Edgar Filing: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY 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 811-21449

Nuveen Municipal High Income Opportunity Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2017

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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Table of Contents

Chairman’s Letter to Shareholders	4

Portfolio Managers’ Comments	5

Fund Leverage	9

Common Share Information	11

Risk Considerations	13

Performance Overview and Holding Summaries	14

Portfolios of Investments	20

Statement of Assets and Liabilities	120

Statement of Operations	121

Statement of Changes in Net Assets	122

Statement of Cash Flows	123

Financial Highlights	124

Notes to Financial Statements	130

Additional Fund Information	148

Glossary of Terms Used in this Report	149

Reinvest Automatically, Easily and Conveniently	151

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Chairman’s Letter to Shareholders

Dear Shareholders,

Whether politics or the economy will prevail over the financial markets this year has been a much-analyzed question. After the U.S. presidential election, stocks rallied to new all-time highs, bonds tumbled, and business and consumer sentiment grew pointedly optimistic. But, to what extent the White House can translate rhetoric into stronger economic and corporate earnings growth remains to be seen. Stock prices have experienced upward momentum driven by positive economic news and earnings growth, inflation is ticking higher and interest rates are higher amid the Federal Reserve (Fed) rate hikes.

The Trump administration’s early policy decisions have caused the markets to reassess their outlooks, cooling the stock market rally and stabilizing bond prices. The White House’s pro-growth agenda of tax reform, infrastructure spending and deregulation remains on the table, but there is growing recognition that it may look different than Wall Street had initially expected. Additionally, Brexit negotiations in the U.K. face new uncertainties in light of the reshuffling of Parliament following the June snap election.

Nevertheless, there is a case for optimism. The jobs recovery, firming wages, the housing market and confidence measures are supportive of continued expansion in the economy. The Fed enacted a series of interest rate hikes in December 2016, March 2017 and June 2017, a vote of confidence that its employment and inflation targets are generally on track. Economies outside the U.S. have strengthened in recent months, possibly heralding the beginnings of a global synchronized recovery. Furthermore, the populist/nationalist undercurrent that helped deliver President Trump’s win and triggered the U.K.’s Brexit remained in the minority during both March’s Dutch general election and May’s French presidential election, easing the political uncertainty surrounding Germany’s elections later this year.

In the meantime, the markets will be focused on economic sentiment surveys along with “hard” data such as consumer and business spending to gauge the economy’s progress. With the Fed now firmly in tightening mode, rate moves that are more aggressive than expected could spook the markets and potentially stifle economic growth. On the political economic front, President Trump’s other signature platform plank, protectionism, is arguably anti-growth. We expect some churning in the markets as these issues sort themselves out.

Market volatility readings have been remarkably low of late, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider
Chairman of the Board
June 23, 2017

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Portfolio Managers’ Comments

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

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC. Portfolio managers John V. Miller, CFA, Paul L. Brennan, CFA, and Scott R. Romans, PhD discuss key investment strategies and the six-month performance of these three national Funds.

On March 14, 2017, the Nuveen Fund Board approved the primary benchmark for NMZ from the S&P Municipal High Yield Index to the S&P Municipal Yield Index. The primary benchmark was changed to better reflect the Fund’s mandate in conjunction with how the Fund is being managed.

What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2017?

The overall municipal bond market sold off sharply in the first two months of the reporting period following the unexpected U.S. presidential election outcome and concerns that the Trump administration’s tax, regulatory, health care and infrastructure policy might have a negative impact on the demand for, as well as the performance of, municipal bonds. However, as the new administration’s term began, the municipal bond market partially recovered the earlier losses, supported by the market pricing in more realistic expectations about reforms and a better understanding of the limited impact it would have on the municipal market. For the reporting period overall, interest rates rose and credit spreads widened, which were headwinds for municipal bond performance, offsetting a generally positive fundamental backdrop. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.

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

NVG and NZF slightly increased their exposures to BBB rated bonds over the reporting period, as we found attractive opportunities to add lower rated bonds across a number of sectors. Purchases in NVG included several tax-supported credits, including land-secured bonds and tax-backed bonds issued for New Jersey and the Chicago Board of Education Capital Improvement. We also bought charter school credits and tobacco securitization bonds for NVG. NZF added to positions across many of the same sectors as NVG, including credits issued for airports, hospitals, toll roads, land-secured (which are bonds secured by real estate values), charter schools, tobacco securitization, and Illinois and Illinois-related sectors. Additionally, the market conditions during the report-

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

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

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

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

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Portfolio Managers’ Comments (continued)

ing period provided attractive opportunities for tax loss swaps. This strategy involves selling lower coupon bonds that were bought when interest rates were lower and using the proceeds to buy similarly structured bonds with higher coupons, to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities. Outside of these one-for-one bond swaps, elevated call activity provided most of the proceeds for NVG’s and NZF’s buying activity.

NMZ also saw a significant amount of call activity in this reporting period, which we reinvested across many of the longstanding investment themes in the portfolio. We continued to emphasize California-based bonds and the education sector, with purchases in a California Baptist University issue and a Chicago Board of Education Capital Improvement bond (which was also bought by NVG and NZF, as mentioned earlier in this commentary). NMZ also continued to hold an overweight allocation to land-secured credits, adding positions in Boggy Creek Improvement District in Florida, Miami World Center in Florida and Temecula Community Facilities in California. While call proceeds funded nearly all of the purchases during this reporting period, we also reinvested the proceeds from selling a position in Westchester County Hospital in New York due to a deteriorating credit outlook.

As of April 30, 2017, the Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement. As part of our duration management strategies, NVG continued to invest in forward interest rates swaps to help reduce price volatility risk due to movements in U.S. interest rates relative to the Fund’s benchmark. The interest rate swaps had a negligible impact on performance during this reporting period.

How did the Funds perform during the six-month reporting period ended April 30, 2017?

The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year, ten-year and since inception periods ended April 30, 2017. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index.

For the six months ended April 30, 2017, the total returns at NAV for all three of these Funds underperformed the return for the national S&P Municipal Bond Index. NVG and NZF trailed the return for the secondary benchmark (composed of 60% S&P Municipal Bond Investment Grade Index and 40% S&P Municipal Bond High Yield Index), and NMZ underperformed the return on the S&P Municipal Bond High Yield Index and the S&P Municipal Yield Index.

The main detractor from the Funds’ relative performance in this reporting period was duration and yield curve positioning. The Funds held longer durations than the benchmark indexes and heavier weightings in the longest duration segments (including meaningful exposure to zero coupon bonds in NVG and NZF), which were disadvantageous as the yield curve steepened and caused longer bonds to underperform shorter bonds.

The performance of NVG and NZF was also influenced by credit ratings allocations, sector positioning and security selection. The two Funds’ credit ratings allocations were beneficial to performance. NVG was aided by its allocations to single B rated bonds, primarily because of the outperformance of tobacco securitization bonds, although the Fund’s exposures to the single A and BBB rated categories detracted from performance. NZF had positive contributions to performance from its single B, BB and non-rated bonds. However, the two Funds’ sector positioning was unfavorable in this reporting period, with underperformance driven by some holdings in the public power sector. NVG and NZF had positions in South Carolina Public Service Authority/Santee Cooper bonds and Georgia Municipal Electric bonds, which suffered because of negative news concerning their nuclear power projects. However, the two Funds’ exposures to tobacco securitization and pre-refunded bonds, two of the best-performing sectors, added value. Tobacco securitization bonds were a standout performer in this reporting period as refunding activity reduced supply and created more favorable technical conditions for the sector, and the fundamental outlook for the sector improved after a report that cigarette

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smoking rates have declined less than forecasted. The pre-refunded sector was boosted by its short maturity, high credit quality profile, as these characteristics were more resilient in the municipal bond market’s post-election sell-off. Additionally, the Funds’ selection in Puerto Rico bonds aided relative performance. Although Puerto Rico credits in general performed poorly in this reporting period, our selections, all of which were insured bonds, fared relatively well.

NMZ, which is primarily compared to the S&P Municipal Bond High Yield Index, was also hurt by its duration and yield curve positioning in this reporting period. However, positive contributions to performance came from bonds with a combination of greater credit sensitivity and less interest rate sensitivity. For example, the Chicago Board of Education Capital Improvement bonds (discussed in the strategy section of this commentary) outperformed in this reporting period due to stabilization in the school system’s financial and legal status and some movement on school funding reform at the state level. Bonds that traded more on their fundamentals than on market conditions also performed well, such as the All Aboard Florida (AAF) Project, a high speed rail system targeted to connect Miami, Fort Lauderdale and Palm Beach. The credit offers a short duration and high coupon, which made it less subject to market fluctuations with an attractive source of income. Like NVG and NZF, tobacco securitization bonds were strong performers for NMZ. NMZ’s holdings in Golden State Tobacco Settlement and an Ohio Buckeye Tobacco Settlement issues contributed positively to performance. In addition, the use of regulatory leverage was an important factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.

An Update Involving Puerto Rico

As noted in the Funds’ previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds’ holdings and performance: Puerto Rico’s ongoing debt restructuring is one such case. Puerto Rico began warning investors in 2014 the island’s debt burden might prove to be unsustainable and the Commonwealth pursued various strategies to deal with this burden.

In June 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation established an independent Financial Oversight and Management Board charged with restructuring Puerto Rico’s financial operations and encouraging economic development. In addition to creating an oversight board, PROMESA also provides a legal framework and court-supervised debt restructuring process that enables Puerto Rico to adjust its debt obligations. In March 2017, the oversight board certified a ten-year fiscal plan projecting revenues, expenditures and a primary fiscal surplus available for debt service over the plan horizon. The fiscal plan was considered quite detrimental to creditors, identifying available resources to pay only about 24% of debt service due over the ten year term. In May 2017 (subsequent to the close of this reporting period), the oversight board initiated a bankruptcy-like process for the general government, general obligation debt, the Puerto Rico Sales Tax Financing Corporation (COFINA), the Highways and Transportation Authority (HTA), and the Employee Retirement System. Officials have indicated more public corporations could follow. As of June 2017 Puerto Rico has defaulted on many of its debt obligations, including General Obligation bonds.

In terms of Puerto Rico holdings, shareholders should note that, as of the end of this reporting period, NVG and NZF had limited exposure, which was either insured or investment grade, to Puerto Rico debt, 0.38% and 0.23%, respectively, and NMZ did not hold any Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently in default and rated Caa3/D/D by Moody’s, S&P and Fitch, respectively, with negative outlooks.

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Portfolio Managers’ Comments (continued)

A Note About Investment Valuations

The municipal securities held by the Funds are valued by the Funds’ pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund’s portfolio in its entirety. Thus, the current net asset value of a Fund’s shares may be impacted, higher or lower, if the Fund were to change its pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Funds’ current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but they announced in March 2017, that they anticipate doing so sometime in the ensuing several months. Such changes could have an impact on the net asset value of the Fund’s shares.

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Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

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

As of April 30, 2017, the Funds’ percentages of leverage are as shown in the accompanying table.

	NVG	NZF	NMZ
Effective Leverage*	38.79%	37.68%	34.37%
Regulatory Leverage*	34.02%	35.47%	10.11%

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.

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Fund Leverage (continued)

THE FUNDS’ REGULATORY LEVERAGE

As of April 30, 2017, the Funds have issued and outstanding Institutional MuniFund Term Preferred (iMTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.

	iMTP Shares				VMTP Shares				VRDP Shares
Fund		Series		Shares Issued at Liquidation Preference		Series		Shares Issued at Liquidation Preference		Series		Shares Issued at Liquidation Preference		Total
NVG		—		—		2018	$	240,400,000		1	$	179,000,000
		—		—		—		—		2		385,400,000
		—		—		—		—		4		180,000,000
		—		—		—		—		5		340,500,000
		—		—		—		—		6		326,700,000
			$	—			$	240,400,000			$	1,411,600,000	$	1,652,000,000
NZF		2017		150,000,000		2019		336,000,000		1		268,800,000
		—		—		—		—		2		262,200,000
		—		—		—		—		3		196,000,000
			$	150,000,000			$	336,000,000			$	727,000,000	$	1,213,000,000

NMZ		—	$	—		2018	$	87,000,000		—		—	$	87,000,000

During the current reporting period, NVG refinanced all of its outstanding Series 3 VRDP Shares with the issuance of new Series 5 and Series 6 VRDP Shares.

Refer to Notes to Financial Statements, Note 4 — Fund Shares, Preferred Shares for further details on iMTP, VMTP and VRDP Shares and each Fund’s respective transactions.

Subsequent to the close of the current reporting period, NZF issued $150,000,000 Series A MuniFund Preferred (MFP) Shares at liquidation preference. The Fund used the net proceeds from the sale of MFP Shares to redeem all of its outstanding Series 2017 iMTP Shares.

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Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of April 30, 2017. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.

