thirty-Second
Series
2016B,
5.000%,
8/01/37
8/26
at
100.00
2,296,194
500
Stamford,
Connecticut,
Water
Pollution
Control
System
and
Facility
Revenue
Bonds,
Series
2013A,
5.250%,
8/15/43
5/24
at
100.00
500,163
1,285
Steel
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Steelpointe
Harbor
Project,
Series
2021,
4.000%,
4/01/51
4/30
at
100.00
1,011,206
29
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Connecticut
(continued)
$
1,005
Town
of
Hamden,
Connecticut,
General
Obligation
Bonds,
Refunding
Series
2018A,
5.000%,
8/15/30
-
BAM
Insured
8/28
at
100.00
$
1,063,210
2,250
University
of
Connecticut,
General
Obligation
Bonds,
Series
2015A,
5.000%,
3/15/31
3/26
at
100.00
2,306,672
Waterbury,
Connecticut,
General
Obligation
Bonds,
Lot
A
Series
2015
:
445
5.000%,
8/01/30
-
BAM
Insured
8/25
at
100.00
455,449
390
5.000%,
8/01/31
-
BAM
Insured
8/25
at
100.00
399,214
610
5.000%,
8/01/32
-
BAM
Insured
8/25
at
100.00
624,382
445
5.000%,
8/01/33
-
BAM
Insured
8/25
at
100.00
455,434
445
5.000%,
8/01/34
-
BAM
Insured
8/25
at
100.00
455,443
Total
Connecticut
132,725,722
Delaware
-
0.3%
(0.2%
of
Total
Investments)
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A
:
450
4.625%,
7/01/49
1/33
at
100.00
449,179
700
4.700%,
7/01/54
1/33
at
100.00
697,444
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2024B
:
1,655
4.650%,
7/01/49,
(WI/DD)
7/33
at
100.00
1,656,501
1,020
4.750%,
7/01/54,
(WI/DD)
7/33
at
100.00
1,021,258
Kent
County,
Delaware,
Student
Housing
&
Dining
Facility
Revenue
Bonds,
Collegiate
Housing
Foundation
-
Dover
LLC
Delaware
State
University
Project,
Series
2018A
:
3,010
5.000%,
7/01/48
1/28
at
100.00
2,988,921
1,000
5.000%,
7/01/58
1/28
at
100.00
966,577
Total
Delaware
7,779,880
District
of
Columbia
-
3.6%
(2.1%
of
Total
Investments)
3,780
District
of
Columbia
Student
Dormitory
Revenue
Bonds,
Provident
Group
-
Howard
Properties
LLC
Issue,
Series
2013,
5.000%,
10/01/45
5/24
at
100.00
3,603,109
182,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A,
0.000%,
6/15/46
5/24
at
25.76
42,454,248
2,620
District
of
Columbia,
Income
Tax
Secured
Revenue
Bonds,
Series
2023A,
5.250%,
5/01/48
5/33
at
100.00
2,873,629
1,500
District
of
Columbia,
Washington,
D.C.,
Revenue
Bonds,
Ingleside
at
Rock
Creek
Project,
Series
2017A,
5.000%,
7/01/42
7/24
at
103.00
1,429,322
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Refunding
Second
Senior
Lien
Series
2022A
:
2,220
4.000%,
10/01/52
-
AGM
Insured
10/31
at
100.00
2,093,600
17,595
2.750%,
10/01/53
-
AGM
Insured
10/31
at
100.00
11,353,309
22,015
3.000%,
10/01/53
-
AGM
Insured
10/31
at
100.00
15,763,068
11,000
(e)
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009C,
6.500%,
10/01/41,
(Pre-
refunded
10/01/26)
-
AGC
Insured
10/26
at
100.00
11,809,115
10,000
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
Capital
Appreciation,
Second
Senior
Lien
Series
2010B,
6.500%,
10/01/44
10/28
at
100.00
10,916,387
Total
District
of
Columbia
102,295,787
Florida
-
4.0%
(2.4%
of
Total
Investments)
990
Bexley
Community
Development
District,
Pasco
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2016,
4.700%,
5/01/36
5/26
at
100.00
981,277
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
30
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
1,000
(c)
Capital
Trust
Agency,
Florida,
Educational
Facilities
Lease
Revenue
Bonds,
Franklin
Academy
Projects,
Series
2020,
5.000%,
12/15/50
7/26
at
100.00
$
852,540
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Babcock
Neighborhood
School
Inc,
Series
2018
:
1,290
(c)
6.100%,
8/15/38
8/28
at
100.00
1,347,053
1,045
(c)
6.200%,
8/15/48
8/28
at
100.00
1,074,093
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Babcock
Neighborhood
School
Inc,
Series
2021
:
1,290
(c)
4.000%,
8/15/51
8/28
at
100.00
982,350
1,250
(c)
4.250%,
8/15/61
8/28
at
100.00
948,838
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Odyssey
Charter
School
Project,
Series
2017A
:
1,065
(c)
5.375%,
7/01/37
7/27
at
100.00
1,069,676
1,470
(c)
5.500%,
7/01/47
7/27
at
100.00
1,454,692
3,788
(c),(d)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Provision
CARES
Proton
Therapy
Center,
Orlando
Project,
Series
2018,
7.500%,
6/01/48
6/28
at
100.00
378,803
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Renaissance
Charter
School
Project,
Series
2017A
:
6,050
(c)
5.125%,
6/15/37
6/27
at
100.00
6,055,682
1,885
(c)
5.250%,
6/15/47
6/27
at
100.00
1,799,921
880
(c)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Viera
Charter
School
Project,
Series
2017A,
5.000%,
10/15/37
10/27
at
100.00
874,022
735
(c)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Viera
Charter
School
Project,
Series
2019A,
5.000%,
10/15/49
10/27
at
100.00
683,055
4,670
City
of
Miami
Beach,
Florida,
Stormwater
Revenue
Bonds,
Series
2015,
5.000%,
9/01/41
9/25
at
100.00
4,685,047
540
Cityplace
Community
Development
District,
Florida,
Special
Assessement
and Revenue
Bonds,
Refunding
Series
2012,
5.000%,
5/01/26
No
Opt.
Call
544,621
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
243,761
305
5.600%,
11/01/46
11/28
at
100.00
309,247
Downtown
Doral
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2015
:
280
5.250%,
5/01/35
5/26
at
100.00
282,474
315
5.300%,
5/01/36
5/26
at
100.00
317,965
475
5.500%,
5/01/45
5/26
at
100.00
477,547
655
5.500%,
5/01/46
5/26
at
100.00
658,086
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Classical
Preparatory
Incorporated
Project,
Series
2017A
:
255
(c)
6.000%,
6/15/37
6/26
at
100.00
258,007
665
(c)
6.125%,
6/15/46
6/26
at
100.00
669,068
415
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Classical
Preparatory
Incorporated
Project,
Series
2018A,
6.000%,
6/15/37
6/26
at
100.00
419,894
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Downtown
Doral
Charter
Upper
School
Project,
Series
2017C
:
2,375
(c)
5.650%,
7/01/37
7/27
at
101.00
2,419,700
3,735
(c)
5.750%,
7/01/47
7/27
at
101.00
3,738,766
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Florida
Charter
Foundation
Inc.
Projects,
Series
2016A
:
2,075
(c)
4.750%,
7/15/36
7/26
at
100.00
2,009,472
1,335
(c)
5.000%,
7/15/46
7/26
at
100.00
1,237,013
31
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
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
$
4,164,108
3,405
5.000%,
6/15/55
6/27
at
100.00
3,209,187
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School
Income
Projects,
Series
2015A
:
3,090
(c)
6.000%,
6/15/35
6/25
at
100.00
3,124,036
3,450
(c)
6.125%,
6/15/46
6/25
at
100.00
3,469,312
550
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School,
Inc.
Projects,
Series
2014A,
6.125%,
6/15/44
6/24
at
100.00
550,304
4,380
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Southwest
Charter
Foundation
Inc
Projects,
Series
2017A,
6.125%,
6/15/47
6/27
at
100.00
4,323,677
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
The
Florida
Charter
Educational
Foundation
Inc.
Projects,
Series
2016A
:
1,485
(c)
6.250%,
6/15/36
6/26
at
100.00
1,518,793
4,350
(c)
6.375%,
6/15/46
6/26
at
100.00
4,410,955
5,490
Florida
Housing
Finance
Corporation,
Homeowner
Mortgage
Revenue
Bonds,
Social
Series
2021-1,
2.150%,
7/01/51
1/30
at
100.00
3,281,303
1,435
Grand
Bay
at
Doral
Community
Development
District,
Miami-Dade
County,
Florida,
Special
Assessment
Bonds,
South
Parcel
Assessment
Area
Project,
Series
2016,
4.750%,
5/01/36
5/26
at
100.00
1,432,732
2,215
(c)
Jacksonville,
Florida,
Educational
Facilities
Revenue
Bonds,
Jacksonville
University
Project,
Series
2018B,
5.000%,
6/01/53
6/28
at
100.00
1,987,285
625
(c)
Lakewood
Ranch
Stewardship
District,
Florida,
Special
Assessment
Revenue
Bonds,
Del
Webb
Project,
Series
2017,
5.000%,
5/01/37
5/27
at
100.00
631,054
1,000
Manatee
County,
Florida,
Public
Utilities
Revenue
Bonds,
Improvement
and
Refunding
Series
2023,
4.000%,
10/01/53
4/33
at
100.00
934,202
4,140
(e)
Martin
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Martin
Memorial
Medical
Center,
Series
2015,
5.000%,
11/15/45,
(Pre-refunded
11/15/24)
11/24
at
100.00
4,162,342
Miami
Dade
County
Industrial
Development
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
South
Florida
Autism
Charter
School
Project,
Series
2017
:
1,080
(c)
5.875%,
7/01/37
7/27
at
100.00
1,089,339
1,920
(c)
6.000%,
7/01/47
7/27
at
100.00
1,924,736
4,710
Miami
Dade
County,
Florida,
Rickenbacker
Causeway
Revenue
Bonds,
Series
2014,
5.000%,
10/01/43
10/24
at
100.00
4,714,349
5,000
Miami-Dade
County
Expressway
Authority,
Florida,
Toll
System
Revenue
Bonds,
Series
2014A,
5.000%,
7/01/39
7/24
at
100.00
4,774,943
4,785
Northern
Palm
Beach
County
Improvement
District,
Florida,
Water
Control
and
Improvement
Bonds,
Development
Unit
53,
Series
2015,
5.350%,
8/01/35
8/26
at
100.00
4,862,249
5,070
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Orlando
Health
Obligated
Group,
Inc.,
Series
2022,
4.000%,
10/01/52
4/32
at
100.00
4,687,887
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
2,943,344
3,345
4.000%,
10/01/54
10/29
at
100.00
2,919,128
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
32
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
2,000
Palm
Beach
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Jupiter
Medical
Center,
Series
2022,
5.000%,
11/01/47
11/32
at
100.00
$
2,002,214
825
Reunion
West
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Area
3
Project,
Series
2016,
5.000%,
11/01/46
11/26
at
100.00
820,415
2,470
Sarasota
County
Public
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
Sarasota
Memorial
Hospital
Project,
Series
2018,
4.000%,
7/01/48
7/28
at
100.00
2,300,859
220
(c)
Seminole
County
Industrial
Development
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Galileo
Schools
for
Gifted
Learning,
Series
2021A,
4.000%,
6/15/51
6/31
at
100.00
168,167
Six
Mile
Creek
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
2,
Series
2016
:
145
4.750%,
11/01/28
11/27
at
100.00
146,608
370
5.375%,
11/01/36
11/27
at
100.00
376,179
905
South
Fork
III
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Refunding
Series
2016,
5.375%,
5/01/37
5/27
at
100.00
918,461
5,015
Volusia
County
Educational
Facilities
Authority,
Florida,
Revenue
Bonds,
Stetson
University
Inc.
Project,
Series
2015,
5.000%,
6/01/40
6/25
at
100.00
5,058,617
Total
Florida
113,679,455
Georgia
-
4.2%
(2.5%
of
Total
Investments)
Atlanta,
Georgia,
Airport
General
Revenue
Bonds,
Green
Series
2023B-1
:
645
5.000%,
7/01/48
7/33
at
100.00
692,996
3,710
5.000%,
7/01/53
7/33
at
100.00
3,941,624
4,000
Brookhaven
Urban
Redevelopment
Agency,
Georgia,
Revenue
Bonds,
Series
2023A,
4.000%,
7/01/48
7/33
at
100.00
3,872,921
17,085
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Georgia
Transmission
Corporation
Vogtle
Project,
Series
2012,
2.750%,
1/01/52
5/31
at
100.00
11,069,281
5,775
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Oglethorpe
Power
Corporation
Vogtle
Project,
Series
2017C,
4.125%,
11/01/45
2/28
at
100.00
5,150,806
11,280
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Oglethorpe
Power
Corporation
Vogtle
Project,
Series
2017D,
4.125%,
11/01/45
2/28
at
100.00
10,060,794
11,100
(f)
Columbia
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
WellStar
Health
System,
Inc.
Project,
Series
2023B,
5.125%,
4/01/48,
(UB)
4/33
at
100.00
11,740,106
15,305
(e)
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2014A,
5.500%,
8/15/54,
(Pre-refunded
2/15/25)
2/25
at
100.00
15,539,163
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2018A
:
2,680
3.950%,
12/01/43
6/27
at
100.00
2,490,456
4,085
4.000%,
12/01/48
6/27
at
100.00
3,755,404
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2023A
:
2,215
(f)
4.350%,
12/01/43,
(UB)
6/32
at
100.00
2,165,890
3,000
(f)
4.550%,
12/01/48,
(UB)
6/32
at
100.00
2,987,165
2,930
Georgia
Municipal
Electric
Authority,
Plant
Vogtle
Units
3
&
4
Project
M
Bonds,
Series
2019A,
5.000%,
1/01/56
7/28
at
100.00
2,971,283
1,300
(c)
Macon-Bibb
County
Urban
Development
Authority,
Georgia,
Revenue
Bonds,
Academy
for
Classical
Education,
Series
2017,
5.750%,
6/15/37
6/27
at
100.00
1,336,444
33
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Georgia
(continued)
$
10,000
(c)
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2022C,
4.000%,
8/01/52,
(Mandatory
Put
11/01/27)
5/27
at
100.81
$
9,710,020
5,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2023E-1,
5.000%,
12/01/53,
(Mandatory
Put
6/01/31)
3/31
at
100.08
5,283,073
4,000
(c)
Marietta
Development
Authority,
Georgia,
University
Facilities
Revenue
Bonds,
Life
University,
Inc.
Project,
Refunding
Series
2017A,
5.000%,
11/01/47
11/27
at
100.00
3,649,550
10,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2015A,
5.000%,
7/01/60
7/25
at
100.00
9,896,187
5,630
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2019A,
5.000%,
1/01/49
7/28
at
100.00
5,692,423
6,390
Private
Colleges
and
Universities
Authority,
Georgia,
Revenue
Bonds,
Mercer
University,
Series
2015,
5.000%,
10/01/40
10/25
at
100.00
6,432,694
1,710
Valdosta
and
Lowndes
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
South
Georgia
Medical
Center
Project,
Series
2024,
4.125%,
10/01/49
10/34
at
100.00
1,637,929
Total
Georgia
120,076,209
Guam
-
0.3%
(0.2%
of
Total
Investments)
1,500
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D,
5.000%,
11/15/39
11/25
at
100.00
1,506,603
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds, Refunding
Series
2024A
:
750
5.000%,
7/01/41
7/34
at
100.00
800,568
875
5.000%,
7/01/42
7/34
at
100.00
932,234
750
5.000%,
7/01/43
7/34
at
100.00
799,051
1,095
5.000%,
1/01/46
7/34
at
100.00
1,157,699
1,665
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
7/01/40
7/27
at
100.00
1,709,486
1,080
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Series
2020A,
5.000%,
1/01/50
7/30
at
100.00
1,101,069
Total
Guam
8,006,710
Hawaii
-
0.1%
(0.0%
of
Total
Investments)
1,500
(c)
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Chaminade
University
of
Honolulu,
Series
2015A,
5.000%,
1/01/45
1/25
at
100.00
1,290,200
170
(c)
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaii
Pacific
University,
Series
2013A,
6.875%,
7/01/43
5/24
at
100.00
170,094
650
Honolulu
Board
of
Water
Supply,
Hawaii,
Water
System
Revenue
Bonds,
Sustainability
Series
2024A,
5.000%,
7/01/53
7/34
at
100.00
707,075
Total
Hawaii
2,167,369
Idaho
-
2.0%
(1.2%
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
3,302,358
12,495
4.750%,
7/01/44
7/24
at
100.00
11,676,894
1,250
Idaho
Health
Facilities
Authority,
Revenue
Bonds,
Madison
Memorial
Hospital
Project,
Refunding
Series
2016,
5.000%,
9/01/37
9/26
at
100.00
1,238,502
11,515
Idaho
Housing
&
Finance
Association,
Idaho,
Sales
Tax
Revenue
Bonds,
Transportation
Expansion
&
Congestion
Mitigation
Fund,
Series
2024A,
4.000%,
8/15/49
8/34
at
100.00
10,915,902
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Gem
Prep
Meridian
North
LLC,
Series
2020A
:
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
34
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Idaho
(continued)
$
500
(c)
5.000%,
7/01/40
7/25
at
100.00
$
442,990
1,415
(c)
5.250%,
7/01/55
7/25
at
100.00
1,192,985
12,000
(f)
Idaho
Housing
and
Finance
Association,
Single
Family
Mortgage
Revenue
Bonds,
Series
2023C,
4.800%,
7/01/53,
(UB)
1/33
at
100.00
12,061,942
3,220
Idaho
Housing
and
Finance
Association,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A,
4.600%,
1/01/49
1/33
at
100.00
3,195,403
12,555
(c)
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2021,
3.750%,
9/01/51
12/26
at
103.00
10,246,932
2,500
(c)
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2024,
6.250%,
9/01/53
3/29
at
103.00
2,536,914
Total
Idaho
56,810,822
Illinois
-
23.3%
(14.0%
of
Total
Investments)
67,135
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016,
6.000%,
4/01/46
4/27
at
100.00
69,853,175
1,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2017,
5.000%,
4/01/46
4/27
at
100.00
1,001,903
1,110
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2023,
5.750%,
4/01/48
4/33
at
100.00
1,216,891
5,245
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues
Series
2012A,
5.000%,
12/01/42
5/24
at
100.00
5,212,593
8,400
(c)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2017B,
7.000%,
12/01/42
12/27
at
100.00
9,101,360
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
5,903,572
4,940
5.000%,
12/01/46
12/27
at
100.00
4,854,489
6,055
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2018D,
5.000%,
12/01/46
12/28
at
100.00
5,950,188
38,905
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A,
7.000%,
12/01/44
12/25
at
100.00
40,274,721
14,805
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016B,
6.500%,
12/01/46
12/26
at
100.00
15,383,313
19,585
(c)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2017A,
7.000%,
12/01/46
12/27
at
100.00
21,093,398
1,410
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1998B-1,
0.000%,
12/01/30
-
NPFG
Insured
No
Opt.
Call
1,059,775
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
1,254,029
1,500
5.000%,
12/01/55
12/29
at
100.00
1,525,307
10,995
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Series
2014,
5.250%,
12/01/49
12/24
at
100.00
11,023,209
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Refunding
Senior
Lien
Series
2022B
:
2,290
4.500%,
1/01/56
1/31
at
100.00
2,250,965
5,000
5.250%,
1/01/56
1/31
at
100.00
5,256,880
1,355
Chicago,
Illinois,
General
Obligation
Bonds,
Chicago
Works
Series
2023A,
5.500%,
1/01/39
1/32
at
100.00
1,472,790
32,670
Chicago,
Illinois,
General
Obligation
Bonds,
City
Colleges,
Series
1999,
0.000%,
1/01/32
-
FGIC
Insured
No
Opt.
Call
23,635,882
35
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
$
17,605
Chicago,
Illinois,
General
Obligation
Bonds,
Project
&
Refunding
Series
2017A,
6.000%,
1/01/38
1/27
at
100.00
$
18,345,012
2,605
Chicago,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2016C,
5.000%,
1/01/38
1/26
at
100.00
2,611,375
3,000
Chicago,
Illinois,
Wastewater
Transmission
Revenue
Bonds,
Second
Lien
Series
2008C,
5.000%,
1/01/39
1/25
at
100.00
3,004,601
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
2,554,239
3,400
5.500%,
11/01/36
5/24
at
100.00
3,404,238
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Intrinsic
Charter
Schools
Belmont
School
Project,
Series
2015A
:
1,700
(c)
5.750%,
12/01/35
12/25
at
100.00
1,713,416
115
(c)
6.000%,
12/01/45
12/25
at
100.00
115,387
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
3,220,860
5,190
4.000%,
10/01/55
10/30
at
100.00
4,229,207
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/fkaPresence
Health
Network,
Series
2016C
:
37,030
4.000%,
2/15/41
2/27
at
100.00
35,553,680
1,755
(e)
4.000%,
2/15/41,
(Pre-refunded
2/15/27)
2/27
at
100.00
1,777,732
80
(e)
4.000%,
2/15/41,
(Pre-refunded
2/15/27)
2/27
at
100.00
81,036
Illinois
Finance
Authority,
Revenue
Bonds,
Centegra
Health
System,
Series
2014A
:
1,485
(e)
5.000%,
9/01/34,
(Pre-refunded
9/01/24)
9/24
at
100.00
1,489,893
19,025
(e)
5.000%,
9/01/42,
(Pre-refunded
9/01/24)
9/24
at
100.00
19,087,685
500
(c)
Illinois
Finance
Authority,
Revenue
Bonds,
DePaul
College
Prep
Foundation,
Series
2023A,
5.625%,
8/01/53
8/33
at
100.00
520,240
4,000
Illinois
Finance
Authority,
Revenue
Bonds,
Lutheran
Home
and
Services,
Series
2019A,
5.000%,
11/01/49
11/26
at
103.00
2,945,910
10,000
(f)
Illinois
Finance
Authority,
Revenue
Bonds,
Northshore
-
Edward-Elmhurst
Health
Credit
Group,
Series
2022A,
5.000%,
8/15/47,
(UB)
8/32
at
100.00
10,491,870
12,000
Illinois
Finance
Authority,
Revenue
Bonds,
OSF
Healthcare
System,
Series
2015A,
5.000%,
11/15/45
11/25
at
100.00
12,075,580
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
997,323
1,000
5.000%,
8/01/46
8/27
at
100.00
975,277
1,000
5.000%,
8/01/47
8/27
at
100.00
969,992
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
565,970
5,140
5.000%,
8/15/44
8/25
at
100.00
5,165,315
10,000
(f)
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago
Medicine,
Series
2022A,
5.000%,
8/15/52,
(UB)
8/32
at
100.00
10,294,311
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Refunding
Series
2015A
:
17,765
(e)
5.000%,
10/01/46,
(Pre-refunded
10/01/25)
10/25
at
100.00
18,105,875
2,235
5.000%,
10/01/46
10/25
at
100.00
2,236,416
5,670
Illinois
Housing
Development
Authority,
Multifamily
Housing
Revenue
Bonds,
Series
2021C,
2.850%,
7/01/56
7/30
at
100.00
3,688,111
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
36
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
$
3,665
Illinois
Sports
Facility
Authority,
State
Tax
Supported
Bonds,
Refunding
Series
2014,
5.250%,
6/15/31
-
AGM
Insured
6/24
at
100.00
$
3,667,753
Illinois
State,
General
Obligation
Bonds,
December
Series
2017A
:
11,800
5.000%,
12/01/38
12/27
at
100.00
12,152,913
1,330
5.000%,
12/01/39
12/27
at
100.00
1,364,026
Illinois
State,
General
Obligation
Bonds,
February
Series
2014
:
1,575
5.250%,
2/01/34
5/24
at
100.00
1,576,813
7,515
5.000%,
2/01/39
5/24
at
100.00
7,519,618
5,200
Illinois
State,
General
Obligation
Bonds,
January
Series
2016,
5.000%,
1/01/29
1/26
at
100.00
5,311,919
Illinois
State,
General
Obligation
Bonds,
May
Series
2014
:
510
5.000%,
5/01/36
5/24
at
100.00
510,412
1,915
5.000%,
5/01/39
5/24
at
100.00
1,916,141
4,460
Illinois
State,
General
Obligation
Bonds,
May
Series
2020,
5.500%,
5/01/39
5/30
at
100.00
4,820,895
1,495
Illinois
State,
General
Obligation
Bonds,
May
Series
2023B,
4.500%,
5/01/48
5/32
at
100.00
1,411,430
12,180
Illinois
State,
General
Obligation
Bonds,
November
Series
2016,
5.000%,
11/01/41
11/26
at
100.00
12,271,501
31,285
Illinois
State,
General
Obligation
Bonds,
November
Series
2017C,
5.000%,
11/01/29
11/27
at
100.00
32,666,007
2,040
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D,
5.000%,
11/01/27
No
Opt.
Call
2,134,429
5,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2019B,
4.000%,
11/01/35
11/29
at
100.00
4,976,809
5,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2016,
5.000%,
2/01/29
2/27
at
100.00
5,173,565
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Refunding
Senior
Series
2024A
:
2,800
5.000%,
1/01/36
7/34
at
100.00
3,259,426
3,880
5.000%,
1/01/37
7/34
at
100.00
4,463,441
19,920
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2015B,
5.000%,
1/01/40
1/26
at
100.00
20,276,435
10,470
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2019A,
5.000%,
1/01/44
7/29
at
100.00
10,934,131
4,250
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Series
2023A,
5.250%,
1/01/45
7/33
at
100.00
4,580,488
540
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2015B,
5.000%,
6/15/52
12/25
at
100.00
541,447
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A
:
11,305
4.000%,
6/15/50
12/29
at
100.00
10,041,152
5,100
5.000%,
6/15/50
12/29
at
100.00
5,204,468
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2022A
:
9,945
4.000%,
12/15/47
12/31
at
100.00
8,998,635
4,500
4.000%,
6/15/52
12/31
at
100.00
3,952,131
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2015A
:
2,890
0.000%,
12/15/52
No
Opt.
Call
633,789
5,185
5.000%,
6/15/53
12/25
at
100.00
5,197,297
37
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
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
$
9,755,382
43,200
0.000%,
6/15/45
-
AGM
Insured
No
Opt.
Call
15,840,533
10,000
0.000%,
6/15/46
-
AGM
Insured
No
Opt.
Call
3,443,696
8,750
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
1994B,
0.000%,
6/15/28
-
NPFG
Insured
No
Opt.
Call
7,493,139
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
17,637,501
20,045
0.000%,
12/15/35
-
AGM
Insured
No
Opt.
Call
12,854,163
9,010
0.000%,
6/15/37
-
NPFG
Insured
No
Opt.
Call
5,168,306
465
Morton
Grove,
Illinois,
Tax
Increment
Revenue
Bonds,
Sawmill
Station
Redevelopment
Project,
Senior
Lien
Series
2019,
5.000%,
1/01/39
1/26
at
100.00
432,064
1,842
Plano,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
1
&
2
Lakewood
Springs
Project,
Refunding
Series
2014,
5.000%,
3/01/34
-
AGM
Insured
5/24
at
100.00
1,842,073
2,615
Regional
Transportation
Authority,
Cook,
DuPage,
Kane,
Lake,
McHenry
and
Will
Counties,
Illinois,
General
Obligation
Bonds,
Series
2000A,
6.500%,
7/01/30
-
NPFG
Insured
No
Opt.
Call
2,982,042
4,000
Southwestern
Illinois
Development
Authority,
School
Revenue
Bonds,
Triad
School
District
2,
Madison
County,
Illinois,
Series
2006,
0.000%,
10/01/25
-
NPFG
Insured
No
Opt.
Call
3,763,166
12,125
Springfield,
Illinois,
Electric
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015,
5.000%,
3/01/40
-
AGM
Insured
3/25
at
100.00
12,148,444
6,415
Will
County
School
District
122,
New
Lenox,
Illinois,
General
Obligation
Bonds,
Capital
Appreciation
School
Series
2004D,
0.000%,
11/01/24
-
AGM
Insured
No
Opt.
Call
6,277,978
Total
Illinois
668,740,549
Indiana
-
2.7%
(1.6%
of
Total
Investments)
12,045
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Valparaiso
University
Project,
Series
2014,
5.000%,
10/01/44
10/24
at
100.00
11,670,358
5,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
University
Health
Obligation
Group,
Fixed
Rate
Series
2023A,
5.000%,
10/01/53
10/33
at
100.00
5,255,607
17,970
Indiana
Finance
Authority,
Wastewater
Utility
Revenue
Bonds,
CWA
Authority
Project,
Series
2014A,
5.000%,
10/01/44
10/24
at
100.00
18,056,308
10,000
Indiana
Housing
and
Community
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024B-1,
4.750%,
7/01/49,
(WI/
DD)
1/33
at
100.00
10,033,201
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E
:
10,000
0.000%,
2/01/26
-
AMBAC
Insured
No
Opt.
Call
9,332,872
20,000
0.000%,
2/01/28
-
AMBAC
Insured
No
Opt.
Call
17,381,820
5,015
IPS
Multi-School
Building
Corporation,
Indiana,
First
Mortgage
Revenue
Bonds,
Social
Series
2023,
4.250%,
7/15/43
7/31
at
100.00
5,017,654
Total
Indiana
76,747,820
Iowa
-
1.6%
(0.9%
of
Total
Investments)
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022
:
10,860
5.000%,
12/01/50,
(Mandatory
Put
12/01/42)
12/29
at
103.00
11,273,685
9,045
5.000%,
12/01/50
12/29
at
103.00
9,422,488
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
38
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Iowa
(continued)
$
5,700
Iowa
Finance
Authority,
Senior
Housing
Revenue
Bonds,
PHS
Council
Bluffs,
Inc.
Project,
Series
2018,
5.250%,
8/01/55
5/24
at
102.00
$
4,313,619
2,000
Iowa
Finance
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024A,
4.750%,
7/01/49
7/33
at
100.00
2,006,961
10,000
(f)
Iowa
Finance
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Taxable
Series
2023C,
4.850%,
7/01/43,
(UB)
1/33
at
100.00
10,213,029
36,850
Iowa
Tobacco
Settlement
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Class
2
Capital
Appreciation
Senior
Lien
Series
2021B-2,
0.000%,
6/01/65
6/31
at
25.58
4,618,190
3,365
Iowa
Tobacco
Settlement
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
Seenior
Lien
Series
Class
2
Series
2021B-1,
4.000%,
6/01/49
6/31
at
100.00
3,316,052
Total
Iowa
45,164,024
Kansas
-
0.3%
(0.2%
of
Total
Investments)
1,000
Lenexa,
Kansas,
Health
Care
Facilities
Revenue
Bonds,
Lakeview
Village
Inc,
Series
2017A,
5.000%,
5/15/43
5/27
at
100.00
949,347
Wyandotte
County-Kansas
City
Unified
Government,
Kansas,
Sales
Tax
Special
Obligation
Bonds,
Vacation
Village
Project
Area
1
and
2A,
Series
2015
:
2,160
5.000%,
9/01/27
9/25
at
100.00
2,105,906
2,380
5.750%,
9/01/32
9/25
at
100.00
2,237,657
2,575
6.000%,
9/01/35
9/25
at
100.00
2,274,891
2,500
(c)
Wyandotte
County-Kansas
City
Unified
Government,
Kansas,
Sales
Tax
Special
Obligation
Bonds,
Village
East
Project
Areas
2B
3
and
5,
Series
2022,
5.750%,
9/01/39
3/29
at
103.00
2,411,279
Total
Kansas
9,979,080
Kentucky
-
2.0%
(1.2%
of
Total
Investments)
6,400
Christian
County,
Kentucky,
Hospital
Revenue
Bonds,
Jennie
Stuart
Medical
Center,
Series
2016,
5.500%,
2/01/44
2/26
at
100.00
6,439,339
10,140
Kentucky
Economic
Development
Finance
Authority,
Hospital
Revenue
Bonds,
Owensboro
Health,
Refunding
Series
2017A,
5.000%,
6/01/37
6/27
at
100.00
10,293,612
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
4,367,156
15,620
5.000%,
1/01/45
7/25
at
100.00
15,465,723
1,190
Kentucky
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2023A,
4.800%,
7/01/48
7/32
at
100.00
1,196,650
Kentucky
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A
:
1,030
4.550%,
7/01/49
1/33
at
100.00
1,021,254
1,000
4.625%,
1/01/54
1/33
at
100.00
983,942
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C
:
4,360
6.750%,
7/01/43
7/31
at
100.00
4,982,317
8,510
6.875%,
7/01/46
7/31
at
100.00
9,744,545
2,855
Louisville
and
Jefferson
County
Metropolitan
Government,
Kentucky,
Hospital
Revenue
Bonds,
UofL
Health
Project,
Series
2022A,
5.000%,
5/15/52
5/32
at
100.00
2,939,962
Total
Kentucky
57,434,500
39
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Louisiana
-
1.4%
(0.8%
of
Total
Investments)
$
2,435
Ascension
Parish
Industrial
development
Board,
Louisiana,
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013,
6.000%,
7/01/36
5/24
at
100.00
$
2,435,546
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Home
Ownership
Program,
Series
2024A
:
1,130
4.550%,
12/01/49
6/33
at
100.00
1,119,970
1,065
4.650%,
12/01/54
6/33
at
100.00
1,052,543
12,840
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2020A,
4.000%,
5/15/49
5/30
at
100.00
11,660,075
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
Bonds,
Franciscan
Missionaries
of
Our
Lady
Health
System,
Series
1998A
:
3,565
5.750%,
7/01/25
No
Opt.
Call
3,624,051
135
(e)
5.750%,
7/01/25,
(ETM)
No
Opt.
Call
138,442
8,970
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Loyola
University
Project,
Refunding
Series
2017,
5.250%,
10/01/46
10/33
at
100.00
9,391,503
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2015
:
1,065
4.250%,
5/15/40
5/25
at
100.00
1,065,286
5,000
5.000%,
5/15/47
5/25
at
100.00
5,022,658
1,000
(e)
New
Orleans,
Louisiana,
Sewerage
Service
Revenue
Bonds,
Refunding
Series
2014,
4.250%,
6/01/34,
(Pre-refunded
6/01/24)
6/24
at
100.00
1,000,136
3,275
(c)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010A,
6.350%,
10/01/40
6/30
at
100.00
3,541,597
Total
Louisiana
40,051,807
Maine
-
1.5%
(0.9%
of
Total
Investments)
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2016A
:
5,505
4.000%,
7/01/41
7/26
at
100.00
4,680,336
10,265
4.000%,
7/01/46
7/26
at
100.00
8,188,081
10,000
(e)
Maine
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Mainehealth
Issue,
Series
2015,
5.000%,
7/01/39,
(Pre-refunded
7/01/24)
7/24
at
100.00
10,015,427
4,500
Maine
State
Housing
Authority,
Multifamily
Mortgage
Purchase
Bonds,
Series
2021A,
2.200%,
11/15/51
5/30
at
100.00
2,550,020
8,885
Maine
State
Housing
Authority,
Multifamily
Mortgage
Purchase
Bonds,
Series
2022A,
2.600%,
11/15/46
11/30
at
100.00
6,107,764
7,695
Maine
State
Housing
Authority,
Single
Family
Mortgage
Purchase
Bonds,
Series
2020D,
2.800%,
11/15/45
5/29
at
100.00
5,532,531
915
Maine
State
Housing
Authority,
Single
Family
Mortgage
Purchase
Bonds,
Social
Series
2021C,
2.300%,
11/15/46
11/30
at
100.00
591,305
2,000
Maine
State
Housing
Authority,
Single
Family
Mortgage
Purchase
Bonds,
Social
Series
2023A,
4.600%,
11/15/48
5/32
at
100.00
2,004,279
2,480
Maine
State
Housing
Authority,
Single
Family
Mortgage
Purchase
Bonds,
Social
Series
2023B-1,
4.750%,
11/15/43
5/33
at
100.00
2,505,005
Total
Maine
42,174,748
Maryland
-
1.9%
(1.2%
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
1,285,327
3,050
5.000%,
9/01/39
9/27
at
100.00
2,933,413
3,025
5.000%,
9/01/46
9/27
at
100.00
2,735,118
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
40
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Maryland
(continued)
$
1,000
(c)
Howard
County,
Maryland,
Special
Obligation
Bonds,
Downtown
Columbia
Project,
Series
2017A,
4.375%,
2/15/39
2/26
at
100.00
$
935,111
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
4,822,097
12,000
2.550%,
9/01/44
9/30
at
100.00
8,532,866
7,975
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Adventist
HealthCare
Issue,
Series
2021B,
4.000%,
1/01/51
1/32
at
100.00
6,461,864
13,315
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Adventist
Healthcare,
Series
2016A,
5.500%,
1/01/46
1/27
at
100.00
13,393,080
4,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LifeBridge
Health
Issue,
Series
2016,
5.000%,
7/01/47
7/26
at
100.00
4,047,958
1,500
(e)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Peninsula
Regional
Medical
Center
Issue,
Refunding
Series
2015,
5.000%,
7/01/45,
(Pre-refunded
7/01/24)
7/24
at
100.00
1,501,196
Prince
George's
County
Revenue
Authority,
Maryland,
Special
Obligation
Bonds,
Suitland-Naylor
Road
Project,
Series
2016
:
2,000
(c)
4.750%,
7/01/36
1/26
at
100.00
2,004,911
2,300
(c)
5.000%,
7/01/46
1/26
at
100.00
2,238,027
Rockville
Mayor
and
Council,
Maryland,
Economic
Development
Revenue
Bonds,
Series
2017B
:
1,335
4.250%,
11/01/37
11/24
at
103.00
1,188,012
1,250
4.500%,
11/01/43
11/24
at
103.00
1,090,796
2,650
5.000%,
11/01/47
11/24
at
103.00
2,392,419
Total
Maryland
55,562,195
Massachusetts
-
2.9%
(1.7%
of
Total
Investments)
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
Lawrence
General
Hospital
Issue,
Series
2014A
:
2,245
5.250%,
7/01/34
7/24
at
100.00
2,064,624
6,195
5.500%,
7/01/44
7/24
at
100.00
5,546,555
Massachusetts
Development
Finance
Agency
Revenue
Refunding
Bonds,
NewBridge
on
the
Charles,
Inc.
Issue,
Series
2017
:
8,200
(c)
4.125%,
10/01/42
5/24
at
104.00
7,379,282
3,000
(c)
5.000%,
10/01/57
5/24
at
104.00
2,900,625
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2015
:
1,000
4.500%,
1/01/45
1/25
at
100.00
926,580
2,085
5.000%,
1/01/45
1/25
at
100.00
2,085,164
4,035
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emmanuel
College,
Series
2016A,
4.000%,
10/01/46
10/26
at
100.00
3,408,763
900
(c)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2020G,
5.000%,
7/15/46
7/30
at
100.00
837,404
6,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2002A,
5.750%,
1/01/42
-
AMBAC
Insured
No
Opt.
Call
7,204,265
7,405
(f)
Massachusetts
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Massachusetts
Institute
of
Technology,
Series
2002K,
5.500%,
7/01/32,
(UB)
No
Opt.
Call
8,943,765
2,785
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2014D,
3.875%,
12/01/39
6/24
at
100.00
2,597,911
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2021A-1
:
3,340
2.375%,
12/01/46
6/30
at
100.00
2,120,929
41
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Massachusetts
(continued)
$
3,600
2.450%,
12/01/51
6/30
at
100.00
$
2,131,493
8,310
2.550%,
12/01/56
6/30
at
100.00
4,903,651
4,500
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2020-220,
2.300%,
12/01/44
6/30
at
100.00
2,989,857
3,000
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2023-227,
4.900%,
12/01/48
6/32
at
100.00
3,027,997
Massachusetts
Housing
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2024-234
:
2,220
4.700%,
12/01/49,
(WI/DD)
6/33
at
100.00
2,226,582
385
4.750%,
12/01/54,
(WI/DD)
6/33
at
100.00
386,048
3,345
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2021B,
2.000%,
4/01/50
4/31
at
100.00
1,933,999
7,900
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2024A,
5.000%,
1/01/49
1/34
at
100.00
8,480,459
10,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Green
Series
2023A,
5.000%,
6/01/53
6/33
at
100.00
10,658,791
140
Massachusetts
Water
Pollution
Abatement
Trust,
Revenue
Bonds,
MWRA
Loan
Program,
Subordinate
Series
1999A,
5.750%,
8/01/29
5/24
at
100.00
141,389
Total
Massachusetts
82,896,133
Michigan
-
2.6%
(1.5%
of
Total
Investments)
4,120
Detroit
City
School
District,
Wayne
County,
Michigan,
Unlimited
Tax
School
Building
and
Site
Improvement
Bonds,
Series
2001A,
6.000%,
5/01/29
-
AGM
Insured,
(UB)
No
Opt.
Call
4,381,661
1,565
Detroit
Downtown
Development
Authority,
Michigan,
Tax
Increment
Revenue
Bonds,
Catalyst
Development
Project,
Series
2018A,
5.000%,
7/01/48
-
AGM
Insured
7/24
at
100.00
1,524,109
10,880
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Refunding
Series
2024A,
5.000%,
7/01/54
7/34
at
100.00
11,609,751
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Sparrow
Obligated
Group,
Refunding
Series
2015
:
4,495
(e)
4.000%,
11/15/35,
(Pre-refunded
5/15/25)
5/25
at
100.00
4,509,793
2,410
(e)
4.000%,
11/15/36,
(Pre-refunded
5/15/25)
5/25
at
100.00
2,417,931
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2016MI
:
3,595
5.000%,
12/01/45
6/26
at
100.00
3,637,938
145
(e)
5.000%,
12/01/45,
(Pre-refunded
6/01/26)
6/26
at
100.00
149,855
2,705
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2006
Sold
Tobacco
Receipts
Senior
Current
Interest
Series
2020A-2,
5.000%,
6/01/40
12/30
at
100.00
2,814,004
1,000
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2007
Sold
Tobacco
Receipts,
Senior
Current
Interest
Series
2020A-CL-1,
4.000%,
6/01/49
12/30
at
100.00
893,415
5,000
Michigan
Housing
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Series
2023B,
4.800%,
12/01/43
12/32
at
100.00
5,080,125
Michigan
Housing
Development
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021A
:
21,675
2.350%,
12/01/46
12/30
at
100.00
14,175,730
8,280
2.500%,
6/01/52
12/30
at
100.00
5,369,628
10,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2020-I,
2.625%,
10/15/56
10/31
at
100.00
6,197,130
5,080
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2023II,
4.000%,
10/15/47
10/33
at
100.00
4,848,441
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
42
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Michigan
(continued)
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2015D
:
$
3,550
5.000%,
12/01/40
12/25
at
100.00
$
3,586,956
2,730
5.000%,
12/01/45
12/25
at
100.00
2,747,713
Total
Michigan
73,944,180
Minnesota
-
2.0%
(1.2%
of
Total
Investments)
Baytown
Township,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Saint
Croix
Preparatory
Academy,
Refunding
Series
2016A
:
155
4.000%,
8/01/36
8/26
at
100.00
141,187
440
4.000%,
8/01/41
8/26
at
100.00
374,051
1,745
Brooklyn
Park,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Prairie
Seeds
Academy
Project,
Refunding
Series
2015A,
5.000%,
3/01/34
3/25
at
100.00
1,674,174
1,720
Deephaven,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Eagle
Ridge
Academy
Project,
Series
2015A,
5.500%,
7/01/50
7/25
at
100.00
1,720,433
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
:
8,520
4.250%,
2/15/43
2/28
at
100.00
8,116,304
24,760
4.250%,
2/15/48
2/28
at
100.00
23,196,659
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Cyber
Village
Academy
Project,
Series
2022A
:
340
5.250%,
6/01/42
6/32
at
100.00
315,259
215
5.500%,
6/01/57
6/32
at
100.00
193,657
1,400
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hiawatha
Academies
Project,
Series
2022A,
5.500%,
7/01/52
7/32
at
100.00
1,314,301
1,000
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
Minnesota,
Airport
Revenue
Bonds,
Subordinate
Lien
Series
2022A,
4.250%,
1/01/52
1/32
at
100.00
957,177
2,005
Minnesota
Agricultural
and
Economic
Development
Board,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2024A,
4.000%,
1/01/49
1/34
at
100.00
1,853,204
2,225
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020E,
2.700%,
7/01/44
7/29
at
100.00
1,622,824
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2020I
:
2,320
2.150%,
7/01/45
1/30
at
100.00
1,464,660
3,625
2.200%,
1/01/51
1/30
at
100.00
2,182,669
5,585
Minnesota
Housing
Finance
Agency,
Residential
Housing
Finance
Bonds,
Series
2021H,
2.550%,
1/01/46
1/31
at
100.00
3,864,985
Saint
Cloud,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Stride
Academy
Project,
Series
2016A
:
405
5.000%,
4/01/36
4/26
at
100.00
366,048
605
5.000%,
4/01/46
4/26
at
100.00
490,051
1,395
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Facility
Revenue
Bonds,
HealthPartners
Obligated
Group,
Refunding
Series
2015A,
4.000%,
7/01/35
7/25
at
100.00
1,377,463
60
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Multifamily
Housing
Revenue
Bonds,
2700
University
at
Westgate
Station,
Series
2015B,
4.250%,
4/01/25
5/24
at
100.00
59,643
St.
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Hospital
Revenue
Bonds,
HealthEast
Inc.,
Series
2015A
:
2,785
(e)
5.000%,
11/15/40,
(Pre-refunded
11/15/25)
11/25
at
100.00
2,839,462
3,190
(e)
5.000%,
11/15/44,
(Pre-refunded
11/15/25)
11/25
at
100.00
3,252,382
Total
Minnesota
57,376,593
43
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Mississippi
-
0.8%
(0.5%
of
Total
Investments)
$
3,900
Mississippi
Business
Finance
Corporation,
Revenue
Bonds,
System
Energy
Resources,
Inc.
Project,
Refunding
Series
2021,
2.375%,
6/01/44
6/26
at
100.00
$
2,349,956
1,905
(e)
Mississippi
Development
Bank,
Special
Obligation
Bonds,
Gulfport
Water
and
Sewer
System
Project,
Series
2005,
5.250%,
7/01/24
-
AGM
Insured,
(ETM)
No
Opt.
Call
1,908,862
1,000
Mississippi
Home
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2021A,
2.125%,
12/01/44
6/30
at
100.00
637,130
13,000
(f)
Mississippi
Home
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2023C,
4.650%,
12/01/48,
(UB)
6/32
at
100.00
13,061,346
4,250
Mississippi
Home
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A,
4.550%,
12/01/49
12/32
at
100.00
4,210,523
Total
Mississippi
22,167,817
Missouri
-
2.0%
(1.2%
of
Total
Investments)
800
Chesterfield
Valley
Transportation
Development
District,
Missouri,
Transportation
Sales
Tax
Revenue
Bonds,
Series
2015,
3.625%,
5/15/31
5/24
at
100.00
790,689
2,000
Jackson
County,
Missouri,
Special
Obligation
Bonds,
Series
2023A,
4.375%,
12/01/58
12/33
at
100.00
1,928,291
Kansas
City
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Ward
Parkway
Center
Community
Improvement
District,
Senior
Refunding
&
Improvement
Series
2016
:
400
(c)
5.000%,
4/01/36
4/26
at
100.00
378,411
1,520
(c)
5.000%,
4/01/46
4/26
at
100.00
1,330,120
15,000
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1,
0.000%,
4/15/28
-
AMBAC
Insured
No
Opt.
Call
12,994,852
4,345
Kirkwood
Industrial
Development
Authority,
Missouri,
Retirement
Community
Revenue
Bonds,
Aberdeen
Heights
Project,
Refunding
Series
2017A,
5.250%,
5/15/50
5/27
at
100.00
3,444,071
Liberty,
Missouri,
Special
Obligation
Tax
Increment
and
Special
Districts
Bonds,
Liberty
Commons
Project,
Series
2015A
:
1,575
(c)
5.750%,
6/01/35
6/25
at
100.00
1,476,608
1,055
(c)
6.000%,
6/01/46
6/25
at
100.00
955,604
1,655
Missouri
Health
and
Education
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Saint
Luke's
Health
System,
Inc.,
Series
2018A,
4.000%,
11/15/48
5/28
at
100.00
1,573,505
5,465
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2020,
4.000%,
6/01/53
6/30
at
100.00
5,028,935
1,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2023,
5.000%,
12/01/52
12/33
at
100.00
1,047,718
15
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A,
4.000%,
2/15/44
2/29
at
100.00
14,396
1,255
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Homeownership
Loan
Program,
Series
2023C,
4.950%,
11/01/48
5/32
at
100.00
1,271,012
3,470
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Homeownership
Loan
Program,
Series
2023E,
5.150%,
11/01/53
11/32
at
100.00
3,543,622
Missouri
Housing
Development
Commission,
Single
Family
Mortgage
Revenue
Bonds,
First
Place
Homeownership
Loan
Program,
Series
2024A
:
1,605
4.600%,
11/01/49
5/33
at
100.00
1,592,614
270
4.700%,
11/01/54
5/33
at
100.00
268,593
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
44
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Missouri
(continued)
$
405
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2013A,
5.875%,
9/01/43
5/24
at
100.00
$
405,244
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
1,578,585
455
5.125%,
12/01/45
12/25
at
100.00
401,639
4,125
Saint
Louis,
Missouri,
Airport
Revenue
Bonds,
Lambert-St.
Louis
International
Airport,
Series
2005,
5.500%,
7/01/29
-
NPFG
Insured
No
Opt.
Call
4,586,741
15,350
Springfield
Public
Building
Corporation,
Missouri,
Lease
Revenue
Bonds,
Jordan
Valley
Park
Projects,
Series
2000A,
0.000%,
6/01/30
-
AMBAC
Insured
No
Opt.
Call
11,625,587
Total
Missouri
56,236,837
Montana
-
0.4%
(0.2%
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
1,058,633
375
5.250%,
5/15/47
5/25
at
102.00
307,079
Montana
Board
of
Housing,
Single
Family
Mortgage
Bonds,
Series
2023A
:
3,090
4.550%,
12/01/48
12/32
at
100.00
3,081,302
2,250
4.700%,
6/01/53
12/32
at
100.00
2,248,442
2,000
Montana
Board
of
Housing,
Single
Family
Mortgage
Bonds,
Series
2023B,
4.875%,
12/01/48
12/32
at
100.00
2,018,926
Montana
Board
of
Housing,
Single
Family
Mortgage
Bonds,
Series
2023C
:
2,200
4.600%,
12/01/43
12/32
at
100.00
2,221,435
1,000
4.850%,
12/01/48
12/32
at
100.00
1,009,014
Total
Montana
11,944,831
Nebraska
-
1.2%
(0.7%
of
Total
Investments)
Douglas
County
Hospital
Authority
3,
Nebraska,
Health
Facilities
Revenue
Bonds,
Nebraska
Methodist
Health
System,
Refunding
Series
2015
:
2,125
4.125%,
11/01/36
11/25
at
100.00
2,132,444
1,765
5.000%,
11/01/45
11/25
at
100.00
1,779,220
3,865
5.000%,
11/01/48
11/25
at
100.00
3,888,988
7,825
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Series
2020A,
2.700%,
9/01/43
3/29
at
100.00
5,884,004
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Series
2023A
:
5,000
(f)
4.550%,
9/01/48,
(UB)
3/32
at
100.00
4,977,071
5,000
(f)
4.600%,
9/01/53,
(UB)
3/32
at
100.00
4,874,570
3,250
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2023C,
4.650%,
9/01/48
9/32
at
100.00
3,265,180
6,800
Scotts
Bluff
County
Hospital
Authority
1,
Nebraska,
Hospital
Revenue
Bonds,
Regional
West
Medical
Center
Project,
Refunding
&
Improvement
Series
2016A,
5.250%,
2/01/37
2/27
at
100.00
6,493,877
Total
Nebraska
33,295,354
Nevada
-
1.1%
(0.6%
of
Total
Investments)
410
(c)
Director
of
the
State
of
Nevada
Department
of
Business
and
Industry,
Charter
School
Lease
Revenue
Bonds,
Somerset
Academy,
Series
2018A,
5.000%,
12/15/38
12/25
at
100.00
404,541
Henderson,
Nevada,
Local
Improvement
Bonds,
Local
Improvement
District
T-21
Black
Mountain
Ranch,
Series
2022
:
740
3.500%,
9/01/45
9/31
at
100.00
533,363
495
4.000%,
9/01/51
9/31
at
100.00
381,986
45
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Nevada
(continued)
$
20,270
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Convention
Center
Expansion
Revenue
Bonds,
Series
2018B,
4.000%,
7/01/49
7/28
at
100.00
$
19,051,566
2,150
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Refunding
Series
2017B,
4.000%,
7/01/36
7/27
at
100.00
2,168,814
875
(c)
Las
Vegas,
Nevada,
Sales
Tax
Increment
Revenue
Bonds,
Symphony
Park
Tourism
Improvement
District,
Series
2016,
4.375%,
6/15/35
5/24
at
100.00
844,282
500
Neveda
State
Director
of
the
Department
of
Business
and
Industry,
Charter
School
Revenue
Bonds,
Doral
Academy
of
Nevada,
Series
2017A,
5.000%,
7/15/37
7/25
at
100.00
500,420
3,950
Reno,
Nevada,
Subordinate
Lien
Sales
Tax
Revenue
Refunding
Bonds,
ReTrac-Reno
Transporation
Rail
Access
Corridor
Project,
Series
2018A,
4.000%,
6/01/43
12/28
at
100.00
3,701,939
3,000
(c)
Reno,
Nevada,
Subordinate
Lien
Sales
Tax
Revenue
Refunding
Capital
Appreciation
Bonds,
ReTrac-Reno
Transporation
Rail
Access
Corridor
Project,
Series
2018C,
0.000%,
7/01/58
7/38
at
31.26
381,430
3,210
Tahoe-Douglas
Visitors
Authority,
Nevada,
Stateline
Revenue
Bonds,
Series
2020,
5.000%,
7/01/51
7/30
at
100.00
3,161,715
Total
Nevada
31,130,056
New
Hampshire
-
1.3%
(0.8%
of
Total
Investments)
11,830
National
Finance
Authority,
New
Hampshire,
Hospital
Facilities
Revenue
Bonds,
Saint
Elizabeth
Medical
Center,
Inc.,
Series
2021A,
4.000%,
5/01/51
5/31
at
100.00
10,837,304
11,812
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Series
2022-1
Class
A,
4.375%,
9/20/36
No
Opt.
Call
11,401,942
5,000
(c)
National
Finance
Authority,
New
Hampshire,
Resource
Recovery
Revenue
Bonds,
Covanta
Project,
Refunding
Series
2018B,
4.625%,
11/01/42
5/24
at
100.00
4,474,712
5,630
(c)
National
Finance
Authority,
New
Hampshire,
Resource
Recovery
Revenue
Bonds,
Covanta
Project,
Refunding
Series
2020A,
3.625%,
7/01/43,
(Mandatory
Put
7/02/40)
7/25
at
100.00
4,436,713
500
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Kendal
at
Hanover,
Series
2016,
5.000%,
10/01/40
10/26
at
100.00
503,138
2,350
New
Hampshire
Housing
Finance
Authority,
Single
Family
Mortgage
Acquisition
Bonds,
Social
Series
2023D,
5.125%,
7/01/53
7/32
at
100.00
2,394,183
4,000
New
Hampshire
Housing
Finance
Authority,
Single
Family
Mortgage
Acquisition
Bonds,
Social
Series
2024A,
4.650%,
7/01/49
1/33
at
100.00
3,998,593
Total
New
Hampshire
38,046,585
New
Jersey
-
5.8%
(3.5%
of
Total
Investments)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2016BBB
:
34,310
(e)
5.500%,
6/15/29,
(Pre-refunded
12/15/26)
12/26
at
100.00
36,325,459
2,110
(e)
5.500%,
6/15/30,
(Pre-refunded
12/15/26)
12/26
at
100.00
2,233,947
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2005N-1
:
6,835
5.500%,
9/01/24
-
AMBAC
Insured
No
Opt.
Call
6,864,658
5,045
5.500%,
9/01/28
-
NPFG
Insured
No
Opt.
Call
5,489,722
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2015WW
:
11,335
(e),(f)
5.250%,
6/15/40,
(Pre-refunded
6/15/25)
6/25
at
100.00
11,560,913
655
(e)
5.250%,
6/15/40,
(Pre-refunded
6/15/25)
6/25
at
100.00
668,055
2,305
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Barnabas
Health,
Refunding
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
2,306,391
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
46
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Jersey
(continued)
$
2,050
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A,
0.000%,
12/15/26
No
Opt.
Call
$
1,859,521
20,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C,
0.000%,
12/15/33
-
AGM
Insured
No
Opt.
Call
14,052,952
10,970
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2014AA,
5.000%,
6/15/44
6/24
at
100.00
10,972,463
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA
:
13,690
4.750%,
6/15/38
6/25
at
100.00
13,793,200
7,935
5.000%,
6/15/45
6/25
at
100.00
7,980,000
5,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019AA,
5.250%,
6/15/43
12/28
at
100.00
5,194,723
33,200
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Refunding
Series
2005D-
1,
5.250%,
1/01/26
-
AGM
Insured
No
Opt.
Call
34,070,245
5,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2020A,
4.000%,
11/01/50
11/30
at
100.00
4,450,974
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
:
1,420
5.000%,
6/01/46
6/28
at
100.00
1,451,988
1,580
5.250%,
6/01/46
6/28
at
100.00
1,636,170
3,180
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
3,211,364
1,330
Washington
Township
Board
of
Education,
Mercer
County,
New
Jersey,
General
Obligation
Bonds,
Series
2005,
5.250%,
1/01/26
-
AGM
Insured
No
Opt.
Call
1,361,678
Total
New
Jersey
165,484,423
New
Mexico
-
0.2%
(0.1%
of
Total
Investments)
3,345
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2021C,
2.250%,
7/01/46
7/30
at
100.00
2,143,312
1,055
New
Mexico
Mortgage
Finance
Authority,
Single
Family
Mortgage
Program
Bonds,
Class
1
Series
2023C,
4.650%,
9/01/48
9/32
at
100.00
1,059,928
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
618,146
1,200
5.000%,
5/15/49
5/26
at
103.00
1,065,336
1,000
(c)
Winrock
Town
Center
Tax
Increment
Development
District
1,
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Increment
Bonds,
Senior
Lien
Series
2022,
4.250%,
5/01/40
5/29
at
103.00
906,840
Total
New
Mexico
5,793,562
New
York
-
9.7%
(5.8%
of
Total
Investments)
Babylon
Local
Development
Corporation
II,
New
York,
Education
Revenue
Bonds,
The
Academy
Charter
School
Project,
Series
2023A
:
1,000
6.400%,
2/01/43
2/33
at
100.00
1,006,523
2,270
6.650%,
2/01/53
2/33
at
100.00
2,287,633
10,400
Battery
Park
City
Authority,
New
York,
Revenue
Bonds,
Senior
Sustainability
Series
2023A,
5.000%,
11/01/48
11/33
at
100.00
11,308,929
14,325
(c)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Albert
Einstein
College
of
Medicine,
Inc,
Series
2015,
5.500%,
9/01/45
9/25
at
100.00
14,325,620
1,350
(c)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Albert
Einstein
College
of
Medicine,
Inc,
Series
2023,
7.250%,
6/01/55
12/30
at
100.00
1,430,775
9,320
(c)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020A-1,
5.500%,
6/01/55
12/30
at
100.00
8,331,280
47
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
7,390
(c)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020B-1,
5.000%,
6/01/55
12/30
at
100.00
$
6,103,790
14,215
(f)
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A,
4.250%,
5/01/52,
(UB)
5/32
at
100.00
13,646,827
785
Dormitory
Authority
of
the
State
of
New
York,
Insured
Revenue
Bonds,
Mount
Sinai
School
of
Medicine,
Series
1994A,
5.150%,
7/01/24
-
NPFG
Insured
No
Opt.
Call
785,684
9,700
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Columbia
University,
Series
2017A,
5.000%,
10/01/47
No
Opt.
Call
11,126,962
4,070
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Icahn
School
of
Medicine
at
Mount
Sinai,
Refunding
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
4,080,934
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
:
2,700
(c)
5.000%,
12/01/40
6/25
at
100.00
2,554,472
5,600
(c)
5.000%,
12/01/45
6/25
at
100.00
5,066,699
2,095
Genesee
County
Funding
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2022A,
5.250%,
12/01/52
12/32
at
100.00
2,138,048
2,120
Hempstead
Town
Local
Development
Corporation,
New
York,
Education
Revenue
Bonds,
The
Academy
Charter
School
Project,
Refunding
Series
2020B,
5.570%,
2/01/41
2/30
at
100.00
1,984,751
2,695
Hempstead
Town
Local
Development
Corporation,
New
York,
Education
Revenue
Bonds,
The
Academy
Charter
School
Project,
Series
2017A,
6.240%,
2/01/47
2/27
at
100.00
2,637,056
2,965
Hempstead
Town
Local
Development
Corporation,
New
York,
Education
Revenue
Bonds,
The
Academy
Charter
School
Project,
Series
2018A,
6.760%,
2/01/48
2/28
at
100.00
2,998,693
Hempstead
Town
Local
Development
Corporation,
New
York,
Education
Revenue
Bonds,
The
Academy
Charter
School
Project,
Series
2020A
:
400
5.530%,
2/01/40
2/30
at
100.00
375,939
1,270
5.730%,
2/01/50
2/30
at
100.00
1,152,792
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
981,399
2,380
4.600%,
2/01/51
2/30
at
100.00
1,787,960
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
2,882,345
3,155
5.250%,
11/15/55
5/30
at
100.00
3,279,249
7,660
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020D-2,
4.000%,
11/15/47
11/30
at
100.00
7,023,872
5,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020D-3,
4.000%,
11/15/49
11/30
at
100.00
4,534,550
14,915
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Refunding
Series
2024A,
4.000%,
11/15/48
-
BAM
Insured
5/34
at
100.00
13,876,613
2,210
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Green
Climate
Certified
Series
2017C-1,
5.000%,
11/15/24
No
Opt.
Call
2,223,743
7,520
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Green
Climate
Certified
Series
2020E,
4.000%,
11/15/45
11/30
at
100.00
6,998,852
3,585
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Saint
Anns
Community
Project,
Series
2019,
5.000%,
1/01/50
1/26
at
103.00
2,781,231
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
48
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
1,000
Nassau
County
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Catholic
Health
Services
of
Long
Island
Obligated
Group
Project,
Series
2014,
5.000%,
7/01/31
7/24
at
100.00
$
1,001,161
20,000
New
York
City
Housing
Development
Corporation,
New
York, Sustainable
Impact
Revenue
Bonds,
Williamsburg
Housing
Preservation
LP,
Series
2020A,
2.800%,
2/01/50
2/28
at
100.00
13,564,670
5,000
New
York
City
Housing
Development
Corporation,
New
York,
House
Impact
Revenue
Bonds,
Green
Series
2023A,
4.800%,
2/01/53
8/31
at
100.00
5,018,628
10,000
New
York
City
Housing
Development
Corporation,
New
York,
Multifamily
Housing
Revenue
Bonds,
Green
Series
2023B-2,
3.670%,
5/01/54,
(Mandatory
Put
5/07/24)
4/24
at
100.00
10,000,000
11,570
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2016
Series
BB-1,
5.000%,
6/15/46
6/25
at
100.00
11,656,682
10,000
(f)
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2023
Series
DD,
4.125%,
6/15/46,
(UB)
6/33
at
100.00
9,830,155
5,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Series
2024D-1,
5.000%,
11/01/38
5/34
at
100.00
5,682,507
5
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
Series
2005M,
5.000%,
4/01/26
-
FGIC
Insured
5/24
at
100.00
5,005
28,615
(c)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014,
5.000%,
11/15/44
11/24
at
100.00
28,360,618
20,445
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
7
World
Trade
Center
Project,
Refunding
Green
Series
2022A-CL2,
3.125%,
9/15/50
3/30
at
100.00
15,409,748
2,560
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Bank
of
America
Tower
at
One
Bryant
Park
Project,
Second
Priority
Refunding
Series
2019
Class
3,
2.800%,
9/15/69
3/29
at
100.00
2,273,881
3,500
New
York
State
Housing
Finance
Agency,
Affordable
Housing
Revenue
Bonds,
Climate
Bond
Certified/Sustainability
Series
2019P,
3.050%,
11/01/49
5/28
at
100.00
2,573,712
6,500
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
Revenue
Bonds,
Series
211,
3.750%,
10/01/43
4/27
at
100.00
5,861,361
New
York
State
Mortgage
Agency,
Homeowner
Mortgage
Revenue
Bonds,
Series
252
:
2,140
4.550%,
10/01/48
4/33
at
100.00
2,135,636
2,000
4.650%,
10/01/53
4/33
at
100.00
1,990,129
1,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2022A,
4.000%,
11/15/52
11/32
at
100.00
947,261
4,500
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2023B-1,
5.250%,
11/15/53
11/33
at
100.00
4,870,847
10,060
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-City
Sales
Tax,
Series
2022A,
4.000%,
5/15/57
11/32
at
100.00
9,391,580
7,110
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006,
5.000%,
6/01/48
6/27
at
100.00
6,325,883
Total
New
York
276,612,685
North
Carolina
-
0.4%
(0.3%
of
Total
Investments)
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
1998
Trust
Agreement
Social
Series
53-A
:
3,980
4.375%,
7/01/44
7/32
at
100.00
3,913,019
49
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
North
Carolina
(continued)
$
5,000
4.550%,
1/01/50
7/32
at
100.00
$
4,924,232
2,070
North
Carolina
Housing
Finance
Agency,
Home
Ownership
Revenue
Bonds,
Series
52-A,
4.900%,
7/01/43
7/32
at
100.00
2,110,043
2,150
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Aldersgate
United
Retirement
Community
Inc.,
Refunding
Series
2017A,
5.000%,
7/01/47
7/27
at
100.00
1,666,411
Total
North
Carolina
12,613,705
North
Dakota
-
2.3%
(1.4%
of
Total
Investments)
9,950
Cass
County,
North
Dakota,
Health
Care
Facilities
Revenue
Bonds,
Essential
Health
Obligated
Group,
Series
2018B,
4.250%,
2/15/48
2/28
at
100.00
9,321,759
4,525
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2017A,
5.000%,
12/01/42
12/27
at
100.00
4,491,317
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2021
:
1,000
3.000%,
12/01/46
-
AGM
Insured
12/31
at
100.00
761,728
5,000
3.000%,
12/01/51
-
AGM
Insured
12/31
at
100.00
3,617,980
1,000
Grand
Forks,
North
Dakota,
Senior
Housing
&
Nursing
Facilities
Revenue
Bonds,
Valley
Homes
and
Services
Obligated
Group,
Series
2017,
5.000%,
12/01/36
12/26
at
100.00
938,555
2,000
Horace,
Cass
County,
North
Dakota,
General
Obligation
Bonds,
Refunding
Improvement
Series
2023A,,
5.000%,
5/01/48
5/31
at
100.00
1,890,404
3,820
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Series
2020B,
2.500%,
7/01/44
1/30
at
100.00
2,690,924
980
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Social
Series
2022F,
4.250%,
1/01/47
1/32
at
100.00
936,146
1,000
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Social
Series
2023A,
4.700%,
7/01/47
7/32
at
100.00
1,006,681
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Social
Series
2023D
:
1,500
4.500%,
7/01/43
7/32
at
100.00
1,511,251
560
4.550%,
7/01/48
7/32
at
100.00
558,681
2,750
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Social
Series
2023F,
5.100%,
7/01/48
1/33
at
100.00
2,765,021
1,300
North
Dakota
Housing
Finance
Agency,
Home
Mortgage
Finance
Program
Bonds,
Social
Series
2024A,
4.750%,
1/01/52
7/33
at
100.00
1,300,637
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
:
8,300
5.000%,
6/01/38
6/28
at
100.00
7,836,597
1,700
5.000%,
6/01/43
6/28
at
100.00
1,532,937
28,050
5.000%,
6/01/53
6/28
at
100.00
23,563,997
2,501
(d)
Williston,
North
Dakota,
Multifamily
Housing
Revenue
Bonds,
Eagle
Crest
Apartments
LLC
Project,
Series
2013,
7.750%,
9/01/38
5/24
at
100.00
1,250,340
Total
North
Dakota
65,974,955
Ohio
-
8.9%
(5.3%
of
Total
Investments)
2,000
Akron,
Bath
and
Copley
Joint
Township
Hospital
District,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Summa
Health
Obligated
Group,
Refunding
Series
2020,
3.000%,
11/15/40
11/30
at
100.00
1,530,941
50,220
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2,
0.000%,
6/01/57
6/30
at
22.36
4,978,997
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
50
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Ohio
(continued)
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1
:
$
53,590
3.000%,
6/01/48
6/30
at
100.00
$
39,224,627
8,680
4.000%,
6/01/48
6/30
at
100.00
7,740,272
30,950
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2,
5.000%,
6/01/55
6/30
at
100.00
28,059,939
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
2,690,214
3,200
5.250%,
11/01/47
11/27
at
100.00
2,884,845
4,000
County
of
Lucas,
Ohio,
Hospital
Revenue
Bonds,
ProMedica
Healthcare
Obligated
Group,
Series
2018A,
5.250%,
11/15/48
11/28
at
100.00
3,977,806
37,150
(f)
Cuyahoga
County,
Ohio,
Certificates
of
Participation,
Convention
Hotel
Project, Series
2014,
4.375%,
12/01/44,
(UB)
6/24
at
100.00
35,792,972
Darke
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Wayne
Healthcare
Project,
Series
2019A
:
1,165
4.000%,
9/01/40
9/29
at
100.00
980,512
1,750
4.000%,
9/01/45
9/29
at
100.00
1,373,091
2,000
5.000%,
9/01/49
9/29
at
100.00
1,752,354
1,890
Dublin
City
School
District,
Franklin,
Delaware
and
Union
Counties,
Ohio,
General
Obligation
Bonds,
School
Facilities
Series
2024,
4.000%,
12/01/53
12/33
at
100.00
1,764,311
4,590
Franklin
County
Convention
Facilities
Authority,
Ohio,
Hotel
Project
Revenue
Bonds,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
Series
2019,
5.000%,
12/01/51
12/29
at
100.00
4,301,486
4,065
Franklin
County,
Ohio,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017A,
3.250%,
12/01/42
12/27
at
100.00
3,393,923
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
4,652,311
6,000
5.250%,
12/01/31
-
AGM
Insured
No
Opt.
Call
6,701,039
12,000
Muskingum
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Genesis
HealthCare
System
Obligated
Group
Project,
Series
2013,
5.000%,
2/15/48
5/24
at
100.00
10,767,938
25,880
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2009A,
4.750%,
6/01/33
No
Opt.
Call
26,806,973
490
Ohio
Higher
Educational
Facility
Commission,
Senior
Hospital
Parking
Revenue
Bonds,
University
Circle
Incorporated
2020
Project,
Series
2020,
5.000%,
1/15/50
1/30
at
100.00
501,675
4,285
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Social
Series
2024A,
4.650%,
9/01/54
9/33
at
100.00
4,234,962
1,270
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission
Infrastructure
Projects,
Junior
Lien,
Capital
Appreciation
Series
2013A-3,
5.800%,
2/15/36
2/31
at
100.00
1,473,570
20,505
Ohio
Water
Development
Authority,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generating
Corporation
Project,
Series
2009A,
4.750%,
6/01/33
No
Opt.
Call
21,239,450
20,480
Ohio
Water
Development
Authority,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generating
Corporation
Project,
Series
2010B,
4.750%,
6/01/33,
(Mandatory
Put
6/01/22)
No
Opt.
Call
21,213,555
51
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Ohio
(continued)
$
2,965
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Special
Obligation
Tax
Increment
Financing
Revenue
Bonds,
Cooperative
Township
Public
Parking
Project,
Gallery
at
Kenwood,
Senior
Lien
Series
2019A,
5.000%,
11/01/51
11/30
at
100.00
$
2,394,578
1,930
Shaker
Heights
City
School
District,
Ohio,
General
Obligation
Bonds,
School
Facilities
Improvement
Series
2024,
4.375%,
12/15/61
6/34
at
100.00
1,882,098
1,330
Tuscarawas
County
Economic
Development
and
Finance
Alliance,
Ohio,
Higher
Education
Facilities
Revenue
Bonds,
Ashland
University,
Refunding
&
Improvement
Series
2015,
6.000%,
3/01/45
3/25
at
100.00
1,325,170
9,495
Washington
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Memorial
Health
System
Obligated
Group,
Series
2022,
6.750%,
12/01/52
12/32
at
100.00
10,221,966
Total
Ohio
253,861,575
Oklahoma
-
1.0%
(0.6%
of
Total
Investments)
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
:
3,965
5.500%,
8/15/52
8/28
at
100.00
4,032,282
20,510
5.500%,
8/15/57
8/28
at
100.00
20,873,895
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
1,161,451
1,390
5.500%,
8/15/44
8/32
at
100.00
1,389,456
2,340
Tulsa
County
Industrial
Authority,
Oklahoma,
Senior
Living
Community
Revenue
Bonds,
Montereau,
Inc
Project,
Refunding
Series
2017,
5.250%,
11/15/45
11/25
at
102.00
2,295,577
315
University
Oklahoma,
General
Revenue
Bonds,
Refunding
Series
2024A,
4.125%,
7/01/54
-
BAM
Insured
No
Opt.
Call
303,015
Total
Oklahoma
30,055,676
Oregon
-
0.1%
(0.1%
of
Total
Investments)
Clackamas
County
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Rose
Villa
Inc.,
Series
2020A
:
500
5.125%,
11/15/40
11/25
at
102.00
481,899
220
5.250%,
11/15/50
11/25
at
102.00
202,039
315
5.375%,
11/15/55
11/25
at
102.00
290,179
Multnomah
County
Hospital
Facilities
Authority,
Oregon,
Revenue
Bonds,
Mirabella
South
Waterfront,
Refunding
Series
2014A
:
1,000
(e)
5.400%,
10/01/44,
(Pre-refunded
10/01/24)
10/24
at
100.00
1,005,193
800
(e)
5.500%,
10/01/49,
(Pre-refunded
10/01/24)
10/24
at
100.00
804,479
Total
Oregon
2,783,789
Pennsylvania
-
4.7%
(2.8%
of
Total
Investments)
15,595
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Allegheny
Health
Network
Obligated
Group
Issue,
Series
2018A,
4.000%,
4/01/44
4/28
at
100.00
14,422,615
2,540
(c)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Refunding
Project,
Series
2017,
5.000%,
5/01/42
5/27
at
100.00
2,506,753
13,235
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
4.750%,
1/01/35,
(Mandatory
Put
7/01/33)
No
Opt.