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

	Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)		NVG			NZF			NMZ
November 2016	$	0.0760		$	0.0760		$	0.0695
December		0.0725			0.0740			0.0675
January		0.0725			0.0740			0.0675
February		0.0725			0.0740			0.0675
March		0.0725			0.0740			0.0675
April 2017		0.0725			0.0740			0.0675
Total Monthly Per Share Distributions	$	0.4385		$	0.4460		$	0.4070
Ordinary Income Distribution*	$	0.0011		$	0.0020		$	0.0053
Total Distributions from Net Investment Income	$	0.4396		$	0.4480		$	0.4123
Total Distributions from Long-Term Capital Gains*	$	0.0292		$	0.0018		$	—
Total Distributions	$	0.4688		$	0.4498		$	0.4123

Yields
Market Yield**		5.87	%		6.04	%		6.13	%
Taxable-Equivalent Yield**		8.15	%		8.39	%		8.51	%

*	Distribution paid in December 2016.

**	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 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.

Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

As of April 30, 2017, all the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.

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

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Common Share Information (continued)

COMMON SHARE EQUITY SHELF PROGRAMS

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

	NMZ
Additional authorized common shares	13,200,000

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

	NMZ
Common shares sold through Shelf Offering	1,473,161
Weighted average premium to NAV per common share sold	1.21	%

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

COMMON SHARE REPURCHASES

During August 2016, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of April 30, 2017, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

	NVG	NZF	NMZ
Common shares cumulatively repurchased and retired	202,500	47,500	0
Common shares authorized for repurchase	20,255,000	14,215,000	5,745,000

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

OTHER COMMON SHARE INFORMATION

As of April 30, 2017, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

		NVG			NZF			NMZ
Common share NAV	$	15.82		$	15.53		$	13.09
Common share price	$	14.83		$	14.71		$	13.22
Premium/(Discount) to NAV		(6.26	)%		(5.28	)%		0.99	%
6-month average premium/(discount) to NAV		(7.31	)%		(6.96	)%		0.45	%

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Risk Considerations

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

Nuveen AMT-Free Municipal Credit Income Fund (NVG)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NVG.

Nuveen Municipal Credit Income Fund (NZF)

Nuveen Municipal High Income Opportunity Fund (NMZ)

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NVG
	Nuveen AMT-Free Municipal Credit Income Fund
	Performance Overview and Holding Summaries as of April 30, 2017

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

Average Annual Total Returns as of April 30, 2017

	Cumulative	Average Annual
	6-Month	1-Year	5-Year	10-Year
NVG at Common Share NAV	(2.02)%	(0.28)%	5.56%	5.90%
NVG at Common Share Price	1.77%	1.80%	5.58%	5.75%
S&P Municipal Bond Index	(0.41)%	0.57%	3.33%	4.29%
NVG Custom Blended Fund Performance Benchmark	(0.21)%	2.42%	3.74%	4.50%

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

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

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	156.2%
Corporate Bonds	0.0%
Other Assets Less Liabilities	2.0%
Net Assets Plus Floating Rate Obligations, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs	158.2%
Floating Rate Obligations	(6.8)%
VMTP Shares, net of deferred offering costs	(7.5)%
VRDP Shares, net of deferred offering costs	(43.9)%
Net Assets	100%

Portfolio Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed	13.9%
AA	15.1%
A	27.5%
BBB	21.7%
BB or Lower	16.4%
N/R (not rated)	5.4%
Total	100%

Portfolio Composition
(% of total investments)
Health Care	19.8%
Tax Obligation/Limited	16.7%
Transportation	13.4%
U.S. Guaranteed	11.1%
Education and Civic Organizations	8.4%
Tax Obligation/General	8.3%
Consumer Staples	7.5%
Utilities	7.2%
Other	7.6%
Total	100%

States and Territories
(% of total municipal bonds)
Illinois	14.7%
California	12.3%
Texas	8.0%
Ohio	6.0%
Colorado	5.4%
Jew Jersey	4.9%
Florida	4.7%
Pennsylvania	4.0%
New York	3.6%
Indiana	2.7%
Washington	2.2%
Arizona	2.1%
Iowa	2.0%
Georgia	2.0%
Michigan	1.9%
South Carolina	1.8%
Massachusetts	1.8%
Other	19.9%
Total	100%

NUVEEN

NZF
	Nuveen Municipal Credit Income Fund
	Performance Overview and Holding Summaries as of April 30, 2017

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

Average Annual Total Returns as of April 30, 2017

	Cumulative	Average Annual
	6-Month	1-Year	5-Year	10-Year
NZF at Common Share NAV	(2.11)%	(0.65)%	5.47%	6.07%
NZF at Common Share Price	2.41%	1.92%	4.99%	5.62%
S&P Municipal Bond Index	(0.41)%	0.57%	3.33%	4.29%
NZF Custom Blended Fund Performance Benchmark	(0.21)%	2.42%	3.74%	4.50%

NUVEEN

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	154.5%
Corporate Bonds	0.0%
Investment Companies	0.2%
Short-Term Municipal Bonds	0.1%
Other Assets Less Liabilities	2.7%
Net Assets Plus Floating Rate Obligations, iMTP Shares, net of deferred offering costs, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs	157.5%
Floating Rate Obligations	(2.8)%
iMTP Shares, net of deferred offering costs	(6.8)%
VMTP Shares, net of deferred offering costs	(15.2)%
VRDP Shares, net of deferred offering costs	(32.7)%
Net Assets	100%

Portfolio Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed	11.9%
AA	13.1%
A	25.4%
BBB	22.9%
BB or Lower	18.7%
N/R (not rated)	7.9%
N/A (not applicable)	0.1%
Total	100%

Portfolio Composition
(% of total investments)
Tax Obligation/Limited	15.6%
Transportation	14.1%
Health Care	14.1%
Tax Obligation/General	13.5%
U.S. Guaranteed	10.9%
Consumer Staples	8.4%
Utilities	7.6%
Other	15.8%
Total	100%

States and Territories
(% of total municipal bonds)
Illinois	17.1%
California	13.3%
Texas	10.2%
New York	9.1%
Ohio	5.6%
Colorado	4.4%
Florida	3.6%
Indiana	3.4%
Pennsylvania	2.9%
New Jersey	2.8%
Nevada	2.7%
Arizona	2.1%
Massachusetts	2.0%
Michigan	1.9%
Other	18.9%
Total	100%

NUVEEN

NMZ
	Nuveen Municipal High Income Opportunity Fund
	Performance Overview and Holding Summaries as of April 30, 2017

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

Average Annual Total Returns as of April 30, 2017

	Cumulative	Average Annual
	6-Month	1-Year	5-Year	10-Year
NMZ at Common Share NAV	(1.22)%	0.41%	7.47%	5.82%
NMZ at Common Share Price	2.46%	(0.38)%	7.20%	4.47%
S&P Municipal Yield Index	0.11%	3.95%	5.55%	4.68%
S&P Municipal Bond High Yield Index	0.15%	5.89%	6.22%	4.79%
S&P Municipal Bond Index	(0.41)%	0.57%	3.33%	4.29%

NUVEEN

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	122.9%
Common Stocks	1.3%
Corporate Bonds	1.3%
Short-Term Municipal Bonds	0.4%
Other Assets Less Liabilities	5.3%
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs	131.2%
Floating Rate Obligations	(20.0)%
VMTP Shares, net of deferred offering costs	(11.2)%
Net Assets	100%

Portfolio Credit Quality
(% of total investment exposure)
AAA/U.S. Guaranteed	9.9%
AA	19.4%
A	14.2%
BBB	9.5%
BB or Lower	18.9%
N/R (not rated)	27.2%
N/A (not applicable)	0.9%
Total	100%

Portfolio Composition
(% of total investments)
Tax Obligation/Limited	25.0%
Health Care	13.7%
Education and Civic Organizations	11.9%
U.S. Guaranteed	7.5%
Tax Obligation/General	7.5%
Consumer Staples	7.2%
Industrials	5.9%
Transportation	5.7%
Other	15.6%
Total	100%

States and Territories
(% of total municipal bonds)
California	13.4%
Florida	12.6%
Illinois	11.2%
New York	8.9%
Colorado	7.4%
Texas	5.4%
Ohio	5.1%
New Jersey	3.2%
Arizona	3.2%
Tennessee	2.9%
Louisiana	2.7%
Pennsylvania	2.3%
Indiana	2.0%
Other	19.7%
Total	100%

NUVEEN

NVG
	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		LONG-TERM INVESTMENTS – 156.2% (100.0% of Total Investments)
		MUNICIPAL BONDS – 156.2% (100.0% of Total Investments)
		Alabama – 1.8% (1.2% of Total Investments)
$	3,645	Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A, 6.000%, 9/01/45	9/25 at 100.00	N/R	$	3,670,770
	35,355	Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46	No Opt. Call	A3		42,394,181
	8,100	Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015, 5.875%, 4/15/45	4/25 at 100.00	N/R		8,115,066
		Opelika Utilities Board, Alabama, Utility Revenue Bonds, Series 2011B:
	1,250	4.000%, 6/01/29 – AGM Insured	6/21 at 100.00	Aa3		1,297,325
	1,000	4.250%, 6/01/31 – AGM Insured	6/21 at 100.00	Aa3		1,042,290
		The Improvement District of the City of Mobile – McGowin Park Project, Alabama, Sales Tax Revenue Bonds, Series 2016A:
	1,000	5.250%, 8/01/30	8/26 at 100.00	N/R		1,024,170
	1,300	5.500%, 8/01/35	8/26 at 100.00	N/R		1,318,954
	51,650	Total Alabama				58,862,756
		Alaska – 0.6% (0.4% of Total Investments)
		Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
	7,010	5.000%, 6/01/32	7/17 at 100.00	B3		6,818,557
	13,965	5.000%, 6/01/46	7/17 at 100.00	B3		13,382,380
	20,975	Total Alaska				20,200,937
		Arizona – 3.3% (2.1% of Total Investments)
	4,230	Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30	3/22 at 100.00	A–		4,493,614
	1,485	Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Refunding Series 2014A, 4.000%, 12/01/39	12/24 at 100.00	A2		1,519,155
	10,000	Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/31	7/22 at 100.00	A		10,787,400
	3,000	Arizona State, Certificates of Participation, Department of Administration Series 2010B, 5.000%, 10/01/29 – AGC Insured	4/20 at 100.00	Aa3		3,272,760
		Arizona State, Certificates of Participation, Series 2010A:
	1,200	5.250%, 10/01/28 – AGM Insured	10/19 at 100.00	Aa3		1,309,308
	1,500	5.000%, 10/01/29 – AGM Insured	10/19 at 100.00	Aa3		1,625,850
	7,070	Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured	1/20 at 100.00	A1		7,741,721
	3,390	Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A, 7.000%, 7/01/41	7/27 at 100.00	N/R		3,430,104
	1,190	Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32 (Pre-refunded 7/01/17)	7/17 at 100.00	A3 (4)		1,199,080
		Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2002:
	630	5.250%, 7/01/17 – FGIC Insured (ETM)	No Opt. Call	AA– (4)		634,920
	150	5.250%, 7/01/17 – FGIC Insured (ETM)	No Opt. Call	AA– (4)		151,169
	220	Mesa, Arizona, Utility System Revenue Bonds, Refunding Series 2002, 5.250%, 7/01/17 – FGIC Insured	No Opt. Call	AA–		221,701
	5,200	Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF2216, 12.529%, 7/01/31 (Pre-refunded 7/01/17) – AGM Insured (IF)	7/17 at 100.00	AA– (4)		5,324,176
	2,750	Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF2217, 12.529%, 7/01/31 (Pre-refunded 7/01/17) – AGM Insured (IF)	7/17 at 100.00	AA– (4)		2,815,670

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Arizona (continued)
$	7,780	Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40	7/20 at 100.00	A+	$	8,466,818
	2,350	Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/33	7/18 at 100.00	AA–		2,448,771
		Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B:
	6,000	5.500%, 7/01/37 – FGIC Insured	No Opt. Call	AA		7,495,980
	8,755	5.500%, 7/01/39 – FGIC Insured	No Opt. Call	AA		11,032,351
		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A:
	620	5.000%, 7/01/35	7/25 at 100.00	BB		630,168
	1,025	5.000%, 7/01/46	7/25 at 100.00	BB		1,032,831
	2,065	Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, Deer Valley Veterans Assisted Living Project, Series 2016A, 5.125%, 7/01/36	7/24 at 101.00	N/R		1,962,060
		Pima County Industrial Development Authority, Arizona, Education Facility Revenue and Refunding Bonds, Edkey Charter Schools Project, Series 2013:
	490	6.000%, 7/01/33	7/20 at 102.00	BB		443,524
	500	6.000%, 7/01/43	7/20 at 102.00	BB		427,830
	300	6.000%, 7/01/48	7/20 at 102.00	BB		252,741
	1,375	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2014A, 7.375%, 7/01/49	7/20 at 102.00	BB		1,357,455
		Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016:
	1,130	5.250%, 7/01/36	7/26 at 100.00	BB		994,321
	1,850	5.375%, 7/01/46	7/26 at 100.00	BB		1,589,872
	2,135	5.500%, 7/01/51	7/26 at 100.00	BB		1,830,357
	885	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48	2/24 at 100.00	N/R		896,434
	105	Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster Schools ? Pima Project, Series 2014A, 7.250%, 7/01/39	7/20 at 102.00	BB		103,512
	1,000	Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40	10/20 at 100.00	A–		1,092,120
		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007:
	7,930	5.000%, 12/01/32	No Opt. Call	BBB+		9,163,274
	5,215	5.000%, 12/01/37	No Opt. Call	BBB+		6,111,250
	800	The Industrial Development Authority of the County of Maricopa, Arizona, Education Revenue Bonds, Reid Traditional School Projects, Series 2016, 5.000%, 7/01/47	7/26 at 100.00	Baa3		828,072
	2,000	Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33	8/23 at 100.00	Baa1		2,191,540
	96,325	Total Arizona				104,877,909
		Arkansas – 0.2% (0.1% of Total Investments)
		Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer Research Center Project, Series 2006:
	2,500	0.000%, 7/01/36 – AMBAC Insured	No Opt. Call	Aa2		1,121,400
	20,460	0.000%, 7/01/46 – AMBAC Insured	No Opt. Call	Aa2		5,482,666
	22,960	Total Arkansas				6,604,066
		California – 19.3% (12.3% of Total Investments)
	45	Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured	No Opt. Call	Baa2		42,156
	2,120	Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured (ETM)	No Opt. Call	Aaa		2,030,366

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		California (continued)
$	6,135	Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured	No Opt. Call	AA	$	3,938,179
	12,550	Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured	No Opt. Call	A2		5,756,309
	4,100	Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41	3/26 at 100.00	Ba3		3,947,726
	5,000	Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38	4/23 at 100.00	A1		5,634,450
		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
	3,275	5.450%, 6/01/28	12/18 at 100.00	B3		3,323,044
	2,975	5.650%, 6/01/41	12/18 at 100.00	B2		3,028,223
	10,040	California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2007, 5.000%, 3/15/39 (UB) (5)	No Opt. Call	AAA		12,775,599
	25,085	California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2014U-6, 5.000%, 5/01/45 (UB) (5)	No Opt. Call	AAA		32,676,724
	13,465	California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2016U-7, 5.000%, 6/01/46 (UB) (5)	No Opt. Call	AAA		17,603,737
	20,000	California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2017A-2, 4.000%, 11/01/44 (WI/DD, Settling 5/03/17)	11/27 at 100.00	A+		20,188,000
	10,000	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51	8/22 at 100.00	AA–		11,003,200
	1,600	California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37	7/23 at 100.00	AA–		1,791,536
	6,665	California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Series 2015A, 5.000%, 8/15/54 (UB) (5)	8/25 at 100.00	AA–		7,353,561
		California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049:
	1,650	8.498%, 8/15/51 (IF) (5)	8/22 at 100.00	AA–		1,962,411
	4,075	8.498%, 8/15/51 (IF) (5)	8/22 at 100.00	AA–		4,846,561
	1,555	8.492%, 8/15/51 (IF) (5)	8/22 at 100.00	AA–		1,849,159
	5,000	California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 5.000%, 8/15/52	8/23 at 100.00	AA–		5,417,300
		California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A:
	3,065	5.000%, 7/01/31	7/26 at 100.00	BB		3,192,994
	1,000	5.000%, 7/01/36	7/26 at 100.00	BB		1,021,340
	555	5.000%, 7/01/41	7/26 at 100.00	BB		562,298
	195	5.000%, 7/01/46	7/26 at 100.00	BB		197,024
		California Municipal Finance Authority, Education Revenue Bonds, American Heritage Foundation Project, Series 2016A:
	260	5.000%, 6/01/36	6/26 at 100.00	BBB–		276,034
	435	5.000%, 6/01/46	6/26 at 100.00	BBB–		456,454
	2,335	California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40	7/20 at 100.00	Baa2		2,539,803
	4,500	California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012, 5.000%, 11/21/45	7/17 at 100.00	Baa3		4,516,830
	2,050	California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 5.000%, 10/15/47	10/26 at 100.00	BBB–		2,185,198
	735	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	N/R		728,517
	715	California School Finance Authority, Charter School Revenue Bonds, Rocketship Education – Obligated Group, Series 2016A, 5.000%, 6/01/36	6/25 at 100.00	N/R		718,075

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		California (continued)
$	895	California School Finance Authority, Charter School Revenue Bonds, Rocketship Education ? Obligated Group, Series 2017A, 5.125%, 6/01/47	6/26 at 100.00	N/R	$	898,643
	80	California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured	7/17 at 100.00	AA–		80,258
	5	California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured	7/17 at 100.00	AA–		5,016
		California State, General Obligation Bonds, Various Purpose Series 2007:
	9,730	5.000%, 6/01/37 (Pre-refunded 6/01/17)	6/17 at 100.00	AA+ (4)		9,768,044
	6,270	5.000%, 6/01/37 (Pre-refunded 6/01/17)	6/17 at 100.00	AA+ (4)		6,294,516
		California State, General Obligation Bonds, Various Purpose Series 2010:
	3,500	5.250%, 3/01/30	3/20 at 100.00	AA–		3,883,215
	10,000	5.500%, 11/01/35	11/20 at 100.00	AA–		11,365,600
	12,710	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.500%, 12/01/54	12/24 at 100.00	BB		13,748,280
	66,105	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	BB		71,086,012
	4,000	California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 4.000%, 7/01/39	7/24 at 100.00	A–		3,993,960
	7,000	California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42	8/20 at 100.00	AA–		7,944,090
	1,000	California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47	8/17 at 100.00	Baa2		1,008,440
		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
	1,535	5.750%, 7/01/30 (6)	7/17 at 100.00	CCC		1,485,327
	4,430	5.500%, 7/01/35 (6)	7/17 at 100.00	CCC		4,190,957
	3,600	California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured	7/18 at 100.00	AA– (4)		3,805,740
	5,000	Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)	No Opt. Call	A3 (4)		4,174,050
	3,400	Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured	No Opt. Call	A2		1,791,494
	14,345	Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured	No Opt. Call	AA		5,506,328
		El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A:
	2,615	0.000%, 8/01/31 – AGM Insured (7)	8/28 at 100.00	A2		2,376,224
	3,600	0.000%, 8/01/34 – AGM Insured (7)	8/28 at 100.00	A2		3,224,988
		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A:
	3,960	0.000%, 1/15/34 – AGM Insured	No Opt. Call	BBB–		1,983,960
	5,000	0.000%, 1/15/35 – AGM Insured	No Opt. Call	BBB–		2,379,950
		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
	910	6.850%, 1/15/42	1/31 at 100.00	Ba1		752,452
	3,610	5.750%, 1/15/46	1/24 at 100.00	Ba1		4,137,818
	6,610	6.000%, 1/15/49	1/24 at 100.00	Ba1		7,593,700
	2,425	Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured	9/17 at 100.00	A		2,456,234
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	26,455	5.000%, 6/01/33	6/17 at 100.00	B3		26,600,503
	8,830	5.750%, 6/01/47	6/17 at 100.00	B3		8,850,574
	8,565	5.125%, 6/01/47	6/17 at 100.00	B–		8,564,400

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		California (continued)
$	550	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 (Pre-refunded 6/01/17)	6/17 at 100.00	N/R (4)	$	552,469
	2,850	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27 (Pre-refunded 6/01/17)	6/17 at 100.00	N/R (4)		2,859,548
		Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006:
	5,600	0.000%, 11/01/24 – AGM Insured	No Opt. Call	AA		4,709,936
	5,795	0.000%, 11/01/25 – AGM Insured	No Opt. Call	AA		4,677,608
	1,195	Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured	9/21 at 100.00	AA		1,291,425
	7,575	Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7)	8/35 at 100.00	AA		5,607,318
	3,300	M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39	No Opt. Call	BBB+		4,596,240
		Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A:
	5,905	0.000%, 8/01/26 – AGC Insured	No Opt. Call	Aa3		4,578,678
	2,220	0.000%, 8/01/28 – AGC Insured	No Opt. Call	Aa3		1,562,347
	2,735	Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM)	7/17 at 100.00	AA– (4)		2,888,981
	4,000	Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia Village, Series 2015A, 4.250%, 8/15/38	8/25 at 100.00	N/R		4,098,240
	5,000	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30	11/20 at 100.00	Ba1		5,399,350
	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	A2		2,884,594
	7,875	Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured (7)	8/29 at 100.00	A2		9,188,865
	9,145	Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/30 – AMBAC Insured	No Opt. Call	A		5,525,409
	4,150	Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Refunding Series 2011, 6.000%, 10/01/28 – AGM Insured	10/25 at 100.00	A2		4,871,146
	6,000	Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 – AGM Insured	7/17 at 100.00	A2		6,019,980
	670	Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48	6/23 at 100.00	BBB–		750,393
		San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015:
	495	5.000%, 9/01/40	9/25 at 100.00	N/R		529,066
	920	5.000%, 9/01/46	9/25 at 100.00	N/R		977,951
	1,830	San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 17.423%, 8/01/39 (Pre-refunded 8/01/19) (IF)	8/19 at 100.00	AA– (4)		2,561,634
	4,000	San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43	5/23 at 100.00	A+		4,399,880
	66,685	San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM)	No Opt. Call	AA+ (4)		63,444,776
		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:
	2,680	5.000%, 1/15/44	1/25 at 100.00	BBB–		2,926,828
	8,275	5.000%, 1/15/50	1/25 at 100.00	BBB–		9,010,979
	7,210	San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured	No Opt. Call	BBB–		6,012,203

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		California (continued)
$	37,040	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured	8/17 at 100.00	A3	$	37,260,758
	4,175	San Mateo County Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 – NPFG Insured	No Opt. Call	AAA		2,735,836
	4,325	San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/34 – AGM Insured	No Opt. Call	AA		2,198,268
	5,690	San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/42	No Opt. Call	A1		1,679,176
	5,625	Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24	No Opt. Call	A3		6,881,456
	5,625	Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 (ETM)	No Opt. Call	A3 (4)		6,862,388
	3,500	Saugus Union School District, Los Angeles County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/23 – FGIC Insured	No Opt. Call	AA–		3,075,695
	4,495	Stockton-East Water District, California, Certificates of Participation, Refunding Series 2002B, 0.000%, 4/01/28 – FGIC Insured	7/17 at 100.00	A3		2,328,725
	610	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	N/R		618,186
		Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
	1,220	4.750%, 6/01/23	7/17 at 100.00	B+		1,223,148
	1,500	5.500%, 6/01/45	7/17 at 100.00	B–		1,476,090
		Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A:
	1,240	4.750%, 6/01/25	7/17 at 100.00	BBB		1,251,383
	5,865	5.125%, 6/01/46	7/17 at 100.00	B2		5,864,648
	628,635	Total California				616,895,182
		Colorado – 8.4% (5.4% of Total Investments)
		Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006:
	750	5.250%, 10/01/32 – SYNCORA GTY Insured	7/17 at 100.00	BBB–		751,403
	1,080	5.250%, 10/01/40 – SYNCORA GTY Insured	7/17 at 100.00	BBB–		1,081,782
		Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A:
	890	5.500%, 12/01/36	12/21 at 103.00	N/R		902,469
	1,175	5.750%, 12/01/46	12/21 at 103.00	N/R		1,194,952
	1,100	Belleview Station Metropolitan District 2, Denver City and County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax Refunding & Improvement Series 2017, 5.000%, 12/01/36	12/21 at 103.00	N/R		1,122,033
		Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017:
	1,140	5.000%, 12/01/37	12/22 at 103.00	N/R		1,150,591
	5,265	5.000%, 12/01/47	12/22 at 103.00	N/R		5,277,215
	195	Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43	12/23 at 100.00	BB		199,319
	1,180	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46	8/26 at 100.00	A		1,073,682
	1,165	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, The Classical Academy Project, Refunding Series 2015A, 5.000%, 12/01/38	12/24 at 100.00	A		1,249,264
	7,430	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Vanguard School Project, Refunding & Improvement Series 2016, 3.750%, 6/15/47	6/26 at 100.00	A		6,776,309
	1,750	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, 3.250%, 6/01/46	6/26 at 100.00	A		1,492,190

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Colorado (continued)
		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A:
$	1,500	5.000%, 9/01/36	7/17 at 100.00	BBB+	$	1,504,215
	3,480	4.500%, 9/01/38	7/17 at 100.00	BBB+		3,488,074
	3,000	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41	2/21 at 100.00	BBB+		3,070,920
	11,520	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45	1/23 at 100.00	BBB+		12,029,875
		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities Inc., Refunding Series 2012B:
	1,640	5.000%, 12/01/22	No Opt. Call	BBB+		1,858,317
	2,895	5.000%, 12/01/23	12/22 at 100.00	BBB+		3,246,453
	4,200	5.000%, 12/01/24	12/22 at 100.00	BBB+		4,663,932
		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A:
	1,410	5.000%, 6/01/32	6/25 at 100.00	Baa2		1,505,598
	2,000	5.000%, 6/01/33	6/25 at 100.00	Baa2		2,127,060
	5,855	5.000%, 6/01/40	6/25 at 100.00	Baa2		6,132,351
	5,145	5.000%, 6/01/45	6/25 at 100.00	Baa2		5,363,714
		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013:
	690	5.500%, 6/01/33	6/23 at 100.00	Baa2		745,048
	720	5.625%, 6/01/43	6/23 at 100.00	Baa2		762,314
	2,035	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A, 5.250%, 5/15/47	5/27 at 100.00	BB+		2,129,241
	1,000	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured	9/18 at 102.00	Aa3		1,053,450
	11,830	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40	1/20 at 100.00	AA–		12,640,947
	500	Copperleaf Metropolitan District 2, Arapahoe County, Colorado, General Obligation Bonds, Refunding Limited Tax Convertible to Unlimited Tax Series 2015, 5.750%, 12/01/45	12/20 at 103.00	N/R		518,630
	500	Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2006, 5.250%, 12/01/30	12/20 at 103.00	N/R		519,435
	1,480	Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A , 5.250%, 12/01/47	12/22 at 103.00	N/R		1,494,622
	1,275	Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2017B , 5.250%, 12/01/47	12/22 at 103.00	N/R		1,273,011
	500	Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016, 5.250%, 12/01/40	12/25 at 100.00	N/R		502,005
	10,640	Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43	11/23 at 100.00	A		11,763,052
	1,070	Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/40	12/26 at 100.00	BBB–		1,175,074
	11,700	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41	No Opt. Call	BBB+		3,892,824
		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
	35,995	0.000%, 9/01/23 – NPFG Insured	No Opt. Call	BBB+		29,984,555
	6,525	0.000%, 9/01/26 – NPFG Insured	No Opt. Call	BBB+		4,764,294
		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
	17,030	0.000%, 9/01/25 – NPFG Insured	No Opt. Call	BBB+		12,987,589
	9,915	0.000%, 9/01/32 – NPFG Insured	No Opt. Call	BBB+		5,461,479
	43,090	0.000%, 9/01/33 – NPFG Insured	No Opt. Call	BBB+		22,611,908