Call
13,510,509
9,365
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Generation
Project,
Series
2008B,
3.750%,
10/01/47
4/31
at
100.00
7,398,680
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
52
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
$
18,970
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Tower
Health
Project,
Series
2017,
5.000%,
11/01/50
11/27
at
100.00
$
9,751,215
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
2,429,078
6,420
5.125%,
3/15/46
3/27
at
100.00
6,070,213
1,000
Butler
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Butler
Health
System
Project,
Series
2015A,
5.000%,
7/01/39
7/25
at
100.00
950,100
9,325
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018,
4.000%,
6/01/39
-
AGM
Insured
6/28
at
100.00
9,212,058
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2015
:
435
5.000%,
1/01/29
1/25
at
100.00
436,833
395
(e)
5.000%,
1/01/29,
(Pre-refunded
1/01/25)
1/25
at
100.00
397,808
170
(e)
5.000%,
1/01/29,
(Pre-refunded
1/01/25)
1/25
at
100.00
171,209
1,500
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Landis
Homes
Retirement
Community
Project,
Refunding
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
1,380,388
1,750
McCandless
Industrial
Development
Authority,
Pennsylvania,
La
Roche
University
Revenue
Bonds,
Series
A
and
B
of
2022,
6.750%,
12/01/46
12/32
at
100.00
1,658,902
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Albert
Einstein
Healthcare
Network
Issue,
Series
2015A
:
11,030
(e)
5.250%,
1/15/45,
(Pre-refunded
1/15/25)
1/25
at
100.00
11,139,477
1,200
(e)
5.250%,
1/15/46,
(Pre-refunded
1/15/25)
1/25
at
100.00
1,211,911
3,500
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-131A,
3.100%,
10/01/44
4/29
at
100.00
2,820,650
3,415
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-135A,
2.500%,
10/01/50
10/30
at
100.00
2,143,242
13,550
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Senior
Series
2018A,
5.250%,
12/01/44
12/28
at
100.00
14,185,850
3,205
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015A-1,
5.000%,
12/01/45
6/25
at
100.00
3,229,299
11,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2009C,
6.250%,
6/01/33
-
AGM
Insured
6/26
at
100.00
11,676,688
15,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2015B-1,
5.000%,
12/01/45
12/25
at
100.00
15,153,423
2,675
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2019A,
4.000%,
12/01/49
12/29
at
100.00
2,511,926
Total
Pennsylvania
134,368,827
Puerto
Rico
-
7.4%
(4.4%
of
Total
Investments)
4,934
Cofina
Class
2
Trust
Tax-Exempt
Class
2047,
Puerto
Rico.
Unit
Exchanged
From
Cusip
74529JAN5,
0.000%,
8/01/47
No
Opt.
Call
1,445,883
9,761
Cofina
Class
2
Trust
Tax-Exempt
Class
2054,
Puerto
Rico.
Unit
Exchanged
From
Cusip
74529JAP0,
0.000%,
8/01/54
No
Opt.
Call
1,891,280
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
:
8,000
(c)
5.000%,
7/01/35
7/30
at
100.00
8,408,436
14,625
(c)
5.000%,
7/01/47
7/30
at
100.00
14,817,379
53
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Puerto
Rico
(continued)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
:
$
10,090
(c)
5.000%,
7/01/33
7/31
at
100.00
$
10,731,968
5,000
(c)
5.000%,
7/01/37
7/31
at
100.00
5,226,230
7,510
(c)
4.000%,
7/01/42
7/31
at
100.00
7,011,506
8,070
(c)
4.000%,
7/01/47
7/31
at
100.00
7,267,933
145
Puerto
Rico
Public
Finance
Corporation,
Commonwealth
Appropriation
Bonds,
Series
1998A,
5.125%,
6/01/24
-
AMBAC
Insured
No
Opt.
Call
145,108
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
:
2,000
0.000%,
7/01/29
7/28
at
98.64
1,640,849
49
0.000%,
7/01/33
7/28
at
86.06
33,872
837
4.500%,
7/01/34
7/25
at
100.00
840,253
4,709
4.550%,
7/01/40
7/28
at
100.00
4,715,815
51,297
0.000%,
7/01/46
7/28
at
41.38
16,085,472
26,407
0.000%,
7/01/51
7/28
at
30.01
6,054,964
12,700
4.750%,
7/01/53
7/28
at
100.00
12,426,391
27,303
5.000%,
7/01/58
7/28
at
100.00
27,306,219
723
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019B-2,
4.536%,
7/01/53
7/28
at
100.00
683,515
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
:
11,484
4.329%,
7/01/40
7/28
at
100.00
11,246,638
7,385
4.329%,
7/01/40
7/28
at
100.00
7,232,360
6,889
4.784%,
7/01/58
7/28
at
100.00
6,756,674
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
:
5,761
5.625%,
7/01/29
No
Opt.
Call
6,216,393
3,969
5.750%,
7/01/31
No
Opt.
Call
4,431,732
21,778
0.000%,
7/01/33
7/31
at
89.94
14,289,445
10,302
4.000%,
7/01/33
7/31
at
103.00
10,154,174
8,816
4.000%,
7/01/35
7/31
at
103.00
8,552,580
10,216
4.000%,
7/01/37
7/31
at
103.00
9,790,725
4,295
4.000%,
7/01/41
7/31
at
103.00
3,996,056
1,473
4.000%,
7/01/46
7/31
at
103.00
1,328,128
Total
Puerto
Rico
210,727,978
Rhode
Island
-
2.2%
(1.3%
of
Total
Investments)
3,430
Rhode
Island
Housing
&
Mortgage
Finance
Corporation,
Homeownership
Opportunity
Bond
Program,
2019
Series
71,
3.100%,
10/01/44
4/29
at
100.00
2,696,109
11,005
Rhode
Island
Housing
&
Mortgage
Finance
Corporation,
Homeownership
Opportunity
Bond
Program,
2022
Series
76A,
2.550%,
10/01/42
4/31
at
100.00
8,172,990
295,135
Rhode
Island
Tobacco
Settlement
Financing
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A,
0.000%,
6/01/52
5/24
at
19.06
51,122,074
2,595
Rhode
Island
Tobacco
Settlement
Financing
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2015B,
4.500%,
6/01/45
6/25
at
100.00
2,570,496
Total
Rhode
Island
64,561,669
South
Carolina
-
2.6%
(1.6%
of
Total
Investments)
7,600
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2,
0.000%,
1/01/31
-
AMBAC
Insured
No
Opt.
Call
5,770,290
4,500
Rock
Hill,
South
Carolina,
Combined
Utility
System
Revenue
Bonds,
Series
2024A,
4.250%,
1/01/59
1/34
at
100.00
4,189,542
1,185
South
Carolina
Housing
Finance
and
Development
Authority,
Mortgage
Revenue
Bonds,
Series
2022B,
4.350%,
7/01/47
7/31
at
100.00
1,154,526
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
54
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
South
Carolina
(continued)
$
975
South
Carolina
Housing
Finance
and
Development
Authority,
Mortgage
Revenue
Bonds,
Series
2023A,
4.900%,
7/01/48
7/32
at
100.00
$
985,016
1,000
South
Carolina
Housing
Finance
and
Development
Authority,
Mortgage
Revenue
Bonds,
Series
2024A,
4.625%,
7/01/49
1/33
at
100.00
998,176
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
831,128
1,165
4.000%,
4/01/54
4/26
at
103.00
863,497
1,630
5.000%,
4/01/54
4/26
at
103.00
1,490,946
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Hilton
Head
Christian
Academy,
Series
2020
:
400
(c)
5.000%,
1/01/40
1/30
at
100.00
373,970
1,000
(c)
5.000%,
1/01/55
1/30
at
100.00
856,734
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
5/24
at
103.00
893,975
750
5.000%,
5/01/42
5/24
at
103.00
627,463
405
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
AnMed
Health
Project,
Series
2023,
4.250%,
2/01/48
2/33
at
100.00
397,756
30,325
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
&
Improvement
Series
2015A,
5.000%,
12/01/50
6/25
at
100.00
30,345,393
7,565
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
&
Improvement
Series
2020A,
3.000%,
12/01/41
-
BAM
Insured
12/30
at
100.00
6,103,709
4,985
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2014C,
5.000%,
12/01/46
12/24
at
100.00
4,835,165
5,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022A,
4.000%,
12/01/52
6/32
at
100.00
4,465,403
10,170
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Series
2015E,
5.250%,
12/01/55
12/25
at
100.00
10,192,057
Total
South
Carolina
75,374,746
South
Dakota
-
0.6%
(0.4%
of
Total
Investments)
3,765
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Regional
Health,
Refunding
Series
2017,
5.000%,
9/01/40
9/27
at
100.00
3,850,155
6,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2022B,
2.500%,
11/01/42
11/30
at
100.00
4,407,060
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Social
Series
2023A
:
6,250
(f)
4.350%,
11/01/43,
(UB)
11/31
at
100.00
6,115,327
4,000
(f)
4.550%,
5/01/48,
(UB)
11/31
at
100.00
3,982,309
Total
South
Dakota
18,354,851
Tennessee
-
0.8%
(0.5%
of
Total
Investments)
1,350
Chattanooga-Hamilton
County
Hospital
Authority,
Tennessee,
Hospital
Revenue
Bonds,
Erlanger
Health
System,
Refunding
Series
2014A,
5.000%,
10/01/39
10/24
at
100.00
1,349,947
1,490
Knox
County
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Hospital
Revenue
Bonds,
East
Tennessee
Children's
Hospital,
Series
2019,
4.000%,
11/15/48
2/29
at
100.00
1,321,629
55
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tennessee
(continued)
$
2,645
(d)
Memphis/Shelby
County
Economic
Development
Growth
Engine
Industrial
Development
Board,
Tennessee,
Tax
Increment
Revenue
Bonds,
Graceland
Project,
Senior
Series
2017A,
5.500%,
7/01/37
7/27
at
100.00
$
1,827,087
4,100
Tennergy
Corporation,
Tennessee,
Gas
Revenue
Bonds,
Series
2022A,
5.500%,
10/01/53,
(Mandatory
Put
12/01/30)
9/30
at
100.10
4,311,487
830
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Series
2020-3A,
2.550%,
1/01/45
7/29
at
100.00
583,850
10,000
(f)
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Social
Series
2023-3A,
5.350%,
7/01/48,
(UB)
7/32
at
100.00
10,308,726
345
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Social
Series
2024-1A,
4.800%,
7/01/54
1/33
at
100.00
346,619
1,500
(f)
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Tender
Option
Bond
Trust
Series
2023-XL0448,
4.550%,
7/01/48,
(UB)
7/32
at
100.00
1,496,466
10,000
(c),(d)
The
Health
and
Educational
Facilities
Board
of
the
City
of
Franklin,
Tennessee,
Revenue
Bonds,
Provision
Cares
Proton
Therapy
Center,
Nashville
Project,
Series
2017A,
7.500%,
6/01/47
6/27
at
100.00
435,000
Total
Tennessee
21,980,811
Texas
-
13.5%
(8.1%
of
Total
Investments)
7,670
Aldine
Independent
School
District,
Harris
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024,
4.000%,
2/15/49
2/34
at
100.00
7,325,857
5,480
Austin,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
11/15/45
11/25
at
100.00
5,547,608
1,160
Bexar
County,
Texas,
Certificates
of
Obligation,
Combination
Tax
&
Revenue
Series
2023,
4.000%,
6/15/46
6/33
at
100.00
1,118,014
2,500
Board
of
Managers,
Joint
Guadalupe
County-Seguin
City
Hospital,
Texas,
Hospital
Mortgage
Revenue
Bonds,
Refunding
&
Improvement
Series
2015,
5.000%,
12/01/45
12/25
at
100.00
2,208,549
16,280
(f)
Board
of
Regents
of
the
University
of
Texas
System,
Revenue
Financing
System
Bonds,
Series
2019B,
5.000%,
8/15/49,
(UB)
No
Opt.
Call
18,345,209
945
Board
of
Regents
of
the
University
of
Texas
System,
Revenue
Financing
System
Bonds,
Series
2024A,
4.000%,
8/15/49,
(WI/DD)
8/33
at
100.00
905,688
2,180
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
1
Project,
Series
2015,
7.250%,
9/01/45
9/24
at
102.00
2,220,619
3,855
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Areas
2-5
Major
Improvement
Project,
Series
2015,
8.250%,
9/01/40
9/24
at
102.00
3,940,324
350
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
1
Project,
Series
2015,
6.250%,
9/01/45
9/24
at
100.00
350,704
3,335
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien
Series
2020E,
5.000%,
1/01/45
1/30
at
100.00
3,463,404
5,390
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien
Series
2021B,
5.000%,
1/01/46
1/31
at
100.00
5,616,439
13,685
(e)
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien,
Series
2015A,
5.000%,
1/01/45,
(Pre-refunded
7/01/25)
7/25
at
100.00
13,917,927
6,375
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien,
Series
2016,
3.375%,
1/01/41
1/26
at
100.00
5,514,204
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Uplift
Education
Charter
School,
Series
2013A
:
765
4.350%,
12/01/42
5/24
at
100.00
693,022
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
56
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
685
4.400%,
12/01/47
5/24
at
100.00
$
594,738
4,000
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Uplift
Education
Charter
School,
Series
2015A,
5.000%,
12/01/45
6/25
at
100.00
3,893,091
Club
Municipal
Management
District
1,
Texas,
Special
Assessment
Revenue
Bonds,
Improvement
Area
1
Project,
Series
2016
:
380
5.750%,
9/01/28
9/24
at
102.00
387,594
710
6.500%,
9/01/46
9/24
at
102.00
724,900
7,305
Conroe
Independent
School
District,
Montgomery
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024,
5.000%,
2/15/49
2/34
at
100.00
7,835,040
400
(e)
Decatur
Hospital
Authority,
Texas,
Revenue
Bonds,
Wise
Regional
Health
System,
Series
2014A,
5.250%,
9/01/44,
(Pre-refunded
9/01/24)
9/24
at
100.00
401,378
12,000
(f)
Denton
Independent
School
District,
Denton
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023,
5.000%,
8/15/53,
(UB)
8/33
at
100.00
12,728,849
1,260
Fort
Bend
County
Industrial
Development
Corporation,
Texas,
Revenue
Bonds,
NRG
Energy
Inc.
Project,
Series
2012A.
RMKT,
4.750%,
5/01/38
5/24
at
100.00
1,259,955
6,010
Fort
Bend
County
Industrial
Development
Corporation,
Texas,
Revenue
Bonds,
NRG
Energy
Inc.
Project,
Series
2012B,
4.750%,
11/01/42
5/24
at
100.00
5,972,017
525
Frisco
Independent
School
District,
Collin
and
Denton
Counties,
Texas,
General
Obligation
Bonds,
Refunding
&
School
Building
Series
2024,
4.000%,
2/15/49,
(WI/DD)
2/34
at
100.00
502,991
2,490
Greater
Texoma
Utility
Authority,
Texas,
Contract
Revenue
Bonds,
City
of
Sherman
Project
Series
2023A,
4.375%,
10/01/53
-
BAM
Insured
10/32
at
100.00
2,419,316
1,535
Greater
Texoma
Utility
Authority,
Texas,
Contract
Revenue
Bonds,
City
of
Sherman
Project
Series
2024,
4.375%,
10/01/54
-
BAM
Insured
10/33
at
100.00
1,475,668
7,305
Greenville,
Texas,
General
Obligation
Bonds,
Series
2024,
4.125%,
2/15/51
-
AGM
Insured
No
Opt.
Call
6,926,218
3,105
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Houston
Methodist
Hospital
System,
Series
2015,
5.000%,
12/01/45
6/25
at
100.00
3,123,973
1,000
Harris
County
Flood
Control
District,
Texas,
General
Obligation
Bonds,
Refunding
Improvement,
Green
Series
2023A,
4.000%,
9/15/48
9/33
at
100.00
954,585
4,080
(c)
Harris
County,
Texas,
General
Obligtion
Toll
Road
Revenue
Bonds,
Tender
Option
Bond
Trust
2015-XF0074,
6.726%,
8/15/32
-
AGM
Insured,
(IF)
No
Opt.
Call
6,103,314
6,000
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A,
0.000%,
11/15/48
11/31
at
44.13
1,739,506
3,775
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2014A,
5.000%,
11/15/53
11/24
at
100.00
3,665,796
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
7,632,867
1,940
(e)
0.000%,
11/15/34,
(Pre-refunded
11/15/24)
-
NPFG
Insured
11/24
at
55.69
1,055,658
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
913,477
3,000
0.000%,
12/01/43
12/31
at
65.48
1,123,381
3,000
0.000%,
12/01/44
12/31
at
62.57
1,051,401
4,000
0.000%,
12/01/45
12/31
at
59.85
1,318,300
7,165
0.000%,
12/01/46
12/31
at
57.36
2,218,477
7,580
0.000%,
12/01/47
12/31
at
55.10
2,202,778
7,095
0.000%,
12/01/48
12/31
at
52.91
1,942,558
7,550
0.000%,
12/01/49
12/31
at
50.78
1,927,119
5,140
0.000%,
12/01/50
12/31
at
48.73
1,227,785
4,000
0.000%,
12/01/51
12/31
at
46.73
893,296
57
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
5,000
Houston
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
KIPP,
Inc.,
Refunding
Series
2015,
4.000%,
8/15/44
8/25
at
100.00
$
4,761,838
100
Houston
Higher
Education
Finance
Corporation,
Texas,
Revenue
Bonds,
Rice
University,
Series
2024,
5.000%,
5/15/34
No
Opt.
Call
117,073
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
3,739,014
4,865
0.000%,
9/01/27
-
AGM
Insured
No
Opt.
Call
4,287,253
4,715
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
9/01/40
9/24
at
100.00
4,718,038
17,000
(e)
Houston,
Texas,
Water
and
Sewerage
System
Revenue
Bonds,
Refunding
Junior
Lien
Series
2002A,
5.750%,
12/01/32
-
AGM
Insured,
(ETM)
No
Opt.
Call
20,677,472
2,895
Humble
Independent
School
District,
Harris
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024,
4.000%,
2/15/54
2/34
at
100.00
2,731,922
6,545
Hurst-Euless-Bedford
Independent
School
District,
Tarrant
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024,
4.000%,
8/15/50
8/34
at
100.00
6,161,013
3,450
Judson
Independent
School
District,
Bexar
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024,
4.000%,
2/01/53
2/34
at
100.00
3,227,260
940
Kerrville
Health
Facilities
Development
Corporation,
Texas,
Revenue
Bonds,
Sid
Peterson
Memorial
Hospital
Project,
Series
2015,
5.000%,
8/15/30
8/25
at
100.00
949,419
6,665
Lamar
Consolidated
Independent
School
District,
Fort
Bend
County,
Texas,
General
Obligation
Bonds,
Schoolhouse
Series
2023A,
5.000%,
2/15/58
2/33
at
100.00
7,026,691
1,000
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2015,
5.000%,
5/15/45
5/25
at
100.00
1,007,462
McCamey
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Series
2013
:
3,095
5.750%,
12/01/33
12/25
at
100.00
3,121,186
3,125
6.125%,
12/01/38
12/25
at
100.00
3,145,744
6,465
Midland
Independent
School
District,
Midland
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024,
4.000%,
2/15/54
2/33
at
100.00
6,045,376
2,865
New
Braunfels,
Comal
County,
Texas,
Utility
System
Revenue
Bonds,
Refunding
Series
2024,
4.000%,
7/01/55
7/34
at
100.00
2,620,489
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
5/24
at
103.00
1,851,957
6,015
5.000%,
11/01/51
5/24
at
103.00
4,633,273
745
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Wesleyan
Homes,
Inc.
Project,
Series
2014,
5.500%,
1/01/43
1/25
at
100.00
639,869
210
(e)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
CHF-Collegiate
Housing
Corpus
Christi
II,
L.L.C.-Texas
A&M
University-Corpus
Christi
Project,
Series
2016A,
5.000%,
4/01/48,
(Pre-refunded
4/01/26)
4/26
at
100.00
215,778
4,530
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
CHF-Collegiate
Housing
Foundation
-
College
Station
I
LLC
-
Texas
A&M
University
Project,
Series
2014A,
4.100%,
4/01/34
-
AGM
Insured
5/24
at
100.00
4,337,921
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
58
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
820
(e)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
CHF-Collegiate
Housing
Foundation
-
San
Antonio
1,
L.L.C.
-
Texas
A&M
University
-
San
Antonio
Project,
Series
2016A,
5.000%,
4/01/48,
(Pre-refunded
4/01/26)
4/26
at
100.00
$
841,797
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C
:
2,590
(e)
7.000%,
9/01/43,
(Pre-refunded
9/01/31)
9/31
at
100.00
3,164,618
3,910
(e)
6.750%,
9/01/45,
(Pre-refunded
9/01/31)
9/31
at
100.00
4,799,866
2,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier,
Series
2015A,
5.000%,
1/01/38
1/25
at
100.00
2,008,998
2,850
Northside
Independent
School
District,
Bexar
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024A,
4.000%,
8/15/49,
(WI/
DD)
No
Opt.
Call
2,735,606
5,410
Prosper
Independent
School
District,
Collin
and
Denton
Counties,
Texas,
General
Obligation
Bonds,
School
Building
Series
2024,
4.000%,
2/15/54
2/34
at
100.00
5,070,858
610
Reagan
Hospital
District
of
Reagan
County,
Texas,
Limited
Tax
Revenue
Bonds,
Series
2014A,
5.125%,
2/01/39
5/24
at
100.00
575,954
1,080
Red
River
Education
Finance
Corporation,
Texas,
Higher
Education
Revenue
Bonds,
Saint
Edwards
University
Project,
Series
2016,
4.000%,
6/01/41
6/26
at
100.00
928,015
1,000
San
Antonio,
Texas,
Electric
and
Gas
Systems
Revenue
Bonds,
Refunding
New
Series
2023B,
4.000%,
2/01/43
8/33
at
100.00
992,493
19,955
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Christus
Health,
Series
2022A,
4.000%,
7/01/53
7/32
at
100.00
17,995,199
11,540
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Texas
Health
Resources
System,
Series
2016A,
5.000%,
2/15/47
8/26
at
100.00
11,679,616
3,955
Texas
City
Industrial
Development
Corporation,
Texas,
Industrial
Development
Revenue
Bonds,
NRG
Energy,
inc.
Project,
Fixed
Rate
Series
2012,
4.125%,
12/01/45
2/25
at
100.00
3,497,658
4,000
Texas
Department
of
Housing
and
Community
Affairs,
Residential
Mortgage
Revenue
Bonds,
Series
2024A,
5.000%,
1/01/49
1/33
at
100.00
4,024,333
2,565
Texas
Department
of
Housing
and
Community
Affairs,
Single
Family
Mortgage
Revenue
Bonds,
Series
2018A,
4.250%,
9/01/43
9/27
at
100.00
2,506,749
Texas
Department
of
Housing
and
Community
Affairs,
Single
Family
Mortgage
Revenue
Bonds,
Series
2021A
:
7,155
2.250%,
9/01/46
3/30
at
100.00
4,576,118
6,905
2.350%,
9/01/51
3/30
at
100.00
4,337,913
2,415
Texas
Department
of
Housing
and
Community
Affairs,
Single
Family
Mortgage
Revenue
Bonds,
Series
2023A,
4.600%,
9/01/43
9/32
at
100.00
2,438,343
4,000
Texas
Department
of
Housing
and
Community
Affairs,
Single
Family
Mortgage
Revenue
Bonds,
Series
2023C,
5.125%,
9/01/53
9/32
at
100.00
4,076,456
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
5,884,327
2,735
4.000%,
6/30/37
12/30
at
100.00
2,756,187
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
6,338,315
10,000
0.000%,
8/15/37
8/24
at
56.94
5,276,504
Texas
Transportation
Commission,
Central
Texas
Turnpike
System
Revenue
Bonds,
Refunding
Second
Tier
Series
2015C
:
59
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
5,230
5.000%,
8/15/37
8/24
at
100.00
$
5,238,765
31,775
5.000%,
8/15/42
8/24
at
100.00
31,794,507
5,500
Texas
Transportation
Commission,
State
Highway
249
System
Revenue
Bonds,
First
Tier
Toll
Series
2019A,
5.000%,
8/01/57
2/29
at
100.00
5,554,528
4,400
Texas
Turnpike
Authority,
Central
Texas
Turnpike
System
Revenue
Bonds,
First
Tier
Series
2002A,
0.000%,
8/15/25
-
AMBAC
Insured
No
Opt.
Call
4,178,463
1,000
Waxahachie
Independent
School
District,
Ellis
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023,
4.250%,
2/15/53
8/33
at
100.00
972,662
500
Ysleta
Independent
School
District
Public
Facility
Corporation,
Texas,
Lease
Revenue
Refunding
Bonds,
Series
2001,
5.375%,
11/15/24
-
AMBAC
Insured
5/24
at
100.00
503,095
Total
Texas
386,147,585
Utah
-
0.4%
(0.3%
of
Total
Investments)
Black
Desert
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2021A
:
510
(c)
3.750%,
3/01/41
9/26
at
103.00
401,979
1,095
(c)
4.000%,
3/01/51
9/26
at
103.00
798,979
5,085
(c)
Downtown
East
Streetcar
Sewer
Public
Infrastructure
District,
South
Salt
Lake,
Salt
Lake
County,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2022A,
6.000%,
3/01/53
9/27
at
103.00
4,836,557
3,360
(c)
MIDA
Military
Installation
Development
Authority
Golf
and
Equestrian
Center
Public
Infrastructure
District,
Utah,
Limited
Tax
and
Tax
Allocation
Revenue
Bonds,
Series
2021,
4.500%,
6/01/51
12/26
at
103.00
2,366,528
500
(c)
Red
Bridge
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2021A,
4.375%,
2/01/51
2/26
at
103.00
351,117
Utah
Housing
Corporation,
Single
Family
Mortgage
Bonds,
Series
2024A
:
2,185
4.750%,
1/01/44
7/32
at
100.00
2,205,120
1,735
5.000%,
1/01/54
7/32
at
100.00
1,750,809
Total
Utah
12,711,089
Vermont
-
0.1%
(0.1%
of
Total
Investments)
1,835
Vermont
Economic
Development
Authority,
Mortgage
Revenue
Bonds,
Wake
Robin
Corporation
Project,
Series
2021A,
4.000%,
5/01/45
5/28
at
103.00
1,508,644
1,080
Vermont
Housing
Finance
Agency,
Multiple
Purpose
Bonds,
Social
Series
2023E,
4.800%,
11/01/43
11/32
at
100.00
1,096,766
Total
Vermont
2,605,410
Virgin
Islands
-
0.2%
(0.1%
of
Total
Investments)
1,695
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A,
5.000%,
10/01/32
-
AGM
Insured
5/24
at
100.00
1,711,759
4,715
(c)
West
Indian
Company
Limited,
Virgin
Islands,
Port
Facilities
Revenue
Bonds,
WICO
Financing,
Series
2022A,
6.375%,
4/01/52
10/29
at
104.00
4,511,653
Total
Virgin
Islands
6,223,412
Virginia
-
1.9%
(1.1%
of
Total
Investments)
Embrey
Mill
Community
Development
Authority,
Virginia,
Special
Assessment
Revenue
Bonds,
Series
2015
:
1,180
(e)
5.300%,
3/01/35,
(Pre-refunded
3/01/25)
3/25
at
100.00
1,194,967
1,085
(e)
5.600%,
3/01/45,
(Pre-refunded
3/01/25)
3/25
at
100.00
1,101,397
5,000
Hampton
Roads
Transportation
Accountability
Commision,
Virginia,
Revenue
Bonds,
Hampton
Roads
Transportation
Fund,
Senior
Lien
Series
2020A,
5.000%,
7/01/60
7/30
at
100.00
5,214,291
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
60
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Virginia
(continued)
$
10,975
Isle
Economic
Development
Authority,
Wight
County,
Virginia,
Health
System
Revenue
Bonds,
Riverside
Health
System
Series
2023,
4.750%,
7/01/53
-
AGM
Insured
7/33
at
100.00
$
11,215,108
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
966,380
2,690
4.000%,
12/01/50
12/27
at
103.00
2,073,805
2,000
(c)
Peninsula
Town
Center
Community
Development
Authority,
Virginia,
Special
Obligation
Bonds,
Refunding
Series
2018,
5.000%,
9/01/45
9/27
at
100.00
1,837,309
370
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
21st
Century
College
&
Equipment
Programs,
Series
2024A,
4.000%,
2/01/44,
(WI/DD)
2/34
at
100.00
362,065
1,000
(c)
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
Marymount
University
Project,
Green
Series
2015B,
5.250%,
7/01/35
7/25
at
100.00
1,001,714
12,150
Virginia
Commonwealth
University
Health
System
Authority,
General
Revenue
Bonds,
Series
2024A,
4.000%,
7/01/54
7/34
at
100.00
11,279,917
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023C
:
1,000
4.700%,
7/01/43
7/32
at
100.00
1,005,868
1,070
4.950%,
1/01/54
7/32
at
100.00
1,083,375
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023E-I
:
1,025
4.550%,
10/01/49
4/33
at
100.00
1,010,629
1,350
4.600%,
10/01/54
4/33
at
100.00
1,323,409
1,500
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2023D,
4.700%,
8/01/48
8/32
at
100.00
1,510,259
10,480
Virginia
Small
Business
Finance
Authority,
Healthcare
Facilities
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc.,
Series
2020A,
4.000%,
12/01/49
6/30
at
100.00
9,689,456
1,970
(c)
Virginia
Small
Business
Finance
Authority,
Tourism
Development
Financing
Program
Revenue
Bonds,
Downtown
Norfolk
and
Virginia
Beach
Oceanfront
Hotel
Projects,
Series
2018A,
8.375%,
4/01/41
4/28
at
112.76
1,944,693
Total
Virginia
53,814,642
Washington
-
1.3%
(0.7%
of
Total
Investments)
5,000
Energy
Northwest,
Washington,
Electric
Revenue
Bonds,
Columbia
Generating
Station,
Refunding
Series
2015A,
5.000%,
7/01/38
7/25
at
100.00
5,065,904
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014C
:
4,120
5.000%,
10/01/44
10/24
at
100.00
4,124,658
880
(e)
5.000%,
10/01/44,
(Pre-refunded
10/01/24)
10/24
at
100.00
882,962
Washington
State
Housing
Finance
Commission,
Non-profit
Housing
Revenue
Bonds,
Presbyterian
Retirement
Communities
Northwest
Proejct,
Refunding
Series
2016A
:
5,450
(c)
5.000%,
1/01/46
1/25
at
102.00
4,382,467
3,650
(c)
5.000%,
1/01/51
1/25
at
102.00
2,809,270
21,510
(f)
Washington
State,
Motor
Vehicle
Fuel
Tax
General
Obligation
Bonds,
Series
2002-03C,
0.000%,
6/01/28
-
NPFG
Insured,
(UB)
No
Opt.
Call
18,743,321
Total
Washington
36,008,582
61
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
West
Virginia
-
0.5%
(0.3%
of
Total
Investments)
$
1,900
(c)
Monongalia
County
Commission,
West
Virginia,
Special
District
Excise
Tax
Revenue
Bonds,
University
Town
Centre
Economic
Opportunity
Development
District,
Refunding
&
Improvement
Series
2017A,
5.500%,
6/01/37
6/27
at
100.00
$
1,933,357
440
(c)
Monongalia
County
Commission,
West
Virginia,
Special
District
Excise
Tax
Revenue
Bonds,
University
Town
Centre
Economic
Opportunity
Development
District,
Refunding
&
Improvement
Series
2021A,
4.125%,
6/01/43
6/31
at
100.00
378,562
1,000
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Cabell
Huntington
Hospital,
Inc.
Project,
Refunding
&
Improvement
Series
2018A,
5.000%,
1/01/43
1/29
at
100.00
941,812
West
Virginia
Hospital
Finance
Authority,
Revenue
Bonds,
West
Virginia
University
Health
System,
Improvement
Series
2023A
:
2,750
(f)
4.250%,
6/01/47,
(UB)
6/33
at
100.00
2,660,665
5,000
(f)
4.375%,
6/01/53,
(UB)
6/33
at
100.00
4,786,299
3,000
West
Virginia
Housing
Development
Fund,
Housing
Finance
Revenue
Bonds,
Social
Series
2023D,
4.600%,
11/01/43
11/32
at
100.00
3,029,000
2,000
West
Virginia
Housing
Development
Fund,
Housing
Finance
Revenue
Bonds,
Social
Series
2024A,
4.550%,
11/01/49
5/33
at
100.00
1,983,072
Total
West
Virginia
15,712,767
Wisconsin
-
4.6%
(2.7%
of
Total
Investments)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Cornerstone
Charter
Academy,
North
Carolina,
Series
2016A
:
1,750
(c)
5.000%,
2/01/36
2/26
at
100.00
1,692,500
305
(c)
5.125%,
2/01/46
2/26
at
100.00
275,387
1,715
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Corvian
Community
School
Bonds,
North
Carolina,
Series
2019A,
5.000%,
6/15/49
6/26
at
100.00
1,464,219
500
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Corvian
Community
School,
North
Carolina,
Series
2017A,
5.125%,
6/15/47
6/24
at
100.00
439,968
1,480
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Envision
Science
Academy
Project,
Series
2016A,
5.125%,
5/01/36
5/26
at
100.00
1,440,580
6,000
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Phoenix
Academy
Charter
School,
North
Carolina,
Series
2017A,
5.625%,
6/15/37
6/24
at
100.00
5,590,884
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Uwharrie
Charter
Academy,
North
Carolina,
Series
2017A
:
1,000
(c)
5.500%,
6/15/37
6/27
at
100.00
1,015,946
1,790
(c)
5.625%,
6/15/47
6/27
at
100.00
1,795,194
1,500
(c)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Corvian
Community
School,
North
Carolina
Series
2023A,
6.250%,
6/15/53
6/33
at
100.00
1,502,966
14,030
Public
Finance
Authority
of
Wisconsin,
Health
Care
System
Revenue
Bonds,
Cone
Health,
Series
2022A,
4.000%,
10/01/52
10/32
at
100.00
12,679,768
35,100
(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017,
7.000%,
12/01/50
12/27
at
100.00
33,968,787
1,700
(c),(d)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Alabama
Proton
Therapy
Center,
Senior
Series
2017A,
7.000%,
10/01/47
10/27
at
100.00
170,000
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Prime
Healthcare
Foundation,
Inc.,
Series
2017A
:
865
5.000%,
12/01/27
No
Opt.
Call
872,281
1,815
5.200%,
12/01/37
12/27
at
100.00
1,834,178
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
62
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Roseman
University
of
Health
Sciences,
Series
2020
:
$
1,225
(c)
5.000%,
4/01/40
4/30
at
100.00
$
1,243,102
75
(c),(e)
5.000%,
4/01/40,
(Pre-refunded
4/01/30)
4/30
at
100.00
82,719
4,520
(c)
5.000%,
4/01/50
4/30
at
100.00
4,455,203
245
(c),(e)
5.000%,
4/01/50,
(Pre-refunded
4/01/30)
4/30
at
100.00
270,217
5,625
(c)
Public
Finance
Authority,
Wisconsin,
Educational
Revenue
Bonds,
Lake
Norman
Charter
School,
Series
2018A,
5.000%,
6/15/48
6/26
at
100.00
5,215,737
2,500
Public
Finance
Authority,
Wisconsin,
Exempt
Facilities
Revenue
Bonds,
Celanese
Project,
Refunding
Series
2016C,
4.050%,
11/01/30
5/26
at
100.00
2,409,916
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mercy
Alliance,
Inc.,
Series
2012
:
11,000
5.000%,
6/01/32
5/24
at
100.00
11,005,374
1,000
5.000%,
6/01/39
5/24
at
100.00
1,000,229
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
1,754,106
3,845
4.000%,
10/01/61
10/28
at
102.00
2,627,630
1,450
(c)
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Rocket
Education
Obligated
Group,
Series
2017C,
5.250%,
6/01/40
6/26
at
100.00
1,442,152
1,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
American
Baptist
Homes
of
the
Midwest
Obligated
Group,
Refunding
Series
2017,
5.000%,
8/01/37
8/24
at
103.00
800,869
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Dickson
Hollow
Project.
Series
2014
:
1,000
5.375%,
10/01/44
5/24
at
101.00
909,439
1,500
5.500%,
10/01/49
5/24
at
101.00
1,338,393
3,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic,
Series
2016A,
5.000%,
2/15/42
2/26
at
100.00
3,000,690
2,275
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Oakwood
Lutheran
Senior
Ministries,
Series
2021,
4.000%,
1/01/57
1/27
at
103.00
1,316,109
1,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Rogers
Memorial
Hospital,
Inc.,
Series
2014A,
5.000%,
7/01/34
7/24
at
100.00
1,000,146
1,850
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Saint
Camillus
Health
System
Inc,
Series
2019A,
5.000%,
11/01/54
11/26
at
103.00
1,475,571
10,520
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
ThedaCare
Inc,
Series
2019,
4.000%,
12/15/49
12/29
at
100.00
9,604,342
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Woodland
Hills
Senior
Housing
Project,
Series
2014
:
2,565
5.000%,
12/01/44
5/24
at
101.00
2,204,384
1,775
5.250%,
12/01/49
5/24
at
101.00
1,537,580
7,500
Wisconsin
Housing
and
Economic
Development
Authority,
Home
Ownership
Revenue
Bonds,
Social
Series
2024A,
4.750%,
9/01/50,
(UB)
3/33
at
100.00
7,525,654
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2019A
:
2,800
3.150%,
11/01/44
11/28
at
100.00
2,170,515
3,000
3.200%,
11/01/49
11/28
at
100.00
2,265,013
Total
Wisconsin
131,397,748
Wyoming
-
0.2%
(0.1%
of
Total
Investments)
2,500
Wyoming
Community
Development
Authority,
Housing
Revenue
Bonds,
2023
Series
1,
4.400%,
12/01/43
6/32
at
100.00
2,502,323
63
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wyoming
(continued)
$
3,585
Wyoming
Community
Development
Authority,
Housing
Revenue
Bonds,
2023
Series
3,
4.700%,
12/01/43
6/32
at
100.00
$
3,605,941
Total
Wyoming
6,108,264
Total
Municipal
Bonds
(cost
$4,832,710,385)
4,690,795,609
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
1.6%
(1.0%
of
Total
Investments)
X
46,064,665
Utilities
-
1.6%
(1.0%
of
Total
Investments)
31,204
(i),(j)
Talen
Energy
Supply
LLC
$
3,086,606
19,359
(g),(j),(k)
Vistra
Vision
42,978,059
Total
Utilities
46,064,665
Total
Common
Stocks
(cost
$16,014,350)
46,064,665
Total
Long-Term
Investments
(cost
$4,848,724,735)
4,736,860,274
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
SHORT-TERM
INVESTMENTS
-
1.8% (1.1%
of
Total
Investments)
–
MUNICIPAL
BONDS
-
1.8%
(1.1%
of
Total
Investments)
X
52,245,000
California
-
0.2%
(0.1%
of
Total
Investments)
$
5,105
(l)
San
Mateo
County
Transportation
Authority,
California,
Sales
Tax
Revenue
Bonds,
Limited
Tax
Variable
Rate
Demand
Subordinate
Series
2020B,
3.600%,
6/01/49,
(Mandatory
Put
5/7
/2024)
4/24
at
100.00
$
5,105,000
Total
California
5,105,000
Indiana
-
0.4%
(0.2%
of
Total
Investments)
10,080
(c),(l)
Indiana
Finance
Authority,
First
Lien
Wastewater
Utility
Revenue
Bonds,
CWA
Authority
Project,
Tender
Option
Bond
Trust
Series
2023-XM1102,
3.830%,
10/01/28,
(Mandatory
Put
5/7/2024)
No
Opt.
Call
10,080,000
Total
Indiana
10,080,000
Michigan
-
0.7%
(0.5%
of
Total
Investments)
20,745
(l)
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Series
2023I,
3.870%,
4/15/58,
(Mandatory
Put
5/7/2024)
4/24
at
100.00
20,745,000
Total
Michigan
20,745,000
New
York
-
0.2%
(0.1%
of
Total
Investments)
6,315
(l)
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2014
Adjustable
Rate
Series
AA-2,
3.800%,
6/15/50
4/20
at
100.00
6,315,000
Total
New
York
6,315,000
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
64
NVG
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
-
0.3%
(0.2%
of
Total
Investments)
$
10,000
(l)
Houston,
Texas,
Combined
Utility
System
Revenue
Bonds,
Refunding
First
Lien
Weekly
Rate
Series
2012A,
3.750%,
5/15/34,
(Mandatory
Put
5/7/2024)
4/24
at
100.00
$
10,000,000
Total
Texas
10,000,000
Total
Municipal
Bonds
(cost
$52,245,000)
52,245,000
Total
Short-Term
Investments
(cost
$52,245,000)
52,245,000
Total
Investments
(cost
$4,900,969,735
)
-
167.2%
4,789,105,274
Floating
Rate
Obligations
-
(7.2)%
(206,715,000)
MFP
Shares,
Net
-
(18.0)%(m)
(515,698,055)
VRDP
Shares,
Net-
(43.1)%(n)
(1,233,990,758)
Other
Assets
&
Liabilities,
Net
- 1.1%
31,111,975
Net
Assets
Applicable
to
Common
Shares
-
100%
$
2,863,813,436
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$564,565,935
or
11.8%
of
Total
Investments.
(d)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(e)
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.
(f)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(g)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(h)
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.
(i)
In
May
2023,
Talen
Energy
completed
a
Chapter
11
plan
of
reorganization
whereby
the
Fund
received
Talen
Energy
Common
Stock
in
exchange
for
the
following
portfolio
holding:
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Refunding
Bonds,
PPL
Energy
Supply,
LLC
Project,
Series
2009A,
6.400%,
12/01/38.
(j)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(k)
On
March
1,
2024,
Vistra
Corp.
(“Vistra”)
completed
its
acquisition
of
Energy
Harbor
Corp
(“ENGH”). ENGH
has
been
merged
into
a
newly
formed
subsidiary
of
Vistra,
Vistra
Vision. In
connection
with
the
transaction,
holders
of
ENGH
common
stock
received
a
combination
of
cash
and
membership
interests
in
Vistra
Vision.
These
Vistra
Vision
interests
were
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.
(l)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
(m)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
10.8%.
(n)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
25.8%.
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
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
65
Nuveen
Municipal
Credit
Income
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
162.2%
(100.0%
of
Total
Investments)
X
–
MUNICIPAL
BONDS
-
158
.5
%
(
97
.7
%
of
Total
Investments)
X
4,157,429,090
Alabama
-
1.3%
(0.8%
of
Total
Investments)
$
15,310
(c)
Alabama
Corrections
Institution
Finance
Authority,
Revenue
Bonds,
Series
2022A,
5.250%,
7/01/52,
(UB)
7/32
at
100.00
$
16,277,151
8,585
(d)
Alabama
Private
Colleges
and
University
Facilities
Authority,
Limited
Obligation
Bonds,
University
of
Mobile
Project,
Series
2015A,
6.000%,
9/01/45
9/25
at
100.00
8,626,561
430
(e)
Alabama
Special
Care
Facilities
Financing
Authority,
Birmingham,
Hospital
Revenue
Bonds,
Daughters
of
Charity
National
Health
System
-
Providence
Hospital
and
St.
Vincent's
Hospital,
Series
1995,
5.000%,
11/01/25,
(ETM)
5/24
at
100.00
449,960
2,280
(c)
Alabama
Special
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Ascension
Health,
Series
2016B,
5.000%,
11/15/46
5/26
at
100.00
2,304,866
2,720
Alabama
Special
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Ascension
Health,
Series
2016C,
5.000%,
11/15/46
5/26
at
100.00
2,748,082
340
Hoover
Industrial
Development
Board,
Alabama,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Proejcet,
Series
2019,
5.750%,
10/01/49,
(AMT)
10/29
at
100.00
349,192
2,945
(c)
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024,
5.500%,
10/01/53,
(UB)
10/33
at
100.00
3,154,277
Total
Alabama
33,910,089
Alaska
-
0.2%
(0.1%
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
1,007,397
2,950
5.000%,
1/01/33,
(AMT)
7/25
at
100.00
2,970,817
2,400
5.000%,
1/01/34,
(AMT)
7/25
at
100.00
2,416,762
Total
Alaska
6,394,976
Arizona
-
1.2%
(0.8%
of
Total
Investments)
2,820
(e)
Arizona
Health
Facilities
Authority,
Revenue
Bonds,
Scottsdale
Lincoln
Hospitals
Project,
Refunding
Series
2014A,
5.000%,
12/01/42,
(Pre-
refunded
12/01/24)
12/24
at
100.00
2,838,610
2,131
(d),(f)
Cahava
Springs
Revitalization
District,
Cave
Creek,
Arizona,
Special
Assessment
Bonds,
Series
2017A,
7.000%,
7/01/41
7/27
at
100.00
1,640,888
3,185
(d)
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2015,
5.000%,
7/15/39
7/25
at
100.00
3,132,078
10,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Senior
Lien
Series
2017A,
5.000%,
7/01/47,
(AMT)
7/27
at
100.00
10,100,123
Phoenix
Mesa
Gateway
Airport
Authority,
Arizona,
Special
Facility
Revenue
Bonds,
Mesa
Project,
Series
2012
:
400
5.000%,
7/01/27,
(AMT)
5/24
at
100.00
400,133
950
5.000%,
7/01/32,
(AMT)
5/24
at
100.00
950,479
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
1,721,256
2,140
5.500%,
7/01/51
7/26
at
100.00
2,057,979
2,060
(d)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
San
Tan
Montessori
School
Project,
Series
2017,
6.750%,
2/01/50
2/28
at
100.00
2,109,525
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
66
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Arizona
(continued)
$
35
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
The
Paideia
Academies
Project,
2019,
5.125%,
7/01/39
7/25
at
100.00
$
33,210
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
52,614
7,235
5.000%,
12/01/37
No
Opt.
Call
7,695,210
Total
Arizona
32,732,105
Arkansas
-
1.2%
(0.7%
of
Total
Investments)
10,055
(d)
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
5.450%,
9/01/52,
(AMT)
9/25
at
105.00
10,182,880
12,410
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2023,
5.700%,
5/01/53,
(AMT)
5/26
at
105.00
12,762,743
6,000
(d)
Arkansas
Development
Finance
Authority,
Industrial
Development
Revenue
Bonds,
Big
River
Steel
Project,
Series
2019,
4.500%,
9/01/49,
(AMT)
9/26
at
103.00
5,875,262
2,000
(d)
Arkansas
Development
Finance
Authority,
Industrial
Development
Revenue
Bonds,
Big
River
Steel
Project,
Series
2020A,
4.750%,
9/01/49,
(AMT)
9/27
at
103.00
1,959,453
Total
Arkansas
30,780,338
California
-
20.7%
(12.8%
of
Total
Investments)
4,225
Alameda
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Series
2005B,
0.000%,
8/01/28
-
AGM
Insured
No
Opt.
Call
3,659,642
535
Antelope
Valley
Healthcare
District,
California,
Revenue
Bonds,
Series
2016A,
5.000%,
3/01/41
3/26
at
100.00
505,932
1,900
Blythe
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Redevelopment
Project
1,
Refunding
Series
2015,
5.000%,
5/01/38
11/25
at
100.00
1,920,990
165
Brentwood
Infrastructure
Financing
Authority,
California,
Infrastructure
Revenue
Bonds,
Refunding
Subordinated
Series
2014B,
5.000%,
9/02/36
9/24
at
100.00
165,413
Calexico
Unified
School
District,
Imperial
County,
California,
General
Obligation
Bonds,
Election
of
2004
Series
2005B
:
4,070
0.000%,
8/01/32
-
FGIC
Insured
No
Opt.
Call
3,009,776
6,410
0.000%,
8/01/34
-
FGIC
Insured
No
Opt.
Call
4,394,745
1,510
(d)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50
2/30
at
100.00
1,055,991
1,515
(d)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Verdant
at
Green
Valley
Apartments,
Series
2019A,
5.000%,
8/01/49
8/29
at
100.00
1,421,946
1,295
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Golden
Gate
Tobacco
Funding
Corporation,
Turbo,
Series
2007A,
5.000%,
6/01/36
5/24
at
100.00
1,269,652
22,650
(c)
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019,
5.000%,
11/15/49,
(UB)
11/26
at
100.00
22,935,503
3,500
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A,
4.000%,
4/01/45
4/30
at
100.00
3,340,326
825
(d)
California
Municipal
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
Santa
Rosa
Academy
Project,
Series
2015,
5.375%,
7/01/45
7/25
at
100.00
827,101
34,780
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A,
4.000%,
2/01/51
-
AGM
Insured
2/32
at
100.00
32,984,816
67
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
22,130
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
4.000%,
7/15/29,
(AMT)
No
Opt.
Call
$
22,005,685
2,000
(d)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authoriity
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
7/01/39
1/29
at
100.00
2,066,162
2,000
(d)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Downtown
College
Prep
-
Obligated
Group,
Series
2016,
5.000%,
6/01/51
6/26
at
100.00
1,851,981
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
2,507,220
16,712
5.500%,
12/01/54
12/24
at
100.00
16,763,928
31,280
(d)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56
6/26
at
100.00
31,429,847
22,205
(d)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A,
5.500%,
12/01/58
6/28
at
100.00
22,623,638
11
(f),(g)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A,
5.500%,
7/01/39
1/22
at
100.00
10,617
7
(f),(g)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005H,
5.750%,
7/01/25
1/22
at
100.00
7,167
9,955
Capistrano
Unified
School
District,
Orange
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
98-2,
Series
2005,
0.000%,
9/01/31
-
FGIC
Insured
No
Opt.
Call
7,419,540
3,795
Colton
Joint
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Series
2006C,
0.000%,
2/01/37
-
FGIC
Insured
No
Opt.
Call
2,346,219
6,215
(d)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56
10/31
at
100.00
4,735,447
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
:
2,330
(d)
3.000%,
7/01/43
7/32
at
100.00
1,795,916
10,145
(d)
3.125%,
7/01/56
7/32
at
100.00
6,697,554
3,005
(d)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
6/01/47
6/31
at
100.00
2,075,209
20,855
(d)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57
6/31
at
100.00
12,215,047
15,120
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
10,279,430
1,320
Davis,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
1,328,703
2,510
Folsom
Cordova
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
1,
Series
2004B,
0.000%,
10/01/28
-
NPFG
Insured
No
Opt.
Call
2,171,684
3,360
Folsom
Cordova
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
2,
Series
2002A,
0.000%,
7/01/27
-
NPFG
Insured
No
Opt.
Call
3,011,864
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
68
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
3,725
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A,
0.000%,
1/15/34
-
AGM
Insured
No
Opt.
Call
$
2,632,486
3,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A,
5.800%,
1/15/26
No
Opt.
Call
3,109,444
4,505
Foothill-De
Anza
Community
College
District,
Santa
Clara
County,
California,
Election
of
1999
General
Obligation
Bonds,
Series
A,
0.000%,
8/01/30
-
NPFG
Insured
No
Opt.
Call
3,734,834
2,315
Gateway
Unified
School
District,
California,
General
Obligation
Bonds,
Series
2004B,
0.000%,
8/01/32
-
FGIC
Insured
No
Opt.
Call
1,758,351
3,170
(e)
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2005A,
0.000%,
6/01/26
-
AGM
Insured,
(ETM)
No
Opt.
Call
2,946,233
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Tender
Option
Bond
Trust
2015-XF1038
:
2,445
(c),(d),(e)
6.903%,
6/01/40,
(Pre-refunded
6/01/25),
(IF)
6/25
at
100.00
2,625,303
1,250
(c),(d)
6.904%,
6/01/40,
(IF)
6/25
at
100.00
1,342,226
15,000
Grossmont
Healthcare
District,
California,
General
Obligation
Bonds,
Refunding
Series
2015D,
4.000%,
7/15/40
7/25
at
100.00
14,715,588
3,190
Hillsborough
City
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Series
2006B,
0.000%,
9/01/27
No
Opt.
Call
2,856,120
5,000
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2005,
0.000%,
8/01/31
-
NPFG
Insured
No
Opt.
Call
3,927,968
2,500
Huntington
Beach
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
2007,
0.000%,
8/01/32
-
FGIC
Insured
No
Opt.
Call
1,894,252
10,000
(c)
Irvine
Facilities
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Great
Park
Infrastructure
Project
Series
2023A,
4.000%,
9/01/58
-
BAM
Insured,
(UB)
9/33
at
100.00
9,757,741
225
(h)
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007B,
5.181%,
11/15/27
(TSFR3M*0.67%
reference
rate
+
1.450%
spread)
No
Opt.
Call
226,044
12,000
(c)
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015D,
5.000%,
5/15/41,
(AMT),
(UB)
5/25
at
100.00
12,052,822
2,155
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Series
2022H,
5.000%,
5/15/42,
(AMT)
11/31
at
100.00
2,273,621
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D
:
4,930
4.000%,
5/15/46,
(AMT)
11/31
at
100.00
4,634,928
70
(e)
4.000%,
5/15/46,
(Pre-refunded
11/15/31),
(AMT)
11/31
at
100.00
72,264
2,000
(e)
Martinez
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Series
2011,
5.875%,
8/01/31,
(Pre-refunded
8/01/24)
8/24
at
100.00
2,010,660
1,000
(e)
Mendocino-Lake
Community
College
District,
Mendocino
and
Lake
Counties,
California,
General
Obligation
Bonds,
Election
2006,
Series
2011B,
5.600%,
8/01/31,
(Pre-refunded
8/01/26)
-
AGM
Insured
8/26
at
100.00
1,054,006
10,000
Milpitas
Municipal
Financing
Authority,
California,
Wastewater
Revenue
Bonds,
Series
2019,
4.000%,
11/01/49
11/29
at
100.00
9,957,589
2,335
(d)
Morongo
Band
of
Mission
Indians,
California,
Enterprise
Revenue
Bonds,
Series
2018A,
5.000%,
10/01/42
10/28
at
100.00
2,340,394
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A
:
1,030
5.875%,
8/01/28
2/28
at
100.00
1,143,073
69
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
2,320
(i)
0.000%,
8/01/43
8/35
at
100.00
$
2,222,994
5,420
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009B,
6.500%,
11/01/39
No
Opt.
Call
6,767,021
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009C
:
2,700
7.000%,
11/01/34
No
Opt.
Call
3,321,385
2,200
6.500%,
11/01/39
No
Opt.
Call
2,746,761
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
7,393,736
4,180
0.000%,
8/01/26
-
FGIC
Insured
No
Opt.
Call
3,863,370
10,885
Norwalk
La
Mirada
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2002
Series
2005B,
0.000%,
8/01/25
-
FGIC
Insured
No
Opt.
Call
10,411,134
7,750
Oxnard
Union
High
School
District,
Ventura
County,
California,
General
Obligation
Bonds,
Election
2018
Series
2022C,
4.000%,
8/01/47
8/30
at
100.00
7,752,550
6,000
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
of
2004,
Series
2007A,
0.000%,
8/01/24
-
NPFG
Insured
No
Opt.
Call
5,935,088
12,210
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Convertible
Capital
Appreciation,
Election
2004
Series
2010A,
6.750%,
8/01/40
8/30
at
100.00
13,797,488
5,000
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A,
7.000%,
8/01/38
-
AGC
Insured
8/29
at
100.00
5,685,471
3,200
Redlands
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Series
2003,
0.000%,
7/01/27
-
AGM
Insured
No
Opt.
Call
2,837,418
2,755
Sacramento
City
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Series
2007,
0.000%,
7/01/25
-
AGM
Insured
No
Opt.
Call
2,647,422
22,345
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
International
Senior
Series
2023B,
5.250%,
7/01/58,
(AMT)
7/33
at
100.00
23,432,533
6,500
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Senior
Series
2023A,
5.000%,
7/01/58
7/33
at
100.00
6,962,065
2,750
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2017A,
5.000%,
7/01/47,
(AMT)
7/27
at
100.00
2,767,084
2,360
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
5.000%,
7/01/51,
(AMT)
7/31
at
100.00
2,416,556
6,650
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019A,
5.000%,
5/01/44,
(AMT)
5/29
at
100.00
6,832,505
9,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2014A,
5.000%,
5/01/44,
(AMT)
5/24
at
100.00
9,001,584
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D
:
25,670
5.000%,
5/01/43,
(AMT)
5/28
at
100.00
26,151,631
33,485
(c)
5.000%,
5/01/48,
(AMT),
(UB)
5/28
at
100.00
33,822,304
5,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A,
4.000%,
1/15/50
1/32
at
100.00
4,692,703
2,700
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B,
5.250%,
1/15/44
1/25
at
100.00
2,717,903
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
70
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2014A
:
$
6,630
(e)
5.000%,
1/15/44,
(Pre-refunded
1/15/25)
1/25
at
100.00
$
6,703,330
3,160
(e)
5.000%,
1/15/50,
(Pre-refunded
1/15/25)
1/25
at
100.00
3,194,951
5,760
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015,
0.000%,
8/01/45
8/25
at
34.92
1,966,195
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
5/24
at
51.39
3,882,523
37,555
0.000%,
6/01/47
5/24
at
27.45
9,857,545
1,800
Walnut
Valley
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2000
Series
2003D,
0.000%,
8/01/27
-
FGIC
Insured
No
Opt.
Call
1,608,089
4,005
Wiseburn
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Series
2011B,
7.300%,
8/01/36
-
AGM
Insured
8/31
at
100.00
4,401,489
Total
California
543,693,466
Colorado
-
8.1%
(5.0%
of
Total
Investments)
1,000
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2019,
5.000%,
12/01/51
12/24
at
102.00
926,171
1,101
Base
Village
Metropolitan
District
2,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2016A,
5.500%,
12/01/36
5/24
at
101.00
1,103,721
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
5/24
at
102.00
765,098
2,320
6.125%,
12/01/47
5/24
at
102.00
2,291,278
685
Canyons
Metropolitan
District
6,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017A,
6.125%,
12/01/47
5/24
at
102.00
670,721
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017
:
770
(d)
5.000%,
12/01/37
5/24
at
102.00
739,204
2,210
(d)
5.000%,
12/01/47
5/24
at
102.00
1,985,457
859
Cherry
Creek
Corporate
Center
Metropolitan
District,
Arapahoe
County,
Colorado,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2015A,
5.000%,
6/01/37
12/25
at
100.00
835,049
2,820
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
4.000%,
8/01/38
8/29
at
100.00
2,723,815
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
:
5,500
5.000%,
8/01/34
8/29
at
100.00
5,897,785
1,105
5.000%,
8/01/37
8/29
at
100.00
1,164,749
1,105
5.000%,
8/01/38
8/29
at
100.00
1,157,161
5,035
5.000%,
8/01/39
8/29
at
100.00
5,258,457
28,345
5.000%,
8/01/44
8/29
at
100.00
29,140,534
820
4.000%,
8/01/49
8/29
at
100.00
745,850
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2022A
:
5,000
5.500%,
11/01/47
11/32
at
100.00
5,448,466
8,300
(c)
5.250%,
11/01/52,
(UB)
11/32
at
100.00
8,764,027
2,100
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Craig
Hospital
Project,
Series
2012,
4.000%,
12/01/42
5/24
at
100.00
1,962,021
71
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
3,655
(e)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Series
2013A,
5.000%,
6/01/45,
(Pre-refunded
6/01/25)
6/25
at
100.00
$
3,704,515
2,105
Colorado
International
Center
Metropolitan
District
14,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018,
5.875%,
12/01/46
5/24
at
103.00
2,071,320
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A
:
5,860
4.000%,
12/01/43,
(AMT)
12/28
at
100.00
5,501,456
35,500
(c)
5.250%,
12/01/43,
(AMT),
(UB)
12/28
at
100.00
36,645,988
10,695
(c)
5.000%,
12/01/48,
(AMT),
(UB)
12/28
at
100.00
10,816,439
13,965
(c)
5.250%,
12/01/48,
(AMT),
(UB)
12/28
at
100.00
14,294,721
Denver
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
9th
and
Colorado
Urban
Redevelopement
Area,
Series
2018A
:
1,205
(d)
5.250%,
12/01/39
5/24
at
103.00
1,212,111
350
(d)
5.250%,
12/01/39
5/24
at
103.00
352,065
10,000
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Capital
Appreciation
Series
2010A,
0.000%,
9/01/41
No
Opt.
Call
4,625,744
8,845
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
1997B,
0.000%,
9/01/26
-
NPFG
Insured
No
Opt.
Call
8,102,619
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
:
7,550
0.000%,
9/01/29
-
NPFG
Insured
No
Opt.
Call
6,246,535
11,100
0.000%,
9/01/31
-
NPFG
Insured
No
Opt.
Call
8,510,617
10,000
0.000%,
9/01/32
-
NPFG
Insured
No
Opt.
Call
7,360,155
4,000
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Refunding
Series
2006B,
0.000%,
9/01/39
-
NPFG
Insured
9/26
at
52.09
1,878,490
Foothills
Metropolitan
District,
Fort
Collins,
Colorado,
Special
Revenue
Bonds,
Series
2014
:
1,125
5.750%,
12/01/30
12/24
at
100.00
1,109,338
1,000
6.000%,
12/01/38
12/24
at
100.00
945,018
825
North
Range
Metropolitan
District
2,
Adams
County,
Colorado
,
Limited
Tax
General
Obligation
Bonds,
Refunding
Special
Revenue
&
Improvement
Series
2017A,
5.750%,
12/01/47
5/24
at
102.00
812,884
4,945
Overlook
Park
Metropolitan
District,
Routt
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Senior
Series
2023A,
7.250%,
12/01/53
6/28
at
103.00
4,941,907
4,310
Painted
Prairie
Public
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2019,
5.000%,
12/01/39
12/24
at
103.00
4,029,888
490
(e)
Parker
Automotive
Metropolitan
District
(In
the
Town
of
Parker,
Colorado),
General
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
12/01/45,
(Pre-refunded
12/01/26)
12/26
at
100.00
506,116
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds, Colorado
Springs
Utilities,
Series
2008
:
475
6.250%,
11/15/28
No
Opt.
Call
500,043
4,060
6.500%,
11/15/38
No
Opt.
Call
4,903,463
934
Reserve
Metropolitan
District
2,
Mount
Crested
Butte,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2016A,
5.000%,
12/01/45
12/26
at
100.00
863,043
55
Water
Valley
Metropolitan
District
1,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2016,
5.250%,
12/01/40
12/26
at
100.00
54,221
105
Water
Valley
Metropolitan
District
2,
Windsor,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2016,
5.250%,
12/01/40
12/26
at
100.00
101,502
West
Meadow
Metropolitan
District,
Town
of
Fraser,
Grand
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2023A
:
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
72
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
1,000
(d)
6.000%,
12/01/38
12/28
at
103.00
$
1,023,020
1,000
(d)
6.500%,
12/01/50
12/28
at
103.00
1,027,357
7,320
Windy
Gap
Firming
Project
Water
Activity
Enterprise,
Colorado,
Senior
Revenue
Bonds,
Series
2021,
5.000%,
7/15/51
7/31
at
100.00
7,719,056
Total
Colorado
211,439,195
Connecticut
-
0.2%
(0.1%
of
Total
Investments)
6,345
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Fairfield
University,
Series
2022U,
4.000%,
7/01/52
7/32
at
100.00
5,768,559
Total
Connecticut
5,768,559
District
of
Columbia
-
0.4%
(0.2%
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
5,046,698
10,000
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Second
Senior
Lien
Series
2009B,
0.000%,
10/01/37
-
AGC
Insured
No
Opt.
Call
5,444,202
Total
District
of
Columbia
10,490,900
Florida
-
7.8%
(4.8%
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
5/24
at
100.00
1,005,194
865
5.000%,
9/01/45
5/24
at
100.00
865,127
615
Belmont
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2016A,
5.375%,
11/01/36
11/27
at
100.00
624,936
665
Bexley
Community
Development
District,
Pasco
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2016,
4.700%,
5/01/36
5/26
at
100.00
659,141
870
Bonterra
Community
Development
District,
Hialeah,
Florida,
Special
Assessment
Bonds,
Assessment
Area
2
Project,
Series
2016,
4.500%,
5/01/34
5/27
at
100.00
859,778
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
3,516,449
3,000
5.000%,
4/01/47
4/32
at
100.00
3,114,993
4,390
Capital
Trust
Agency,
Florida,
Multifamily
Housing
Revenue
Bonds,
The
Gardens
Apartments
Project,
Series
2015A,
5.000%,
7/01/50
7/25
at
100.00
2,906,049
325
(d)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Renaissance
Charter
School
Project,
Series
2019A,
5.000%,
6/15/39
6/26
at
100.00
311,663
150
(d)
Charlotte
County
Industrial
Development
Authority,
Florida,
Utility
System
Revenue
Bonds,
Town
&
Country
Utilities
Project,
Series
2019,
5.000%,
10/01/49,
(AMT)
10/27
at
100.00
147,828
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
121,881
155
5.600%,
11/01/46
11/28
at
100.00
157,158
Downtown
Doral
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2015
:
555
5.250%,
5/01/35
5/26
at
100.00
559,903
615
5.300%,
5/01/36
5/26
at
100.00
620,789
955
5.500%,
5/01/45
5/26
at
100.00
960,121
1,305
5.500%,
5/01/46
5/26
at
100.00
1,311,149
Escambia
County
Health
Facilities
Authority,
Florida,
Health
Care
Facilities
Revenue
Bonds,
Baptist
Health
Care
Corporation
Obligated,
Series
2020A
:
73
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
12,505
4.000%,
8/15/45
2/30
at
100.00
$
11,061,375
6,515
4.000%,
8/15/50
2/30
at
100.00
5,583,233
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Downtown
Doral
Charter
Upper
School
Project,
Series
2017C
:
1,115
(d)
5.650%,
7/01/37
7/27
at
101.00
1,135,986
3,385
(d)
5.750%,
7/01/47
7/27
at
101.00
3,388,413
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Florida
Charter
Foundation
Inc.
Projects,
Series
2016A
:
1,420
(d)
4.750%,
7/15/36
7/26
at
100.00
1,375,157
1,465
(d)
5.000%,
7/15/46
7/26
at
100.00
1,357,471
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
975,031
6,785
5.125%,
7/01/46
7/26
at
100.00
6,092,485
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School
Income
Projects,
Series
2015A
:
900
(d)
6.000%,
6/15/35
6/25
at
100.00
909,913
560
(d)
6.125%,
6/15/46
6/25
at
100.00
563,135
120
(d)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School,
Inc.
Projects,
Series
2020C,
5.000%,
9/15/40
9/27
at
100.00
111,368
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
The
Florida
Charter
Educational
Foundation
Inc.
Projects,
Series
2016A
:
1,015
(d)
6.250%,
6/15/36
6/26
at
100.00
1,038,098
2,475
(d)
6.375%,
6/15/46
6/26
at
100.00
2,509,681
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
:
10,900
5.250%,
7/01/47
-
AGM
Insured,
(AMT),
(WI/DD)
7/32
at
100.00
11,494,353
4,120
5.250%,
7/01/47,
(AMT),
(WI/DD)
7/32
at
100.00
4,245,235
11,375
5.250%,
7/01/53
-
AGM
Insured,
(AMT),
(WI/DD)
7/32
at
100.00
11,862,080
7,500
5.500%,
7/01/53,
(AMT),
(WI/DD)
7/32
at
100.00
7,777,081
24,195
(d)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2023C,
8.250%,
7/01/57,
(AMT),
(Mandatory
Put
8/15/24)
4/24
at
100.00
24,242,180
3,380
Fort
Myers,
Florida,
Utility
System
Revenue
Bonds,
Refunding
Series
2019A,
4.000%,
10/01/49
10/28
at
100.00
3,177,090
320
Grand
Bay
at
Doral
Community
Development
District,
Miami-Dade
County,
Florida,
Special
Assessment
Bonds,
South
Parcel
Assessment
Area
Project,
Series
2016,
4.750%,
5/01/36
5/26
at
100.00
319,494
Greater
Orlando
Aviation
Authority,
Florida,
Airport
Facilities
Revenue
Bonds,
Series
2019A
:
5,000
4.000%,
10/01/39,
(AMT)
10/29
at
100.00
4,916,036
4,230
4.000%,
10/01/49,
(AMT)
10/29
at
100.00
3,922,442
4,500
Greater
Orlando
Aviation
Authority,
Florida,
Orlando
Airport
Facilities
Revenue
Bonds,
Priority
Subordinated
Series
2017A,
5.000%,
10/01/42,
(AMT)
10/27
at
100.00
4,581,421
6,845
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Alternative
Minimum
Tax
Refunding
Subordinate
Lien
Series
2022A,
4.000%,
10/01/52,
(AMT)
10/31
at
100.00
6,214,812
12,410
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Series
2018E,
5.000%,
10/01/48,
(AMT)
10/28
at
100.00
12,595,629
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
74
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
1,750
(e)
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Subordinate
Lien
Series
2015B,
5.000%,
10/01/40,
(Pre-refunded
10/01/24),
(AMT)
10/24
at
100.00
$
1,755,531
7,665
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2019A,
5.000%,
10/01/49,
(AMT)
10/29
at
100.00
7,747,205
2,140
Northern
Palm
Beach
County
Improvement
District,
Florida,
Water
Control
and
Improvement
Bonds,
Development
Unit
53,
Series
2015,
5.350%,
8/01/35
8/26
at
100.00
2,174,548
6,495
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Orlando
Health
Obligated
Group,
Inc.,
Series
2022,
4.000%,
10/01/52
4/32
at
100.00
6,005,488
7,500
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Orlando
Health,
Inc.,
Series
2019A,
5.000%,
10/01/47
4/29
at
100.00
7,670,285
500
Palm
Beach
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Jupiter
Medical
Center,
Series
2022,
5.000%,
11/01/52
11/32
at
100.00
493,824
Palm
Beach
County,
Florida,
Revenue
Bonds,
Provident
Group
-
PBAU
Properties
LLC
-
Palm
Beach
Atlantic
University
Housing
Project,
Series
2019A
:
1,950
(d)
5.000%,
4/01/39
4/29
at
100.00
1,958,341
5,225
(d)
5.000%,
4/01/51
4/29
at
100.00
5,008,586
545
Reunion
West
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Area
3
Project,
Series
2016,
5.000%,
11/01/46
11/26
at
100.00
541,971
Six
Mile
Creek
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
2,
Series
2016
:
110
4.750%,
11/01/28
11/27
at
100.00
111,220
265
5.375%,
11/01/36
11/27
at
100.00
269,426
10,075
South
Broward
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
South
Broward
Hospital
District
Obligated
Group,
Refunding
Series
2016A,
4.000%,
5/01/44
5/26
at
100.00
9,500,907
South
Village
Community
Development
District,
Clay
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Refunding
Series
2016A2
:
85
4.350%,
5/01/26
No
Opt.
Call
85,049
100
4.875%,
5/01/35
5/26
at
100.00
100,353
1,350
Sumter
County
Industrial
Development
Authority,
Florida,
Hospital
Revenue
Bonds,
Central
Florida
Health
Alliance
Projects,
Series
2014A,
5.125%,
7/01/34
5/24
at
100.00
1,351,238
Tallahassee,
Florida,
Health
Facilities
Revenue
Bonds,
Tallahassee
Memorial
HealthCare
Inc.
Project,
Refunding
Series
2015A
:
1,000
5.000%,
12/01/40
6/25
at
100.00
1,000,382
7,780
(c)
5.000%,
12/01/44,
(UB)
6/25
at
100.00
7,591,691
2,600
(c)
Tallahassee,
Florida,
Health
Facilities
Revenue
Bonds,
Tallahassee
Memorial
HealthCare
Inc.
Project,
Series
2016A,
5.000%,
12/01/55,
(UB)
12/25
at
100.00
2,457,192
395
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-2,
6.610%,
5/01/40
5/24
at
100.00
382,905
430
(f)
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-3,
6.610%,
5/01/40
5/24
at
100.00
4
300
Union
Park
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2016A-1,
5.375%,
11/01/37
11/27
at
100.00
304,625
Total
Florida
205,702,129
75
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Georgia
-
2.6%
(1.6%
of
Total
Investments)
$
285
(f)
Atlanta
Development
Authority,
Georgia,
Senior
Health
Care
Facilities
Revenue
Bonds,
Georgia
Proton
Treatment
Center
Project,
Current
Interest
Series
2017A-1,
6.500%,
1/01/29
1/28
at
100.00
$
128,250
1,205
Atlanta
Urban
Residential
Finance
Authority,
Georgia,
Multifamily
Housing
Revenue
Bonds,
Testletree
Village
Apartments,
Series
2013A,
4.500%,
11/01/35
5/24
at
100.00
952,687
2,030
Atlanta,
Georgia,
General
Obligation
Bonds,
Public
Improvement
Social
Series
2022A-1,
5.000%,
12/01/41
12/32
at
100.00
2,246,295
725
Atlanta,
Georgia,
Tax
Allocation
Bonds,
Perry
Bolton
Project
Series
2014,
5.000%,
7/01/41
5/24
at
100.00
725,231
Bainbridge,
Georgia,
Combined
Utilities
Revenue
Bonds,
Series
2021
:
2,875
4.000%,
12/01/46
-
BAM
Insured
12/31
at
100.00
2,647,870
5,000
4.000%,
12/01/51
-
BAM
Insured
12/31
at
100.00
4,568,330
4,245
Brookhaven
Development
Authority,
Georgia,
Revenue
Bonds,
Children's
Healthcare
of
Atlanta,
Inc.
Project,
Series
2019A,
4.000%,
7/01/49
7/29
at
100.00
4,002,177
1,250
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Oglethorpe
Power
Corporation
Vogtle
Project,
Series
2017C,
4.125%,
11/01/45
2/28
at
100.00
1,114,893
1,250
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Oglethorpe
Power
Corporation
Vogtle
Project,
Series
2017D,
4.125%,
11/01/45
2/28
at
100.00
1,114,893
1,925
(c)
Carroll
City-County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Tanner
Medical
Center
Inc.
Project,
Series
2020,
4.000%,
7/01/50
7/30
at
100.00
1,813,102
5
Cherokee
County
Water
and
Sewerage
Authority,
Georgia,
Revenue
Bonds,
Series
2001,
5.000%,
8/01/35
-
AGM
Insured
5/24
at
100.00
5,005
2,460
Cobb-Marietta
Coliseum
and
Exhibit
Hall
Authority,
Georgia,
Revenue
Bonds,
Refunding
Series
1993,
5.625%,
10/01/26
-
NPFG
Insured
No
Opt.
Call
2,519,562
8,200
Columbia
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
WellStar
Health
System,
Inc.
Project,
Series
2023B,
5.125%,
4/01/53
4/33
at
100.00
8,553,728
1,760
Crisp
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Crisp
County
Hospital
Project,
Series
2021,
4.000%,
7/01/46
7/31
at
100.00
1,609,455
1,000
Dalton,
Georgia,
Combined
Utilities
Revenue
Bonds,
Series
2020,
4.000%,
3/01/40
3/30
at
100.00
950,411
3,485
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
3,484,625
2,500
Fulton
County
Development
Authority,
Georgia,
Revenue
Bonds,
Piedmont
Healthcare,
Inc.
Project,
Series
2019A,
4.000%,
7/01/49
-
BAM
Insured
7/29
at
100.00
2,364,295
3,000
(e)
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2014A,
5.500%,
8/15/54,
(Pre-refunded
2/15/25)
2/25
at
100.00
3,045,899
3,020
Georgia
Local
Governments,
Certificates
of
Participation,
Georgia
Municipal
Association,
Series
1998A,
4.750%,
6/01/28
-
NPFG
Insured
No
Opt.
Call
3,059,808
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2021
:
4,500
4.000%,
7/01/46
7/31
at
100.00
4,416,672
3,000
4.000%,
7/01/51
7/31
at
100.00
2,878,540
840
(d)
Macon-Bibb
County
Urban
Development
Authority,
Georgia,
Revenue
Bonds,
Academy
for
Classical
Education,
Series
2017,
5.875%,
6/15/47
6/27
at
100.00
854,627
260
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Project
Revenue
Bonds,
Series
2007A,
5.500%,
9/15/26
No
Opt.
Call
265,122
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
76
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Georgia
(continued)
$
1,070
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A,
5.000%,
5/15/43
5/29
at
100.00
$
1,078,879
3,000
(d)
Marietta
Development
Authority,
Georgia,
University
Facilities
Revenue
Bonds,
Life
University,
Inc.