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Colorado (continued)
		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
$	20,000	0.000%, 9/01/27 – NPFG Insured	No Opt. Call	BBB+	$	13,948,400
	1,150	0.000%, 9/01/28 – NPFG Insured	No Opt. Call	BBB+		767,982
	7,000	0.000%, 9/01/34 – NPFG Insured	No Opt. Call	BBB+		3,483,480
	500	Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45	12/20 at 103.00	N/R		504,445
	500	Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation Limited Tax Bonds, Series 2016, 5.125%, 12/01/46	12/21 at 103.00	N/R		485,525
	590	Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 6.000%, 12/01/38	12/24 at 100.00	N/R		603,930
	825	Forest Trace Metropolitan District 3, Aurora City, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016A, 5.000%, 12/01/46	12/21 at 103.00	N/R		792,239
	1,355	Great Western Park Metropolitan District 2, Broomfield City and County, Colorado, General Obligation Bonds, Series 2016A, 5.000%, 12/01/46	12/21 at 100.00	N/R		1,321,816
	750	Green Gables Metropolitan District No. 1, Jefferson County, Colorado, General Obligation Bonds, Series 2016A, 5.300%, 12/01/46	12/21 at 103.00	N/R		752,760
	3,740	Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue Bonds, Refunding Series 2015, 5.500%, 12/01/45	12/20 at 103.00	N/R		3,643,620
		Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A:
	2,325	5.250%, 12/01/36	12/21 at 103.00	N/R		2,093,360
	8,955	5.375%, 12/01/46	12/21 at 103.00	N/R		7,980,606
		Lambertson Farms Metropolitan District 1, Colorado, Revenue Bonds, Refunding & Improvement Series 2015:
	1,005	5.750%, 12/15/46	12/23 at 100.00	N/R		1,003,503
	5,355	6.000%, 12/15/50	12/23 at 100.00	N/R		5,331,492
	980	Leyden Rock Metropolitan District No. 10, In the City of Arvada, Colorado, Limited Tax General Obligation Bonds, Refunding and Improvement Series 20016A, 5.000%, 12/01/45	12/21 at 103.00	N/R		963,840
	500	Littleton Village Metropolitan District No. 2, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2015, 5.375%, 12/01/45	12/20 at 103.00	N/R		492,860
	860	Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Refunding Series 2016, 5.000%, 12/01/35	12/25 at 100.00	N/R		864,386
	6,345	North Range Metropolitan District 1, Adams County, Colorado, General Obligation Bonds, Series 2016B, 3.500%, 12/01/45	12/25 at 100.00	Baa1		5,657,329
	585	Overlook Metropolitan District in the Town of Parker, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2016A, 5.500%, 12/01/46	12/21 at 103.00	N/R		541,201
		Park 70 Metropolitan District, City of Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Series 2016:
	660	5.000%, 12/01/36	12/26 at 100.00	Baa3		700,861
	1,060	5.000%, 12/01/46	12/26 at 100.00	Baa3		1,115,226
	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	BBB		706,820
	880	Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured	12/20 at 100.00	A2 (4)		1,029,468
	5,435	Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured	12/20 at 100.00	AA		5,783,275
	1,180	Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31	6/20 at 100.00	A		1,300,478
		Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:
	6,500	6.500%, 1/15/30	7/20 at 100.00	Baa3		7,305,350
	3,750	6.000%, 1/15/41	7/20 at 100.00	Baa3		4,143,563
	1,280	Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46	12/21 at 103.00	N/R		1,291,955

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Colorado (continued)
$	930	SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/46	12/21 at 103.00	N/R	$	930,539
		Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported Revenue Bonds, Senior Series 2015A:
	500	5.500%, 12/01/35	12/20 at 103.00	N/R		494,810
	1,000	5.750%, 12/01/45	12/20 at 103.00	N/R		995,070
	500	Table Mountain Metropolitan District, Jefferson County, Colorado, Limited Tax General Obligation Bonds, Series 2016A, 5.250%, 12/01/45	12/21 at 103.00	N/R		506,760
	8,500	University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42	11/22 at 100.00	AA–		9,449,875
	318,415	Total Colorado				268,528,020
		Connecticut – 0.5% (0.3% of Total Investments)
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc. Project, Series 2016A:
	590	5.000%, 9/01/46	9/26 at 100.00	BB		567,834
	740	5.000%, 9/01/53	9/26 at 100.00	BB		700,906
	10,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L, 4.125%, 7/01/41	7/25 at 100.00	A–		10,260,400
	3,250	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39 (Pre-refunded 7/01/20)	7/20 at 100.00	Aa3 (4)		3,634,638
	14,580	Total Connecticut				15,163,778
		Delaware – 0.1% (0.1% of Total Investments)
	2,615	Delaware Economic Development Authority, Exempt Facility Revenue Bonds, Indian River Power LLC Project, Series 2010, 5.375%, 10/01/45	10/20 at 100.00	Baa3		2,718,319
	225	Delaware Economic Development Authority, Revenue Bonds, Newark Charter School, Refunding Series 2016A, 5.000%, 9/01/36	9/26 at 100.00	BBB		234,572
	2,840	Total Delaware				2,952,891
		District of Columbia – 1.2% (0.7% of Total Investments)
	3,780	District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45	10/22 at 100.00	BB+		3,370,702
	7,310	District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33	No Opt. Call	BBB		8,247,361
	181,000	District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46	7/17 at 16.847	N/R		25,372,580
	192,090	Total District of Columbia				36,990,643
		Florida – 7.3% (4.7% of Total Investments)
	990	Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Series 2016, 4.700%, 5/01/36	5/26 at 100.00	N/R		936,055
	19,000	Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured	10/21 at 100.00	A		21,258,910
		Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, Series 2017A:
	1,065	5.375%, 7/01/37	7/27 at 100.00	BB		1,059,728
	1,470	5.500%, 7/01/47	7/27 at 100.00	BB		1,466,325
	4,670	City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41	9/25 at 100.00	AA–		5,165,627
	1,025	Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26	No Opt. Call	A		1,147,416
	5,110	Clay County, Florida, Utility System Revenue Bonds, Refunding Series 2007, 5.000%, 11/01/27 (Pre-refunded 11/01/17) – AGM Insured	11/17 at 100.00	AA (4)		5,218,281
	12,585	Clay County, Florida, Utility System Revenue Bonds, Series 2007, 5.000%, 11/01/32 (Pre-refunded 11/01/17) – AGM Insured (UB)	11/17 at 100.00	AA (4)		12,851,676

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Florida (continued)
$	1,480	Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Refunding Series 2013, 6.125%, 11/01/43	11/23 at 100.00	BBB–	$	1,655,987
		Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1:
	245	5.250%, 11/01/37	11/28 at 100.00	N/R		255,322
	320	5.600%, 11/01/46	11/28 at 100.00	N/R		331,062
	515	Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-2, 5.625%, 11/01/35	No Opt. Call	N/R		539,308
		Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A:
	3,445	6.000%, 4/01/42	4/23 at 100.00	Baa1		3,912,004
	1,720	5.625%, 4/01/43	4/23 at 100.00	Baa1		1,912,055
	4,000	Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured	10/21 at 100.00	Aa3		4,323,960
		Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015:
	280	5.250%, 5/01/35	5/26 at 100.00	N/R		282,862
	315	5.300%, 5/01/36	5/26 at 100.00	N/R		317,759
	475	5.500%, 5/01/45	5/26 at 100.00	N/R		479,123
	655	5.500%, 5/01/46	5/26 at 100.00	N/R		658,832
		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2017A:
	255	6.000%, 6/15/37	6/26 at 100.00	N/R		256,627
	415	6.125%, 6/15/46	6/26 at 100.00	N/R		417,776
		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A:
	1,485	6.250%, 6/15/36	6/26 at 100.00	N/R		1,512,517
	2,075	4.750%, 7/15/36	7/26 at 100.00	N/R		1,884,764
	3,770	6.375%, 6/15/46	6/26 at 100.00	N/R		3,839,481
	1,335	5.000%, 7/15/46	7/26 at 100.00	N/R		1,197,922
		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A:
	3,090	6.000%, 6/15/35	6/25 at 100.00	N/R		3,147,381
	550	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44	6/24 at 100.00	N/R		554,483
		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A:
	1,890	6.125%, 6/15/46	6/25 at 100.00	N/R		1,917,103
	1,750	Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest Charter Foundation Inc. Projects, Series 2017A, 6.125%, 6/15/47 (WI/DD, Settling 5/04/17)	6/27 at 100.00	N/R		1,749,860
		Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
	165	5.250%, 12/01/17	7/17 at 16.847	A3		165,579
	100	5.250%, 12/01/18	7/17 at 16.847	A3		100,348
	2,550	Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2016-XF2347, 15.623%, 6/01/38 – AGC Insured (IF) (5)	6/18 at 101.00	Aa1		3,076,524
	1,710	Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36	5/26 at 100.00	N/R		1,697,312
	1,915	Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 5.500%, 6/01/38 (Pre-refunded 6/01/18) – AGM Insured	6/18 at 100.00	AA (4)		2,009,927
	1,590	Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM)	No Opt. Call	AA– (4)		1,699,933

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Florida (continued)
		Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005:
$	1,645	5.000%, 5/01/25 – NPFG Insured	5/17 at 100.00	A3	$	1,650,790
	1,830	5.000%, 5/01/27 – NPFG Insured	5/17 at 100.00	A3		1,836,387
	600	Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30	10/22 at 100.00	A+		677,592
	1,000	Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/25	11/21 at 100.00	A2		1,110,110
	625	Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb Project, Series 2017, 5.000%, 5/01/37 (WI/DD, Settling 5/08/17)	5/27 at 100.00	N/R		622,644
	3,000	Leesburg, Florida, Utility System Revenue Bonds, Series 2007A, 5.000%, 10/01/37 (Pre-refunded 10/01/17) – NPFG Insured	10/17 at 100.00	AA– (4)		3,053,250
	4,125	Martin County Health Facilities Authority, Florida, Hospital Revenue Bonds, Martin Memorial Medical Center, Series 2015, 5.000%, 11/15/45	11/24 at 100.00	Baa1		4,383,060
	5,965	Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 5.000%, 10/01/43	10/24 at 100.00	BBB		6,464,271
	2,130	Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017, 5.125%, 7/01/46	7/27 at 100.00	BBB		2,246,490
	1,545	Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 6.000%, 2/01/31 – AGM Insured	2/21 at 100.00	A1		1,768,361
	5,000	Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2014A, 5.000%, 7/01/44	7/24 at 100.00	A		5,569,300
	10,085	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2008B, 5.000%, 10/01/41 (Pre-refunded 10/01/18) – AGM Insured	10/18 at 100.00	A2 (4)		10,665,392
	2,500	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41	10/20 at 100.00	A		2,757,400
	2,500	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/30	10/20 at 100.00	A		2,759,700
	2,400	Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37	10/22 at 100.00	A2		2,643,672
	3,015	Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 (Pre-refunded 7/01/18) – AGM Insured	7/18 at 100.00	A1 (4)		3,159,479
	6,305	Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42	10/22 at 100.00	A+		6,991,804
	4,785	Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35	8/26 at 100.00	N/R		4,969,414
	4,250	Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42	4/22 at 100.00	A		4,557,870
	1,000	Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 8/01/27 (Pre-refunded 8/01/17) – FGIC Insured	8/17 at 100.00	AA (4)		1,010,860
	230	Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34	6/22 at 102.00	N/R		270,206
	3,000	Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 (Pre-refunded 8/01/17) – NPFG Insured	8/17 at 100.00	AA– (4)		3,032,670
	60	Pasco County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2006, 5.000%, 10/01/36 – AGM Insured	7/17 at 16.847	Aa2		60,194
	3,590	Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, Series 2007B, 5.000%, 7/01/33 (Pre-refunded 7/01/17) – NPFG Insured	7/17 at 100.00	A3 (4)		3,616,279
		Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:
	4,935	5.250%, 9/01/35 (Pre-refunded 9/01/18) – AGC Insured	9/18 at 100.00	A1 (4)		5,218,713
	7,730	5.000%, 9/01/35 (Pre-refunded 9/01/18) – AGC Insured	9/18 at 100.00	A1 (4)		8,148,734

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Florida (continued)
		Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:
$	515	5.250%, 9/01/35 – AGC Insured	9/18 at 100.00	A1	$	542,032
	800	5.000%, 9/01/35 – AGC Insured	9/18 at 100.00	A1		838,896
	840	Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2016, 5.000%, 11/01/46	11/26 at 100.00	N/R		806,232
	4,005	Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)	No Opt. Call	AA– (4)		4,273,255
		Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016:
	265	4.750%, 11/01/28	11/27 at 100.00	N/R		269,632
	440	5.375%, 11/01/36	11/27 at 100.00	N/R		446,173
	1,000	South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, Refunding Series 2016, 5.375%, 5/01/37	5/27 at 100.00	N/R		1,008,850
	1,000	South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)	8/17 at 100.00	AA–		1,006,670
	1,200	St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993, 5.500%, 10/01/21 – FGIC Insured (ETM)	No Opt. Call	N/R (4)		1,403,892
	8,060	Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial HealthCare Inc. Project, Series 2016A, 5.000%, 12/01/55	12/25 at 100.00	Baa1		8,538,522
	400	Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 (Pre-refunded 10/01/19) – AGC Insured	10/19 at 100.00	AA (4)		437,272
	4,100	Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33	5/22 at 100.00	Aa2		4,562,562
	1,295	Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM)	7/17 at 100.00	AA– (4)		1,324,746
	10,095	Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42	7/22 at 100.00	A		11,193,538
	2,000	Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured	10/21 at 100.00	A–		2,236,640
	5,000	Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/40	6/25 at 100.00	A–		5,528,100
	12,000	Volusia County School Board, Florida, Certificates of Participation, Master Lease Program Series 2007, 5.000%, 8/01/32 (Pre-refunded 8/01/17) – AGM Insured	8/17 at 100.00	A+ (4)		12,129,960
	220,875	Total Florida				234,791,443
		Georgia – 3.1% (2.0% of Total Investments)
	17,000	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 11/01/39 – AGM Insured	11/19 at 100.00	A+		18,706,290
	2,825	Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26	8/20 at 100.00	AA		2,993,822
	2,000	City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 – AGM Insured	12/21 at 100.00	A2		2,311,960
	4,000	Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Refunding Series 2012, 5.000%, 4/01/28	4/23 at 100.00	A		4,497,040
	1,250	DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30	9/20 at 100.00	BBB–		1,373,213
		Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:
	1,180	5.250%, 2/15/37	2/20 at 100.00	AA–		1,263,792
	960	5.125%, 2/15/40	2/20 at 100.00	AA–		1,021,210

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Georgia (continued)
		Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:
$	3,820	5.250%, 2/15/37 (Pre-refunded 2/15/20)	2/20 at 100.00	N/R (4)	$	4,222,246
	3,090	5.125%, 2/15/40 (Pre-refunded 2/15/20)	2/20 at 100.00	N/R (4)		3,404,840
	15,305	Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54	2/25 at 100.00	AA–		17,841,804
	10,825	Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60	7/25 at 100.00	A2		11,712,434
	2,250	Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured	7/19 at 100.00	A2		2,400,818
	7,030	Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (Pre-refunded 2/01/18)	2/18 at 100.00	AAA		7,249,688
	1,300	Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017, 5.750%, 6/15/37 (WI/DD, Settling 5/10/17)	6/27 at 100.00	N/R		1,292,252
	5,000	Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured	8/18 at 100.00	AA (4)		5,351,300
	1,000	Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C, 5.250%, 10/01/27	10/22 at 100.00	Baa2		1,102,770
	10,090	Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2015, 5.000%, 10/01/40	10/25 at 100.00	Baa2		10,708,921
	1,710	Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41	10/21 at 100.00	AA–		1,851,434
	90,635	Total Georgia				99,305,834
		Guam – 0.0% (0.0% of Total Investments)
	650	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43	7/23 at 100.00	BBB–		713,648
		Hawaii – 0.4% (0.2% of Total Investments)
	1,500	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade University of Honolulu, Series 2015A, 5.000%, 1/01/45	1/25 at 100.00	Ba2		1,453,995
	5,000	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43	7/23 at 100.00	A+		5,624,600
	170	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43	7/23 at 100.00	BB		184,462
	5,075	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A, 4.000%, 7/01/40	7/25 at 100.00	A1		5,149,095
	11,745	Total Hawaii				12,412,152
		Idaho – 0.3% (0.2% of Total Investments)
	250	Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016, 5.000%, 9/01/37	9/26 at 100.00	BB+		268,005
	8,980	Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured	3/22 at 100.00	A–		9,583,007
	1,000	Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2014A, 4.125%, 3/01/37	3/24 at 100.00	A–		1,017,870
	10,230	Total Idaho				10,868,882
		Illinois – 23.0% (14.7% of Total Investments)
	675	Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A, 5.000%, 1/01/25	7/23 at 100.00	A2		765,605
	67,135	Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2016, 6.000%, 4/01/46	4/27 at 100.00	A		69,465,256

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Illinois (continued)
		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A:
$	6,190	5.500%, 12/01/39	12/21 at 100.00	B3	$	5,148,285
	1,865	5.000%, 12/01/41	12/21 at 100.00	B3		1,509,158
	4,905	Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2012A, 5.000%, 12/01/42	12/22 at 100.00	B3		3,969,077
	2,720	Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2008C, 5.000%, 12/01/29	12/18 at 100.00	B3		2,244,544
	40,905	Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44	12/25 at 100.00	B		39,593,586
	14,805	Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46	12/26 at 100.00	B		13,754,289
	1,315	Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/30 – NPFG Insured	No Opt. Call	B+		695,122
	2,235	Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured	6/21 at 100.00	A2		2,424,819
	1,100	Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40	12/21 at 100.00	A1		1,174,712
	12,215	Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49	12/24 at 100.00	AA		13,373,837
	7,700	Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured	1/20 at 100.00	A2		8,327,473
		Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
	1,500	0.000%, 1/01/31 – NPFG Insured	No Opt. Call	BBB–		803,220
	32,670	0.000%, 1/01/32 – FGIC Insured	No Opt. Call	BBB–		16,546,048
	12,360	0.000%, 1/01/37 – FGIC Insured	No Opt. Call	BBB–		4,750,072
	1,000	Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007A, 5.000%, 1/01/27 – AMBAC Insured	7/17 at 16.847	Ba1		1,002,150
	2,500	Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.250%, 1/01/33	1/24 at 100.00	Ba1		2,468,275
	17,605	Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38	1/27 at 100.00	BBB–		18,445,463
	4,220	Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C, 5.000%, 1/01/34	1/19 at 100.00	Ba1		4,062,594
	1,000	Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35	1/21 at 100.00	Ba1		982,970
	10,200	Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33	1/22 at 100.00	Ba1		9,855,138
	2,605	Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38	1/26 at 100.00	BBB–		2,472,848
	7,750	Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured	7/17 at 16.847	BBB–		7,770,228
	3,000	Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, 5.000%, 1/01/39	1/25 at 100.00	A		3,204,600
	10,000	Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43	12/23 at 100.00	BBB		10,452,300
	6,160	De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540, Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured	12/17 at 100.00	Aa2		6,010,620
		DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District 523, Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B:
	2,500	0.000%, 2/01/33	2/21 at 100.00	AA–		1,016,850
	2,000	0.000%, 2/01/34	2/21 at 100.00	AA–		752,940
		Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002:
	3,400	5.500%, 11/01/36	11/23 at 100.00	A		3,722,286
	2,500	4.450%, 11/01/36	11/25 at 102.00	A		2,597,925

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Illinois (continued)
$	3,295	Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured	6/17 at 100.00	A3	$	3,331,113
	595	Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007, 5.000%, 12/01/36	7/17 at 16.847	BBB		595,238
		Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A:
	1,700	5.750%, 12/01/35	12/25 at 100.00	N/R		1,692,214
	115	6.000%, 12/01/45	12/25 at 100.00	N/R		115,407
	6,500	Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40	10/20 at 100.00	CCC+		6,643,780
	5,750	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38	9/22 at 100.00	BBB		5,990,063
		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:
	1,485	5.000%, 9/01/34	9/24 at 100.00	BBB		1,573,744
	19,025	5.000%, 9/01/42	9/24 at 100.00	BBB		19,733,491
	2,000	Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB)	8/18 at 100.00	AA–		2,078,940
	1,340	Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 (Pre-refunded 2/01/18) – AMBAC Insured	2/18 at 100.00	A (4)		1,386,391
	2,500	Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37 (Pre-refunded 1/01/18)	1/18 at 100.00	A (4)		2,579,275
	1,725	Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 5/15/43	5/22 at 100.00	Baa1		1,633,851
	4,300	Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34	4/19 at 100.00	A1		4,550,905
	15,805	Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 5.000%, 12/01/46	6/26 at 100.00	A3		16,813,201
	1,630	Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 5.000%, 8/15/37	8/22 at 100.00	Aa2		1,772,674
	39,675	Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 4.000%, 2/15/41	2/27 at 100.00	BBB–		34,993,350
		Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A:
	25	7.750%, 8/15/34 (Pre-refunded 8/15/19)	8/19 at 100.00	N/R (4)		28,725
	2,475	7.750%, 8/15/34 (Pre-refunded 8/15/19)	8/19 at 100.00	BBB– (4)		2,843,775
	1,435	Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43	7/23 at 100.00	A–		1,642,874
		Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B:
	320	5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured	5/18 at 100.00	A2 (4)		333,782
	4,680	5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured	5/18 at 100.00	A2 (4)		4,881,568
	2,000	Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A, 4.000%, 11/15/39	5/25 at 100.00	A+		2,016,420
		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C:
	560	5.000%, 8/15/35	8/25 at 100.00	Baa1		605,752
	6,140	5.000%, 8/15/44	8/25 at 100.00	Baa1		6,485,191
	5,725	Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19)	8/19 at 100.00	N/R (4)		6,485,223
	8,960	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured	8/21 at 100.00	A2		10,186,714
		Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C:
	1,150	5.500%, 8/15/41 (Pre-refunded 2/15/21)	2/21 at 100.00	AA– (4)		1,329,872
	4,500	5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5)	2/21 at 100.00	AA– (4)		5,203,845
	19,975	Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51	10/21 at 100.00	AA–		21,517,669

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Illinois (continued)
$	20,000	Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2015A, 5.000%, 10/01/46 (UB) (5)	10/25 at 100.00	AA–	$	22,305,400
	4,055	Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34	5/17 at 100.00	Baa3		4,059,379
	3,665	Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/31 – AGM Insured	6/24 at 100.00	BBB–		4,022,851
		Illinois State, General Obligation Bonds, February Series 2014:
	3,200	5.250%, 2/01/32	2/24 at 100.00	BBB		3,276,480
	2,000	5.250%, 2/01/33	2/24 at 100.00	BBB		2,039,700
	1,575	5.250%, 2/01/34	2/24 at 100.00	BBB		1,602,641
	7,000	5.000%, 2/01/39	2/24 at 100.00	BBB		7,007,420
	5,000	Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/35	6/26 at 100.00	BBB		4,430,900
		Illinois State, General Obligation Bonds, May Series 2014:
	510	5.000%, 5/01/36	5/24 at 100.00	BBB		510,893
	2,245	5.000%, 5/01/39	5/24 at 100.00	BBB		2,247,627
		Illinois State, General Obligation Bonds, November Series 2016:
	11,800	5.000%, 11/01/40	11/26 at 100.00	BBB		11,817,700
	13,200	5.000%, 11/01/41	11/26 at 100.00	BBB		13,209,768
		Illinois State, General Obligation Bonds, Refunding Series 2012:
	3,795	5.000%, 8/01/21	No Opt. Call	BBB		4,015,831
	1,725	5.000%, 8/01/22	No Opt. Call	BBB		1,830,053
	3,425	5.000%, 8/01/23	No Opt. Call	BBB		3,636,973
	1,095	5.000%, 8/01/25	8/22 at 100.00	BBB		1,134,924
	2,335	Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38	7/23 at 100.00	BBB		2,423,823
	5,000	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/35	1/23 at 100.00	AA–		5,545,600
	18,920	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40	7/25 at 100.00	AA–		21,021,066
	1,395	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.366%, 1/01/38 (IF)	1/23 at 100.00	AA–		1,982,755
	7,400	Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/37 – AGM Insured	1/21 at 100.00	A2		7,988,374
	17,500	Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52	6/22 at 100.00	BBB–		17,413,725
	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	BBB–		537,338
		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A:
	2,890	0.000%, 12/15/52	No Opt. Call	BBB–		392,635
	5,185	5.000%, 6/15/53	12/25 at 100.00	BBB–		5,159,386
	15,000	Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50	6/20 at 100.00	BBB–		15,335,850
		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:
	25,000	0.000%, 6/15/44 – AGM Insured	No Opt. Call	BBB–		6,767,500
	43,200	0.000%, 6/15/45 – AGM Insured	No Opt. Call	BBB–		11,083,392
	10,000	0.000%, 6/15/46 – AGM Insured	No Opt. Call	BBB–		2,430,600
	41,150	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50	6/20 at 100.00	BBB–		41,206,376
	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	A3		5,556,075