Project,
Refunding
Series
2017A,
5.000%,
11/01/47
11/27
at
100.00
2,737,163
3,325
Monroe,
Georgia,
Combined
Utilities
Revenue
Bonds,
Series
2020,
4.000%,
12/01/45
-
AGM
Insured
12/30
at
100.00
3,218,602
3,700
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2015A,
5.500%,
7/01/60
7/25
at
100.00
3,708,679
3,000
Private
Colleges
and
Universities
Authority,
Georgia,
Revenue
Bonds,
Emory
University,
Refunding
Series
2013A,
5.000%,
10/01/43
5/24
at
100.00
2,955,162
Total
Georgia
67,019,962
Guam
-
0.1%
(0.0%
of
Total
Investments)
1,805
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D,
5.000%,
11/15/39
11/25
at
100.00
1,812,945
Total
Guam
1,812,945
Hawaii
-
0.1%
(0.1%
of
Total
Investments)
1,175
(d)
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaii
Pacific
University,
Series
2013A,
6.625%,
7/01/33
5/24
at
100.00
1,176,226
2,320
Hawaii
State,
Airport
System
Revenue
Bonds,
Series
2015A,
5.000%,
7/01/41,
(AMT)
7/25
at
100.00
2,331,344
Total
Hawaii
3,507,570
Idaho
-
0.1%
(0.0%
of
Total
Investments)
1,175
Idaho
Health
Facilities
Authority,
Revenue
Bonds,
Madison
Memorial
Hospital
Project,
Refunding
Series
2016,
5.000%,
9/01/37
9/26
at
100.00
1,164,192
595
Idaho
Water
Resource
Board,
Water
Resource
Loan
Program
Revenue,
Ground
Water
Rights
Mitigation
Series
2012A,
5.000%,
9/01/32
5/24
at
100.00
595,048
Total
Idaho
1,759,240
Illinois
-
22.4%
(13.8%
of
Total
Investments)
55,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016,
6.000%,
4/01/46
4/27
at
100.00
57,226,851
2,255
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Project
Series
2015C,
5.250%,
12/01/35
12/24
at
100.00
2,254,896
15,500
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2012B,
5.000%,
12/01/33
5/24
at
100.00
15,464,339
8,400
(d)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2017B,
7.000%,
12/01/42
12/27
at
100.00
9,101,360
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A
:
1,800
7.000%,
12/01/26
12/25
at
100.00
1,878,739
51,780
7.000%,
12/01/44
12/25
at
100.00
53,603,008
1,335
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016B,
6.500%,
12/01/46
12/26
at
100.00
1,387,148
6,210
(d)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2017A,
7.000%,
12/01/46
12/27
at
100.00
6,688,282
450
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Series
1999A,
0.000%,
12/01/26
-
NPFG
Insured
No
Opt.
Call
403,163
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1998B-1
:
77
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
$
1,715
0.000%,
12/01/26
-
NPFG
Insured
No
Opt.
Call
$
1,536,500
1,000
0.000%,
12/01/27
-
NPFG
Insured
No
Opt.
Call
858,385
1,765
0.000%,
12/01/30
-
NPFG
Insured
No
Opt.
Call
1,326,598
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
2,218,926
8,565
0.000%,
12/01/31
-
NPFG
Insured
No
Opt.
Call
6,140,676
20,155
(c)
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2017,
5.000%,
12/01/51,
(UB)
12/26
at
100.00
20,229,493
2,430
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2020A,
5.000%,
12/01/45
12/29
at
100.00
2,490,348
6,000
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2022A,
5.000%,
12/01/57
12/31
at
100.00
6,124,016
Chicago,
Illinois,
General
Obligation
Bonds,
City
Colleges,
Series
1999
:
25,755
0.000%,
1/01/29
-
NPFG
Insured
No
Opt.
Call
21,251,684
8,765
0.000%,
1/01/34
-
FGIC
Insured
No
Opt.
Call
5,764,984
17,310
0.000%,
1/01/37
-
FGIC
Insured
No
Opt.
Call
9,634,997
Chicago,
Illinois,
General
Obligation
Bonds,
Neighborhoods
Alive
21
Program,
Series
2002B
:
670
5.500%,
1/01/31
1/25
at
100.00
675,401
1,000
5.500%,
1/01/33
1/25
at
100.00
1,007,935
13,205
Chicago,
Illinois,
General
Obligation
Bonds,
Project
&
Refunding
Series
2017A,
6.000%,
1/01/38
1/27
at
100.00
13,760,062
2,000
Chicago,
Illinois,
General
Obligation
Bonds,
Project
and
Refunding
Series
2005D,
5.500%,
1/01/40
1/25
at
100.00
2,006,028
Chicago,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2007E
:
10,115
5.500%,
1/01/35
1/25
at
100.00
10,186,716
5,890
5.500%,
1/01/42
1/25
at
100.00
5,903,799
Chicago,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2016C
:
350
5.000%,
1/01/29
1/26
at
100.00
355,061
765
5.000%,
1/01/35
1/26
at
100.00
770,794
1,610
Chicago,
Illinois,
General
Obligation
Bonds,
Series
1999,
0.000%,
1/01/30
No
Opt.
Call
1,281,997
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2015A
:
1,000
5.500%,
1/01/35
1/25
at
100.00
1,007,090
9,800
5.500%,
1/01/39
1/25
at
100.00
9,834,039
10,125
(c)
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A,
5.000%,
1/01/44,
(UB)
1/29
at
100.00
10,324,748
5,000
Chicago,
Illinois,
Midway
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2023A,
5.500%,
1/01/53
-
BAM
Insured
1/33
at
100.00
5,357,940
5,000
Chicago,
Illinois,
Wastewater
Transmission
Revenue
Bonds,
Second
Lien
Project,
Series
2023A,
5.500%,
1/01/62
-
AGM
Insured
7/33
at
100.00
5,413,759
12,190
Illinois
Finance
Authority
Revenue
Bonds,
OSF
Healthcare
System,
Refunding
Series
2018A,
4.125%,
5/15/47
11/28
at
100.00
11,429,567
800
(d)
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Intrinsic
Charter
Schools
Belmont
School
Project,
Series
2015A,
5.500%,
12/01/30
12/25
at
100.00
804,884
20,000
(c)
Illinois
Finance
Authority,
Revenue
Bonds,
Mercy
Health
Corporation,
Series
2016,
5.000%,
12/01/46,
(UB)
6/26
at
100.00
20,114,912
17,770
Illinois
Finance
Authority,
Revenue
Bonds,
Mercy
Health
Corporation,
Series
2016,
5.000%,
12/01/46
6/26
at
100.00
17,872,099
3,375
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C,
5.000%,
8/15/44
8/25
at
100.00
3,391,623
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
78
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Refunding
Series
2015A
:
$
2,700
(c),(e)
5.000%,
10/01/46,
(Pre-refunded
10/01/25),
(UB)
10/25
at
100.00
$
2,751,808
300
5.000%,
10/01/46,
(UB)
10/25
at
100.00
300,190
Illinois
State,
General
Obligation
Bonds,
April
Series
2014
:
6,165
5.000%,
4/01/38
5/24
at
100.00
6,169,172
5,000
5.000%,
4/01/39
5/24
at
100.00
5,003,010
Illinois
State,
General
Obligation
Bonds,
February
Series
2014
:
4,100
5.250%,
2/01/31
5/24
at
100.00
4,105,172
2,200
5.250%,
2/01/32
5/24
at
100.00
2,202,386
2,435
5.250%,
2/01/33
5/24
at
100.00
2,437,683
6,000
5.000%,
2/01/39
5/24
at
100.00
6,003,687
1,785
Illinois
State,
General
Obligation
Bonds,
May
Series
2020,
5.500%,
5/01/39
5/30
at
100.00
1,929,439
7,605
(c)
Illinois
State,
General
Obligation
Bonds,
May
Series
2023B,
5.500%,
5/01/47,
(UB)
5/32
at
100.00
8,131,265
Illinois
State,
General
Obligation
Bonds,
November
Series
2016
:
3,100
5.000%,
11/01/35
11/26
at
100.00
3,163,307
3,000
5.000%,
11/01/37
11/26
at
100.00
3,043,962
2,400
5.000%,
11/01/40
11/26
at
100.00
2,422,449
5,795
Illinois
State,
General
Obligation
Bonds,
November
Series
2017C,
5.000%,
11/01/29
11/27
at
100.00
6,050,807
3,800
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D,
5.000%,
11/01/27
No
Opt.
Call
3,975,897
5,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2016,
5.000%,
2/01/27
No
Opt.
Call
5,172,586
5,350
Illinois
State,
General
Obligation
Bonds,
Refunding
April
Series
2019B,
5.125%,
9/01/26
No
Opt.
Call
5,520,508
5,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2015A,
5.000%,
1/01/40
7/25
at
100.00
5,054,570
5,400
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2015B,
5.000%,
6/15/52
12/25
at
100.00
5,414,467
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
8,882,045
13,000
5.000%,
6/15/50
12/29
at
100.00
13,266,291
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2015A
:
64,110
0.000%,
12/15/52
No
Opt.
Call
14,059,605
2,455
5.000%,
6/15/53
12/25
at
100.00
2,460,822
1,945
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017A,
5.000%,
6/15/57
12/27
at
100.00
1,967,825
8,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017B,
0.000%,
12/15/56
-
AGM
Insured
No
Opt.
Call
1,531,714
45,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Capital
Appreciation
Refunding
Series
2010B-1,
0.000%,
6/15/43
-
AGM
Insured
No
Opt.
Call
18,749,020
2,680
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Refunding
Series
1998A,
5.500%,
6/15/29
-
NPFG
Insured
No
Opt.
Call
2,758,687
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
6,557,391
79
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
$
7,940
0.000%,
6/15/33
-
NPFG
Insured
No
Opt.
Call
$
5,577,809
450
0.000%,
12/15/34
-
NPFG
Insured
No
Opt.
Call
296,678
12,500
0.000%,
6/15/35
-
NPFG
Insured
No
Opt.
Call
8,035,075
10,620
0.000%,
12/15/35
-
NPFG
Insured
No
Opt.
Call
6,656,804
11,505
0.000%,
12/15/36
-
NPFG
Insured
No
Opt.
Call
6,797,082
65,000
0.000%,
12/15/38
-
NPFG
Insured
No
Opt.
Call
34,111,603
38,040
0.000%,
6/15/40
-
NPFG
Insured
No
Opt.
Call
18,248,617
3,720
0.000%,
6/15/41
-
NPFG
Insured
No
Opt.
Call
1,688,290
4,755
Sales
Tax
Securitization
Corporation,
Illinois,
Sales
Tax
Securitzation
Bonds,
Series
2018A,
5.000%,
1/01/40
1/28
at
100.00
4,908,887
4,005
Southwestern
Illinois
Development
Authority,
Environmental
Improvement
Revenue
Bonds,
US
Steel
Corporation
Project,
Series
2012,
5.750%,
8/01/42,
(AMT)
5/24
at
100.00
4,005,541
Total
Illinois
586,494,998
Indiana
-
0.7%
(0.4%
of
Total
Investments)
2,705
Carmel
Redevelopment
Authority,
Indiana,
Lease
Rent
Revenue
Bonds,
Series
2005,
0.000%,
2/01/25
No
Opt.
Call
2,617,063
2,000
(d)
Gary
Local
Public
Improvement
Bond
Bank,
Indiana,
Economic
Development
Revenue
Bonds,
Drexel
Foundation
for
Educational
Excellence
Project,
Refunding
Series
2020A,
5.875%,
6/01/55
6/30
at
100.00
1,819,120
1,230
Indiana
Finance
Authority,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Project,
Series
2012,
5.750%,
8/01/42,
(AMT)
5/24
at
100.00
1,230,166
10,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E,
0.000%,
2/01/26
-
AMBAC
Insured
No
Opt.
Call
9,332,872
1,000
Merrillville,
Indiana,
Economic
Development
Revenue
Bonds,
Belvedere
Housing
Project,
Series
2016,
5.750%,
4/01/36
5/24
at
102.00
886,709
1,250
Shoals,
Indiana,
Exempt
Facilities
Revenue
Bonds,
National
Gypsum
Company
Project, Series
2013,
7.250%,
11/01/43,
(AMT)
5/24
at
100.00
1,252,083
Total
Indiana
17,138,013
Iowa
-
1.1%
(0.7%
of
Total
Investments)
5,750
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Alcoa
Inc.
Project,
Series
2012,
4.750%,
8/01/42
5/24
at
100.00
5,619,206
21,525
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
5.000%,
12/01/50
12/29
at
103.00
22,423,333
Total
Iowa
28,042,539
Kansas
-
0.5%
(0.3%
of
Total
Investments)
2,085
Overland
Park
Development
Corporation,
Kansas,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
&
improvement
Series
2019,
5.000%,
3/01/44
3/29
at
100.00
1,995,713
3,565
(f)
Overland
Park,
Kansas,
Sales
Tax
Special
Obligation
Revenue
Bonds,
Prairiefire
at
Lionsgate
Project,
Series
2012,
6.000%,
12/15/32
5/24
at
100.00
1,426,000
10,000
University
of
Kansas
Hospital
Authority,
Health
Facilities
Revenue
Bonds,
University
of
Kansas
Health
System,
Series
2017A,
5.000%,
3/01/47
3/27
at
100.00
10,147,788
Total
Kansas
13,569,501
Kentucky
-
0.9%
(0.6%
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
5,083,924
435
5.500%,
2/01/44
2/26
at
100.00
437,674
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
80
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Kentucky
(continued)
$
2,355
Henderson,
Kentucky,
Facilities
Revenue
Bonds,
Pratt
Paper
LLC
Project,
Series
2022A,
4.700%,
1/01/52,
(AMT)
1/32
at
100.00
$
2,319,002
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
438,516
2,250
5.750%,
11/15/50
11/25
at
100.00
1,929,645
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2
:
6,000
5.000%,
8/01/44
8/29
at
100.00
6,168,397
2,510
5.000%,
8/01/49
8/29
at
100.00
2,566,796
1,305
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
Next
Generation
Kentucky
Information
Highway
Project,
Senior
Series
2015A,
5.000%,
7/01/40
7/25
at
100.00
1,306,604
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C
:
1,335
6.750%,
7/01/43
7/31
at
100.00
1,525,549
2,295
6.875%,
7/01/46
7/31
at
100.00
2,627,935
215
Warren
County,
Kentucky,
Hospital
Revenue
Bonds,
Bowling
Green-
Warren
County
Community
Hospital
Corporation,
Series
2012A,
4.000%,
10/01/29
5/24
at
100.00
215,093
Total
Kentucky
24,619,135
Louisiana
-
1.9%
(1.2%
of
Total
Investments)
500
(d)
Jefferson
Parish
Economic
Development
and
Port
District,
Louisiana,
Kenner
Discovery
Health
Sciences
Academy
Project,
Series
2018A,
5.625%,
6/15/48
6/28
at
100.00
490,584
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Refunding
Series
2017
:
5,000
5.000%,
5/15/42
5/27
at
100.00
5,079,403
3,730
5.000%,
5/15/46
5/27
at
100.00
3,775,977
18,730
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2020A,
4.000%,
5/15/49
5/30
at
100.00
17,008,816
5,930
(d)
Louisiana
Public
Facilities
Authority,
Dock
and
Wharf
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013,
6.500%,
7/01/36,
(AMT)
5/24
at
100.00
5,931,209
10
(e)
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
Bonds,
Franciscan
Missionaries
of
Our
Lady
Health
System,
Refunding
Series
2015A,
5.000%,
7/01/39,
(Pre-refunded
7/01/25)
7/25
at
100.00
10,170
1,755
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Lake
Charles
Charter
Academy
Foundation
Project,
Series
2011A,
7.750%,
12/15/31
5/24
at
100.00
1,758,804
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Loyola
University
Project,
Refunding
Series
2017
:
1,775
5.250%,
10/01/36
10/33
at
100.00
1,952,691
3,000
5.250%,
10/01/46
10/33
at
100.00
3,140,971
7,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2015,
5.000%,
5/15/47
5/25
at
100.00
7,031,721
1,060
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Southwest
Louisiana
Charter
Academy
Foundation
Project,
Series
2013A,
8.375%,
12/15/43
5/24
at
100.00
1,061,011
2,560
(e)
New
Orleans,
Louisiana,
Sewerage
Service
Revenue
Bonds,
Refunding
Series
2014,
5.000%,
6/01/44,
(Pre-refunded
6/01/24)
6/24
at
100.00
2,561,865
Total
Louisiana
49,803,222
81
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Maine
-
0.2%
(0.1%
of
Total
Investments)
$
4,965
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2016A,
5.000%,
7/01/46
7/26
at
100.00
$
4,350,392
Total
Maine
4,350,392
Maryland
-
1.3%
(0.8%
of
Total
Investments)
2,795
Maryland
Economic
Development
Corporation,
Private
Activity
Revenue
Bonds,
Purple
Line
Light
Rail
Project,
Green
Series
2022B,
5.000%,
12/31/41,
(AMT)
6/32
at
100.00
2,857,140
2,000
(f)
Maryland
Economic
Development
Corporation,
Revenue
Bonds,
Chesapeake
Bay
Hyatt
Conference
Center,
Series
2006A,
5.000%,
12/01/31
5/24
at
100.00
1,200,000
7,145
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Adventist
Healthcare,
Series
2016A,
5.500%,
1/01/46
1/27
at
100.00
7,186,899
20,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
MedStar
Health
Issue,
Series
2017A,
5.000%,
5/15/45
5/27
at
100.00
20,337,752
2,000
(e)
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Peninsula
Regional
Medical
Center
Issue,
Refunding
Series
2015,
5.000%,
7/01/45,
(Pre-refunded
7/01/24)
7/24
at
100.00
2,001,594
355
(d)
Prince
George's
County
Revenue
Authority,
Maryland,
Special
Obligation
Bonds,
Suitland-Naylor
Road
Project,
Series
2016,
5.000%,
7/01/46
1/26
at
100.00
345,435
Total
Maryland
33,928,820
Massachusetts
-
0.1%
(0.1%
of
Total
Investments)
525
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D,
5.000%,
7/01/44
7/25
at
100.00
515,643
1,525
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2015,
4.500%,
1/01/45
1/25
at
100.00
1,413,035
1,800
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emmanuel
College,
Series
2016A,
5.000%,
10/01/34
10/26
at
100.00
1,830,762
Total
Massachusetts
3,759,440
Michigan
-
1.5%
(0.9%
of
Total
Investments)
Detroit
Academy
of
Arts
and
Sciences,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2013
:
700
6.000%,
10/01/33
5/24
at
100.00
676,070
1,250
6.000%,
10/01/43
5/24
at
100.00
1,154,374
11,285
Detroit
City
School
District,
Wayne
County,
Michigan,
Unlimited
Tax
School
Building
and
Site
Improvement
Bonds,
Series
2001A,
6.000%,
5/01/29
-
AGM
Insured,
(UB)
No
Opt.
Call
12,001,710
5
Detroit,
Michigan,
Second
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2005A,
4.500%,
7/01/35
-
NPFG
Insured
5/24
at
100.00
5,004
2,925
Detroit,
Michigan,
Senior
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2001B,
5.500%,
7/01/29
-
NPFG
Insured
No
Opt.
Call
3,027,255
5
Detroit,
Michigan,
Sewer
Disposal
System
Revenue
Bonds,
Second
Lien,
Series
2006B,
5.000%,
7/01/36
-
FGIC
Insured
5/24
at
100.00
5,004
10
Detroit,
Michigan,
Water
Supply
System
Revenue
Bonds,
Senior
Lien
Series
2003A,
5.000%,
7/01/34
-
NPFG
Insured
5/24
at
100.00
10,010
10,000
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Beaumont
Health
Credit
Group,
Series
2016A,
5.000%,
11/01/44
11/25
at
100.00
10,104,057
6,800
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Henry
Ford
Health
System,
Series
2019A,
5.000%,
11/15/48
11/29
at
100.00
6,991,504
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
82
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Michigan
(continued)
$
1,000
Michigan
Finance
Authority,
Local
Government
Loan
Program
Revenue
Bonds,
Detroit
Water
&
Sewerage
Department
Water
Supply
System
Local
Project,
Series
2014D-6,
5.000%,
7/01/36
-
NPFG
Insured
7/24
at
100.00
$
1,000,996
5,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2019-I,
4.000%,
4/15/54
10/29
at
100.00
4,652,082
Total
Michigan
39,628,066
Minnesota
-
1.9%
(1.2%
of
Total
Investments)
700
City
of
Ham
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
DaVinci
Academy
Project,Series
2016A,
5.000%,
7/01/47
7/24
at
102.00
605,094
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A
:
10,000
5.000%,
2/15/53
2/28
at
100.00
10,088,987
15,830
5.250%,
2/15/53
2/28
at
100.00
16,062,685
7,105
5.000%,
2/15/58
2/28
at
100.00
7,162,336
1,500
Forest
Lake,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Lakes
International
Language
Academy,
Series
2014A,
5.750%,
8/01/44
5/24
at
101.00
1,501,142
800
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hiawatha
Academies
Project,
Series
2022A,
5.500%,
7/01/52
7/32
at
100.00
751,029
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
754,472
4,000
6.000%,
9/01/51
9/26
at
100.00
4,035,005
6,000
Saint
Paul
Housing
and
Redevelopment
Authority,
Minnesota,
Health
Care
Facility
Revenue
Bonds,
HealthPartners
Obligated
Group,
Refunding
Series
2015A,
5.000%,
7/01/32
7/25
at
100.00
6,062,003
3,850
Saint
Paul
Port
Authority,
Minnesota,
Lease
Revenue
Bonds,
Regions
Hospital
Parking
Ramp
Project,
Series
2007-1,
5.000%,
8/01/36
5/24
at
100.00
3,851,723
Total
Minnesota
50,874,476
Missouri
-
1.5%
(0.9%
of
Total
Investments)
825
Cape
Girardeau
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Southeasthealth,
Series
2016A,
6.000%,
3/01/33
5/24
at
102.00
842,612
55
Cape
Girardeau
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Southeasthealth,
Series
2017A,
5.000%,
3/01/36
3/27
at
100.00
56,678
10,090
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019B,
5.000%,
3/01/46,
(AMT)
3/29
at
100.00
10,224,023
135
(d)
Kansas
City
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Ward
Parkway
Center
Community
Improvement
District,
Senior
Refunding
&
Improvement
Series
2016,
5.000%,
4/01/46
4/26
at
100.00
118,136
12,005
Kansas
City
Municipal
Assistance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Improvement
Series
2004B-1,
0.000%,
4/15/29
-
AMBAC
Insured
No
Opt.
Call
10,024,217
650
(d)
Land
Clearance
for
Redevelopment
Authority
of
Kansas
City,
Missouri,
Project
Revenue
Bonds,
Convention
Center
Hotel
Project
-
TIF
Financing,
Series
2018B,
5.000%,
2/01/40
2/28
at
100.00
614,249
Liberty,
Missouri,
Special
Obligation
Tax
Increment
and
Special
Districts
Bonds,
Liberty
Commons
Project,
Series
2015A
:
660
(d)
5.125%,
6/01/25
No
Opt.
Call
651,626
3,810
(d)
5.750%,
6/01/35
6/25
at
100.00
3,571,986
3,695
(d)
6.000%,
6/01/46
6/25
at
100.00
3,346,878
83
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Missouri
(continued)
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
5/24
at
100.00
$
1,591,424
2,700
5.000%,
6/01/33
5/24
at
100.00
2,702,401
50
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A,
5.000%,
11/15/44
5/24
at
100.00
50,011
2,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2014F,
5.000%,
11/15/45
11/24
at
100.00
1,987,058
1,105
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Health
Facilities
Revenue
Bonds,
Ranken-Jordan
Project,
Refunding
&
Improvement
Series
2016,
5.000%,
11/15/46
11/25
at
100.00
1,043,906
430
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
of
Sunset
Hills,
Series
2013A,
5.875%,
9/01/43
5/24
at
100.00
430,259
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
430,523
130
5.125%,
12/01/45
12/25
at
100.00
114,754
795
Stoddard
County
Industrial
Development
Authority,
Missouri,
Health
Facility
Revenue
Bonds,
Southeasthealth,
Series
2016B,
6.000%,
3/01/37
5/24
at
102.00
812,420
Total
Missouri
38,613,161
Nebraska
-
0.4%
(0.2%
of
Total
Investments)
5,835
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Refunding
Crossover
Series
2017A,
5.000%,
9/01/42
No
Opt.
Call
6,032,176
3,435
Douglas
County
Hospital
Authority
2,
Nebraska,
Health
Facilities
Revenue
Bonds,
Children's
Hospital
Obligated
Group,
Series
2017,
5.000%,
11/15/47
5/27
at
100.00
3,472,121
Total
Nebraska
9,504,297
Nevada
-
0.2%
(0.2%
of
Total
Investments)
2,000
Clark
County
School
District,
Nevada,
General
Obligation
Bonds,
Limited
Tax
Building
Series
2018A,
4.000%,
6/15/37
6/28
at
100.00
2,009,431
4,410
Clark
County,
Nevada,
General
Obligation
Bonds,
Stadium
Improvement,
Limited
Tax
Additionally
Secured
by
Pledged
Revenues,
Series
2018A,
5.000%,
5/01/48
6/28
at
100.00
4,555,829
Total
Nevada
6,565,260
New
Hampshire
-
0.3%
(0.2%
of
Total
Investments)
2,995
(d)
National
Finance
Authority,
New
Hampshire,
Resource
Recovery
Revenue
Bonds,
Covanta
Project,
Refunding
Series
2018C,
4.875%,
11/01/42,
(AMT)
5/24
at
100.00
2,702,105
6,060
(d)
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Covenant
Health
Group
Series
2023,
4.000%,
7/01/37
1/33
at
100.00
5,374,651
Total
New
Hampshire
8,076,756
New
Jersey
-
7.7%
(4.8%
of
Total
Investments)
140
(e)
Gloucester
County
Pollution
Control
Financing
Authority,
New
Jersey,
Pollution
Control
Revenue
Bonds,
Logan
Project,
Refunding
Series
2014A,
5.000%,
12/01/24,
(AMT),
(ETM)
No
Opt.
Call
139,970
1,100
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013,
5.125%,
7/01/42
-
AGM
Insured,
(AMT)
5/24
at
100.00
1,099,993
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
84
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Jersey
(continued)
$
17,580
(e)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2016BBB,
5.500%,
6/15/31,
(Pre-
refunded
12/15/26)
12/26
at
100.00
$
18,612,695
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2015WW
:
755
(e)
5.250%,
6/15/40,
(Pre-refunded
6/15/25),
(UB)
6/25
at
100.00
770,048
40
(c),(e)
5.250%,
6/15/40,
(Pre-refunded
6/15/25),
(UB)
6/25
at
100.00
40,797
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2016AAA
:
1,000
(e)
5.000%,
6/15/36,
(Pre-refunded
12/15/26)
12/26
at
100.00
1,046,268
10,000
(e)
5.000%,
6/15/41,
(Pre-refunded
12/15/26)
12/26
at
100.00
10,462,677
2,175
(e)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2017DDD,
5.000%,
6/15/42,
(Pre-refunded
6/15/27)
6/27
at
100.00
2,297,995
16,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2019LLL,
5.000%,
6/15/49
12/29
at
100.00
16,459,774
1,650
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
1999,
5.250%,
9/15/29,
(AMT)
5/24
at
100.50
1,652,444
2,900
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022BB,
4.000%,
6/15/41
12/31
at
100.00
2,836,874
19,650
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022CC,
5.000%,
6/15/48
12/32
at
100.00
20,644,822
15,280
(c)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023BB,
5.250%,
6/15/50,
(UB)
12/33
at
100.00
16,361,557
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A
:
3,130
0.000%,
12/15/28
No
Opt.
Call
2,639,194
3,000
0.000%,
12/15/31
No
Opt.
Call
2,258,975
12,715
0.000%,
12/15/33
No
Opt.
Call
8,850,202
610
0.000%,
12/15/34
No
Opt.
Call
406,799
2,480
0.000%,
12/15/40
No
Opt.
Call
1,189,670
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
:
10,000
0.000%,
12/15/33
-
AGM
Insured
No
Opt.
Call
7,026,476
20,000
0.000%,
12/15/36
-
AMBAC
Insured
No
Opt.
Call
12,022,170
19,175
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2008A,
0.000%,
12/15/35
No
Opt.
Call
12,170,783
15,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2009A,
0.000%,
12/15/39
No
Opt.
Call
7,661,046
5,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2009C,
5.250%,
6/15/32
12/24
at
100.00
5,037,509
6,305
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA,
5.000%,
6/15/45
6/25
at
100.00
6,340,756
15,000
(c)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2018A,
5.000%,
12/15/34,
(UB)
12/28
at
100.00
15,985,876
6,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB,
4.000%,
6/15/44
12/28
at
100.00
5,726,946
2,345
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Refunding
Series
2015E,
5.000%,
1/01/45
1/25
at
100.00
2,355,609
1,595
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A,
5.000%,
6/01/46
6/28
at
100.00
1,630,931
85
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Jersey
(continued)
$
19,345
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
$
19,535,798
Total
New
Jersey
203,264,654
New
York
-
17.3%
(10.6%
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
1,261,082
12,020
0.000%,
7/15/46
No
Opt.
Call
4,006,494
450
Buffalo
and
Erie
County
Industrial
Land
Development
Corporation,
New
York,
Revenue
Bonds,
Catholic
Health
System,
Inc.
Project,
Series
2015,
5.250%,
7/01/35
7/25
at
100.00
402,268
200
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Metropolitan
College
of
New
York,
Series
2014,
5.000%,
11/01/39
11/24
at
100.00
120,000
480
(d)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Albert
Einstein
College
of
Medicine,
Inc,
Series
2015,
5.500%,
9/01/45
9/25
at
100.00
480,021
18,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Memorial
Sloan
Kettering
Cancer
Center
Series
2022-1A,
4.000%,
7/01/51
7/32
at
100.00
17,039,653
15,270
(d)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Vaughn
College
of
Aeronautics
&
Technology,
Series
2016A,
5.500%,
12/01/46
12/26
at
100.00
13,215,244
5,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Bidding
Group
5
Series
2021E,
4.000%,
3/15/48
3/32
at
100.00
4,780,232
5,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2019D,
4.000%,
2/15/40
2/30
at
100.00
5,002,673
7,250
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B,
5.000%,
7/01/46
7/26
at
100.00
7,127,435
81,270
(d)
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2005C,
0.000%,
6/01/50
5/24
at
19.56
9,600,165
6,280
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1,
5.250%,
11/15/55
5/30
at
100.00
6,527,316
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Green
Series
2016B
:
4,210
5.000%,
11/15/34
11/26
at
100.00
4,350,258
3,320
5.000%,
11/15/37
11/26
at
100.00
3,413,563
1,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2015F,
5.000%,
11/15/35
11/25
at
100.00
1,019,314
5,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Series
2017D,
5.000%,
11/15/32
5/28
at
100.00
5,289,514
1,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
St.
John
Fisher
College,
Series
2011,
6.000%,
6/01/34
5/24
at
100.00
1,001,965
6,895
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2019
Series
FF-2,
4.000%,
6/15/41
6/29
at
100.00
6,881,882
10,000
(c)
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
AA,
4.000%,
6/15/40
12/29
at
100.00
10,016,232
9,750
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
CC-1,
4.000%,
6/15/49
12/29
at
100.00
9,338,103
5,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2020
Series
GG-1,
4.000%,
6/15/50
6/30
at
100.00
4,785,432
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
86
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
10,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2022
Series
AA-1,
4.000%,
6/15/51
6/31
at
100.00
$
9,576,054
4,440
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
Series
2016S-1,
5.000%,
7/15/34
1/26
at
100.00
4,527,019
5,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2017
Series
E-1,
5.000%,
2/01/43
2/27
at
100.00
5,134,844
10,000
New
York
City,
New
York,
Educational
Construction
Fund
Revenue
Bonds,
Series
2021B,
5.000%,
4/01/52
4/31
at
100.00
10,468,724
5,750
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
E-1,
5.000%,
3/01/40
3/28
at
100.00
6,018,750
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
3,028,287
45,260
(d)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014,
5.000%,
11/15/44
11/24
at
100.00
44,857,648
5,700
(d)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
2
Series
2014,
5.150%,
11/15/34
11/24
at
100.00
5,714,208
New
York
State
Thruway
Authority,
General
Revenue
Junior
Indebtedness
Obligations,
Series
2016A
:
5,000
5.000%,
1/01/46
1/26
at
100.00
5,038,578
7,525
5.250%,
1/01/56
1/26
at
100.00
7,624,920
8,265
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2020C,
5.000%,
3/15/47
9/30
at
100.00
8,690,257
12,100
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021,
4.000%,
4/30/53,
(AMT)
10/31
at
100.00
9,764,325
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A
:
14,650
5.000%,
7/01/46,
(AMT)
7/24
at
100.00
14,288,677
68,360
5.250%,
1/01/50,
(AMT)
7/24
at
100.00
67,676,243
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016
:
1,615
5.000%,
8/01/26,
(AMT)
5/24
at
100.00
1,615,487
28,700
5.000%,
8/01/31,
(AMT)
5/24
at
100.00
28,702,018
7,905
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
5.250%,
8/01/31,
(AMT)
8/30
at
100.00
8,298,811
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023
:
3,945
(c)
6.000%,
6/30/54,
(AMT),
(UB)
6/31
at
100.00
4,325,702
15,465
(c)
5.375%,
6/30/60,
(AMT),
(UB)
6/31
at
100.00
16,157,077
5,350
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018,
5.000%,
1/01/31,
(AMT)
1/28
at
100.00
5,528,966
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2020
:
1,000
4.000%,
10/01/30,
(AMT)
No
Opt.
Call
997,803
2,100
5.000%,
10/01/40,
(AMT)
10/30
at
100.00
2,169,670
87
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
13,750
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2023,
5.625%,
4/01/40,
(AMT)
4/31
at
100.00
$
14,951,768
3,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Ninety-Eighth
Series
2016,
5.250%,
11/15/56
11/26
at
100.00
3,045,540
14,500
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2021B-2,
0.000%,
6/01/66
6/31
at
27.72
1,395,945
2,320
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
Series
2015B,
5.000%,
11/15/45
11/25
at
100.00
2,354,147
30,000
(c)
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-City
Sales
Tax
Series
2023A,
4.500%,
5/15/63,
(UB)
5/33
at
100.00
29,822,070
2,150
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006,
5.000%,
6/01/48
6/27
at
100.00
1,912,890
9,985
Westchester
County
Health
Care
Corporation,
New
York,
Senior
Lien
Revenue
Bonds,
Series
2014A,
5.000%,
11/01/44
5/24
at
101.00
9,491,106
3,640
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Refunding
Series
2016,
5.000%,
11/01/46
11/25
at
100.00
3,448,047
565
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Series
2023,
6.250%,
11/01/52
11/33
at
100.00
630,438
Total
New
York
452,914,865
North
Carolina
-
0.4%
(0.2%
of
Total
Investments)
4,500
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Obligated
Group,
Series
2019A,
4.000%,
11/01/52
11/29
at
100.00
4,284,746
5,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2019,
5.000%,
1/01/49
1/30
at
100.00
5,082,966
Total
North
Carolina
9,367,712
North
Dakota
-
2.0%
(1.2%
of
Total
Investments)
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2021
:
1,075
4.000%,
12/01/46
12/31
at
100.00
899,936
1,750
3.000%,
12/01/51
-
AGM
Insured
12/31
at
100.00
1,266,293
Ward
County
Health
Care,
North
Dakota,
Revenue
Bonds,
Trinity
Obligated
Group,
Series
2017C
:
10,315
5.000%,
6/01/43
6/28
at
100.00
9,301,319
10,950
5.000%,
6/01/48
6/28
at
100.00
9,538,311
37,840
5.000%,
6/01/53
6/28
at
100.00
31,788,294
Total
North
Dakota
52,794,153
Ohio
-
9.2%
(5.7%
of
Total
Investments)
1,430
American
Municipal
Power
Inc.,
Ohio,
Combined
Hydroelectric
Projects
Revenue
Bonds,
Green
Series
2016A,
5.000%,
2/15/46
2/26
at
100.00
1,438,672
2,420
Ashland
County-West
Holmes
Joint
Vocational
School
District,
Ohio,
General
Obligation
Bonds,
Limited
Tax
School
Facilities
Construction
&
Improvement
Series
2022,
4.000%,
12/01/46
12/29
at
100.00
2,337,817
28,980
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2,
0.000%,
6/01/57
6/30
at
22.36
2,873,184
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
88
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Ohio
(continued)
$
9,495
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2,
5.000%,
6/01/55
6/30
at
100.00
$
8,608,372
Chillicothe,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Adena
Health
System
Obligated
Group
Project,
Refunding
&
Improvement
Series
2017
:
3,250
5.000%,
12/01/37
12/27
at
100.00
3,326,238
7,200
5.000%,
12/01/47
12/27
at
100.00
7,264,168
2,500
Clark-Shawnee
Local
School
District,
Clark
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement
Series
2017,
5.000%,
11/01/54
11/27
at
100.00
2,547,637
6,500
Cleveland
Clinic
Health
System
Obligated
Group,
Ohio,
Martin
County
Health
Facilities
Authority,
Hospital
Revenue
Bonds,
Series
2019B,
4.000%,
1/01/46
1/29
at
100.00
6,152,378
Cleveland,
Ohio,
Public
Power
System
Revenue
Bonds,
Series
2008B-2
:
2,000
0.000%,
11/15/28
-
NPFG
Insured
No
Opt.
Call
1,689,664
6,895
0.000%,
11/15/32
-
NPFG
Insured
No
Opt.
Call
4,923,220
2,155
0.000%,
11/15/34
-
NPFG
Insured
No
Opt.
Call
1,419,867
Columbus
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
and
Improvement,
Refunding
Series
2006
:
4,145
0.000%,
12/01/27
-
AGM
Insured
No
Opt.
Call
3,642,691
165
(e)
0.000%,
12/01/27
-
AGM
Insured,
(ETM)
No
Opt.
Call
145,926
5,615
0.000%,
12/01/28
-
AGM
Insured
No
Opt.
Call
4,768,560
220
(e)
0.000%,
12/01/28
-
AGM
Insured,
(ETM)
No
Opt.
Call
188,781
770
(d)
Columbus-Franklin
County
Finance
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Easton
Project,
Series
2020,
5.000%,
6/01/28
No
Opt.
Call
763,603
Cuyahoga
County,
Ohio,
Hospital
Revenue
Bonds,
MetroHealth
System,
Series
2017
:
19,495
5.500%,
2/15/52
2/27
at
100.00
19,737,658
20,650
5.500%,
2/15/57
2/27
at
100.00
20,885,677
2,400
Fairfield
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Fairfield
Medical
Center
Project,
Series
2013,
5.000%,
6/15/43
5/24
at
100.00
2,055,380
Franklin
County
Convention
Facilities
Authority,
Ohio,
Hotel
Project
Revenue
Bonds,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
Series
2019
:
1,010
5.000%,
12/01/34
12/29
at
100.00
1,017,751
1,000
5.000%,
12/01/44
12/29
at
100.00
953,910
4,780
5.000%,
12/01/51
12/29
at
100.00
4,479,543
10,000
Franklin
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
OhioHealth
Corporation,
Series
2015,
5.000%,
5/15/40
5/25
at
100.00
10,094,091
1,730
Franklin
County,
Ohio,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017OH,
5.000%,
12/01/46
6/27
at
100.00
1,757,800
2,500
Franklin
County,
Ohio,
Sales
Tax
Revenue
Bonds,
Various
Purpose
Series
2018,
5.000%,
6/01/43
6/28
at
100.00
2,613,726
8,020
Hamilton
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
TriHealth,
Inc.
Obligated
Group
Project,
Series
2017A,
5.000%,
8/15/47
8/27
at
100.00
8,127,341
5,565
Hamilton
County,
Ohio,
Sales
Tax
Bonds,
Subordinate
Series
2000B,
0.000%,
12/01/28
-
AGM
Insured
No
Opt.
Call
4,726,097
1,000
Mahoning
County,
Ohio,
Sewer
System
Revenue
Bonds,
Refunding
and
Improvement
Series
2022,
5.000%,
12/01/42
12/31
at
100.00
1,058,566
4,500
Middletown
City
School
District,
Butler
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007,
5.250%,
12/01/31
-
AGM
Insured
No
Opt.
Call
5,025,780
89
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Ohio
(continued)
$
6,105
Muskingum
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Genesis
HealthCare
System
Obligated
Group
Project,
Series
2013,
5.000%,
2/15/44
5/24
at
100.00
$
5,626,843
1,600
Northeast
Ohio
Regional
Sewer
District,
Wastewater
Improvement
Revenue
Bonds,
Refunding
&
Improvement
Series
2017,
4.000%,
11/15/43
5/28
at
100.00
1,590,521
2,845
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Refunding
Series
2009D,
3.375%,
8/01/29
No
Opt.
Call
2,678,944
Ohio
Higher
Educational
Facility
Commission,
Higher
Educational
Facility
Revenue
Bonds,
John
Carroll
University
2022
Project,
Series
2022
:
1,250
4.000%,
10/01/42
10/31
at
100.00
1,135,463
1,250
4.000%,
10/01/47
10/31
at
100.00
1,081,129
950
Ohio
Municipal
Electric
Generation
Agency,
Beneficial
Interest
Certificates,
Belleville
Hydroelectric
Project
-
Joint
Venture
5,
Series
2001,
0.000%,
2/15/29
-
NPFG
Insured
No
Opt.
Call
793,933
7,045
Ohio
State,
Hospital
Revenue
Bonds,
University
Hospitals
Health
System,
Inc.,
Series
2021A,
4.000%,
1/15/46
7/31
at
100.00
6,591,204
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission
Infrastructure
Projects,
Junior
Lien,
Capital
Appreciation
Series
2013A-2
:
5,000
0.000%,
2/15/37
No
Opt.
Call
2,950,386
11,260
0.000%,
2/15/38
No
Opt.
Call
6,248,740
5,000
0.000%,
2/15/40
No
Opt.
Call
2,457,977
27,880
Ohio
Water
Development
Authority,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generating
Corporation
Project,
Series
2009A,
4.750%,
6/01/33
No
Opt.
Call
28,878,609
22,820
Ohio
Water
Development
Authority,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generating
Corporation
Project,
Series
2010B,
4.750%,
6/01/33,
(Mandatory
Put
6/01/22)
No
Opt.
Call
23,637,369
1,500
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Kestrel
Verifiers,
Green
Series
2021A,
5.000%,
12/01/46
12/31
at
100.00
1,608,879
4,250
Pickerington
Local
School
District,
Fairfield
and
Franklin
Counties,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement,
Series
2023,
5.250%,
12/01/59
12/32
at
100.00
4,548,833
1,845
Pinnacle
Community
Infrastructure
Financing
Authority,
Grove
City,
Ohio,
Community
Facilities
Bonds,
Series
2015A,
4.250%,
12/01/36
-
AGM
Insured
12/25
at
100.00
1,852,944
505
(d)
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Public
Improvement
TOT
Revenue
Bonds,
Series
2021,
4.250%,
12/01/50
12/28
at
100.00
435,643
390
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Special
Obligation
Development
TIF
Revenue
Bonds,
RBM
Development
-
Phase
2B
Project,
Series
2018A,
6.000%,
12/01/50
12/28
at
100.00
374,309
990
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Special
Obligation
Tax
Increment
Financing
Revenue
Bonds,
Cooperative
Township
Public
Parking
Project,
Gallery
at
Kenwood,
Senior
Lien
Series
2019A,
5.000%,
11/01/51
11/30
at
100.00
799,539
1,500
Springboro
Community
City
School
District,
Warren
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007,
5.250%,
12/01/32
No
Opt.
Call
1,702,078
10,000
Toledo,
Ohio,
Water
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2016,
5.000%,
11/15/41
11/26
at
100.00
10,256,199
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
90
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Ohio
(continued)
$
1,000
Tuscarawas
County
Economic
Development
and
Finance
Alliance,
Ohio,
Higher
Education
Facilities
Revenue
Bonds,
Ashland
University,
Refunding
&
Improvement
Series
2015,
6.000%,
3/01/45
3/25
at
100.00
$
996,368
Total
Ohio
240,870,008
Oklahoma
-
2.3%
(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
12,951,219
9,715
5.250%,
8/15/48
8/28
at
100.00
9,821,649
18,235
5.500%,
8/15/52
8/28
at
100.00
18,544,431
16,570
5.500%,
8/15/57
8/28
at
100.00
16,863,990
1,550
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Taxable
Series
2022,
5.500%,
8/15/41
8/32
at
100.00
1,565,434
1,500
Tulsa
Municipal
Airport
Trust,
Oklahoma,
Revenue
Bonds,
American
Airlines
Inc.,
Refunding
Series
2015,
5.000%,
6/01/35,
(AMT),
(Mandatory
Put
6/01/25)
6/25
at
100.00
1,509,657
Total
Oklahoma
61,256,380
Oregon
-
0.3%
(0.2%
of
Total
Investments)
7,330
Port
of
Portland,
Oregon,
International
Airport
Revenue
Bonds,
Series
2020-27A,
5.000%,
7/01/45,
(AMT)
7/30
at
100.00
7,525,998
1,150
(d)
Warm
Springs
Reservation
Confederated
Tribes,
Oregon,
Hydroelectric
Revenue
Bonds,
Tribal
Economic
Development
Bond
Pelton
Round
Butte
Project,
Taxable
Refunding
Green
Series
2019B,
5.000%,
11/01/36
5/29
at
100.00
1,234,630
Total
Oregon
8,760,628
Pennsylvania
-
7.1%
(4.4%
of
Total
Investments)
380
Allegheny
Country
Industrial
Development
Authority,
Pennsylvania,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Project,
Series
2012,
5.750%,
8/01/42,
(AMT)
5/24
at
100.00
380,051
7,355
(d)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Refunding
Project,
Series
2017,
5.000%,
5/01/42
5/27
at
100.00
7,258,728
11,700
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
4.750%,
1/01/35,
(Mandatory
Put
7/01/33)
No
Opt.
Call
11,943,555
2,030
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Generation
Project,
Series
2008B,
3.750%,
10/01/47
4/31
at
100.00
1,603,771
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
8,757,785
6,695
5.000%,
11/01/50
11/27
at
100.00
3,441,454
2,405
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018,
5.000%,
6/01/34
6/28
at
100.00
2,542,241
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
1,032,399
845
(e)
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
851,007
205
(e)
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
206,457
15,000
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2017A-1,
4.000%,
2/15/47
2/27
at
100.00
14,111,423
91
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
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
$
8,516,212
5,085
4.000%,
4/01/50
4/30
at
100.00
4,691,584
5,000
5.000%,
4/01/50
4/30
at
100.00
5,105,186
15,220
(c)
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2019A,
5.000%,
7/01/44,
(UB)
7/29
at
100.00
15,636,789
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2022B
:
20,335
5.000%,
5/01/52
5/32
at
100.00
20,829,586
9,400
5.000%,
5/01/57
5/32
at
100.00
9,553,310
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Albert
Einstein
Healthcare
Network
Issue,
Series
2015A
:
5,440
(e)
5.250%,
1/15/36,
(Pre-refunded
1/15/25)
1/25
at
100.00
5,493,994
3,535
(e)
5.250%,
1/15/45,
(Pre-refunded
1/15/25)
1/25
at
100.00
3,570,086
2,206
(f)
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Recovery
Revenue
Bonds,
Northampton
Generating
Project,
Senior
Lien
Series
2013A0
&
AE2,
0.900%,
6/30/27
5/24
at
100.00
397,030
1,215
(f)
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Recovery
Revenue
Bonds,
Northampton
Generating
Project,
Senior
Lien
Taxable
Series
2013B,
0.900%,
6/30/27,
(cash
5.000%,
PIK
5.000%)
No
Opt.
Call
218,699
4,135
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
National
Gypsum
Company,
Refunding
Series
2014,
5.500%,
11/01/44,
(AMT)
11/24
at
100.00
4,143,608
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Private
Activity
Revenue
Bonds,
The
PennDOT
Major
Bridges
Package
One
Project,
Series
2022
:
19,250
5.750%,
6/30/48,
(AMT)
12/32
at
100.00
20,944,522
24,890
(c)
5.000%,
12/31/57
-
AGM
Insured,
(AMT),
(UB)
12/32
at
100.00
25,936,502
3,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Capital
Appreciation
Series
2009E,
6.000%,
12/01/30
12/27
at
100.00
3,286,589
4,000
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2017,
5.000%,
11/01/47
5/27
at
100.00
4,008,388
935
The
Redevelopment
Authority
of
the
City
of
Scranton,
Lackawanna
county,
Pennsylvania,
Guaranteed
Lease
Revenue
Bonds,
Series
2016A,
5.000%,
11/15/28
5/24
at
100.00
935,232
Total
Pennsylvania
185,396,188
Puerto
Rico
-
7.1%
(4.4%
of
Total
Investments)
75,000
Children's
Trust
Fund,
Puerto
Rico,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2008A,
0.000%,
5/15/57
5/24
at
8.49
6,001,440
1,805
Cofina
Class
2
Trust
Tax-Exempt
Class
2054,
Puerto
Rico.
Unit
Exchanged
From
Cusip
74529JAP0,
0.000%,
8/01/54
No
Opt.
Call
349,664
1,595
(d)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Forward
Delivery
Series
2022A,
5.000%,
7/01/37
7/32
at
100.00
1,675,628
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
:
16,000
(d)
5.000%,
7/01/35
7/30
at
100.00
16,816,872
5,255
(d)
5.000%,
7/01/47
7/30
at
100.00
5,324,125
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
:
8,180
(d)
5.000%,
7/01/33
7/31
at
100.00
8,700,446
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
92
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Puerto
Rico
(continued)
$
2,745
(d)
5.000%,
7/01/37
7/31
at
100.00
$
2,869,200
5,785
(d)
4.000%,
7/01/42
7/31
at
100.00
5,401,007
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
:
6,055
4.500%,
7/01/34
7/25
at
100.00
6,078,530
46,230
0.000%,
7/01/51
7/28
at
30.01
10,600,257
2,260
4.750%,
7/01/53
7/28
at
100.00
2,211,311
108,619
5.000%,
7/01/58
7/28
at
100.00
108,631,806
1,780
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A,
4.550%,
7/01/40
7/28
at
100.00
1,782,576
493
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.536%,
7/01/53
7/28
at
100.00
466,076
568
Puerto
Rico,
General
Obligation
Bonds,
Clawback
Highway
Transportation
Authority
Claims
Taxable
Series
2022,
0.000%,
11/01/51
No
Opt.
Call
341,370
8,008
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/41
7/31
at
103.00
7,450,491
821
Puerto
Rico,
Highway
and
Transportation
Authority
Highway
Revenue
Bonds,
Series
2022,
5.250%,
7/01/36
5/24
at
100.00
824,996
Total
Puerto
Rico
185,525,795
Rhode
Island
-
0.1%
(0.1%
of
Total
Investments)
21,570
Rhode
Island
Tobacco
Settlement
Financing
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A,
0.000%,
6/01/52
5/24
at
19.06
3,736,267
Total
Rhode
Island
3,736,267
South
Carolina
-
3.4%
(2.1%
of
Total
Investments)
21,570
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2,
0.000%,
1/01/30
-
AMBAC
Insured
No
Opt.
Call
17,099,488
7,530
South
Carolina
Housing
Finance
and
Development
Authority,
Mortgage
Revenue
Bonds,
Series
2023B,
4.850%,
7/01/48
7/32
at
100.00
7,597,345
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
Prisma
Health
Obligated
Group,
Series
2018A
:
9,985
(c)
5.000%,
5/01/43,
(UB)
5/28
at
100.00
10,161,326
8,560
(c)
5.000%,
5/01/48,
(UB)
5/28
at
100.00
8,630,699
4,915
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
&
Improvement
Series
2015A,
5.000%,
12/01/50
6/25
at
100.00
4,918,306
4,915
(c)
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
&
Improvement
Series
2015A,
5.000%,
12/01/50,
(UB)
6/25
at
100.00
4,918,305
7,500
(c)
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B,
5.000%,
12/01/46,
(UB)
12/26
at
100.00
7,552,339
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022A
:
5,970
4.000%,
12/01/43
6/32
at
100.00
5,687,185
10,295
5.000%,
12/01/55
6/32
at
100.00
10,422,596
9,155
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Series
2014A,
5.500%,
12/01/54
6/24
at
100.00
9,154,426
2,585
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Series
2015E,
5.250%,
12/01/55
12/25
at
100.00
2,590,606
Total
South
Carolina
88,732,621
93
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
South
Dakota
-
0.2%
(0.1%
of
Total
Investments)
$
4,455
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Sanford
Health,
Series
2015,
5.000%,
11/01/45
11/25
at
100.00
$
4,497,961
Total
South
Dakota
4,497,961
Tennessee
-
1.3%
(0.8%
of
Total
Investments)
1,000
(d)
Bristol
Industrial
Development
Board,
Tennessee,
State
Sales
Tax
Revenue
Bonds,
Pinnacle
Project,
Series
2016A,
5.125%,
12/01/42
12/26
at
100.00
892,448
4,000
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
4.000%,
8/01/44
8/29
at
100.00
3,759,268
2,395
Chattanooga-Hamilton
County
Hospital
Authority,
Tennessee,
Hospital
Revenue
Bonds,
Erlanger
Health
System,
Refunding
Series
2014A,
5.000%,
10/01/44
10/24
at
100.00
2,334,349
21,500
(c)
Metropolitan
Government
of
Nashville
and
Davidson
County
Sports
Authority,
Tennessee,
Revenue
Bonds,
Stadium
Project,
Subordinate
Senior
Series
2023A,
5.250%,
7/01/53
-
AGM
Insured,
(UB)
1/34
at
100.00
22,972,853
5,000
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Revenue
Bonds,
Subordinate
Series
2019B,
5.000%,
7/01/54,
(AMT)
7/30
at
100.00
5,062,480
Total
Tennessee
35,021,398
Texas
-
11.0%
(6.8%
of
Total
Investments)
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
3,122,253
3,340
5.000%,
12/01/40
12/25
at
100.00
3,064,601
9,000
Carrollton-Farmers
Branch
Independent
School
District,
Dallas
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023,
4.000%,
2/15/53
2/33
at
100.00
8,445,276
960
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
1
Project,
Series
2015,
7.250%,
9/01/45
9/24
at
102.00
977,887
1,690
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Areas
2-5
Major
Improvement
Project,
Series
2015,
8.250%,
9/01/40
9/24
at
102.00
1,727,405
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien,
Series
2015A
:
2,000
(e)
5.000%,
1/01/40,
(Pre-refunded
7/01/25)
7/25
at
100.00
2,034,041
3,625
(e)
5.000%,
1/01/45,
(Pre-refunded
7/01/25)
7/25
at
100.00
3,686,700
Club
Municipal
Management
District
1,
Texas,
Special
Assessment
Revenue
Bonds,
Improvement
Area
1
Project,
Series
2016
:
505
6.250%,
9/01/35
9/24
at
102.00
516,873
480
6.500%,
9/01/46
9/24
at
102.00
490,073
21,000
Crowley
Independent
School
District,
Tarrant
and
Johnson
Counties,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023,
4.250%,
2/01/53
2/33
at
100.00
20,462,627
1,000
Fort
Bend
County
Industrial
Development
Corporation,
Texas,
Revenue
Bonds,
NRG
Energy
Inc.
Project,
Series
2012A.
RMKT,
4.750%,
5/01/38
5/24
at
100.00
999,964
150
Fort
Bend
County
Industrial
Development
Corporation,
Texas,
Revenue
Bonds,
NRG
Energy
Inc.
Project,
Series
2012B,
4.750%,
11/01/42
5/24
at
100.00
149,052
10,000
Gulf
Coast
Industrial
Development
Authority,
Texas,
Solid
Waste
Disposal
Revenue
Bonds,
Citgo
Petroleum
Corporation
Project,
Series
1998,
8.000%,
4/01/28,
(AMT)
5/24
at
100.00
10,009,775
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A
:
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
94
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
295
0.000%,
11/15/41
-
AGM
Insured
11/31
at
62.66
$
127,564
590
0.000%,
11/15/42
-
AGM
Insured
11/31
at
59.73
240,871
1,000
0.000%,
11/15/43
-
AGM
Insured
11/31
at
56.93
384,561
2,000
0.000%,
11/15/44
-
AGM
Insured
11/31
at
54.25
726,494
2,600
0.000%,
11/15/45
-
AGM
Insured
11/31
at
51.48
890,570
4,180
0.000%,
11/15/53
-
AGM
Insured
11/31
at
33.96
924,961
1,920
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H,
0.000%,
11/15/37
-
NPFG
Insured
11/31
at
69.08
930,583
4,565
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Third
Lien
Series
2004A-3,
0.000%,
11/15/35
-
NPFG
Insured
11/24
at
52.47
2,334,531
40,500
Harris
County-Houston
Sports
Authority,
Texas,
Special
Revenue
Bonds,
Refunding
Senior
Lien
Series
2001A,
0.000%,
11/15/40
-
NPFG
Insured
11/30
at
54.04
16,342,600
2,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines
Inc.
Terminal
Improvement
Project,
Refunding
Series
2015B-1,
5.000%,
7/15/35,
(AMT)
7/25
at
100.00
2,004,015
235
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
E
Project,
Refunding
Series
2014,
5.000%,
7/01/29,
(AMT)
7/24
at
100.00
235,026
2,845
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
E
Project,
Refunding
Series
2020A,
5.000%,
7/01/27,
(AMT)
No
Opt.
Call
2,885,504
3,750
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
Improvements
Project,
Refunding
Series
2020B-2,
5.000%,
7/15/27,
(AMT)
No
Opt.
Call
3,803,980
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
23,969,795
5,000
0.000%,
9/01/30
-
AMBAC
Insured
No
Opt.
Call
3,918,463
5,765
0.000%,
9/01/31
-
AMBAC
Insured
No
Opt.
Call
4,332,009
6,000
(e)
Houston,
Texas,
Water
and
Sewerage
System
Revenue
Bonds,
Refunding
Junior
Lien
Series
2001B,
5.500%,
12/01/29
-
NPFG
Insured,
(ETM)
No
Opt.
Call
6,493,003
7,500
(e)
Houston,
Texas,
Water
and
Sewerage
System
Revenue
Bonds,
Refunding
Junior
Lien
Series
2002A,
5.750%,
12/01/32
-
AGM
Insured,
(ETM)
No
Opt.
Call
9,122,414
720
Kerrville
Health
Facilities
Development
Corporation,
Texas,
Revenue
Bonds,
Sid
Peterson
Memorial
Hospital
Project,
Series
2015,
5.000%,
8/15/35
8/25
at
100.00
726,057
2,505
Matagorda
County
Navigation
District
1,
Texas,
Collateralized
Revenue
Refunding
Bonds,
Houston
Light
and
Power
Company,
Series
1997,
5.125%,
11/01/28
-
AMBAC
Insured,
(AMT)
No
Opt.
Call
2,578,909
8,630
(d)
Mission
Economic
Development
Corporation,
Texas,
Revenue
Bonds,
Natgasoline
Project,
Senior
Lien
Series
2018,
4.625%,
10/01/31,
(AMT)
5/24
at
103.00
8,541,679
825
(f)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project, Series
2015A,
5.000%,
7/01/47
7/25
at
100.00
765,187
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C
:
6,330
(e)
7.000%,
9/01/43,
(Pre-refunded
9/01/31)
9/31
at
100.00
7,734,376
9,130
(e)
6.750%,
9/01/45,
(Pre-refunded
9/01/31)
9/31
at
100.00
11,207,871
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier
Capital
Appreciation
Series
2008I
:
2,555
(e)
6.200%,
1/01/42,
(Pre-refunded
1/01/25)
-
AGC
Insured
1/25
at
100.00
2,598,434
7,000
(e)
6.500%,
1/01/43,
(Pre-refunded
1/01/25)
1/25
at
100.00
7,130,313
10,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2008D,
0.000%,
1/01/28
-
AGC
Insured
No
Opt.
Call
8,749,330
95
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
1,570
Reagan
Hospital
District
of
Reagan
County,
Texas,
Limited
Tax
Revenue
Bonds,
Series
2014A,
5.000%,
2/01/34
5/24
at
100.00
$
1,542,205
1,000
(f)
Red
River
Health
Facilities
Development
Corporation,
Texas,
First
Mortgage
Revenue
Bonds,
Eden
Home
Inc.,
Series
2012,
7.250%,
12/15/47
5/24
at
100.00
600,000
855
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
I,
Gas
Supply
Revenue
Bonds,
Senior
Lien
Series
2008D,
6.250%,
12/15/26
No
Opt.
Call
882,011
1,800
Texas
Private
Activity
Bond
Surface
Transpiration
Corporation,
Revenue
Bonds,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Managed
Lanes
Project,
Senior
Lien
Series
2023,
5.500%,
12/31/58,
(AMT)
12/33
at
100.00
1,932,034
Texas
Private
Activity
Bond
Surface
Transpiration
Corporation,
Senior
Lien
Revenue
Bonds,
NTE
Mobility
Partners
Segments
3
LLC
Refunding
Series
2023
:
300
5.500%,
6/30/42,
(AMT)
6/28
at
103.00
318,739
1,660
5.500%,
6/30/43,
(AMT)
6/28
at
103.00
1,760,555
90,930
Texas
Private
Activity
Bond
Surface
Transporation
Corporation,
Senior
Lien
Revenue
Bonds,
NTE
Mobility
Partners
Segments
3
LLC
Segments
3C
Project,
Series
2019,
5.000%,
6/30/58,
(AMT)
6/29
at
100.00
91,622,814
3,600
Texas
Turnpike
Authority,
Central
Texas
Turnpike
System
Revenue
Bonds,
First
Tier
Series
2002A,
0.000%,
8/15/25
-
AMBAC
Insured
No
Opt.
Call
3,418,742
Total
Texas
287,462,727
Utah
-
0.1%
(0.1%
of
Total
Investments)
1,945
(d),(f)
Box
Elder
County,
Utah,
Solid
Waste
Disposal
Revenue
Bonds,
Promontory
Point
Res,
LLC,
Senior
Series
2017A,
8.000%,
12/01/39,
(AMT)
12/27
at
100.00
1,901,984
1,755
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2021A,
4.000%,
7/01/51
-
AGM
Insured,
(AMT)
7/31
at
100.00
1,609,761
Total
Utah
3,511,745
Virginia
-
4.2%
(2.6%
of
Total
Investments)
22,405
(c)
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016,
5.000%,
7/01/51,
(UB)
7/26
at
100.00
22,434,189
12,000
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016,
5.000%,
7/01/51
7/26
at
100.00
12,015,634
540
(e)
Embrey
Mill
Community
Development
Authority,
Virginia,
Special
Assessment
Revenue
Bonds,
Series
2015,
5.600%,
3/01/45,
(Pre-refunded
3/01/25)
3/25
at
100.00
548,161
2,000
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1,
5.000%,
6/01/47
5/24
at
100.00
1,845,514
20,000
Virginia
College
Building
Authority,
Educational
Facilities
Revenue
Bonds,
21st
Century
College
&
Equipment
Programs,
Series
2024A,
4.000%,
2/01/42,
(WI/DD)
2/34
at
100.00
19,708,500
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017
:
8,995
5.000%,
12/31/49,
(AMT)
6/27
at
100.00
9,041,365
16,520
5.000%,
12/31/52,
(AMT)
6/27
at
100.00
16,571,541
27,570
5.000%,
12/31/56,
(AMT)
6/27
at
100.00
27,624,021
Total
Virginia
109,788,925
Washington
-
3.3%
(2.0%
of
Total
Investments)
770
Central
Puget
Sound
Regional
Transit
Authority,
Washington,
Sales
Tax
and
Motor
Vehicle
Excise
Tax
Bonds,
Series
1999,
4.750%,
2/01/28
-
FGIC
Insured
5/24
at
100.00
773,289
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
96
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Washington
(continued)
$
105
Tacoma
Consolidated
Local
Improvement
District
65,
Washington,
Special
Assessment
Bonds,
Series
2013,
5.750%,
4/01/43
5/24
at
100.00
$
100,173
6,065
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Central
Washington
Health
Services
Association,
Refunding
Series
2015,
4.000%,
7/01/36
7/25
at
100.00
5,953,125
10,420
(c)
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
MultiCare
Health
System,
Series
2015A,
5.000%,
8/15/45,
(UB)
8/25
at
100.00
10,011,184
10,500
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
MultiCare
Health
System,
Series
2017B,
4.000%,
8/15/41
2/28
at
100.00
9,880,529
10,785
(c)
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014C,
5.000%,
10/01/44,
(UB)
10/24
at
100.00
10,797,193
21,320
(c)
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014D,
5.000%,
10/01/38,
(UB)
10/24
at
100.00
20,799,349
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
1,837,658
14,875
(c)
5.000%,
9/01/55,
(UB)
9/30
at
100.00
15,203,834
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Subordinate
Series
2021B. Exchange
Purchase
:
9,435
4.000%,
7/01/43
7/31
at
100.00
8,705,014
1,675
3.000%,
7/01/48
7/31
at
100.00
1,219,339
1,410
Washington
State,
Motor
Vehicle
Fuel
Tax
General
Obligation
Bonds,
Series
2003F,
0.000%,
12/01/24
-
NPFG
Insured
No
Opt.
Call
1,379,566
Total
Washington
86,660,253
West
Virginia
-
0.4%
(0.2%
of
Total
Investments)
6,000
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Charleston
Area
Medical
Center,
Refunding
&
Improvement
Series
2023B,
6.000%,
9/01/48
9/33
at
100.00
6,747,072
3,500
West
Virginia
State,
General
Obligation
Bonds,
State
Road
Competitive
Series
2018B,
4.000%,
6/01/42
6/28
at
100.00
3,508,132
Total
West
Virginia
10,255,204
Wisconsin
-
2.2%
(1.4%
of
Total
Investments)
25
(d)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Corvian
Community
School,
North
Carolina,
Series
2017A,
5.000%,
6/15/37
6/24
at
100.00
23,684
1,000
(d)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Envision
Science
Academy
Project,
Series
2016A,
5.125%,
5/01/36
5/26
at
100.00
973,365
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
Carolina
Charter
Educational
Foundation
Project,
Series
2016A
:
5,545
(d)
5.000%,
6/15/36
6/26
at
100.00
4,883,679
4,430
(d)
5.000%,
6/15/46
6/26
at
100.00
3,444,373
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
:
80
(d),(f)
0.000%,
1/01/47
No
Opt.
Call
1,988
70
(d),(f)
0.000%,
1/01/48
No
Opt.
Call
1,644
69
(d),(f)
0.000%,
1/01/49
No
Opt.
Call
1,524
66
(d),(f)
0.000%,
1/01/50
No
Opt.
Call
1,368
65
(d),(f)
0.000%,
1/01/51
No
Opt.
Call
1,273
85
(d),(f)
0.000%,
1/01/52
No
Opt.
Call
1,538
84
(d),(f)
0.000%,
1/01/53
No
Opt.
Call
1,437
81
(d),(f)
0.000%,
1/01/54
No
Opt.
Call
1,306
97
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
$
79
(d),(f)
0.000%,
1/01/55
No
Opt.
Call
$
1,209
78
(d),(f)
0.000%,
1/01/56
No
Opt.
Call
1,125
4,225
(d),(f)
5.500%,
7/01/56
3/28
at
100.00
3,150,671
86
(d),(f)
0.000%,
1/01/57
No
Opt.
Call
1,174
84
(d),(f)
0.000%,
1/01/58
No
Opt.
Call
1,081
81
(d),(f)
0.000%,
1/01/59
No
Opt.
Call
1,000
80
(d),(f)
0.000%,
1/01/60
No
Opt.
Call
919
79
(d),(f)
0.000%,
1/01/61
No
Opt.
Call
854
76
(d),(f)
0.000%,
1/01/62
No
Opt.
Call
784
75
(d),(f)
0.000%,
1/01/63
No
Opt.
Call
728
73
(d),(f)
0.000%,
1/01/64
No
Opt.
Call
678
72
(d),(f)
0.000%,
1/01/65
No
Opt.
Call
626
78
(d),(f)
0.000%,
1/01/66
No
Opt.
Call
625
935
(d),(f)
0.000%,
1/01/67
No
Opt.
Call
6,812
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
:
69
(d),(f)
0.000%,
1/01/46
No
Opt.
Call
1,864
68
(d),(f)
0.000%,
1/01/47
No
Opt.
Call
1,703
68
(d),(f)
0.000%,
1/01/48
No
Opt.
Call
1,599
67
(d),(f)
0.000%,
1/01/49
No
Opt.
Call
1,496
67
(d),(f)
0.000%,
1/01/50
No
Opt.
Call
1,368
73
(d),(f)
0.000%,
1/01/51
No
Opt.
Call
1,419
1,874
(d),(f)
3.750%,
7/01/51
3/28
at
100.00
1,304,750
72
(d),(f)
0.000%,
1/01/52
No
Opt.
Call
1,310
71
(d),(f)
0.000%,
1/01/53
No
Opt.
Call
1,224
71
(d),(f)
0.000%,
1/01/54
No
Opt.
Call
1,143
70
(d),(f)
0.000%,
1/01/55
No
Opt.
Call
1,065
69
(d),(f)
0.000%,
1/01/56
No
Opt.
Call
999
68
(d),(f)
0.000%,
1/01/57
No
Opt.
Call
934
67
(d),(f)
0.000%,
1/01/58
No
Opt.
Call
870
67
(d),(f)
0.000%,
1/01/59
No
Opt.
Call
821
67
(d),(f)
0.000%,
1/01/60
No
Opt.
Call
765
66
(d),(f)
0.000%,
1/01/61
No
Opt.
Call
710
65
(d),(f)
0.000%,
1/01/62
No
Opt.
Call
666
64
(d),(f)
0.000%,
1/01/63
No
Opt.
Call
623
64
(d),(f)
0.000%,
1/01/64
No
Opt.
Call
588
63
(d),(f)
0.000%,
1/01/65
No
Opt.
Call
548
62
(d),(f)
0.000%,
1/01/66
No
Opt.
Call
499
808
(d),(f)
0.000%,
1/01/67
No
Opt.
Call
5,889
500
(d)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Corvian
Community
School,
North
Carolina
Series
2023A,
6.250%,
6/15/48
6/33
at
100.00
504,101
1,200
Public
Finance
Authority
of
Wisconsin,
Exempt
Facilities
Revenue
Bonds,
National
Gypsum
Company
Project,
Refunding
Series
2016,
4.000%,
8/01/35,
(AMT)
8/26
at
100.00
1,070,894
1,690
(d),(f)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
Grant
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017A,
6.250%,
8/01/27
No
Opt.
Call
1,318,200
1,350
(d)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017,
7.000%,
12/01/50
12/27
at
100.00
1,306,492
160
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Prime
Healthcare
Foundation,
Inc.,
Series
2017A,
5.200%,
12/01/37
12/27
at
100.00
161,691
2,905
Public
Finance
Authority
of
Wisconsin,
Student
Housing
Revenue
Bonds,
Collegiate
Housing
Foundation
-
Cullowhee
LLC
-
Western
California
University
Project,
Series
2015A,
5.000%,
7/01/35
7/25
at
100.00
2,880,819
Nuveen
Municipal
Credit
Income
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
98
NZF
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
$
1,000
Public
Finance
Authority,
Wisconsin,
Exempt
Facilities
Revenue
Bonds,
Celanese
Project,
Refunding
Series
2016C,
4.300%,
11/01/30
5/26
at
100.00
$
977,819
1,000
Wisconsin
Center
District,
Dedicated
Tax
Revenue
Bonds,
Refunding
Senior
Series
2003A,
0.000%,
12/15/31
No
Opt.
Call
745,708
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mercy
Alliance,
Inc.,
Series
2012
:
2,105
5.000%,
6/01/32
5/24
at
100.00
2,106,028
2,500
5.000%,
6/01/39
5/24
at
100.00
2,500,572
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2016A
:
12,650
5.000%,
11/15/39
5/26
at
100.00
12,859,330
13,080
4.000%,
11/15/46
5/26
at
100.00
12,313,492
1,120
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Dickson
Hollow
Project.
Series
2014,
5.250%,
10/01/39
5/24
at
101.00
1,045,829
4,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
ProHealth
Care,
Inc.
Obligated
Group,
Refunding
Series
2015,
5.000%,
8/15/39
8/24
at
100.00
4,002,763
Total
Wisconsin
57,632,056
Total
Municipal
Bonds
(cost
$4,078,909,530)
4,157,429,090
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
3
.7
%
(
2
.3
%
of
Total
Investments)
X
96,119,420
Utilities
-
3.7%
(2.3%
of
Total
Investments)
43,297
(g),(j),(k)
Vistra
Vision
$
96,119,420
Total
Utilities
96,119,420
Total
Common
Stocks
(cost
$43,090,879)
96,119,420
Total
Long-Term
Investments
(cost
$4,122,000,409)
4,253,548,510
Floating
Rate
Obligations
-
(14.5)%
(
379,165,000
)
MFP
Shares,
Net
-
(24.4)%(l)
(
640,137,836
)
VRDP
Shares,
Net-
(25.7)%(m)
(
673,652,507
)
Other
Assets
&
Liabilities,
Net
- 2.4%
62,147,233
Net
Assets
Applicable
to
Common
Shares
-
100%
$
2,622,740,400
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(d)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$378,006,348
or
8.9%
of
Total
Investments.
(e)
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.
(f)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(g)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(h)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(i)
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.
(j)
On
March
1,
2024,
Vistra
Corp.
(“Vistra”)
completed
its
acquisition
of
Energy
Harbor
Corp
(“ENGH”). ENGH
has
been
merged
into
a
newly
formed
subsidiary
of
Vistra,
Vistra
Vision. In
connection
with
the
transaction,
holders
of
ENGH
common
stock
received
a
combination
of
cash
and
membership
interests
in
Vistra
Vision.
These
Vistra
Vision
interests
were
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.
(k)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(l)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
15.0%.
99
(m)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
15.8%.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
IF
Inverse
floating
rate
security
issued
by
a
tender
option
bond
(“TOB”)
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
(SIFMA)
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
PIK
Payment-in-kind
(“PIK”)
security. Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both. The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
TSFR
3M
CME
Term
SOFR
3
Month
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
100
Nuveen
Municipal
High
Income
Opportunity
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
158.1%
(99.2%
of
Total
Investments)
X
–
MUNICIPAL
BONDS
-
154.2%
(96.7%
of
Total
Investments)
X
1,874,587,329
Alabama
-
3.0%
(1.9%
of
Total
Investments)
$
183
(c),(d)
Adamsville
Solid
Waste
Disposal
Authority,
Alabama,
Solid
Waste
Disposal
Revenue
Bonds,
Big
Sky
Environmental
LLC
Project,
Refunding
Taxable
Series
2017C,
1.000%,
9/01/37
5/24
at
100.00
$
2
1,000
(c),(d)
Adamsville
Solid
Waste
Disposal
Authority,
Alabama,
Solid
Waste
Disposal
Revenue
Bonds,
Big
Sky
Environmental
LLC
Project,
Series
2017A,
6.750%,
9/01/37
9/27
at
100.00
700,000
212
(c),(d)
Adamsville
Solid
Waste
Disposal
Authority,
Alabama,
Solid
Waste
Disposal
Revenue
Bonds,
Big
Sky
Environmental
LLC
Project,
Taxable
Series
2017B,
6.750%,
9/01/37
9/27
at
100.00
148,646
2,000
(d)
Alabama
Private
Colleges
and
University
Facilities
Authority,
Limited
Obligation
Bonds,
University
of
Mobile
Project,
Series
2015A,
6.000%,
9/01/45
9/25
at
100.00
2,009,682
2,500
Birmingham-Jefferson
Civic
Center
Authority,
Alabama,
Special
Tax
Bonds,
Series
2018A,
5.000%,
7/01/48
7/28
at
100.00
2,546,786
785
Hoover
Industrial
Development
Board,
Alabama,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Proejcet,
Green
Series
2020,
6.375%,
11/01/50,
(AMT),
(Mandatory
Put
11/01/30)
No
Opt.