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Illinois (continued)
		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
$	18,000	0.000%, 12/15/24 – NPFG Insured	No Opt. Call	BBB–	$	13,917,780
	20,045	0.000%, 12/15/35 – AGM Insured	No Opt. Call	BBB–		8,505,094
	695	Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 3/01/30 – RAAI Insured	7/17 at 16.847	AA		695,716
	1,846	Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured	3/24 at 100.00	AA		1,992,111
	2,600	Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured	No Opt. Call	Aa3		3,448,900
	3,900	Rosemont Village, Illinois, General Obligation Bonds, Corporate Purpose Series 2011A, 5.600%, 12/01/35 – AGM Insured	12/20 at 100.00	A2		4,191,213
	7,025	Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48	11/23 at 100.00	AA		9,200,502
	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	A3		3,056,200
	12,125	Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – AGM Insured	3/25 at 100.00	A2		13,362,235
	2,550	Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured	No Opt. Call	A3		2,209,550
	780	Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured (ETM)	No Opt. Call	A3 (4)		708,864
	6,390	Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured	No Opt. Call	Aa3		5,140,691
		Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:
	930	7.000%, 12/01/21 – AGM Insured	12/20 at 100.00	A2		1,087,003
	1,035	7.000%, 12/01/22 – AGM Insured	12/20 at 100.00	A2		1,200,962
	1,155	7.000%, 12/01/23 – AGM Insured	12/20 at 100.00	A2		1,340,204
	1,065	7.000%, 12/01/26 – AGM Insured	12/20 at 100.00	A2		1,227,817
		Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:
	2,085	7.250%, 12/01/29 (Pre-refunded 12/01/20) – AGM Insured	12/20 at 100.00	A2 (4)		2,522,871
	2,295	7.250%, 12/01/30 (Pre-refunded 12/01/20) – AGM Insured	12/20 at 100.00	A2 (4)		2,776,973
	829,196	Total Illinois				736,985,058
		Indiana – 4.2% (2.7% of Total Investments)
		Allen County, Indiana, Economic Development Revenue Bonds, Fort Wayne Project, Senior Series 2017A-1:
	425	6.625%, 1/15/34	1/24 at 104.00	N/R		435,459
	675	6.750%, 1/15/43	1/24 at 104.00	N/R		691,565
	1,605	Chesterton, Indiana, Economic Development Revenue Bonds, Storypoint Chesterton Project, Series 2016, 6.250%, 1/15/43	1/24 at 104.00	N/R		1,604,920
	2,640	Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured	No Opt. Call	A3		2,259,919
	12,040	Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014, 5.000%, 10/01/44	10/24 at 100.00	A2		13,096,630
	365	Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26	6/20 at 100.00	Caa1		370,256
	125	Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.000%, 12/01/19	No Opt. Call	Caa1		131,835
	12,750	Indiana Finance Authority, Health System Revenue Bonds, Franciscan Alliance, Inc. Obligated Group, Series 2016A, 4.000%, 11/01/51	11/25 at 100.00	Aa3		12,603,758

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Indiana (continued)
$	10,190	Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42	5/23 at 100.00	A	$	10,983,088
	4,500	Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured	6/22 at 100.00	Ba1		4,514,445
	5,000	Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37	12/20 at 100.00	AA–		5,491,750
	13,880	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41	10/21 at 100.00	A3		15,443,304
	17,970	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/44	10/24 at 100.00	A		20,155,332
	2,250	Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured	5/18 at 100.00	Aa3 (4)		2,348,415
	5,000	Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project Revenue Bonds, Series 2010F, 5.000%, 1/01/35 – AGM Insured	1/20 at 100.00	AA		5,417,250
		Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
	10,000	0.000%, 2/01/26 – AMBAC Insured	No Opt. Call	A		7,790,100
	20,000	0.000%, 2/01/28 – AMBAC Insured	No Opt. Call	A		14,380,000
	2,855	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured	1/19 at 100.00	A2 (4)		3,069,810
	11,760	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured	1/19 at 100.00	A2		12,518,755
	1,500	Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47 (Pre-refunded 9/01/17)	9/17 at 100.00	N/R (4)		1,525,065
	135,530	Total Indiana				134,831,656
		Iowa – 3.2% (2.1% of Total Investments)
	10,000	Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 2013A, 5.250%, 2/15/44	2/23 at 100.00	Aa3		10,954,400
		Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:
	21,280	5.000%, 12/01/19	No Opt. Call	B–		21,800,296
	10,685	5.250%, 12/01/25	12/23 at 100.00	B–		10,836,513
	18,290	Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/27	6/19 at 105.00	B–		18,830,835
		Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
	8,285	5.375%, 6/01/38	7/17 at 16.847	B2		8,285,000
	2,200	5.500%, 6/01/42	7/17 at 16.847	B2		2,199,978
	21,325	5.625%, 6/01/46	7/17 at 16.847	B2		21,325,427
	8,400	Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34	6/17 at 100.00	B2		8,400,000
	100,465	Total Iowa				102,632,449
		Kansas – 0.8% (0.5% of Total Investments)
	1,240	Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40	1/20 at 100.00	AA–		1,318,033
	8,140	Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 (Pre-refunded 1/01/20)	1/20 at 100.00	N/R (4)		8,951,721
	1,000	Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc., Series 2017A, 5.000%, 5/15/43 (WI/DD, Settling 5/10/17)	5/27 at 100.00	BB+		1,009,410

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Kansas (continued)
		Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015:
$	5,385	5.000%, 9/01/27	9/25 at 100.00	N/R	$	5,380,315
	5,435	5.750%, 9/01/32	9/25 at 100.00	N/R		5,390,813
	2,595	6.000%, 9/01/35	9/25 at 100.00	N/R		2,552,286
	23,795	Total Kansas				24,602,578
		Kentucky – 2.5% (1.6% of Total Investments)
	4,565	Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016, 5.500%, 2/01/44	2/26 at 100.00	BB+		4,715,097
	6,675	Kentucky Bond Development Corporation, Tax Increment Revenue Bonds, Summit Lexington Project, Series 2016A, 4.400%, 10/01/24	No Opt. Call	N/R		6,419,548
	5,240	Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30	6/20 at 100.00	Baa3		5,794,078
	6,015	Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40	6/20 at 100.00	Baa3		6,688,981
	1,000	Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured	6/18 at 100.00	A3		1,041,100
		Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A:
	4,345	5.000%, 7/01/37	7/25 at 100.00	Baa2		4,621,646
	7,370	5.000%, 7/01/40	7/25 at 100.00	Baa2		7,812,863
	10,245	5.000%, 1/01/45	7/25 at 100.00	Baa2		10,824,047
		Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
	4,360	0.000%, 7/01/43 (7)	7/31 at 100.00	Baa3		3,618,408
	7,510	0.000%, 7/01/46 (7)	7/31 at 100.00	Baa3		6,258,909
		Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:
	2,390	5.750%, 7/01/49	7/23 at 100.00	Baa3		2,628,020
	480	6.000%, 7/01/53	7/23 at 100.00	Baa3		537,029
		Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009:
	715	5.250%, 2/01/20 – AGC Insured	2/19 at 100.00	AA		767,188
	1,135	5.250%, 2/01/24 – AGC Insured	2/19 at 100.00	AA		1,214,745
		Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009:
	5,560	5.250%, 2/01/20 (Pre-refunded 2/01/19) – AGC Insured	2/19 at 100.00	AA (4)		5,968,326
	8,865	5.250%, 2/01/24 (Pre-refunded 2/01/19) – AGC Insured	2/19 at 100.00	AA (4)		9,516,046
	76,470	Total Kentucky				78,426,031
		Louisiana – 1.7% (1.1% of Total Investments)
	3,175	Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36	7/23 at 100.00	N/R		3,402,203
	4,330	Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured	1/21 at 100.00	A2 (4)		5,054,496
	5,000	Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Housing & Parking Project, Series 2010, 5.500%, 10/01/41 – AGM Insured	10/20 at 100.00	AA		5,709,300
	1,455	Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Refunding Series 2015A, 5.000%, 7/01/39	7/25 at 100.00	A2		1,600,238
	10,000	Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A, 5.750%, 7/01/25 – AGM Insured (UB)	No Opt. Call	A		11,531,700
	10,000	Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2017, 0.000%, 10/01/46 (7)	10/33 at 100.00	BBB+		7,454,900

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Louisiana (continued)
		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2015:
$	1,000	4.250%, 5/15/40	5/25 at 100.00	A3	$	1,016,350
	6,970	5.000%, 5/15/47	5/25 at 100.00	A3		7,504,460
	1,000	New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, 6/01/34	6/24 at 100.00	A–		1,037,800
	10,185	St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37	6/17 at 100.00	Ba1		10,210,564
	53,115	Total Louisiana				54,522,011
		Maine – 0.9% (0.6% of Total Investments)
	7,530	Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43	7/23 at 100.00	Baa3		7,597,168
		Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A:
	5,280	4.000%, 7/01/41	7/26 at 100.00	Baa3		4,550,357
	5,565	4.000%, 7/01/46	7/26 at 100.00	Baa3		4,677,661
	1,050	Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41	7/21 at 100.00	Ba2		1,139,387
		Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue, Series 2015:
	10,000	5.000%, 7/01/39	7/24 at 100.00	A+		10,944,000
	1,195	4.000%, 7/01/44	7/24 at 100.00	A+		1,208,336
	30,620	Total Maine				30,116,909
		Maryland – 1.4% (0.9% of Total Investments)
	5,345	Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/28 (Pre-refunded 6/23/17)- SYNCORA GTY Insured	6/17 at 100.00	BB (4)		5,357,080
	2,500	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.000%, 1/01/26	1/22 at 100.00	Baa3		2,838,775
	13,315	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A, 5.500%, 1/01/46	1/27 at 100.00	Baa3		14,914,930
	10,000	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015, 5.000%, 7/01/47	7/25 at 100.00	A+		11,118,100
	2,500	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45	7/24 at 100.00	A3		2,706,300
	3,000	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43	7/22 at 100.00	A–		3,271,980
		Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016:
	2,000	4.750%, 7/01/36	1/26 at 100.00	N/R		1,938,660
	2,300	5.000%, 7/01/46	1/26 at 100.00	N/R		2,235,186
	40,960	Total Maryland				44,381,011
		Massachusetts – 2.7% (1.8% of Total Investments)
	9,500	Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35	1/20 at 100.00	Aa2		10,378,940
	3,125	Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/37	1/20 at 100.00	A3		3,380,688
		Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, Series 2014A:
	2,245	5.250%, 7/01/34	7/24 at 100.00	BB+		2,388,164
	6,195	5.500%, 7/01/44	7/24 at 100.00	BB+		6,606,038
	14,555	Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42	11/17 at 100.00	BB–		14,580,762

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Massachusetts (continued)
$	1,270	Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44	7/25 at 100.00	BBB	$	1,345,921
		Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015:
	2,950	5.000%, 1/01/45	1/25 at 100.00	Baa2		3,171,398
	4,020	4.500%, 1/01/45	1/25 at 100.00	Baa2		4,058,753
	6,200	Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, 4.000%, 10/01/46	10/26 at 100.00	Baa2		6,001,662
	6,000	Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured	No Opt. Call	A+		7,939,080
	500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38 (Pre-refunded 7/01/18)	7/18 at 100.00	A– (4)		524,630
	5,330	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2016-XL0017, 11.886%, 12/15/34 (Pre-refunded 12/15/19) (IF) (5)	12/19 at 100.00	AAA		6,945,363
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35	7/20 at 100.00	BBB–		1,068,240
	7,405	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB) (5)	No Opt. Call	AAA		9,786,966
	835	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A, 5.750%, 7/01/39	7/19 at 100.00	BBB		900,648
	1,465	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A, 5.750%, 7/01/39 (Pre-refunded 7/01/19)	7/19 at 100.00	N/R (4)		1,611,324
	4,560	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43	5/23 at 100.00	Aa2		5,133,374
	425	Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29	7/17 at 100.00	AAA		426,624
	1,245	Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured	11/20 at 100.00	A3 (4)		1,406,613
	78,825	Total Massachusetts				87,655,188
		Michigan – 3.0% (1.9% of Total Investments)
	5,490	Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)	No Opt. Call	AA–		6,688,302
	2,985	Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39	7/22 at 100.00	A–		3,224,278
	895	Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured	5/20 at 100.00	A2		961,588
	1,105	Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 (Pre-refunded 5/15/20) – AGM Insured	5/20 at 100.00	A2 (4)		1,235,954
		Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 2015:
	4,495	4.000%, 11/15/35	5/25 at 100.00	A+		4,603,779
	2,550	4.000%, 11/15/36	5/25 at 100.00	A+		2,604,570
	3,240	Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39	12/21 at 100.00	AA–		3,632,591
	10	Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21)	12/21 at 100.00	N/R (4)		11,593
	10,000	Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Series 2016MI, 5.000%, 12/01/45 (UB) (5)	6/26 at 100.00	AA–		11,036,200
	500	Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22 (Pre-refunded 7/01/17)	7/17 at 100.00	AAA		509,105
	4,000	Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43	1/22 at 100.00	BBB		4,203,600

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Michigan (continued)
		Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A:
$	2,750	5.375%, 10/15/36	10/21 at 100.00	A+	$	3,097,930
	8,260	5.375%, 10/15/41	10/21 at 100.00	A+		9,264,168
		Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009:
	5,500	5.625%, 11/15/29 (Pre-refunded 11/15/19)	11/19 at 100.00	A3 (4)		6,115,725
	10,585	5.750%, 11/15/39 (Pre-refunded 11/15/19)	11/19 at 100.00	A3 (4)		11,803,122
	13,855	Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48	6/22 at 100.00	AA–		14,782,315
	3,050	Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42	6/18 at 100.00	B2		3,184,048
	1,150	Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)	9/18 at 100.00	Aaa		1,261,355
		Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D:
	3,550	5.000%, 12/01/40	12/25 at 100.00	A–		3,886,895
	3,600	5.000%, 12/01/45	12/25 at 100.00	A–		3,927,816
	87,570	Total Michigan				96,034,934
		Minnesota – 0.7% (0.5% of Total Investments)
		Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A:
	155	4.000%, 8/01/36	8/26 at 100.00	BB+		138,263
	440	4.000%, 8/01/41	8/26 at 100.00	BB+		382,439
	2,000	Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Prairie Seeds Academy Project, Refunding Series 2015A, 5.000%, 3/01/34	3/25 at 100.00	BB+		2,027,060
	1,720	Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A, 5.500%, 7/01/50	7/25 at 100.00	BB+		1,801,683
	1,410	Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2016A, 5.000%, 7/01/47	7/24 at 102.00	N/R		1,352,176
	4,625	Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured	11/18 at 100.00	A2		4,966,325
	840	Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured	11/18 at 100.00	A2 (4)		911,156
	1,000	Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured	8/20 at 100.00	A2		1,064,750
		Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, Series 2016A:
	405	5.000%, 4/01/36	4/26 at 100.00	CCC–		263,246
	605	5.000%, 4/01/46	4/26 at 100.00	CCC–		393,244
	2,500	Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35	7/25 at 100.00	A		2,564,825
	235	Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, 2700 University at Westgate Station, Series 2015B, 4.250%, 4/01/25	4/23 at 100.00	N/R		237,818
		St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A:
	900	5.250%, 11/15/35	11/20 at 100.00	BB+		958,905
	2,785	5.000%, 11/15/40	11/25 at 100.00	BB+		2,949,705
	3,190	5.000%, 11/15/44	11/25 at 100.00	BB+		3,376,328
	22,810	Total Minnesota				23,387,923

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Mississippi – 0.2% (0.1% of Total Investments)
$	5,445	Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured	No Opt. Call	A2	$	6,309,394
		Missouri – 2.0% (1.3% of Total Investments)
	890	Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28	10/18 at 100.00	Aa3		938,087
	2,820	Chesterfield Valley Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2015, 3.625%, 5/15/31	5/23 at 100.00	A–		2,806,746
		Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016:
	400	5.000%, 4/01/36	4/26 at 100.00	N/R		375,388
	1,520	5.000%, 4/01/46	4/26 at 100.00	N/R		1,357,010
	15,000	Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/28 – AMBAC Insured	No Opt. Call	A1		10,429,500
	3,345	Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/50	5/27 at 100.00	BB		3,469,200
		Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A:
	1,575	5.750%, 6/01/35	6/25 at 100.00	N/R		1,541,311
	1,055	6.000%, 6/01/46	6/25 at 100.00	N/R		1,034,311
	2,460	Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43	5/23 at 100.00	BBB		2,666,271
		Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2015B:
	1,410	5.000%, 5/01/40	11/23 at 100.00	BBB		1,475,283
	2,000	5.000%, 5/01/45	11/23 at 100.00	BBB		2,086,820
	6,665	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45	1/25 at 100.00	AA		6,774,973
	8,315	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48	11/23 at 100.00	A2		9,011,464
	2,250	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43	2/22 at 100.00	A1		2,435,963
	1,010	Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30	5/21 at 100.00	N/R		1,026,362
	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	BBB+		5,047,309
	15,350	Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured	No Opt. Call	N/R		8,847,433
	405	St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43	9/23 at 100.00	A–		452,907
		St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew’s Resources for Seniors, Series 2015A:
	1,550	5.000%, 12/01/35	12/25 at 100.00	N/R		1,548,063
	455	5.125%, 12/01/45	12/25 at 100.00	N/R		453,621
	72,600	Total Missouri				63,778,022
		Montana – 0.2% (0.1% of Total Investments)
		Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A:
	1,175	5.250%, 5/15/37 (WI/DD, Settling 5/18/17)	5/25 at 102.00	N/R		1,212,800
	375	5.250%, 5/15/47 (WI/DD, Settling 5/18/17)	5/25 at 102.00	N/R		384,375
	125	Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Refunding Series 2016, 3.500%, 2/15/37	2/27 at 100.00	A–		118,640

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Montana (continued)
$	3,000	Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Series 2011A, 5.750%, 1/01/31 (Pre-refunded 1/01/21) – AGM Insured	1/21 at 100.00	A2 (4)	$	3,481,020
	4,675	Total Montana				5,196,835
		Nebraska – 0.8% (0.5% of Total Investments)
	4,435	Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32	9/22 at 100.00	BBB+		4,810,334
	580	Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45	11/25 at 100.00	A–		625,820
		Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015:
	2,090	4.125%, 11/01/36	11/25 at 100.00	A–		2,135,165
	2,325	5.000%, 11/01/48	11/25 at 100.00	A–		2,533,250
	4,010	Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42	11/21 at 100.00	A–		4,277,788
	5,000	Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.375%, 4/01/39 (Pre-refunded 4/01/19) – BHAC Insured	4/19 at 100.00	A (4)		5,413,000
	6,000	Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional West Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/20/37	2/27 at 100.00	BBB+		6,366,420
	24,440	Total Nebraska				26,161,777
		Nevada – 1.9% (1.2% of Total Investments)
	5,350	Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured	7/19 at 100.00	Aa3		5,803,787
		Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A:
	24,020	5.250%, 7/01/39 – AGM Insured	1/20 at 100.00	Aa3		26,016,542
	14,515	5.250%, 7/01/42	1/20 at 100.00	A+		15,713,649
	1,000	Las Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement District, Series 2016, 4.375%, 6/15/35	6/21 at 100.00	N/R		914,840
	2,280	North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured	7/17 at 100.00	B+		2,280,570
	10,000	Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 (Pre-refunded 7/01/17) – BHAC Insured (UB) (5)	7/17 at 100.00	A (4)		10,077,900
	1,100	Washoe County, Nevada, Highway Revenue, Motor Vehicle Fuel Tax Bonds, Series 2013, 5.000%, 2/01/38	2/19 at 100.00	A+		1,163,327
	58,265	Total Nevada				61,970,615
		New Hampshire – 0.2% (0.1% of Total Investments)
	5,000	New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19)	10/19 at 100.00	BBB (4)		5,596,300
	500	New Hampshire Health and Education Facilities Authority, Revenue Bonds, Kendal at Hanover, Series 2016, 5.000%, 10/01/40	10/26 at 100.00	BBB+		534,065
	5,500	Total New Hampshire				6,130,365
		New Jersey – 7.6% (4.9% of Total Investments)
		New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
	5,550	5.000%, 7/01/22 – NPFG Insured	7/17 at 100.00	A3		5,680,647
	5,550	5.000%, 7/01/23 – NPFG Insured	7/17 at 100.00	A3		5,680,647
	7,800	5.000%, 7/01/29 – NPFG Insured	7/17 at 100.00	A3		7,983,612
		New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1:
	6,835	5.500%, 9/01/24 – AMBAC Insured	No Opt. Call	BBB+		7,681,515
	5,000	5.500%, 9/01/28 – NPFG Insured	No Opt. Call	A3		5,891,500

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		New Jersey (continued)
$	11,975	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2015WW, 5.250%, 6/15/40	6/25 at 100.00	BBB+	$	12,228,391
		New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2016BBB:
	34,310	5.500%, 6/15/29	12/26 at 100.00	BBB+		36,958,046
	2,110	5.500%, 6/15/30	12/26 at 100.00	BBB+		2,264,937
	2,335	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2012K-K, 5.000%, 3/01/23	9/22 at 100.00	BBB+		2,478,346
	600	New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26	7/21 at 100.00	BB+		640,452
	1,500	New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37	7/18 at 100.00	BB+		1,538,520
	2,325	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44	7/24 at 100.00	A+		2,535,227
	610	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured	7/25 at 100.00	BBB		660,099
		New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1:
	5,945	5.000%, 6/15/27	6/26 at 100.00	Baa1		6,430,112
	4,000	5.000%, 6/15/28	6/26 at 100.00	Baa1		4,294,920
	2,015	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26	No Opt. Call	BBB+		1,301,388
	2,150	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20	No Opt. Call	BBB+		2,329,289
	20,000	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/33 – AGM Insured	No Opt. Call	A–		9,349,600
	3,000	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42	6/21 at 100.00	BBB+		3,004,260
	20,040	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2014AA, 5.000%, 6/15/44	6/24 at 100.00	BBB+		20,086,493
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:
	13,680	4.750%, 6/15/38	6/25 at 100.00	BBB+		13,481,914
	5,245	5.250%, 6/15/41	6/25 at 100.00	BBB+		5,398,154
	8,230	5.000%, 6/15/45	6/25 at 100.00	BBB+		8,251,316
	33,200	New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured	No Opt. Call	A2		40,685,936
	200	New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 14.537%, 1/01/43 (IF) (5)	7/22 at 100.00	A		280,388
	1,135	Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43	5/23 at 100.00	A+		1,255,662
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	1,460	4.500%, 6/01/23	6/17 at 100.00	Baa2		1,469,125
	1,580	4.625%, 6/01/26	6/17 at 100.00	Ba3		1,583,255
	19,150	5.000%, 6/01/29	6/17 at 100.00	B2		19,189,449
	11,495	4.750%, 6/01/34	6/17 at 100.00	B3		11,253,490
	1,330	Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured	No Opt. Call	A2		1,607,837
	240,355	Total New Jersey				243,474,527
		New Mexico – 0.4% (0.3% of Total Investments)
	13,600	University of New Mexico, Revenue Bonds, System Improvement Subordinated Lien Series 2007A, 5.000%, 6/01/36 (Pre-refunded 6/01/17) – AGM Insured	6/17 at 100.00	AA (4)		13,653,176

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		New York – 5.7% (3.6% of Total Investments)
$	705	Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 4.000%, 7/01/45	7/25 at 100.00	BBB+	$	681,806
	5,810	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	N/R		6,294,438
	2,250	Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured	No Opt. Call	A3		2,655,315
	9,700	Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2017A, 5.000%, 10/01/47 (UB) (5)	No Opt. Call	AAA		12,805,746
	4,070	Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/45	7/25 at 100.00	A–		4,464,180
	7,225	Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A, 5.000%, 7/01/35	7/20 at 100.00	AA		8,010,863
	5,005	Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Vassar College, Series 2007, 5.000%, 7/01/46 (Pre-refunded 7/01/17)	7/17 at 100.00	AA– (4)		5,041,336
		Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2015:
	2,700	5.000%, 12/01/40	6/25 at 100.00	BB+		2,888,838
	5,600	5.000%, 12/01/45	6/25 at 100.00	BB+		5,971,672
	5	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2009A, 5.000%, 2/15/39 (Pre-refunded 2/15/19)	2/19 at 100.00	Aa1 (4)		5,354
		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 2016-XF0525:
	1,998	12.091%, 2/15/39 (IF)	2/19 at 100.00	AA+		2,398,159
	1,335	12.081%, 2/15/39 (IF)	2/19 at 100.00	AA+		1,602,427
		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:
	850	5.750%, 2/15/47	2/21 at 100.00	A		966,935
	2,400	5.250%, 2/15/47	2/21 at 100.00	A		2,666,016
		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:
	2,185	5.000%, 2/15/47 (Pre-refunded 6/30/17) – FGIC Insured	6/17 at 100.00	A2 (4)		2,200,579
	10,955	4.500%, 2/15/47 (Pre-refunded 6/30/17) – FGIC Insured	6/17 at 100.00	A2 (4)		10,976,800
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:
	245	4.000%, 9/01/39 – AGM Insured	9/24 at 100.00	A–		252,061
	390	5.000%, 9/01/44	9/24 at 100.00	A–		431,828
	6,075	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured	5/21 at 100.00	A–		6,736,628
	10,000	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42	9/22 at 100.00	A–		10,990,300
	4,315	Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40	2/21 at 100.00	AA		4,915,173
	1,000	Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2014, 5.000%, 7/01/31	7/24 at 100.00	Baa1		1,098,390
	1,665	Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35	7/17 at 100.00	B–		1,638,826
	4,050	New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured	3/19 at 100.00	A3		4,472,253
	11,570	New York City Municipal Water Authority, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2016, Series 2015BB-1, 5.000%, 6/15/46 (UB)	6/25 at 100.00	AA+		13,085,554
		New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
	10	5.000%, 8/01/17	7/17 at 100.00	AA		10,034
	75	5.750%, 8/01/18	7/17 at 100.00	AA		75,299
	5	New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured	7/17 at 100.00	AA		5,017