Call
861,569
14,765
Hoover
Industrial
Development
Board,
Alabama,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Proejcet,
Series
2019,
5.750%,
10/01/49,
(AMT)
10/29
at
100.00
15,164,167
6,430
(e)
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024,
5.500%,
10/01/53,
(UB)
10/33
at
100.00
6,886,927
250
MidCity
Improvement
District,
Alabama,
Special
Assessment
Revenue
Bonds,
Series
2022,
4.750%,
11/01/49
11/32
at
100.00
199,092
1,875
(d)
Mobile
County,
Alabama,
Limited
Obligation
Warrants,
Gomesa
Projects,
Series
2020,
4.000%,
11/01/45
11/29
at
100.00
1,665,983
1,000
Southeast
Alabama
Gas
Supply
District,
Alabama,
Gas
Supply
Revenue
Bonds,
Project
2,
Refunding
Series
2024B,
5.000%,
6/01/49,
(Mandatory
Put
5/01/32)
2/32
at
100.17
1,042,684
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A
:
241
(d)
4.500%,
5/01/32
5/24
at
100.00
240,710
4,450
(d)
5.250%,
5/01/44
5/29
at
100.00
4,459,673
Total
Alabama
35,925,921
Arizona
-
3.9%
(2.5%
of
Total
Investments)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds, Arizona
Christian
University
Project,
Series
2019A
:
400
(d)
5.500%,
10/01/40
10/26
at
103.00
347,593
800
(d)
5.625%,
10/01/49
10/26
at
103.00
658,739
10,000
(d)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Heritage
Academy
-
Gateway
and
Laveen
Pojects,
Series
2021B,
5.000%,
7/01/51
7/28
at
103.00
8,643,124
10,000
(d)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Heritage
Academy
-
Gateway
and
Laveen
Pojects,
Taxable
Series
2021A,
5.000%,
7/01/51
7/28
at
103.00
8,643,124
1,000
(d)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Heritage
Academy
-
Gateway
and
Laveen
Pojects,
Taxable
Series
2021C,
6.000%,
7/01/29
No
Opt.
Call
949,828
101
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Arizona
(continued)
$
5,000
(d)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Pinecrest
Academy
of
Nevada
Sloan
Canyon
Campus
Project,
Series
2020A-2,
6.150%,
9/15/53
5/24
at
105.00
$
5,159,529
2,765
(d)
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
Falcon
Properties
LLC,
Project,
Senior
Series
2022A-1,
4.150%,
12/01/57
12/31
at
100.00
1,973,547
2,590
(d)
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
Falcon
Properties
LLC,
Project,
Subordinate
Series
2022B,
5.750%,
12/15/57
12/31
at
100.00
1,965,277
1,000
(d)
Arizona
Industrial
Development
Authority,
Education
Facility
Revenue
Bonds,
Caurus
Academy
Project,
Series
2018A,
6.500%,
6/01/50
6/28
at
100.00
1,032,001
1,000
(d)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Gateway
Academy
Project,
Series
2019A,
5.750%,
1/01/50
1/30
at
100.00
867,820
1,000
Pima
County
Industrial
Development
Authority,
Arizona,
Charter
School
Revenue
Bonds,
Desert
Heights
Charter
School,
Series
2014,
7.250%,
5/01/44
5/24
at
100.00
1,001,393
3,000
(d)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Edkey
Charter
Schools
Project,
Refunding
Series
2020,
5.000%,
7/01/49
7/26
at
103.00
2,701,085
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
245,350
400
5.375%,
7/01/46
7/26
at
100.00
384,638
475
5.500%,
7/01/51
7/26
at
100.00
456,795
1,000
(d)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Edkey
Charter
Schools
Project,
Series
2019,
5.875%,
7/01/51
7/26
at
103.00
1,002,340
310
(d)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Synergy
Public
Charter
School
Project,
Series
2020,
5.000%,
6/15/35
6/28
at
100.00
304,027
100
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
The
Paideia
Academies
Project,
2019,
5.125%,
7/01/39
7/25
at
100.00
94,887
7,500
(d)
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007,
5.500%,
12/01/37
No
Opt.
Call
7,736,416
2,000
(f)
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2021A,
0.000%,
10/01/56
10/29
at
103.00
1,501,730
1,980
(d)
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
AmeriSchools
Academy
Project,
Series
2022,
6.000%,
6/15/57
6/29
at
103.00
1,932,572
Total
Arizona
47,601,815
Arkansas
-
0.7%
(0.4%
of
Total
Investments)
1,750
(d)
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
5.450%,
9/01/52,
(AMT)
9/25
at
105.00
1,772,257
4,000
(d)
Arkansas
Development
Finance
Authority,
Industrial
Development
Revenue
Bonds,
Big
River
Steel
Project,
Series
2019,
4.500%,
9/01/49,
(AMT)
9/26
at
103.00
3,916,842
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
102
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Arkansas
(continued)
$
2,500
(d)
Arkansas
Development
Finance
Authority,
Industrial
Development
Revenue
Bonds,
Big
River
Steel
Project,
Series
2020A,
4.750%,
9/01/49,
(AMT)
9/27
at
103.00
$
2,449,316
Total
Arkansas
8,138,415
California
-
12.8%
(8.0%
of
Total
Investments)
18,390
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Second
Subordinate
Lien
Series
2022C,
5.450%,
10/01/52
-
AGM
Insured
10/37
at
100.00
9,741,542
Alameda
Corridor
Transportation
Authority,
California,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2022B
:
4,000
5.300%,
10/01/47
10/37
at
100.00
2,138,017
18,905
5.350%,
10/01/48
10/37
at
100.00
10,056,432
4,585
5.375%,
10/01/49
10/37
at
100.00
2,428,926
3,055
5.400%,
10/01/50
10/37
at
100.00
1,610,081
3,000
(d)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56
8/31
at
100.00
1,976,972
2,000
(d)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Exchange
at
Bayfront
Apartments,
Junior
Series
2021A-2,
4.000%,
8/01/51
8/32
at
100.00
1,008,470
1,000
(d)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47
8/31
at
100.00
796,147
4,590
(d)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Mira
Vista
Hills Apartments,
Series
2021A,
4.000%,
2/01/56
8/31
at
100.00
3,195,359
1,000
(d)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50
2/30
at
100.00
699,332
5,000
(d)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56
2/31
at
100.00
3,931,431
2,000
(d)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2,
4.000%,
2/01/50
8/32
at
100.00
1,478,686
9,155
(d)
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A,
5.000%,
4/01/49
4/29
at
100.00
7,570,947
500
(d)
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
&
Language
Academy
Project,
Series
2021,
4.000%,
7/01/61
7/27
at
100.00
373,596
2,230
(d)
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
and
Language
Academy
Project,
Series
2020,
6.250%,
7/01/58
7/27
at
102.00
2,301,067
10,450
(e)
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-
Sinai
Health
System,
Series
2021A,
4.000%,
8/15/48
8/31
at
100.00
10,180,270
1,020
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Series
2014B,
5.875%,
8/15/49
8/24
at
100.00
1,021,024
500
(d)
California
Municipal
Finance
Authority,
Revenue
Bonds,
California
Baptist
University,
Series
2016A,
5.000%,
11/01/36
11/26
at
100.00
503,144
2,165
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2020-6,
County
of
Placer-PV400,
Series
2022,
5.250%,
9/01/52
9/29
at
103.00
2,170,265
1,130
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A,
5.250%,
11/01/52
-
AGM
Insured
11/32
at
100.00
1,196,455
103
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
400
(c),(d)
California
Pollution
Contol
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Aemerge
Redpak
Services
Southern
California,
LLC
Project,
Subordinate
Series
2017,
8.000%,
12/01/27,
(AMT)
No
Opt.
Call
$
29,280
1,000
(d)
California
Public
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
California
Crosspoint
Academy
Project,
Series
2020A,
5.125%,
7/01/55
7/28
at
100.00
838,027
1,000
(d)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Alta
Public
Schools
-
Obligated
Group,
Series
2020A,
6.000%,
6/01/59
6/28
at
102.00
960,446
1,000
(d)
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Girls
Athletic
Leadership
School
Los
Angeles
Project,
Series
2021A,
4.000%,
6/01/61
6/31
at
100.00
691,694
1,000
(d)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A,
5.000%,
6/01/40
6/27
at
100.00
788,333
4,000
(d)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Russell
Westbrook
Academy
Obligated
Group,
Series
2021A,
4.000%,
6/01/61
6/27
at
100.00
2,784,303
1,000
(d)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
Obligated
Group,
Series
2020A,
5.000%,
6/01/60
6/28
at
100.00
859,538
1,600
(d)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
Obligated
Group,
Series
2023A,
6.000%,
6/01/63
6/31
at
100.00
1,599,904
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
802,311
1,000
5.500%,
12/01/54
12/24
at
100.00
1,003,107
9,030
(d)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56
6/26
at
100.00
9,073,258
500
(d)
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Lancer
Educational
Student
Housing
Project,
Refunding
Series
2016A,
5.000%,
6/01/46
6/26
at
100.00
492,098
765
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2011A,
8.000%,
9/02/41
5/24
at
100.00
729,936
16
(c),(g)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A,
5.500%,
7/01/39
1/22
at
100.00
15,926
1,300
(d)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Subordinate
Series
2021B,
8.000%,
4/01/56
4/31
at
100.00
981,732
1,750
(d)
CMFA
Special
Finance
Agency
VII,
California,
Essential
Housing
Revenue
Bonds,
Senior
Lien
Series
2021A-1,
3.000%,
8/01/56
8/31
at
100.00
1,165,186
2,000
(d)
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-2,
4.000%,
12/01/45
12/31
at
100.00
1,612,760
300
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-
2
Sierra
Bella,
Series
2022A,
5.000%,
9/01/42
9/29
at
103.00
311,533
1,000
(d)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46
10/31
at
100.00
777,869
25,385
(d)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56
10/31
at
100.00
19,341,806
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
104
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
2,000
(d)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Dublin
Mezzanine
Lien
Series
2021B,
4.000%,
2/01/57
2/32
at
100.00
$
1,442,496
1,000
(d)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56
10/31
at
100.00
723,457
2,000
(d)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Series
2021B,
4.000%,
7/01/58
7/32
at
100.00
1,347,165
4,250
(d)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56
12/31
at
100.00
3,101,489
2,000
(d)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
6/01/57
6/31
at
100.00
1,208,416
535
(d)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57
6/31
at
100.00
313,357
5,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021A-
2,
4.000%,
12/01/58
6/32
at
100.00
3,704,212
2,145
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
12/01/59
6/32
at
100.00
1,361,354
3,430
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
2,331,908
1,690
Daly
City
Housing
Development
Finance
Agency,
California,
Mobile
Home
Park
Revenue
Bonds,
Franciscan
Mobile
Home
Park
Project,
Refunding
Third
Tier
Series
2007C,
6.500%,
12/15/47
5/24
at
100.00
1,683,777
2,000
Daly
City
Housing
Development
Finance
Agency,
California,
Mobile
Home
Park
Revenue
Bonds,
Franciscan
Mobile
Home
Park,
Refunding
Series
2007A,
5.000%,
12/15/37
5/24
at
100.00
2,001,622
8,855
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2,
0.000%,
6/01/66
12/31
at
27.75
899,162
390
Lee
Lake
Public
Financing
Authority,
California,
Junior
Lien
Revenue
Bonds,
Series
2013B,
5.250%,
9/01/32
5/24
at
100.00
390,433
1,000
Los
Angeles
County
Community
Facilities
District
2021-01,
California,
Special
Tax
Bond,
Valencia-Facilities
Improvement
Area
1,
Series
2022,
5.000%,
9/01/52
9/29
at
103.00
998,049
535
Menifee
Union
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2011-1,
Improvement
Area
6,
Series
2021,
4.000%,
9/01/50
9/28
at
103.00
459,829
1,640
Oroville,
California,
Revenue
Bonds,
Oroville
Hospital
Series
2019,
5.250%,
4/01/54
4/29
at
100.00
1,120,696
Sacramento
City
Financing
Authority
California,
Lease
Revenue
Bonds,
Master
Lease
Program
Facilities
Projects,
Tender
Option
Bond
Trust
2016-XG0100
:
750
(d),(e)
8.093%,
12/01/30
-
AMBAC
Insured,
(IF)
No
Opt.
Call
1,128,246
2,015
(d),(e)
8.417%,
12/01/33
-
AMBAC
Insured,
(IF)
No
Opt.
Call
3,357,895
10,000
(e)
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
5.000%,
5/01/43,
(AMT),
(UB)
5/28
at
100.00
10,187,624
105
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
4,095
(d)
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Mission
Bay
South
Redevelopment
Project,
Subordinate
Series
2016D,
0.000%,
8/01/31
5/24
at
70.81
$
2,889,564
1,055
(d)
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017,
6.250%,
9/01/47
9/27
at
100.00
1,096,752
5,000
(e)
University
of
California
Regents,
Medical
Center
Pooled
Revenue
Bonds,
Series
2022P,
4.000%,
5/15/53,
(UB)
5/32
at
100.00
4,912,763
Total
California
155,897,476
Colorado
-
14.4%
(9.0%
of
Total
Investments)
830
Antelope
Heights
Metropolitan
District,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Junior
Lien
Series
Series
2021B,
5.500%,
12/15/37
9/26
at
103.00
744,870
1,089
Aspen
Street
Metropolitan
District,
Broomfield
County
and
City,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021A-3,
5.125%,
12/01/50
6/26
at
103.00
872,160
12,000
Aurora
Highlands
Community
Authority
Board,
Adams
County,
Colorado,
Special
Tax
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A,
5.750%,
12/01/51
12/28
at
103.00
10,763,952
500
Aviation
Station
North
Metropolitan
District
2,
Denver
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2019B,
7.750%,
12/15/48
9/24
at
103.00
461,421
1,500
Belford
North
Metropolitan
District,
Douglas
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2020A,
5.500%,
12/01/50
12/25
at
103.00
1,338,342
1,000
Bennett
Ranch
Metropolitan
District
1,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Tax
Series
2021A,
5.000%,
12/01/51
3/26
at
103.00
859,429
500
Berthoud-Heritage
Metropolitan
District
10,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2022A,
4.750%,
12/01/52
12/26
at
103.00
402,658
2,000
Bradley
Heights
Metropolitan
District
2,
Colorado
Springs,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A-3,
4.750%,
12/01/51
9/26
at
103.00
1,495,676
1,000
Broadway
Station
Metropolitan
District
3,
Denver
City
and
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Series
2019A,
5.000%,
12/01/49
6/24
at
103.00
776,183
3,000
Canyons
Metropolitan
District
5,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Junior
Subordinate
Series
2016,
7.000%,
12/15/57
5/24
at
100.00
2,070,697
500
Centerra
Metropolitan
District
1,
Loveland,
Colorado,
Special
Revenue
Improvement
Bonds,
Series
2022,
6.500%,
12/01/53
12/27
at
103.00
505,442
460
Cherry
Creek
Corporate
Center
Metropolitan
District,
Arapahoe
County,
Colorado,
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016B,
8.000%,
6/15/37
5/24
at
101.00
442,308
600
Clear
Creek
Transit
Metropolitan
District
2,
Adams
County,
Colorado,
Revenue
Supported
Limited
Tax
General
Obligation
Bonds,
Series
2021A,
5.000%,
12/01/41
12/26
at
103.00
527,886
500
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Community
Leadership
Academy
Project,
Series
2008,
6.250%,
7/01/28
5/24
at
100.00
500,634
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
New
Summit
Charter
Academy
Project,
Series
2021A
:
100
(d)
4.000%,
7/01/41
7/31
at
100.00
83,763
100
(d)
4.000%,
7/01/51
7/31
at
100.00
75,637
1,225
(d)
4.000%,
7/01/61
7/31
at
100.00
877,293
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
106
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
560
(d)
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Skyview
Academy
Project,
Series
2014,
5.375%,
7/01/44
7/24
at
100.00
$
560,009
720
(d)
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
Global
Village
Academy
-
Northglenn
Project,
Series
2020,
5.000%,
12/01/55
12/30
at
100.00
590,659
2,500
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
American
Baptist
Homes
of
the
Midwest
Obligated
Group,
Series
2013,
8.000%,
8/01/43
5/24
at
100.00
2,477,736
1,000
(d)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
American
Baptist
Homes
Project,
Series
2016,
6.125%,
2/01/46
2/26
at
100.00
836,700
3,144
Colorado
International
Center
Metropolitan
District
8,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020,
6.500%,
12/01/50
9/25
at
103.00
2,880,041
500
Conestoga
Metropolitan
District
2,
Ault,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2021A-3,
5.250%,
12/01/51
9/26
at
103.00
441,092
500
Copperleaf
Metropolitan
District
3,
Arapahoe
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2021B,
5.500%,
12/15/36
9/26
at
103.00
451,676
Copperleaf
Metropolitan
District
4,
Arapahoe
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2020A
:
775
5.000%,
12/01/39
3/25
at
103.00
745,619
750
5.000%,
12/01/49
3/25
at
103.00
678,872
1,000
Crowfoot
Valley
Ranch
Metropolitan
District
No.
2, Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2018A,
5.625%,
12/01/38
5/24
at
103.00
972,165
5,000
(e)
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
5.250%,
12/01/48,
(AMT),
(UB)
12/28
at
100.00
5,118,052
1,500
Denver
Gateway
Center
Metropolitan
District,
In
the
City
and
County
of
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2018A,
5.625%,
12/01/48
5/24
at
103.00
1,459,064
1,030
E-86
Metropolitan
District,
Elizabeth,
Elbert
County,
Colorado,
General
Obligation
Limited
Tax
Cash
Flow
Bonds,
Series
2021A-3,
5.125%,
12/01/51
6/26
at
103.00
848,471
2,000
(d)
Elbert
and
Highway
86
Commercial
Metropolitan
District,
Elbert
County,
Colorado,
Special
Revenue
and
Tax
Supported
Bonds,
Refunding
&
Improvement
Senior
Series
2021A,
5.000%,
12/01/51
6/26
at
103.00
1,738,071
960
Erie
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
Series
2021,
4.000%,
12/01/38
9/26
at
103.00
792,142
4,150
(d)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A,
6.750%,
12/01/34
9/27
at
103.00
4,088,035
3,080
Foothills
Metropolitan
District,
Fort
Collins,
Colorado,
Special
Revenue
Bonds,
Series
2014,
6.000%,
12/01/38
12/24
at
100.00
2,910,655
1,000
Four
Corners
Business
Improvement
District,
Erie,
Boulder
County,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2022,
6.000%,
12/01/52
9/27
at
103.00
917,950
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
8,248,247
1,000
5.750%,
12/01/52
12/30
at
102.00
973,399
2,260
Fourth
North
Business
Improvement
District,
Silverthorne,
Summit
County,
Colorado,
Special
Revenue
and
Tax
Supported
Bonds,
Subordinate
Series
2022B,
8.125%,
12/15/52
12/30
at
102.00
2,255,833
107
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
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
$
2,914,396
1,000
8.500%,
12/15/52
9/27
at
103.00
982,928
3,000
(d)
Future
Legends
Sports
Park
Metropolitan
District
2,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A,
5.500%,
6/01/50
6/25
at
103.00
2,580,761
500
(d)
Glen
Metropolitan
District
3,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021,
4.250%,
12/01/51
12/26
at
103.00
368,020
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
407,630
500
4.750%,
12/01/51
12/26
at
103.00
385,056
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
707,761
1,000
9.000%,
12/15/52
9/27
at
103.00
965,962
2,000
Heritage
Todd
Creek
Metropolitan
District,
Colorado,
General
Obligation
Bonds
Limited
Tax,
Refunding
&
Improvement
Series
2015,
6.125%,
12/01/44
12/24
at
100.00
2,002,425
540
Highlands
Metropolitan
District
1,
Broomfield
City and
County,
colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2021,
5.000%,
12/01/41
3/26
at
103.00
472,461
810
Jefferson
Center
Metropolitan
District
1,
Arvada,
Jefferson
County,
Colorado,
Special
Revenue
Bonds,
Subordinate
Series
2020B,
5.750%,
12/15/50
5/24
at
103.00
809,786
1,700
Jones
District
Community
Authority
Board,
Centennial,
Colorado,
Special
Revenue
Convertible
Capital
Appreciaiton
Bonds,
Series
2020A,
5.750%,
12/01/50
12/25
at
103.00
1,510,856
1,000
Kinston
Metropolitan
District
5,
Loveland,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A,
5.125%,
12/01/50
12/25
at
103.00
956,800
1,000
(d)
Kremmling
Memorial
Hospital
District,
Colorado,
Certificates
of
Participation,
Series
2024,
6.625%,
12/01/56
12/31
at
103.00
938,418
4,500
Lakes
at
Centerra
Metropolitan
District
2,
Loveland,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2018A,
5.250%,
12/01/47
7/24
at
103.00
4,646,436
500
Lanterns
Metropolitan
District
1,
Castle
Rock,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2019A,
5.000%,
12/01/49
9/24
at
103.00
464,625
500
Lanterns
Metropolitan
District
2,
Castle
Rock,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021A-3,
4.500%,
12/01/50
9/26
at
103.00
363,783
5,000
(d)
Ledge
Rock
Center
Commercial
Metropolitan
District
(In
the
Town
of
Johnstown,
Weld
County,
Colorado),
Limited
Tax
General
Obligation
Bonds,
Series
2022,
7.375%,
11/01/52
11/29
at
103.00
4,983,730
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
457,508
500
5.000%,
4/15/51
6/26
at
103.00
428,748
1,000
Meadowbrook
Heights
Metropolitan
District,
Jefferson
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A(3),
4.875%,
12/01/51
9/26
at
103.00
801,779
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
108
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
500
Murphy
Creek
Metropolitan
District
5
(In
the
City
of
Aurora,
Arapahoe
County,
Colorado),
General
Obligation
Limited
Tax
Bonds,
Series
2022A
and
Subordinate
General
Obligation
Limited
Tax
Bonds,
Series
2022B(3),
6.000%,
12/01/52
9/27
at
103.00
$
487,689
500
North
Pine
Vistas
Metropolitan
District
3,
Castle
Pines,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2021B,
4.625%,
12/15/51
-
AGM
Insured
12/26
at
103.00
427,145
2,000
North
Range
Metropolitan
District
3,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-3,
5.250%,
12/01/50
12/25
at
103.00
1,905,361
1,535
North
Vista
Highlands
Metropolitan
District
3,
Pueblo
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020,
5.125%,
12/01/49
3/25
at
103.00
1,409,283
1,000
Northfield
Metropolitan
District
2,
Fort
Collins,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A,
5.000%,
12/01/50
12/25
at
103.00
871,043
1,500
Overlook
Park
Metropolitan
District,
Routt
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Senior
Series
2023A,
7.250%,
12/01/53
6/28
at
103.00
1,499,062
6,555
Painted
Prairie
Public
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2019,
5.000%,
12/01/49
12/24
at
103.00
5,757,840
500
Palisade
Park
West
Metropolitan
District,
Broomfield
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax,
Series
2019A,
5.125%,
12/01/49
6/24
at
103.00
462,197
500
(d)
Parkdale
Community
Authority,
Erie
County,
Colorado,
Limited
Tax
Supported
Convertible
Capital
Appreciation
Revenue
Bonds,
District
2,
Series
2024A,
7.750%,
12/01/53
3/29
at
103.00
363,935
500
Parkdale
Community
Authority,
Erie,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
District
1,
Series
2020A,
5.250%,
12/01/50
9/25
at
103.00
448,404
1,500
(d)
Peak
Metropolitan
District
1,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021A,
5.000%,
12/01/51
3/26
at
103.00
1,242,235
9,300
Peak
Metropolitan
District
3,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Convertible
Capital
Appreciation
Bonds,
Series
2022A-2,
8.000%,
12/01/52
12/27
at
81.40
5,360,789
4,686
Pioneer
Community
Authority
Board
(Weld
County,
Colorado),
Special
Revenue
Bonds,
Series
2022,
6.500%,
12/01/34
6/29
at
103.00
4,490,168
500
(d)
Prairie
Corner
Metropolitan
District,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021,
4.875%,
12/01/51
12/26
at
103.00
391,919
1,000
(d)
Prairie
Song
Metropolitan
District
4,
Windsor,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021,
6.000%,
12/01/51
12/28
at
103.00
882,677
1,000
(d)
Pueblo
Urban
Renewal
Authority,
Colorado,
Tax
Increment
Revenue
Bonds,
EVRAZ
Project,
Series
2021A,
4.750%,
12/01/45
12/30
at
100.00
668,355
1,000
Raindance
Metropolitan
District
1,
Acting
by
and
through
its
Water
Activity
Enterprise
In
the
Town
of
Windsor,
Weld
County,
Colorado,
Non-Potable
Water
Enterprise
Revenue
Bonds,
Series
2020,
5.250%,
12/01/50
12/25
at
103.00
954,009
1,000
Rampart
Range
Metropolitan
District
5,
Lone
Tree,
Douglas
County,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Series
2021,
4.000%,
12/01/51
10/26
at
102.00
740,066
2,000
Reagan
Ranch
Metropolitan
District
1,
Colorado
Springs,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2021-3,
5.375%,
12/01/51
12/26
at
103.00
1,690,709
720
Reunion
Metropolitan
District,
Acting
By
and
Through
its
Water
Activity
Enterprise, Adams
County,
Colorado,
Special
Revenue
Bonds,
Series
2021,
3.625%,
12/01/44
6/26
at
103.00
534,925
500
Ritoro
Metropolitan
District
In
the
Town
of
Elizabeth,
Elbert
County,
Colorado,
Limited
Tax
,
Convertible
to
Unlimited
Tax,
General
Obligation
Bonds,
Series
2019A,
5.000%,
12/01/49
6/24
at
103.00
462,051
109
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
500
Riverdale
Ranch
Metropolitan
District,
Thornton
City,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2019A,
5.000%,
12/01/49
9/24
at
103.00
$
453,828
570
Riverview
Metropolitan
District,
Steamboat
Springs,
Routt
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Tax
Refunding
Series
2021,
5.000%,
12/01/51
6/26
at
103.00
488,519
1,000
Riverwalk
Metropolitan
District
2,
Glendale,
Arapahoe
County,
Colorado,
Special
Revenue
Bonds,
Series
2022A,
5.000%,
12/01/52
3/27
at
103.00
863,538
2,000
RRC
Metropolitan
District
2,
Jefferson
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021,
5.250%,
12/01/51
12/26
at
103.00
1,683,586
2,000
Sagebrush
Farm
Metropolitan
District
1,
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022A,
6.750%,
12/01/52
12/29
at
103.00
1,973,874
Siena
Lake
Metropolitan
District,
Gypsum,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021
:
2,515
3.750%,
12/01/41
9/26
at
103.00
1,926,233
2,000
4.000%,
12/01/51
9/26
at
103.00
1,427,267
1,025
Silver
Leaf
Metropolitan
District,
Jefferson
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A-3,
5.250%,
12/01/50
6/26
at
103.00
874,246
1,000
South
Aurora
Regional
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2018,
6.250%,
12/01/57
5/24
at
103.00
948,523
5,000
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Special
District
3,
Series
2022,
6.750%,
12/01/53
12/27
at
103.00
5,197,194
1,000
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Special
District
4,
Series
2024A,
6.500%,
12/01/54
No
Opt.
Call
1,017,352
2,790
Sterling
Ranch
Metropolitan
District
1,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2020,
5.125%,
12/01/50
12/25
at
103.00
2,493,376
3,000
(c)
Stone
Ridge
Metropolitan
District
2,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited,
Series
2007,
7.250%,
12/01/31
5/24
at
100.00
480,000
685
Three
Springs
Metropolitan
District
1,
Durango,
La
Plata
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Subordinate
Series
2020B,
7.125%,
12/15/50
12/25
at
103.00
616,921
1,000
Trails
at
Crowfoot
Metropolitan
District
3,
Parker,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2019A,
5.000%,
12/01/39
9/24
at
103.00
978,614
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
846,394
3,000
5.000%,
12/01/51
3/26
at
103.00
2,370,354
1,000
(d)
Tree
Farm
Metropolitan
District,
Eagle
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021,
4.750%,
12/01/50
12/26
at
103.00
855,670
1,000
Velocity
Metropolitan
District
3,
In
the
City
of
Aurora,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2019,
5.375%,
12/01/39
5/24
at
103.00
970,540
1,500
Velocity
Metropolitan
District
5,
In
the
City
of
Aurora,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
Capital
Appreciation
Series
2020A-2,
6.000%,
12/01/50
5/24
at
83.61
1,060,352
1,570
Velocity
Metropolitan
District
5,
In
the
City
of
Aurora,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-1,
5.375%,
12/01/50
5/24
at
103.00
1,443,520
1,000
Verve
Metropolitan
District
1,
Jefferson
County
and
the
City
and
County
of
Broomfield,
Colorado,
General
Obligation
Bonds,
Refunding
and
Improvement
Limited
Tax
Series
2021,
5.000%,
12/01/51
3/26
at
103.00
749,831
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
110
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
500
Village
East
Community
Metropolitan
District,
Frederick,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A,
5.250%,
12/01/50
9/25
at
103.00
$
452,068
1,100
Village
Metropolitan
District
In
the
Town
of
Avon,
Eagle
County,
Colorado,
Special
Revenue
and
Limited
Property
Tax
Bonds,
Refunding
&
Improvement
Series
2020,
5.000%,
12/01/40
12/25
at
103.00
1,066,234
3,000
Villages
at
Johnstown
Metropolitan
District
7,
Johnstown,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A(3),
6.250%,
12/01/52
6/27
at
103.00
3,012,698
1,000
Waterfront
at
Foster
Lake
Metropolitan
District
2,
Weld
County,
Colorado,
Special
Revenue
Bonds,
Series
2022,
4.625%,
12/01/28
No
Opt.
Call
930,303
750
Waterview
II
Metropolitan
District,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A,
5.000%,
12/01/41
3/27
at
103.00
676,292
1,500
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022,
6.750%,
12/01/52
12/29
at
103.00
1,407,516
1,000
Westgate
Metropolitan
District,
Colorado
Springs,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022,
5.125%,
12/01/51
3/27
at
103.00
820,889
2,000
(d)
Westwood
Metropolitan
District,
Thornton,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Senior
Series
2021A,
4.000%,
12/01/51
9/26
at
103.00
1,471,483
2,390
(d)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2021A-2,
4.625%,
12/01/51
9/26
at
97.28
1,399,363
14,000
(d)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1,
4.125%,
12/01/51
9/26
at
103.00
9,892,607
705
Windsor
Highlands
Metropolitan
District
9,
Windsor,
Larimer
County,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2019,
5.000%,
12/01/49
9/24
at
103.00
637,264
1,000
(d)
Winsome
Metropolitan
District
No.
3,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A,
5.125%,
12/01/50
9/26
at
103.00
828,416
798
Woodmen
Heights
Metropolitan
District
2,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Taxable
Converting
to
Tax-Exempt
Refunding
Subordinate
Series
2020B-1,
6.250%,
12/15/40
12/25
at
103.00
746,907
Total
Colorado
175,044,342
Connecticut
-
0.5%
(0.3%
of
Total
Investments)
2,000
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Stamford
Hospital,
Forward
Delivery
Series
2022M,
4.000%,
7/01/41
7/32
at
100.00
1,838,808
3,570
(e)
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Social
Series
2024A,
4.600%,
11/15/49,
(UB)
11/32
at
100.00
3,542,370
410
Steel
Point
Infrastructure
Improvement
District,
Connecticut,
Special
Obligation
Revenue
Bonds,
Steelpointe
Harbor
Project,
Series
2021,
4.000%,
4/01/51
4/30
at
100.00
322,642
Total
Connecticut
5,703,820
Delaware
-
0.2%
(0.1%
of
Total
Investments)
2,500
(d),(h)
Delaware
Economic
Development
Authority,
Revenue
Bonds,
Odyssey
Charter
School
Inc.
Project,
Series
2015A,
7.000%,
9/01/45,
(Pre-refunded
3/03/25)
3/25
at
100.00
2,565,297
Total
Delaware
2,565,297
District
of
Columbia
-
2.6%
(1.6%
of
Total
Investments)
1,996
(d)
District
of
Columbia,
Revenue
Bonds,
Saint
Paul
on
Fouth
Street,
Inc.,
Series
2019A,
5.250%,
5/15/55
5/30
at
100.00
1,690,403
111
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
District
of
Columbia
(continued)
$
1,800
(d)
District
of
Columbia,
Tax
Increment
Revenue
Bonds,
Union
Market
Infrastructure
Project,
Series
2021A,
4.250%,
6/01/46
6/28
at
100.00
$
1,201,815
5,100
(e)
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B,
4.000%,
10/01/53
-
AGM
Insured,
(UB)
10/29
at
100.00
4,737,261
20,640
(e)
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Refunding
Second
Senior
Lien
Series
2022A,
4.000%,
10/01/52
-
AGM
Insured,
(UB)
10/31
at
100.00
19,464,822
4,750
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
Improvement
Projects,
Refunding
Second
Senior
Lien
Series
2022A,
4.000%,
10/01/52
-
AGM
Insured
10/31
at
100.00
4,479,550
Total
District
of
Columbia
31,573,851
Florida
-
18.0%
(11.3%
of
Total
Investments)
350
Abbott
Square
Community
Development
District,
Zephyrhills,
Florida,
Special
Assessment
Revenue
Bonds,
2022
Project
Series
2022,
5.500%,
6/15/52
6/32
at
100.00
353,163
500
Academical
Village
Community
Development
District,
Davie,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2020,
4.000%,
5/01/51
5/30
at
100.00
405,253
1,645
(c),(d)
Alachua
County
Health
Facilities
Authority,
Florida,
Health
Facilities
Revenue
Bonds,
Terraces
at
Bonita
Springs
Project,
Refunding
Series
2022A,
5.000%,
11/15/61
11/29
at
103.00
1,057,876
250
(c),(d)
Alachua
County
Health
Facilities
Authority,
Florida,
Health
Facilities
Revenue
Bonds,
Terraces
at
Bonita
Springs
Project,
Taxable
Refunding
Series
2022B,
6.500%,
11/15/33
No
Opt.
Call
210,291
1,680
Ave
Maria
Stewardship
Community
District,
Florida,
Capital
Improvement
Revenue
Bonds,
2015
Assessment
Project,
Series
2015,
5.375%,
5/01/45
5/25
at
100.00
1,683,565
2,245
Ave
Maria
Stewardship
Community
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Ave
Maria
National
Project,
Series
2021,
4.000%,
5/01/51
5/31
at
100.00
1,814,591
2,000
(d)
Ave
Maria
Stewardship
Community
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Phase
3
Master
Improvements
Project,
Series
2021,
4.000%,
5/01/52
5/32
at
100.00
1,600,646
1,000
(d)
Ave
Maria
Stewardship
Community
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Phase
4
Master
Improvement
Project,
Series
2023,
5.500%,
5/01/53
5/33
at
100.00
1,003,319
960
Avenir
Community
Development
District,
Palm
Beach
Gardens,
Florida,
Special
Assessment
Bonds,
Area
3
-
Master
Infrastructure
Project,
Series
2023,
5.625%,
5/01/54
5/33
at
100.00
967,626
1,020
(d)
Babcock
Ranch
Community
Independent
Special
District,
Charlotte
County,
Florida,
Special
Assessment
Bonds,
2021
Project
Series
2021,
4.000%,
5/01/52
5/31
at
100.00
821,313
1,100
Babcock
Ranch
Community
Independent
Special
District,
Charlotte
County,
Florida,
Special
Assessment
Bonds,
2022
Project
Series
2022,
5.000%,
5/01/53
5/32
at
100.00
1,035,128
995
Babcock
Ranch
Community
Independent
Special
District,
Charlotte
County,
Florida,
Special
Assessment
Bonds,
Series
2015,
5.250%,
11/01/46
11/25
at
100.00
996,897
1,905
Balm
Grove
Community
Development
District,
Florida,
Special
Assessment
Bonds,
2022
Project,
Series
2022,
4.125%,
11/01/51
11/32
at
100.00
1,556,895
905
Belmont
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Phase
1
Project,
Series
2013A,
6.125%,
11/01/33
No
Opt.
Call
966,243
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
112
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
1,510
Boggy
Creek
Improvement
District,
Orlando,
Florida,
Special
Assessment
Revenue
Bonds,
Refunding
Series
2013,
5.125%,
5/01/43
5/24
at
100.00
$
1,489,781
500
(d)
Buckhead
Trails
Community
Development
District,
Manatee
County
Florida,
Special
Assessment
Bonds,
2022
Project
Series
2022,
5.750%,
5/01/52
5/37
at
100.00
502,710
Capital
Trust
Agency,
Florida,
Educational
Facilities
Revenue
Bonds,
AcadeMir
Charter
Schools,
Series
2021A
:
285
(d)
4.000%,
7/01/41
7/31
at
100.00
235,661
1,070
(d)
4.000%,
7/01/51
7/31
at
100.00
799,868
1,000
(d)
Capital
Trust
Agency,
Florida,
Educational
Facilities
Revenue
Bonds,
Legends
Academy,
Series
2021A,
5.000%,
12/01/56
12/28
at
100.00
780,000
2,500
(d)
Capital
Trust
Agency,
Florida,
Educational
Facilities
Revenue
Bonds,
LLT Academy
South
Bay
Project,
Series
2020A,
6.000%,
6/15/55
6/25
at
105.00
2,465,128
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Babcock
Neighborhood
School
Inc,
Series
2021
:
500
(d)
4.000%,
8/15/51
8/28
at
100.00
380,756
1,000
(d)
4.200%,
8/15/56
8/28
at
100.00
768,806
1,000
(d)
4.250%,
8/15/61
8/28
at
100.00
759,070
2,273
(c),(d)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Provision
CARES
Proton
Therapy
Center,
Orlando
Project,
Series
2018,
7.500%,
6/01/48
6/28
at
100.00
227,282
830
(d)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Renaissance
Charter
School
Project,
Series
2019A,
5.000%,
6/15/39
6/26
at
100.00
795,939
1,000
(c),(d)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Tuscan
Gardens
of
Palm
Coast
Project,
Series
2017A,
7.000%,
10/01/49
5/24
at
103.00
520,000
1,000
(d)
Capital
Trust
Agency,
Florida,
Senior
Living
Facilities
Revenue
Bonds,
Elim
Senior
Housing,
Inc.
Project,
Series
2017,
5.875%,
8/01/52
8/24
at
103.00
730,333
955
Celebration
Pointe
Community
Development
District
1,
Alachua
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2014,
5.125%,
5/01/45
5/24
at
100.00
954,990
1,000
(d)
Charlotte
County
Industrial
Development
Authority,
Florida,
Utility
System
Revenue
Bonds,
Town
&
Country
Utilities
Project,
Series
2019,
5.000%,
10/01/49,
(AMT)
10/27
at
100.00
985,522
215
(d)
Coddington
Community
Development
District,
Manatee
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2022,
5.750%,
5/01/42
5/32
at
100.00
222,769
1,491
(c),(d)
Collier
County
Industrial
Development
Authority,
Florida,
Continuing
Care
Community
Revenue
Bonds,
Arlington
of
Naples
Project,
Series
2014A,
7.750%,
5/15/35
5/24
at
100.00
40,267
995
(d)
Cross
Creek
North
Community
Development
District,
Clay
County,
Florida,
Special
Assessment
Bonds,
Series
2018,
5.375%,
11/01/50
11/29
at
100.00
1,004,321
1,000
(d)
Crosswinds
East
Community
Development
District,
Polk
County,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
One
Series
2024,
5.750%,
5/01/54
5/34
at
100.00
995,744
1,490
Cypress
Mill
Community
Development
District,
Hillsborough
County,
Florida,
Special
Assessment
Bonds,
Assessment
Area
2,
Series
2020,
4.000%,
6/15/40
6/30
at
100.00
1,324,827
1,515
East
Nassau
Stewardship
District,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2021,
4.000%,
5/01/51
5/31
at
100.00
1,218,980
1,420
Epperson
Ranch
II
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
Two,
Series
2020,
4.375%,
5/01/51
5/31
at
100.00
1,214,416
1,245
(d)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Creative
Inspiration
Journey
School
of
St.
Cloud,
Series
2021A,
5.000%,
6/15/51
6/29
at
102.00
1,048,523
113
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
1,850
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Downtown
Doral
Charter
Elementary
School
Project,
Series
2014A,
6.500%,
7/01/44
7/24
at
100.00
$
1,851,783
1,000
(d)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Downtown
Doral
Charter
Elementary
School
Project,
Series
2017A,
5.750%,
7/01/44
7/27
at
100.00
954,038
2,000
(d)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Dreamers
Academy
Project,
Series
2022A,
6.000%,
1/15/57
1/28
at
101.00
1,527,122
565
(d)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Florida
Charter
Foundation
Inc.
Projects,
Series
2016A,
5.000%,
7/15/46
7/26
at
100.00
523,530
5,855
(d)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Imagine
School
at
Broward
Project,
Series
2021A,
4.000%,
12/15/56
12/29
at
100.00
4,344,642
1,000
(d)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Miami
Arts
Charter
School
Projects,
Series
2014,
6.000%,
6/15/44
6/24
at
100.00
1,002,100
655
(d)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Pepin
Academies
of
Pasco
County
Inc.,
Series
2020A,
5.000%,
1/01/50
1/27
at
100.00
551,676
120
(d)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School,
Inc.
Projects,
Series
2020C,
5.000%,
9/15/50
9/27
at
100.00
104,199
1,000
(d)
Florida
Development
Finance
Corporation,
Florida,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Pro
USA,
Inc.
Project,
Series
2019,
5.000%,
5/01/29,
(AMT)
5/24
at
103.00
998,687
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
:
11,450
(d)
1.000%,
7/15/32,
(AMT),
(Mandatory
Put
7/15/28),
(WI/DD)
5/24
at
100.00
1
1,822,125
7,585
5.250%,
7/01/53
-
AGM
Insured,
(AMT),
(UB),
(WI/DD)
7/32
at
100.00
7,909,791
5,400
5.500%,
7/01/53,
(AMT),
(WI/DD)
7/32
at
100.00
5,599,499
5,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2023A,
7.500%,
7/01/57,
(AMT),
(Mandatory
Put
8/15/24)
5/24
at
104.00
4,975,281
24,190
(d)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2023C,
8.250%,
7/01/57,
(AMT),
(Mandatory
Put
8/15/24)
4/24
at
100.00
24,237,171
FRERC
Community
Development
District,
Ocoee,
Florida,
Special
Assessment
Bonds,
Series
2020
:
2,655
5.375%,
11/01/40
11/29
at
100.00
2,482,720
2,000
5.500%,
11/01/50
11/29
at
100.00
1,818,971
1,900
(d)
Gracewater
Sarasota
Community
Development
District,
Sarasota
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2021,
4.000%,
5/01/52
5/31
at
100.00
1,511,256
1,000
Grand
Bay
at
Doral
Community
Development
District,
Miami-Dade
County,
Florida,
Special
Assessment
Improvement
Bonds,
Assessment
Area
Two
Project,
Refunding
Series
2014A-2,
6.500%,
5/01/39
5/24
at
100.00
1,001,201
10,000
(e)
Greater
Orlando
Aviation
Authority,
Florida,
Orlando
Airport
Facilities
Revenue
Bonds,
Priority
Subordinated
Series
2017A,
5.000%,
10/01/42,
(AMT),
(UB)
10/27
at
100.00
10,180,935
200
Gulfstream
Polo
Community
Development
District,
Palm
Beach
County,
Florida,
Special
Assessment
Bonds,
Phase
2
Project,
Series
2019,
4.375%,
11/01/49
11/29
at
100.00
176,326
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
114
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
885
(d)
Hammock
Reserve
Community
Development
District,
Haines
City,
Florida,
Special
Assessment
Revenue
Bonds,
Area
3
Project,
Series
2022,
5.000%,
5/01/52
5/32
at
100.00
$
827,180
1,860
Harmony
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Special
Assessment,
Refunding
Series
2014,
5.250%,
5/01/32
5/24
at
100.00
1,860,665
200
Hawkstone
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
2,
Series
2019,
4.000%,
11/01/39
11/29
at
100.00
179,991
1,000
Hawkstone
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
4,
Series
2023,
5.500%,
5/01/53
5/33
at
100.00
1,008,636
5,000
(e)
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Subordinate
Lien
Series
2018A,
5.000%,
10/01/48,
(AMT),
(UB)
10/28
at
100.00
5,054,898
1,500
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Subordinate
Lien
Series
2018A,
5.000%,
10/01/48,
(AMT)
10/28
at
100.00
1,516,469
560
Hobe-Saint
Lucie
Conservancy
District,
Florida,
Special
Assessment
Revenue
Bonds,
Improvement
Unit
1A,
Series
2024,
5.875%,
5/01/55
5/34
at
100.00
567,262
265
Lakes
of
Sarasota
Community
Development
District,
Florida,
Improvement
Revenue
Bonds,
Capital
Phase
1
Project
2021A-1,
4.100%,
5/01/51
5/31
at
100.00
218,613
500
Lakes
of
Sarasota
Community
Development
District,
Florida,
Improvement
Revenue
Bonds,
Capital
Phase
1
Project
2021B-1,
4.300%,
5/01/51
5/31
at
100.00
423,545
610
Lakewood
Park
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
1,
Series
2021,
4.000%,
5/01/52
5/31
at
100.00
487,766
610
Lakewood
Ranch
Stewardship
District,
Florida,
Special
Assessment
Revenue
Bonds,
Lakewood
Centre
North
Project,
Series
2015,
4.875%,
5/01/45
5/25
at
100.00
591,486
2,000
Lee
County
Industrial
Development
Authority,
Florida,
Charter
School
Revenue
Bonds,
Lee
County
Community
Charter
Schools,
Series
2007A,
5.375%,
6/15/37
5/24
at
100.00
1,936,792
1,630
(d)
Lee
County
Industrial
Development
Authority,
Florida,
Healthcare
Facilities
Revenue
Bonds,
Preserve
Project,
Series
2017A,
5.750%,
12/01/52
5/24
at
104.00
1,182,189
750
Leomas
Landing
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
2,
Series
2021,
4.000%,
5/01/52
5/31
at
100.00
603,016
2,500
LTC
Rance
Residential
Community
Development
District,
Port
Saint
Lucie,
Florida,
Special
Assessment
Bonds,
Assessment
Area
1
Project,
Series
2021A,
4.000%,
5/01/52
5/31
at
100.00
1,976,437
2,000
(d)
LTC
Ranch
Residential
Community
Development
District,
Port
Saint
Lucie,
Florida,
Special
Assessment
Bonds,
Assessment
Area
3
Project,
Series
2024AA3,
6.050%,
5/01/54
No
Opt.
Call
1,978,236
Magic
Place
Community
Development
District,
Osceola
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2019
:
1,995
4.375%,
5/01/40
5/30
at
100.00
1,843,538
2,990
4.500%,
5/01/51
5/30
at
100.00
2,617,360
750
(d)
Miami
Dade
County
Industrial
Development
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
South
Florida
Autism
Charter
School
Project,
Series
2017,
6.000%,
7/01/47
7/27
at
100.00
751,850
1,085
Miami
World
Center
Community
Development
District,
Miami-Dade
County,
Florida,
Special
Assessment
Bonds,
Series
2017,
5.250%,
11/01/49
11/27
at
100.00
1,097,415
115
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
5,000
Miami-Dade
County
Expressway
Authority,
Florida,
Toll
System
Revenue
Bonds,
Series
2014A,
5.000%,
7/01/39
7/24
at
100.00
$
4,774,943
1,750
(d)
Miami-Dade
County
Industrial
Development
Authority,
Florida,
Revenue
Bonds,
Youth
Co-Op
Charter
Schools
Project,
Series
2015A,
6.000%,
9/15/45
9/25
at
100.00
1,754,400
1,000
Miami-Dade
County
Industrual
Development
Authority,
Florida,
Revenue
Bonds,
Doral
Academy,
Seres
2018,
5.000%,
1/15/48
1/28
at
100.00
975,451
11,250
(e)
Miami-Dade
County,
Florida,
Seaport
Revenue
Bonds,
Refunding
Series
2022A,
5.250%,
10/01/52,
(AMT),
(UB)
10/32
at
100.00
11,794,267
995
(d)
Mirada
Community
Development
District,
Florida,
Capital
Improvement
Bonds, Assessment
Area
3
Series
2024,
6.000%,
5/01/55
5/34
at
100.00
982,649
605
(h)
Mirada
Community
Development
District,
Pasco
County,
Florida,
Bond
Anticipation
Note,
Assessment
Area
3,
Series
2019,
4.500%,
5/01/24,
(ETM)
4/24
at
100.00
605,000
420
(d)
Mirada
II
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2022,
5.750%,
5/01/53
5/32
at
100.00
427,585
355
North
Park
Isle
Community
Development
District,
Plant
City,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
1,
Series
2019,
4.750%,
5/01/50
5/29
at
100.00
327,106
930
Northern
Palm
Beach
County
Improvement
District,
Florida,
Water
Control
and
Improvement
Bonds,
Development
Unit
53,
Series
2015,
5.500%,
8/01/46
8/26
at
100.00
936,765
9,305
(e)
Palm
Beach
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Baptist
Health
Systems
of
South
Florida
Obligated
Group,
Series
2019,
4.000%,
8/15/49,
(UB)
8/29
at
100.00
8,333,282
250
Palm
Beach
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Jupiter
Medical
Center,
Series
2022,
5.000%,
11/01/52
11/32
at
100.00
246,912
1,355
(d)
Palm
Beach
County,
Florida,
Revenue
Bonds,
Provident
Group
-
LU
Properties
LLC
Lynn
University
Housing
Project,
Series
2021A,
5.000%,
6/01/57
6/31
at
100.00
1,181,961
500
(d)
Palm
Beach
County,
Florida,
Revenue
Bonds,
Provident
Group
-
PBAU
Properties
LLC
-
Palm
Beach
Atlantic
University
Housing
Project,
Series
2019A,
5.000%,
4/01/51
4/29
at
100.00
479,291
250
Palm
Coast
Park
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Sawmill
Branch
Phase
2
Flager,
Series
2022,
5.125%,
5/01/51
5/32
at
100.00
242,291
905
(d)
Peace
Creek
Village
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Winter
Haven
Series
2024,
5.750%,
5/01/54
5/34
at
100.00
896,058
500
Portico
Community
Development
District,
Lee
County,
Florida,
Special Assessment,
Improvement
Series
2020-2,
4.000%,
5/01/50
5/30
at
100.00
407,017
910
Rivers
Edge
II
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2021,
4.000%,
5/01/51
5/31
at
100.00
734,469
905
(d)
Rivers
Edge
III
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2021,
4.000%,
5/01/51
5/31
at
100.00
729,332
2,495
Rolling
Oaks
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2016,
6.000%,
11/01/47
11/27
at
100.00
2,559,677
1,000
(d)
Saint
Johns
County
Housing
Authority,
Florida,
Multifamily
Mortgage
Revenue
Bonds,
Victoria
Crossing,
Series
2021A,
3.920%,
4/01/59,
(Mandatory
Put
4/01/39)
11/31
at
100.00
803,199
700
Sawgrass
Village
Community
Development
District,
Manatee
County,
Florida,
Special
Assessment
Bonds,
Assessment
Area
2
Series
2023,
6.375%,
11/01/53
11/33
at
100.00
726,274
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
116
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
1,110
(d)
Sawyers
Landing
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2021,
4.125%,
5/01/41
5/31
at
100.00
$
912,832
990
Shingle
Creek
Community
Development
District,
Osceola
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2015,
5.400%,
11/01/45
11/25
at
100.00
993,845
15,000
(e)
South
Miami
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Baptist
Health
Systems
of
South
Florida
Obligated
Group,
Refunding
Series
2017,
5.000%,
8/15/47,
(UB)
8/27
at
100.00
15,153,819
500
(d)
Summit
View
Community
Development
District,
Dade
City,
Florida,
Special
Assessment
Area
Two
Revenue
Bonds,
Series
2024,
6.000%,
5/01/54
5/34
at
100.00
491,870
220
Summit
View
Community
Development
District,
Dade
City,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2021B,
5.000%,
5/01/41
No
Opt.
Call
207,489
615
(d)
Three
Rivers
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
South
Assessment
Area
Series
2021B,
4.625%,
5/01/36
5/24
at
100.00
589,024
2,300
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-2,
6.610%,
5/01/40
5/24
at
100.00
2,229,575
2,505
(c)
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-3,
6.610%,
5/01/40
5/24
at
100.00
25
1,230
Touchstone
Community
Development
District,
Hillsborough
County,
Florida,
Special
Assessment
Bonds,
2019
Project,
Series
2019,
4.000%,
12/15/40
12/29
at
100.00
1,083,313
1,265
Tradition
Community
Development
District
1,
Port
Saint
Lucie,
Florida,
Irrigation
System
Revenue
Bonds,
Existing
System
Series
2017,
4.500%,
10/01/47
10/27
at
100.00
1,142,676
1,000
Turtle
Run
Community
Development
District,
Florida,
Special
Assessment
Benefit
Tax
Bonds,
Series
2017-2,
5.000%,
5/01/37
5/28
at
100.00
1,010,551
1,555
Twin
Creeks
North
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Master
Infrastructure
Improvements,
Series
2016A-1,
6.375%,
11/01/47
11/31
at
100.00
1,620,228
2,885
Twin
Creeks
North
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Master
Infrastructure
Improvements,
Series
2016A-2,
6.375%,
11/01/47
11/31
at
100.00
3,006,018
500
Two
Lakes
Community
Development
District,
Hialeah,
Florida,
Special
Assessment
Bonds,
Expansion
Area
Project,
Series
2019,
4.000%,
12/15/49
12/29
at
100.00
398,740
1,000
Two
Rivers
West
Community
Development
District,
Pasco
County,
Florida,
Special
Assessment
Bonds,
2023
Project,
Series
2023,
6.125%,
11/01/53
11/33
at
100.00
1,021,277
335
(d)
Union
Park
East
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
3
Series
2021,
4.000%,
5/01/51
5/31
at
100.00
269,543
1,000
V-Dana
Community
Development
District,
Lee
County,
Florida,Special
Assessment
Bonds,
Area
1
-
2021
Project,
Series
2021,
4.000%,
5/01/52
5/31
at
100.00
797,890
1,000
Venetian
Parc
Community
Development
District,
Miami-Dade
County,
Florida,
Special
Assessment
Bonds,
Area
One
Project,
Series
2013,
6.500%,
11/01/43
11/28
at
100.00
1,073,752
500
Verano
3
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Phase
2
Assessment
Area,
Series
2022,
6.625%,
11/01/52
11/32
at
100.00
527,881
965
Waterset
North
Community
Development
District,
Hillsborough
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2014,
5.500%,
11/01/45
11/24
at
100.00
966,318
117
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
500
(d)
Westside
Haines
City
Community
Development
District,
Polk
County,
Florida,
Special
Assessment
Bonds,
Area
2
Project,
Series
2024,
6.000%,
5/01/54
5/34
at
100.00
$
497,275
1,000
(d)
Windsor
at
Westside
Community
Development
District,
Lake
County,
Florida,
Special
Assessment
Bonds,
Area
1
Project,
Series
2024,
5.750%,
5/01/54,
(WI/DD)
5/34
at
100.00
984,568
Total
Florida
219,131,334
Georgia
-
0.4%
(0.2%
of
Total
Investments)
870
Atlanta
Urban
Residential
Finance
Authority,
Georgia,
Multifamily
Housing
Revenue
Bonds,
Testletree
Village
Apartments,
Series
2013A,
5.000%,
11/01/48
5/24
at
100.00
634,644
1,610
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2015A,
5.000%,
7/01/60
7/25
at
100.00
1,593,286
2,215
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2023A,
5.000%,
7/01/64
-
AGM
Insured
1/33
at
100.00
2,291,601
Total
Georgia
4,519,531
Hawaii
-
0.3%
(0.2%
of
Total
Investments)
2,000
(d)
Hawaii
County,
Hawaii,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
1-2021,
Kaloko
Heights
Project,
Series
2023,
7.250%,
5/15/52
5/33
at
100.00
1,961,562
2,000
(d)
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaii
Pacific
University,
Series
2013A,
6.875%,
7/01/43
5/24
at
100.00
2,001,109
Total
Hawaii
3,962,671
Idaho
-
0.2%
(0.2%
of
Total
Investments)
1,000
(d)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Doral
Academy
of
Idaho,
Series
2021A,
5.000%,
7/15/56
7/26
at
103.00
809,922
565
(d)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Gem
Prep
Meridian
North
LLC,
Series
2020A,
5.250%,
7/01/55
7/25
at
100.00
476,351
1,000
(d)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
Gem
Prep
Meridian
South
Charter
School
Project,
Series
2021,
4.000%,
5/01/56
11/25
at
100.00
691,281
1,050
(d)
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2024,
6.250%,
9/01/53
3/29
at
103.00
1,065,504
Total
Idaho
3,043,058
Illinois
-
17.8%
(11.2%
of
Total
Investments)
183
(c)
Bolingbrook,
Illinois,
Sales
Tax
Revenue
Bonds,
Series
2005,
6.250%,
1/01/26
12/23
at
100.00
182,416
10,670
(e)
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016,
6.000%,
4/01/46,
(UB)
4/27
at
100.00
11,102,009
1,500
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Project
Series
2015C,
5.250%,
12/01/39
12/24
at
100.00
1,496,769
2,575
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2018D,
5.000%,
12/01/46
5/24
at
100.00
2,530,427
15,385
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A,
7.000%,
12/01/44
12/25
at
100.00
15,926,657
2,025
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016B,
6.500%,
12/01/46
12/26
at
100.00
2,104,101
9,910
(d)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2017A,
7.000%,
12/01/46
12/27
at
100.00
10,673,248
10,000
(e)
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2022A,
5.000%,
12/01/46
-
BAM
Insured,
(UB)
12/31
at
100.00
10,527,243
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
118
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
$
1,848
Chicago,
Illinois,
Certificates
of
Participation
Tax
Increment
Bonds,
35th
and
State
Redevelopoment
Project,
Series
2012,
6.100%,
1/15/29
5/24
at
100.00
$
1,848,338
1,552
(c)
Chicago,
Illinois,
Certificates
of
Participation,
Tax
Increment
Allocation
Revenue
Bonds,
Diversey-Narragansett
Project,
Series
2006,
7.460%,
2/15/26
5/24
at
100.00
1,133,051
5,000
(e)
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Refunding
Senior
Lien
Series
2018A,
5.000%,
1/01/48,
(UB)
1/29
at
100.00
5,076,394
8,065
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Refunding
Senior
Lien
Series
2022A,
5.000%,
1/01/48
1/32
at
100.00
8,265,395
4,000
(e)
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2016D,
5.000%,
1/01/52,
(UB)
1/27
at
100.00
4,049,187
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2022A
:
5,000
(e)
5.250%,
1/01/53,
(UB)
1/31
at
100.00
5,192,404
10,620
(e)
5.500%,
1/01/55,
(UB)
1/32
at
100.00
11,236,052
4,000
(e)
Chicago,
Illinois,
General
Obligation
Bonds,
Chicago
Works
Series
2023A,
5.500%,
1/01/43,
(UB)
1/30
at
100.00
4,211,306
9,400
(e)
Chicago,
Illinois,
General
Obligation
Bonds,
Project
&
Refunding
Series
2017A,
6.000%,
1/01/38,
(UB)
1/27
at
100.00
9,795,121
1,000
(e)
Chicago,
Illinois,
General
Obligation
Bonds,
Project
and
Refunding
Series
2005D,
5.500%,
1/01/37,
(UB)
1/25
at
100.00
1,005,538
130
Chicago,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2016C,
5.000%,
1/01/38
1/26
at
100.00
130,318
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A
:
11,000
(e)
5.000%,
1/01/44,
(UB)
1/29
at
100.00
11,217,010
8,000
(e)
5.500%,
1/01/49,
(UB)
1/29
at
100.00
8,254,990
1,500
(e)
Chicago,
Illinois,
General
Obligation
Bonds,
VAribale
Rate
Demand
Series
2007F,
5.500%,
1/01/42,
(UB)
1/25
at
100.00
1,503,514
5,000
(c),(d)
Illinois
Finance
Authority
Revenue
Bonds,
Ness
Healthcare
NFP,
Series
2016A,
6.375%,
11/01/46
11/26
at
100.00
4,181,654
Illinois
Finance
Authority,
Charter
School
Revenue
Bonds,
Art
in
Motion
AIM
Project,
Series
2021A
:
1,000
(d)
5.000%,
7/01/51
7/31
at
100.00
724,263
1,000
(d)
5.000%,
7/01/56
7/31
at
100.00
705,985
1,000
(d)
Illinois
Finance
Authority,
Revenue
Bonds,
DePaul
College
Prep
Foundation,
Series
2023A,
5.625%,
8/01/53
8/33
at
100.00
1,040,481
Illinois
Finance
Authority,
Revenue
Bonds,
Dominican
University,
Refunding
Series
2022
:
550
5.000%,
3/01/36
9/32
at
100.00
551,066
600
5.000%,
3/01/38
9/32
at
100.00
580,649
700
5.000%,
3/01/40
9/32
at
100.00
664,032
2,000
(d)
Illinois
Finance
Authority,
Revenue
Bonds,
Roosevelt
University,
Series
2018B,
6.125%,
4/01/58
10/28
at
100.50
1,874,390
7,955
(e)
Illinois
State,
General
Obligation
Bonds,
June
Series
2022A,
5.500%,
3/01/47,
(UB)
3/32
at
100.00
8,499,596
1,715
Illinois
State,
General
Obligation
Bonds,
May
Series
2020,
5.750%,
5/01/45
5/30
at
100.00
1,844,359
Illinois
State,
General
Obligation
Bonds,
November
Series
2016
:
1,000
5.000%,
11/01/35
11/26
at
100.00
1,020,422
1,000
5.000%,
11/01/37
11/26
at
100.00
1,014,654
5,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2020C,
4.250%,
10/01/45
10/30
at
100.00
4,645,556
119
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
$
10,000
(e)
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2021A,
4.000%,
1/01/46,
(UB)
1/32
at
100.00
$
9,559,636
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
6,235,977
1,000
4.000%,
6/15/50
12/29
at
100.00
888,205
12,215
5.000%,
6/15/50
12/29
at
100.00
12,465,211
5,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017A,
5.000%,
6/15/57
12/27
at
100.00
5,058,676
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017B
:
35,635
0.000%,
12/15/54
No
Opt.
Call
6,945,511
5,000
0.000%,
12/15/54
-
BAM
Insured
No
Opt.
Call
1,065,781
705
Rantoul,
Champaign
County,
Illinois,
Tax
Increment
Revenue
Bonds,
Evans
Road
Series
2013B,
7.000%,
12/01/33
5/24
at
100.00
704,978
7,750
(e)
Sales
Tax
Securitization
Corporation,
Illinois,
Sales
Tax
Securitzation
Bonds,
Series
2018A,
5.000%,
1/01/48,
(UB)
1/28
at
100.00
7,902,557
10,000
(e)
Sales
Tax
Securitization
Corporation,
Illinois,
Sales
Tax
Securitzation
Bonds,
Series
2018C,
5.250%,
1/01/48
-
BAM
Insured,
(UB)
1/29
at
100.00
10,426,845
895
(c)
Yorkville
United
City
Business
District,
Illinois,
Storm
Water
and
Water
Improvement
Project
Revenue
Bonds,
Series
2007,
4.800%,
1/01/26
5/24
at
100.00
375,900
Total
Illinois
216,437,872
Indiana
-
1.7%
(1.1%
of
Total
Investments)
1,000
(d),(e)
Indiana
Bond
Bank,
Special
Program
Bonds,
Hendricks
Regional
Health
Project,
Tender
Option
Bond
Trust
2016-XL0019,
7.673%,
4/01/30
-
AMBAC
Insured,
(IF)
No
Opt.
Call
1,344,908
1,000
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Discovery
Charter
School
Project,
Series
2015A,
7.250%,
12/01/45
12/25
at
100.00
1,020,734
850
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Seven
Oaks
Classical
School
Project,
Series
2021A,
5.000%,
6/01/41
6/31
at
100.00
748,314
7,725
(e)
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
University
of
Evansville
Project,
Series
2022A,
5.250%,
9/01/57,
(UB)
9/32
at
100.00
7,108,781
2,000
Indiana
Finance
Authority,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Project,
Series
2012,
5.750%,
8/01/42,
(AMT)
5/24
at
100.00
2,000,270
5,000
(e)
Indiana
Finance
Authority,
Indiana,
Health
Facilities
Project
Revenue
Bonds,
Baptist
Healthcare
System
Obligated
Group,
Series
2017A,
5.000%,
8/15/51,
(UB)
8/27
at
100.00
5,016,390
1,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E,
6.125%,
3/01/57
3/33
at
100.00
1,084,459
770
Saint
Joseph
County,
Indiana,
Economic
Development
Revenue
Bonds,
Chicago
Trail
Village
Apartments,
Series
2005A,
7.500%,
7/01/35
5/24
at
100.00
771,814
1,000
Shoals,
Indiana,
Exempt
Facilities
Revenue
Bonds,
National
Gypsum
Company
Project, Series
2013,
7.250%,
11/01/43,
(AMT)
5/24
at
100.00
1,001,667
966
(c)
Terre
Haute,
Indiana,
Economic
Development
Solid
Waste
Facility
Revenue
Bonds,
Pyrolyx
USA
Indiana,
LLC
Project,
Series
2017A,
7.250%,
12/01/28,
(AMT)
No
Opt.
Call
10
1,000
(d)
Valparaiso,
Indiana,
Exempt
Facilities
Revenue
Bonds,
Pratt
Paper
LLC
Project,
Refunding
Series
2024,
5.000%,
1/01/54,
(AMT),
(WI/DD)
1/34
at
100.00
1,014,464
Total
Indiana
21,111,811
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
120
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Iowa
-
1.8%
(1.1%
of
Total
Investments)
$
1,000
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Alcoa
Inc.
Project,
Series
2012,
4.750%,
8/01/42
5/24
at
100.00
$
977,253
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022
:
17,940
(e)
5.000%,
12/01/50,
(UB)
12/29
at
103.00
18,688,715
2,500
5.000%,
12/01/50,
(Mandatory
Put
12/01/42)
12/29
at
103.00
2,595,232
Total
Iowa
22,261,200
Kansas
-
0.1%
(0.0%
of
Total
Investments)
1,000
Wyandotte
County-Kansas
City
Unified
Government,
Kansas,
Sales
Tax
Special
Obligation
Bonds,
Vacation
Village
Project
Area
1
and
2A,
Series
2015,
5.750%,
9/01/32
9/25
at
100.00
940,192
Total
Kansas
940,192
Kentucky
-
2.7%
(1.7%
of
Total
Investments)
1,340
Bell
County,
Kentucky,
Special
Assessment
Industrial
Building
Revenue
Bonds,
Boone's
Ridge
Project,
Series
2020,
6.000%,
12/01/40
12/30
at
100.00
1,177,490
Kentucky
Economic
Development
Finance
Authority,
Hospital
Revenue
Bonds,
Owensboro
Health,
Refunding
Series
2017A
:
11,675
(e)
5.000%,
6/01/41,
(UB)
6/27
at
100.00
11,731,266
5,450
5.000%,
6/01/41
6/27
at
100.00
5,476,265
3,300
5.000%,
6/01/45
6/27
at
100.00
3,301,044
990
(e)
5.000%,
6/01/45,
(UB)
6/27
at
100.00
990,313
1,000
Kentucky
Economic
Development
Finance
Authority,
Kentucky,
Healthcare
Facilities
Revenue
Bonds,
Christian
Care
Communities,
Inc.
Obligated
Group,
Series
2021,
5.125%,
7/01/55
7/29
at
102.00
758,366
1,000
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
Next
Generation
Kentucky
Information
Highway
Project,
Senior
Series
2015A,
5.000%,
7/01/30
7/25
at
100.00
1,009,161
1,000
Newport,
Kentucky,
Special
Obligation
Revenue
Bonds,
Newport
Clifton
Project,
Series
2020B,
5.500%,
12/01/60
12/30
at
100.00
819,354
5,200
(e)
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Refunding
Series
2024A-1,
5.250%,
4/01/54,
(Mandatory
Put
2/01/32),
(UB)
11/31
at
100.18
5,499,132
1,000
(d)
Union
Kentucky,
Special
Obligation
Revenue
Bonds,
Union
Promenade
Project,
Series
2022B,
5.500%,
12/01/52
12/32
at
100.00
935,872
1,000
(d)
Union,
Kentucky,
Special
Obligation
Revenue
Bonds,
Union
Promenade
Project,
Series
2022D,
5.750%,
12/01/52
12/32
at
100.00
937,500
Total
Kentucky
32,635,763
Louisiana
-
1.1%
(0.7%
of
Total
Investments)
1,810
Ascension
Parish
Industrial
development
Board,
Louisiana,
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013,
6.000%,
7/01/36
5/24
at
100.00
1,810,406
500
(d)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Lake
Charles
College
Prep
Project,
Series
2019A,
5.000%,
6/01/58
6/27
at
100.00
425,212
1,480
(d)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Mentorship
STEAM
Academy,
Series
2021A,
5.000%,
6/01/56
6/31
at
100.00
1,165,814
500
(d)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Young
Audiences
Charter
School,
Series
2019A,
5.000%,
4/01/57
4/27
at
100.00
409,013
1,710
(d)
Louisiana
Public
Facilities
Authority,
Dock
and
Wharf
Revenue
Bonds,
Impala
Warehousing
(US)
LLC
Project,
Series
2013,
6.500%,
7/01/36,
(AMT)
5/24
at
100.00
1,710,349
121
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Encore
Academy
Project,
Series
2021A
:
$
250
(c),(d)
5.000%,
6/01/41
6/31
at
100.00
$
150,000
250
(c),(d)
5.000%,
6/01/51
6/31
at
100.00
150,000
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Jefferson
Rise
Charter
School
Project,
Series
2022A
:
500
(d)
6.250%,
6/01/52
6/31
at
100.00
483,926
1,000
(d)
6.375%,
6/01/62
6/31
at
100.00
959,337
200
(d)
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Lincoln
Preparatory
School
Project,
Series
2022A,
6.500%,
6/01/62
6/31
at
100.00
188,249
1,300
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Lake
Charles
Charter
Academy
Foundation
Project,
Series
2011A,
7.750%,
12/15/31
5/24
at
100.00
1,302,817
2,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Loyola
University
Project,
Refunding
Series
2017,
5.250%,
10/01/33
No
Opt.
Call
2,235,807
2,110
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Southwest
Louisiana
Charter
Academy
Foundation
Project,
Series
2013A,
8.125%,
12/15/33
5/24
at
100.00
2,112,058
2,000
(c),(d)
Louisiana
Public
Facilities
Authority,
Solid
Waste
Disposal
Facility
Revenue
Bonds, Lousiana
Pellets
Inc
Project,
Series
2015,
7.000%,
7/01/24,
(AMT)
No
Opt.
Call
20
540
(d)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010,
6.350%,
7/01/40
6/30
at
100.00
583,958
Total
Louisiana
13,686,966
Maryland
-
0.8%
(0.5%
of
Total
Investments)
1,595
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
9/01/42
9/27
at
100.00
1,489,208
4,000
(c)
Maryland
Economic
Development
Corporation,
Revenue
Bonds,
Chesapeake
Bay
Hyatt
Conference
Center,
Series
2006A,
5.000%,
12/01/31
5/24
at
100.00
2,400,000
2,500
(c)
Maryland
Economic
Development
Corporation,
Revenue
Bonds,
Chesapeake
Bay
Hyatt
Conference
Center,
Series
2006B,
5.250%,
12/01/31
5/24
at
100.00
1,500,000
1,000
Maryland
Economic
Development
Corporation,
Special
Obligation
Bonds,
Port
Covington
Project,
Series
2020,
4.000%,
9/01/50
9/30
at
100.00
792,749
5,000
Maryland
Stadium
Authority,
Lease
Revenue
Bonds,
Built
To
Learn,
Series
2021,
2.750%,
6/01/51
6/31
at
100.00
3,308,533
Total
Maryland
9,490,490
Massachusetts
-
1.1%
(0.7%
of
Total
Investments)
7,080
(e)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2,
5.000%,
7/01/53,
(UB)
7/28
at
100.00
7,146,815
5,735
(e)
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
K,
Series
2017B,
4.250%,
7/01/46,
(AMT),
(UB)
7/26
at
100.00
5,170,867
1,200
Massachusetts
Educational
Financing
Authority,
Education
Loan
Revenue
Bonds,
Issue
M,
Subordinate
Series
2021C,
3.000%,
7/01/51,
(AMT)
7/31
at
100.00
784,128
Total
Massachusetts
13,101,810
Michigan
-
3.1%
(1.9%
of
Total
Investments)
1,740
Detroit,
Wayne
County,
Michigan,
General
Obligation
Bonds,
Social
Series
2021A,
5.000%,
4/01/46
4/31
at
100.00
1,751,242
1,945
Michigan
Finance
Authority,
Higher
Education
Limited
Obligation
Revenue
Bonds,
Aquinas
College
Project,
Refunding
Series
2021,
5.000%,
5/01/46
5/31
at
100.00
1,529,839
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
122
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Michigan
(continued)
$
6,480
(e)
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Henry
Ford
Health
System,
Series
2019A,
5.000%,
11/15/48,
(UB)
11/29
at
100.00
$
6,662,492
3,675
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Henry
Ford
Health
System,
Series
2019A,
5.000%,
11/15/48
11/29
at
100.00
3,778,496
5,000
(e)
Michigan
Finance
Authority,
Michigan,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2017A-MI,
4.000%,
12/01/40,
(UB)
12/27
at
100.00
4,838,379
830
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Cesar
Chavez
Academy
Project,
Refunding
Series
2019,
5.000%,
2/01/33
2/27
at
102.00
817,984
1,000
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Hanley
International
Academy,
Inc.
Project,
Refunding
Series
2021,
5.000%,
9/01/40
8/31
at
100.00
973,806
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Holly
Academy
Project,
Refunding
Series
2021
:
905
4.000%,
12/01/41
12/31
at
100.00
740,791
1,000
4.000%,
12/01/51
12/31
at
100.00
751,511
Michigan
Finance
Authority,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Hope
Academy
Project,
Refunding
Series
2021
:
150
(d)
4.400%,
4/01/31
4/28
at
100.00
130,997
315
(d)
4.900%,
4/01/41
4/28
at
100.00
242,725
1,210
(d)
Michigan
Finance
AuthorIty,
Public
School
Academy
Limited
Obligation
Revenue
Bonds,
Voyageur
Academy
Project,
Refunding
Series
2017.
Private
Placement
of
2017,
5.900%,
7/15/46
7/27
at
100.00
912,533
28,335
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2006
Sold
Tobacco
Receipts,
Taxable
Series
2020B,
0.000%,
6/01/45
No
Opt.
Call
6,793,889
1,355
Michigan
Public
Educational
Facilities
Authority,
Charter
School
Revenue
Bonds,
American
Montessori
Academy,
Series
2007,
6.500%,
12/01/37
5/24
at
100.00
1,355,276
1,000
Michigan
Public
Educational
Facilities
Authority,
Limited
Obligation
Revenue
Bonds, Chandler
Park
Academy
Project,
Series
2008,
6.500%,
11/01/35
5/24
at
100.00
1,000,617
100,000
Michigan
Tobacco
Settlement
Finance
Authority,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Capital
Appreciation
Turbo
Term
Series
2008C,
0.000%,
6/01/58
6/33
at
11.41
3,426,230
1,650
Summit
Academy
North,
Michigan,
Revenue
Bonds,
Public
School
Academy,
Refunding
Series
2021,
4.000%,
11/01/41
11/28
at
103.00
1,397,251
535
Universal
Academy,
Michigan,
Public
School
Academy
Bonds,
Refunding
Series
2021,
4.000%,
12/01/31
12/28
at
103.00
515,963
Total
Michigan
37,620,021
Minnesota
-
0.9%
(0.5%
of
Total
Investments)
2,000
Bethel,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Level
Up
Academy,
Series
2021A,
5.000%,
6/15/56
6/29
at
102.00
1,444,071
665
Brooklyn
Park,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Athlos
Leadership
Academy
Project,
Series
2015A,
5.500%,
7/01/35
7/25
at
100.00
636,082
1,000
Columbus,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
New
Millennium
Academy
Project,
Series
2015A,
6.000%,
7/01/45
7/25
at
100.00
936,305
505
Greenwood,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Main
Street
School
of
Performing
Arts
Project,
Series
2016A,
5.000%,
7/01/47
7/26
at
100.00
426,060
1,190
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Cyber
Village
Academy
Project,
Series
2022A,
5.500%,
6/01/57
6/32
at
100.00
1,071,871
100
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Northeast
College
Prep
Project,
Series
2020A,
5.000%,
7/01/55
7/30
at
100.00
79,140
123
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Minnesota
(continued)
$
1,125
Otsego,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Kaleidoscope
Charter
School
Project,
Series
2014A,
5.000%,
9/01/44
9/24
at
100.00
$
990,170
2,000
(d)
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
School
of
Excellence,
Series
2023,
5.500%,
3/01/58
3/33
at
100.00
1,894,367
3,000
(d)
Saint
Paul
Port
Authority,
Minnesota,
Solid
Waste
Disposal
Revenue
Bonds,
Gerdau
Saint
Paul
Steel
Mill
Project,
Series
2012-7,
4.500%,
10/01/37,
(AMT)
5/24
at
100.00
2,908,313
Total
Minnesota
10,386,379
Mississippi
-
0.1%
(0.0%
of
Total
Investments)
335
(c),(d)
Mississippi
Business
Finance
Corporation,
Gulf
Opportunity
Zone
Revenue
Bonds,
King
Edward
Mixed-Use
Project,
Taxable
Refunding
Series
2019A,
6.000%,
10/15/49,
(Mandatory
Put
6/15/25)
10/26
at
100.00
328,505
490
Mississippi
Home
Corporation,
Multifamily
Housing
Revenue
Bonds,
Tupelo
Personal
Care
Apartments,
Series
2004-2,
6.125%,
9/01/34,
(AMT)
6/24
at
100.00
427,297
Total
Mississippi
755,802
Missouri
-
4.3%
(2.7%
of
Total
Investments)
7,090
(e)
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2019B,
5.000%,
3/01/54,
(AMT),
(UB)
3/29
at
100.00
7,115,926
5,000
(e)
Kansas
City
Industrial
Development
Authority,
Missouri,
Airport
Special
Obligation
Bonds,
Kansas
City
International
Airport
Terminal
Modernization
Project,
Series
2020A,
5.000%,
3/01/57
-
AGM
Insured,
(AMT),
(UB)
3/30
at
100.00
5,067,146
655
(d)
Kansas
City
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Bonds,
Ward
Parkway
Center
Community
Improvement
District,
Senior
Refunding
&
Improvement
Series
2016,
5.000%,
4/01/46
4/26
at
100.00
573,177
9,740
(e)
Kansas
City,
Missouri,
Special
Obligation
Bonds,
Main
Streetcar
Expansion
Project,
Refunding
&
Improvement
Series
2022C,
4.000%,
9/01/46,
(UB)
9/32
at
100.00
9,345,225
2,000
(d)
Liberty,
Missouri,
Special
Obligation
Tax
Increment
and
Special
Districts
Bonds,
Liberty
Commons
Project,
Subordinate
Lien
Series
2015B,
8.500%,
6/15/46
6/25
at
100.00
1,824,751
5,000
(e)
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2023,
5.000%,
12/01/52,
(UB)
12/33
at
100.00
5,238,591
2,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2023,
5.000%,
12/01/52
12/33
at
100.00
2,095,436
2,000
Missouri
Southern
State
University,
Auxiliary
Enterprise
System
Revenue
Bonds,
Series
2021,
4.000%,
10/01/44
10/31
at
100.00
1,656,136
478
(d)
North
Outer
Forty
Transportation
Development
District,
Chesterfield,
Missouri,
Transportation
Development
Revenue
Notes,
Refunding
Series
2021A,
4.000%,
12/01/46
5/24
at
100.00
343,297
Saint
Louis
County,
Missouri,
Special
Obligation
Bonds,
Community
Center
Projects,
Series
2022A
:
8,050
(e)
4.000%,
12/01/40,
(UB)
12/30
at
100.00
7,992,171
8,970
(e)
4.000%,
12/01/41,
(UB)
12/30
at
100.00
8,869,522
1,351
Saint
Louis,
Missouri,
Tax
Increment
Financing
Revenue
Bonds,
Fashion
Square
Redevelopment
Project,
Series
2008A,
6.300%,
8/22/26
9/24
at
100.00
351,260
732
(c)
Saint
Louis,
Missouri,
Tax
Increment
Financing
Revenue
Bonds,
Grace
Lofts
Redevelopment
Projects,
Series
2007A,
2.100%,
12/31/26
No
Opt.
Call
32,208
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
124
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Missouri
(continued)
$
1,230
Universal
City
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Tax
Increment
and
Special
District
Markets
at
Olive
Project
Series
2023A,
5.500%,
6/15/42
6/33
at
100.00
$
1,213,326
Total
Missouri
51,718,172
Nebraska
-
1.2%
(0.7%
of
Total
Investments)
5,495
(e)
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2023E,
4.750%,
9/01/48,
(UB)
No
Opt.
Call
5,555,177
8,425
(e)
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2024A,
4.800%,
9/01/54,
(UB)
3/33
at
100.00
8,465,164
Total
Nebraska
14,020,341
Nevada
-
0.1%
(0.1%
of
Total
Investments)
2,000
(c),(d)
Director
of
Nevada
State
Department
of
Business
&
Industry,
Environmental
Improvement
Revenue
Bonds,
Fulcrum
Sierra
BioFuels
LLC
Project,
Green
Series
2020,
6.750%,
2/15/38
2/31
at
100.00
200,000
1,000
(c),(d),(g)
Director
of
Nevada
State
Department
of
Business
&
Industry,
Environmental
Improvement
Revenue
Bonds,
Fulcrum
Sierra
BioFuels
LLC
Project,
Series
2017,
6.250%,
12/15/37,
(AMT)
12/27
at
100.00
150,970
2,000
(c),(d)
Director
of
Nevada
State
Department
of
Business
&
Industry,
Environmental
Improvement
Revenue
Bonds,
Fulcrum
Sierra
Holdings
LLC,
Green
Series
2019,
5.750%,
2/15/38,
(AMT)
8/29
at
100.00
200,000
885
Henderson,
Nevada,
Local
Improvement
District
No.
T-20
Rainbow
Canyon,
Local
Improvement
Bonds,
Series
2018,
5.375%,
9/01/48
9/28
at
100.00
879,455
Total
Nevada
1,430,425
New
Jersey
-
4.0%
(2.5%
of
Total
Investments)
2,500
(e)
New
Jersey
Economic
Development
Authority,
New
Jersey,
Transit
Transportation
Project
Revenue
Bonds,
Portal
North
Bridge
Project
Series
2022A,
5.000%,
11/01/52,
(UB)
11/32
at
100.00
2,609,441
9,500
(e),(h)
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2017DDD,
5.000%,
6/15/42,
(Pre-refunded
6/15/27),
(UB)
6/27
at
100.00
10,037,221
2,080
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
2000A
&
2000B,
5.625%,
11/15/30,
(AMT)
5/24
at
101.00
2,098,460
40,000
(e)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C,
0.000%,
12/15/35
-
AMBAC
Insured,
(UB)
No
Opt.
Call
25,388,855
6,790
(e)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA,
5.000%,
6/15/50,
(UB)
12/30
at
100.00
6,958,578
2,050
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
2,070,219
Total
New
Jersey
49,162,774
New
Mexico
-
0.3%
(0.2%
of
Total
Investments)
265
Mariposa
East
Public
Improvement
District,
New
Mexico,
Revenue
Bonds,
Capital
Appreciation
Taxable
Series
2015D,
0.000%,
3/01/32
9/24
at
69.05
132,929
40
Mariposa
East
Public
Improvement
District,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2015A,
5.900%,
9/01/32
9/25
at
100.00
37,913
170
Mariposa
East
Public
Improvement
District,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2015B,
5.900%,
9/01/32
9/25
at
100.00
163,218
305
Mariposa
East
Public
Improvement
District,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2015C,
5.900%,
9/01/32
No
Opt.
Call
284,481
125
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Mexico
(continued)
$
1,210
Mesa
Del
Sol
Public
Improvement
District
1,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2013,
7.250%,
10/01/43
5/24
at
100.00
$
1,176,421
1,020
Volterra
Public
Improvement
District,
Albuquerque,
New
Mexico,
Special
Levy
Revenue
Bonds,
Series
2014,
6.750%,
10/01/33
10/24
at
100.00
1,023,713
1,500
(d)
Winrock
Town
Center
Tax
Increment
Development
District
1,
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Increment
Bonds,
Subordinate
Lien
Series
2020,
8.000%,
5/01/40
5/24
at
103.00
1,411,144
Total
New
Mexico
4,229,819
New
York
-
12.5%
(7.8%
of
Total
Investments)
1,095
Babylon
Local
Development
Corporation
II,
New
York,
Education
Revenue
Bonds,
The
Academy
Charter
School
Project,
Series
2023A,
6.650%,
2/01/53
2/33
at
100.00
1,103,506
610
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
New
World
Preparatory
Charter
School
Project,
Series
2021A,
4.000%,
6/15/41
6/31
at
100.00
514,735
4,255
(d)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Albert
Einstein
College
of
Medicine,
Inc,
Series
2015,
5.500%,
9/01/45
9/25
at
100.00
4,255,184
1,000
(d)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Albert
Einstein
College
of
Medicine,
Inc,
Series
2023,
7.250%,
6/01/55
12/30
at
100.00
1,059,833
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020A-1
:
5,000
(d)
5.250%,
6/01/40
12/30
at
100.00
4,775,026
2,000
(d)
5.500%,
6/01/55
12/30
at
100.00
1,787,828
3,000
(d)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020C-1,
5.000%,
6/01/40
12/30
at
100.00
2,786,630
2,000
(d)
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.,
Series
2023A,
7.250%,
7/01/53
7/33
at
100.00
2,063,121
9,000
(e)
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A,
4.250%,
5/01/52
-
AGM
Insured,
(UB)
5/32
at
100.00
8,851,428
1,220
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Yeshiva
University,
Series
2022A,
5.000%,
7/15/50
7/32
at
100.00
1,198,681
200
(d)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017,
5.000%,
12/01/36
6/27
at
100.00
179,099
650
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Saint
Josephs
College,
Series
2021,
5.000%,
7/01/51
7/30
at
100.00
576,637
2,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Bidding
Group
5
Series
2021E,
4.000%,
3/15/49
3/32
at
100.00
1,906,441
1,000
Hempstead
Town
Local
Development
Corporation,
New
York,
Education
Revenue
Bonds,
The
Academy
Charter
School
Project,
Series
2020A,
5.730%,
2/01/50
2/30
at
100.00
907,710
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
2,180,408
1,000
4.600%,
2/01/51
2/30
at
100.00
751,244
1,000
(c)
Madison
County
Capital
Resource
Corporation,
New
York,
Revenue
Bonds,
Cazenovia
College
Project,
Series
2019A,
5.500%,
9/01/23
9/22
at
100.00
580,000
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
126
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
10,000
(e)
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1,
5.000%,
11/15/50,
(UB)
5/30
at
100.00
$
10,330,987
1,000
(e)
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020D-1,
5.000%,
11/15/43,
(UB)
11/30
at
100.00
1,051,659
1,000
(e)
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020D-3,
4.000%,
11/15/49,
(UB)
11/30
at
100.00
906,910
11,850
(e)
New
York
City
Housing
Development
Corporation,
New
York,
Multifamily
Housing
Revenue
Bonds,
Sustainable
Neighborhood
Green
Series
2018K,
4.125%,
11/01/53,
(UB)
9/26
at
100.00
11,096,031
New
York
City
Industrial
Development
Agency,
New
York,
Civic
Facility
Revenue
Bonds,
Bronx
Parking
Development
Company,
LLC
Project,
Series
2007
:
1,500
(c)
2.300%,
10/01/37
5/24
at
100.00
960,000
5,000
(c)
2.350%,
10/01/46
5/24
at
100.00
3,200,000
2,500
(e)
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2024
Series
A,
5.000%,
8/01/51,
(UB)
8/33
at
100.00
2,655,249
2,500
(d)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014,
5.000%,
11/15/44
11/24
at
100.00
2,477,775
2,250
(d)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
2
Series
2014,
5.150%,
11/15/34
11/24
at
100.00
2,255,608
7,000
(d)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
3
Series
2014,
7.250%,
11/15/44
11/24
at
100.00
7,040,846
2,000
New
York
State
Urban
Development
Corporation,
State
Sales
Tax
Revenue
Bonds,
Series
2021A,
3.000%,
3/15/50
9/31
at
100.00
1,466,471
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A
:
1,000
5.000%,
7/01/46,
(AMT)
7/24
at
100.00
975,336
15,990
(e)
5.250%,
1/01/50,
(AMT),
(UB)
7/24
at
100.00
15,830,063
1,000
5.250%,
1/01/50,
(AMT)
7/24
at
100.00
989,998
10,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
5.000%,
8/01/31,
(AMT)
5/24
at
100.00
10,000,703
3,070
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
5.375%,
8/01/36,
(AMT)
8/30
at
100.00
3,232,356
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023
:
3,895
(e)
5.000%,
6/30/49
-
AGM
Insured,
(AMT),
(UB)
6/31
at
100.00
4,01
4,791
2,000
6.000%,
6/30/54,
(AMT)
6/31
at
100.00
2,193,005
5,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2023,
5.625%,
4/01/40,
(AMT)
4/31
at
100.00
5,437,006
1,000
Niagara
Area
Development
Corporation,
New
York,
Revenue
Bonds;
Catholic
Health
System,
Inc,
Series
2022,
4.500%,
7/01/52
7/32
at
100.00
760,803
127
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
9,000
(e)
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Thirty
Two
Series
2022,
4.625%,
8/01/52,
(AMT),
(UB)
8/32
at
100.00
$
9,102,484
7,000
(e)
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Thirty-Six
Series
2022,
5.000%,
1/15/52,
(AMT),
(UB)
1/33
at
100.00
7,207,327
855
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2021B-2,
0.000%,
6/01/66
6/31
at
27.72
82,313
3,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-City
Sales
Tax,
Series
2024A-1,
5.250%,
5/15/59
5/34
at
100.00
3,250,015
2,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006,
5.000%,
6/01/48
6/27
at
100.00
1,779,433
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bond,
Purchase
Senior
Learning
Community,
Inc.
Project,
Accd
Inv
Series
2021A
:
5,000
(d)
4.500%,
7/01/56
7/27
at
104.00
4,209,782
1,025
(d)
5.000%,
7/01/56
7/27
at
104.00
939,363
2,475
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Refunding
Series
2016,
5.000%,
11/01/46
11/25
at
100.00
2,344,483
420
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Series
2023,
6.250%,
11/01/52
11/33
at
100.00
468,644
250
(d)
Western
Regional
Off-Track
Betting
Corporation,
New
York,
Tax
Exempt
Revenue
Bonds,
Additional
Secured
General
Obligation
Series
2021,
4.125%,
12/01/41
6/31
at
100.00
194,921
Total
New
York
151,931,873
North
Carolina
-
0.3%
(0.2%
of
Total
Investments)
10,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Capital
Appreciation
Series
2019,
0.000%,
1/01/48
1/30
at
55.97
3,187,484
Total
North
Carolina
3,187,484
North
Dakota
-
0.1%
(0.1%
of
Total
Investments)
1,973
(c)
Williston,
North
Dakota,
Multifamily
Housing
Revenue
Bonds,
Eagle
Crest
Apartments
LLC
Project,
Series
2013,
7.750%,
9/01/38
5/24
at
100.00
986,462
Total
North
Dakota
986,462
Ohio
-
4.2%
(2.6%
of
Total
Investments)
124,335
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2,
0.000%,
6/01/57
6/30
at
22.36
12,327,032
8,640
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2,
5.000%,
6/01/55
6/30
at
100.00
7,833,211
920
(d)
Cleveland-Cuyahoga
County
Port
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Flats
East
Bank
Project,
Refunding
Senior
Series
2021A,
4.000%,
12/01/55
12/29
at
100.00
724,334
3,900
County
of
Lucas,
Ohio,
Hospital
Revenue
Bonds,
ProMedica
Healthcare
Obligated
Group,
Series
2018A,
5.250%,
11/15/48
11/28
at
100.00
3,878,361
340
Evans
Farm
New
Communty
Authority,
Ohio,
Community
Development
Charge
Revenue
Bonds,
Evans
Farm
Mixed-Use
Project,
Series
2020,
4.000%,
12/01/46
6/29
at
100.00
263,312
3,890
(d)
Jefferson
County
Port
Authority,
Ohio,
Economic
Development
Revenue
Bonds,
JSW
Steel
USA
Ohio,
Inc.
Project,
Series
2023,
5.000%,
12/01/53,
(AMT),
(Mandatory
Put
12/01/28)
9/28
at
100.00
3,930,467
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
128
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Ohio
(continued)
$
4,500
(d)
Ohio
Air
Quality
Development
Authority,
Ohio,
Exempt
Facilities
Revenue
Bonds,
AMG
Vanadium
Project,
Series
2019,
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
$
4,143,315
1,300
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Refunding
Series
2009D,
3.375%,
8/01/29
No
Opt.
Call
1,224,122
1,775
(e)
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Social
Series
2024A,
4.550%,
9/01/49,
(UB)
9/33
at
100.00
1,758,590
11,300
Ohio
Water
Development
Authority,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generating
Corporation
Project,
Series
2010B,
4.750%,
6/01/33,
(Mandatory
Put
6/01/22)
No
Opt.
Call
11,704,744
990
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Special
Obligation
Tax
Increment
Financing
Revenue
Bonds,
Cooperative
Township
Public
Parking
Project,
Gallery
at
Kenwood,
Senior
Lien
Series
2019A,
5.000%,
11/01/51
11/30
at
100.00
799,539
2,000
Tuscarawas
County
Economic
Development
and
Finance
Alliance,
Ohio,
Higher
Education
Facilities
Revenue
Bonds,
Ashland
University,
Refunding
&
Improvement
Series
2015,
6.000%,
3/01/45
3/25
at
100.00
1,992,737
Total
Ohio
50,579,764
Oklahoma
-
1.7%
(1.1%
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
1,016,969
1,000
5.500%,
8/15/57
8/28
at
100.00
1,017,742
1,200
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Taxable
Series
2022,
5.500%,
8/15/44
8/32
at
100.00
1,199,531
15,000
Tulsa
Municipal
Airport
Trust,
Oklahoma,
Revenue
Bonds,
American
Airlines
Inc.,
Refunding
Series
2000B,
5.500%,
6/01/35,
(AMT)
5/24
at
100.00
15,002,905
2,600
Tulsa
Municipal
Airport
Trust,
Oklahoma,
Revenue
Bonds,
American
Airlines
Inc.,
Refunding
Series
2001B,
5.500%,
12/01/35,
(AMT)
5/24
at
100.00
2,600,504
Total
Oklahoma
20,837,651
Pennsylvania
-
1.6%
(1.0%
of
Total
Investments)
2,280
(d)
Allentown
Commercial
and
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Arts
Academy
Charter
Middle
School
Foundation
Project,
Series
2022A,
5.000%,
6/15/57
6/29
at
103.00
1,950,594
900
(d)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
615
Waterfront
Project,
Senior
Series
2021,
6.000%,
5/01/42
5/31
at
100.00
931,009
1,250
(d)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Project,
Subordinate
Lien,
Series
2018,
5.125%,
5/01/32
5/28
at
100.00
1,253,783
500
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Generation
Project,
Series
2008B,
3.750%,
10/01/47
4/31
at
100.00
395,018
1,000
(d)
Dauphin
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Harrisburg
University
of
Science
&
Technology
Project,
Series
2017,
5.125%,
10/15/41
10/27
at
100.00
769,287
1,500
(d)
Dauphin
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Harrisburg
University
of
Science
&
Technology
Project,
Series
2020,
6.250%,
10/15/53
10/28
at
100.00
1,207,186
1,245
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Good
Shepherd
Group,
Series
2021A,
4.000%,
11/01/51
11/31
at
100.00
1,013,738
129
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
$
2,000
Lehigh
County
Industrial
Development
Authority,
Pennsylvania,
Charter
School
Revenue
Bonds,
Seven
Generations
Charter
School,
Series
2021A,
4.000%,
5/01/51
5/30
at
100.00
$
1,457,892
1,000
Montgomery
County
Redevelopment
Authority,
Pennsylvania,
Special
Obligation
Revenue
Bonds,
River
Pointe
Project
Series
2023,
6.500%,
9/01/43
9/33
at
100.00
1,004,114
1,720
(c),(d),(g)
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-1,
10.000%,
12/01/40
6/30
at
100.00
172
1,720
(c),(d),(g)
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-2,
10.000%,
12/01/40,
(AMT)
6/30
at
100.00
172
2,970
(c),(g)
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2021A,
10.000%,
12/01/31
No
Opt.
Call
297
7,730
(e)
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Private
Activity
Revenue
Bonds,
The
PennDOT
Major
Bridges
Package
One
Project,
Series
2022,
5.000%,
12/31/57
-
AGM
Insured,
(AMT),
(UB)
12/32
at
100.00
8,055,009
1,000
(d)
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Mariana
Bracetti
Academy
Project,
Series
2020A,
5.375%,
6/15/50
12/27
at
100.00
913,097
1,000
(d)
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Mariana
Bracetti
Academy
Project,
Taxable
Series
2020B,
5.125%,
12/15/44
12/27
at
100.00
908,780
135
The
Redevelopment
Authority
of
the
City
of
Scranton,
Lackawanna
county,
Pennsylvania,
Guaranteed
Lease
Revenue
Bonds,
Series
2016A,
5.000%,
11/15/28
5/24
at
100.00
135,033
Total
Pennsylvania
19,995,181
Puerto
Rico
-
9.8%
(6.1%
of
Total
Investments)
682
HTA
Claas
6,
Puerto
Rico
Highway
and
Transportation
Authority
Highway
Revenue
Bonds,
Series
2022,
5.250%,
7/01/38
5/24
at
100.00
682,324
2,000
(d)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/35
7/30
at
100.00
2,102,109
8,625
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Federally
Taxable
Build
America
Bonds,
Series
2010YY,
6.125%,
7/01/40
5/24
at
100.00
1,609,623
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
:
1,185
(c)
5.250%,
7/01/28
5/24
at
100.00
234,593
1
(c)
5.250%,
7/01/28
5/24
at
100.00
265
890
(c)
5.250%,
7/01/29
5/24
at
100.00
176,243
655
(c)
5.250%,
7/01/31
5/24
at
100.00
129,506
3
(c)
5.250%,
7/01/31
5/24
at
100.00
795
3,000
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ,
5.250%,
7/01/25
5/24
at
100.00
552,070
185
(c)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2013A,
5.050%,
1/01/24
7/23
at
100.00
36,033
2,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2003NN,
5.500%,
1/31/24
No
Opt.
Call
376,475
1,025
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2007TT,
5.000%,
7/01/37
5/24
at
100.00
203,351
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2008WW
:
710
(c)
5.375%,
1/01/24
No
Opt.
Call
137,691
360
(c)
5.375%,
1/01/24
No
Opt.
Call
69,815
375
(c)
5.250%,
7/01/33
5/24
at
100.00
71,827
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
130
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Puerto
Rico
(continued)
$
5,690
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010AAA,
5.250%,
1/01/24
No
Opt.
Call
$
1,130,994
405
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010CCC,
5.000%,
7/01/28
5/24
at
100.00
78,990
1,350
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010XX,
5.250%,
7/01/40
5/24
at
100.00
275,257
4,000
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010ZZ,
5.250%,
1/01/24
No
Opt.
Call
890,621
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2013A
:
1,000
(c)
6.750%,
7/01/36
5/24
at
100.00
181,802
4,835
(c)
5.000%,
7/01/42
5/24
at
100.00
974,455
5,500
(c)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Taxable
Series
2010EEE,
6.050%,
7/01/32
5/24
at
100.00
1,028,650
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
:
42,500
0.000%,
7/01/46
7/28
at
41.38
13,326,950
183,530
0.000%,
7/01/51
7/28
at
30.01
42,082,310
7,750
5.000%,
7/01/58
7/28
at
100.00
7,750,914
14,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.784%,
7/01/58
7/28
at
100.00
13,731,084
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
:
0
(i)
5.625%,
7/01/27
No
Opt.
Call
95
4,201
0.000%,
7/01/33
7/31
at
89.94
2,756,467
6,979
4.000%,
7/01/41
7/31
at
103.00
6,493,152
14,018
4.000%,
7/01/46
7/31
at
103.00
12,639,349
15,521
Puerto
Rico,
General
Obligation
Bonds,
Vintage
CW
NT
Claims
Taxable
Series
2022,
0.000%,
11/01/43
No
Opt.
Call
9,254,384
Total
Puerto
Rico
118,978,194
Rhode
Island
-
0.3%
(0.2%
of
Total
Investments)
18,260
Rhode
Island
Tobacco
Settlement
Financing
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2007A,
0.000%,
6/01/52
5/24
at
19.06
3,162,922
Total
Rhode
Island
3,162,922
South
Carolina
-
1.9%
(1.2%
of
Total
Investments)
220
(d)
Hardeeville,
South
Carolina,
Special
Assessment
Revenue
Bonds,
East
Argent
Improvement
District,
Series
2021,
4.000%,
5/01/52
5/29
at
100.00
152,018
Lancaster
County,
South
Carolina,
Special
Assessment
Bonds,
Edgewater
II
Improvement
District,
Capital
Appreciation
Series
2007-A&B
:
7,230
0.000%,
11/01/39
5/24
at
30.97
1,920,416
7,020
0.000%,
11/01/39
5/24
at
30.97
1,630,240
400
(d)
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Hilton
Head
Christian
Academy,
Series
2020,
5.000%,
1/01/55
1/30
at
100.00
342,694
940
(d)
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Midland
Valley
Preparatory
School
Project,
Series
2014,
7.750%,
11/15/45
11/26
at
100.00
990,992
2,960
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Patriots
Place
Apartments
Project,
Series
2022A-1,
5.750%,
6/01/52
No
Opt.
Call
2,184,439
1,000
(d)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Horse
Creek
Academy
Project,
Series
2021A,
5.000%,
11/15/55
11/26
at
100.00
880,855
131
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
South
Carolina
(continued)
$
1,585
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Riverwalk
Academy
Project
Series
2023A,
7.250%,
6/15/58
6/33
at
100.00
$
1,625,682
235
(d)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Virtus
Academy
Project,
Series
2023A,
7.125%,
6/15/58
6/31
at
100.00
240,158
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
Prisma
Health
Obligated
Group,
Series
2018A
:
2,980
(e)
5.000%,
5/01/38,
(UB)
5/28
at
100.00
3,063,499
9,895
(e)
5.000%,
5/01/48,
(UB)
5/28
at
100.00
9,976,725
Total
South
Carolina
23,007,718
Tennessee
-
0.6%
(0.4%
of
Total
Investments)
1,000
(c)
Memphis/Shelby
County
Economic
Development
Growth
Engine
Industrial
Development
Board,
Tennessee,
Tax
Increment
Revenue
Bonds,
Graceland
Project,
Senior
Series
2017A,
5.625%,
1/01/46
7/27
at
100.00
589,599
150
(d)
Metropolitan
Government
of
Nashville-Davidson
County
Industrial
Development
Board,
Tennessee,
Special
Assessment
Revenue
Bonds,
South
Nashville
Central
Business
Improvement
District,
Series
2021A,
4.000%,
6/01/51
6/31
at
100.00
121,127
5,000
(c),(d)
The
Health
and
Educational
Facilities
Board
of
the
City
of
Franklin,
Tennessee,
Revenue
Bonds,
Provision
Cares
Proton
Therapy
Center,
Nashville
Project,
Series
2017A,
7.500%,
6/01/47
6/27
at
100.00
217,500
6,024
The
Tennessee
Energy
Acquisition
Corporation,
Gas
Revenue
Bonds,
Series
2006B,
5.625%,
9/01/26
No
Opt.
Call
6,087,301
900
(c),(d)
Wilson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Senior
Living
Revenue
Bonds,
Rutland
Place
Inc.
Project,
Series
2015A,
4.400%,
1/01/46
5/24
at
100.00
551,089
Total
Tennessee
7,566,616
Texas
-
6.6%
(4.2%
of
Total
Investments)
2,000
(d)
Abilene
Convention
Center
Hotel
Development
Corporation,
Texas,
Hotel
Revenue
Bonds,
Second-Lien
Series
2021B,
5.000%,
10/01/50
10/31
at
100.00
1,710,353
1,000
(d)
Anna,
Texas,
Special
Assessment
Revenue
Bonds,
Sherley
Tract
Public
Improvement
District
2
Area
1
Project,
Series
2021,
4.000%,
9/15/41
9/31
at
100.00
841,205
1,000
Arlington
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
-
Texas
Project,
Refunding
Series
2021A,
4.500%,
2/15/56
2/30
at
100.00
704,015
830
Austin,
Travis,
Williamson
and
Hays
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Estancia
Hill
Country
Public
Improvement
District,
Series
2013,
6.000%,
11/01/28
5/24
at
100.00
830,193
300
(d)
Bee
Cave,
Travis
County,
Texas,
Special
Assessment
Revenue
Bonds,
Backyard
Public
Improvement
District
Project,
Series
2021,
5.250%,
9/01/51
9/31
at
100.00
273,321
500
(d)
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Celina
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Areas
2-3
Project,
Series
2019,
4.250%,
9/01/49
9/29
at
100.00
417,963
1,000
(d)
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
North
Sky
Public
Improvement
District
Major
Improvements
Area
Project,
Series
2023,
6.125%,
9/01/52
9/33
at
100.00
984,801
2,935
(d)
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
5
Project,
Series
2022,
4.000%,
9/01/51
9/31
at
100.00
2,302,455
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
132
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
500
(d)
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
The
Parks
at
Wilson
Creek
Public
Improvement
District
Initial
Major
Improvement
Project,
Series
2021,
4.500%,
9/01/51
9/31
at
100.00
$
425,985
165
(d)
Fate,
Rockwall
County,
Texas,
Special
Assessment
Revenue
Bonds,
Williamsburg
Public
Improvement
District
1
Phase
2B,
2C
&
3A1,
Series
2019,
4.250%,
8/15/49
8/27
at
100.00
139,575
1,500
Fort
Bend
County
Industrial
Development
Corporation,
Texas,
Revenue
Bonds,
NRG
Energy
Inc.
Project,
Series
2012A.
RMKT,
4.750%,
5/01/38
5/24
at
100.00
1,499,947
1,000
Gulf
Coast
Industrial
Development
Authority,
Texas,
Solid
Waste
Disposal
Revenue
Bonds,
Citgo
Petroleum
Corporation
Project,
Series
1998,
8.000%,
4/01/28,
(AMT)
5/24
at
100.00
1,000,977
125
(d)
Haslett,
Texas,
Special
Assessment
Revenue
Bonds,
Haslet
Public
Improvement
District
5
Improvement
Area
1
Project,
Series
2019,
4.375%,
9/01/49
9/29
at
100.00
105,864
670
Heart
of
Texas
Education
Finance
Corporation,
Texas,
Gateway
Charter
Academy,
Series
2006A,
6.000%,
2/15/36
5/24
at
100.00
668,249
1,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.
-
Terminal
Improvement
Project,
Refunding
Series
2011,
6.625%,
7/15/38,
(AMT)
5/24
at
100.00
1,000,662
500
(d)
Hutto,
Williams
County
Texas,
Special
Assessment
Revenue
Bonds,
Emory
Crossing,
Public
Improvement
Area
1
Project
Series
2021,
4.000%,
9/01/56
9/29
at
100.00
392,066
1,075
(d)
Hutto,
Williams
County
Texas,
Special
Assessment
Revenue
Bonds,
Emory
Crossing,
Public
Improvement
Area
2
Project
Series
2023,
5.625%,
9/01/58
9/31
at
100.00
1,078,269
4,000
Legato
Community
Authority,
Commerce
City,
Texas,
Limited
Tax
Supported
Revenue
Bonds,
District
1,
2,
3
&
7,
Convertible
Capital
Appreciation
Series
2021A-2,
5.000%,
12/01/51
6/26
at
100.67
2,739,584
1,000
Legato
Community
Authority,
Commerce
City,
Texas,
Limited
Tax
Supported
Revenue
Bonds,
District
1,
2,
3
&
7,
Series
2021B,
8.250%,
12/15/51
6/26
at
103.00
900,875
Manor,
Texas,
Special
Assessment
Revenue
Bonds,
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
Project,
Series
2021
:
900
(d)
4.125%,
9/15/41
9/31
at
100.00
765,116
1,500
(d)
4.375%,
9/15/51
9/31
at
100.00
1,231,476
1,170
(d)
McLendon-Chisholm,
Texas,
Special
Assessment
Revenue
Bonds,
Sonoma
Public
Improvement District
Improvement
Area
2
Project,
Series
2019,
4.250%,
9/15/39
9/29
at
100.00
1,063,394
Mesquite,
Texas,
Special
Assessment
Bonds,
Iron
Horse
Public
Improvement
District
Project,
Series
2019
:
300
(d)
5.750%,
9/15/39
9/29
at
100.00
301,176
500
(d)
6.000%,
9/15/49
9/29
at
100.00
504,675
1,125
Missouri
City
Management
District
1,
Fort
Bend
County,
Texas,
General
Obligation Bonds,
Road
Series
2021,
3.000%,
9/01/46
9/27
at
100.00
822,120
20,000
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Senior
Living
Revenue
Bonds,
Sanctuary
LTC
LLC
Project,
Series
2021A-1,
5.500%,
1/01/57
1/28
at
103.00
16,604,838
1,000
(h)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
CHF-Collegiate
Housing
Foundation
-
San
Antonio
1,
L.L.C.
-
Texas
A&M
University
-
San
Antonio
Project,
Series
2016A,
5.000%,
4/01/48,
(Pre-refunded
4/01/26)
4/26
at
100.00
1,026,581
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
NCCD
-
College
Station
Properties
LLC
-
Texas
A&M
University
Project, Series
2015A
:
133
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
1,250
(c)
5.000%,
7/01/35
7/25
at
100.00
$
1,159,375
2,445
(c)
5.000%,
7/01/47
7/25
at
100.00
2,267,737
1,070
(d)
Oak
Point,
Denton
County,
Texas,
Special
Assessment
Revenue
Bonds,
Oak
Point
Public
Imporvement
District
2
Project,
Series
2020,
4.000%,
9/01/50
9/30
at
100.00
849,498
250
(d)
Pilot
Point,
Texas,
Special
Assessment
Revenue
Bonds,
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
1
Project,
Series
2022,
5.625%,
9/15/52
9/32
at
100.00
243,926
325
(d)
Pilot
Point,
Texas,
Special
Assessment
Revenue
Bonds,
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
1
Project,
Series
2022,
5.625%,
9/15/52
9/32
at
100.00
317,104
2,000
(d)
Plano,
Collin
and
Denton
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Collin
Creek
East
Public
Improvement
District
Project,
Series
2021,
4.375%,
9/15/51
9/31
at
100.00
1,574,582
440
(d)
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2020,
4.000%,
1/01/50,
(AMT)
5/24
at
101.00
340,254
7,000
(d)
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021A,
3.000%,
1/01/50,
(AMT)
5/24
at
103.00
4,440,166
Port
Freeport,
Brazoria
County,
Texas,
Revenue
Bonds,
Senior
Lien
Series
2019A
:
1,650
4.000%,
6/01/38,
(AMT)
6/29
at
100.00
1,571,674
1,620
4.000%,
6/01/39,
(AMT)
6/29
at
100.00
1,527,743
1,000
Princeton,
Collins
County,
Texas,
Special
Assessment
Revenue
Bonds,
Winchester
Public
Improvement
District
2
Project,
Series
2022,
5.250%,
9/01/52
9/30
at
100.00
939,807
205
(d)
Princeton,
Texas,
Special
Assessment
Revenue
Bonds,
Whitewing
Trails
Public
Improvement
District
2
Phase
1
Project,
Series
2019,
4.750%,
9/01/49
9/29
at
100.00
181,756
185
(d)
Princeton,
Texas,
Special
Assessment
Revenue
Bonds,
Whitewing
Trails
Public
Improvement
District
2
Phase
2-6
Major
Improvement
Project,
Series
2019,
5.500%,
9/01/39
9/29
at
100.00
185,842
1,000
(d)
Red
Oak,
Ellis
County,
Texas,
Special
Assessment
Revenue
Bonds,
Red
Oak
Public
Improvement
District
1
Improvement
Area
1
Project,
Series
2021,
4.000%,
9/15/51
9/30
at
100.00
792,563
2,000
(c)
Red
River
Health
Facilities
Development
Corporation,
Texas,
First
Mortgage
Revenue
Bonds,
Eden
Home
Inc.,
Series
2012,
7.000%,
12/15/32
5/24
at
100.00
1,200,000
145
Rowlett,
Texas,
Special
Assessment
Revenue
Bonds,
Bayside
Public
Improvement
District
North
Improvement
Area,
Series
2016,
5.750%,
9/15/36
5/24
at
102.00
144,699
7,000
(e)
Sherman,
Texas,
Combination
Tax
and
Revenue
Certificates
of
Obligation,
Series
2023,
5.000%,
8/15/53,
(UB)
8/33
at
100.00
7,348,237
5,000
(e)
Tarrant
County
Cultural
Education
Facilities,
Texas,
Finance
Corporation
Revenue
Bonds,
Christus
Health,
Refunding
Series
2018B,
5.000%,
7/01/48,
(UB)
1/29
at
100.00
5,081,565
10,000
Texas
Private
Activity
Bond
Surface
Transporation
Corporation,
Senior
Lien
Revenue
Bonds,
NTE
Mobility
Partners
Segments
3
LLC
Segments
3C
Project,
Series
2019,
5.000%,
6/30/58,
(AMT)
6/29
at
100.00
10,076,192
Total
Texas
80,578,455
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
134
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Utah
-
0.5%
(0.3%
of
Total
Investments)
$
2,500
(d)
Black
Desert
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2021A,
4.000%,
3/01/51
9/26
at
103.00
$
1,824,154
1,000
(d)
Black
Desert
Public
Infrastructure
District,
Utah,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2021B,
7.375%,
9/15/51
9/26
at
103.00
813,701
1,000
Military
Installation
Development
Authority,
Utah,
Tax
Allocation
and
Hotel
Tax
Revenue
Bonds,
Series
2021A-1,
4.000%,
6/01/52
9/26
at
103.00
716,854
2,000
(d)
ROAM
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2021A,
4.250%,
3/01/51
9/26
at
103.00
1,438,554
830
(d)
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Mountain
West
Montessori
Academy
Project,
Series
2020A,
5.000%,
6/15/49
12/29
at
100.00
721,011
970
(d)
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Paradigm
High
School
Project,
Series
2020A,
5.125%,
7/15/51
1/25
at
102.00
824,688
Total
Utah
6,338,962
Virgin
Islands
-
1.1%
(0.7%
of
Total
Investments)
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2014C
:
1,000
(d)
5.000%,
10/01/30
10/24
at
100.00
976,659
5,000
(d)
5.000%,
10/01/39
10/24
at
100.00
4,653,576
2,890
(d)
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Senior
Series
2021A,
6.750%,
7/01/26
No
Opt.
Call
2,773,142
3,085
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Taxable
Series
2022A,
7.750%,
7/01/24
No
Opt.
Call
3,067,488
215
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Taxable
Series
2022B,
10.000%,
7/01/24
No
Opt.
Call
214,324
1,480
(d)
West
Indian
Company
Limited,
Virgin
Islands,
Port
Facilities
Revenue
Bonds,
WICO
Financing,
Series
2022B,
6.250%,
10/01/42,
(AMT)
10/29
at
104.00
1,444,991
Total
Virgin
Islands
13,130,180
Virginia
-
3.8%
(2.4%
of
Total
Investments)
762
(c)
Celebrate
Virginia
North
Community
Development
Authority,
Special
Assessment
Revenue
Bonds,
Series
2003B,
4.125%,
3/01/22
No
Opt.
Call
495,300
1,000
(d)
Cutalong
II
Community
Development
Authority,
Louisa
County,
Virginia,
Special
Assessment
Revenue
Bonds,
Cutalong
II
Project,
Series
2022,
4.500%,
3/01/55
3/27
at
103.00
787,526
10,000
(d)
Industrial
Development
Authority
of
the
City
of
Newport
News,
Virginia,
Health
System
Revenue
Bonds,
Riverside
Health
System,
Series
2017A,
5.000%,
7/01/46
7/27
at
100.00
9,689,355
11,495
(e)
Lynchburg
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Centra
Health
Obligated
Group,
Refunding
Series
2021,
4.000%,
1/01/55,
(UB)
1/32
at
100.00
10,397,536
1,000
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1,
5.000%,
6/01/47
5/24
at
100.00
922,757
2,340
Virginia
Beach
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
on
Chesapeake
Bay,
Series
2023A,
7.000%,
9/01/59
9/30
at
103.00
2,585,702
4,500
(e)
Virginia
Housing
Development
Authority,
Commonwealth
Mortgage
Bonds,
Series
2023A,
5.000%,
11/01/38,
(UB)
5/32
at
100.00
4,745,656
7,000
(d)
Virginia
Small
Business
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Provident
Resource
Group
-
Rixey
Student
Housing
Project,
Series
2019A,
5.500%,
7/01/54
7/34
at
100.00
6,062,335
135
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Virginia
(continued)
$
8,977
(d)
Virginia
Small
Business
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Provident
Resource
Group
-
Rixey
Student
Housing
Project,
Series
2019B,
6.525%,
7/01/52,
(cash
7.500%,
PIK
7.500%)
No
Opt.
Call
$
5,386,396
4,665
(d)
Virginia
Small
Business
Financing
Authority,
Sports
and
Entertainment
Facilities
Revenue
Bonds,
P3
VB
Holdings
LLC,
Senior
Series
2023A,
8.500%,
12/01/52
6/33
at
105.00
4,495,453
550
(d)
West
Falls
Community
Development
Authority,
Arlington
County,
Virginia,
Revenue
Bonds,
Series
2022A,
5.375%,
9/01/52
9/32
at
100.00
544,099
Total
Virginia
46,112,115
Washington
-
2.0%
(1.3%
of
Total
Investments)
1,000
King
County
Public
Hospital
District
4,
Washington,
Hospital
Revenue
Bonds,
Snoqualmie
Valley
Hospital,
Series
2015A,
6.250%,
12/01/45
12/25
at
100.00
993,226
1,000
Kitsap
County
Consolidated
Housing
Authority,
Washington,
Pooled
Tax
Credit
Housing
Revenue
Bonds,
Series
2007,
5.600%,
6/01/37,
(AMT)
5/24
at
100.00
945,953
1,300
Port
of
Seattle
Industrial
Development
Corporation,
Washington,
Special
Facilities
Revenue
Refunding
Bonds,
Delta
Air
Lines,
Inc.
Project,
Series
2012,
5.000%,
4/01/30,
(AMT)
5/24
at
100.00
1,300,161
5,100
(e)
Port
of
Seattle,
Washington,
Revenue
Bonds,
Intermediate
Lien
Series
2018A,
5.000%,
5/01/43,
(AMT),
(UB)
5/27
at
100.00
5,134,654
2,500
Seattle
Housing
Authority,
Washington,
Revenue
Bonds,
Lam
Bow
Apartments
Project,
Series
2021,
2.500%,
6/01/54
6/31
at
100.00
1,462,686
155
Tacoma
Consolidated
Local
Improvement
District
65,
Washington,
Special
Assessment
Bonds,
Series
2013,
5.750%,
4/01/43
5/24
at
100.00
147,874
13,915
(e)
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Seattle
Cancer
Center
Alliance,
Series
2020,
5.000%,
9/01/55,
(UB)
9/30
at
100.00
14,222,612
Total
Washington
24,207,166
West
Virginia
-
0.6%
(0.4%
of
Total
Investments)
1,264
Berkeley,
Hardy
and
Jefferson
Counties,
West
Virginia,
as
Joint
Issuers,
Commercial
Development
Revenue
Bonds,
Scattered
Site
Housing
Projects,
Series
2010,
5.750%,
12/01/44
5/24
at
100.00
1,231,228
1,125
(d)
Monongalia
County
Commission,
West
Virginia,
Special
District
Excise
Tax
Revenue
Bonds,
University
Town
Centre
Economic
Opportunity
Development
District,
Refunding
&
Improvement
Series
2017A,
5.750%,
6/01/43
6/27
at
100.00
1,145,024
950
(d)
Monongalia
County
Commission,
West
Virginia,
Special
District
Excise
Tax
Revenue
Bonds,
University
Town
Centre
Economic
Opportunity
Development
District,
Refunding
&
Improvement
Series
2021A,
4.125%,
6/01/43
6/31
at
100.00
817,350
945
(d)
West
Virginia
Economic
Development
Authority,
Dock
and
Wharf
Facilities
Revenue
Bonds,
Empire
Trimodal
Terminal,
LLC
Project,
Series
2020,
7.625%,
12/01/40
12/27
at
103.00
771,473
4,000
(e)
West
Virginia
Hospital
Finance
Authority,
Revenue
Bonds,
West
Virginia
University
Health
System,
Improvement
Series
2023A,
4.375%,
6/01/53,
(UB)
6/33
at
100.00
3,829,040
Total
West
Virginia
7,794,115
Wisconsin
-
8.1%
(5.1%
of
Total
Investments)
2,500
(d)
Gillett,
Wisconsin,
Solid
Waste
Disposal
Revenue
Bonds,
WI
RNG
Hub
North
LLC
Renewable
Natural
Gas
Production
Plant
Project,
Series
2021A,
5.500%,
12/01/32
12/26
at
100.00
2,128,201
2,000
Lac
Courte
Oreilles
Band
of
Lake
Superior
Chippewa
Indians,
Wisconsin,
General
Revenue
Bonds,
Refunding
Series
2017,
6.750%,
6/01/32
12/27
at
100.00
1,986,007
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
136
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
$
255
(d)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Ascend
Leadership
Academy
Project,
Series
2021A,
5.000%,
6/15/51
6/29
at
100.00
$
205,145
150
(d)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Founders
Academy
of
Las
Vegas,
Series
2020A,
5.000%,
7/01/55
7/28
at
100.00
126,186
2,015
(d)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Guilford
Preparatory
Academy,
North
Carolina,
Taxable
Series
2022A,
5.000%,
4/01/57
4/31
at
100.00
1,624,889
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
High
Desert
Montessori
Charter
School,
Series
2021A
:
1,000
(d)
5.000%,
6/01/51
6/29
at
100.00
790,884
1,280
(d)
5.000%,
6/01/61
6/29
at
100.00
979,161
4,985
(d)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
Carolina
Charter
Educational
Foundation
Project,
Series
2016A,
5.000%,
6/15/46
6/26
at
100.00
3,875,892
500
(d)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Point
College
Preparatory,
Series
2020A,
5.000%,
6/15/55
6/27
at
103.00
421,875
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
First
Tier
Series
2018A-1
:
13
(c),(d)
0.000%,
1/01/47
No
Opt.
Call
314
11
(c),(d)
0.000%,
1/01/48
No
Opt.
Call
259
11
(c),(d)
0.000%,
1/01/49
No
Opt.
Call
240
10
(c),(d)
0.000%,
1/01/50
No
Opt.
Call
216
10
(c),(d)
0.000%,
1/01/51
No
Opt.
Call
201
13
(c),(d)
0.000%,
1/01/52
No
Opt.
Call
243
13
(c),(d)
0.000%,
1/01/53
No
Opt.
Call
227
13
(c),(d)
0.000%,
1/01/54
No
Opt.
Call
206
13
(c),(d)
0.000%,
1/01/55
No
Opt.
Call
191
12
(c),(d)
0.000%,
1/01/56
No
Opt.
Call
178
667
(c),(d)
5.500%,
7/01/56
3/28
at
100.00
497,353
14
(c),(d)
0.000%,
1/01/57
No
Opt.
Call
185
13
(c),(d)
0.000%,
1/01/58
No
Opt.
Call
171
13
(c),(d)
0.000%,
1/01/59
No
Opt.
Call
158
13
(c),(d)
0.000%,
1/01/60
No
Opt.
Call
145
12
(c),(d)
0.000%,
1/01/61
No
Opt.
Call
135
12
(c),(d)
0.000%,
1/01/62
No
Opt.
Call
124
12
(c),(d)
0.000%,
1/01/63
No
Opt.
Call
115
12
(c),(d)
0.000%,
1/01/64
No
Opt.
Call
107
11
(c),(d)
0.000%,
1/01/65
No
Opt.
Call
99
12
(c),(d)
0.000%,
1/01/66
No
Opt.
Call
98
148
(c),(d)
0.000%,
1/01/67
No
Opt.
Call
1,075
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
:
24
(c),(d)
0.000%,
1/01/46
No
Opt.
Call
648
24
(c),(d)
0.000%,
1/01/47
No
Opt.
Call
592
24
(c),(d)
0.000%,
1/01/48
No
Opt.
Call
556
23
(c),(d)
0.000%,
1/01/49
No
Opt.
Call
520
23
(c),(d)
0.000%,
1/01/50
No
Opt.
Call
475
25
(c),(d)
0.000%,
1/01/51
No
Opt.
Call
493
651
(c),(d)
3.750%,
7/01/51
3/28
at
100.00
453,556
25
(c),(d)
0.000%,
1/01/52
No
Opt.
Call
455
25
(c),(d)
0.000%,
1/01/53
No
Opt.
Call
425
25
(c),(d)
0.000%,
1/01/54
No
Opt.
Call
397
24
(c),(d)
0.000%,
1/01/55
No
Opt.
Call
370
24
(c),(d)
0.000%,
1/01/56
No
Opt.
Call
347
24
(c),(d)
0.000%,
1/01/57
No
Opt.
Call
325
23
(c),(d)
0.000%,
1/01/58
No
Opt.
Call
303
137
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
$
23
(c),(d)
0.000%,
1/01/59
No
Opt.
Call
$
285
23
(c),(d)
0.000%,
1/01/60
No
Opt.
Call
266
23
(c),(d)
0.000%,
1/01/61
No
Opt.
Call
247
23
(c),(d)
0.000%,
1/01/62
No
Opt.
Call
232
22
(c),(d)
0.000%,
1/01/63
No
Opt.
Call
216
22
(c),(d)
0.000%,
1/01/64
No
Opt.
Call
205
22
(c),(d)
0.000%,
1/01/65
No
Opt.
Call
190
22
(c),(d)
0.000%,
1/01/66
No
Opt.
Call
174
281
(c),(d)
0.000%,
1/01/67
No
Opt.
Call
2,047
4,700
(d)
Public
Finance
Authority
of
Wisconsin,
Contract
Revenue
Bonds,
Mercer
Crossing
Public
Improvement
District
Project,
Series
2017,
7.000%,
3/01/47
3/27
at
100.00
4,836,592
1,000
(d)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Corvian
Community
School,
North
Carolina
Series
2023A,
6.250%,
6/15/53
6/33
at
100.00
1,001,977
1,500
(d)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Pioneer
Springs
Community
School,
Series
2020A,
6.250%,
6/15/40
6/27
at
100.00
1,451,128
1,000
(d)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
The
Capitol
Encore
Academy,
Series
2021A,
5.000%,
6/01/56
6/28
at
100.00
832,495
2,000
(c),(d)
Public
Finance
Authority
of
Wisconsin,
Educational
Facilities
Revenue
Bonds,
Lake
Erie
College,
Series
2019A,
5.875%,
10/01/54
10/29
at
100.00
1,331,071
1,550
(d)
Public
Finance
Authority
of
Wisconsin,
Educational
Facility
Revenue
Bonds,
LEAD
Academy
Project,
Series
2021,
5.000%,
8/01/51
8/28
at
100.00
1,280,322
3,000
Public
Finance
Authority
of
Wisconsin,
Educational
Facility
Revenue
Bonds,
Lenoir-Rhyne
University,
Refunding
Series
2022,
5.125%,
4/01/52
4/32
at
100.00
2,952,795
335
Public
Finance
Authority
of
Wisconsin,
Exempt
Facilities
Revenue
Bonds,
National
Gypsum
Company
Project,
Refunding
Series
2016,
4.000%,
8/01/35,
(AMT)
8/26
at
100.00
298,958
5,000
Public
Finance
Authority
of
Wisconsin,
Hotel
Revenue
Bonds,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Senior
Lien
Series
2022A,
5.000%,
2/01/62
2/32
at
100.00
4,785,335
6,665
(d)
Public
Finance
Authority
of
Wisconsin,
Hotel
Revenue
Bonds,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Subordinate
Lien
Series
2022B,
6.000%,
2/01/62
2/32
at
100.00
6,737,237
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
Grant
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017A
:
1,665
(c),(d)
6.250%,
8/01/27
No
Opt.
Call
1,298,700
1,000
(c),(d)
6.750%,
8/01/31
No
Opt.
Call
730,000
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
:
2,000
(d)
6.750%,
12/01/42
12/27
at
100.00
1,911,963
20,835
(d)
7.000%,
12/01/50
12/27
at
100.00
20,163,523
3,500
(c),(d)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Alabama
Gulf
Coast
Zoo,
Series
2018A,
6.500%,
9/01/48
9/28
at
100.00
2,100,000
500
(c),(d)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Alabama
Proton
Therapy
Center,
Senior
Series
2017A,
7.000%,
10/01/47
10/27
at
100.00
50,000
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Procure
Proton
Therapy
Center,
Senior
Series
2018A
:
4,415
(d)
6.950%,
7/01/38
7/28
at
100.00
3,090,500
6,585
(d)
7.000%,
7/01/48
7/28
at
100.00
4,609,500
1,060
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Roseman
University
of
Health
Sciences,
Series
2015,
5.875%,
4/01/45
4/25
at
100.00
1,069,924
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
SearStone
Retirement
Community,
Series
2023A
:
1,000
5.000%,
6/01/37
6/28
at
103.00
944,835
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
138
NMZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
$
4,000
5.000%,
6/01/52
6/28
at
103.00
$
3,337,286
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Sky
Harbour
LLC
Obligated
Group
Aviation
Facilities
Project,
Series
2021
:
1,600
4.000%,
7/01/41,
(AMT)
7/31
at
100.00
1,279,261
2,000
4.250%,
7/01/54,
(AMT)
7/31
at
100.00
1,534,494
Public
Finance
Authority
of
Wisconsin,
Senior
Revenue
Bonds,
Maryland
Proton
Treatment
Center,
Series
2018A-1
:
1,000
(d)
6.125%,
1/01/33
1/28
at
100.00
450,000
2,000
(d)
6.250%,
1/01/38
1/28
at
100.00
900,000
3,500
(d)
6.375%,
1/01/48
1/28
at
100.00
1,575,000
4,215
(d)
Public
Finance
Authority
of
Wisconsin,
Tax
Increment
Revenue
Senior
Bonds,
Miami
World
Center
Project,
Series
2024A,
5.000%,
6/01/41
6/29
at
103.00
4,200,347
1,000
(d)
Public
Finance
Authority
of
Wisconsin,
Tax
Increment
Revenue
Subordinate
Bonds,
Miami
World
Center
Project,
Series
2024B,
8.000%,
6/15/42
6/29
at
103.00
982,955
285
(c),(g)
Public
Finance
Authority
of
Wisconsin,
Wisconsin
Revenue
Note,
KDC
Agribusiness
LLC
Project,
Series
2022B,
15.000%,
3/31/24
4/23
at
105.00
28
Public
Finance
Authority,
Wisconsin,
Revenue
Bonds,
Ocean
Academy
Charter
School,
Series
2021
:
1,130
(d)
5.000%,
10/15/51
10/31
at
100.00
966,676
815
(d)
5.000%,
10/15/56
10/31
at
100.00
683,918
1,000
(d)
Saint
Croix
Chippewa
Indians
of
Wisconsin,
Revenue
Bonds,
Refunding
Senior
Series
2021,
5.000%,
9/30/41
9/28
at
100.00
738,056
5,000
Wisconsin
Center
District,
Dedicated
Tax
Revenue
Bonds,
Supported
by
State
Moral
Obligation
Junior
Series
2020D,
0.000%,
12/15/60
-
AGM
Insured
12/30
at
29.95
798,597
7,250
(e)
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Marshfield
Clinic
Health
System,
Inc.,
Series
2017C,
5.000%,
2/15/47,
(UB)
2/27
at
100.00
7,015,952
Total
Wisconsin
99,043,029
Wyoming
-
0.4%
(0.3%
of
Total
Investments)
5,000
(e)
Wyoming
Community
Development
Authority,
Housing
Revenue
Bonds,
2023
Series
3,
4.950%,
12/01/53,
(UB)
6/32
at
100.00
5,052,074
Total
Wyoming
5,052,074
Total
Municipal
Bonds
(cost
$1,999,612,822)
1,874,587,329
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
3.9%
(2.5%
of
Total
Investments)
X
47,719,191
Materials
-
0.0%
(0.0%
of
Total
Investments)
39
(g),(j)
PALOUSE
FIBER
HOLDINGS
$
5,850
Total
Materials
5,850
Utilities
-
3.9%
(2.5%
of
Total
Investments)
21,492
(g),(j),(k)
Vistra
Vision
47,713,341
Total
Utilities
47,713,341
Total
Common
Stocks
(cost
$21,129,342)
47,719,191
139
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
0.0%
(0.0%
of
Total
Investments)
X
60,377
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
0.0%
(0.0%
of
Total
Investments)
$
60
Tuscan
Gardens
of
Palm
Coast
15.000%
10/01/24
$
60,377
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
60,377
Total
Corporate
Bonds
(cost
$60,377)
60,377
Principal
Amount
(000)
Description
(a)
Coupon
(l)
Reference
Rate
(l)
Spread
(l)
Maturity
(m)
Value
X
–
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
0.0%
(0.0%
of
Total
Investments)
(l)
X
57,737
Capital
Goods
-
0.0%
(0.0%
of
Total
Investments)
$
450
(c),(g),(n)
KDC
Agribusiness
Fairless
Hills
LLC
12.000%
N/A
N/A
9/17/24
$
57,737
Total
Capital
Goods
57,737
Total
Variable
Rate
Senior
Loan
Interests
(cost
$450,366)
57,737
Total
Long-Term
Investments
(cost
$2,021,252,907)
1,922,424,634
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
SHORT-TERM
INVESTMENTS
-
1.3% (0.8%
of
Total
Investments)
X
–
MUNICIPAL
BONDS
-
1.3%
(0.8%
of
Total
Investments)
X
16,280,000
California
-
0.7%
(0.5%
of
Total
Investments)
$
9,280
(o)
California
State,
General
Obligation
Bonds,
Various
Purpose,
Variable
Demand
Obligation
Series
2003A-1,
3.600%,
5/01/33,
(Mandatory
Put
5/7/2024)
5/24
at
100.00
$
9,280,000
Total
California
9,280,000
Wisconsin
-
0.6%
(0.3%
of
Total
Investments)
7,000
(o)
University
of
Wisconsin
Hospitals
and
Clinics
Authority,
Revenue
Bonds,
Series
2018A,
3.700%,
4/01/48,
(Mandatory
Put
5/7
/2024)
4/24
at
100.00
7,000,000
Total
Wisconsin
7,000,000
Total
Municipal
Bonds
(cost
$16,280,000)
16,280,000
Total
Short-Term
Investments
(cost
$16,280,000)
16,280,000
Total
Investments
(cost
$2,037,532,907
)
-
159.4%
1,938,704,634
Floating
Rate
Obligations
-
(35.4)%
(430,708,000)
AMTP
Shares,
Net-
(29.3)%(p)
(356,555,732)
Other
Assets
&
Liabilities,
Net
- 5.3%
64,570,645
Net
Assets
Applicable
to
Common
Shares
-
100%
$
1,216,011,547
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(d)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$509,980,686
or
26.3%
of
Total
Investments.
(e)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(f)
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.
(g)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(h)
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.
(i)
Principal
Amount
(000)
rounds
to
less
than
$1,000.
Nuveen
Municipal
High
Income
Opportunity
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
140
NMZ
(j)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(k)
On
March
1,
2024,
Vistra
Corp.
(“Vistra”)
completed
its
acquisition
of
Energy
Harbor
Corp
(“ENGH”). ENGH
has
been
merged
into
a
newly
formed
subsidiary
of
Vistra,
Vistra
Vision. In
connection
with
the
transaction,
holders
of
ENGH
common
stock
received
a
combination
of
cash
and
membership
interests
in
Vistra
Vision.
These
Vistra
Vision
interests
were
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.
(l)
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.
(m)
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.
(n)
Senior
loan
received
as
part
of
the
bondholder
funding
agreement
during
June
2023
for
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-1,
10.000%,
12/01/40,
144A,
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-2,
10.000%,
12/01/40,
(AMT),
144A,
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2021A,
10.000%,
12/01/31.
(o)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
(p)
AMTP
Shares,
Net
as
a
percentage
of
Total
Investments
is
18.4%.
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.
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
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
141
Nuveen
Municipal
Credit
Opportunities
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
NMCO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
155.6%
(100.0%
of
Total
Investments)
X
–
MUNICIPAL
BONDS
-
146
.6
%
(
94
.2
%
of
Total
Investments)
X
924,525,684
Alabama
-
4.7%
(3.0%
of
Total
Investments)
$
395
Hoover
Industrial
Development
Board,
Alabama,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Proejcet,
Green
Series
2020,
6.375%,
11/01/50,
(AMT),
(Mandatory
Put
11/01/30)
No
Opt.
Call
$
433,528
22,925
Hoover
Industrial
Development
Board,
Alabama,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Proejcet,
Series
2019,
5.750%,
10/01/49,
(AMT)
10/29
at
100.00
23,544,770
5,500
(c)
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A,
5.250%,
5/01/44
5/29
at
100.00
5,511,956
Total
Alabama
29,490,254
Alaska
-
1.2%
(0.8%
of
Total
Investments)
7,765
Anchorage,
Alaska,
Port
Revenue
Bonds,
Series
2020A,
5.000%,
12/01/50,
(AMT)
12/30
at
100.00
7,832,366
Total
Alaska
7,832,366
Arizona
-
3.2%
(2.1%
of
Total
Investments)
2,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Heritage
Academy
-
Gateway
and
Laveen
Pojects,
Series
2021B,
5.000%,
7/01/51
7/28
at
103.00
1,728,625
1,000
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Heritage
Academy
-
Gateway
and
Laveen
Pojects,
Taxable
Series
2021A,
5.000%,
7/01/51
7/28
at
103.00
864,312
340
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Pinecrest
Academy-Cadence
Campus
Project,
Series
2020A,
4.000%,
7/15/40
7/28
at
100.00
293,986
1,000
(c)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Gateway
Academy
Project,
Series
2019A,
5.750%,
1/01/50
1/30
at
100.00
867,820
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Taxable
Series
2019B
:
1,100
(c)
5.000%,
7/01/39
7/29
at
100.00
1,084,979
4,025
(c)
5.000%,
7/01/54
7/29
at
100.00
3,707,839
315
(c)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Educational
Facilities
Revenue
Bonds,
Ottawa
University
Projects,
Series
2020,
5.500%,
10/01/51
10/27
at
103.00
283,035
6,400
Maricopa
County
Pollution
Control
Corporation,
Arizona,
Pollution
Control
Revenue
Bonds,
El
Paso
Electric
Company,
Refunding
Series
2009A,
3.600%,
2/01/40
6/29
at
100.00
5,500,771
600
(c)
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Basis
Schools,
Inc.
Projects,
Series
2016A,
5.000%,
7/01/35
7/25
at
100.00
601,910
280
(c)
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Northwest
Christian
School
Project,
Series
2020A,
5.000%,
9/01/55
9/30
at
100.00
237,169
1,000
(c)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Edkey
Charter
Schools
Project,
Series
2019,
5.875%,
7/01/51
7/26
at
103.00
1,002,340
Nuveen
Municipal
Credit
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
142
NMCO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Arizona
(continued)
$
50
(c)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Imagine
East
Mesa
Charter
Schools
Project,
Series
2019,
5.000%,
7/01/49
7/26
at
100.00
$
46,037
380
(c)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Synergy
Public
Charter
School
Project,
Series
2020,
5.250%,
6/15/50
6/28
at
100.00
346,806
1,000
(d)
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2021A,
0.000%,
10/01/56
10/29
at
103.00
750,865
Tempe
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Mirabella
at
ASU
Project,
Series
2017A
:
2,205
(c)
6.000%,
10/01/37
10/27
at
100.00
1,545,866
2,350
(c)
6.125%,
10/01/52
10/27
at
100.00
1,396,921
Total
Arizona
20,259,281
Arkansas
-
2.1%
(1.3%
of
Total
Investments)
13,085
(c)
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
5.450%,
9/01/52,
(AMT)
9/25
at
105.00
13,251,415
Total
Arkansas
13,251,415
California
-
6.8%
(4.4%
of
Total
Investments)
3,000
(c)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
K
Street
Flats,
Series
2021A-2,
4.000%,
8/01/50
8/32
at
100.00
2,309,715
4,500
(c)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50
2/30
at
100.00
3,146,993
2,000
(c)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
The
Arbors,
Series
2020A,
5.000%,
8/01/50
8/30
at
100.00
1,867,035
2,000
(c)
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A,
5.000%,
4/01/49
4/29
at
100.00
1,653,948
1,555
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020B-2,
0.000%,
6/01/55
6/30
at
26.72
299,531
1,520
(c)
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Norton
Science
and
Language
Academy
Project,
Series
2020,
6.250%,
7/01/58
7/27
at
102.00
1,568,440
4,000
(c)
California
Municipal
Finance
Authority,
Revenue
Bonds,
Simpson
University,
Series
2020A,
6.000%,
10/01/50
10/27
at
103.00
4,035,713
1,385
(c)
California
Public
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
California
Crosspoint
Academy
Project,
Series
2020A,
5.125%,
7/01/55
7/28
at
100.00
1,160,667
320
(c)
California
Public
Finance
Authority,
Senior
Living
Revenue
Bonds,
Enso
Village,
Refunding
Green
Series
2021A,
5.000%,
11/15/51
11/29
at
102.00
277,903
California
School
Finance
Authority,
California,
Charter
School
Revenue
Bonds,
Encore
Education
Obligated
Group,
Series
2016A
:
4,020
(c)
5.000%,
6/01/42
6/26
at
100.00
3,331,660
4,380
(c)
5.000%,
6/01/52
6/26
at
100.00
3,406,662
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Arts
in
Action
Charter
Schools
-
Obligated
Group,
Series
2020A
:
1,410
(c)
5.000%,
6/01/50
6/27
at
100.00
1,027,713
1,200
(c)
5.000%,
6/01/59
6/27
at
100.00
835,619
1,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
Obligated
Group,
Series
2020A,
5.000%,
6/01/60
6/28
at
100.00
859,538
143
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
1,500
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A,
5.500%,
12/01/54
12/24
at
100.00
$
1,504,661
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
:
34
(e),(f)
5.750%,
7/01/24
1/22
at
100.00
33,550
0
(e),(f),(g)
5.750%,
7/01/30
1/22
at
100.00
425
16
(e),(f)
5.750%,
7/01/35
1/22
at
100.00
16,085
27
(e),(f)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005G,
5.500%,
7/01/24
1/22
at
100.00
26,331
12
(e),(f)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005H,
5.750%,
7/01/25
1/22
at
100.00
11,998
25,000
California
Statewide
Financing
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
Pooled
Tobacco
Securitization
Program,
Series
2006A,
0.000%,
6/01/46
5/24
at
25.76
6,423,467
1,000
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54
1/31
at
100.00
795,629
2,500
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Vineyard
Gardens
Apartments,
Senior
Lien
Series
2021A,
3.250%,
10/01/58
4/32
at
100.00
1,687,250
58,500
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2,
0.000%,
6/01/66
12/31
at
27.75
5,940,260
615
(h)
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Lien
Private
Activity
Series
2021A,
5.000%,
5/15/39,
(AMT)
5/31
at
100.00
648,590
Total
California
42,869,383
Colorado
-
14.4%
(9.3%
of
Total
Investments)
1,940
Arista
Metropolitan
District,
Broomfield
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
and
Improvement
Series
2023B,
8.250%,
12/15/39
12/28
at
103.00
1,979,078
3,000
Aurora
Highlands
Community
Authority
Board,
Adams
County,
Colorado,
Special
Tax
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A,
5.750%,
12/01/51
12/28
at
103.00
2,690,988
2,000
Bradley
Heights
Metropolitan
District
2,
Colorado
Springs,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2021A-3,
4.750%,
12/01/51
9/26
at
103.00
1,495,676
962
Broadway
Station
Metropolitan
District
2,
Denver
City
and
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Series
2019A,
5.000%,
12/01/35
6/24
at
103.00
802,720
3,000
Broadway
Station
Metropolitan
District
3,
Denver
City
and
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Series
2019A,
5.000%,
12/01/49
6/24
at
103.00
2,328,549
1,000
Broadway
Station
Metropolitan
District
3,
Denver
City
and
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Subordinate
Convertible
to
Senior
Capital
Appreciation
Series
2019B,
7.500%,
12/01/49
6/24
at
79.97
647,991
3,985
Broadway
Station
Metropolitan
District
3,
Denver
County,
Colorado,
Tax
Increment
Supported
Revenue
Bonds,
Series
2023A,
7.000%,
12/15/32
5/24
at
100.00
3,844,526
500
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds
World
Compass
Academy
Project,
Series
2017,
5.375%,
10/01/37
10/27
at
100.00
447,647
Nuveen
Municipal
Credit
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
144
NMCO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
3,145
(c)
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Belle
Creek
Charter
School,
Series
2022A,
5.250%,
3/15/52
3/32
at
100.00
$
3,033,343
500
(c)
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
Loveland
Classical
Schools
Project,
Series
2016,
5.000%,
7/01/36
7/26
at
100.00
502,106
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
Rocky
Mountain
Classical
Academy
Project,
Refunding
Series
2019
:
3,520
(c)
5.000%,
10/01/49
10/27
at
100.00
3,244,294
6,650
(c)
5.000%,
10/01/59
10/27
at
100.00
5,944,595
2,000
Crossroads
Metropolitan
District
1,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Series
2022,
6.500%,
12/01/51
12/29
at
103.00
1,948,816
1,750
Green
Valley
Ranch
East
Metropolitan
District
6,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-3,
5.875%,
12/01/50
9/25
at
103.00
1,711,075
14,000
Hess
Ranch
Metropolitan
District
6,
Parker,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
Capital
Appreciation
Series
2020A-2,
5.750%,
12/01/49
3/25
at
93.28
10,752,748
5,500
Hess
Ranch
Metropolitan
District
6,
Parker,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-1,
5.000%,
12/01/49
3/25
at
103.00
4,864,044
1,070
(c),(i)
Indy
Oak
Tod
Metropolitan
District,
Lakewood,
Jefferson
County,
Colorado,
Limited
Tax General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2020A,
5.500%,
12/01/50,
(Pre-refunded
6/01/25)
6/25
at
103.00
1,086,311
500
Iron
Mountain
Metropolitan
District
2,
Windsor,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2019A,
5.000%,
12/01/49
12/24
at
103.00
443,391
500
Johnstown
North
Metropolitan
District
2,
Johnstown,
Colorado,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2022A,
7.000%,
8/15/52
12/27
at
103.00
507,088
1,000
Lanterns
Metropolitan
District
2,
Castle
Rock,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021A-3,
4.500%,
12/01/50
9/26
at
103.00
727,567
2,000
(c)
Ledge
Rock
Center
Commercial
Metropolitan
District
(In
the
Town
of
Johnstown,
Weld
County,
Colorado),
Limited
Tax
General
Obligation
Bonds,
Series
2022,
7.375%,
11/01/52
11/29
at
103.00
1,993,492
360
Mountain
Shadows
Metropolitan
District,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
Series
2016,
4.000%,
12/01/26
12/25
at
100.00
351,905
1,000
Murphy
Creek
Metropolitan
District
5
(In
the
City
of
Aurora,
Arapahoe
County,
Colorado),
General
Obligation
Limited
Tax
Bonds,
Series
2022A
and
Subordinate
General
Obligation
Limited
Tax
Bonds,
Series
2022B(3),
6.000%,
12/01/52
9/27
at
103.00
975,378
2,320
North
Range
Metropolitan
District
3,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-3,
5.250%,
12/01/50
12/25
at
103.00
2,210,219
515
North
Vista
Highlands
Metropolitan
District
3,
Pueblo
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020,
5.125%,
12/01/49
3/25
at
103.00
472,821
10,180
Painted
Prairie
Public
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2019,
5.000%,
12/01/49
12/24
at
103.00
8,942,000
1,000
Palisade
Metropolitan
District
2,
Broomfield
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Subordinate
Series
2019,
7.250%,
12/15/49
12/24
at
103.00
918,607
4,441
Pioneer
Community
Authority
Board
(Weld
County,
Colorado),
Special
Revenue
Bonds,
Series
2022,
6.500%,
12/01/34
6/29
at
103.00
4,255,407
1,500
RM
Mead
Metropolitan
District,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A,
5.250%,
12/01/50
9/25
at
103.00
1,403,475
145
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
5,000
Sagebrush
Farm
Metropolitan
District
1,
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022A,
6.750%,
12/01/52
12/29
at
103.00
$
4,934,685
3,000
(c)
Settler's
Crossing
Metropolitan
District
1,
Lakewood,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A,
5.125%,
12/01/50
9/25
at
103.00
2,862,294
1,194
Sky
Ranch
Community
Authority
Board,
Arapahoe
County,
Colorado,
Limited
Tax
Supported
District
1
Revenue
Bonds,
Senior
Series
2019A,
5.000%,
12/01/49
12/24
at
102.00
1,142,610
719
Sky
Ranch
Community
Authority
Board,
Arapahoe
County,
Colorado,
Limited
Tax
Supported
District
1
Revenue
Bonds,
Subordinate
Series
2019B,
7.625%,
12/15/49
12/24
at
102.00
738,504
500
STC
Metropolitan
District
2,
Superior,
Boulder
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Refunding
&
improvement
Series
2019A,
5.000%,
12/01/49
12/24
at
103.00
454,453
1,000
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Special
District
3,
Series
2022,
6.750%,
12/01/53
12/27
at
103.00
1,039,439
760
Talon
Pointe
Metropolitan
District,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Refunding
&
Improvement
Series
2019A,
5.250%,
12/01/51
12/25
at
103.00
574,133
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1
:
2,200
5.000%,
12/01/41
3/26
at
103.00
1,862,067
1,000
5.000%,
12/01/51
3/26
at
103.00
790,118
1,000
Ward
TOD
Metropolitan
District
1,
Wheat
Ridge,
Jefferson
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2019A,
5.000%,
12/01/49
12/24
at
103.00
906,408
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1
:
2,000
(c)
4.000%,
12/01/36
9/26
at
103.00
1,726,084
5,000
(c)
4.125%,
12/01/51
9/26
at
103.00
3,533,074
Total
Colorado
91,089,726
Connecticut
-
0.4%
(0.2%
of
Total
Investments)
3,200
(c)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mary
Wade
Home
Issue,
Series
2019A-1,
5.000%,
10/01/54
10/24
at
104.00
2,437,140
Total
Connecticut
2,437,140
District
of
Columbia
-
3.6%
(2.3%
of
Total
Investments)
89,500
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A,
0.000%,
6/15/46
5/24
at
25.76
20,877,226
1,996
(c)
District
of
Columbia,
Revenue
Bonds,
Saint
Paul
on
Fouth
Street,
Inc.,
Series
2019A,
5.250%,
5/15/55
5/30
at
100.00
1,690,403
Total
District
of
Columbia
22,567,629
Florida
-
15.7%
(10.1%
of
Total
Investments)
2,000
Academical
Village
Community
Development
District,
Davie,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2020,
3.625%,
5/01/40
5/30
at
100.00
1,682,369
Capital
Trust
Agency,
Florida,
Educational
Facilities
Lease
Revenue
Bonds,
Franklin
Academy
Projects,
Series
2020
:
140
(c)
5.000%,
12/15/35
7/26
at
100.00
135,792
100
(c)
5.000%,
12/15/50
7/26
at
100.00
85,254
100
(c)
Capital
Trust
Agency,
Florida,
Educational
Facilities
Revenue
Bonds,
Imagine
School
at
Land
O'Lakes
Project,
Series
2020A,
5.000%,
12/15/49
12/30
at
100.00
89,144
Nuveen
Municipal
Credit
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
146
NMCO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
1,950
(c)
Capital
Trust
Agency,
Florida,
Educational
Facilities
Revenue
Bonds,
Pineapple
Cove
Classical
Academy,
Series
2019A,
5.125%,
7/01/39
1/29
at
100.00
$
1,875,292
725
(c),(e)
Capital
Trust
Agency,
Florida,
Revenue
Bonds,
Provision
CARES
Proton
Therapy
Center,
Orlando
Project,
Series
2018,
7.500%,
6/01/48
6/28
at
100.00
72,498
Capital
Trust
Agency,
Florida,
Senior
Living
Facilities
Revenue
Bonds,
Elim
Senior
Housing,
Inc.
Project,
Series
2017
:
1,490
(c)
5.625%,
8/01/37
8/24
at
103.00
1,207,078
3,735
(c)
5.875%,
8/01/52
8/24
at
103.00
2,727,794
170
Cypress
Preserve
Community
Development
District,
Pasco
County,
Florida,
Special
Assessment
Bonds,
Assessment
Area
2,
Series
2019,
4.125%,
11/01/50
11/29
at
100.00
141,407
1,000
(c)
Epperson
North
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
1,
Series
2018A-1,
5.750%,
11/01/49
11/29
at
100.00
1,016,810
2,030
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Creative
Inspiration
Journey
School
of
St.
Cloud,
Series
2021A,
5.000%,
6/15/51
6/29
at
102.00
1,709,640
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Miami
Arts
Charter
School
Projects,
Series
2014
:
2,500
(c)
5.875%,
6/15/34
6/24
at
100.00
2,504,976
5,795
(c)
6.000%,
6/15/44
6/24
at
100.00
5,807,169
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Pepin
Academies
of
Pasco
County
Inc.,
Series
2020A
:
2,415
(c)
5.000%,
1/01/40
1/27
at
100.00
2,164,164
500
(c)
5.000%,
1/01/50
1/27
at
100.00
421,127
1,600
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Southwest
Charter
Foundation
Inc
Projects,
Series
2017A,
6.000%,
6/15/37
6/27
at
100.00
1,615,236
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
:
9,950
(c)
1.000%,
7/15/32,
(AMT),
(Mandatory
Put
7/15/28),
(WI/DD)
5/24
at
100.00
10,273,375
2,500
5.250%,
7/01/47
-
AGM
Insured,
(AMT),
(WI/DD)
7/32
at
100.00
2,636,320
1,515
5.250%,
7/01/47,
(AMT),
(WI/DD)
7/32
at
100.00
1,561,051
7,475
5.250%,
7/01/53
-
AGM
Insured,
(AMT),
(WI/DD)
7/32
at
100.00
7,795,081
1,500
5.500%,
7/01/53,
(AMT),
(WI/DD)
7/32
at
100.00
1,555,416
7,500
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2023A,
7.500%,
7/01/57,
(AMT),
(Mandatory
Put
8/15/24)
5/24
at
104.00
7,462,921
13,065
(c)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2023C,
8.250%,
7/01/57,
(AMT),
(Mandatory
Put
8/15/24)
4/24
at
100.00
13,090,477
6,750
Greater
Orlando
Aviation
Authority,
Florida,
Orlando
Airport
Facilities
Revenue
Bonds,
Priority
Subordinated
Series
2017A,
5.000%,
10/01/42,
(AMT)
10/27
at
100.00
6,872,131
150
(c)
Lake
Hideaway
Community
Development
District,
Hernando
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
One,
Series
2024,
5.900%,
5/01/54
5/34
at
100.00
145,692
850
Lee
County
Industrial
Development
Authority,
Florida,
Charter
School
Revenue
Bonds,
Lee
County
Community
Charter
Schools,
Series
2007A,
5.250%,
6/15/27
5/24
at
100.00
846,571
Lee
County
Industrial
Development
Authority,
Florida,
Healthcare
Facilities
Revenue
Bonds,
Preserve
Project,
Series
2017A
:
1,000
(c)
5.375%,
12/01/32
5/24
at
104.00
858,702
1,100
(c)
5.625%,
12/01/37
5/24
at
104.00
892,174
147
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
1,300
(c)
5.750%,
12/01/52
5/24
at
104.00
$
942,850
690
LT
Ranch
Community
Development
District,
Sarasota
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2019,
4.000%,
5/01/40
5/30
at
100.00
614,661
1,715
(c)
Mandarin
Grove
Community
Development
District,
Manatee
County,
Florida,
Special
Assessment
Revenue
Bonds,
2022
Project
Series
2022,
6.625%,
5/01/53
5/42
at
100.00
1,825,373
1,410
Miami
World
Center
Community
Development
District,
Miami-Dade
County,
Florida,
Special
Assessment
Bonds,
Series
2017,
5.125%,
11/01/39
11/27
at
100.00
1,427,309
2,395
(c)
Middleton
Community
Development
District
A,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2022,
6.200%,
5/01/53
11/30
at
100.00
2,488,199
995
(c)
North
AR-1
of
Pasco
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
4,
Series
2024,
5.750%,
5/01/54
5/34
at
100.00
980,058
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Capital
Appreciation
Series
2019A-2
:
3,125
0.000%,
10/01/41
10/29
at
66.18
1,268,280
2,130
0.000%,
10/01/48
10/29
at
50.96
557,028
500
0.000%,
10/01/54
10/29
at
40.38
91,840
100
Parker
Road
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Refudning
Series
2020,
3.875%,
5/01/40
5/30
at
100.00
81,744
125
Portico
Community
Development
District,
Lee
County,
Florida,
Special Assessment,
Refunding
Improvement
Series
2020-1,
3.500%,
5/01/37
5/30
at
100.00
107,968
2,325
Saint
Johns
County
Industrial
Development
Authority,
Florida,
First
Mortgage
Revenue
Bonds,
Presbyterian
Retirement
Communities
Obligated
Group
Project,
Series
2020A,
4.000%,
8/01/55
8/25
at
103.00
1,817,929
6,410
Seminole
County
Industrial
Development
Authority,
Florida,
Retirement
Facility
Revenue
Bonds,
Legacy
Pointe
At
UCF
Project,
Series
2019A,
5.750%,
11/15/54
11/26
at
103.00
5,483,239
2,225
Three
Rivers
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2019A-1,
4.750%,
5/01/50
5/29
at
100.00
2,035,082
65
Three
Rivers
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2019A-2,
4.750%,
5/01/29
No
Opt.
Call
65,414
1,555
Twin
Creeks
North
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Master
Infrastructure
Improvements,
Series
2016A-1,
6.375%,
11/01/47
11/31
at
100.00
1,620,228
315
West
Villages
Improvement
District,
Florida,
Special
Assessment
Revenue
Bonds,
Unit
of
Development
1,
Series
2017,
4.000%,
5/01/27
No
Opt.
Call
309,951
Total
Florida
98,962,814
Georgia
-
3.7%
(2.4%
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
(e)
6.500%,
1/01/29
1/28
at
100.00
562,500
7,030
(e)
6.750%,
1/01/35
1/28
at
100.00
3,163,500
18,430
(e)
7.000%,
1/01/40
1/28
at
100.00
8,293,500
441
Georgia
Local
Governments,
Certificates
of
Participation,
Georgia
Municipal
Association,
Series
1998A,
4.750%,
6/01/28
-
NPFG
Insured
No
Opt.
Call
446,813
10,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2019A,
5.000%,
5/15/43
5/29
at
100.00
10,082,980
Nuveen
Municipal
Credit
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
148
NMCO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Georgia
(continued)
$
850
White
County
Development
Authority,
Georgia,
Revenue
Bonds
Truett
McConnell
University,
Series
2019,
5.125%,
10/01/39
10/26
at
103.00
$
764,760
Total
Georgia
23,314,053
Hawaii
-
0.2%
(0.1%
of
Total
Investments)
1,150
(c)
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Chaminade
University
of
Honolulu,
Series
2015A,
5.000%,
1/01/45
1/25
at
100.00
989,153
Total
Hawaii
989,153
Idaho
-
1.5%
(1.0%
of
Total
Investments)
9,690
(c)
Idaho
Falls
Auditorium
District,
Idaho,
Certifications
of
Participation, Annual
Appropriation
Series
2021,
5.250%,
5/15/51
5/26
at
102.00
9,390,641
Total
Idaho
9,390,641
Illinois
-
14.6%
(9.4%
of
Total
Investments)
4,605
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2023A,
6.000%,
12/01/49
12/33
at
100.00
5,045,077
7,950
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Series
2014,
5.250%,
12/01/49
12/24
at
100.00
7,970,397
2,800
(h)
Chicago,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2016C,
5.000%,
1/01/38,
(UB)
1/26
at
100.00
2,806,852
5,000
(h)
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A,
5.500%,
1/01/49,
(UB)
1/29
at
100.00
5,159,368
3,965
(h)
Chicago,
Illinois,
General
Obligation
Bonds,
VAribale
Rate
Demand
Series
2007F,
5.500%,
1/01/42,
(UB)
1/25
at
100.00
3,974,289
4,750
Illinois
Finance
Authority,
Education
Revenue
Bonds,
Noble
Network
of
Charter
Schools,
Series
2015,
5.000%,
9/01/32
9/24
at
100.00
4,650,513
10,850
Illinois
Finance
Authority,
Revenue
Bonds,
Admiral
at
the
Lake
Project,
Refunding
Series
2017,
5.250%,
5/15/54
5/24
at
103.00
8,177,382
2,000
(c)
Illinois
Finance
Authority,
Solid
Waste
Revenue
Bonds,
LRS
Holdings
LLC
Project,
Series
2023B,
7.375%,
9/01/42,
(Mandatory
Put
9/01/33)
6/33
at
100.00
2,149,672
9,945
Illinois
State,
General
Obligation
Bonds,
June
Series
2022A,
5.500%,
3/01/47
3/32
at
100.00
10,625,831
4,840
Illinois
State,
General
Obligation
Bonds,
May
Series
2018A,
5.000%,
5/01/32
5/28
at
100.00
5,104,839
890
Illinois
State,
General
Obligation
Bonds,
May
Series
2020,
5.500%,
5/01/39
5/30
at
100.00
962,017
4,600
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D,
5.000%,
11/01/28
11/27
at
100.00
4,802,262
7,935
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A,
5.000%,
6/15/50
12/29
at
100.00
8,097,540
10,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2012B,
0.000%,
12/15/50
-
AGM
Insured
No
Opt.
Call
2,664,014
2,980
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017A,
5.000%,
6/15/57
12/27
at
100.00
3,014,971
29,815
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017B,
0.000%,
12/15/54
-
BAM
Insured
No
Opt.
Call
6,355,255
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Capital
Appreciation
Refunding
Series
2010B-1
:
12,500
0.000%,
6/15/44
-
AGM
Insured
No
Opt.
Call
4,877,691
4,545
0.000%,
6/15/45
-
AGM
Insured
No
Opt.
Call
1,666,556
149
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
Northern
Illinois
University,
Auxiliary
Facilities
System
Revenue
Bonds,
Series
2021
:
$
425
4.000%,
10/01/39
-
BAM
Insured
4/31
at
100.00
$
412,836
800
4.000%,
10/01/40
-
BAM
Insured
4/31
at
100.00
760,749
700
4.000%,
10/01/41
-
BAM
Insured
4/31
at
100.00
660,410
Sales
Tax
Securitization
Corporation,
Illinois,
Sales
Tax
Securitzation
Bonds,
Second
Lien
Series
2020A
:
150
4.000%,
1/01/38
1/30
at
100.00
147,465
120
4.000%,
1/01/39
1/30
at
100.00
116,385
1,000
(e)
Yorkville
United
City
Business
District,
Illinois,
Storm
Water
and
Water
Improvement
Project
Revenue
Bonds,
Series
2007,
4.800%,
1/01/26
5/24
at
100.00
420,000
820
(e)
Yorkville
United
City,
Kendall
County,
Illinois,
Sales
Tax
Revenue
Bonds,
Kendall
Marketplace
Project,
Series
2007,
6.000%,
1/01/26
5/24
at
100.00
819,763
680
Yorkville,
Illinois,
Special
Tax
Bonds,
Special
Service
Area
2006-113
Cannoball
&
Beecher,
Series
2007,
5.750%,
3/01/28
5/24
at
100.00
674,706
Total
Illinois
92,116,840
Indiana
-
1.1%
(0.7%
of
Total
Investments)
140
(c)
Anderson,
Indiana,
Multifamily
Housing
Revenue
Bonds,
Sweet
Galilee
at
the
Wigwam
Project,
Series
2020A,
5.375%,
1/01/40
1/27
at
102.00
113,169
3,105
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Earlham
College,
Refunding
Series
2013A,
5.000%,
10/01/32
5/24
at
100.00
3,105,727
500
Indiana
Finance
Authority,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Project,
Series
2020,
6.750%,
5/01/39,
(AMT)
11/30
at
100.00
555,343
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E
:
1,005
6.000%,
3/01/53
3/33
at
100.00
1,090,716
1,000
6.125%,
3/01/57
3/33
at
100.00
1,084,459
1,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Subordinate
Series
2023F-1,
7.750%,
3/01/67
3/33
at
100.00
1,061,990
Total
Indiana
7,011,404
Iowa
-
0.6%
(0.4%
of
Total
Investments)
2,540
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Alcoa
Inc.
Project,
Series
2012,
4.750%,
8/01/42
5/24
at
100.00
2,482,223
1,100
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
5.000%,
12/01/50
12/29
at
103.00
1,145,908
Total
Iowa
3,628,131
Kansas
-
1.5%
(0.9%
of
Total
Investments)
2,000
Wichita,
Kansas,
Health
Care
Facilities
Revenue
Bonds,
Presbyterian
Manors,
Series
2013IV-A,
6.500%,
5/15/48
5/24
at
100.00
1,788,845
1,365
Wyandotte
County-Kansas
City
Unified
Government,
Kansas,
Sales
Tax
Special
Obligation
Bonds,
Vacation
Village
Project
Area
1
and
2A,
Series
2015,
5.750%,
9/01/32
9/25
at
100.00
1,283,363
6,475
(c)
Wyandotte
County-Kansas
City
Unified
Government,
Kansas,
Sales
Tax
Special
Obligation
Bonds,
Village
East
Project
Areas
2B
3
and
5,
Series
2022,
5.750%,
3/01/41
3/29
at
103.00
6,122,835
Total
Kansas
9,195,043
Kentucky
-
0.2%
(0.1%
of
Total
Investments)
Nuveen
Municipal
Credit
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
150
NMCO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Kentucky
(continued)
$
1,475
Carroll
County,
Kentucky,
Environmental
Facilities
Revenue
Bonds,
Kentucky
Utilities
Company
Project,
Series
2008A,
2.000%,
2/01/32,
(AMT)
6/31
at
100.00
$
1,191,253
Total
Kentucky
1,191,253
Louisiana
-
2.1%
(1.4%
of
Total
Investments)
1,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Entergy
Lousiana,
LLC
Project,
Refunding
Series
2021B,
2.500%,
4/01/36
4/26
at
100.00
800,377
945
(c)
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Jefferson
Parish
GOMESA
Project,
Series
2019,
4.000%,
11/01/44
11/29
at
100.00
842,529
260
(c)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Lake
Charles
College
Prep
Project,
Series
2019A,
5.000%,
6/01/58
6/27
at
100.00
221,110
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Young
Audiences
Charter
School,
Series
2019A
:
1,800
(c)
5.000%,
4/01/49
4/27
at
100.00
1,521,596
2,000
(c)
5.000%,
4/01/57
4/27
at
100.00
1,636,053
2,365
Louisiana
Public
Facilities
Authority,
Hospital
Revenue
Bonds,
Franciscan
Missionaries
of
Our
Lady
Health
System,
Series
2017A,
5.000%,
7/01/47
7/27
at
100.00
2,380,644
2,500
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Loyola
University
of
New
Orleans
Project,
Refunding
Series
2023A,
5.250%,
10/01/53
4/33
at
100.00
2,574,772
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Tulane
University,
Refunding
Series
2020A
:
235
(i)
4.000%,
4/01/50,
(Pre-refunded
4/01/30)
4/30
at
100.00
246,573
15
4.000%,
4/01/50
4/30
at
100.00
14,101
200
(c)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2008,
6.100%,
6/01/38,
(Mandatory
Put
6/01/30)
No
Opt.
Call
217,514
1,235
(c)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010,
6.350%,
7/01/40
6/30
at
100.00
1,335,534
800
(c)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010A,
6.350%,
10/01/40
6/30
at
100.00
865,123
695
(c)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010B,
6.100%,
12/01/40,
(Mandatory
Put
6/01/30)
No
Opt.
Call
755,846
Total
Louisiana
13,411,772
Maryland
-
0.9%
(0.6%
of
Total
Investments)
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
:
1,000
5.000%,
9/01/36
9/27
at
100.00
992,379
1,000
5.000%,
9/01/39
9/27
at
100.00
961,775
2,080
(c)
Frederick
County,
Maryland,
Special
Tax
Limited
Obligation
Bonds,
Jefferson
Technology
Park
Project,
Refunding
Series
2020A,
5.000%,
7/01/43
7/30
at
102.00
2,037,029
2,000
(c)
Prince
George's
County,
Maryland,
Special
Obligation
Bonds,
Westphalia
Town
Center
Project,
Series
2018,
5.250%,
7/01/48
7/28
at
100.00
1,990,140
Total
Maryland
5,981,323
Massachusetts
-
0.5%
(0.3%
of
Total
Investments)
3,900
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
Lawrence
General
Hospital
Issue,
Series
2017,
5.000%,
7/01/47
7/27
at
100.00
3,189,863
Total
Massachusetts
3,189,863
151
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Michigan
-
0.9%
(0.6%
of
Total
Investments)
$
1,845
Advanced
Technology
Academy,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2019,
5.000%,
11/01/44
11/27
at
102.00
$
1,734,586
74,130
Michigan
Tobacco
Settlement
Finance
Authority,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Capital
Appreciation
Turbo
Term
Series
2008C,
0.000%,
6/01/58
6/33
at
11.41
2,539,864
1,810
(c)
Warren
Academy,
Macomb
County,
Michigan,
Revenue
Bonds,
Public
School
Academy,
Refunding
Series
2020A,
5.500%,
5/01/50
5/27
at
100.00
1,649,593
Total
Michigan
5,924,043
Minnesota
-
1.0%
(0.7%
of
Total
Investments)
500
Bethel,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Partnership
Academy
Project,
Series
2018A,
5.000%,
7/01/53
7/26
at
102.00
420,669
1,300
Brooklyn
Park,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Athlos
Leadership
Academy
Project,
Series
2015A,
5.750%,
7/01/46
7/25
at
100.00
1,163,817
2,440
Columbia
Heights,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Prodeo
Academy
Project,
Series
2019A,
5.000%,
7/01/54
7/27
at
102.00
2,098,477
130
(c)
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Friendship
Academy
of
the
Arts
Project,
Series
2019A,
5.250%,
12/01/52
12/27
at
100.00
109,157
30
Minneapolis,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Northeast
College
Prep
Project,
Series
2020A,
5.000%,
7/01/40
7/30
at
100.00
26,551
2,040
(c)
Saint
Cloud,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Athlos
Academy,
Series
2022A,
5.875%,
6/01/57
6/30
at
102.00
1,922,629
1,000
Scanlon,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Duluth
Health
Services
Project,
Refunding
Series
2020,
3.950%,
3/01/50
3/25
at
101.00
677,163
Total
Minnesota
6,418,463
Mississippi
-
0.4%
(0.2%
of
Total
Investments)
2,285
Mississippi
Hospital
Equipment
and
Facilities
Authority,
Revenue
Bonds,
Baptist
Memorial
Healthcare,
Series
2016A,
5.000%,
9/01/46
9/26
at
100.00
2,270,249
Total
Mississippi
2,270,249
Missouri
-
1.2%
(0.7%
of
Total
Investments)
315
Boone
County,
Missouri,
Hospital
Revenue
Bonds,
Boone
Hospital
Center,
Refunding
Series
2016,
4.000%,
8/01/38
8/26
at
100.00
214,138
Kirkwood
Industrial
Development
Authority,
Missouri,
Retirement
Community
Revenue
Bonds,
Aberdeen
Heights
Project,
Refunding
Series
2017A
:
2,900
5.250%,
5/15/42
5/27
at
100.00
2,466,195
1,750
5.250%,
5/15/50
5/27
at
100.00
1,387,140
3,500
(c)
Land
Clearance
for
Redevelopment
Authority
of
Kansas
City,
Missouri,
Project
Revenue
Bonds,
Convention
Center
Hotel
Project
-
TIF
Financing,
Series
2018B,
5.000%,
2/01/50
2/28
at
100.00
3,186,744
Total
Missouri
7,254,217
Nevada
-
0.8%
(0.5%
of
Total
Investments)
9,202
(c),(e)
Director
of
Nevada
State
Department
of
Business
&
Industry,
Environmental
Improvement
Revenue
Bonds,
Fulcrum
Sierra
BioFuels
LLC
Project,
Green
Series
2018,
6.950%,
2/15/38,
(AMT)
8/28
at
100.00
920,263
2,000
(c),(e)
Director
of
Nevada
State
Department
of
Business
&
Industry,
Environmental
Improvement
Revenue
Bonds,
Fulcrum
Sierra
BioFuels
LLC
Project,
Green
Series
2020,
6.750%,
2/15/38
2/31
at
100.00
200,000
Director
of
Nevada
State
Department
of
Business
&
Industry,
Environmental
Improvement
Revenue
Bonds,
Fulcrum
Sierra
BioFuels
LLC
Project,
Series
2017
:
Nuveen
Municipal
Credit
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
152
NMCO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Nevada
(continued)
$
1,652
(c),(e),(f)
5.875%,
12/15/27,
(AMT)
No
Opt.
Call
$
249,365
340
(c),(e),(f)
6.250%,
12/15/37,
(AMT)
12/27
at
100.00
51,330
2,750
(c),(e)
Director
of
Nevada
State
Department
of
Business
&
Industry,
Environmental
Improvement
Revenue
Bonds,
Fulcrum
Sierra
Holdings
LLC,
Green
Series
2019,
5.750%,
2/15/38,
(AMT)
8/29
at
100.00
275,000
25,000
(c)
Reno,
Nevada,
Subordinate
Lien
Sales
Tax
Revenue
Refunding
Capital
Appreciation
Bonds,
ReTrac-Reno
Transporation
Rail
Access
Corridor
Project,
Series
2018C,
0.000%,
7/01/58
7/38
at
31.26
3,178,585
Total
Nevada
4,874,543
New
Hampshire
-
0.6%
(0.4%
of
Total
Investments)
3,970
(c)
National
Finance
Authority,
New
Hampshire,
Resource
Recovery
Revenue
Bonds,
Covanta
Project,
Refunding
Series
2018C,
4.875%,
11/01/42,
(AMT)
5/24
at
100.00
3,581,755
Total
New
Hampshire
3,581,755
New
Jersey
-
3.6%
(2.3%
of
Total
Investments)
4,000
(c),(e)
New
Jersey
Economic
Development
Authority
Revenue
Bonds,
Black
Horse
EHT
Urban
Renewal
LLC
Project,
Series
2019A,
5.000%,
10/01/39
10/27
at
102.00
2,548,698
1,500
New
Jersey
Economic
Development
Authority,
Fixed
Rate
Revenue
Bonds,
Lions
Gate
Project,
Series
2014,
5.000%,
1/01/34
5/24
at
100.00
1,473,981
5,475
(c),(e)
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
White
Horse
HMT
Urban
Renewal
LLC
Project,
Series
2020,
5.000%,
1/01/40
1/28
at
102.00
3,739,756
6,460
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Refunding
Series
2012,
5.750%,
9/15/27,
(AMT)
5/24
at
100.00
6,463,899
15,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2009A,
0.000%,
12/15/39
No
Opt.
Call
7,661,046
500
South
Jersey
Port
Corporation,
New
Jersey,
Marine
Terminal
Revenue
Bonds,
Subordinate
Series
2017B,
5.000%,
1/01/42,
(AMT)
1/28
at
100.00
511,822
Total
New
Jersey
22,399,202
New
Mexico
-
0.1%
(0.1%
of
Total
Investments)
825
(c)
Winrock
Town
Center
Tax
Increment
Development
District
1,
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Increment
Bonds,
Subordinate
Lien
Series
2020,
8.000%,
5/01/40
5/24
at
103.00
776,129
Total
New
Mexico
776,129
New
York
-
10.6%
(6.8%
of
Total
Investments)
250
Babylon
Local
Development
Corporation
II,
New
York,
Education
Revenue
Bonds,
The
Academy
Charter
School
Project,
Series
2023A,
5.750%,
2/01/33
No
Opt.
Call
253,058
950
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Metropolitan
College
of
New
York,
Series
2014,
5.250%,
11/01/34
11/24
at
100.00
570,000
2,910
(c)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020A-1,
5.500%,
6/01/55
12/30
at
100.00
2,601,290
1,590
(c)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020C-1,
5.000%,
6/01/55
12/30
at
100.00
1,313,265
450
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2018A,
4.000%,
8/01/38
8/28
at
100.00
421,979
36,150
(c)
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A,
0.000%,
6/01/60
5/24
at
6.70
2,318,169
153
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
5,000
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016B,
0.000%,
1/01/45
No
Opt.
Call
$
1,290,645
15,500
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016C,
5.625%,
1/01/55
1/34
at
100.00
13,265,777
650
Hempstead
Town
Local
Development
Corporation,
New
York,
Education
Revenue
Bonds,
The
Academy
Charter
School
Project,
Series
2020A,
5.730%,
2/01/50
2/30
at
100.00
590,012
1,570
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1,
5.250%,
11/15/55
5/30
at
100.00
1,631,829
380
(c)
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Academy
of
Health
Sciences
Charter
School
Project,
Social
Impact
Series
2022,
5.875%,
7/01/52
7/32
at
100.00
379,642
625
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-
Through
Bonds,
Turbo
Term
Series
2016A.
Including
2016A-1,
2016A-2A
and
2016A-2B,
5.000%,
6/01/45
6/26
at
100.00
583,302
1,740
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
5.250%,
1/01/50,
(AMT)
7/24
at
100.00
1,722,596
3,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
5.000%,
8/01/31,
(AMT)
5/24
at
100.00
3,000,211
875
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
5.375%,
8/01/36,
(AMT)
8/30
at
100.00
921,274
4,900
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2023,
5.625%,
4/01/40,
(AMT)
4/31
at
100.00
5,328,266
10,000
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2021B-2,
0.000%,
6/01/66
6/31
at
27.72
962,721
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
2,219,527
4,000
5.000%,
1/01/33,
(AMT)
1/26
at
100.00
3,007,105
3,320
5.000%,
1/01/35,
(AMT)
1/26
at
100.00
2,494,445
2,775
5.000%,
1/01/36,
(AMT)
1/26
at
100.00
2,085,004
22,700
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006,
5.000%,
6/01/48
6/27
at
100.00
20,196,560
Total
New
York
67,156,677
Ohio
-
7.4%
(4.8%
of
Total
Investments)
29,235
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2,
0.000%,
6/01/57
6/30
at
22.36
2,898,466
195
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1,
3.000%,
6/01/48
6/30
at
100.00
142,728
10,450
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2,
5.000%,
6/01/55
6/30
at
100.00
9,474,196
2,610
Cleveland,
Ohio,
Airport
Special
Revenue
Bonds,
Continental
Airlines
Inc.
Project,
Series
1998,
5.375%,
9/15/27,
(AMT)
5/24
at
100.00
2,610,506
Nuveen
Municipal
Credit
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
154
NMCO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Ohio
(continued)
$
1,275
County
of
Lucas,
Ohio,
Hospital
Revenue
Bonds,
ProMedica
Healthcare
Obligated
Group,
Series
2018A,
5.250%,
11/15/48
11/28
at
100.00
$
1,267,926
Evans
Farm
New
Communty
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
1,756,197
140
4.000%,
12/01/46
6/29
at
100.00
108,422
880
(c)
Hilliard
Hickory
Chase
Community
Authority,
Ohio,
Infustructure
Improvement
Revenue
Bonds,
Hickory
Chase
Project,
Senior
Series
2019A,
5.000%,
12/01/40
12/29
at
100.00
792,624
Muskingum
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Genesis
HealthCare
System
Obligated
Group
Project,
Series
2013
:
2,000
5.000%,
2/15/44
5/24
at
100.00
1,843,356
3,000
5.000%,
2/15/48
5/24
at
100.00
2,691,984
6,450
(c)
Ohio
Air
Quality
Development
Authority,
Ohio,
Exempt
Facilities
Revenue
Bonds,
AMG
Vanadium
Project,
Series
2019,
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
5,938,751
16,050
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2009A,
4.750%,
6/01/33,
(Mandatory
Put
6/01/22)
No
Opt.
Call
16,624,881
990
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Special
Obligation
Tax
Increment
Financing
Revenue
Bonds,
Cooperative
Township
Public
Parking
Project,
Gallery
at
Kenwood,
Senior
Lien
Series
2019A,
5.000%,
11/01/51
11/30
at
100.00
799,539
Total
Ohio
46,949,576
Oklahoma
-
1.1%
(0.7%
of
Total
Investments)
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
:
975
5.000%,
8/15/38
8/28
at
100.00
988,311
2,685
5.500%,
8/15/57
8/28
at
100.00
2,732,638
1,000
Tulsa
County
Industrial
Authority,
Oklahoma,
Senior
Living
Community
Revenue
Bonds,
Montereau,
Inc
Project,
Refunding
Series
2017,
5.250%,
11/15/45
11/25
at
102.00
981,016
2,475
Tulsa
Municipal
Airport
Trust,
Oklahoma,
Revenue
Bonds,
American
Airlines
Inc.,
Refunding
Series
2000B,
5.500%,
6/01/35,
(AMT)
5/24
at
100.00
2,475,479
Total
Oklahoma
7,177,444
Oregon
-
0.7%
(0.4%
of
Total
Investments)
3,355
(c)
Oregon
Facilities
Authority
Charter
School
Revenue
Bonds,
Oregon,
Portland
Village
School
Project,
Series
2024,
6.750%,
12/15/54
12/34
at
100.00
3,239,134
100
(c)
Oregon
Facilities
Authority,
Revenue
Bonds,
Metro
East
Web
Academy
Project,
Series
2019A,
5.000%,
6/15/49
6/27
at
102.00
89,602
1,000
Yamhill
County
Hospital
Authority,
Oregon,
Revenue
Bonds,
Friendsview
Retirement
Community,
Refunding
Series
2021A,
5.000%,
11/15/56
11/28
at
103.00
769,550
Total
Oregon
4,098,286
Pennsylvania
-
3.6%
(2.3%
of
Total
Investments)
1,125
Allegheny
Country
Industrial
Development
Authority,
Pennsylvania,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Project,
Series
2012,
5.750%,
8/01/42,
(AMT)
5/24
at
100.00
1,125,152
325
(c)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
615
Waterfront
Project,
Senior
Series
2021,
6.000%,
5/01/42
5/31
at
100.00
336,198
3,300
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
4.750%,
1/01/35,
(Mandatory
Put
7/01/33)
No
Opt.
Call
3,368,695
155
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
$
1,555
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Generation
Project,
Series
2008B,
3.750%,
10/01/47
4/31
at
100.00
$
1,228,504
2,565
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds, Alvernia
University
Project,
Series
2020,
5.000%,
10/01/49
10/29
at
100.00
2,214,603
3,100
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Reading
Hospital
&
Medical
Center
Project,
Series
2012A,
5.000%,
11/01/44
5/24
at
100.00
1,600,813
4,430
Butler
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Butler
Health
System
Project,
Series
2015A,
5.000%,
7/01/35
7/25
at
100.00
4,430,299
1,000
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2015A,
5.000%,
12/01/30
12/25
at
100.00
864,429
1,870
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Collegium
Charter
School
Project,
Series
2017A,
5.125%,
10/15/37
4/27
at
100.00
1,824,982
2,350
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University,
Series
2014,
5.000%,
5/01/37
5/24
at
100.00
2,227,807
3,555
(c)
Dauphin
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Harrisburg
University
of
Science
&
Technology
Project,
Series
2020,
6.250%,
10/15/53
10/28
at
100.00
2,861,030
1,720
(c),(e),(f)
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-1,
10.000%,
12/01/40
6/30
at
100.00
172
1,720
(c),(e),(f)
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-2,
10.000%,
12/01/40,
(AMT)
6/30
at
100.00
172
1,260
(e),(f)
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2021A,
10.000%,
12/01/31
No
Opt.
Call
126
545
(c)
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Mariana
Bracetti
Academy
Project,
Series
2020A,
5.375%,
6/15/50
12/27
at
100.00
497,638
Total
Pennsylvania
22,580,620
Puerto
Rico
-
6.6%
(4.2%
of
Total
Investments)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010AAA
:
1,120
(e)
5.250%,
7/01/28
5/24
at
100.00
225,279
4
(e)
5.250%,
7/01/28
5/24
at
100.00
1,060
465
(e)
5.250%,
7/01/29
5/24
at
100.00
91,881
3
(e)
5.250%,
7/01/29
5/24
at
100.00
795
345
(e)
5.250%,
7/01/31
5/24
at
100.00
68,252
1
(e)
5.250%,
7/01/31
5/24
at
100.00
265
500
(e)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010CCC,
5.250%,
7/01/28
5/24
at
100.00
97,263
100
(e)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010XX,
5.250%,
7/01/27
5/24
at
100.00
19,519
400
(e)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010ZZ,
5.250%,
7/01/24
5/24
at
100.00
77,810
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2013A
:
1,000
(e)
5.050%,
1/01/24
7/23
at
100.00
197,210
1,000
(e)
10.000%,
1/01/24
No
Opt.
Call
128,262
2,070
(e)
5.000%,
7/01/29
5/24
at
100.00
418,037
3
(e)
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
WW,
5.375%,
1/01/24
6/23
at
100.00
787
Nuveen
Municipal
Credit
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
156
NMCO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Puerto
Rico
(continued)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2007TT
:
$
130
(e)
5.000%,
1/01/24
No
Opt.
Call
$
27,855
3,750
(e)
5.000%,
7/01/26
5/24
at
100.00
742,054
310
(e)
5.000%,
7/01/32
5/24
at
100.00
64,595
1,860
(e)
5.000%,
7/01/37
5/24
at
100.00
385,895
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2008WW
:
370
(e)
5.375%,
1/01/24
No
Opt.
Call
71,549
190
(e)
5.375%,
1/01/24
No
Opt.
Call
36,847
25
(e)
5.250%,
7/01/33
5/24
at
100.00
4,863
2,995
(e)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010CCC,
5.000%,
7/01/28
5/24
at
100.00
592,654
4,000
(e)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010XX,
5.250%,
7/01/35
5/24
at
100.00
778,100
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2013A
:
5,000
(e)
7.000%,
7/01/33
5/24
at
100.00
855,167
10,000
(e)
6.750%,
7/01/36
5/24
at
100.00
1,743,893
3,170
(e)
5.000%,
7/01/42
5/24
at
100.00
664,894
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
:
10,202
0.000%,
7/01/46
7/28
at
41.38
3,199,110
7,550
0.000%,
7/01/51
7/28
at
30.01
1,731,246
967
Puerto
Rico,
General
Obligation
Bonds,
Clawback
Highway
Transportation
Authority
Claims
Taxable
Series
2022,
0.000%,
11/01/51
No
Opt.
Call
581,364
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
:
0
(g)
5.625%,
7/01/27
No
Opt.
Call
3
240
5.750%,
7/01/31
No
Opt.
Call
267,527
23,533
0.000%,
7/01/33
7/31
at
89.94
15,440,991
0
(g)
4.000%,
7/01/37
7/31
at
103.00
362
5,182
4.000%,
7/01/41
7/31
at
103.00
4,821,845
12
4.000%,
7/01/46
7/31
at
103.00
10,494
13,065
Puerto
Rico,
General
Obligation
Bonds,
Vintage
CW
NT
Claims
Taxable
Series
2022,
0.000%,
11/01/43
No
Opt.
Call
7,789,733
500
University
of
Puerto
Rico,
University
System
Revenue
Bonds,
Series
2006Q,
5.000%,
6/01/24
5/24
at
100.00
499,644
Total
Puerto
Rico
41,637,105
South
Carolina
-
0.4%
(0.2%
of
Total
Investments)
430
Berkeley
County,
South
Carolina,
Special
Assessment
Revenue
Bonds,
Nexton
Improvement
District,
Series
2019,
4.375%,
11/01/49
11/29
at
100.00
350,576
600
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Hilton
Head
Christian
Academy,
Series
2020,
5.000%,
1/01/55
1/30
at
100.00
514,041
1,450
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Palmetto
Scholars
Academy
Project,
Series
2015A,
5.125%,
8/15/35
2/25
at
100.00
1,343,055
Total
South
Carolina
2,207,672
Tennessee
-
1.2%
(0.8%
of
Total
Investments)
1,000
(c)
Bristol
Industrial
Development
Board,
Tennessee,
State
Sales
Tax
Revenue
Bonds,
Pinnacle
Project,
Capital
Appreciation
Series
2016B,
0.000%,
12/01/31
No
Opt.
Call
642,045
5,000
(c)
Bristol
Industrial
Development
Board,
Tennessee,
State
Sales
Tax
Revenue
Bonds,
Pinnacle
Project,
Series
2016A,
5.125%,
12/01/42
12/26
at
100.00
4,462,237
157
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tennessee
(continued)
$
1,534
(c),(e)
Knox
County
Health,
Educational,
and
Housing
Facilities
Board,
Tennessee,
Revenue
Bonds,
Provision
Center
for
Proton
Therapy
Project,
Series
2014,
5.250%,
5/01/25
11/24
at
100.00
$
154
1,000
(e)
Memphis/Shelby
County
Economic
Development
Growth
Engine
Industrial
Development
Board,
Tennessee,
Tax
Increment
Revenue
Bonds,
Graceland
Project,
Senior
Series
2017A,
5.625%,
1/01/46
7/27
at
100.00
589,599
1,500
(c),(e)
The
Health
and
Educational
Facilities
Board
of
the
City
of
Franklin,
Tennessee,
Revenue
Bonds,
Provision
Cares
Proton
Therapy
Center,
Nashville
Project,
Series
2017A,
6.500%,
6/01/27
No
Opt.
Call
65,250
2,000
The
Tennessee
Energy
Acquisition
Corporation,
Gas
Revenue
Bonds,
Series
2006B,
5.625%,
9/01/26
No
Opt.
Call
2,021,016
Total
Tennessee
7,780,301
Texas
-
5.1%
(3.3%
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
505,353
500
5.000%,
1/01/32
1/27
at
100.00
505,198
Austin
Convention
Enterprises
Inc.,
Texas,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Second
Tier
Series
2017B
:
340
5.000%,
1/01/25
No
Opt.
Call
338,146
475
5.000%,
1/01/29
1/27
at
100.00
470,813
850
5.000%,
1/01/34
1/27
at
100.00
836,984
3,000
Clifton
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Uplift
Education
Charter
School,
Series
2015A,
5.000%,
12/01/45
6/25
at
100.00
2,919,818
2,065
Conroe
Local
Government
Corporation,
Texas,
Hotel
Revenue
Bonds,
Conroe
Convention
Center
Hotel,
Second-Lien
Series
2021B,
5.000%,
10/01/50
10/31
at
100.00
1,508,123
1,350
(c)
Fate,
Rockwall
County,
Texas,
Special
Assessment
Revenue
Bonds,
Monterra
Public
Improvement
District
Improvement
Area
2,
Series
2024,
5.750%,
8/15/54
8/34
at
100.00
1,282,732
4,665
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.
-
Terminal
Improvement
Project,
Refunding
Series
2011,
6.500%,
7/15/30,
(AMT)
5/24
at
100.00
4,668,089
250
(c)
Leander,
Texas,
Special
Assessment
Revenue
Bonds,
Deerbrooke
Public
Improvement
District
Southern
Improvement
Area
Project,
Series
2017,
4.750%,
9/01/37
9/26
at
100.00
233,360
200
(c)
Manor,
Texas,
Special
Assessment
Revenue
Bonds,
Lagos
Public
Improvement
District
Major
Improvement
Area
Project,
Series
2020,
4.625%,
9/15/49
9/30
at
100.00
174,891
520
(c)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Beta
Academy,
Series
2019A,
5.000%,
8/15/49
8/24
at
100.00
480,008
70
(e)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021A-1,
7.500%,
11/15/37
No
Opt.
Call
53,270
445
(e)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021A-2,
7.500%,
11/15/36
No
Opt.
Call
364,020
4,086
(e)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Buckingham
Senior
Living
Community,
Inc.
Project,
Series
2021B,
2.000%,
11/15/61
11/26
at
105.00
1,510,283
12,525
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Senior
Living
Revenue
Bonds,
Sanctuary
LTC
LLC
Project,
Series
2021A-1,
5.500%,
1/01/57
1/28
at
103.00
10,398,780
Nuveen
Municipal
Credit
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
158
NMCO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
625
(i)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
CHF-Collegiate
Housing
Corpus
Christi
II,
L.L.C.-Texas
A&M
University-Corpus
Christi
Project,
Series
2016A,
5.000%,
4/01/48,
(Pre-refunded
4/01/26)
4/26
at
100.00
$
642,197
110
(c)
North
Richland
Hills,
Texas,
Special
Assessment
Revenue
Bonds,
City
Point
Public
Improvement
District
Zone
B
Project,
Series
2019,
5.375%,
9/01/50
9/30
at
100.00
106,626
2,000
(c)
Rockdale,
Milam
County,
Texas,
Special
Assessment
Revenue
Bonds,
Cornerstone
Public
Improvement
District
Improvement
Area
1,
Series
2023,
7.500%,
9/15/54
9/33
at
100.00
2,049,363
145
(c)
Royse
CIty,
Rockwall
County,
Texas,
Special
Assessment
Revenue
Bonds,
Waterscape
Public
improvement
District
Improvement
Area
2
Project,
Series
2019,
4.750%,
9/15/49
9/27
at
100.00
130,703
Tarrant
County
Cultural
Education
Facilities
Finance
Corporaton,
Texas,
Retirement
Facility
Revenue
Bonds,
C.C.
Young
Memorial
Home
Project,
Series
2016A
:
1,000
(e)
6.375%,
2/15/41
2/27
at
100.00
550,000
4,575
(e)
6.375%,
2/15/48
2/27
at
100.00
2,516,250
Total
Texas
32,245,007
Utah
-
2.6%
(1.7%
of
Total
Investments)
2,000
Military
Installation
Development
Authority,
Utah,
Tax
Allocation
Revenue
Bonds,
Series
2021A-2,
4.000%,
6/01/52
9/26
at
103.00
1,433,709
13,925
(h)
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017A,
5.000%,
7/01/42,
(AMT),
(UB)
7/27
at
100.00
14,122,458
1,000
(c)
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Leadership
Learning
Academy
Project,
Series
2019A,
5.000%,
6/15/50
6/27
at
102.00
900,417
Total
Utah
16,456,584
Virgin
Islands
-
3.0%
(1.9%
of
Total
Investments)
670
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A,
5.000%,
10/01/32
5/24
at
100.00
635,880
15,150
(c)
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2014C,
5.000%,
10/01/30
10/24
at
100.00
14,796,387
150
(c)
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Working
Capital
Series
2014A,
5.000%,
10/01/24
No
Opt.
Call
149,658
1,930
(c)
Virgin
Islands
Water
and
Power
Authority,
Electric
System
Revenue
Bonds,
Bond
Anticipation
Notes,
Senior
Series
2021A,
6.750%,
7/01/26
No
Opt.
Call
1,851,960
1,400
(c)
West
Indian
Company
Limited,
Virgin
Islands,
Port
Facilities
Revenue
Bonds,
WICO
Financing,
Series
2022A,
6.375%,
4/01/52
10/29
at
104.00
1,339,622
Total
Virgin
Islands
18,773,507
Virginia
-
2.3%
(1.5%
of
Total
Investments)
440
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Series
2024A,
6.750%,
12/01/53
12/30
at
103.00
475,668
Roanoke
County
Economic
Development
Authority,
Virginia
Residential
Care
Facility
Revenue
Bonds,
Richfield
Living,
Series
2019A
:
2,675
5.250%,
9/01/49
9/26
at
103.00
2,443,150
2,205
5.375%,
9/01/54
9/26
at
103.00
2,013,887
1,000
Virginia
Beach
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
on
Chesapeake
Bay,
Series
2023A,
7.000%,
9/01/53
9/30
at
103.00
1,108,997
159
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Virginia
(continued)
$
641
(c)
Virginia
Small
Business
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Provident
Resource
Group
-
Rixey
Student
Housing
Project,
Series
2019B,
6.525%,
7/01/52,
(cash
7.500%,
PIK
7.500%)
No
Opt.
Call
$
384,741
8,290
(h)
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
5.000%,
12/31/56,
(AMT),
(UB)
6/27
at
100.00
8,306,243
Total
Virginia
14,732,686
Washington
-
0.1%
(0.1%
of
Total
Investments)
1,000
(c)
Washington
State
Housing
Finance
Commission,
Nonprofit
Housing
Revenue
Bonds,
Rockwood
Retirement
Communities
Project,
Series
2020A,
5.000%,
1/01/51
1/26
at
103.00
820,845
Total
Washington
820,845
West
Virginia
-
1.1%
(0.7%
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
(c)
5.500%,
6/01/37
6/27
at
100.00
3,052,669
625
(c)
5.750%,
6/01/43
6/27
at
100.00
636,125
2,770
(c)
Monongalia
County
Commission,
West
Virginia,
Special
District
Excise
Tax
Revenue
Bonds,
University
Town
Centre
Economic
Opportunity
Development
District,
Subordinate
Improvement
and
Refunding
Series
2023B,
8.000%,
6/01/53
6/28
at
29.69
589,765
2,500
(c)
Monongalia
County,
West
Virginia,
Tax
Increment
Revenue
Bonds,
University
Town
Centre
Development
District
4,
Senior
Refunding
and
Improvement
Series
2023A,
6.000%,
6/01/53
6/33
at
100.00
2,623,953
Total
West
Virginia
6,902,512
Wisconsin
-
13.2%
(8.5%
of
Total
Investments)
Ashwaubenon
Community
Development
Authority,
Wisconsin,
Lease
Revenue
Bonds,
Brown
County
Expo
Center
Project,
Series
2019
:
3,500
0.000%,
6/01/49
6/29
at
47.10
1,038,879
14,610
0.000%,
6/01/54
6/29
at
37.80
3,295,372
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
21st
Century
Public
Academy
Project,
Series
2020A
:
750
(c)
5.000%,
6/01/40
6/28
at
102.00
675,422
1,340
(c)
5.000%,
6/01/49
6/28
at
102.00
1,127,695
365
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Corvian
Community
School
Bonds,
North
Carolina,
Series
2019A,
5.000%,
6/15/49
6/26
at
100.00
311,627
4,420
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Freedom
Classical
Academy
Inc.,
Series
2020A,
5.000%,
1/01/42
1/28
at
100.00
4,068,748
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
North
Carolina
Charter
Educational
Foundation
Project,
Series
2016A
:
3,000
(c)
5.000%,
6/15/36
6/26
at
100.00
2,642,207
4,240
(c)
5.000%,
6/15/46
6/26
at
100.00
3,296,646
3,315
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Uwharrie
Charter
Academy,
North
Carolina,
Series
2022A,
5.000%,
6/15/52
6/32
at
100.00
3,008,699
1,250
(c)
Public
Finance
Authority
of
Wisconsin,
Contract
Revenue
Bonds,
Mercer
Crossing
Public
Improvement
District
Project,
Series
2017,
7.000%,
3/01/47
3/27
at
100.00
1,286,328
500
(c)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Corvian
Community
School,
North
Carolina
Series
2023A,
6.250%,
6/15/48
6/33
at
100.00
504,101
Nuveen
Municipal
Credit
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
160
NMCO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
$
2,000
(c),(e)
Public
Finance
Authority
of
Wisconsin,
Educational
Facilities
Revenue
Bonds,
Lake
Erie
College,
Series
2019A,
5.875%,
10/01/54
10/29
at
100.00
$
1,331,071
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
Grant
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017A
:
14,695
(c),(e)
6.250%,
8/01/27
No
Opt.
Call
11,462,100
2,375
(c),(e)
6.750%,
8/01/31
No
Opt.
Call
1,733,750
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017
:
555
(c)
6.750%,
12/01/42
12/27
at
100.00
530,570
19,415
(c)
7.000%,
12/01/50
12/27
at
100.00
18,789,287
2,000
(c)
Public
Finance
Authority
of
Wisconsin,
Multifamily
Housing
Revenue
Bonds,
Promenade
Apartments
Project,
Series
2024,
6.250%,
2/01/39
2/29
at
103.00
2,037,789
1,000
(c),(e)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Alabama
Proton
Therapy
Center,
Senior
Series
2017B,
8.500%,
10/01/47
10/27
at
100.00
10
1,765
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Prime
Healthcare
Foundation,
Inc.,
Series
2017A,
5.200%,
12/01/37
12/27
at
100.00
1,783,650
2,000
(c)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Procure
Proton
Therapy
Center,
Senior
Series
2018A,
7.000%,
7/01/48
7/28
at
100.00
1,400,000
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Roseman
University
of
Health
Sciences,
Series
2020
:
600
(c)
5.000%,
4/01/50
4/30
at
100.00
591,399
35
(c),(i)
5.000%,
4/01/50,
(Pre-refunded
4/01/30)
4/30
at
100.00
38,602
1,430
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Sky
Harbour
LLC
Obligated
Group
Aviation
Facilities
Project,
Series
2021,
4.250%,
7/01/54,
(AMT)
7/31
at
100.00
1,097,163
Public
Finance
Authority
of
Wisconsin,
Senior
Revenue
Bonds,
Maryland
Proton
Treatment
Center,
Series
2018A-1
:
5,885
(c)
6.125%,
1/01/33
1/28
at
100.00
2,648,250
250
(c)
6.250%,
1/01/38
1/28
at
100.00
112,500
8,735
(c)
6.375%,
1/01/48
1/28
at
100.00
3,930,750
210
(e),(f)
Public
Finance
Authority
of
Wisconsin,
Wisconsin
Revenue
Note,
KDC
Agribusiness
LLC
Project,
Series
2022B,
15.000%,
3/31/24
4/23
at
105.00
21
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
2,191,676
5,190
0.000%,
12/15/50
-
AGM
Insured
12/30
at
46.55
1,404,336
4,500
0.000%,
12/15/60
-
AGM
Insured
12/30
at
29.95
718,737
6,165
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Marshfield
Clinic,
Series
2016A,
5.000%,
2/15/42
2/26
at
100.00
6,166,418
3,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Saint
Camillus
Health
System
Inc,
Series
2019A,
5.000%,
11/01/46
11/26
at
103.00
2,534,296
1,730
Wisconsin
Housing
and
Economic
Development
Authority,
Housing
Revenue
Bonds,
Series
2017B,
3.900%,
11/01/42
11/26
at
100.00
1,570,678
Total
Wisconsin
83,328,777
Total
Municipal
Bonds
(cost
$1,027,668,118)
924,525,684
161
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
9
.0
%
(
5
.8
%
of
Total
Investments)
X
56,670,438
Utilities
-
9.0%
(5.8%
of
Total
Investments)
20,982
(j),(k)
Talen
Energy
Supply
LLC
$
2,075,476
24,592
(f),(k),(l)
Vistra
Vision
54,594,962
Total
Utilities
56,670,438
Total
Common
Stocks
(cost
$25,078,655)
56,670,438
Principal
Amount
(000)
Description
(a)
Coupon
(m)
Reference
Rate
(m)
Spread
(m)
Maturity
(n)
Value
–
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
0
.0
%
(
0
.0
%
of
Total
Investments)
(m)
X
41,241
Capital
Goods
-
0.0%
(0.0%
of
Total
Investments)
$
322
(e),(f),(o)
KDC
Agribusiness
Fairless
Hills
LLC
12.000%
N/A
N/A
9/17/24
$
41,241
Total
Capital
Goods
41,241
Total
Variable
Rate
Senior
Loan
Interests
(cost
$321,690)
41,241
Total
Long-Term
Investments
(cost
$1,053,068,463)
981,237,363
Floating
Rate
Obligations
-
(4.2)%
(
26,175,000
)
MFP
Shares,
Net
-
(65.7)%(p)
(
414,229,844
)
Other
Assets
&
Liabilities,
Net
- 14.3%
89,783,657
Net
Assets
Applicable
to
Common
Shares
-
100%
$
630,616,176
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$314,820,300
or
32.1%
of
Total
Investments.
(d)
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.
(e)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(f)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(g)
Principal
Amount
(000)
rounds
to
less
than
$1,000.
(h)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(i)
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.
(j)
In
May
2023,
Talen
Energy
completed
a
Chapter
11
plan
of
reorganization
whereby
the
Fund
received
Talen
Energy
Common
Stock
in
exchange
for
the
following
portfolio
holding:
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Refunding
Bonds,
PPL
Energy
Supply,
LLC
Project,
Series
2009A,
6.400%,
12/01/38.
(k)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(l)
On
March
1,
2024,
Vistra
Corp.
(“Vistra”)
completed
its
acquisition
of
Energy
Harbor
Corp
(“ENGH”). ENGH
has
been
merged
into
a
newly
formed
subsidiary
of
Vistra,
Vistra
Vision. In
connection
with
the
transaction,
holders
of
ENGH
common
stock
received
a
combination
of
cash
and
membership
interests
in
Vistra
Vision.
These
Vistra
Vision
interests
were
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.
(m)
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.
(n)
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.
(o)
Senior
loan
received
as
part
of
the
bondholder
funding
agreement
during
June
2023
for
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-1,
10.000%,
12/01/40,
144A,
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-2,
10.000%,
12/01/40,
(AMT),
144A,
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2021A,
10.000%,
12/01/31.
(p)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
42.2%.
Nuveen
Municipal
Credit
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
162
NMCO
AMT
Alternative
Minimum
Tax
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
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
163
Nuveen
Dynamic
Municipal
Opportunities
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
NDMO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
130.3%
(99.4%
of
Total
Investments)
X
–
MUNICIPAL
BONDS
-
123.8%
(94.4%
of
Total
Investments)
X
803,145,780
Alabama
-
6.3%
(4.8%
of
Total
Investments)
$
5,000
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Series
2023A,
5.250%,
1/01/54,
(Mandatory
Put
10/01/30)
7/30
at
100.25
$
5,291,173
2,360
Hoover
Industrial
Development
Board,
Alabama,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Proejcet,
Green
Series
2020,
6.375%,
11/01/50,
(AMT),
(Mandatory
Put
11/01/30)
No
Opt.
Call
2,590,193
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
:
475
5.250%,
10/01/40
10/33
at
100.00
520,820
585
5.250%,
10/01/41
10/33
at
100.00
637,640
705
5.250%,
10/01/42
10/33
at
100.00
764,789
705
5.250%,
10/01/43
10/33
at
100.00
762,498
705
5.250%,
10/01/44
10/33
at
100.00
759,630
565
5.250%,
10/01/45
10/33
at
100.00
605,842
870
5.250%,
10/01/49
10/33
at
100.00
916,723
4,685
(c)
Mobile
County,
Alabama,
Limited
Obligation
Warrants,
Gomesa
Projects,
Series
2020,
4.000%,
11/01/45
11/29
at
100.00
4,162,736
20,000
Southeast
Energy
Authority,
Alabama,
Commodity
Supply
Revenue
Bonds,
Project
4,
Series
2022B-1,
5.000%,
5/01/53,
(Mandatory
Put
8/01/28)
5/28
at
100.34
20,644,712
2,719
(c)
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A,
4.500%,
5/01/32
5/24
at
100.00
2,717,687
500
UAB
Medicine
Finance
Authority,
Alabama,
Revenue
Bonds,
Series
2017B-
2,
5.000%,
9/01/41
3/27
at
100.00
508,987
Total
Alabama
40,883,430
Arizona
-
6.6%
(5.0%
of
Total
Investments)
7,650
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Heritage
Academy
-
Gateway
and
Laveen
Pojects,
Taxable
Series
2021A,
5.000%,
7/01/51
7/28
at
103.00
6,611,990
1,500
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Social
Bonds
Pensar
Academy
Project,
Series
2020,
5.000%,
7/01/55
7/28
at
100.00
1,289,489
4,500
(c)
Arizona
Industrial
Development
Authority,
Arizona,
Hotel
Revenue
Bonds,
Provident
Group
Falcon
Properties
LLC,
Project,
Senior
Series
2022A-1,
4.000%,
12/01/51
12/31
at
100.00
3,297,191
Arizona
Industrial
Development
Authority,
Senior
National
Charter
School
Revolving
Loan
Fund
Revenue
Bonds,
Social
Series
2023A
:
730
5.250%,
11/01/48
11/32
at
100.00
770,921
730
5.250%,
11/01/53
11/32
at
100.00
764,504
1,200
Chandler
Industrial
Development
Authority,
Arizona,
Industrial
Development
Revenue
Bonds,
Intel
Corporation
Project,
Series
2007,
4.100%,
12/01/37,
(AMT),
(Mandatory
Put
6/15/28)
2/28
at
100.00
1,198,378
1,090
(c)
Coconino
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Flagstaff
Arts
&
Leadership
Academy
Project,
Refunding
Series
2020,
5.500%,
7/01/40
7/28
at
100.00
975,811
1,000
(c)
Maricopa
County
Industrial
Development
Authority,
Arizona,
Educational
Facilities
Revenue
Bonds,
Ottawa
University
Projects,
Series
2020,
5.250%,
10/01/40
10/27
at
103.00
941,210
Nuveen
Dynamic
Municipal
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
164
NDMO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Arizona
(continued)
$
3,405
(c)
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Northwest
Christian
School
Project,
Series
2020A,
5.000%,
9/01/55
9/30
at
100.00
$
2,884,147
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Edkey
Charter
Schools
Project,
Refunding
Series
2020
:
5,265
(c)
5.000%,
7/01/35
7/26
at
103.00
5,247,046
6,800
(c)
5.000%,
7/01/40
7/26
at
103.00
6,464,601
4,580
(c)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Synergy
Public
Charter
School
Project,
Series
2020-1,
5.000%,
6/15/50
6/28
at
100.00
4,028,524
7,500
Salt
River
Project
Agricultural
Improvement
and
Power
District,
Arizona,
Electric
System
Revenue
Bonds,
Series
2023B,
5.250%,
1/01/53
1/34
at
100.00
8,174,297
Total
Arizona
42,648,109
Arkansas
-
1.7%
(1.3%
of
Total
Investments)
4,500
(c)
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
5.450%,
9/01/52,
(AMT)
9/25
at
105.00
4,557,231
6,500
(c)
Arkansas
Development
Finance
Authority,
Industrial
Development
Revenue
Bonds,
Big
River
Steel
Project,
Series
2019,
4.500%,
9/01/49,
(AMT)
9/26
at
103.00
6,364,868
Total
Arkansas
10,922,099
California
-
7.6%
(5.8%
of
Total
Investments)
1,960
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023C,
5.250%,
1/01/54,
(Mandatory
Put
10/01/31)
10/30
at
100.65
2,045,828
6,770
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023G,
5.250%,
11/01/54,
(Mandatory
Put
4/01/30)
1/30
at
100.19
7,207,456
3,815
(c)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56
8/31
at
100.00
2,514,050
6,290
(c)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012,
5.000%,
7/01/30,
(AMT)
7/24
at
100.00
6,303,310
5,000
(c)
California
Public
Finance
Authority,
Charter
School
Lease
Revenue
Bonds,
California
Crosspoint
Academy
Project,
Series
2020A,
5.125%,
7/01/55
7/28
at
100.00
4,190,133
465
(c)
California
Public
Finance
Authority,
Senior
Living
Revenue
Bonds,
Enso
Village,
Refunding
Green
Series
2021A,
5.000%,
11/15/46
11/29
at
102.00
416,919
2,000
(c)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Scholarship
Prep
Public
Schools
Obligated
Group,
Series
2020A,
5.000%,
6/01/60
6/28
at
100.00
1,719,076
10,270
California
State,
General
Obligation
Bonds,
Taxable
Various
Purpose
Series
2018,
4.600%,
4/01/38
4/28
at
100.00
9,523,724
945
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2024,
5.000%,
9/01/53
3/34
at
100.00
1,020,943
1,220
(c)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.000%,
12/01/41
6/26
at
100.00
1,227,166
6,180
(c)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54
1/31
at
100.00
4,916,986
Los
Angeles
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Refunding
Series
2024A
:
2,575
5.000%,
7/01/33
No
Opt.
Call
3,005,050
165
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
1,820
5.000%,
7/01/34
No
Opt.
Call
$
2,149,183
985
(d)
Northstar
Community
Services
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Series
2006,
1.750%,
9/01/37
9/24
at
100.00
295,630
1,070
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1,
5.000%,
9/01/42
-
AGM
Insured
9/29
at
103.00
1,157,342
1,070
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Subordinate
Series
2022B-2,
5.000%,
9/01/42
9/29
at
103.00
1,081,411
750
San
Francisco
Community
College
District,
California,
General
Obligation
Bonds,
Taxable
Election
2020
Series
2020A-1,
3.165%,
6/15/41
6/30
at
100.00
559,345
Total
California
49,333,552
Colorado
-
17.2%
(13.1%
of
Total
Investments)
2,370
64th
Avenue
ARI
Authority,
Adams
County,
Colorado,
Special
Revenue
Bonds,
Series
2020,
6.500%,
12/01/43
12/25
at
103.00
2,297,591
1,060
Aurora
Crossroads
Metropolitan
District
2,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A,
5.000%,
12/01/50
9/25
at
103.00
946,551
2,285
Aurora
Crossroads
Metropolitan
District
2,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Subordinate
Series
2020B,
7.750%,
12/15/50
9/25
at
103.00
2,126,123
5,220
Aurora
Highlands
Community
Authority
Board,
Adams
County,
Colorado,
Special
Tax
Revenue
Bonds,
Refunding
&
Improvement
Series
2021A,
5.750%,
12/01/51
12/28
at
103.00
4,682,319
499
Aviation
Station
North
Metropolitan
District
2,
Denver
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2019A,
4.000%,
12/01/29
9/24
at
103.00
470,857
1,725
Belford
North
Metropolitan
District,
Douglas
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2020A,
5.500%,
12/01/50
12/25
at
103.00
1,539,093
1,000
Bennett
Ranch
Metropolitan
District
1,
Adams
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Tax
Series
2021A,
5.000%,
12/01/51
3/26
at
103.00
859,429
500
(c)
Broadway
Park
North
Metropolitan
District
2,
Denver,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2020,
5.000%,
12/01/40
12/25
at
103.00
469,916
1,000
Broadway
Station
Metropolitan
District
2,
Denver
City
and
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Convertible
to
Unlimited
Series
2019A,
5.125%,
12/01/48
6/24
at
103.00
795,319
1,500
Canyons
Metropolitan
District
5,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
and
Special
Revenue
Bonds,
Junior
Subordinate
Series
2016,
7.000%,
12/15/57
5/24
at
100.00
1,035,349
1,450
Citadel
on
Colfax
Business
Improvement
District,
Aurora,
Colorado,
Special
Revenue
and
Tax
Supported
Bonds,
Senior
Series
2020A,
5.350%,
12/01/50
12/25
at
103.00
1,293,157
Colorado
Bridge
and
Tunnel
Enterprise,
Colorado,
Senior
Infrastructure
Revenue
Bonds,
Series
2024A
:
525
5.250%,
12/01/49
-
AGM
Insured
12/34
at
100.00
573,466
655
5.500%,
12/01/54
-
AGM
Insured
12/34
at
100.00
729,339
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,
New
Summit
Charter
Academy
Project,
Series
2021A
:
100
(c)
4.000%,
7/01/41
7/31
at
100.00
83,763
100
(c)
4.000%,
7/01/51
7/31
at
100.00
75,637
Nuveen
Dynamic
Municipal
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
166
NDMO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
1,000
(c)
Colorado
Educational
and
Cultural
Facilities
Authority,
Revenue
Bonds,
Global
Village
Academy
-
Northglenn
Project,
Series
2020,
5.000%,
12/01/50
12/30
at
100.00
$
840,037
500
(c),(d)
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Cappella
of
Grand
Junction
Project,
Series
2019,
5.000%,
12/01/54
12/26
at
103.00
307,682
16,000
Colorado
International
Center
Metropolitan
District
8,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020,
6.500%,
12/01/50
9/25
at
103.00
14,656,698
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A
:
1,000
5.000%,
11/15/31,
(AMT)
No
Opt.
Call
1,096,666
1,355
5.500%,
11/15/38,
(AMT)
11/32
at
100.00
1,514,985
4,000
(c)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A,
6.750%,
12/01/34
9/27
at
103.00
3,940,275
1,000
Foothills
Metropolitan
District,
Fort
Collins,
Colorado,
Special
Revenue
Bonds,
Series
2014,
6.000%,
12/01/38
12/24
at
100.00
945,018
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
1,427,684
1,200
5.750%,
12/01/52
12/30
at
102.00
1,168,078
2,000
(c)
Future
Legends
Sports
Park
Metropolitan
District
2,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A,
5.500%,
6/01/50
6/25
at
103.00
1,720,507
1,360
(c)
Hogback
Metropolitan
District,
Jefferson
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
to
Unlimited
Tax
Series
2021A,
5.000%,
12/01/51
12/26
at
103.00
1,154,382
5,250
Jefferson
Center
Metropolitan
District
1,
Arvada,
Jefferson
County,
Colorado,
Special
Revenue
Bonds,
Subordinate
Series
2020B,
5.750%,
12/15/50
5/24
at
103.00
5,248,615
2,000
Jones
District
Community
Authority
Board,
Centennial,
Colorado,
Special
Revenue
Convertible
Capital
Appreciaiton
Bonds,
Series
2020A,
5.750%,
12/01/50
12/25
at
103.00
1,777,478
1,000
Kinston
Metropolitan
District
5,
Loveland,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A,
5.125%,
12/01/50
12/25
at
103.00
956,800
Kremmling
Memorial
Hospital
District,
Colorado,
Certificates
of
Participation,
Series
2024
:
1,500
(c)
6.125%,
12/01/44
12/31
at
103.00
1,415,095
1,200
(c)
6.625%,
12/01/56
12/31
at
103.00
1,126,101
1,380
Lanterns
Metropolitan
District
1,
Castle
Rock,
Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2019A,
5.000%,
12/01/39
9/24
at
103.00
1,336,175
1,030
Lanterns
Metropolitan
District
3,
Douglas
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
Capital
Appreciation
Series
2023A-2,
8.000%,
12/01/53
12/28
at
103.00
755,735
560
Lanterns
Metropolitan
District
3,
Douglas
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2023A-1,
7.250%,
12/01/53
12/28
at
103.00
583,623
3,000
(c)
Ledge
Rock
Center
Commercial
Metropolitan
District
(In
the
Town
of
Johnstown,
Weld
County,
Colorado),
Limited
Tax
General
Obligation
Bonds,
Series
2022,
7.375%,
11/01/52
11/29
at
103.00
2,990,238
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
457,508
500
5.000%,
4/15/51
6/26
at
103.00
428,748
167
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
480
Mountain
Sky
Metropolitan
District,
Fort
Lupton,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A,
5.000%,
12/01/49
3/25
at
103.00
$
432,693
North
Range
Metropolitan
District
3,
Adams
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-3
:
2,000
5.000%,
12/01/40
12/25
at
103.00
1,923,648
1,000
5.250%,
12/01/50
12/25
at
103.00
952,681
1,810
Northfield
Metropolitan
District
2,
Fort
Collins,
Larimer
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A,
5.000%,
12/01/50
12/25
at
103.00
1,576,588
Painted
Prairie
Public
Improvement
Authority,
Aurora,
Colorado,
Special
Revenue
Bonds,
Series
2019
:
500
4.000%,
12/01/29
12/24
at
103.00
466,506
1,250
5.000%,
12/01/39
12/24
at
103.00
1,168,761
285
(c)
Peak
Metropolitan
District
1,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021A,
5.000%,
12/01/51
3/26
at
103.00
236,025
1,100
Peak
Metropolitan
District
3,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A-1,
7.500%,
12/01/52
12/27
at
103.00
1,099,330
925
Pinon
Pines
Metropolitan
District
2,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2020,
5.000%,
12/01/40
9/25
at
103.00
879,924
7,034
Pioneer
Community
Authority
Board
(Weld
County,
Colorado),
Special
Revenue
Bonds,
Series
2022,
6.500%,
12/01/34
6/29
at
103.00
6,740,044
3,665
Rampart
Range
Metropolitan
District
1,
Lone
Tree,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017,
5.000%,
12/01/42
12/27
at
100.00
3,754,496
2,000
Rampart
Range
Metropolitan
District
5,
Lone
Tree,
Douglas
County,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Series
2021,
4.000%,
12/01/41
10/26
at
102.00
1,659,532
2,320
Silverstone
Metropolitan
District
3,
Weld
County,
Colorado,
General
Obligation
and
Special
Revenue
Bonds,
Limited
Tax
Series
2023,
7.750%,
12/01/45
12/28
at
103.00
2,340,720
1,215
SouthGlenn
Metropolitan
District,
Colorado,
Special
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
12/01/30
5/24
at
101.00
1,197,023
708
Sterling
Ranch
Community
Authority
Board,
Douglas
County,
Colorado,
Limited
Tax
Supported
District
2,
Subordinate
Series
2020B,
7.125%,
12/15/50
12/25
at
102.00
692,840
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
2,208,607
2,300
5.125%,
12/01/50
12/25
at
103.00
2,055,472
496
Tallman
Gulch
Metropolitan
District, Douglas
County,
Colorado,
Limited
Tax
General
Obligation
Refunding
and
Improvement
Bonds,Subordinate
Limited
Tax
General
Obligation
Bonds,
Series
2018A,
5.250%,
12/01/47
5/24
at
102.00
480,001
1,000
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Convertible
Capital
Appreciation
Series
2021A-2,
5.500%,
12/01/51
3/26
at
103.00
755,338
1,270
Transport
Metropolitan
District
3,
In
the
City
of
Aurora,
Adams
County,
Colorado,
General
Obligation
Limited
Bonds,
Series
2021A-1,
5.000%,
12/01/41
3/26
at
103.00
1,074,921
5,000
Velocity
Metropolitan
District
5,
In
the
City
of
Aurora,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Convertible
Capital
Appreciation
Series
2020A-2,
6.000%,
12/01/50
5/24
at
83.61
3,534,508
10,000
Velocity
Metropolitan
District
5,
In
the
City
of
Aurora,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A-1,
5.375%,
12/01/50
5/24
at
103.00
9,194,393
Nuveen
Dynamic
Municipal
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
168
NDMO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
1,500
Verve
Metropolitan
District
1,
Jefferson
County
and
the
City
and
County
of
Broomfield,
Colorado,
General
Obligation
Bonds,
Refunding
and
Improvement
Limited
Tax
Series
2021,
5.000%,
12/01/51
3/26
at
103.00
$
1,124,747
2,000
(c)
Windler
Public
Improvement
Authority,
Aurora,
Colorado,
Limited
Tax
Supported
Revenue
Bonds,
Series
2021A-1,
4.125%,
12/01/51
9/26
at
103.00
1,413,230
961
Woodmen
Heights
Metropolitan
District
2,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Taxable
Converting
to
Tax-Exempt
Refunding
Subordinate
Series
2020B-1,
6.250%,
12/15/40
12/25
at
103.00
899,470
Total
Colorado
111,687,535
Connecticut
-
0.5%
(0.4%
of
Total
Investments)
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Nuvance
Health
Series
2019A
:
1,325
4.000%,
7/01/34
7/29
at
100.00
1,275,655
1,250
4.000%,
7/01/36
7/29
at
100.00
1,178,478
1,255
Connecticut
Housing
Finance
Authority,
Housing
Mortgage
Finance
Program
Bonds,
Series
2016B-1,
2.950%,
11/15/31
11/25
at
100.00
1,137,357
Total
Connecticut
3,591,490
Delaware
-
0.4%
(0.3%
of
Total
Investments)
400
(c)
Bridgeville,
Delaware,
Special
Obligation
Bonds,
Heritage
Shores
Special
Development
District,
Series
2024,
5.625%,
7/01/53,
(WI/DD)
7/33
at
100.00
414,525
Delaware
State
Housing
Authority,
Senior
Single
Family
Mortgage
Revenue
Bonds,
Series
2024B
:
500
4.600%,
7/01/44,
(UB),
(WI/DD)
7/33
at
100.00
503,687
500
4.650%,
7/01/49,
(UB),
(WI/DD)
7/33
at
100.00
500,453
960
4.750%,
7/01/54,
(UB),
(WI/DD)
7/33
at
100.00
961,184
Total
Delaware
2,379,849
District
of
Columbia
-
1.8%
(1.3%
of
Total
Investments)
325
District
of
Columbia
Revenue
Bonds,
Rocketship
Education
DC
Public
Charter
School
Inc.,
Obligated
Group
-Issue
3,
Series
2024A,
5.750%,
6/01/54
6/31
at
100.00
325,913
10,000
District
of
Columbia,
Income
Tax
Secured
Revenue
Bonds,
Series
2022A,
5.500%,
7/01/47
7/32
at
100.00
11,116,308
Total
District
of
Columbia
11,442,221
Florida
-
11.2%
(8.6%
of
Total
Investments)
1,565
Ave
Maria
Stewardship
Community
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Ave
Maria
National
Project,
Series
2021,
3.750%,
5/01/41
5/31
at
100.00
1,336,048
Capital
Trust
Agency,
Florida,
Educational
Facilities
Lease
Revenue
Bonds,
South
Tech
Schools
Project,
Series
2020A
:
1,230
(c)
5.000%,
6/15/40
6/27
at
100.00
1,160,970
1,260
(c)
5.000%,
6/15/55
6/27
at
100.00
1,105,648
4,690
(c)
Currents
Community
Development
District,
Collier
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2020B,
4.250%,
5/01/41
No
Opt.
Call
4,118,768
10,000
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Discovery
High
School
Project,
Series
2020A,
5.000%,
6/01/55
6/29
at
100.00
7,188,019
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School
Income
Projects,
Series
2023A
:
835
(c)
6.000%,
6/15/33
No
Opt.
Call
912,118
1,000
(c)
6.500%,
6/15/38
6/30
at
103.00
1,094,218
1,000
(c)
6.625%,
6/15/43
6/30
at
103.00
1,089,635
169
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
2,450
(c)
Florida
Development
Finance
Corporation,
Florida,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Pro
USA,
Inc.
Project,
Series
2023,
6.125%,
7/01/32,
(AMT),
(Mandatory
Put
7/01/26)
4/26
at
100.00
$
2,501,003
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
:
4,475
(c)
1.000%,
7/15/32,
(AMT),
(Mandatory
Put
7/15/28),
(WI/DD)
5/24
at
100.00
4,620,437
1,900
5.000%,
7/01/41,
(AMT),
(WI/DD)
7/32
at
100.00
1,948,651
1,300
5.000%,
7/01/44
-
AGM
Insured,
(AMT),
(UB),
(WI/DD)
7/32
at
100.00
1,353,515
1,760
5.250%,
7/01/53
-
AGM
Insured,
(AMT),
(UB),
(WI/DD)
7/32
at
100.00
1,835,364
1,400
5.500%,
7/01/53,
(AMT),
(WI/DD)
7/32
at
100.00
1,451,722
2,750
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2023A,
7.500%,
7/01/57,
(AMT),
(Mandatory
Put
8/15/24)
5/24
at
104.00
2,736,404
25,650
(c)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2023C,
8.250%,
7/01/57,
(AMT),
(Mandatory
Put
8/15/24)
4/24
at
100.00
25,700,017
Grand
Oaks
Community
Development
District,
Saint
Johns
County,
Florida,
Special
Assessment
Bonds,
Assessment
Area
2,
Series
2020
:
1,095
4.250%,
5/01/40
5/31
at
100.00
995,158
1,500
4.500%,
5/01/52
5/31
at
100.00
1,307,120
2,500
Greater
Orlando
Aviation
Authority,
Florida,
Special
Purpose
Airport
Facilities
Revenue
Bonds,
JetBlue
Airways
Corporation,
Series
2013,
5.000%,
11/15/36,
(AMT)
5/24
at
100.00
2,500,586
1,000
Hammock
Reserve
Community
Development
District,
Haines
City,
Florida,
Special
Assessment
Revenue
Bonds,
Area1
Project,
Series
2020,
4.000%,
5/01/51
5/30
at
100.00
835,312
415
Hobe-Saint
Lucie
Conservancy
District,
Florida,
Special
Assessment
Revenue
Bonds,
Improvement
Unit
1A,
Series
2024,
4.750%,
5/01/31
No
Opt.
Call
419,852
1,225
(c)
Miami
Dade
County
Industrial
Development
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
Miami
Community
Charter
School
Inc
Project,
Series
2020A,
5.000%,
6/01/47
6/26
at
103.00
1,059,230
870
(e)
Miami-Dade
County,
Florida,
Seaport
Revenue
Bonds,
Refunding
Series
2022A,
5.250%,
10/01/52,
(AMT),
(UB)
10/32
at
100.00
912,090
Miami-Dade
County,
Florida,
Special
Obligation
Bonds,
Subordinate
Series
2009
:
1,360
0.000%,
10/01/37
-
BAM
Insured
No
Opt.
Call
793,772
1,480
0.000%,
10/01/42
-
BAM
Insured
No
Opt.
Call
646,134
Mirada
Community
Development
District,
Florida,
Capital
Improvement
Bonds, Assessment
Area
3
Series
2024
:
100
(c)
4.750%,
5/01/31
No
Opt.
Call
99,178
250
(c)
5.625%,
5/01/44
5/34
at
100.00
245,733
325
(c)
North
AR-1
of
Pasco
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
5,
Series
2024,
5.750%,
5/01/44
5/34
at
100.00
324,269
1,145
South
Broward
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
South
Broward
Hospital
District
Obligated
Group,
Refunding
Series
2016A,
4.000%,
5/01/44
5/26
at
100.00
1,079,756
310
(c)
Three
Rivers
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
South
Assessment
Area
Series
2021B,
4.625%,
5/01/36
5/24
at
100.00
296,906
425
Tradition
Community
Development
District
9,
Port
Saint
Lucie,
Florida,
Special
Assessment
Bonds,
Series
2021,
2.700%,
5/01/31
No
Opt.
Call
375,514
Nuveen
Dynamic
Municipal
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
170
NDMO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
450
(c)
Village
Community
Development
District
15,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2023,
4.250%,
5/01/28
No
Opt.
Call
$
452,710
220
Windward
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2020A-2,
4.400%,
11/01/35
No
Opt.
Call
213,171
Total
Florida
72,709,028
Georgia
-
1.1%
(0.9%
of
Total
Investments)
Atlanta,
Georgia,
Airport
Passenger
Facilities
Charge
and
General
Revenue
Bonds,
Subordinate
Lien
Green
Series
2023E
:
1,120
5.250%,
7/01/41,
(AMT)
7/33
at
100.00
1,222,125
1,395
5.250%,
7/01/43,
(AMT)
7/33
at
100.00
1,505,158
750
(c)
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority,
Georgia,
Revenue
Bonds,
Canterbury
Court
Project,
Series
2019A,
5.000%,
4/01/47
No
Opt.
Call
649,676
500
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2021A,
3.000%,
2/15/51
-
BAM
Insured
2/31
at
100.00
370,727
1,000
Griffin-Spalding
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Wellstar
Health
System
Inc.,
Series
2017A,
4.000%,
4/01/42
4/27
at
100.00
969,131
2,750
(c)
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2022C,
4.000%,
8/01/52,
(Mandatory
Put
11/01/27)
5/27
at
100.81
2,670,256
Total
Georgia
7,387,073
Idaho
-
0.3%
(0.2%
of
Total
Investments)
Idaho
Housing
and
Finance
Association,
Single
Family
Mortgage
Revenue
Bonds,
Series
2024A
:
645
(e)
4.050%,
1/01/39,
(UB)
1/33
at
100.00
624,949
565
(e)
4.650%,
1/01/54,
(UB)
1/33
at
100.00
554,048
630
(c)
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Series
2024,
6.250%,
9/01/53
3/29
at
103.00
639,303
Total
Idaho
1,818,300
Illinois
-
5.4%
(4.2%
of
Total
Investments)
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2023
:
1,000
5.250%,
4/01/34
4/33
at
100.00
1,122,527
1,055
5.000%,
4/01/41
4/33
at
100.00
1,112,375
1,275
5.500%,
4/01/43
4/33
at
100.00
1,391,123
2,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2021A,
5.000%,
12/01/34
12/30
at
100.00
2,091,423
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2023A
:
4,565
5.000%,
12/01/33
No
Opt.
Call
4,895,143
4,900
5.250%,
12/01/36
12/33
at
100.00
5,228,295
Chicago,
Illinois,
Midway
Airport
Revenue
Bonds,
Refunding
Senior
Lien
Series
2023A
:
120
5.000%,
1/01/29
-
BAM
Insured
No
Opt.
Call
127,341
190
5.000%,
1/01/30
-
BAM
Insured
No
Opt.
Call
204,085
2,250
5.000%,
1/01/31
-
BAM
Insured
No
Opt.
Call
2,438,363
1,485
5.000%,
1/01/32
-
BAM
Insured
No
Opt.
Call
1,625,330
Chicago,
Illinois,
OHare
Airport
Customer
Facility
Charge
Revenue
Bonds,
Senior
Lien
Refunding
Series
2023
:
740
5.250%,
1/01/42
-
BAM
Insured
1/33
at
100.00
791,909
820
5.250%,
1/01/43
-
BAM
Insured
1/33
at
100.00
873,844
200
Chicago,
Illinois,
Water
Revenue
Bonds,
Refunding
Second
Lien
Series
2023B,
5.000%,
11/01/37
-
AGM
Insured
5/32
at
100.00
219,612
171
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
$
750
Illinois
Finance
Authority,
Revenue
Bonds,
Ascension
Health/fkaPresence
Health
Network,
Series
2016C,
4.000%,
2/15/41
2/27
at
100.00
$
720,099
240
Illinois
Finance
Authority,
Revenue
Bonds,
Dominican
University,
Refunding
Series
2022,
5.000%,
3/01/34
9/32
at
100.00
241,878
875
Illinois
Finance
Authority,
Revenue
Bonds,
Lutheran
Home
and
Services,
Series
2019A,
5.000%,
11/01/49
11/26
at
103.00
644,418
815
Illinois
Finance
Authority,
Revenue
Bonds,
Northshore
-
Edward-Elmhurst
Health
Credit
Group,
Series
2022A,
5.000%,
8/15/47
8/32
at
100.00
855,088
2,500
Illinois
State,
General
Obligation
Bonds,
December
Series
2023C,
5.000%,
12/01/47
12/33
at
100.00
2,588,694
1,500
Illinois
State,
General
Obligation
Bonds,
May
Series
2014,
5.000%,
5/01/32
5/24
at
100.00
1,501,324
4,710
Illinois
State,
General
Obligation
Bonds,
May
Series
2020,
5.750%,
5/01/45
5/30
at
100.00
5,065,267
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2022A
:
1,800
0.000%,
6/15/39
12/31
at
81.66
895,904
1,500
0.000%,
6/15/40
12/31
at
79.15
702,781
Total
Illinois
35,336,823
Indiana
-
2.6%
(2.0%
of
Total
Investments)
1,415
(c)
Gary
Local
Public
Improvement
Bond
Bank,
Indiana,
Economic
Development
Revenue
Bonds,
Drexel
Foundation
for
Educational
Excellence
Project,
Refunding
Series
2020A,
5.875%,
6/01/55
6/30
at
100.00
1,287,027
1,190
Indiana
Finance
Authority,
Educational
Facilities
Revenue
Bonds,
Depauw
University
Project,
Series
2019,
5.000%,
7/01/37
7/29
at
100.00
1,221,690
3,125
Indiana
Finance
Authority,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Project,
Series
2020,
6.750%,
5/01/39,
(AMT)
11/30
at
100.00
3,470,893
1,500
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Airport
Authority
Project
Revenue
Bonds,
Refunding
Series
2015I,
5.000%,
1/01/32,
(AMT)
1/25
at
100.00
1,510,253
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E
:
730
5.750%,
3/01/43
3/33
at
100.00
797,952
680
6.000%,
3/01/53
3/33
at
100.00
737,997
4,060
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Subordinate
Series
2023F-1,
7.750%,
3/01/67
3/33
at
100.00
4,311,679
3,770
Whiting,
Indiana,
Environmental
Facilities
Revenue
Bonds,
BP
Products
North
America
Inc.
Project,
Series
2015,
4.400%,
11/01/45,
(AMT),
(Mandatory
Put
6/10/31)
No
Opt.
Call
3,796,082
Total
Indiana
17,133,573
Iowa
-
0.7%
(0.5%
of
Total
Investments)
2,500
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Alcoa
Inc.
Project,
Series
2012,
4.750%,
8/01/42
5/24
at
100.00
2,443,133
1,745
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
5.000%,
12/01/50,
(Mandatory
Put
12/01/42)
12/29
at
103.00
1,811,472
Total
Iowa
4,254,605
Nuveen
Dynamic
Municipal
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
172
NDMO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Kentucky
-
0.8%
(0.6%
of
Total
Investments)
$
2,905
Bell
County,
Kentucky,
Special
Assessment
Industrial
Building
Revenue
Bonds,
Boone's
Ridge
Project,
Series
2020,
6.000%,
12/01/40
12/30
at
100.00
$
2,552,694
2,175
Carroll
County,
Kentucky,
Environmental
Facilities
Revenue
Bonds,
Kentucky
Utilities
Company
Project,
Refunding
Series
2006B,
2.125%,
10/01/34,
(AMT)
6/31
at
100.00
1,679,526
1,000
Newport,
Kentucky,
Special
Obligation
Revenue
Bonds,
Newport
Clifton
Project,
Series
2020B,
5.500%,
12/01/60
12/30
at
100.00
819,354
Total
Kentucky
5,051,574
Louisiana
-
0.9%
(0.7%
of
Total
Investments)
1,150
(c)
Louisiana
Publc
Facilities
Authority,
Lousiana,
Revenue
Bonds,
Lincoln
Preparatory
School
Project,
Series
2021A,
5.250%,
6/01/51
6/31
at
100.00
928,257
2,720
Louisiana
Stadium
and
Exposition
District,
Revenue
Bonds,
Senior
Series
2023A,
5.000%,
7/01/43
7/33
at
100.00
2,924,535
2,000
(c)
Saint
James
Parish,
Louisiana,
Revenue
Bonds,
NuStar
Logistics,
L.P.
Project,
Series
2010,
6.350%,
7/01/40
6/30
at
100.00
2,162,807
Total
Louisiana
6,015,599
Maryland
-
0.0%
(0.0%
of
Total
Investments)
200
(c)
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2022,
4.500%,
6/01/33
6/31
at
100.00
198,955
Total
Maryland
198,955
Michigan
-
1.7%
(1.3%
of
Total
Investments)
5,000
Detroit,
Wayne
County,
Michigan,
General
Obligation
Bonds,
Financial
Recovery
Series
2014B-1,
4.000%,
4/01/44
5/24
at
100.00
3,807,203
710
Gerald
R.
Ford
International
Airport
Authority,
Kent
County,
Michigan,
Revenue
Bonds,
Limited
Tax
General
Obligation
Series
2021,
5.000%,
1/01/46,
(AMT)
1/32
at
100.00
743,628
1,135
Great
Lakes
Water
Authority,
Michigan,
Sewer
Disposal
System
Revenue
Bonds,
Senior
Lien
Series
2023C,
5.250%,
7/01/48
1/34
at
100.00
1,253,432
3,480
Great
Lakes
Water
Authority,
Michigan,
Water
Supply
Revenue
Bonds,
Senior
Lien
Series
2023B,
5.250%,
7/01/53
1/34
at
100.00
3,789,976
1,070
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2023B,
5.250%,
12/01/37
-
AGM
Insured,
(AMT)
12/33
at
100.00
1,194,174
Total
Michigan
10,788,413
Minnesota
-
1.3%
(1.0%
of
Total
Investments)
3,620
Minnesota
Agricultural
and
Economic
Development
Board,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2024A,
5.250%,
1/01/54
1/34
at
100.00
3,855,235
3,745
(c)
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Community
School
of
Excellence,
Series
2023,
5.500%,
3/01/53
3/33
at
100.00
3,578,147
1,140
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Hope
Community
Academy
Project,
Series
2020A,
5.000%,
12/01/55
12/28
at
102.00
833,312
Total
Minnesota
8,266,694
Mississippi
-
0.5%
(0.4%
of
Total
Investments)
Warren
County,
Mississippi,
Certificates
of
Participation,
Lease
Purchase
Jail
Project
Series
2023
:
1,190
(e)
6.000%,
9/01/48,
(UB)
9/33
at
100.00
1,346,945
173
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Mississippi
(continued)
$
1,580
(e)
6.000%,
9/01/53,
(UB)
9/33
at
100.00
$
1,766,198
Total
Mississippi
3,113,143
Missouri
-
1.0%
(0.8%
of
Total
Investments)
3,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2014F,
4.000%,
11/15/45
11/24
at
100.00
2,834,262
Saint
Louis
Municipal
Finance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Convention
Center,
Expansion
&
Improvement
Projects
Series
2020
:
1,000
5.000%,
10/01/40
-
AGM
Insured
10/30
at
100.00
1,057,890
2,625
5.000%,
10/01/45
-
AGM
Insured
10/30
at
100.00
2,729,281
Total
Missouri
6,621,433
Montana
-
0.3%
(0.2%
of
Total
Investments)
1,975
Forsyth,
Rosebud
County,
Montana,
Pollution
Control
Revenue
Refunding
Bonds,
Northwestern
Corporation
Colstrip
Project,
Series
2023,
3.875%,
7/01/28
4/28
at
100.00
1,986,330
Total
Montana
1,986,330
Nebraska
-
2.1%
(1.6%
of
Total
Investments)
3,750
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
Revenue
Bonds,
Project
5,
Series
2022-1,
5.000%,
5/01/53,
(Mandatory
Put
10/01/29)
7/29
at
100.22
3,915,210
4,665
Nebraska
Investment
Finance
Authority,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2024C,
4.700%,
9/01/49,
(UB),
(WI/DD)
3/33
at
100.00
4,902,909
2,125
Omaha
Public
Power
District,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2023A,
5.250%,
2/01/53
2/33
at
100.00
2,300,130
2,500
Omaha
Public
Power
District,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2023B,
5.250%,
2/01/53
2/33
at
100.00
2,706,036
Total
Nebraska
13,824,285
Nevada
-
0.1%
(0.1%
of
Total
Investments)
2,000
(c),(d)
Director
of
Nevada
State
Department
of
Business
&
Industry,
Environmental
Improvement
Revenue
Bonds,
Fulcrum
Sierra
BioFuels
LLC
Project,
Green
Series
2020,
6.750%,
2/15/38
2/31
at
100.00
200,000
440
Las
Vegas,
Nevada,
Local
Improvement
Bonds,
Special
Improvement
District
611
Sunstone
Phase
I
and
II,
Series
2020,
4.000%,
6/01/40
6/30
at
100.00
377,519
Total
Nevada
577,519
New
Hampshire
-
0.7%
(0.5%
of
Total
Investments)
1,250
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Catholic
Medical
Center,
Series
2017,
3.750%,
7/01/40
7/27
at
100.00
980,199
4,000
(c)
New
Hampshire
Health
and
Education
Facilities
Authority,
Revenue
Bonds,
Covenant
Health
Group
Series
2023,
4.000%,
7/01/37
1/33
at
100.00
3,547,625
Total
New
Hampshire
4,527,824
New
Jersey
-
0.3%
(0.3%
of
Total
Investments)
1,580
(c)
New
Jersey
Economic
Development
Authority,
Energy
Facilities
Revenue
Bonds,
UMM
Energy
Partners,
LLC
Project,
Series
2012A,
7.000%,
6/15/30
5/24
at
100.00
1,550,651
750
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Motor
Vehicle
Surcharge,
Refunding
Subordinate
Series
2017A,
3.375%,
7/01/30
7/27
at
100.00
714,370
Total
New
Jersey
2,265,021
Nuveen
Dynamic
Municipal
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
174
NDMO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Mexico
-
1.0%
(0.8%
of
Total
Investments)
$
7,000
(c)
Winrock
Town
Center
Tax
Increment
Development
District
1,
Albuquerque,
New
Mexico,
Gross
Receipts
Tax
Increment
Bonds,
Subordinate
Lien
Series
2020,
8.000%,
5/01/40
5/24
at
103.00
$
6,585,337
Total
New
Mexico
6,585,337
New
York
-
20.0%
(15.2%
of
Total
Investments)
1,240
(c)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Albert
Einstein
College
of
Medicine,
Inc,
Series
2023,
7.250%,
6/01/55
12/30
at
100.00
1,314,193
5,000
(c)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020A-1,
5.500%,
6/01/55
12/30
at
100.00
4,469,571
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020C-1
:
1,310
(c)
5.000%,
6/01/40
12/30
at
100.00
1,216,828
3,000
(c)
5.000%,
6/01/55
12/30
at
100.00
2,477,858
10,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Catholic
Health
System
Obligated
Group
Series
2019A,
4.000%,
7/01/45
7/29
at
100.00
7,256,320
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2024A
:
370
5.000%,
3/15/39
3/34
at
100.00
415,692
1,250
5.000%,
3/15/41
3/34
at
100.00
1,385,647
1,250
5.000%,
3/15/42
3/34
at
100.00
1,378,723
2,525
5.000%,
3/15/43
3/34
at
100.00
2,771,876
1,610
5.000%,
3/15/44
3/34
at
100.00
1,761,804
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B
:
7,630
5.000%,
7/01/32
7/26
at
100.00
7,725,911
1,095
5.000%,
7/01/35
7/26
at
100.00
1,107,501
750
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016C,
5.625%,
1/01/55
1/34
at
100.00
641,892
2,500
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2014B,
5.250%,
11/15/36
6/24
at
100.00
2,504,225
10,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2014D-1,
5.250%,
11/15/44
11/24
at
100.00
10,084,607
New
York
City
Housing
Development
Corporation,
New
York,
Multifamily
Housing
Revenue
Bonds,
Sustainable
Development
Series
2024A-1
:
1,000
(e)
4.650%,
11/01/49,
(UB)
5/32
at
100.00
985,017
1,720
(e)
4.750%,
11/01/54,
(UB)
5/32
at
100.00
1,719,253
975
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2024
Series
BB-1,
5.250%,
6/15/54
12/33
at
100.00
1,062,338
585
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2024
Series
BB-2,
5.000%,
6/15/44
12/33
at
100.00
638,511
11,790
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2024
Series
CC-1,
5.250%,
6/15/54
6/34
at
100.00
12,890,536
2,785
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2018
Series
A-3,
5.000%,
8/01/41
8/27
at
100.00
2,887,898
840
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2023F-1,
5.250%,
2/01/40
2/33
at
100.00
945,398
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Series
2024F-1
:
1,335
5.000%,
2/01/46
2/34
at
100.00
1,442,027
175
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
2,000
5.000%,
2/01/47
2/34
at
100.00
$
2,150,999
1,180
5.000%,
2/01/48
2/34
at
100.00
1,264,508
2,575
5.000%,
2/01/49
2/34
at
100.00
2,750,549
2,600
5.250%,
2/01/53
2/34
at
100.00
2,815,823
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2024
Series
C
:
1,560
5.250%,
3/01/47
3/34
at
100.00
1,712,625
1,300
5.250%,
3/01/53
3/34
at
100.00
1,409,759
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2024
Series
D
:
2,745
5.500%,
4/01/46
4/34
at
100.00
3,096,418
1,830
5.250%,
4/01/47
4/34
at
100.00
2,010,318
2,380
5.250%,
4/01/54
4/34
at
100.00
2,578,353
700
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects-Second
Resolution
Bonds,
Subordinated
SRF
Series
2024A,
5.250%,
6/15/44
6/34
at
100.00
790,075
2,500
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
5.000%,
7/01/41,
(AMT)
7/24
at
100.00
2,460,696
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020
:
10,240
5.250%,
8/01/31,
(AMT)
8/30
at
100.00
10,750,137
3,400
5.375%,
8/01/36,
(AMT)
8/30
at
100.00
3,579,808
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023
:
395
5.500%,
6/30/39,
(AMT)
6/31
at
100.00
433,662
165
5.500%,
6/30/40,
(AMT)
6/31
at
100.00
180,171
215
5.500%,
6/30/43
-
AGM
Insured,
(AMT)
6/31
at
100.00
233,336
240
5.500%,
6/30/44
-
AGM
Insured,
(AMT)
6/31
at
100.00
259,688
845
6.000%,
6/30/54,
(AMT)
6/31
at
100.00
926,544
1,590
5.125%,
6/30/60
-
AGM
Insured,
(AMT)
6/31
at
100.00
1,644,021
3,315
5.375%,
6/30/60,
(AMT)
6/31
at
100.00
3,463,350
3,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2020,
5.000%,
10/01/40,
(AMT)
10/30
at
100.00
3,099,528
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2023
:
1,600
6.000%,
4/01/35,
(AMT)
4/31
at
100.00
1,814,240
2,805
5.625%,
4/01/40,
(AMT)
4/31
at
100.00
3,050,161
460
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Forty
Second
Series
2023,
5.000%,
12/01/41,
(AMT)
12/33
at
100.00
490,323
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Thirty-Eighth
Series
2023
:
565
5.000%,
7/15/35,
(AMT)
7/33
at
100.00
624,061
1,000
5.000%,
7/15/38,
(AMT)
7/33
at
100.00
1,077,358
3,300
(c)
Syracuse
Industrial
Development
Authority,
New
York,
PILOT
Revenue
Bonds,
Carousel
Center
Project,
Taxable
Series
2007B,
5.693%,
1/01/28
-
SYNCORA
GTY
Insured
No
Opt.
Call
3,023,583
2,725
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-City
Sales
Tax,
Series
2024A-1,
5.000%,
5/15/54
5/34
at
100.00
2,901,427
Total
New
York
129,675,147
Nuveen
Dynamic
Municipal
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
176
NDMO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
North
Carolina
-
0.2%
(0.1%
of
Total
Investments)
Greater
Asheville
Regional
Airport
Authority,
North
Carolina,
Airport
System
Revenue
Bonds,
Series
2023
:
$
335
5.250%,
7/01/41
-
AGM
Insured,
(AMT)
7/33
at
100.00
$
364,209
340
5.250%,
7/01/43
-
AGM
Insured,
(AMT)
7/33
at
100.00
366,580
370
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
The
Forest
at
Duke,
Inc.,
Series
2021,
4.000%,
9/01/46
9/28
at
103.00
299,931
Total
North
Carolina
1,030,720
Ohio
-
1.1%
(0.8%
of
Total
Investments)
1,995
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2,
5.000%,
6/01/55
6/30
at
100.00
1,808,710
3,450
(c)
Jefferson
County
Port
Authority,
Ohio,
Economic
Development
Revenue
Bonds,
JSW
Steel
USA
Ohio,
Inc.
Project,
Series
2023,
5.000%,
12/01/53,
(AMT),
(Mandatory
Put
12/01/28)
9/28
at
100.00
3,485,890
1,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Refunding
Series
2009D,
3.375%,
8/01/29
No
Opt.
Call
941,632
625
(e)
Ohio
Housing
Finance
Agency,
Residential
Mortgage
Revenue
Bonds,
Mortgage-Backed
Securities
Program,
Social
Series
2024A,
4.650%,
9/01/54,
(UB)
9/33
at
100.00
617,702
Total
Ohio
6,853,934
Pennsylvania
-
4.0%
(3.0%
of
Total
Investments)
Allegheny
County
Airport
Authority,
Pennsylvania,
Airport
Revenue
Bonds,
Pittsburgh
International
Airport,
Series
2023A
:
700
5.250%,
1/01/39
-
AGM
Insured,
(AMT)
1/33
at
100.00
764,660
700
5.500%,
1/01/43
-
AGM
Insured,
(AMT)
1/33
at
100.00
767,499
1,000
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2019A,
4.000%,
7/15/37
7/29
at
100.00
1,007,569
900
(c)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
615
Waterfront
Project,
Senior
Series
2021,
6.000%,
5/01/42
5/31
at
100.00
931,009
3,000
(c)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Refunding
Project,
Series
2017,
5.000%,
5/01/42
5/27
at
100.00
2,960,732
1,625
(c)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
Neuweiler
Lofts
Project,
Series
2023,
6.250%,
5/01/42
5/33
at
100.00
1,590,329
500
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Generation
Project,
Series
2008B,
3.750%,
10/01/47
4/31
at
100.00
395,017
1,000
(c)
Dauphin
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Harrisburg
University
of
Science
&
Technology
Project,
Series
2017,
5.125%,
10/15/41
10/27
at
100.00
769,287
2,000
(c)
Dauphin
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Harrisburg
University
of
Science
&
Technology
Project,
Series
2020,
6.250%,
10/15/53
10/28
at
100.00
1,609,581
9,000
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2017A-2,
5.000%,
2/15/39
2/27
at
100.00
9,216,733
177
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
$
1,300
(d),(f)
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2021A,
10.000%,
12/01/31
No
Opt.
Call
$
130
2,960
Pennsylvania
Economic
Development
Financing
Authority,
Parking
System
Revenue
Bonds,
Capitol
Region
Parking
System,
Junior
Guaranteed
Series
2013B,
0.000%,
1/01/45
-
BAM
Insured
No
Opt.
Call
1,140,905
2,040
Pennsylvania
Economic
Development
Financing
Authority,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2017A,
4.000%,
11/15/42
11/27
at
100.00
1,956,116
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2024-144A
:
340
(e)
4.450%,
10/01/44,
(UB)
10/32
at
100.00
340,166
1,850
(e)
4.600%,
10/01/49,
(UB)
10/32
at
100.00
1,835,682
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2022B
:
30
5.250%,
12/01/41
12/32
at
100.00
33,730
485
5.250%,
12/01/42
12/32
at
100.00
540,463
Total
Pennsylvania
25,859,608
Puerto
Rico
-
4.9%
(3.8%
of
Total
Investments)
409
HTA
Claas
6,
Puerto
Rico
Highway
and
Transportation
Authority
Highway
Revenue
Bonds,
Series
2022,
5.250%,
7/01/38
5/24
at
100.00
409,395
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B
:
3,500
(c)
5.000%,
7/01/37
7/31
at
100.00
3,658,361
6,500
(c)
4.000%,
7/01/42
7/31
at
100.00
6,068,547
8,000
(d)
Puerto
Rico
Electric
Power
Authority,
Revenue
Bonds,
Series
2010XX,
5.250%,
7/01/40
5/24
at
100.00
1,812,772
2,150
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1,
4.550%,
7/01/40
7/28
at
100.00
2,153,111
12,257
Puerto
Rico,
GDB
Debt
Recovery
Authority
Commonwealth
Bonds,
Taxable
Series
2018,
7.500%,
8/20/40
No
Opt.
Call
11,827,469
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
:
1,030
0.000%,
7/01/33
7/31
at
89.94
675,487
0
(g)
4.000%,
7/01/35
7/31
at
103.00
62
1,117
4.000%,
7/01/37
7/31
at
103.00
1,070,642
839
4.000%,
7/01/41
7/31
at
103.00
780,682
6,061
Puerto
Rico,
General
Obligation
Bonds,
Vintage
CW
NT
Claims
Taxable
Series
2022,
0.000%,
11/01/43
No
Opt.
Call
3,613,946
Total
Puerto
Rico
32,070,474
South
Carolina
-
0.3%
(0.2%
of
Total
Investments)
1,000
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Columbia
College,
Refunding
Series
2020A,
5.625%,
10/01/40
10/27
at
103.00
955,101
1,000
(c)
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Horse
Creek
Academy
Project,
Series
2021A,
5.000%,
11/15/55
11/26
at
100.00
880,855
Total
South
Carolina
1,835,956
Tennessee
-
1.9%
(1.4%
of
Total
Investments)
Metropolitan
Government
of
Nashville
and
Davidson
County
Sports
Authority,
Tennessee,
Revenue
Bonds,
Stadium
Project,
Subordinate
Senior
Series
2023A
:
1,895
5.000%,
7/01/40
-
AGM
Insured
1/34
at
100.00
2,067,905
Nuveen
Dynamic
Municipal
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
178
NDMO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tennessee
(continued)
$
1,345
5.000%,
7/01/41
-
AGM
Insured
1/34
at
100.00
$
1,458,782
1,650
5.000%,
7/01/42
-
AGM
Insured
1/34
at
100.00
1,780,824
650
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Belmont
University,
Series
2023,
5.000%,
5/01/40
5/33
at
100.00
695,192
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Vanderbilt
University,
Series
2023A
:
2,705
5.000%,
7/01/28
No
Opt.
Call
2,869,750
2,905
5.000%,
7/01/33
No
Opt.
Call
3,270,626
Total
Tennessee
12,143,079
Texas
-
8.0%
(6.1%
of
Total
Investments)
500
(c)
Abilene
Convention
Center
Hotel
Development
Corporation,
Texas,
Hotel
Revenue
Bonds,
Second-Lien
Series
2021B,
5.000%,
10/01/50
10/31
at
100.00
427,588
225
(c)
City
of
Midlothian,
Texas,
Westside
Preserve
Public
Improvement
District
Improvement
Area
#1
Project,
Special
Assessment
Revenue
Bonds,
Series
2022,
4.750%,
9/15/32
No
Opt.
Call
220,014
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds,
Refunding
Series
2023C
:
330
5.000%,
11/01/27,
(AMT)
No
Opt.
Call
343,940
1,480
5.000%,
11/01/28,
(AMT)
No
Opt.
Call
1,557,487
4,160
5.000%,
11/01/29,
(AMT)
No
Opt.
Call
4,433,161
4,605
Dallas,
Texas,
General
Obligation
Bonds,
Refunding
and
Improvement
Series
2023A,
5.000%,
2/15/42
2/33
at
100.00
5,014,595
1,280
Fort
Bend
County
Industrial
Development
Corporation,
Texas,
Revenue
Bonds,
NRG
Energy
Inc.
Project,
Series
2012B,
4.750%,
11/01/42
5/24
at
100.00
1,271,910
570
Galveston,
Texas,
Wharves
and
Terminal
First
Lien
Revenue
Bonds,
Series
2023,
6.000%,
8/01/43,
(AMT)
2/33
at
100.00
628,528
1,000
Harris
County
Industrial
Development
Corporation,
Texas,
Revenue
Bonds,
Energy
Transfer
LP
Project,
Marine
Terminal
Refunding
Series
2023,
4.050%,
11/01/50,
(Mandatory
Put
6/01/33)
3/33
at
100.00
990,876
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2023A
:
3,025
5.000%,
7/01/32
-
AGM
Insured,
(AMT)
No
Opt.
Call
3,337,460
3,230
5.000%,
7/01/33
-
AGM
Insured,
(AMT)
No
Opt.
Call
3,582,801
2,865
5.000%,
7/01/34
-
AGM
Insured,
(AMT)
7/33
at
100.00
3,187,632
1,250
5.250%,
7/01/42
-
AGM
Insured,
(AMT)
7/33
at
100.00
1,354,656
1,715
5.250%,
7/01/43
-
AGM
Insured,
(AMT)
7/33
at
100.00
1,850,428
5,610
Love
Field
Airport
Modernization
Corporation,
Texas,
General
Airport
Revenue
Bonds,
Refunding
Series
2021,
4.000%,
11/01/38
-
AGM
Insured,
(AMT)
11/31
at
100.00
5,543,351
500
(c)
Marble
Falls,
Burnet
County,
Texas,
Special
Assessment
Revenue
Bonds,
Thunder
Rock
Public
Improvement
District
Improvement
Area
1
Project,
Series
2021,
4.125%,
9/01/41
9/31
at
100.00
435,969
1,500
Matagorda
County
Navigation
District
1,
Texas,
Pollution
Control
Revenue
Bonds,
AEP
Texas
Central
Company
Project,
Remarketing,
Series
2008-1,
4.000%,
6/01/30
5/24
at
100.00
1,480,165
625
(c)
McLendon-Chisholm,
Texas,
Special
Assessment
Revenue
Bonds,
Sonoma
Public
Improvement District
Improvement
Area
3
Project,
Series
2021,
3.625%,
9/15/41
9/31
at
100.00
482,820
500
(c)
Mesquite,
Texas,
Special
Assessment
Revenue
Bonds,
Solterra
Public
Improvement
District
Improvement
Area
A-1
Projects,
Series
2023,
5.500%,
9/01/43
9/33
at
100.00
488,390
179
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
4,175
(c)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Southwest
Preparatory
School,
Series
2020A,
5.000%,
8/15/50
8/25
at
103.00
$
3,572,054
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Senior
Living
Revenue
Bonds,
Sanctuary
LTC
LLC
Project,
Series
2021A-1
:
2,865
5.250%,
1/01/42
1/28
at
103.00
2,502,663
1,025
5.500%,
1/01/57
1/28
at
103.00
850,998
3,500
(c)
Port
Beaumont
Industrial
Development
Authority,
Texas,
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021B,
4.100%,
1/01/28
5/24
at
102.05
2,965,014
2,000
(c)
Sachse,
Texas,
Special
Assessment
Bonds,
Sachse
Public
Improvement
District
1
Major
Improvement
Area
Project,
Series
2020,
5.375%,
9/15/40
9/30
at
100.00
1,928,106
450
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Hendrick
Medical
Center,
Taxable
Series
2021,
3.292%,
9/01/40
-
AGM
Insured
9/30
at
100.00
339,829
Texas
Private
Activity
Bond
Surface
Transpiration
Corporation,
Senior
Lien
Revenue
Bonds,
NTE
Mobility
Partners
Segments
3
LLC
Refunding
Series
2023
:
475
5.375%,
6/30/38,
(AMT)
6/28
at
103.00
507,874
465
5.500%,
6/30/41,
(AMT)
6/28
at
103.00
494,924
1,500
Texas
Private
Activity
Bond
Surface
Transporation
Corporation,
Senior
Lien
Revenue
Bonds,
Blueridge
Transportation
Group,
LLC
SH
288
Toll
Lanes
Project,
Series
2016,
5.000%,
12/31/50,
(AMT)
12/25
at
100.00
1,502,237
650
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2021,
4.000%,
10/15/51
10/31
at
100.00
608,621
Total
Texas
51,904,091
Utah
-
0.9%
(0.7%
of
Total
Investments)
500
(c)
Red
Bridge
Public
Infrastructure
District
1,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2021A,
4.125%,
2/01/41
2/26
at
103.00
377,277
645
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2023A,
5.250%,
7/01/43,
(AMT)
7/33
at
100.00
693,900
970
(c)
Utah
Charter
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Paradigm
High
School
Project,
Series
2020A,
5.125%,
7/15/51
1/25
at
102.00
824,688
1,185
(e)
Utah
Housing
Corporation,
Single
Family
Mortgage
Bonds,
Series
2024C,
4.650%,
1/01/49,
(UB)
1/33
at
100.00
1,184,587
2,540
(c)
Wohali
Public
Infrastructure
District
1,
Utah,
Special
Assessment
Revenue
Bonds,
Assessment
Area
1
Series
2023,
7.000%,
12/01/42
9/28
at
103.00
2,509,378
Total
Utah
5,589,830
Virgin
Islands
-
0.5%
(0.4%
of
Total
Investments)
2,365
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/32
No
Opt.
Call
2,541,409
1,000
(c)
West
Indian
Company
Limited,
Virgin
Islands,
Port
Facilities
Revenue
Bonds,
WICO
Financing,
Series
2022A,
6.125%,
10/01/42
10/29
at
104.00
954,836
Total
Virgin
Islands
3,496,245
Virginia
-
1.0%
(0.8%
of
Total
Investments)
1,640
(c)
Cherry
Hill
Community
Development
Authority,
Virginia,
Special
Assesment
Bonds,
Potomac
Shores
Project,
Series
2015,
5.400%,
3/01/45
3/25
at
100.00
1,643,563
3,580
Roanoke
Economic
Development
Authority,
Virginia,
Hospital
Revenue
Bonds,
Carilion
Clinic
Obligated
Group,
Series
2020D,
5.000%,
7/01/53,
(Mandatory
Put
7/01/30)
1/30
at
100.00
3,828,329
Nuveen
Dynamic
Municipal
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
180
NDMO
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Virginia
(continued)
$
990
(c)
Virginia
Small
Business
Financing
Authority,
Tourism
Development
Financing
Program
Revenue
Bonds,
Virginia
Beach
Oceanfront
South
Hotel
Project,
Senior
Series
2020A-1,
8.000%,
10/01/43
10/30
at
120.40
$
994,547
Total
Virginia
6,466,439
Washington
-
1.3%
(1.0%
of
Total
Investments)
1,770
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014D,
5.000%,
10/01/41
10/24
at
100.00
1,682,821
1,915
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Saint
Joseph
Health,
Refunding
Series
2021B,
4.000%,
10/01/42,
(Mandatory
Put
10/01/30)
No
Opt.
Call
1,882,283
5,667
Washington
State
Housing
Finance
Commission,
Social
Municipal
Certificates
Multifamily
Revenue
Bonds,
Series
2023-1
Class
A,
3.375%,
4/20/37
No
Opt.
Call
4,982,700
Total
Washington
8,547,804
West
Virginia
-
0.8%
(0.6%
of
Total
Investments)
200
(c)
Monongalia
County
Commission,
West
Virginia,
Special
District
Excise
Tax
Revenue
Bonds,
University
Town
Centre
Economic
Opportunity
Development
District,
Subordinate
Improvement
Series
2023A,
7.000%,
6/01/43
6/30
at
103.00
210,599
3,770
(c)
West
Virginia
Economic
Development
Authority,
Dock
and
Wharf
Facilities
Revenue
Bonds,
Empire
Trimodal
Terminal,
LLC
Project,
Series
2020,
7.625%,
12/01/40
12/27
at
103.00
3,077,726
1,000
West
Virginia
Economic
Development
Authority,
Solid
Waste
Disposal
Facilities
Revenue
Bonds,
Arch
Resources
Project,
Series
2021,
4.125%,
7/01/45,
(AMT),
(Mandatory
Put
7/01/25)
1/25
at
100.00
995,072
1,035
West
Virginia
Hospital
Finance
Authority,
Revenue
Bonds,
West
Virginia
University
Health
System,
Improvement
Series
2023A,
5.000%,
6/01/41
6/33
at
100.00
1,100,724
Total
West
Virginia
5,384,121
Wisconsin
-
4.8%
(3.6%
of
Total
Investments)
3,000
(c)
Gillett,
Wisconsin,
Solid
Waste
Disposal
Revenue
Bonds,
WI
RNG
Hub
North
LLC
Renewable
Natural
Gas
Production
Plant
Project,
Series
2021A,
5.500%,
12/01/32
12/26
at
100.00
2,553,841
6,350
(c)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Freedom
Classical
Academy
Inc.,
Series
2020A,
5.000%,
1/01/56
1/28
at
100.00
5,398,647
200
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Shining
Rock
Classical
Academy,
Series
2022A,
6.125%,
6/15/57
6/29
at
101.00
190,091
1,000
(c)
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
The
Capitol
Encore
Academy,
Series
2021A,
5.000%,
6/01/56
6/28
at
100.00
832,495
1,000
(c)
Public
Finance
Authority
of
Wisconsin,
Educational
Facility
Revenue
Bonds,
LEAD
Academy
Project,
Series
2021,
5.000%,
8/01/51
8/28
at
100.00
826,014
2,000
Public
Finance
Authority
of
Wisconsin,
Hotel
Revenue
Bonds,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Senior
Lien
Series
2022A,
5.000%,
2/01/52
2/32
at
100.00
1,960,860
Public
Finance
Authority
of
Wisconsin,
Hotel
Revenue
Bonds,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Subordinate
Lien
Series
2022B
:
1,670
(c)
5.625%,
2/01/46
2/32
at
100.00
1,673,680
2,000
(c)
6.000%,
2/01/62
2/32
at
100.00
2,021,677
5,000
(c)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
@
Meadowlands
Project,
Series
2017,
7.000%,
12/01/50
12/27
at
100.00
4,838,858
3,000
(c)
Public
Finance
Authority
of
Wisconsin,
Multifamily
Housing
Revenue
Bonds,
Promenade
Apartments
Project,
Series
2024,
6.250%,
2/01/39
2/29
at
103.00
3,056,683
181
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
$
1,000
Public
Finance
Authority
of
Wisconsin,
Pollution
Control
Revenue
Bonds,
Duke
Energy
Progress
Project,
Refunding
Series
2022B,
4.000%,
10/01/46,
(Mandatory
Put
10/01/30)
No
Opt.
Call
$
995,656
1,025
(c)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Revolution
Academy,
Refunding
Series
2023A,
6.250%,
10/01/58
10/31
at
100.00
1,033,992
2,000
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Sky
Harbour
LLC
Obligated
Group
Aviation
Facilities
Project,
Series
2021,
4.000%,
7/01/41,
(AMT)
7/31
at
100.00
1,599,076
1,000
(c)
Public
Finance
Authority
of
Wisconsin,
Tax
Increment
Revenue
Senior
Bonds,
Miami
World
Center
Project,
Series
2024A,
5.000%,
6/01/41
6/29
at
103.00
996,524
500
(c)
Public
Finance
Authority
of
Wisconsin,
Tax
Increment
Revenue
Subordinate
Bonds,
Miami
World
Center
Project,
Series
2024B,
8.000%,
6/15/42
6/29
at
103.00
491,478
100
(d),(f)
Public
Finance
Authority
of
Wisconsin,
Wisconsin
Revenue
Note,
KDC
Agribusiness
LLC
Project,
Series
2022B,
15.000%,
3/31/24
4/23
at
105.00
10
2,500
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Froedtert
Health,
Inc.
Obligated
Group,
Series
2017A,
4.000%,
4/01/39
4/27
at
100.00
2,468,936
Total
Wisconsin
30,938,518
Total
Municipal
Bonds
(cost
$838,311,461)
803,145,780
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
4.5%
(3.5%
of
Total
Investments)
X
29,610,938
$
10,000
United
States
Treasury
Note/Bond
4.750%
11/15/53
$
9,948,438
10,000
United
States
Treasury
Note/Bond
4.500%
11/15/33
9,853,125
10,000
United
States
Treasury
Note/Bond
4.750%
11/15/43
9,809,375
Total
U.S.
Government
and
Agency
Obligations
(cost
$31,331,166)
29,610,938
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
X
–
CORPORATE
BONDS
-
1.9%
(1.4%
of
Total
Investments)
X
12,128,101
Consumer
Services
-
0.4%
(0.3%
of
Total
Investments)
$
2,500
Grand
Canyon
University
4.125%
10/01/24
$
2,448,725
Total
Consumer
Services
2,448,725
Health
Care
Equipment
&
Services
-
1.4%
(1.1%
of
Total
Investments)
2,750
Care
New
England
Health
System
5.500%
9/01/26
2,717,468
4,363
Toledo
Hospital/The
5.325%
11/15/28
4,086,778
3,000
Toledo
Hospital/The
6.015%
11/15/48
2,405,430
Total
Health
Care
Equipment
&
Services
9,209,676
Real
Estate
Management
&
Development
-
0.1%
(0.0%
of
Total
Investments)
490
(c),(f)
Benloch
Ranch
Improvement
Association
No
12022
2022
9.750%
12/01/39
469,700
Total
Real
Estate
Management
&
Development
469,700
Total
Corporate
Bonds
(cost
$11,207,443)
12,128,101
Nuveen
Dynamic
Municipal
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
182
NDMO
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
0.1%
(0.1%
of
Total
Investments)
X
432,267
Utilities
-
0.1%
(0.1%
of
Total
Investments)
4,370
(h),(i)
Talen
Energy
Supply
LLC
$
432,267
Total
Utilities
432,267
Total
Common
Stocks
(cost
$139,840)
432,267
Principal
Amount
(000)
Description
(a)
Coupon
(j)
Reference
Rate
(j)
Spread
(j)
Maturity
(k)
Value
–
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
0.0%
(0.0%
of
Total
Investments)
(j)
X
16,496
Capital
Goods
-
0.0%
(0.0%
of
Total
Investments)
$
129
(d),(f),(l)
KDC
Agribusiness
Fairless
Hills
LLC
12.000%
N/A
N/A
9/17/24
$
16,496
Total
Capital
Goods
16,496
Total
Variable
Rate
Senior
Loan
Interests
(cost
$128,676)
16,496
Total
Long-Term
Investments
(cost
$881,118,586)
845,333,582
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
SHORT-TERM
INVESTMENTS
-
0.8% (0.6%
of
Total
Investments)
X
–
MUNICIPAL
BONDS
-
0.8%
(0.6%
of
Total
Investments)
X
5,000,000
National
-
0.8%
(0.6%
of
Total
Investments)
$
3,000
(c),(m)
Invesco
Municipal
Opportunity
Trust
Variable
Rate
Munifund
Term
Preferred
Shares
Series
2015/6VMO.
JP
MORGAN
CHASE
PUTTERS
/
DRIVERS
TR
VAR
STS
CTFS
5029.Ticker
Symbol
-
VMO,
4.200%,
10/09/24,
(AMT),
(Mandatory
Put
5/7
/2024)
No
Opt.
Call
$
3,000,000
2,000
(c),(m)
Invesco
Value
Municipla
Income
Trust
Variable
Rate
Munifund
Term
Preferred
Shares
Series
2015/6
IIM.
JP
MORGAN
CHASE
PUTTERS
/
DRIVERS
TR
VAR
STS
CTFS
5028.
Ticker
Symbol
-
VGM,
4.200%,
10/09/24,
(AMT),
(Mandatory
Put
5/7/2024)
No
Opt.
Call
2,000,000
Total
National
5,000,000
Total
Municipal
Bonds
(cost
$5,000,000)
5,000,000
Total
Short-Term
Investments
(cost
$5,000,000)
5,000,000
Total
Investments
(cost
$886,118,586
)
-
131.1%
850,333,582
Floating
Rate
Obligations
-
(2.6)%
(16,935,000)
MFP
Shares,
Net
-
(36.9)%(n)
(239,633,946)
Other
Assets
&
Liabilities,
Net
- 8.4%
54,985,002
Net
Assets
Applicable
to
Common
Shares
-
100%
$
648,749,638
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$247,747,269
or
29.1%
of
Total
Investments.
(d)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(e)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(f)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(g)
Principal
Amount
(000)
rounds
to
less
than
$1,000.
(h)
In
May
2023,
Talen
Energy
completed
a
Chapter
11
plan
of
reorganization
whereby
the
Fund
received
Talen
Energy
Common
Stock
in
exchange
for
the
following
portfolio
holding:
Talen
Energy
Supply
LLC,
6.000%,
12/15/36,
Senior
Note.
(i)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
183
(j)
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.
(k)
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.
(l)
Senior
loan
received
as
part
of
the
bondholder
funding
agreement
during
June
2023
for
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2021A,
10.000%,
12/01/31.
(m)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
(n)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
28.2%.
AMT
Alternative
Minimum
Tax
N/A
Not
Applicable.
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
184
April
30,
2024
(Unaudited)
NVG
NZF
NMZ
NMCO
NDMO
ASSETS
Long-term
investments,
at
value
†
$
4,736,860,274‌
$
4,253,548,510‌
$
1,922,424,634‌
$
981,237,363‌
$
845,333,582‌
Short-term
investments,
at
value
◊
52,245,000‌
–‌
16,280,000‌
–‌
5,000,000‌
Cash
645,842‌
6,163,647‌
–‌
–‌
16,449,040‌
Receivables:
Interest
68,313,688‌
66,252,553‌
43,942,217‌
18,431,546‌
19,030,641‌
Investments
sold
10,047,477‌
74,095,392‌
77,920,127‌
106,286,139‌
49,332,560‌
Deferred
offering
costs
88,535‌
–‌
110,000‌
216,315‌
287,297‌
Unfunded
commitments
–‌
–‌
4,159,058‌
3,836,819‌
790,000‌
Other
1,346,706‌
511,547‌
134,029‌
134,741‌
52,002‌
Total
assets
4,869,547,522‌
4,400,571,649‌
2,064,970,065‌
1,110,142,923‌
936,275,122‌
LIABILITIES
Cash
overdraft
–‌
–‌
12,092,662‌
10,198,178‌
–‌
Floating
rate
obligations
206,715,000‌
379,165,000‌
430,708,000‌
26,175,000‌
16,935,000‌
AMTP
Shares,
Net
*
–‌
–‌
356,555,732‌
–‌
–‌
MFP
Shares,
Net
**
515,698,055‌
640,137,836‌
–‌
414,229,844‌
239,633,946‌
VRDP
Shares,
Net
***
1,233,990,758‌
673,652,507‌
–‌
–‌
–‌
Payables:
Management
fees
2,390,258‌
2,144,613‌
1,050,947‌
776,844‌
617,467‌
Dividends
11,620,525‌
10,633,799‌
5,131,825‌
2,584,694‌
3,406,831‌
Interest
5,746,907‌
11,337,353‌
10,662,017‌
700,385‌
216,399‌
Investments
purchased
-
regular
settlement
39,715‌
4,984,496‌
3,795,143‌
1,399,548‌
6,508,893‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
28,580,591‌
55,017,679‌
28,543,796‌
23,227,682‌
20,023,774‌
Offering
costs
–‌
–‌
2,705‌
–‌
–‌
Accrued
expenses:
Custodian
fees
304,714‌
258,088‌
132,226‌
80,918‌
84,340‌
Investor
relations
40,477‌
57,955‌
20,476‌
10,142‌
8,020‌
Trustees
fees
464,747‌
332,775‌
81,070‌
33,552‌
31,184‌
Professional
fees
38,671‌
13,264‌
17,958‌
16,503‌
16,746‌
Shareholder
reporting
expenses
95,828‌
84,500‌
43,078‌
16,693‌
25,718‌
Shareholder
servicing
agent
fees
2,431‌
5,161‌
2,016‌
1,722‌
1,165‌
Shelf
offering
costs
–‌
–‌
110,000‌
63,054‌
–‌
Other
5,409‌
6,223‌
8,867‌
11,988‌
16,001‌
Total
liabilities
2,005,734,086‌
1,777,831,249‌
848,958,518‌
479,526,747‌
287,525,484‌
Commitments
and
contingencies
(1)
Net
assets
applicable
to
common
shares
$
2,863,813,436‌
$
2,622,740,400‌
$
1,216,011,547‌
$
630,616,176‌
$
648,749,638‌
Common
shares
outstanding
213,522,362‌
193,729,050‌
110,539,338‌
54,801,890‌
59,562,212‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
13
.41‌
$
13
.54‌
$
11
.00‌
$
11
.51‌
$
10
.89‌
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
2,135,224‌
$
1,937,291‌
$
1,105,393‌
$
548,019‌
$
595,622‌
Paid-in
capital
3,086,341,672‌
2,764,929,353‌
1,455,387,304‌
814,998,572‌
840,613,826‌
Total
distributable
earnings
(loss)
(
224,663,460‌
)
(
144,126,244‌
)
(
240,481,150‌
)
(
184,930,415‌
)
(
192,459,810‌
)
Net
assets
applicable
to
common
shares
$
2,863,813,436‌
$
2,622,740,400‌
$
1,216,011,547‌
$
630,616,176‌
$
648,749,638‌
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
†
Long-term
investments,
cost
$
4,848,724,735‌
$
4,122,000,409‌
$
2,021,252,907‌
$
1,053,068,463‌
$
881,118,586‌
◊
Short-term
investments,
cost
$
52,245,000‌
$
—‌
$
16,280,000‌
$
—‌
$
5,000,000‌
*
AMTP
Shares,
liquidation
preference
—‌
—‌
357,000,000‌
—‌
—‌
**
MFP
Shares,
liquidation
preference
517,400,000‌
641,000,000‌
—‌
415,000,000‌
240,000,000‌
***
VRDP
Shares,
liquidation
preference
1,236,600,000‌
677,000,000‌
—‌
—‌
—‌
(1)
As
disclosed
in
Notes
to
Financial
Statements.
Statement
of
Operations
See
Notes
to
Financial
Statements
185
Six
Months
Ended
April
30,
2024
(Unaudited)
NVG
NZF
NMZ
NMCO
NDMO
INVESTMENT
INCOME
Dividends
$
96,797‌
$
217,410‌
$
107,462‌
$
122,962‌
$
—‌
Interest
112,658,115‌
103,451,755‌
57,102,277‌
33,785,967‌
22,875,554‌
Total
investment
income
112,754,912‌
103,669,165‌
57,209,739‌
33,908,929‌
22,875,554‌
EXPENSES
–
–
–
–
–
Management
fees
14,503,168‌
12,987,497‌
6,308,591‌
4,656,667‌
3,702,545‌
Shareholder
servicing
agent
fees
34,081‌
24,880‌
11,454‌
8,162‌
6,764‌
Interest
expense
and
amortization
of
offering
costs
36,580,330‌
36,238,308‌
15,764,136‌
9,536,845‌
5,344,509‌
Trustees
fees
78,829‌
66,917‌
26,695‌
17,522‌
14,892‌
Custodian
expenses,
net
90,482‌
102,667‌
63,673‌
50,771‌
33,057‌
Excise
tax
liability
expense
89,535‌
7,083‌
79,891‌
3,217‌
20,447‌
Investor
relations
expenses
192,570‌
92,627‌
36,916‌
24,185‌
69,205‌
Liquidity
fees
4,643,381‌
601,413‌
—‌
371,927‌
—‌
Merger
expenses
—‌
100,233‌
—‌
—‌
—‌
Professional
fees
399,030‌
348,729‌
258,157‌
160,264‌
69,866‌
Remarketing
fees
1,307,670‌
36,500‌
—‌
50,555‌
—‌
Shareholder
reporting
expenses
107,694‌
61,531‌
45,005‌
30,402‌
32,489‌
Stock
exchange
listing
fees
32,107‌
32,205‌
24,155‌
9,336‌
10,105‌
Other
169,469‌
99,439‌
383,167‌
73,144‌
85,849‌
Total
expenses
58,228,346‌
50,800,029‌
23,001,840‌
14,992,997‌
9,389,728‌
Net
investment
income
(loss)
54,526,566‌
52,869,136‌
34,207,899‌
18,915,932‌
13,485,826‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
9,387,103‌
32,072,503‌
(
14,007,143‌
)
17,685,116‌
4,833,747‌
Net
realized
gain
(loss)
9,387,103‌
32,072,503‌
(
14,007,143‌
)
17,685,116‌
4,833,747‌
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
350,547,413‌
283,272,297‌
176,955,668‌
58,186,856‌
69,083,703‌
Net
change
in
unrealized
appreciation
(depreciation)
350,547,413‌
283,272,297‌
176,955,668‌
58,186,856‌
69,083,703‌
Net
realized
and
unrealized
gain
(loss)
359,934,516‌
315,344,800‌
162,948,525‌
75,871,972‌
73,917,450‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
414,461,082‌
$
368,213,936‌
$
197,156,424‌
$
94,787,904‌
$
87,403,276‌
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
186
NVG
NZF
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
54,526,566‌
$
113,266,658‌
$
52,869,136‌
$
99,542,560‌
Net
realized
gain
(loss)
9,387,103‌
(
64,101,331‌
)
32,072,503‌
(
73,224,640‌
)
Net
change
in
unrealized
appreciation
(depreciation)
350,547,413‌
(
21,872,197‌
)
283,272,297‌
(
30,396,013‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
414,461,082‌
27,293,130‌
368,213,936‌
(
4,078,093‌
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
67,686,589‌
)
(
114,020,943‌
)
(
62,187,025‌
)
(
95,928,228‌
)
Total
distributions
(
67,686,589‌
)
(
114,020,943‌
)
(
62,187,025‌
)
(
95,928,228‌
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Fund
Reorganization/Merger
—‌
—‌
—‌
391,798,148‌
Cost
of
shares
repurchased
and
retired
–‌
–‌
–‌
(
214,827‌
)
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
—‌
—‌
—‌
391,583,321‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
346,774,493‌
(
86,727,813‌
)
306,026,911‌
291,577,000‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
2,517,038,943‌
2,603,766,756‌
2,316,713,489‌
2,025,136,489‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
2,863,813,436‌
$
2,517,038,943‌
$
2,622,740,400‌
$
2,316,713,489‌
Statement
of
Changes
in
Net
Assets
(continued)
See
Notes
to
Financial
Statements
187
NMZ
NMCO
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
34,207,899‌
$
56,832,875‌
$
18,915,932‌
$
25,396,524‌
Net
realized
gain
(loss)
(
14,007,143‌
)
(
66,935,786‌
)
17,685,116‌
(
45,121,374‌
)
Net
change
in
unrealized
appreciation
(depreciation)
176,955,668‌
17,358,472‌
58,186,856‌
(
5,984,512‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
197,156,424‌
7,255,561‌
94,787,904‌
(
25,709,362‌
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
29,292,925‌
)
(
60,518,649‌
)
(
15,454,133‌
)
(
33,420,741‌
)
Return
of
Capital
–‌
(
1,274,052‌
)
–‌
(
446,021‌
)
Total
distributions
(
29,292,925‌
)
(
61,792,701‌
)
(
15,454,133‌
)
(
33,866,762‌
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Proceeds
from
shelf
offering,
net
of
offering
costs
(
721‌
)
9,590,166‌
—‌
357,037‌
Reinvestments
of
distributions
—‌
111,408‌
—‌
—‌
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
(
721‌
)
9,701,574‌
—‌
357,037‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
167,862,778‌
(
44,835,566‌
)
79,333,771‌
(
59,219,087‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
1,048,148,769‌
1,092,984,335‌
551,282,405‌
610,501,492‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
1,216,011,547‌
$
1,048,148,769‌
$
630,616,176‌
$
551,282,405‌
Statement
of
Changes
in
Net
Assets
(continued)
See
Notes
to
Financial
Statements
188
NDMO
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
13,485,826‌
$
25,593,562‌
Net
realized
gain
(loss)
4,833,747‌
(
61,182,603‌
)
Net
change
in
unrealized
appreciation
(depreciation)
69,083,703‌
50,610,121‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
87,403,276‌
15,021,080‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
22,157,143‌
)
(
24,558,159‌
)
Return
of
Capital
–‌
(
23,182,895‌
)
Total
distributions
(
22,157,143‌
)
(
47,741,054‌
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Proceeds
from
shelf
offering,
net
of
offering
costs
(
661‌
)
—‌
Reinvestments
of
distributions
—‌
1,070,076‌
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
(
661‌
)
1,070,076‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
65,245,472‌
(
31,649,898‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
583,504,166‌
615,154,064‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
648,749,638‌
$
583,504,166‌
Statement
of
Cash
Flows
See
Notes
to
Financial
Statements
189
Six
Months
Ended
April
30,
2024
(Unaudited)
NVG
NZF
NMZ
NMCO
NDMO
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
414,461,082‌
$
368,213,936‌
$
197,156,424‌
$
94,787,904‌
$
87,403,276‌
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
(466,413,643‌)
(366,976,454‌)
(287,572,918‌)
(173,597,721‌)
(365,826,610‌)
Proceeds
from
sale
and
maturities
of
investments
459,288,866‌
406,040,814‌
313,033,121‌
271,376,311‌
415,8
80,880‌
Proceeds
from
(Purchase
of)
short-term
investments,
net
(12,885,000‌)
—‌
(16,280,000‌)
—‌
4,000,000‌
Taxes
paid
—‌
—‌
(4,044‌)
—‌
—‌
Amortization
(Accretion)
of
premiums
and
discounts,
net
(9,625,744‌)
(12,227,046‌)
(6,462,616‌)
(6,166,041‌)
258,231‌
Amortization
of
deferred
offering
costs
334,256‌
116,848‌
307,127‌
317,816‌
311,634‌
(Increase)
Decrease
in:
Receivable
for
dividends
—‌
1,938‌
—‌
—‌
—‌
Receivable
for
interest
(1,654,136‌)
(5,413,604‌)
(6,087,693‌)
1,387,934‌
(470,664‌)
Receivable
for
investments
sold
55,530,268‌
(63,557,676‌)
(64,956,350‌)
(85,405,527‌)
(39,958,519‌)
Other
assets
756,589‌
501,340‌
100,339‌
(23,846‌)
50,480‌
Increase
(Decrease)
in:
Payable
for
interest
3,333,201‌
5,619,278‌
6,819,545‌
575,577‌
214,337‌
Payable
for
investments
purchased
-
regular
settlement
(22,612,907‌)
(8,441,004‌)
(1,086,857‌)
(15,164,172‌)
(6,844,585‌)
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
2,381,139‌
42,012,125‌
26,183,100‌
2,034,745‌
141,027‌
Payable
for
management
fees
59,453‌
52,805‌
92,244‌
5,668‌
25,260‌
Accrued
custodian
fees
22,142‌
(975‌)
8,453‌
6,388‌
8,601‌
Accrued
investor
relations
fees
(36,861‌)
(10,193‌)
(3,703‌)
(4,333‌)
5,215‌
Accrued
Trustees
fees
(825,151‌)
(561,097‌)
(81,914‌)
(6,646‌)
(2,669‌)
Accrued
professional
fees
19,550‌
9,436‌
6,694‌
8,812‌
9,644‌
Accrued
shareholder
reporting
expenses
24,056‌
8,916‌
14,670‌
(1,115‌)
10,517‌
Accrued
shareholder
servicing
agent
fees
(9,545‌)
(3,563‌)
(1,863‌)
(650‌)
(1,210‌)
Accrued
shelf
offering
costs
—‌
—‌
110,000‌
(4,499‌)
—‌
Accrued
other
expenses
5,409‌
4,266‌
6,870‌
(11,836‌)
15,983‌
Net
realized
(gain)
loss
from
investments
(9,387,103‌)
(32,072,503‌)
14,007,143‌
(17,685,116‌)
(4,833,747‌)
Net
realized
(gain)
loss
from
paydowns
(4,879‌)
10,980‌
—‌
(427,913‌)
—‌
Net
change
in
unrealized
(appreciation)
depreciation
of
investments
(350,547,413‌)
(283,272,297‌)
(176,955,668‌)
(58,186,856‌)
(69,083,703‌)
Net
cash
provided
by
(used
in)
operating
activities
62,213,629‌
50,056,270‌
(1,
647,896‌
)
13,814,884‌
21,3
13,378‌
CASH
FLOWS
FROM
FINANCING
ACTIVITIES
Proceeds
from
borrowings
—‌
46,091,549‌
7,781,563‌
23,152,731‌
—‌
(Repayments)
of
borrowings
—‌
(46,091,549‌)
(7,781,563‌)
(23,152,731‌)
—‌
Proceeds
from
floating
rate
obligations
6,265,000‌
93,085,000‌
67,817,000‌
6,215,000‌
16,285,000‌
(Repayments
of)
floating
rate
obligations
(10,090,000‌)
(88,626,000‌)
(43,810,000‌)
—‌
—‌
(Repayments
for)
MFP
Shares
redeemed,
at
liquidation
preference
—‌
—‌
—‌
(35,000,000‌)
—‌
Payments
for
deferred
offering
costs
(1,388‌)
—‌
—‌
—‌
—‌
Increase
(Decrease)
in:
Cash
overdraft
—‌
—‌
6,393,356‌
10,191,739‌
—‌
Cash
distributions
paid
to
common
shareholders
(64,663,590‌)
(59,512,310‌)
(28,751,739‌)
(15,221,623‌)
(22,130,129‌)
Proceeds
from
shelf
offering
—‌
—‌
(721‌)
—‌
(661‌)
Net
cash
provided
by
(used
in)
financing
activities
(68,489,978‌)
(55,053,310‌)
1,
647,896‌
(33,814,884‌)
(5,845,790‌)
Net
increase
(decrease)
in
Cash
(6,276,349‌)
(4,997,040‌)
–‌
(20,000,000‌)
15,767,588‌
Cash
and
cash
held
in
escrow
for
preferred
share
noticed
for
redemption
at
the
beginning
of
period
6,922,191‌
11,160,687‌
—‌
20,000,000‌
981,452‌
Cash
at
the
end
of
period
$
645,842‌
$
6,163,647‌
$
—‌
$
—‌
$
16,
449,040‌
SUPPLEMENTAL
DISCLOSURE
OF
CASH
FLOW
INFORMATION
NVG
NZF
NMZ
NMCO
NDMO
Cash
paid
for
interest
$
32,996,603‌
$
30,448,118‌
$
8,893,409‌
$
8,807,225‌
$
5,104,897‌
Financial
Highlights
190
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Discount
Per
Share
Repurchased
and
Retired
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NVG
4/30/24(d)
$
11.79
$
0.26
$
1.68
$
1.94
$
(0.32)
$
—
$
(0.32)
$
—
$
13.41
$
11.55
10/31/23
12.19
0.53
(0.40)
0.13
(0.53)
—
(0.53)
—
11.79
10.03
10/31/22
17.28
0.73
(5.01)
(4.28)
(0.78)
(0.03)
(0.81)
—
12.19
11.03
10/31/21
16.76
0.82
0.60
1.42
(0.81)
(0.09)
(0.90)
—
17.28
17.29
10/31/20
17.17
0.82
(0.41)
0.41
(0.79)
(0.03)
(0.82)
—
16.76
15.62
10/31/19
15.48
0.79
1.72
2.51
(0.79)
(0.03)
(0.82)
—
17.17
16.45
NZF
4/30/24(d)
11.96
0.27
1.63
1.90
(0.32)
—
(0.32)
—
13.54
11.69
10/31/23
12.24
0.55
(0.30)
0.25
(0.53)
—
(0.53)
—(f)
11.96
10.10
10/31/22
16.98
0.71
(4.72)
(4.01)
(0.73)
—
(0.73)
—
12.24
10.83
10/31/21
15.96
0.78
1.03
1.81
(0.79)
—
(0.79)
—
16.98
16.73
10/31/20
16.63
0.80
(0.71)
0.09
(0.76)
—
(0.76)
—
15.96
14.74
10/31/19
15.07
0.75
1.60
2.35
(0.79)
—
(0.79)
—
16.63
16.03
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
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.
See
Notes
to
Financial
Statements.
191
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NVG
NZF
4/30/24(d)
2.96
%(e)
2.82
%(e)
10/31/23
2.78
2.79
10/31/22
1.10
1.14
10/31/21
0.52
0.62
10/31/20
0.97
1.01
10/31/19
1.47
1.55
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate
16.39‌
%
18.29‌
%
$
2,863,813
4.05‌
%
(e)
3.79‌
%
(e)
10‌
%
0.70‌
(4.77‌)
2,517,039
3.85‌
4.00‌
17‌
(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
15.88‌
18.91‌
2,622,740
3.89‌
(e)
4.04‌
(e)
9‌
1.62‌
(2.35‌)
2,316,713
3.87‌
4.14‌
26‌
(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
(c)
•
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
expenses
and
other
costs
related
to
preferred
shares
(as
described
in
Notes
to
Financial
Statements)
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
Notes
to
Financial
Statements),
where
applicable,
as
follows:
(d)
Unaudited.
(e)
Annualized.
(f)
Value
rounded
to
zero.
Financial
Highlights
(continuted)
192
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Shelf
Offering
Costs
Premium
per
Share
Sold
through
Shelf
Offering
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NMZ
4/30/24(d)
$
9.48
$
0.28
$
1.51
$
1.79
$
(0.27)
$
—
$
—
$
(0.27)
$
—
$
—
$
11.00
$
10.29
10/31/23
9.97
0.51
(0.44)
0.07
(0.55)
—
(0.01)
(
0.56)
—
—(f)
9.48
8.37
10/31/22
14.53
0.70
(4.53)
(3.83)
(0.75)
—
—
(0.75)
—(f)
0.02
9.97
9.85
10/31/21
13.22
0.72
1.30
2.02
(
0.77)
—
—
(0.77)
—(f)
0.06
14.53
14.71
10/31/20
14.04
0.70
(0.82)
(0.12)
(0.73)
—
—
(0.73)
—(f)
0.03
13.22
13.22
10/31/19
12.77
0.76
1.20
1.96
(0.70)
—
—
(0.70)
—
0.01
14.04
14.22
NMCO
4/30/24(d)
10.06
0.35
1.38
1.73
(0.28)
—
—
(0.28)
—
—
11.51
10.14
10/31/23
11.15
0.46
(0.93)
(0.47)
(0.61)
—
(0.01)
(0.62)
—(f)
—(f)
10.06
8.67
10/31/22
15.47
0.78
(4.36)
(3.58)
(0.74)
—
—
(0.74)
—(f)
—(f)
11.15
10.39
10/31/21
12.81
0.82
2.58
3.40
(0.74)
—
—
(0.74)
—
—(f)
15.47
15.04
10/31/20
15.08
0.71
(2.25)
(1.54)
(0.73)
—
—
(0.73)
—
—
12.81
11.68
10/31/19(g)
15.00
0.04
0.04
0.08
—
—
—
—
—
—
15.08
15.39
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
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.
See
Notes
to
Financial
Statements.
193
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NMZ
NMCO
4/30/24(d)
2.62
%
(e)
3.22
%
(e)
10/31/23
2.59
3.12
10/31/22
0.93
1.21
10/31/21
0.36
0.72
10/31/20
0.66
0.10
10/31/19
1.16
—
(e)
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate
18.83‌
%
26.18‌
%
$
1,216,012
3.83‌
%
(e)
5.21‌
%
(e)
15‌
%
0.13‌
(10.28‌)
1,048,149
3.75‌
4.74‌
27‌
(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
17.24‌
20.22‌
630,616
4.85‌
(e)
6.12‌
(e)
17‌
(4.85‌)
(11.69‌)
551,282
4.78‌
3.96‌
34‌
(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
(e)
2.58‌
(e)
8‌
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares,
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements),
where
applicable.
•
The
expense
ratios
reflect,
among
other
things,
all
interest
expense
and
other
costs
related
to
preferred
shares,
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements)
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
Notes
to
Financial
Statements),
where
applicable,
as
follows:
(d)
Unaudited.
(e)
Annualized.
(f)
Value
rounded
to
zero.
(g)
For
the
period
September
16,
2019
(commencement
of
operations)
through
October
31,
2019.
Financial
Highlights
(continuted)
194
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Premium
per
Share
Sold
through
Shelf
Offering
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NDMO
4/30/24(d)
$
9.80
$
0.23
$
1.23
$
1.46
$
(0.37)
$
—
$
—
$
(0.37)
$
—
$
10.89
$
10.68
10/31/23
10.34
0.43
(0.17)
0.26
(0.41)
—
(0.39)
(0.80)
—
9.80
9.12
10/31/22
15.60
0.51
(4.85)
(4.34)
(0.50)
—
(0.42)
(0.92)
—
10.34
9.43
10/31/21
14.92
0.49
1.10
1.59
(0.50)
(0.31)
(0.11)
(0.92)
0.01
15.60
15.64
10/31/20(f)
15.00
0.03
(0.03)
—
(0.08)
—
—
(0.08)
—
14.92
15.00
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
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.
See
Notes
to
Financial
Statements
195
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NDMO
4/30/24(d)
1.66
%
(e)
10/31/23
1.54
10/31/22
0.75
10/31/21
0.33
10/31/20
0.03
(e)
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate
14.93‌
%
21.33‌
%
$
648,750
2.92‌
%
(e)
4.19‌
%
(e)
42‌
%
1.96‌
4.45‌
583,504
2.76‌
3.97‌
79‌
(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
(e)
1.06‌
(e)
4‌
(c)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares,
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements),
where
applicable.
•
The
expense
ratios
reflect,
among
other
things,
all
interest
expense
and
other
costs
related
to
preferred
shares,
borrowings
and/or
reverse
repurchase
agreements
(as
described
in
Notes
to
Financial
Statements)
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
Notes
to
Financial
Statements),
where
applicable,
as
follows:
(d)
Unaudited.
(e)
Annualized.
(f)
For
the
period
August
26,
2020
(commencement
of
operations)
through
October
31,
2020.
196
Financial
Highlights
(continued)
NVG
Asset
Coverage
Per
$1,000
Share(c)
Series
B
4/30/24(f)
$2,633
10/31/23
2,435
10/31/22
2,409
10/31/21
2,912
10/31/20
2,854
10/31/19
2,914
Series
C
4/30/24(f)
$2,633
10/31/23
2435
10/31/22
2,409
10/31/21
—
10/31/20
—
10/31/19
—
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
Shares
MFP
Shares
VRDP
Shares
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b),(d)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
Asset
Coverage
Per
$1
Liquidation
Preference(e)
NVG
4/30/24(f)
$
—
$
—
$
517,400
$
263,273
$
1,236,600
$
263,273
$
2.63
10/31/23
—
—
517,400
243,503
1,236,600
243,503
2.44
10/31/22
—
—
610,900
240,935
1,236,600
240,935
2.41
10/31/21
112,000
291,153
405,400
291,153
1,411,600
291,153
2.91
10/31/20
112,000
285,399
405,400
285,399
1,411,600
285,399
2.85
10/31/19
—
—
405,400
291,357
1,411,600
291,357
2.91
NZF
4/30/24(f)
—
—
641,000
298,994
677,000
298,994
2.99
10/31/23
—
—
641,000
275,775
677,000
275,775
2.76
10/31/22
—
—
641,000
243,831
727,000
243,831
2.44
10/31/21
—
—
641,000
276,470
727,000
276,470
2.76
10/31/20
—
—
641,000
265,787
727,000
265,787
2.66
10/31/19
—
—
641,000
272,809
727,000
272,809
2.73
(a)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
liquidation
preference
as
of
the
end
of
the
relevant
fiscal
year
and
does
not
included
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:
(e)
Includes
all
preferred
shares
presented
for
the
Fund.
(f)
Unaudited.
Financial
Highlights
(continued)
197
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.
Borrowings
AMTP
Shares
MFP
Shares
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$1,000
Share(b)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(c)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(c)
NMZ
4/30/24(d)
$
—
$
—
$
357,000
$
440,619
$
—
$
—
10/31/23
—
—
357,000
393,599
—
—
10/31/22
—
—
357,000
406,158
—
—
10/31/21
—
—
257,000
646,596
—
—
10/31/20
—
—
87,000
1,361,400
—
—
10/31/19
—
—
87,000
1,213,872
—
—
NMCO
4/30/24(d)
—
—
—
—
415,000
251,956
10/31/23
—
—
—
—
430,000
228,205
10/31/22
—
—
—
—
450,000
237,489
10/31/21
—
—
—
—
450,000
283,171
10/31/20
—
—
—
—
450,000
251,669
10/31/19(e)
—
—
—
—
—
—
NDMO
4/30/24(d)
—
—
—
—
240,000
370,312
10/31/23
—
—
—
—
240,000
343,127
10/31/22
—
—
—
—
240,000
356,314
10/31/21
191,900
5,761
—
—
—
—
10/31/20(f)
—
—
—
—
—
—
(a)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
principal
amount
outstanding
or
liquidation
preference,
if
applicable,
as
of
the
end
of
the
relevant
fiscal
year
and
does
not
included
any
preferred
shares
noticed
for
redemption
as
noted
on
the
Statement
of
Assets
and
Liabilities,
where
applicable.
(b)
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.
(c)
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.
(d)
Unaudited.
(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.
198
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information
Fund
Information:
The
funds
covered
in
this
report
and
their
corresponding
New
York
Stock
Exchange
(“NYSE”)
symbols
are
as
follows
(each
a
“Fund”
and
collectively,
the
“Funds”):
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(NVG)
Nuveen
Municipal
Credit
Income
Fund
(NZF)
Nuveen
Municipal
High
Income
Opportunity
Fund
(NMZ)
Nuveen
Municipal
Credit
Opportunities
Fund
(NMCO)
Nuveen
Dynamic
Municipal
Opportunities
Fund
(NDMO)
The
Funds
are
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended,
as
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
April
30,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
April
30,
2024
(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'
portfolio,
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
Mergers:
Effective
prior
to
the
opening
of
business
on
April
17,
2023,
Nuveen
Ohio
Quality
Municipal
Income
Fund
(NUO)
and
Nuveen
Georgia
Quality
Municipal
Income
Fund
(NKG)
(the
“Target
Funds”)
were
each
merged
into
NZF
(the
“Acquiring
Fund”)
(each
a
“Merger”).
With
respect
to
each
Merger
of
a
Target
Fund
with
and
into
the
Acquiring
Fund,
the
separate
legal
existence
of
the
Target
Fund
ceased
for
all
purposes
and
the
Acquiring
Fund
succeeded
to
all
the
assets
and
assumed
all
the
liabilities
of
the
Target
Fund.
Shares
of
the
Target
Fund
were
converted
into
newly
issued
shares
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
Merger
(including
for
this
purpose
fractional
Acquiring
Fund
shares
to
which
shareholders
were
entitled).
For
accounting
and
performance
reporting
purposes,
the
Acquiring
Fund
is
the
survivor.
Developments
Regarding
the
Fund’s
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
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
Funds'
Board
of
Trustees
(the
"Board")
amended
the
Fund’s
by-laws
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.
On
November
30,
2023,
the
U.S.
Court
of
Appeals
for
the
Second
Circuit
upheld
the
opinion
of
the
District
Court.
On
February
28,
2024,
the
Board
of
the
Funds
Amended
and
Restated
By-Laws
to
eliminate
the
“control
share”
provisions.
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
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 shareholder
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.
199
Compensation:
The
Funds pay
no
compensation
directly
to
those
of 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:
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.
The
Funds’
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
their
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distributions
rate
which
may
be
set
from
time
to
time).
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
a
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
a
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
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
expects
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
Derivatives
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.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged
,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financials.
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.
Fund
Gross
Custodian
Fee
Credits
NVG
$
101,668
NZF
45,630
NMZ
26,536
NMCO
4,393
NDMO
25,470
200
Notes
to
Financial
Statements
(Unaudited)
(continued)
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:
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.
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
share
price on
the
valuation
date
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:
x
NVG
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
4,690,732,276
$
63,333
$
4,690,795,609
Common
Stocks
–
3,086,606
42,978,059
46,064,665
Short-Term
Investments:
Municipal
Bonds
–
52,245,000
–
52,245,000
Total
$
–
$
4,746,063,882
$
43,041,392
$
4,789,105,274
NZF
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
4,157,411,306
$
17,784
$
4,157,429,090
Common
Stocks
–
–
96,119,420
96,119,420
Total
$
–
$
4,157,411,306
$
96,137,204
$
4,253,548,510
NMZ
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
1,874,419,764
$
167,565
$
1,874,587,329
Common
Stocks
–
–
47,719,191
47,719,191
Corporate
Bonds
–
60,377
–
60,377
Variable
Rate
Senior
Loan
Interests
–
–
57,737
57,737
Short-Term
Investments:
Municipal
Bonds
–
16,280,000
–
16,280,000
Unfunded
Commitments*
–
–
4,159,058
4,159,058
Total
$
–
$
1,890,760,141
$
52,103,551
$
1,942,863,692
201
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
later
in
these Notes
to
Financial
Statements.
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
later
in
these
Notes
to
Financial
Statements.
The
following
is
a
reconciliation
of
the
Funds’
Level
3
investments
held
at
the
beginning
and
end
of
the
measurement
period:
NMCO
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
924,136,109
$
389,575
$
924,525,684
Common
Stocks
–
2,075,476
54,594,962
56,670,438
Variable
Rate
Senior
Loan
Interests
–
–
41,241
41,241
Unfunded
Commitments*
–
–
3,836,819
3,836,819
Total
$
–
$
926,211,585
$
58,862,597
$
985,074,182
NDMO
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
803,145,640
$
140
$
803,145,780
U.S.
Government
and
Agency
Obligations
–
29,610,938
–
29,610,938
Corporate
Bonds
–
11,658,401
469,700
12,128,101
Common
Stocks
–
432,267
–
432,267
Variable
Rate
Senior
Loan
Interests
–
–
16,496
16,496
Short-Term
Investments:
Municipal
Bonds
–
5,000,000
–
5,000,000
Unfunded
Commitments*
–
–
790,000
790,000
Total
$
–
$
849,847,246
$
1,276,336
$
851,123,582
*
Unfunded
commitments
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
commitment.
NVG
NZF
NMZ
Level
3
Level
3
Level
3
Common
Stocks
Municipal
Bonds
Common
Stocks
Municipal
Bonds
Common
Stocks
Municipal
Bonds
Variable
Rate
Senior
Unfunded
Commitments
Balance
at
the
beginning
of
period
$-
$65,578
$-
$18,415
$-
$11,110,430
$162,238
$-
Gains
(losses):
Net
realized
gains
(losses)
-
17
-
185
-
(6,529,607)
(277,546)
-
Change
in
net
unrealized
appreciation
(depreciation)
-
(17)
-
(185)
-
4,147,811
252,595
4,159,058
Purchases
at
cost
-
-
-
-
5,850
-
-
-
Sales
at
proceeds
-
(2,245)
-
(631)
-
(565)
(79,550)
-
Net
discounts
(premiums)
-
-
-
-
-
(1,447)
-
-
Transfers
into
42,978,059
-
96,119,420
-
47,713,341
-
-
-
Transfers
(out
of)
-
-
-
-
-
(8,559,057)
-
-
Balance
at
the
end
of
period
$42,978,059
$63,333
$96,119,420
$17,784
$47,719,191
$167,565
$57,737
$4,159,058
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$(10,732,294)
$(17)
$(24,002,525)
$(185)
$(11,908,919)
$(547,595)
$(40,938)
$4,159,058
202
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
valuation
techniques
and
significant
unobservable
inputs
used
in
recurring
Level
3
fair
value
measurements
of
assets
as
of
the
end
of
the
reporting
period,
were
as
follows:
NMCO
NDMO
Level
3
Level
3
Common
Stocks
Municipal
Bonds
Variable
Rate
Senior
Loan
Interests
Unfunded
Commitments
Corporate
Bonds
Municipal
Bonds
Variable
Rate
Senior
Loan
Interests
Unfunded
Commitments
Balance
at
the
beginning
of
period
$-
$11,876,721
$70,482
$-
$457,538
$2,358,992
$28,193
$-
Gains
(losses):
Net
realized
gains
(losses)
-
8
-
-
-
-
-
-
Change
in
net
unrealized
appreciation
(depreciation)
-
(2,747,739)
(29,241)
3,836,819
25,901
5,233,174
(11,697)
790,000
Purchases
at
cost
-
-
-
-
-
-
-
-
Sales
at
proceeds
-
(3,133)
-
-
(13,739)
(7,392,026)
-
-
Net
discounts
(premiums)
-
(46,234)
-
-
-
-
-
-
Transfers
into
54,594,962
-
-
-
-
-
-
-
Transfers
(out
of)
-
(8,690,048)
-
-
-
(200,000)
-
-
Balance
at
the
end
of
period
$54,594,962
$389,575
$41,241
$3,836,819
$469,700
$140
$16,496
$790,000
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$13,633,216
$(1,093,539)
$(29,242)
$3,836,819
$25,901
$-
$(11,697)
$790,000
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
NVG
Municipal
Bonds
$63,333
Expected
Recovery
Recovery
Proceeds
100%
N/A
Common
Stocks
42,978,059
Enterprise
Value
EBITDA
Multiples
9.25-11.25
N/A
Total
$43,041,392
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
NZF
Municipal
Bonds
$17,784
Expected
Recovery
Recovery
Proceeds
100%
N/A
Common
Stocks
96,119,420
Enterprise
Value
EBITDA
Multiples
9.25-11.25
N/A
Total
$96,137,204
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
NMZ
Municipal
Bonds
$167,565
Expected
Recovery
Recovery
Proceeds
100%
N/A
Probability
Weighted
Expected
Recovery
Recovery
Proceeds
15.097%
N/A
Variable
Rate
Senior
Loan
Interests
57,737
Probability
Weighted
Expected
Recovery
Recovery
Proceeds
12.82%
N/A
Common
Stocks
47,719,191
Enterprise
Value
EBITDA
Multiples
9.25-11.25
N/A
Purchase
Cost
Cost
$150
N/A
Unfunded
Commitments
4,159,058
Comparable
Security
Yield
Spread
5.72%-5.96%
5.92%
Total
$52,103,551
203
The
table
below
presents
the
transfers
in
and
out
of
the
three
valuation
levels
for
the
Funds
as
of
the
end
of
the
reporting
period
when
compared
to
the
valuation
levels
at
the
end
of
the
previous
fiscal
year.
Changes
in
valuation
inputs
or
methodologies
may
result
in
transfers
into
or
out
of
an
assigned
level
within
the
fair
value
hierarchy.
Transfers
in
or
out
of
levels
are
generally
due
to
the
availability
of
publicly
available
information
and
to
the
significance
or
extent
the
Adviser
determines
that
the
valuation
inputs
or
methodologies
may
impact
the
valuation
of
those
securities.
4.
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
Funds.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
and
in
most
circumstances
the
Inverse
Floater
holder
bears
substantially
all
of
the
Underlying
Bond’s
downside
investment
risk
and
also
benefits
disproportionately
from
any
potential
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
NMCO
Municipal
Bonds
$389,575
Expected
Recovery
Recovery
Proceeds
100%
N/A
Probability
Weighted
Expected
Recovery
Recovery
Proceeds
15.097%
N/A
Variable
Rate
Senior
Loan
Interests
41,241
Probability
Weighted
Expected
Recovery
Recovery
Proceeds
12.82%
N/A
Common
Stocks
54,594,962
Enterprise
Value
EBITDA
Multiples
9.25-11.25
N/A
Unfunded
Commitments
3,836,819
Comparable
Security
Yield
Spread
5.72%-5.96%
5.92%
Total
$58,862,597
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
NDMO
Corporate
Bonds
$469,700
Comparable
Security
Yield
Spread
4.375%
N/A
Variable
Rate
Senior
Loan
Interests
16,496
Probability
Weighted
Expected
Recovery
Recovery
Proceeds
12.82%
N/A
Unfunded
Commitments
790,000
Comparable
Security
Yield
Spread
5.72%-5.96%
5.92%
Total
$1,276,196
Level
1
Level
2
Level
3
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
NVG
Common
Stocks
$-
$-
$-
$(42,978,059)
$42,978,059
$-
NZF
Common
Stocks
$-
$-
$-
$(96,119,420)
$96,119,420
$-
NMZ
Municipal
Bonds
$-
$-
$8,559,057
$-
$-
$(8,559,057)
Common
Stocks
$-
$-
$-
(47,713,341)
47,713,341
$-
NMCO
Municipal
Bonds
$-
$-
$8,690,048
$-
$-
$(8,690,048)
Common
Stocks
$-
$-
$-
(54,594,962)
54,594,962
$-
NDMO
Municipal
Bonds
$-
$-
$200,000
$-
$-
$(200,000)
204
Notes
to
Financial
Statements
(Unaudited)
(continued)
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:
During
the
current
fiscal
period,
the
average
amount
of
Floaters
(including
any
borrowings
from
a
Liquidity
Provider)
outstanding,
and
the
average
annual
interest
rates
and
fees
related
to
self-deposited
Inverse
Floaters,
were
as
follows:
TOB
Trusts
are
supported
by
a
liquidity
facility
provided
by
a
Liquidity
Provider
pursuant
to
which
the
Liquidity
Provider
agrees,
in
the
event
that
Floaters
are
(a)
tendered
to
the
Trustee
for
remarketing
and
the
remarketing
does
not
occur,
or
(b)
subject
to
mandatory
tender
pursuant
to
the
terms
of
the
TOB
Trust
agreement,
to
either
purchase
Floaters
or
to
provide
the
Trustee
with
an
advance
from
a
loan
facility
to
fund
the
purchase
of
Floaters
by
the
TOB
Trust.
In
certain
circumstances,
the
Liquidity
Provider
may
otherwise
elect
to
have
the
Trustee
sell
the
Underlying
Bond
to
retire
the
Floaters
that
were
tendered
and
not
remarketed
prior
to
providing
such
a
loan.
In
these
circumstances,
the
Liquidity
Provider
remains
obligated
to
provide
a
loan
to
the
extent
that
the
proceeds
of
the
sale
of
the
Underlying
Bond
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
NVG
$
206,715,000
$
8,160,000
$
214,875,000
NZF
379,165,000
11,080,000
390,245,000
NMZ
430,708,000
11,290,000
441,998,000
NMCO
26,175,000
—
26,175,000
NDMO
16,935,000
—
16,935,000
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
NVG
$
207,557,726
3.88
%
NZF
376,834,236
3.67
NMZ
409,675,016
3.85
NMCO
21,850,041
4.04
NDMO
2,019,781
3.19
205
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
reporting
period,
there
were
no
loans
outstanding
under
any
such
facility.
Each
Fund
may
also
enter
into
shortfall
and
forbearance
agreements
(sometimes
referred
to
as
a
“recourse
arrangement”)
(TOB
Trusts
involving
such
agreements
are
referred
to
herein
as
“Recourse
Trusts”),
under
which
a
Fund
agrees
to
reimburse
the
Liquidity
Provider
for
the
Trust’s
Floaters,
in
certain
circumstances,
for
the
amount
(if
any)
by
which
the
liquidation
value
of
the
Underlying
Bond
held
by
the
TOB
Trust
may
fall
short
of
the
sum
of
the
liquidation
value
of
the
Floaters
issued
by
the
TOB
Trust
plus
any
amounts
borrowed
by
the
TOB
Trust
from
the
Liquidity
Provider,
plus
any
shortfalls
in
interest
cash
flows
(sometimes
referred
to
as
“shortfall
payments”).
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
current
fiscal
period,
the
Funds
maximum
exposure
to
the
Floaters
issued
by
Recourse
Trusts
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
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.
Purchases
and
Sales:
Long-term
purchases
and
sales
during
the
current
fiscal
period
were
as
follows:
The
Fund
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.
If the
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. The
Fund has
invested
in
an
unfunded
commitment,
in
which,
the
Fund
assumes
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations.
In
the
event
of
default
by
the
counterparty,
the
Fund’s
maximum
amount
of
loss
is
the
unrealized
appreciation
of
the
unsettled
transaction. Any
unrealized
appreciation
(depreciation)
for
an
unfunded
commitment
is
separately
presented
on
the
Statements
of
Assets
and
Liabilities.
An
unfunded
commitment
is
priced
at
its
fair
market
value
and
any
unrealized
appreciation
(depreciation)
is
separately
presented
on
the
Statement
of
Asset
and
Liabilities.
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
NVG
$
204,655,000
$
—
$
204,655,000
NZF
373,520,000
11,080,000
384,600,000
NMZ
430,708,000
11,290,000
441,998,000
NMCO
26,175,000
—
26,175,000
NDMO
16,935,000
—
16,935,000
Fund
Non-U.S.
Government
Purchases
U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
U.S.
Government
Sales
NVG
$
466,413,643
$
—
$
459,288,866
$
—
NZF
366,976,454
—
406,040,814
—
NMZ
287,572,918
—
313,033,121
—
NMCO
173,597,721
—
271,376,311
—
NDMO
324,929,460
40,897,149
407,0
54,552
8,826,328
Fund
Asset
Class
Principal
Amount
Value
Unrealized
Appreciation
(Depreciation)
NMZ
Unfunded
Commitments
$31,837,445
$4,159,058
$4,159,058
NMCO
Unfunded
Commitments
29,735,620
3,836,819
3,836,819
NDMO
Unfunded
Commitments
6,112,930
790,000
790,000
206
Notes
to
Financial
Statements
(Unaudited)
(continued)
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
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.
6.
Fund
Shares
Common
Shares
Equity
Shelf
Programs
and
Offering
Costs:
The
following
Funds
have
filed
a
registration
statement
with
the
Securities
and
Exchange
Commission
(“SEC”)
authorizing each
Fund
to
issue
additional
common
shares
through
one
or
more
equity
shelf
programs
(“Shelf
Offering”),
which
became
effective
with
the
SEC
during
prior
fiscal
periods.
Under
this
Shelf
Offering,
the
Funds,
subject
to
market
conditions,
may
raise
additional
equity
capital
by
issuing
additional
common
shares
from
time
to
time
in
varying
amounts
and
by
different
offering
methods
at
a
net
price
at
or
above each
Fund’s
NAV
per
common
share.
In
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
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Maximum
aggregate
offering
Unlimited
Unlimited
Common
shares
sold
–
–
Offering
proceeds,
net
of
offering
costs
$–
$–
NMZ
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Maximum
aggregate
offering
Unlimited
Unlimited
Common
shares
sold
–
904,034
Offering
proceeds,
net
of
offering
costs
$721
$9,590,166
NMCO
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Maximum
aggregate
offering
$90,000,000
$90,000,000
Common
shares
sold
–
30,416
Offering
proceeds,
net
of
offering
costs
$–
$357,037
NDMO
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Maximum
aggregate
offering
$250,000,000
$250,000,000
Common
shares
sold
–
–
Offering
proceeds,
net
of
offering
costs
$661
$–
207
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
Fund
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:
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.
As
of
the
end
of
the
reporting
period,
NMZ
had
$356,555,732
AMTP
Shares
at
liquidation
preference,
net
of
deferred
offering
costs.
Further
details
of
the
Fund’s
AMTP
Shares
outstanding
as
of
the
end
of
the
reporting
period,
were
as
follows:
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.
NZF
NMZ
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Common
Shares:
Issued
in
the
Reorganization/Merger
—
28,358,649
—
—
Sold
through
shelf
offering
—
—
—
904,034
Issued
to
shareholders
due
to
reinvestment
of
distributions
—
—
—
10,000
Repurchased
and
retired
—
(20,000)
—
—
Total
—
28,338,649
—
914,034
Weighted
average
common
share:
Price
per
share
repurchased
and
retired
$–
$10.72
$–
$–
Discount
per
share
repurchased
and
retired
–%
(17.50)%
–%
–%
Premium
to
NAV
per
shelf
offering
common
share
sold
–
–
–
1.23
NMCO
NDMO
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Common
Shares:
Sold
through
shelf
offering
—
30,416
—
—
Issued
to
shareholders
due
to
reinvestment
of
distributions
—
—
—
96,978
Total
—
30,416
—
96,978
Weighted
average
common
share:
Premium
to
NAV
per
shelf
offering
common
share
sold
–%
1.12%
–%
–%
Fund
Series
Shares
Outstanding
Liquidation
Preference
NMZ
2028
870
$87,000,000
2031
1,700
$170,000,000
2032
1,000
$100,000,000
208
Notes
to
Financial
Statements
(Unaudited)
(continued)
In
addition,
the
Fund
may
be
obligated
to
redeem
a
certain
amount
of
the
AMTP
Shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
and
leverage
ratio
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
Term
Redemption
Date
and
Premium
Expiration
Date
for
the
Fund’s
AMTP
Shares
are
as
follows:
The
average
liquidation
preference
of
AMTP
Shares
outstanding
and
annualized
dividend
rate
for
the
Fund
during
the
current
fiscal
period
were
as
follows:
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
Fund's
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
“AMTP
Shares,
Net”
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
“Payable
for
interest”
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.
Costs
incurred
in
connection
with
the
Fund’s
offering
of
AMTP
Shares
were
recorded
as
deferred
charges,
which
are
amortized
over
the
life
of
the
shares
and
are
recognized
as
components
of
“AMTP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
MuniFund
Preferred
Shares:
NVG,
NZF,
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
publicly
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
Funds
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.
During
the
current
reporting
period,
the
Adviser
has
determined
that
the
fair
value
of
the
shares
approximated
their
liquidation
preference.
Fund
Notice
Period
Series
Term
Redemption
Date
Premium
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.
Fund
Average
Liquidation
Preference
of
AMTP
Shares
Outstanding
Annualized
Dividend
Rate
NMZ
$
357,000,00
0
4.
%
209
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:
The
average
liquidation
preference
of
AMTP
Shares
outstanding
and
annualized
dividend
rate
for
the
Fund
during
the
current
fiscal
period
were
as
follows:
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
Fund's
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
“AMTP
Shares,
Net”
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
“Payable
for
interest”
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.
Costs
incurred
in
connection
with
the
Fund’s
offering
of
AMTP
Shares
were
recorded
as
deferred
charges,
which
are
amortized
over
the
life
of
the
shares
and
are
recognized
as
components
of
“AMTP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
MuniFund
Preferred
Shares:
NVG,
NZF,
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
publicly
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
Funds
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.
During
the
current
reporting
period,
the
Adviser
has
determined
that
the
fair
value
of
the
shares
approximated
their
liquidation
preference.
Fund
Notice
Period
Series
Term
Redemption
Date
Premium
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.
Fund
Average
Liquidation
Preference
of
AMTP
Shares
Outstanding
Annualized
Dividend
Rate
NMZ
$
357,000,00
0
4.
%
•
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
Operations.
For
financial
reporting
purposes,
the
liquidation
preference
of
MFP
Shares
is
recorded
as
a
liability
and
is
recognized
as
a
component
of
“MFP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
on
the
MFP
shares
are
treated
as
interest
payments
for
financial
reporting
purposes.
Unpaid
dividends
on
MFP
shares
are
recognized
as
a
component
on
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
accrued
on
MFP
Shares
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Subject
to
certain
conditions,
MFP
Shares
may
be
redeemed,
in
whole
or
in
part,
at
any
time
at
the
option
of
the
Fund.
The
Fund
may
also
be
required
to
redeem
certain
MFP
Shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
redemption
price
per
share
in
all
circumstances
is
equal
to
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
Costs
incurred
in
connection
with
the
Fund’s
offering
of
MFP
Shares
were
recorded
as
a
deferred
charge
and
are
being
amortized
over
the
life
of
the
shares.
These
offering
costs
are
recognized
as
a
component
of
“MFP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
As
of
the
end
of
the
reporting
period,
NVG,
NZF,
NMCO
and
NDMO
had
$515,698,055,
$640,137,836,
$414,229,844
and
$239,633,946
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:
The
average
liquidation
preference
of
MFP
Shares
outstanding
and
annualized
dividend
rate
for
the
Funds
during
the
current
fiscal
period
were
as
follows:
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.
Fund
Series
Shares
Outstanding
Liquidation
Preference
Term
Redemption
Date
Mode
Mode
Termination
Date
NVG
A
674
$67,400,000
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
April
30,
2025
B
1,550
$155,000,000
February
3,
2048
VRM
February
3,
2048*
C
3,360
$336,000,000
June
1,
2048
VRM
N/A
NMCO
A
1,000
$100,000,000
October
1,
2031
VRDM
N/A
B
2,050
$205,000,000
October
1,
2031
VRM
December
1,
2024
C
1,100
$110,000,000
October
1,
2031
VRM
May
16,
2025
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.
Fund
Average
Liquidation
Preference
of
MFP
Shares
Outstanding
Annualized
Dividend
Rate
NVG
$
517,400,000
%
%
NZF
641,000,000
4.38
NMCO
415,412,088
4.32
NDMO
240,000,000
4.43
210
Notes
to
Financial
Statements
(Unaudited)
(continued)
As
of
the
end
of
the
reporting
period,
NVG
and
NZF
had
$1,233,990,758
and
$673,652,507
VRDP
Shares
at
liquidation
preference,
net
of
deferred
offering
costs,
respectively.
Further
details
of
the
Funds’
VRDP
Shares
outstanding
as
of
the
reporting
period,
were
as
follows:
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
VRDP
Shares
are
not
able
to
be
successfully
remarketed.
Each
Fund
is
required
to
redeem
any
VRDP
Shares
that
are
still
owned
by
the
liquidity
provider
after
six
months
of
continuous,
unsuccessful
remarketing.
Each
Fund
pays
an
annual
remarketing
fee
on
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding.
Each
Fund’s
VRDP
Shares
have
successfully
remarketed
since
issuance.
NZF’s
Series
1
and
Series
2
VRDP
Shares
are
considered
to
be
Special
Rate
VRDP,
which
are
sold
to
institutional
investors.
The
special
rate
period
will
expire
on
March
1,
2040
for
the
Fund’s
Series
1
and
2
VRDP
Shares,
but
is
subject
to
earlier
termination
by
either
the
Fund
or
the
holder.
During
the
special
rate
period,
the
VRDP
Shares
will
not
be
remarketed
by
a
remarketing
agent,
be
subject
to
optional
or
mandatory
tender
events,
or
be
supported
by
a
liquidity
provider
and
are
not
subject
to
remarketing
fees
or
liquidity
fees.
During
the
special
rate
period,
VRDP
dividends
will
be
set
monthly
as
a
floating
rate
based
on
the
predetermined
formula.
Following
the
initial
special
rate
period,
Special
Rate
Period
VRDP
Shares
may
transition
to
traditional
VRDP
Shares
with
dividends
set
at
weekly
remarketings,
and
be
supported
by
designated
liquidity
provider,
or
the
Board
may
approve
a
subsequent
special
rate
period.
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:
For
financial
reporting
purposes,
the
liquidation
preference
of
VRDP
Shares
is
a
liability
and
is
recognized
as
a
component
of
“VRDP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities.
Unpaid
dividends
on
VRDP
Shares
are
recognized
as
a
component
of
“Payable
for
interest”
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
“VRDP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
In
addition
to
interest
expense,
each
Fund
may
also
pay
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
during
the
Funds'
current
and
prior
fiscal
period,
where
applicable,
are
noted
in
the
following
tables.
Fund
Series
Shares
Outstanding
Remarketing
Fees*
Liquidation
Preference
Special
Rate
Period
Expiration
Maturity
NVG
1
1,790
0.10%
$179,000,000
N/A
December
1,
2043
2
2,954
0.10%
$295,400,000
N/A
December
1,
2040
4
1,800
0.10%
$180,000,000
N/A
June
1,
2046
5
2,955
0.10%
$295,500,000
N/A
December
1,
2040
6
2,867
0.10%
$286,700,000
N/A
December
1,
2040
NZF
1
2,688
N/A**
$268,800,000
March
1,
2040***
March
1,
2040
2
2,622
N/A**
$262,200,000
March
1,
2040***
March
1,
2040
3
1,460
0.05%
$146,000,000
N/A
June
1,
2040
*
Remarketing
fees
as
a
percentage
of
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding
for
each
series.
**
Not
applicable.
Series
is
considered
to
be
Special
Rate
VRDP
and
therefore
does
not
pay
a
remarketing
fee.
Subject
to
earlier
termination
by
either
the
Fund
or
the
holder.
Fund
Average
Liquidation
Preference
of
VRDP
Shares
Outstanding
Annualized
Dividend
Rate
NVG
$
1,236,600,000
3.52
%
NZF
677,000,000
4.
40
211
As
of
the
end
of
the
reporting
period,
NVG
and
NZF
had
$1,233,990,758
and
$673,652,507
VRDP
Shares
at
liquidation
preference,
net
of
deferred
offering
costs,
respectively.
Further
details
of
the
Funds’
VRDP
Shares
outstanding
as
of
the
reporting
period,
were
as
follows:
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
VRDP
Shares
are
not
able
to
be
successfully
remarketed.
Each
Fund
is
required
to
redeem
any
VRDP
Shares
that
are
still
owned
by
the
liquidity
provider
after
six
months
of
continuous,
unsuccessful
remarketing.
Each
Fund
pays
an
annual
remarketing
fee
on
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding.
Each
Fund’s
VRDP
Shares
have
successfully
remarketed
since
issuance.
NZF’s
Series
1
and
Series
2
VRDP
Shares
are
considered
to
be
Special
Rate
VRDP,
which
are
sold
to
institutional
investors.
The
special
rate
period
will
expire
on
March
1,
2040
for
the
Fund’s
Series
1
and
2
VRDP
Shares,
but
is
subject
to
earlier
termination
by
either
the
Fund
or
the
holder.
During
the
special
rate
period,
the
VRDP
Shares
will
not
be
remarketed
by
a
remarketing
agent,
be
subject
to
optional
or
mandatory
tender
events,
or
be
supported
by
a
liquidity
provider
and
are
not
subject
to
remarketing
fees
or
liquidity
fees.
During
the
special
rate
period,
VRDP
dividends
will
be
set
monthly
as
a
floating
rate
based
on
the
predetermined
formula.
Following
the
initial
special
rate
period,
Special
Rate
Period
VRDP
Shares
may
transition
to
traditional
VRDP
Shares
with
dividends
set
at
weekly
remarketings,
and
be
supported
by
designated
liquidity
provider,
or
the
Board
may
approve
a
subsequent
special
rate
period.
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:
For
financial
reporting
purposes,
the
liquidation
preference
of
VRDP
Shares
is
a
liability
and
is
recognized
as
a
component
of
“VRDP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities.
Unpaid
dividends
on
VRDP
Shares
are
recognized
as
a
component
of
“Payable
for
interest”
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
“VRDP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
In
addition
to
interest
expense,
each
Fund
may
also
pay
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
during
the
Funds'
current
and
prior
fiscal
period,
where
applicable,
are
noted
in
the
following
tables.
Fund
Series
Shares
Outstanding
Remarketing
Fees*
Liquidation
Preference
Special
Rate
Period
Expiration
Maturity
NVG
1
1,790
0.10%
$179,000,000
N/A
December
1,
2043
2
2,954
0.10%
$295,400,000
N/A
December
1,
2040
4
1,800
0.10%
$180,000,000
N/A
June
1,
2046
5
2,955
0.10%
$295,500,000
N/A
December
1,
2040
6
2,867
0.10%
$286,700,000
N/A
December
1,
2040
NZF
1
2,688
N/A**
$268,800,000
March
1,
2040***
March
1,
2040
2
2,622
N/A**
$262,200,000
March
1,
2040***
March
1,
2040
3
1,460
0.05%
$146,000,000
N/A
June
1,
2040
*
Remarketing
fees
as
a
percentage
of
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding
for
each
series.
**
Not
applicable.
Series
is
considered
to
be
Special
Rate
VRDP
and
therefore
does
not
pay
a
remarketing
fee.
Subject
to
earlier
termination
by
either
the
Fund
or
the
holder.
Fund
Average
Liquidation
Preference
of
VRDP
Shares
Outstanding
Annualized
Dividend
Rate
NVG
$
1,236,600,000
3.52
%
NZF
677,000,000
4.
40
Transactions
in
MFP
Shares
for
the
Funds,
where
applicable,
were
as
follows:
Transactions
in
VRDP
Shares
for
the
Funds,
where
applicable,
were
as
follows:
7.
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.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
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
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
Six
Months
Ended
April
30,
2024
NMCO
Series
Shares
Amount
MFP
Shares
redeemed
C
(150)
(15,000,000)
Year
Ended
October
31,
2023
NVG
Series
Shares
Amount
MFP
Shares
redeemed
A
(935)
$(93,500,000)
Year
Ended
October
31,
2023
NMCO
Series
Shares
Amount
MFP
Shares
noticed
for
redemption
B
(200)
$(20,000,000)
Year
Ended
October
31,
2023
NZF
Series
Shares
Amount
VRDP
Shares
redeemed
3
(500)
$(50,000,000)
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NVG
$
4,691,614,883
$
162,632,745
$
(271,857,355)
$
(109,224,610)
NZF
3,743,427,175
212,308,580
(81,352,506)
130,956,074
NMZ
1,603,073,852
66,895,423
(157,813,582)
(90,918,159)
NMCO
1,026,127,496
53,208,095
(120,436,409)
(67,228,314)
NDMO
868,839,092
14,170,509
(48,821,019)
(34,650,510)
212
Notes
to
Financial
Statements
(Unaudited)
(continued)
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
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
each
Fund’s
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
schedule:
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NVG
$
—
$
610,886
$
—
$
(460,685,424)
$
(102,288,716)
$
—
$
(9,074,700)
$
(571,437,954)
NZF
5,600,405
96,828
—
(152,865,694)
(294,654,344)
—
(8,330,349)
(450,153,154)
NMZ
—
380,433
—
(273,502,230)
(129,246,280)
—
(4,697,922)
(407,065,999)
NMCO
—
15,318
—
(129,315,116)
(135,428,162)
—
(2,522,122)
(267,250,082)
NDMO
—
95,640
—
(104,277,264)
(149,324,830)
—
(3,716,717)
(257,223,171)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividends
declared
on
October
2,
2023
and
paid
on
November
1,
2023.
Fund
Short-Term
Long-Term
Total
NVG
1
$
11,226,867
$
91,061,849
$
102,288,716
NZF
1
146,307,379
148,346,965
294,654,344
NMZ
34,310,477
94,935,803
129,246,280
NMCO
74,019,646
61,408,516
135,428,162
NDMO
63,395,032
85,929,798
149,324,830
1
A
portion
of
NVG’s
and
NZF’s
capital
loss
carryforwards
is
subject
to
limitation
under
the
Internal
Revenue
Code
and
related
regulations.
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
213
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:
*
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
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
As
of
April
30,
2024,
the
complex-level
fee
for
each
Fund
was
as
follows:
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
or
by
an
affiliate
of
the
Adviser
(each
an
, “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
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
9.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Fund
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts
and
certain
agreements
related
to
preferred
shares,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote. As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments
other
then
those
disclosed
in
the
Notes
to
Financial
Statements,
when
applicable.
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
Fund
Complex-Level
Fee
NVG
0.1604%
NZF
0.1604%
NMZ
0.1604%
NMCO
0.1604%
NDMO
0.1604%
Fund
Purchases
Sales
Realized
Gain
(Loss)
NVG
$
—
$
—
$
—
NZF
—
—
—
NMZ
11,305,607
15,746,369
(2,922,662)
NMCO
1,591,017
516,827
(86,495)
NDMO
—
—
—
214
Notes
to
Financial
Statements
(Unaudited)
(continued)
From
time
to
time,
the
Funds
may
be
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
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.
10.
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
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
2025
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.
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:
During
the
Funds'
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
Borrowings
were
as
follows:
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.
11.
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
Fund
Maximum
Outstanding
Balance
NVG
$
—
NZF
20,000,000
NMZ
6,011,747
NMCO
17,500,000
NDMO
—
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
NVG
—
$
—
—
%
NZF
42
9,042,052
6.53
NMZ
8
3,890,781
6.53
NMCO
27
3,285,590
6.53
NDMO
—
—
—
215
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.
12.
Subsequent
Events
Management
Fees
:
As
of
May
1,
2024,
each
Fund’s
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
each
Fund’s
average
daily
managed
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
Therefore,
the
maximum
management
fee
rate
for
each
Fund
is
the
fund-level
fee
listed
within
this
report
plus
0.1600%.
The
overall
complex-level
fee
schedule
is
as
follows:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
branded
open-end
funds
(“Nuveen
Mutual
Funds”).
Except
as
described
below,
eligible
assets
include
the
assets
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
Mutual
Funds
organized
in
the
United
States.
Eligible
assets
do
not
include
the
net
assets
of:
Nuveen
fund-of-funds,
Nuveen
money
market
funds,
Nuveen
index
funds,
Nuveen
Large
Cap
Responsible
Equity
Fund
or
Nuveen
Life
Large
Cap
Responsible
Equity
Fund.
In
addition,
eligible
assets
include
a
fixed
percentage
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
the
Adviser’s
affiliate,
Teachers
Advisors,
LLC
(except
those
identified
above).
The
fixed
percentage
will
increase
annually
until
May
1,
2033,
at
which
time
eligible
assets
will
include
all
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
Teachers
Advisors,
LLC
(except
those
identified
above).
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
the
closed-end
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
eligible
assets
in
certain
circumstances.
Complex-Level
Asset
Breakpoint
Level*
Complex-Level
Fee
For
the
first
$124.3
billion
0.1600
%
For
the
next
$75.7
billion
0.1350
For
the
next
$200
billion
0.1325
For
eligible
assets
over
$400
billion
0.1300
216
Risk
Considerations
(Unaudited)
Fund
shares
are
not
guaranteed
or
endorsed
by
any
bank
or
other
insured
depository
institution,
and
are
not
federally
insured
by
the
Federal
Deposit
Insurance
Corporation.
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(NVG)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall
.
Lower
credit
debt
securities
may
be
more
likely
to
fail
to
make
timely
interest
or
principal
payments.
Leverage
increases
return
volatility
and
magnifies
the
Fund’s
potential
return
and
its
risks;
there
is
no
guarantee
a
fund’s
leverage
strategy
will
be
successful.
These
and
other
risk
considerations
such
as
inverse
floater
risk
and
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NVG.
Nuveen
Municipal
Credit
Income
Fund
(NZF)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Lower
credit
debt
securities
may
be
more
likely
to
fail
to
make
timely
interest
or
principal
payments.
Leverage
increases
return
volatility
and
magnifies
the
Fund’s
potential
return
and
its
risks;
there
is
no
guarantee
a
fund’s
leverage
strategy
will
be
successful.
These
and
other
risk
considerations
such
as
inverse
floater
risk
and
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NZF.
Nuveen
Municipal
High
Income
Opportunity
Fund
(NMZ)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Lower
credit
debt
securities
may
be
more
likely
to
fail
to
make
timely
interest
or
principal
payments.
Leverage
increases
return
volatility
and
magnifies
the
Fund’s
potential
return
and
its
risks;
there
is
no
guarantee
a
fund’s
leverage
strategy
will
be
successful.
These
and
other
risk
considerations
such
as
inverse
floater
risk
and
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NMZ.
Nuveen
Municipal
Credit
Opportunities
Fund
(NMCO)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Lower
credit
debt
securities
may
be
more
likely
to
fail
to
make
timely
interest
or
principal
payments.
Leverage
increases
return
volatility
and
magnifies
the
Fund’s
potential
return
and
its
risks;
there
is
no
guarantee
a
fund’s
leverage
strategy
will
be
successful.
These
and
other
risk
considerations
such
as
inverse
floater
risk
and
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NMCO.
Nuveen
Dynamic
Municipal
Opportunities
Fund
(NDMO)
Investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-
end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
The
values
of
municipal
securities
held
by
the
Fund
may
be
adversely
affected
by
local
political
and
economic
conditions
and
developments.
Debt
or
fixed
income
securities
such
as
those
municipal
securities
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
liquidity
risk
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Lower
quality
municipal
securities
may
be
more
likely
to
fail
to
make
timely
interest
or
principal
payments.
Leverage
increases
return
volatility
and
magnifies
the
Fund’s
potential
return
and
its
risks;
there
is
no
guarantee
a
fund’s
leverage
strategy
will
be
successful.
These
and
other
risk
considerations
such
as
inverse
floater
risk,
derivatives
risk
and
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NDMO.
217
Additional
Fund
Information
(Unaudited)
Portfolio
of
Investments
Information
The
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
The
Fund’s
Chief
Executive
Officer
(CEO)
has
submitted
to
the
New
York
Stock
Exchange
(NYSE)
the
annual
CEO
certification
as
required
by
Section
303A.12(a)
of
the
NYSE
Listed
Company
Manual.
Each
Fund
has
filed
with
the
SEC
the
certification
of
its
CEO
and
Chief
Financial
Officer
required
by
Section
302
of
the
Sarbanes-Oxley
Act.
Common
Share
Repurchases
Each
Fund
intends
to
repurchase,
through
its
open-market
share
repurchase
program,
shares
of
its
own
common
stock
at
such
times
and
in
such
amounts
as
is
deemed
advisable.
During
the
period
covered
by
this
report,
each
Fund
repurchased
shares
of
its
common
stock
as
shown
in
the
accompanying
table.
Any
future
repurchases
will
be
reported
to
shareholders
in
the
next
annual
or
semi-annual
report.
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.
Board
of
Trustees
Joseph
A.
Boateng
Michael
A.
Forrester
Thomas
J.
Kenny
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Loren
M.
Starr
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Boston,
MA
02111-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Transfer
Agent
and
Shareholder
Services
Computershare
Trust
Company,
N.A.
150
Royall
Street
Canton,
MA
02021
(800)
257-8787
NVG
NZF
NMZ
NMCO
NDMO
Common
shares
repurchased
0
0
0
0
0
218
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
offer
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.
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.
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.
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.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
219
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
Approval
Process
At
meetings
held
on
April
18
and
19,
2024
(the
“Meeting”),
the
Boards
of
Trustees
(collectively,
the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds
approved,
for
their
respective
Fund,
the
renewal
of
the
investment
management
agreement
(each
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(“NFAL”;
NFAL
is
an
“Adviser”)
pursuant
to
which
NFAL
serves
as
investment
adviser
to
such
Fund.
Similarly,
for
each
Fund,
the
Board
approved
the
renewal
of
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.
The
Board
Members
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
and,
therefore,
the
Board
is
deemed
to
be
comprised
of
all
disinterested
Board
Members.
References
to
the
Board
and
the
Board
Members
are
interchangeable.
Below
is
a
summary
of
the
annual
review
process
the
Board
undertook
related
to
its
most
recent
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund.
In
accordance
with
applicable
law,
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
NFAL
and
the
Sub-Adviser
are
collectively,
the
“Fund
Advisers”
and
each
a
“Fund
Adviser.”
In
addition,
the
fund
complex
consists
of
the
group
of
funds
advised
by
NFAL
(collectively
referred
to
as
the
“Nuveen
funds”)
and
the
group
of
funds
advised
by
Teachers
Advisors,
LLC
(“TAL”
and
such
funds
are
collectively,
the
“TC
funds”).
For
clarity,
NFAL
serves
as
Adviser
to
the
Nuveen
funds,
including
the
Funds,
and
TAL
serves
as
“Adviser”
to
the
TC
funds.
The
Board
Members
considered
that
the
prior
separate
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
Accordingly,
at
the
Meeting,
the
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
as
well
as
reviewed
the
investment
management
agreements
for
the
TC
funds.
Depending
on
the
appropriate
context,
references
to
“the
Adviser”
may
be
to
NFAL
with
respect
to
the
Nuveen
funds
and/or
TAL
with
respect
to
the
TC
funds.
The
Board
Members
considered
the
review
of
the
advisory
agreements
of
the
Nuveen
funds
and
the
TC
funds
to
be
an
ongoing
process.
The
Board
Members
therefore
employed
the
accumulated
information,
knowledge
and
experience
they
had
gained
during
their
tenure
on
the
respective
board
of
the
TC
funds
or
Nuveen
funds
(as
the
case
may
be)
governing
the
applicable
funds
and
working
with
the
respective
investment
advisers
and
sub-
advisers,
as
applicable,
in
their
review
of
the
advisory
agreements
for
the
fund
complex.
During
the
course
of
the
year
prior
to
the
Meeting,
the
Board
and/or
its
committees
received
a
wide
variety
of
materials
that
covered
a
range
of
topics
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements,
including
reports
on
fund
investment
results
over
various
periods;
product
initiatives
for
various
funds;
fund
expenses;
compliance,
regulatory
and
risk
management
matters;
trading
practices
including
soft
dollar
arrangements
(as
applicable);
the
liquidity
and
derivatives
risk
management
programs;
management
of
distributions;
valuation
of
securities;
payments
to
financial
intermediaries
(as
applicable);
securities
lending
(as
applicable);
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
met
periodically
with
and/or
received
presentations
by
key
investment
professionals
managing
a
fund’s
portfolio.
In
particular,
at
the
Board
meeting
held
on
February
27-29,
2024
(the
“February
Meeting”),
the
Board
and/or
its
Investment
Committee
received
the
annual
performance
review
of
the
funds
as
described
in
further
detail
below.
The
presentations,
discussions
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
and
consider
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
sub-advisers,
as
applicable,
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
the
advisory
agreements.
The
materials
provided
at
the
Meeting
and/or
prior
meetings
covered
a
wide
range
of
matters
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
the
consolidation
of
the
Nuveen
fund
family
and
TC
fund
family;
a
review
of
product
actions
advanced
in
2023
for
the
benefit
of
particular
funds
and/or
the
fund
complex;
a
review
of
each
sub-adviser,
if
applicable,
and/or
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
funds
considered
to
have
met
certain
challenged
performance
measurements;
an
analysis
of
the
fees
and
expense
ratios
of
the
funds
with
a
focus
on
funds
considered
to
have
certain
expense
characteristics;
a
list
of
management
fee
and,
if
applicable,
sub-advisory
fee
schedules;
a
description
of
portfolio
manager
compensation;
an
overview
of
the
primary
and
secondary
markets
for
the
Nuveen
closed-end
funds
(including,
among
other
things,
premium
or
discount
data
and
commentary
regarding
the
leverage
management,
share
repurchase
and
shelf
offering
programs
during
2023);
a
description
of
the
profitability
and/or
financial
data
of
Nuveen,
TAL
and
the
sub-advisers;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
funds,
as
applicable.
The
Board
also
considered
information
provided
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
comparing
fee
and
expense
levels
of
each
respective
fund
to
those
of
a
peer
universe.
220
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
fund
complex
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
over
time.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Board
Members.
As
part
of
their
review,
the
Board
Members
and
independent
legal
counsel
met
by
videoconference
in
executive
session
on
April
10,
2024
(the
“April
Executive
Session”)
to
review
and
discuss
materials
provided
in
connection
with
their
annual
review
of
the
advisory
agreements
for
the
fund
complex.
After
reviewing
this
information,
the
Board
Members
requested,
directly
or
through
independent
legal
counsel,
additional
information,
and
the
Board
subsequently
reviewed
and
discussed
the
responses
to
these
follow-up
questions
and
requests.
The
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
of
management
were
present.
In
connection
with
their
annual
review,
the
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
decisions
to
renew
each
Advisory
Agreement
were
not
based
on
a
single
identified
factor,
but
rather
each
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
annual
review
process.
The
contractual
arrangements
may
reflect
the
results
of
prior
year(s)
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
funds’
advisory
arrangements
and
oversight
of
the
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
annual
review
process
and
may
have
placed
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
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
each
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
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
roles
of
NFAL
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
considered
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
other
services
to
manage
and
operate
the
applicable
funds.
The
Board
considered
the
Adviser’s
and
its
affiliates’
dedication
of
resources,
time,
people
and
capital
as
well
as
continual
program
of
improvement
and
innovation
aimed
at
enhancing
the
funds
and
fund
complex
for
investors
and
meeting
the
needs
of
an
increasingly
complex
regulatory
environment.
In
particular,
over
the
past
several
years,
the
Board
considered
the
significant
resources,
both
financial
and
personnel,
the
Adviser
and
its
affiliates
have
committed
in
working
to
consolidate
the
Nuveen
fund
family
and
TC
fund
family
under
one
centralized
umbrella.
The
Board
considered
that
the
organizational
changes
in
bringing
together
Nuveen,
its
affiliates
and
TIAA’s
(as
defined
below)
asset
management
businesses,
consolidating
the
Nuveen
and
TC
fund
families
and
other
initiatives
were
anticipated
to
provide
various
benefits
for
the
funds
through,
among
other
things,
enhanced
operating
efficiencies,
centralized
investment
leadership
and
a
centralized
shared
resources
and
support
model.
As
part
of
these
efforts,
the
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
In
addition,
in
conjunction
with
these
consolidation
efforts,
the
Board
approved
at
the
Meeting
changes
to
fee
and
breakpoint
structures
(as
applicable)
that
could
provide
cost
savings
to
participating
funds,
as
described
in
further
detail
below.
The
Board
also
reviewed
information
regarding
other
product
actions
undertaken
or
continued
by
management
in
the
2023
calendar
year
in
seeking
to
improve
the
effectiveness
of
the
organization,
the
product
line-up
as
well
as
particular
funds
through,
among
other
things,
continuing
to
review
and
optimize
the
product
line
and
gaining
efficiencies
through
mergers
and
liquidations;
reviewing
and
updating
investment
policies
and
benchmarks;
implementing
fee
waivers
and/or
expense
cap
changes
for
certain
funds;
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
considered.
In
its
review,
the
Board
considered
that
the
funds
operated
in
a
highly
regulated
industry
and
the
scope
and
complexity
of
the
services
and
resources
that
the
Adviser
and
its
affiliates
must
provide
to
manage
and
operate
the
applicable
funds
have
expanded
over
the
years
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments,
such
as
the
adoption
of
the
tailored
shareholder
report
or
the
revised
fund
name
rule.
In
considering
the
breadth
and
quality
of
services
the
Adviser
and
its
various
teams
provide,
the
Board
considered
that
the
Adviser
provides
investment
advisory
services.
With
respect
to
the
Nuveen
funds,
such
funds
utilize
sub-advisers
to
manage
the
portfolios
of
the
funds
subject
to
the
supervision
of
NFAL.
Accordingly,
the
Board
considered
that
NFAL
and
its
affiliates,
among
other
things,
oversee
and
review
the
performance
of
the
respective
sub-adviser
and
its
investment
team(s);
evaluate
Nuveen
fund
performance
and
market
conditions;
evaluate
investment
strategies
and
recommend
changes
thereto;
set
and
manage
distributions
consistent
with
the
respective
Nuveen
fund’s
product
design;
oversee
trade
execution
and,
as
applicable,
securities
lending;
evaluate
investment
risks;
and
manage
valuation
matters.
With
respect
to
closed-end
Nuveen
funds,
such
services
also
include
managing
leverage;
monitoring
asset
coverage
levels
for
leveraged
funds
and
compliance
with
rating
agency
criteria;
providing
capital
management
and
secondary
market
services
(such
as
implementing
common
share
shelf
offerings,
capital
return
programs
and
common
share
repurchases);
and
maintaining
a
closed-end
fund
investor
relations
program.
The
Board
considered
that,
with
respect
to
such
funds,
management
actively
monitors
any
discount
from
net
asset
value
per
share
at
which
the
respective
Nuveen
fund’s
common
stock
trades
and
evaluates
potential
avenues
to
mitigate
the
discount,
including
evaluating
the
level
of
distributions
that
the
fund
pays.
The
Board
further
considered
that
over
the
course
of
the
2023
calendar
year,
the
Nuveen
global
public
product
team
which
supports
the
funds
in
the
fund
complex
and
their
221
shareholders
assessed
the
investment
personnel
across
the
investment
leadership
teams
which
resulted
in
additions
or
other
modifications
to
the
portfolio
management
teams
of
various
funds.
The
Board
also
reviewed
a
description
of
the
compensation
structure
applicable
to
certain
portfolio
managers.
In
addition
to
the
above
investment
advisory
services,
the
Board
further
considered
the
extensive
compliance,
regulatory,
administrative
and
other
services
the
Adviser
and
its
various
teams
or
affiliates
provide
to
manage
and
operate
the
applicable
funds.
Given
the
highly
regulated
industry
in
which
the
funds
operate,
the
Board
considered
the
breadth
of
the
Adviser’s
compliance
program
and
related
policies
and
procedures.
The
Board
reviewed
various
initiatives
the
Adviser’s
compliance
team
undertook
or
continued
in
2023,
in
part,
to
address
new
regulatory
requirements,
support
international
business
growth
and
product
development,
enhance
international
trading
capabilities,
enhance
monitoring
capabilities
in
light
of
the
new
regulatory
requirements
and
guidance
and
maintain
a
comprehensive
training
program.
The
Board
further
considered,
among
other
things,
that
other
non-advisory
services
provided
included,
among
other
things,
board
support
and
reporting;
establishing
and
reviewing
the
services
provided
by
other
fund
service
providers
(such
as
a
fund’s
custodian,
accountant,
and
transfer
agent);
risk
management,
including
reviews
of
the
liquidity
risk
management
and
derivatives
risk
management
programs;
legal
support
services;
regulatory
advocacy;
and
cybersecurity,
business
continuity
and
disaster
recovery
planning
and
testing.
Aside
from
the
services
provided,
the
Board
considered
the
financial
resources
of
the
Adviser
and/or
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
funds,
including
to
enhance
global
talent,
middle
office
systems,
software
and
international
and
internal
capabilities.
The
Board
considered
the
access
provided
by
the
Adviser
and
its
affiliates
to
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
considered
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
funds
including
during
stressed
times.
The
Board
considered
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates
and
the
Adviser’s
continuing
commitment
to
provide
high
quality
services.
In
its
review,
the
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
applicable
funds,
including
entrepreneurial
risks
in
sponsoring
and
supporting
new
funds
and
smaller
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
With
respect
to
the
Funds,
the
Board
considered
the
division
of
responsibilities
between
NFAL
and
the
Sub-Adviser
and
considered
that
the
Sub-
Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund’s
portfolio
under
the
oversight
of
NFAL
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
NFAL
which
included,
among
other
things,
a
summary
of
changes
in
the
leadership
teams
and/or
portfolio
manager
teams;
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time;
and
data
reflecting
product
changes
(if
any)
taken
with
respect
to
certain
Nuveen
funds.
The
Board
considered
that
NFAL
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
considered
a
variety
of
investment
performance
data
of
the
Funds.
In
this
regard,
the
Board
and/or
its
Investment
Committee
reviewed,
among
other
things,
performance
of
the
Funds
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December
31,
2023
and
March
31,
2024
(or
for
such
shorter
periods
to
the
extent
a
Fund
was
not
in
existence
during
such
periods).
The
Board
performed
its
annual
review
of
fund
performance
at
its
February
Meeting
and
an
additional
review
at
the
April
Executive
Session
and
also
reviewed
and
discussed
performance
data
at
its
other
regularly
scheduled
quarterly
meetings
throughout
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
were
provided
at
the
Meeting
and
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
management’s
analysis
of
a
fund’s
performance
with
particular
focus
on
funds
that
met
certain
challenged
performance
measurements
as
determined
pursuant
to
a
methodology
approved
by
the
Board
or
additional
measurements
as
determined
by
management’s
investment
analysts.
As
various
Nuveen
funds
have
modified
their
portfolio
teams
and/or
made
significant
changes
to
their
portfolio
strategies
over
time,
the
Board
reviewed,
among
other
things,
certain
tracking
performance
data
over
specific
periods
comparing
performance
before
and
after
such
changes.
The
Board
considered
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
considered
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
over
the
various
time
periods
and
considered
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”),
subject
to
certain
exceptions,
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies,
dates
of
fund
inception
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
fund.
With
respect
to
relative
performance
of
a
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
management
generally
has
ranked
the
relevancy
of
the
Performance
Peer
Groups
to
the
Funds
as
low,
medium
or
high.
222
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
In
its
review
of
relative
performance,
the
Board
considered
a
Fund’s
performance
relative
to
its
Performance
Peer
Group,
among
other
things,
by
evaluating
its
quartile
ranking
with
the
1st
quartile
representing
the
top
performing
funds
within
the
Performance
Peer
Group
and
the
4th
quartile
representing
the
lowest
performing
funds.
The
Board
also
considered
that
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
Nuveen
closed-end
funds
have
traded
at
various
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.
As
applicable,
the
Board
considered
the
impact
of
leverage
on
a
Nuveen
fund’s
performance.
The
Board
further
considered
that
performance
results
should
include
the
distribution
yields
of
funds
that
seek
to
provide
income
as
part
of
their
investment
objective(s)
to
shareholders.
In
this
regard,
the
Board
considered
that
the
use
of
leverage
by
various
funds
may
have
detracted
from
total
return
performance
of
such
funds
over
various
periods
in
current
market
conditions,
but
the
leverage
also
was
accretive
in
providing
higher
levels
of
income.
The
Board
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.
The
Board
considered
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
considered
that
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.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
considered
that
longer
periods
of
performance
may
reflect
full
market
cycles.
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.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
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
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
more
closely
until
performance
improves,
discuss
with
the
Adviser
the
reasons
for
such
results,
consider
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
discuss
and
evaluate
the
potential
consequences
of
such
steps
and
review
the
results
of
any
steps
undertaken.
The
performance
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
AMT-Free
Municipal
Credit
Income
Fund
(the
“AMT-Free
Municipal
Credit
Income
Fund”),
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
three-
and
five-year
periods
ended
December
31,
2023,
the
Fund
outperformed
its
blended
benchmark
for
the
one-year
period
ended
December
31,
2023
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
and
third
quartile
for
the
three-year
period
ended
December
31,
2023.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
three-
and
five-year
periods
ended
March
31,
2024,
the
Fund
outperformed
its
blended
benchmark
for
the
one-year
period
ended
March
31,
2024
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
and
third
quartile
for
the
three-year
period
ended
March
31,
2024.
In
its
review,
the
Board
considered
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Municipal
Credit
Income
Fund
(the
“Municipal
Credit
Income
Fund”),
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
three-
and
five-year
periods
ended
December
31,
2023,
the
Fund
outperformed
its
blended
benchmark
for
the
one-year
period
ended
December
31,
2023
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
and
second
quartile
for
the
three-year
period
ended
December
31,
2023.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
three-
and
five-year
periods
ended
March
31,
2024,
the
Fund
outperformed
its
blended
benchmark
for
the
one-year
period
ended
March
31,
2024
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2024.
In
its
review,
the
Board
considered
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Municipal
High
Income
Opportunity
Fund
(the
“Municipal
High
Income
Opportunity
Fund”),
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2023,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
second
quartile
for
the
three-
and
five-year
periods
ended
December
31,
2023.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2024,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2024.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
223
For
Nuveen
Municipal
Credit
Opportunities
Fund
(the
“Municipal
Credit
Opportunities
Fund”),
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-
and
three-year
periods
ended
December
31,
2023
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2023,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
three-year
period
ended
December
31,
2023.
Similarly,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-
and
three-year
periods
ended
March
31,
2024
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2024,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
three-year
period
ended
March
31,
2024.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Dynamic
Municipal
Opportunities
Fund
(the
“Dynamic
Municipal
Opportunities
Fund”),
the
Board
considered
that
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
three-year
period
ended
December
31,
2023,
the
Fund
outperformed
its
benchmark
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2023.
In
addition,
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
three-year
period
ended
March
31,
2024,
the
Fund
outperformed
its
benchmark
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2024.
In
its
review,
the
Board
considered
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
with
respect
to
the
Nuveen
closed-end
funds,
the
contractual
management
fee
and
the
actual
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
Fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
reviewed
information
about
other
expenses
and
the
total
operating
expense
ratio
of
each
Fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Board
Members
reviewed,
among
other
things,
each
Fund’s
management
fee
rates
and
net
total
expense
ratio
in
relation
to
similar
data
for
a
comparable
universe
of
funds
(the
“Expense
Universe”)
established
by
Broadridge.
The
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Expense
Universe
and
considered
that
differences
between
the
applicable
fund
and
its
respective
Expense
Universe
as
well
as
changes
to
the
composition
of
the
Expense
Universe
from
year
to
year,
may
limit
some
of
the
value
of
the
comparative
data.
The
Board
Members
also
considered
that
it
can
be
difficult
to
compare
management
fees
among
funds
as
there
are
variations
in
the
services
that
are
included
for
the
fees
paid.
The
Board
Members
took
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
a
shareholder’s
total
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Board
Members
considered,
in
particular,
each
fund
with
a
net
total
expense
ratio
(based
on
common
assets
and
excluding
investment-related
costs
such
as
the
costs
of
leverage
and
taxes
for
closed-end
funds)
meeting
certain
expense
or
fee
criteria
when
compared
to
its
Expense
Universe
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
relative
net
total
expense
ratio.
In
addition,
although
the
Board
reviewed
a
fund’s
net
total
expense
ratio
both
including
and
excluding
investment-
related
expenses
(e.g.,
leverage
costs)
for
certain
of
the
closed-end
funds,
the
Board
considered
that
leverage
expenses
will
vary
across
funds
and
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
total
expense
ratio
and
fees
excluding
investment-related
costs
and
taxes
for
the
closed-end
funds.
The
Board
also
considered
that
the
use
of
leverage
for
closed-end
funds
may
create
a
conflict
of
interest
for
NFAL
and
the
applicable
sub-adviser
given
the
increase
of
assets
from
leverage
upon
which
an
advisory
or
sub-advisory
fee
is
based.
The
Board
Members
considered,
however,
that
NFAL
and
the
sub-advisers
(as
applicable)
would
seek
to
manage
the
potential
conflict
by
recommending
to
the
Board
to
leverage
the
applicable
fund
or
increase
such
leverage
when
NFAL
and/or
a
sub-
adviser,
as
applicable,
has
determined
that
such
action
would
be
in
the
best
interests
of
the
respective
fund
and
its
common
shareholders
and
by
periodically
reviewing
with
the
Board
the
fund’s
performance
and
the
impact
of
the
use
of
leverage
on
that
performance.
The
Board
Members
also
considered,
in
relevant
part,
a
Fund’s
management
fee
and
net
total
expense
ratio
in
light
of
the
Fund’s
performance
history,
including
reviewing
certain
funds
identified
by
management
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
their
evaluation
of
the
fee
arrangements
for
the
Funds,
the
Board
Members
also
reviewed
the
management
fee
schedules
and
the
expense
reimbursements
and/or
fee
waivers
agreed
to
by
the
Adviser
for
the
respective
fund
(if
any).
In
its
review,
the
Board
considered
that
the
management
fees
of
the
Nuveen
funds
were
generally
comprised
of
two
components,
a
fund-level
component
and
a
complex-level
component,
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
As
indicated
above,
the
Board
approved
a
revised
fee
schedule
which
would
reduce
and
streamline
the
asset
thresholds
necessary
to
meet
breakpoints
in
the
complex-level
fee
component.
The
Board
considered
that
management
anticipated
approximately
$50
million
in
savings
for
Nuveen
fund
shareholders
as
a
result
of
the
revised
fee
schedule
as
well
as
additional
estimated
savings
over
time.
The
Board
further
considered
management’s
representation
that
there
will
be
no
increase
to
any
Nuveen
fund’s
respective
advisory
agreement
fee
rate
as
a
result
of
the
revised
complex-level
fee
schedule.
224
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
In
its
review,
the
Board
considered
that
across
the
Nuveen
fund
and
TC
fund
complex,
management
estimated
that
fund-level
breakpoints
resulted
in
approximately
$82.5
million
in
reduced
fees
overall
in
2023.
In
addition,
the
Board
considered
that
management
determined
that
the
Nuveen
funds
achieved
additional
fee
reductions
of
approximately
$49
million
due
to
the
complex-wide
management
fee
structure
in
2023.
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.
In
its
review,
the
Board
considered
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
NFAL,
not
the
Funds.
The
Board’s
considerations
regarding
the
comparative
fee
data
for
each
of
the
Funds
are
set
forth
below.
For
the
AMT-Free
Municipal
Credit
Income
Fund,
although
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
were
above
the
Expense
Universe
median,
the
Fund’s
contractual
management
fee
rate
was
slightly
(approximately
6
basis
points)
above
the
Expense
Universe
median.
For
the
Municipal
Credit
Income
Fund,
although
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
were
above
the
Expense
Universe
median,
the
Fund’s
contractual
management
fee
rate
was
slightly
(approximately
6
basis
points)
above
the
Expense
Universe
median.
For
the
Municipal
High
Income
Opportunity
Fund,
although
the
Fund’s
contractual
management
fee
rate
and
actual
management
fee
rate
were
slightly
above
(generally
within
6
basis
points
of)
the
Expense
Universe
median,
the
Fund’s
net
total
expense
ratio
was
below
the
Expense
Universe
median.
For
the
Municipal
Credit
Opportunities
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
were
above
the
Expense
Universe
median.
The
Board,
however,
considered,
among
other
things,
that
the
differences
in
the
Fund’s
investment
strategy
relative
to
the
peer
set
contributed
to
the
differential,
that
the
fees
were
initially
proposed
in
consideration
of
the
Fund’s
unique
mandates
and
that
the
Fund’s
management
fees
on
common
assets
were
in-line
with
and
total
expenses
slightly
lower
than
initial
projections
prior
to
the
Fund’s
launch.
For
the
Dynamic
Municipal
Opportunities
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
were
above
the
Expense
Universe
median.
The
Board,
however,
considered,
among
other
things,
that
the
differences
in
the
Fund’s
investment
strategy
relative
to
the
peer
set
contributed
to
the
differential,
that
the
fees
were
initially
proposed
in
consideration
of
the
Fund’s
unique
mandates
and
that
the
Fund’s
management
fees
on
common
assets
and
total
expenses
were
lower
than
initial
projections
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
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
that
the
Adviser,
affiliated
sub-advisers
and/or
their
affiliate(s)
provide
investment
management
services
to
other
types
of
clients
which
may
include:
separately
managed
accounts,
retail
managed
accounts,
foreign
funds
(UCITS),
other
investment
companies
(as
sub-advisers),
limited
partnerships
and
collective
investment
trusts.
The
Board
reviewed
the
equal
weighted
average
fee
or
other
fee
data
for
the
other
types
of
clients
managed
in
a
similar
manner
to
certain
of
the
Nuveen
funds
and
TC
funds.
The
Board
considered
the
Adviser’s
rationale
for
the
differences
in
the
management
fee
rates
of
the
funds
compared
to
the
management
fee
rates
charged
to
these
other
types
of
clients.
In
this
regard,
the
Board
considered
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
regulatory,
disclosure
and
governance
requirements;
servicing
relationships
with
vendors;
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
and
account
sizes
all
may
contribute
to
variations
in
relative
fee
rates.
Further,
differences
in
the
client
base,
governing
bodies,
distribution,
jurisdiction
and
operational
complexities
also
would
contribute
to
variations
in
management
fees
assessed
the
funds
compared
to
foreign
fund
clients.
In
addition,
differences
in
the
level
of
advisory
services
required
for
passively
managed
funds
also
contribute
to
differences
in
the
management
fee
levels
of
such
funds
compared
to
actively
managed
funds.
As
a
general
matter,
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
considered
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
funds.
The
Board
further
considered
that
a
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
that
the
varying
levels
of
fees
were
reasonable
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Board
Members
considered
various
profitability
data
relating
to
the
Fund
Advisers’
services
to
the
Nuveen
funds.
225
With
respect
to
the
Nuveen
funds,
the
Board
Members
reviewed
the
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
overall
as
well
as
profitability
data
of
certain
other
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2023
and
2022
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution)
for
the
2023
and
2022
calendar
years.
The
Board
Members
also
considered
the
rationale
for
the
change
in
Nuveen’s
profitability
from
2022
to
2023.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
NFAL
derived
from
its
exchange-traded
fund
product
line
for
the
2023
and
2022
calendar
years.
In
developing
the
profitability
data,
the
Board
Members
considered
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
single
universally
recognized
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
refinements
Nuveen
had
made
to
the
methodology
that
had
occurred
over
the
years
from
2010
through
2021
to
provide
Nuveen’s
profitability
analysis,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2023.
The
Board
of
the
Nuveen
funds
had
also
appointed
two
Board
Members
to
serve
as
the
Board’s
liaisons
to
meet
with
representatives
of
NFAL
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
considered
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2014
to
2023.
In
their
review
of
the
comparative
data,
the
Board
Members
considered
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
the
profitability
data,
the
Board
considered
that
NFAL
and
TAL
are
affiliates
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
NFAL
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
TIAA,
and
TAL
is
an
indirect
wholly
owned
subsidiary
of
TIAA.
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2023
and
2022
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
considered
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
considered
the
reinvestments
the
Adviser,
its
parent
and/
or
other
affiliates
made
into
their
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
funds,
initiatives
in
international
expansion,
investments
in
infrastructure
and
continued
investments
in
enhancements
to
technological
capabilities.
The
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
the
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December
31,
2023
and
December
31,
2022.
The
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
grouped
by
similar
types
of
funds
(such
as
municipal,
taxable
fixed
income,
equity,
real
assets
and
index/asset
allocation)
for
the
Sub-Adviser
for
the
calendar
years
ending
December
31,
2023
and
December
31,
2022.
In
evaluating
the
reasonableness
of
the
compensation,
the
Board
Members
also
considered
the
indirect
benefits
NFAL
or
the
Sub-Adviser
received
that
were
directly
attributable
to
the
management
of
the
applicable
funds
as
discussed
in
further
detail
below.
Based
on
its
review,
the
Board
was
satisfied
that
each
Fund
Adviser’s
level
of
profitability
from
its
relationship
with
each
Nuveen
fund
was
not
unreasonable
over
various
time
frames
in
light
of
the
nature,
extent
and
quality
of
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
funds
in
the
fund
complex,
whether
these
economies
of
scale
have
been
appropriately
shared
with
such
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
considered
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
the
rates
at
which
certain
expenses
are
incurred
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
there
are
various
methods
that
may
be
employed
to
help
share
the
benefits
of
economies
of
scale,
including,
among
other
things,
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
the
Adviser’s
business
which
can
enhance
the
services
provided
to
the
applicable
funds
for
the
fees
paid.
The
Board
considered
that
the
Adviser
has
generally
employed
one
or
more
of
these
various
methods
among
the
applicable
funds.
In
this
regard,
the
Board
considered,
as
noted
above,
that
the
management
fee
of
NFAL
generally
was
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
With
this
structure,
the
Board
considered
that
the
complex-level
breakpoint
schedule
was
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
assets
of
eligible
funds
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined,
and
the
fund-level
breakpoint
schedules
were
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
As
summarized
above,
the
Board
approved
a
new
complex-level
breakpoint
schedule
which
would
simplify
and
reduce
the
complex-level
226
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
fee
rates
at
various
thresholds
and
expanded
the
eligible
funds
whose
assets
would
be
included
in
calculating
the
complex-level
fee,
effective
May
1,
2024.
Among
other
things,
the
assets
of
certain
TC
funds
advised
by
TAL
would
be
phased
into
the
calculation
of
the
complex-wide
assets
in
determining
the
complex-level
fee
over
a
ten-year
period.
The
Board
considered
the
cost
savings
and
additional
potential
sharing
of
economies
of
scale
as
a
result
of
the
reduced
complex-level
breakpoint
schedule
and
the
additional
assets
from
more
eligible
funds
in
calculating
the
assets
of
the
complex
for
determining
the
complex-level
fee
component.
The
Board
reviewed
the
projected
shareholder
savings
derived
from
such
modifications
over
a
ten-year
period
from
2024
to
2033.
The
Board
considered
management’s
representation
that
there
will
be
no
increase
to
any
fund’s
respective
advisory
agreement
fee
rate.
The
Board
also
considered
that
with
respect
to
Nuveen
closed-end
funds,
although
closed-end
funds
may
make
additional
share
offerings
from
time
to
time,
the
closed-end
funds
have
a
more
limited
ability
to
increase
their
assets
because
the
growth
of
their
assets
will
occur
primarily
from
the
appreciation
of
their
investment
portfolios.
The
Board
Members
also
considered
the
continued
reinvestment
in
Nuveen/TIAA’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
were
not
specific
to
individual
funds
but
rather
incurred
across
a
variety
of
products
and
services
pursuant
to
which
the
family
of
funds
as
a
whole
may
benefit.
The
Board
further
considered
that
the
Adviser
and
its
affiliates
have
provided
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
without
raising
advisory
fees
to
the
funds,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
The
Board
considered
the
Adviser’s
and/or
its
affiliates’
ongoing
efforts
to
streamline
the
product
line-up,
among
other
things,
to
create
more
scaled
funds
which
may
help
improve
both
expense
and
trading
economies.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
management’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Board
Members
received
and
considered
information
regarding
various
indirect
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
funds
in
the
fund
complex.
These
benefits
included,
among
other
things,
economies
of
scale
to
the
extent
the
Adviser
or
its
affiliates
share
investment
resources
and/or
personnel
with
other
clients
of
the
Adviser.
The
funds
may
also
be
used
as
investment
options
for
other
products
or
businesses
offered
by
the
Adviser
and/or
its
affiliates,
such
as
variable
products,
fund
of
funds
and
529
education
savings
plans,
and
affiliates
of
the
Adviser
may
serve
as
sub-advisers
to
various
funds
in
which
case
all
advisory
and
sub-advisory
fees
generated
by
such
funds
stay
within
Nuveen.
The
Board
considered
that
an
affiliate
of
the
Adviser
received
compensation
in
2023
for
serving
as
an
underwriter
on
shelf
offerings
of
existing
Nuveen
closed-end
funds
and
reviewed
the
amounts
paid
for
such
services
in
2023
and
2022.
In
addition,
the
Board
Members
considered
that
the
Adviser
and
Sub-Adviser
may
utilize
soft
dollar
brokerage
arrangements
attributable
to
the
respective
funds
to
obtain
research
and
other
services
for
any
or
all
of
their
clients,
although
the
Board
Members
also
considered
reimbursements
of
such
costs
by
the
Adviser
and/or
Sub-Adviser.
The
Adviser
and
its
affiliates
may
also
benefit
from
the
advisory
relationships
with
the
funds
in
the
fund
complex
to
the
extent
this
relationship
results
in
potential
investors
viewing
the
TIAA
group
of
companies
as
a
leading
retirement
plan
provider
in
the
academic
and
nonprofit
market
and
a
single
source
for
all
their
financial
service
needs.
The
Adviser
and/or
its
affiliates
may
further
benefit
to
the
extent
that
they
have
pricing
or
other
information
regarding
vendors
the
funds
utilize
in
establishing
arrangements
with
such
vendors
for
other
products.
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
in
light
of
the
services
provided.
F.
Other
Considerations
The
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
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
for
an
additional
one-year
period.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
ESA-C-0424P
3614432-INV-B-06/25
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/closed-end-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE

ITEM 2. | CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. | SCHEDULE OF INVESTMENTS.

(a) |  | See Portfolio of Investments in Item 1.

(b) |  | Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

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

ITEM 11. | CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 13. | EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

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

(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 ofTitle 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 tothe 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 byreference: See Ex-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen AMT-Free Municipal Credit Income Fund

By (Signature and Title) |  | /s/ David J. Lamb
|  | David J. Lamb
|  | Chief Administrative Officer

Date: July 2, 2024

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

By (Signature and Title) |  | /s/ David J. Lamb
|  | David J. Lamb
|  | Chief Administrative Officer
|  | (principal executive officer)

Date: July 2, 2024

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

Date: July 2, 2024