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		New York (continued)
$	31,615	New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44	11/24 at 100.00	N/R	$	33,656,381
	40	New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured	5/17 at 100.00	A2		40,120
	5,655	Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22)	7/22 at 100.00	N/R (4)		6,633,881
		Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:
	8,550	5.500%, 12/01/31	12/20 at 100.00	BBB		9,458,267
	3,155	6.000%, 12/01/36	12/20 at 100.00	BBB		3,556,064
	2,500	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50	5/25 at 100.00	AA–		2,818,875
		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:
	2,430	0.000%, 11/15/31	No Opt. Call	A+		1,491,048
	1,435	0.000%, 11/15/32	No Opt. Call	A+		842,732
	10,360	TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48	6/27 at 100.00	N/R		10,644,796
	167,933	Total New York				182,483,991
		North Carolina – 0.9% (0.6% of Total Investments)
	3,000	Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47 (Pre-refunded 1/15/18)	1/18 at 100.00	AA– (4)		3,088,740
	1,255	North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/39 (Pre-refunded 6/01/19)	6/19 at 100.00	Aa2 (4)		1,358,136
	10,000	North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42	6/22 at 100.00	AA		11,077,000
	4,715	North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36	6/22 at 100.00	A+		5,145,432
	2,150	North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A, 5.000%, 10/01/38	10/22 at 100.00	A2		2,366,011
		North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007:
	1,495	4.500%, 10/01/31 (Pre-refunded 10/01/17) (UB)	10/17 at 100.00	N/R (4)		1,518,382
	2,505	4.500%, 10/01/31 (UB)	10/17 at 100.00	AA–		2,531,854
	1,690	North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/54	7/26 at 100.00	BBB–		1,821,212
	540	Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009, 6.000%, 6/01/34 (Pre-refunded 6/01/19) – AGC Insured	6/19 at 100.00	A2 (4)		595,409
	830	University of North Carolina, Greensboro, General Revenue Bonds, Series 2014, 5.000%, 4/01/39	4/24 at 100.00	A+		923,757
	28,180	Total North Carolina				30,425,933
		North Dakota – 0.6% (0.4% of Total Investments)
		Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012:
	7,000	5.000%, 12/01/29	12/21 at 100.00	Baa1		7,619,920
	3,000	5.000%, 12/01/32	12/21 at 100.00	Baa1		3,226,140
	2,245	5.000%, 12/01/35	12/21 at 100.00	Baa1		2,397,436
	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 (WI/DD, Settling 5/04/17)	12/26 at 100.00	N/R		999,840
		Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A:
	600	3.000%, 3/01/18	No Opt. Call	BBB–		600,342
	970	4.000%, 3/01/19	No Opt. Call	BBB–		988,886
	1,085	5.000%, 3/01/21	No Opt. Call	BBB–		1,155,525

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		North Dakota (continued)
$	2,535	Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38 (8)	9/23 at 100.00	N/R	$	1,267,500
	18,435	Total North Dakota				18,255,589
		Ohio – 9.4% (6.0% of Total Investments)
	4,185	Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42	5/22 at 100.00	A1		4,457,109
		Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:
	1,930	5.000%, 5/01/33	5/22 at 100.00	A2		2,104,511
	2,540	4.000%, 5/01/33	5/22 at 100.00	A2		2,592,019
	3,405	5.000%, 5/01/42	5/22 at 100.00	A2		3,668,581
	9,405	American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18)	2/18 at 100.00	N/R (4)		9,733,893
	595	American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43	2/18 at 100.00	A		612,499
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	17,305	5.375%, 6/01/24	6/17 at 100.00	Caa1		16,661,600
	45,260	5.125%, 6/01/24	6/17 at 100.00	Caa1		43,578,138
	20,820	5.875%, 6/01/30	6/17 at 100.00	Caa1		19,919,743
	28,135	5.750%, 6/01/34	6/17 at 100.00	Caa1		26,984,560
	2,715	6.000%, 6/01/42	6/17 at 100.00	B–		2,669,198
	19,115	5.875%, 6/01/47	6/17 at 100.00	B–		18,501,217
	10,000	Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37	6/22 at 100.00	Caa1		10,017,400
	8,310	Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014, 5.000%, 12/01/51	6/23 at 100.00	Aa3		9,190,611
	7,870	Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42	5/22 at 100.00	Aa2		8,498,026
	6,425	JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Series 2013A, 5.000%, 1/01/38 (UB)	1/23 at 100.00	AA		7,111,897
		JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052:
	1,250	15.402%, 1/01/38 (IF) (5)	1/23 at 100.00	AA		1,784,550
	2,000	15.402%, 1/01/38 (IF) (5)	1/23 at 100.00	AA		2,855,280
	625	15.402%, 1/01/38 (IF) (5)	1/23 at 100.00	AA		892,275
	1,725	15.402%, 1/01/38 (IF) (5)	1/23 at 100.00	AA		2,462,679
	1,750	15.394%, 1/01/38 (IF) (5)	1/23 at 100.00	AA		2,497,950
	390	15.296%, 1/01/38 (IF) (5)	1/23 at 100.00	AA		555,504
	2,885	Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41	11/21 at 100.00	A1		3,327,155
		Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007:
	4,380	5.250%, 12/01/27 – AGM Insured	No Opt. Call	A2		5,386,874
	6,000	5.250%, 12/01/31 – AGM Insured	No Opt. Call	A2		7,299,360
	12,000	Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48	2/23 at 100.00	Ba2		12,457,440
	19,920	Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.375%, 6/01/33 (Mandatory put 6/01/22)	No Opt. Call	CCC+		18,567,233
	4,975	Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48	2/23 at 100.00	A+		5,446,829
	1,240	Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36 (7)	2/31 at 100.00	A+		1,154,056

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Ohio (continued)
$	19,405	Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory put 6/01/22)	No Opt. Call	CCC+	$	18,087,206
	20,010	Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory put 6/01/22)	No Opt. Call	CCC+		18,651,121
	7,985	Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center, Refunding Series 2016, 3.500%, 2/15/38	2/26 at 100.00	A2		7,598,207
		Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:
	1,095	5.750%, 12/01/32	12/22 at 100.00	BB		1,197,919
	870	6.000%, 12/01/42	12/22 at 100.00	BB		955,460
	1,365	Toledo Lucas County Port Authority, Ohio, Revenue Bonds, Storypoint Waterville Project, Series 2016A-1, 6.125%, 1/15/34	1/24 at 104.00	N/R		1,377,271
	1,330	Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45	3/25 at 100.00	N/R		1,365,817
	2,000	University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds, Series 2010B, 5.000%, 1/01/29 – AGM Insured	1/20 at 100.00	A1		2,183,380
	301,215	Total Ohio				302,404,568
		Oklahoma – 0.6% (0.4% of Total Investments)
	1,400	Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26	8/21 at 100.00	N/R		1,601,880
	3,500	Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40	6/20 at 100.00	A1		3,853,150
		Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2011:
	1,000	5.375%, 7/01/40	7/21 at 100.00	AAA		1,132,590
	1,500	5.000%, 7/01/40	7/21 at 100.00	AAA		1,670,115
	1,675	Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18)	8/18 at 100.00	AA– (4)		1,768,298
		Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
	2,300	5.000%, 2/15/37 (Pre-refunded 6/01/17)	6/17 at 100.00	A2 (4)		2,302,070
	5,840	5.000%, 2/15/42 (Pre-refunded 6/01/17)	6/17 at 100.00	A2 (4)		5,844,847
	2,340	Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/45	11/25 at 102.00	BBB–		2,496,172
	19,555	Total Oklahoma				20,669,122
		Oregon – 0.3% (0.2% of Total Investments)
		Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South Waterfront, Refunding Series 2014A:
	1,000	5.400%, 10/01/44	10/24 at 100.00	N/R		1,066,050
	800	5.500%, 10/01/49	10/24 at 100.00	N/R		846,728
	555	Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/31	4/21 at 100.00	Aa2		627,189
	3,445	Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 5.250%, 4/01/31 (Pre-refunded 4/01/21)	4/21 at 100.00	N/R (4)		3,967,641
	3,000	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2009A, 5.000%, 11/15/33 (Pre-refunded 5/15/19)	5/19 at 100.00	Aa1 (4)		3,241,620
	8,800	Total Oregon				9,749,228
		Pennsylvania – 6.3% (4.0% of Total Investments)
		Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009:
	170	6.750%, 11/01/24	11/19 at 100.00	Caa1		178,061
	195	6.875%, 5/01/30	11/19 at 100.00	Caa1		198,999
	2,000	Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39	8/19 at 100.00	A+		2,160,040

NUVEEN

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Pennsylvania (continued)
$	3,330	Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2010, 5.000%, 6/01/40 – AGM Insured	12/20 at 100.00	A1	$	3,686,077
	7,300	Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory put 4/01/21)	No Opt. Call	CCC+		6,799,877
	13,235	Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 (Mandatory put 7/01/22)	No Opt. Call	CCC+		12,336,741
		Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane Charter School Project, Series 2016:
	2,410	5.125%, 3/15/36	3/27 at 100.00	BBB–		2,506,521
	6,420	5.125%, 3/15/46	3/27 at 100.00	BBB–		6,575,171
	6,015	Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40	5/20 at 100.00	Aa3		6,448,020
	1,000	Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015, 5.000%, 1/01/29	1/25 at 100.00	BBB+		1,097,320
	7,630	Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42	6/22 at 100.00	A2		8,236,890
	8,750	Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured	1/20 at 100.00	A2		9,508,975
	3,255	Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, Series 2016OO2, 5.000%, 5/01/46	5/26 at 100.00	BBB+		3,494,080
	1,250	Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45	7/25 at 100.00	BBB–		1,312,338
	1,500	Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47	12/23 at 100.00	A		1,653,465
		Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010:
	7,970	5.250%, 8/01/33 (Pre-refunded 8/01/20)	8/20 at 100.00	N/R (4)		8,998,688
	5,295	5.375%, 8/01/38 (Pre-refunded 8/01/20)	8/20 at 100.00	N/R (4)		5,999,500
		Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A:
	10,450	5.250%, 1/15/45	1/25 at 100.00	Baa2		11,074,074
	1,150	5.250%, 1/15/46	1/25 at 100.00	Baa2		1,218,678
	11,810	Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38	9/25 at 100.00	B1		12,038,524
	4,675	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120, 3.200%, 4/01/40	10/25 at 100.00	Aa2		4,343,169
	3,705	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45	6/25 at 100.00	A		4,060,754
	11,000	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured	6/26 at 100.00	A2		13,736,470
	15,000	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 5.000%, 12/01/45	12/25 at 100.00	A–		16,285,500
	10,080	Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42	7/22 at 100.00	Ba1		10,797,394
		Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A:
	5,000	5.000%, 6/15/35 – AGM Insured	6/20 at 100.00	A2		5,438,300
	17,850	5.000%, 6/15/40 – AGM Insured	6/20 at 100.00	A2		19,414,731
	7,055	Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room	8/20 at 100.00	A2		7,692,349
		Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured
	5,180	Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax	8/20 at 100.00	A1		5,677,125
		Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured

NUVEEN

NVG	Nuveen AMT-Free Municipal Credit Income Fund
	Portfolio of Investments (continued)	April 30, 2017 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Pennsylvania (continued)
		Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A:
$	1,125	5.250%, 12/01/31 (Pre-refunded 12/01/21) – AGM Insured	12/21 at 100.00	AA (4)	$	1,316,115
	1,000	5.500%, 12/01/35 (Pre-refunded 12/01/21) – AGM Insured	12/21 at 100.00	AA (4)		1,180,960
	5,790	Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33	1/23 at 100.00	BB+		5,606,631
	188,595	Total Pennsylvania				201,071,537
		Puerto Rico – 0.6% (0.4% of Total Investments)
	590	Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 5.000%, 7/01/29 – NPFG Insured	7/17 at 100.00	A3		590,378
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
	50,000	0.000%, 8/01/47 – AMBAC Insured	No Opt. Call	C		8,678,500
	86,250	0.000%, 8/01/54 – AMBAC Insured	No Opt. Call	C		10,667,400
	136,840	Total Puerto Rico				19,936,278
		Rhode Island – 1.1% (0.7% of Total Investments)
	1,810	Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 – NPFG Insured	7/17 at 100.00	A3		1,815,919
	1,000	Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England Health System, Series 2013A, 6.000%, 9/01/33 (Pre-refunded 9/01/23)	9/23 at 100.00	BB (4)		1,243,380
	329,050	Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52	6/17 at 12.63	CCC+		33,079,397
	331,860	Total Rhode Island				36,138,696
		South Carolina – 2.8% (1.8% of Total Investments)
	7,600	Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/31 – AMBAC Insured	No Opt. Call	A–		4,606,512
	3,600	Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 (Pre-refunded 4/01/21) – AGC Insured	4/21 at 100.00	A2 (4)		4,141,656
	1,250	South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured	8/21 at 100.00	BBB+		1,456,225
	34,790	South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Federally Taxable Build America Series 2014C, 5.000%, 12/01/46 (UB)	12/24 at 100.00	A1		37,023,866
	20	South Carolina Public Service Authority, Revenue Obligation Bonds, Santee Cooper Electric System, Series 2008A, 5.500%, 1/01/38 (Pre-refunded 1/01/19)	1/19 at 100.00	A1 (4)		21,501
		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A: