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Table of Contents
| Chairman’s Letter to Shareholders | 4 |
| Portfolio Managers’ Comments | 5 |
| Fund Leverage | 11 |
| Common Share Information | 13 |
| Risk Considerations | 15 |
| Performance Overview and Holding Summaries | 16 |
| Shareholder Meeting Report | 22 |
| Report of Independent Registered Public Accounting Firm | 23 |
| Portfolios of Investments | 24 |
| Statement of Assets and Liabilities | 124 |
| Statement of Operations | 125 |
| Statement of Changes in Net Assets | 126 |
| Statement of Cash Flows | 127 |
| Financial Highlights | 128 |
| Notes to Financial Statements | 134 |
| Additional Fund Information | 153 |
| Glossary of Terms Used in this Report | 154 |
| Reinvest Automatically, Easily and Conveniently | 156 |
| Annual Investment Management Agreement Approval Process | 157 |
| Board Members and Officers | 164 |
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Chairman’s Letter to Shareholders
Dear Shareholders,
Asset prices have steadily climbed this year, propelled by a “Goldilocks” economic scenario that enabled markets to sidestep geopolitical tensions, natural disasters, terrorism events and political noise. The U.S. economy continued to run not too hot, not too cold, with steady growth and low levels of unemployment, inflation and interest rates. Corporate earnings have been healthy and recession risk appeared low. At the same time, growth across the rest of the world has improved as well, leading to upward revisions in global growth projections.
Yet, a global synchronized recovery also brings the prospect of higher inflation. Central banks have to manage the delicate balance between too-loose financial conditions, which risks economies overheating, and too-tight conditions, which could trigger recession. The nomination of Jerome Powell for Chairman of the U.S. Federal Reserve (Fed) is largely expected to maintain the course set by Chair Janet Yellen after her term expires in February 2018, and the much anticipated tax overhaul, passed at the end of December, may likely boost economic growth but could complicate the Fed’s job of managing interest rates in the years ahead.
Meanwhile, politics will remain in the forefront. A budget showdown is expected in 2018, as Congress sets to debate the U.S. debt ceiling limit and spending related to the military, disaster relief, the Children’s Health Insurance Program and immigration policy. In addition, the ongoing “Brexit” negotiations and the North American Free Trade Agreement (NAFTA) talks may impact key trade and political partnerships. Tensions with North Korea may continue to flare.
The magnitude of the market’s bullishness this year has been somewhat surprising, but gains may not be so easy in the coming years. Nobody can predict market shifts, and that is why Nuveen encourages you to talk to your financial advisor to ensure your investment portfolio is appropriately diversified for your objectives, time horizon and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
December 22, 2017
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Portfolio Managers’ Comments
Nuveen AMT-Free Municipal Credit Income Fund (NVG)
Nuveen Municipal Credit Income Fund (NZF)
Nuveen Municipal High Income Opportunity Fund (NMZ)
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 U.S. economic and market conditions, key investment strategies and the twelve-month performance of these three national Funds. Paul has managed NVG since 2006, Scott assumed portfolio management responsibility for NZF in 2016 and John has managed NMZ since its inception in 2003.
On September 24, 2017, the Nuveen Fund Board approved that the Nuveen Municipal High Income Opportunity Fund (NMZ), under its updated investment policies, invest up to 75% of its portfolio in municipal securities rated BBB and below, up from 50%. No more than 10% percent of the Fund’s managed assets may be invested in municipal securities rated at or below B3/B-.
On March 14, 2017, the Nuveen Fund Board approved a change in the primary benchmark for NMZ from the S&P Municipal Bond 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 factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2017?
The U.S. economy continued to expand at a below-trend pace in the reporting period overall but did mark two consecutive quarters of above 3% growth in the second and third quarters of 2017. The Bureau of Economic Analysis reported its “second” estimate of third-quarter gross domestic product (GDP) at an annualized rate of 3.3%, an increase from 3.1% in the second quarter, alleviating concerns that Hurricanes Harvey, Irma and Maria depressed the nation’s output. GDP is the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. Despite some softening in shopping and dining out activity due to the hurricanes, consumer spending remained the main driver of demand in the economy. Business investment had been muted for most of the recovery but has accelerated in 2017, with the “hard” data now falling more in line with the highly optimistic business sentiment levels, or “soft” data, seen after President Trump won the election.
| This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors. |
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (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)
Elsewhere in the economy, the labor market continued to tighten, with unemployment staying below 5% over the course of the reporting period. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.1% in October 2017 from 4.8% in October 2016 and job gains averaged around 167,000 per month for the past twelve months. Higher energy prices, especially gasoline, helped drive a steady increase in inflation over this reporting period. The twelve-month change in the Consumer Price Index (CPI) increased 2.0% over the twelve-month reporting period ended October 31, 2017 on a seasonally adjusted basis, as reported by the Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 1.8% during the same period, slightly below the Federal Reserve’s (Fed) unofficial longer term inflation objective of 2.0%. The housing market also continued to improve, with historically low mortgage rates and low inventory driving home prices higher. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 6.2% annual gain in September 2017 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 5.7% and 6.2%, respectively.
With the U.S. economy delivering a sustainable, albeit muted, growth rate, the Fed’s policy making committee raised its main benchmark interest rate in December 2016, March 2017 and June 2017. These moves were widely expected by the markets, as were the Fed’s decisions to leave rates unchanged at the July, September and October/November 2017 meetings. (There was no August meeting.) The Fed also announced it would begin reducing its balance sheet in October 2017 by allowing a small amount of maturing Treasury and mortgage securities to roll off without reinvestment. The market expects the pace to remain moderate and predictable, with minimal market disruption. The Fed also signaled its intention to raise its target interest rate one more time in 2017.
While the markets remained comfortable with the course of monetary policy during this reporting period, the political environment was frequently a source of uncertainty. Markets were initially highly optimistic about pricing in the new administration’s “pro-growth” fiscal agenda after Donald Trump won the election. However, several attempts at health care reform were unable to pass in Congress, which weakened the outlook for the remainder of President Trump’s agenda. The hurricanes caused enormous devastation in Texas, Florida and Puerto Rico, which will require federal aid. The debt ceiling vote, expected to be a protracted showdown in Congress, turned out to be a non-event after the Republican president and Congressional Democrats reached a compromise in early September (although the debate will resume when the current extension expires in December 2017). As the reporting period ended, legislators were refocusing their efforts on tax reform and President Trump nominated Jerome Powell to replace Fed Chair Janet Yellen when her term ends in February 2018. Although both events were initially considered market friendly, the specifics of a tax reform bill, its implications for the economic and corporate landscapes, and whether it passes remain to be seen and could pose challenges to the Fed’s ability to manage interest rates in the future (subsequent to the close of the reporting period, the tax bill was signed into law). Geopolitical risks also remained prominent throughout the reporting period, with the ongoing renegotiation of the North American Free Trade Agreement (NAFTA); the start of “Brexit” talks between the U.K. and European Union; closely watched elections in the Netherlands, France and Germany; and escalating tensions between the U.S. and North Korea.
After a sell-off in response to the U.S. presidential election in November 2016, the municipal bond market rallied for the remainder of the reporting period. Donald Trump’s unexpected win launched a wave of speculation that his legislative agenda would drive interest rates and inflation higher as well as introduce tax reforms that might be unfavorable to municipal bonds. A sharp rise in interest rates after the election fueled a reversal in municipal bond fund flow, with the largest outflows from the high yield municipal segment. Volatility intensified as mutual fund managers rushed to sell positions to help meet investor redemptions. At the same time, new issuance spiked in October 2016, further contributing to excess supply and exacerbating falling prices and credit spread widening.
Conditions began to stabilize after the municipal market bottomed on December 1, 2016. Although interest rates ended the reporting period slightly higher, municipal bond relative valuations had returned to their pre-election levels, as economic conditions remained steady, much of Trump’s agenda has yet to be passed and the initial tax reform proposals circulating in Congress did not modify the current municipal bond tax exemption. Fundamental credit conditions continued to be favorable overall, while the ongoing high-profile difficulties in Puerto Rico, Illinois and New Jersey were contained.
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The balance of municipal bond supply and demand remained advantageous for prices. In the reporting period overall, municipal bond issuance nationwide totaled $372.4 billion, a 15.5% drop from the issuance for the twelve-month reporting period ended October 31, 2016. The robust pace of issuance seen since the low volume depths of 2011 began to moderate in 2017 as interest rates have risen and are expected to move higher. Despite the increase, the overall level of interest rates still remained low, encouraging issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in four of the past seven calendar years. So, while gross issuance volume has been strong the net has not, and this was an overall positive technical factor on municipal bond investment performance in recent years. However, the pace of refinancing has slowed somewhat in 2017.
Demand remained robust and continued to outstrip supply. Low global interest rates have continued to drive investors toward higher yielding assets, including U.S. municipal bonds. The Fed’s clearly stated intentions have met with market approval, which kept market volatility low, and fiscal policy expectations have moderated since the post-election frenzy, improving investor confidence. As a result, municipal bond fund inflows have steadily increased in 2017 so far.
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2017?
While the first two months of the reporting period saw widening credit spreads along with rising yields and falling prices (as prices and yields move in opposite directions), the municipal market recovered over the following ten months. Interest rates moderated, credit spreads narrowed and liquidity improved, which helped the broad municipal market post a modest gain for the reporting period overall. 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 were active buyers throughout the reporting period, adding bonds from both the new issue and secondary markets across a range of sectors and increasing exposure to bonds rated BBB and lower. Early in the reporting period, both Funds executed numerous trades to take advantage of the prevailing market conditions that provided attractive opportunities for tax loss swapping. This strategy involves selling bonds that were bought when interest rates were lower and using the proceeds to buy other bonds (typically at higher yield levels) to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities. The opportunity for tax loss swapping waned as the municipal market rallied and credit spreads tightened.
Purchases in NVG included several lower rated or non-rated tax-supported credits, including land-secured bonds (which are bonds secured by real estate values) issued in areas where household formation and/or commercial activity were accelerating, such as Florida, Colorado and Texas. NVG also bought bonds issued for the American Dream Meadowlands Project, a new mega-mall shopping and entertainment complex currently under construction in New Jersey, which we believed were undervalued by the marketplace and subsequently performed well during the reporting period. NVG’s exposure to both state and local general obligation (GO) bonds slightly increased over this reporting period, with additional purchases in Chicago Board of Education, Chicago and Illinois-related credits. We also bought lower rated and below investment grade charter school credits, tobacco securitization bonds and long-term care bonds for NVG. NZF added to positions across many of the same sectors as NVG, including credits issued for airports, hospitals, tollroads, land-secured, charter schools, tobacco securitization, Chicago Board of Education, Chicago and Illinois-related sectors. Later in the reporting period, NZF focused on buying higher grade bonds, including those issued for the water
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Portfolio Managers’ Comments (continued)
sewer, GO and sales tax sectors. We consider these bonds to be short-term placeholders, which help keep the Fund fully invested, continue to earn coupon income in the meantime and can be sold easily if interest rates rise.
Outside of the one-for-one tax loss bond swaps, elevated call activity provided most of the proceeds for NVG’s and NZF’s buying activity. In addition, NVG sold some pre-refunded bonds and higher rated hospital bonds during the reporting period, while NZF trimmed some insured Puerto Rico GOs.
For NMZ, cash for new purchases was generated mainly from call activity in the portfolio, as well as some inflows from an equity shelf program (in which new shares of the Fund are offered on the secondary market) and the reinvestment of shareholder income distributions. We reinvested these proceeds across many of the longstanding investment themes in the portfolio, including the education sector and land-secured bonds. Two notable purchases in the second half of the reporting period were issues for the American Dream Meadowlands Project (which was also added to NVG) and Chicago Board of Education (and were also bought by NVG and NZF).
As of October 31, 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 positive impact on performance during this reporting period.
How did the Funds perform during the twelve-month reporting period ended October 31, 2017?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and ten-year periods ended October 31, 2017. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index.
For the twelve months ended October 31, 2017, the total returns at NAV for all three of these Funds exceeded the return for the national S&P Municipal Bond Index. NVG and NZF outperformed 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 beat the return on the S&P Municipal Yield Index.
Credit ratings allocation was the main driver of NVG and NZF’s relative outperformance in this reporting period. Lower quality bonds led high quality bonds over the reporting period, which was especially beneficial to NVG’s overweight to credits rated BBB and lower and NZF’s overweight allocations to bonds rated BBB and lower and overweight to non-rated bonds. The two Funds were also underweight the highest grade bonds (AAA and AA rated), which was advantageous to relative performance.
Yield curve and duration positioning contributed positively to NVG’s and NZF’s relative returns but to a lesser extent than credit ratings positioning. Both Funds maintained 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 unfavorable earlier in the reporting period when the yield curve steepened and caused longer bonds to underperform shorter bonds. However, a reversal of those trends later in the reporting period was beneficial to the Funds’ duration positioning, which helped overcome the earlier underperformance.
Sector allocation was not a major factor influencing the performance of NVG and NZF in this reporting period. Generally, the Funds held a bias toward sectors that performed well, which were those with predominantly lower rated credits, and were underweight in higher quality segments of the market. Tobacco, industrial development revenue (IDR), health care and transportation were among the better-performing sectors, while pre-refunded bonds, water and sewer, and tax-backed sectors lagged. Additionally, the Funds’ exposures to Chicago and Illinois-related bonds were meaningful contributors in this reporting period, driven by the state’s budget approval and a meaningful improvement in the Chicago Public School’s (CPS) financial outlook. In addition, the use of regulatory leverage was an important factor affecting performance of the three Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
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The performance of NMZ, which is primarily compared to the S&P Municipal Yield Index, was largely driven by individual credits that delivered strong gains in this reporting period. Like NVG and NZF, NMZ benefited strongly from its holdings in Chicago Board of Education credits and Chicago GOs. In July 2017, the State of Illinois passed education funding reform that helped alleviate the underfunding of CPS relative to other school districts in the state. A stabilizing picture for CPS, in turn, bodes well for the City of Chicago’s financial condition. These events helped Chicago Board of Education and Chicago GO bonds outperform the broad market during this reporting period. NMZ’s position in the American Dreams Meadowlands Project also contributed strongly to performance as the bonds appreciated in the reporting period. We bought the issue when it was out of favor due to investors’ concerns about the recent decline in shopping malls. However, we believe the project’s entertainment and amusement facilities, as well as the strength of the developers, the tenants that have pre-leased and the financing package, support an attractive long-term growth opportunity.
At the sector level, NMZ’s heavier weightings in the land-secured, health care and IDR sectors added to performance. An IDR credit issued for Cook County Recovery Zone for Navistar International Corporation was a standout performer for the Fund in this reporting period, as Navistar’s partnership with Volkswagen and a restructuring of its debt were well received by the market. Elsewhere, Puerto Rico bonds strongly underperformed in this reporting period, but the Fund did not hold any of the Commonwealth’s bonds, which was favorable to relative performance. However, a smaller weighting versus the benchmark index in tobacco securitization bonds detracted from performance. We remain comfortable with the Fund’s lower allocation to tobacco bonds because we consider the high yield benchmark’s weight to be too high for NMZ given our current assessment of the sector.
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’s 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, 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 October 2017, Puerto Rico has defaulted on many of its debt obligations, including General Obligation bonds.
In mid-September 2017, Puerto Rico was severely impacted by two hurricanes within the span of just two weeks causing massive destruction. Rebuilding is expected to take months and some parts of Puerto Rico may need years to fully recover. Puerto Rico’s Oversight Board has said it will approve budgetary adjustments up to an amount of $1 billion to fund emergency relief efforts. Though it’s too early to accurately assess the long-term economic impact of the storms, recovering from the tragic damage caused by the hurricanes will likely prolong the restructuring process that was already underway under PROMESA.
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 0.11%, 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)
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. Thus, the current net asset value of a Fund’s shares might be impacted, higher or lower, if the Fund were to use a different pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Fund’s then-current municipal bond pricing service was acquired by the parent company of another pricing service, and the combination of the valuation methodologies used by the two organizations took place on October 16, 2017. The change of valuation methodologies due to that combination had little or no impact on the net asset value of each 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 positive impact on the performance of these Funds over this reporting period.
As of October 31, 2017, the Funds’ percentages of leverage are as shown in the accompanying table.
| NVG | NZF | NMZ | ||
| Effective Leverage* | 37.20% | 36.16% | 37.42% | |
| Regulatory Leverage* | 33.23% | 34.74% | 9.25% |
| * | 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 October 31, 2017, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
| Variable Rate | ||||||||||
| Variable Rate | Remarketed | |||||||||
| Preferred | * | Preferred | ** | |||||||
| Shares Issued | Shares Issued at | |||||||||
| at Liquidation | at Liquidation | |||||||||
| Preference | Preference | Total | ||||||||
| NVG | $ | 599,400,000 | $ | 1,052,600,000 | $ | 1,652,000,000 | ||||
| NZF | $ | 486,000,000 | $ | 727,000,000 | $ | 1,213,000,000 | ||||
| NMZ | $ | 87,000,000 | $ | — | $ | 87,000,000 |
| * | Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares iMTP, VMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details. |
| ** | Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in special rate mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details. |
Refer to Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares and Note 10 – Subsequent Events, Preferred Shares for further details on preferred shares and each Funds’ respective transactions.
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Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of October 31, 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 | 0.0725 | 0.0740 | 0.0675 | |||||||
| May | 0.0725 | 0.0740 | 0.0675 | |||||||
| June | 0.0725 | 0.0740 | 0.0675 | |||||||
| July | 0.0725 | 0.0740 | 0.0675 | |||||||
| August | 0.0725 | 0.0740 | 0.0675 | |||||||
| September | 0.0725 | 0.0740 | 0.0650 | |||||||
| October 2017 | 0.0725 | 0.0740 | 0.0650 | |||||||
| Total Monthly Per Share Distributions | $ | 0.8735 | $ | 0.8900 | $ | 0.8070 | ||||
| Ordinary Income Distribution* | $ | 0.0011 | $ | 0.0020 | $ | 0.0053 | ||||
| Total Distributions from Net Investment Income | $ | 0.8746 | $ | 0.8920 | $ | 0.8123 | ||||
| Total Distributions from Long-Term Capital Gains* | $ | 0.0292 | $ | 0.0018 | $ | — | ||||
| Total Distributions | $ | 0.9038 | $ | 0.8938 | $ | 0.8123 | ||||
| Yields | ||||||||||
| Market Yield** | 5.74 | % | 5.92 | % | 5.76 | % | ||||
| Taxable-Equivalent Yield** | 7.97 | % | 8.22 | % | 8.00 | % | ||||
| * | 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 would be 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 October 31, 2017, all the Funds had positive UNII balances for both tax and financial reporting purposes.
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Common Share Information (continued)
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.
COMMON SHARE EQUITY SHELF PROGRAM
During the current reporting period, NMZ was authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under this program, NMZ, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. During the current fiscal period, the Fund was authorized to issue additional common shares under one or more shelf offerings. The total amount of common shares under these Shelf Offerings, are as shown in the accompanying table.
| NMZ | ||
| Additional authorized common shares | 21,200,000 |
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 | 5,696,100 | |||
| Weighted average premium to NAV per common share sold | 1.30 | % |
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 2017, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of October 31, 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 | 6,235,000 |
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of October 31, 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 | $ | 16.39 | $ | 16.03 | $ | 13.47 | ||||
| Common share price | $ | 15.17 | $ | 15.01 | $ | 13.53 | ||||
| Premium/(Discount) to NAV | (7.44 | )% | (6.36 | )% | 0.45 | % | ||||
| 12-month average premium/(discount) to NAV | (6.60 | )% | (6.04 | )% | 0.77 | % |
|
14
|
NUVEEN
|
Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen AMT-Free Municipal Credit Income Fund (NVG)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NVG.
Nuveen Municipal Credit Income Fund (NZF)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NZF.
Nuveen Municipal High Income Opportunity Fund (NMZ)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NMZ.
|
NUVEEN
|
15
|
| NVG | |
| Nuveen AMT-Free Municipal Credit Income Fund | |
| Performance Overview and Holding Summaries as of October 31, 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 October 31, 2017
| Average Annual | ||||
| 1-Year | 5-Year | 10-Year | ||
| NVG at Common Share NAV | 4.25% | 5.55% | 6.47% | |
| NVG at Common Share Price | 7.10% | 5.18% | 7.16% | |
| S&P Municipal Bond Index | 1.80% | 3.04% | 4.43% | |
| NVG Custom Blended Fund Performance Benchmark | 1.21% | 3.29% | 4.55% | |
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.
|
16
|
NUVEEN
|
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 | 152.4% |
| Corporate Bonds | 0.0% |
| Short-Term Municipal Bonds | 0.8% |
| Other Assets Less Liabilities | 2.2% |
| Net Assets Plus Floating Rate Obligations, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs | 155.4% |
| Floating Rate Obligations | (5.8)% |
| VMTP Shares, net of deferred offering costs | (7.2)% |
| VRDP Shares, net of deferred offering costs | (42.4)% |
| Net Assets | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 12.7% |
| AA | 13.3% |
| A | 26.9% |
| BBB | 20.4% |
| BB or Lower | 19.5% |
| N/R (not rated) | 7.2% |
| Total | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Health Care | 19.4% |
| Tax Obligation/Limited | 17.9% |
| Transportation | 13.2% |
| U.S. Guaranteed | 9.6% |
| Tax Obligation/General | 9.2% |
| Education and Civic Organizations | 8.6% |
| Consumer Staples | 7.3% |
| Utilities | 7.1% |
| Other | 7.7% |
| Total | 100% |
| States and Territories | |
| (% of total municipal bonds) | |
| Illinois | 16.3% |
| California | 11.4% |
| Texas | 7.8% |
| Ohio | 6.3% |
| Colorado | 6.1% |
| New Jersey | 4.6% |
| Florida | 4.4% |
| Pennsylvania | 4.0% |
| New York | 3.1% |
| Indiana | 2.6% |
| Georgia | 2.5% |
| Wisconsin | 2.4% |
| Iowa | 2.1% |
| Michigan | 1.9% |
| Arizona | 1.9% |
| Kentucky | 1.8% |
| South Carolina | 1.8% |
| Other | 19.0% |
| Total | 100% |
|
NUVEEN
|
17
|
| NZF | |
| Nuveen Municipal Credit Income Fund | |
| Performance Overview and Holding Summaries as of October 31, 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 October 31, 2017
| Average Annual | ||||
| 1-Year | 5-Year | 10-Year | ||
| NZF at Common Share NAV | 3.88% | 5.31% | 6.66% | |
| NZF at Common Share Price | 7.61% | 4.81% | 7.27% | |
| S&P Municipal Bond Index | 1.80% | 3.04% | 4.43% | |
| NZF Custom Blended Fund Performance Benchmark | 1.21% | 3.29% | 4.55% | |
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.
|
18
|
NUVEEN
|
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 | 153.0% |
| Corporate Bonds | 0.0% |
| Investment Companies | 0.2% |
| Short-Term Municipal Bonds | 0.1% |
| Other Assets Less Liabilities | 1.4% |
| Net Assets Plus Floating Rate Obligations, MFP Shares, net of deferred offering costs, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs | 154.7% |
| Floating Rate Obligations | (1.7)% |
| MFP Shares, net of deferred | |
| offering costs | (6.6)% |
| VMTP Shares, net of deferred | |
| offering costs | (14.7)% |
| VRDP Shares, net of deferred | |
| offering costs | (31.7)% |
| Net Assets | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 10.6% |
| AA | 13.4% |
| A | 23.7% |
| BBB | 23.3% |
| BB or Lower | 20.7% |
| N/R (not rated) | 8.2% |
| N/A (not applicable) | 0.1% |
| Total | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 17.6% |
| Tax Obligation/General | 14.8% |
| Transportation | 14.4% |
| Health Care | 13.3% |
| U.S. Guaranteed | 9.6% |
| Consumer Staples | 8.1% |
| Utilities | 7.4% |
| Education and Civic Organizations | 5.8% |
| Other | 9.0% |
| Total | 100% |
| States and Territories | |
| (% of total municipal bonds) | |
| Illinois | 18.8% |
| California | 12.8% |
| Texas | 10.3% |
| New York | 10.1% |
| Ohio | 5.4% |
| Colorado | 4.4% |
| Florida | 3.3% |
| Pennsylvania | 2.9% |
| Indiana | 2.9% |
| New Jersey | 2.8% |
| Massachusetts | 2.1% |
| Arizona | 2.0% |
| Michigan | 1.8% |
| Nevada | 1.7% |
| Other | 18.7% |
| Total | 100% |
|
NUVEEN
|
19
|
| NMZ | |
| Nuveen Municipal High Income Opportunity Fund | |
| Performance Overview and Holding Summaries as of October 31, 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 October 31, 2017
| Average Annual | ||||
| 1-Year | 5-Year | 10-Year | ||
| NMZ at Common Share NAV | 4.73% | 6.87% | 6.55% | |
| NMZ at Common Share Price | 8.04% | 5.86% | 6.16% | |
| S&P Municipal Yield Index | 1.77% | 4.65% | 4.99% | |
| S&P Municipal Bond High Yield Index | 0.14% | 4.81% | 5.03% | |
| S&P Municipal Bond Index | 1.80% | 3.04% | 4.43% | |
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.
|
20
|
NUVEEN
|
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 | 134.2% |
| Common Stocks | 1.2% |
| Corporate Bonds | 1.2% |
| Short-Term Municipal Bonds | 0.5% |
| Other Assets Less Liabilities | 4.5% |
| Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs | 141.6% |
| Floating Rate Obligations | (31.4)% |
| VMTP Shares, net of deferred offering costs | (10.2)% |
| Net Assets | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| AAA/U.S. Guaranteed | 10.1% |
| AA | 16.4% |
| A | 12.6% |
| BBB | 17.1% |
| BB or Lower | 17.7% |
| N/R (not rated) | 25.3% |
| N/A (not applicable) | 0.8% |
| Total | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 23.4% |
| Health Care | 19.3% |
| Education and Civic Organizations | 12.9% |
| Tax Obligation/General | 8.0% |
| U.S. Guaranteed | 6.6% |
| Consumer Staples | 6.3% |
| Industrials | 5.4% |
| Transportation | 4.9% |
| Other | 13.2% |
| Total | 100% |
| States and Territories | |
| (% of total municipal bonds) | |
| California | 14.7% |
| Illinois | 12.3% |
| Florida | 10.4% |
| New York | 8.8% |
| Colorado | 5.9% |
| Kentucky | 4.9% |
| Texas | 4.5% |
| Ohio | 4.3% |
| New Jersey | 3.9% |
| Wisconsin | 3.0% |
| Tennessee | 2.9% |
| Arizona | 2.4% |
| Washington | 1.8% |
| Indiana | 1.7% |
| Other | 18.5% |
| Total | 100% |
|
NUVEEN
|
21
|
Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen on August 2, 2017 for NVG, NZF and NMZ; at this meeting the shareholders were asked to elect Board Members.
| NVG | NZF | NMZ | |||||||||||||||||
| Common and | Common and | Common and | |||||||||||||||||
| Preferred | Preferred | Preferred | Preferred | Preferred | |||||||||||||||
| shares voting | shares voting | shares voting | shares voting | shares voting | |||||||||||||||
| together | together | together | together | together | Preferred | ||||||||||||||
| as a class | as a class | as a class | as a class | as a class | Shares | ||||||||||||||
| Approval of the Board Members was reached as follows: | |||||||||||||||||||
| David J. Kundert | |||||||||||||||||||
| For | 171,093,931 | — | 121,946,546 | — | 52,539,222 | — | |||||||||||||
| Withhold | 6,036,833 | — | 3,291,455 | — | 2,148,256 | — | |||||||||||||
| Total | 177,130,764 | — | 125,238,001 | — | 54,687,478 | — | |||||||||||||
| John K. Nelson | |||||||||||||||||||
| For | 172,158,592 | — | 122,840,778 | — | 52,734,157 | — | |||||||||||||
| Withhold | 4,972,172 | — | 2,397,223 | — | 1,953,321 | — | |||||||||||||
| Total | 177,130,764 | — | 125,238,001 | — | 54,687,478 | — | |||||||||||||
| Terence J. Toth | |||||||||||||||||||
| For | 172,145,943 | — | 122,783,497 | — | 52,668,724 | — | |||||||||||||
| Withhold | 4,984,821 | — | 2,454,504 | — | 2,018,754 | — | |||||||||||||
| Total | 177,130,764 | — | 125,238,001 | — | 54,687,478 | — | |||||||||||||
| Robert L. Young | |||||||||||||||||||
| For | 172,148,564 | — | 122,843,677 | — | 52,776,571 | — | |||||||||||||
| Withhold | 4,982,200 | — | 2,394,324 | — | 1,910,907 | — | |||||||||||||
| Total | 177,130,764 | — | 125,238,001 | — | 54,687,478 | — | |||||||||||||
| William C. Hunter | |||||||||||||||||||
| For | — | 16,520 | — | 11,903 | — | 870 | |||||||||||||
| Withhold | — | — | — | — | — | — | |||||||||||||
| Total | — | 16,520 | — | 11,903 | — | 870 | |||||||||||||
| William J. Schneider | |||||||||||||||||||
| For | — | 16,520 | — | 11,903 | — | 870 | |||||||||||||
| Withhold | — | — | — | — | — | — | |||||||||||||
| Total | — | 16,520 | — | 11,903 | — | 870 | |||||||||||||
|
22
|
NUVEEN
|
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of
Nuveen AMT-Free Municipal Credit Income Fund
Nuveen Municipal Credit Income Fund
Nuveen Municipal High Income Opportunity Fund:
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen AMT-Free Municipal Credit Income Fund, Nuveen Municipal Credit Income Fund, and Nuveen Municipal High Income Opportunity Fund (the “Funds”) as of October 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the statements of cash flows for the year then ended, and the financial highlights for each of the years in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the year ended October 31, 2013 were audited by other auditors whose reports dated December 27, 2013 expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2017, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, their cash flows for the year then ended, and the financial highlights for each of the years in the four-year period then ended, in conformity with U.S. generally accepted accounting principles.
/s/ KPMG LLP
Chicago, Illinois
December 27, 2017
|
NUVEEN
|
23
|
| NVG | ||
| Nuveen AMT-Free Municipal Credit Income Fund | ||
| Portfolio of Investments | October 31, 2017 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 152.4% (99.5% of Total Investments) | |||||||||
| MUNICIPAL BONDS – 152.4% (99.5% of Total Investments) | |||||||||
| Alabama – 1.7% (1.1% 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 | $ | 3,690,016 | |||
| 30,355 | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 | No Opt. Call | A3 | 38,192,661 | |||||
| 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 | 8,179,056 | |||||
| Opelika Utilities Board, Alabama, Utility Revenue Bonds, Series 2011B: | |||||||||
| 1,250 | 4.000%, 6/01/29 – AGM Insured | 6/21 at 100.00 | Aa3 | 1,307,700 | |||||
| 1,000 | 4.250%, 6/01/31 – AGM Insured | 6/21 at 100.00 | Aa3 | 1,048,710 | |||||
| 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 | 1,032,480 | |||||
| 1,300 | 5.500%, 8/01/35 | 8/26 at 100.00 | N/R | 1,336,764 | |||||
| 46,650 | Total Alabama | 54,787,387 | |||||||
| 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 | 12/17 at 100.00 | B3 | 6,867,627 | |||||
| 13,965 | 5.000%, 6/01/46 | 12/17 at 100.00 | B3 | 13,386,849 | |||||
| 20,975 | Total Alaska | 20,254,476 | |||||||
| Arizona – 2.9% (1.9% 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– | 4,618,695 | |||||
| 1,475 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47 | 7/27 at 100.00 | BB | 1,524,014 | |||||
| 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 | 10,859,500 | |||||
| 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 | 3,244,260 | |||||
| Arizona State, Certificates of Participation, Series 2010A: | |||||||||
| 1,200 | 5.250%, 10/01/28 – AGM Insured | 10/19 at 100.00 | Aa3 | 1,290,012 | |||||
| 1,500 | 5.000%, 10/01/29 – AGM Insured | 10/19 at 100.00 | Aa3 | 1,603,665 | |||||
| 7,070 | Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured | 1/20 at 100.00 | A1 | 7,623,086 | |||||
| 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 | 3,463,495 | |||||
| 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+ | 8,466,974 | |||||
| 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– | 2,410,113 | |||||
| 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 | 7,806,000 | |||||
| 8,755 | 5.500%, 7/01/39 – FGIC Insured | No Opt. Call | AA | 11,477,280 | |||||
| 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 | 648,458 | |||||
| 1,025 | 5.000%, 7/01/46 | 7/25 at 100.00 | BB | 1,058,517 |
|
24
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Arizona (continued) | |||||||||
| $ | 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 | $ | 2,075,841 | |||
| 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 | 430,646 | |||||
| 610 | 6.000%, 7/01/43 | 7/20 at 102.00 | BB | 522,087 | |||||
| 350 | 6.000%, 7/01/48 | 7/20 at 102.00 | BB | 294,553 | |||||
| 1,425 | 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 | 1,292,489 | |||||
| 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 | 985,044 | |||||
| 1,850 | 5.375%, 7/01/46 | 7/26 at 100.00 | BB | 1,549,504 | |||||
| 2,135 | 5.500%, 7/01/51 | 7/26 at 100.00 | BB | 1,769,595 | |||||
| 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 | 880,248 | |||||
| 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 | 98,163 | |||||
| 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– | 1,084,720 | |||||
| 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+ | 9,616,235 | |||||
| 5,135 | 5.000%, 12/01/37 | No Opt. Call | BBB+ | 6,281,081 | |||||
| 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 | 843,727 | |||||
| 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 | 2,195,960 | |||||
| 86,305 | Total Arizona | 96,013,962 | |||||||
| 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 | 1,249,000 | |||||
| 20,460 | 0.000%, 7/01/46 – AMBAC Insured | No Opt. Call | Aa2 | 6,229,252 | |||||
| 22,960 | Total Arkansas | 7,478,252 | |||||||
| California – 17.5% (11.4% 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 | 41,761 | |||||
| 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 | 2,044,401 | |||||
| 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 | 4,191,984 | |||||
| 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 | 6,447,939 | |||||
| 4,100 | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 | 3/26 at 100.00 | Ba3 | 4,130,299 | |||||
| 5,000 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23) | 4/23 at 100.00 | A1 (4) | 5,929,550 | |||||
| California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A: | |||||||||
| 3,275 | 5.450%, 6/01/28 | 12/18 at 100.00 | B2 | 3,336,799 | |||||
| 2,975 | 5.650%, 6/01/41 | 12/18 at 100.00 | B2 | 3,002,132 |
|
NUVEEN
|
25
|
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | |
| Portfolio of Investments (continued) | October 31, 2017 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| California (continued) | |||||||||
| $ | 10,040 | California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2007, 5.000%, 3/15/39 (UB) (5) | No Opt. Call | AAA | $ | 13,115,654 | |||
| 25,085 | California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2014U-6, 5.000%, 5/01/45 (UB) (5) | No Opt. Call | AAA | 33,579,534 | |||||
| 13,465 | California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2016U-7, 5.000%, 6/01/46 (UB) (5) | No Opt. Call | AAA | 18,104,904 | |||||
| 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 | A+ | 11,047,500 | |||||
| 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– | 1,816,304 | |||||
| 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– | 7,486,528 | |||||
| California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049: | |||||||||
| 1,650 | 8.403%, 8/15/51 (IF) (5) | 8/22 at 100.00 | AA– | 2,105,219 | |||||
| 4,075 | 8.403%, 8/15/51 (IF) (5) | 8/22 at 100.00 | AA– | 5,199,252 | |||||
| 1,555 | 8.397%, 8/15/51 (IF) (5) | 8/22 at 100.00 | AA– | 1,983,636 | |||||
| 5,000 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 5.000%, 8/15/52 | 8/23 at 100.00 | AA– | 5,624,700 | |||||
| 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 | 3,290,186 | |||||
| 1,000 | 5.000%, 7/01/36 | 7/26 at 100.00 | BB | 1,056,690 | |||||
| 555 | 5.000%, 7/01/41 | 7/26 at 100.00 | BB | 573,487 | |||||
| 195 | 5.000%, 7/01/46 | 7/26 at 100.00 | BB | 200,651 | |||||
| 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– | 288,278 | |||||
| 435 | 5.000%, 6/01/46 | 6/26 at 100.00 | BBB– | 476,573 | |||||
| 2,335 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20) | 7/20 at 100.00 | Baa2 (4) | 2,613,986 | |||||
| 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 | 1/18 at 100.00 | Baa3 | 4,524,165 | |||||
| 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– | 2,254,774 | |||||
| 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 | 758,255 | |||||
| 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 | 730,809 | |||||
| 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 | 907,700 | |||||
| 80 | California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured | 1/18 at 100.00 | AA– | 80,276 | |||||
| 5 | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured | 1/18 at 100.00 | AA– | 5,017 | |||||
| California State, General Obligation Bonds, Various Purpose Series 2010: | |||||||||
| 3,500 | 5.250%, 3/01/30 | 3/20 at 100.00 | AA– | 3,823,050 | |||||
| 10,000 | 5.500%, 11/01/35 | 11/20 at 100.00 | AA– | 11,255,900 | |||||
| 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 | 13,990,278 | |||||
| 62,605 | 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 | 68,191,870 | |||||
| 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– | 4,164,000 |
|
26
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| California (continued) | |||||||||
| $ | 7,000 | California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42 | 8/20 at 100.00 | AA– | $ | 7,876,680 | |||
| California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | |||||||||
| 1,535 | 5.750%, 7/01/30 (6) | 1/18 at 100.00 | CCC | 1,535,507 | |||||
| 4,430 | 5.750%, 7/01/35 (6) | 1/18 at 100.00 | CCC | 4,430,310 | |||||
| 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) | 3,713,796 | |||||
| 5,000 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – NPFG Insured (ETM) | No Opt. Call | A3 (4) | 4,308,700 | |||||
| 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 | 1,974,822 | |||||
| 14,375 | Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured | No Opt. Call | AA | 6,203,962 | |||||
| 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 | A1 | 2,553,731 | |||||
| 3,600 | 0.000%, 8/01/34 – AGM Insured (7) | 8/28 at 100.00 | A1 | 3,494,376 | |||||
| Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A: | |||||||||
| 3,960 | 0.000%, 1/15/34 – AGM Insured | No Opt. Call | BBB– | 2,141,568 | |||||
| 5,000 | 0.000%, 1/15/35 – AGM Insured | No Opt. Call | BBB– | 2,581,500 | |||||
| Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A: | |||||||||
| 910 | 0.000%, 1/15/42 (7) | 1/31 at 100.00 | BBB– | 798,161 | |||||
| 3,610 | 5.750%, 1/15/46 | 1/24 at 100.00 | BBB– | 4,203,412 | |||||
| 6,610 | 6.000%, 1/15/49 | 1/24 at 100.00 | BBB– | 7,810,508 | |||||
| 2,425 | Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured | 3/18 at 100.00 | A | 2,455,264 | |||||
| Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | |||||||||
| 25,950 | 5.000%, 6/01/33 | 12/17 at 100.00 | B3 | 25,865,403 | |||||
| 8,830 | 5.750%, 6/01/47 | 12/17 at 100.00 | B3 | 8,829,823 | |||||
| 8,565 | 5.125%, 6/01/47 | 12/17 at 100.00 | B– | 8,462,049 | |||||
| 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 | 4,841,760 | |||||
| 5,795 | 0.000%, 11/01/25 – AGM Insured | No Opt. Call | AA | 4,826,424 | |||||
| 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 | 1,294,137 | |||||
| 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 | 6,091,133 | |||||
| 3,310 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 | No Opt. Call | BBB+ | 4,702,881 | |||||
| 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 | 4,767,992 | |||||
| 2,220 | 0.000%, 8/01/28 – AGC Insured | No Opt. Call | Aa3 | 1,650,037 | |||||
| 2,340 | Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM) | 1/18 at 100.00 | A (4) | 2,461,212 | |||||
| 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 | 4,175,000 | |||||
| 5,000 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30 | 11/20 at 100.00 | Ba1 | 5,450,900 |
|
NUVEEN
|
27
|
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | |
| Portfolio of Investments (continued) | October 31, 2017 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| California (continued) | |||||||||
| $ | 3,700 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured | No Opt. Call | BB+ | $ | 3,026,600 | |||
| 7,875 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured (7) | 8/29 at 100.00 | BB+ | 9,656,325 | |||||
| 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 | 5,942,878 | |||||
| 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 | 4,889,613 | |||||
| 6,000 | Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 – AGM Insured | 1/18 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– | 751,211 | |||||
| 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 | 541,193 | |||||
| 920 | 5.000%, 9/01/46 | 9/25 at 100.00 | N/R | 998,660 | |||||
| 1,830 | San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 17.094%, 8/01/39 (Pre-refunded 8/01/19) (IF) | 8/19 at 100.00 | AA– (4) | 2,392,194 | |||||
| 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+ | 4,484,440 | |||||
| 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) | 63,966,253 | |||||
| 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 | 2,960,784 | |||||
| 8,275 | 5.000%, 1/15/50 | 1/25 at 100.00 | BBB | 9,097,535 | |||||
| 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 | 6,325,982 | |||||
| 37,040 | San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured | 1/18 at 100.00 | A | 37,113,710 | |||||
| 3,515 | San Mateo County Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | AAA | 2,456,247 | |||||
| 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 | 2,410,971 | |||||
| 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 | 1,791,269 | |||||
| 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 | 6,828,244 | |||||
| 5,625 | Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 – NPFG Insured (ETM) | No Opt. Call | A3 (4) | 6,796,463 | |||||
| 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 | A+ | 3,146,535 | |||||
| 4,495 | Stockton-East Water District, California, Certificates of Participation, Refunding Series 2002B, 0.000%, 4/01/28 – FGIC Insured | 1/18 at 100.00 | A3 | 2,406,308 | |||||
| 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 | 619,784 | |||||
| Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1: | |||||||||
| 1,175 | 4.750%, 6/01/23 | 12/17 at 100.00 | B+ | 1,175,211 | |||||
| 1,500 | 5.500%, 6/01/45 | 12/17 at 100.00 | B– | 1,499,955 |
|
28
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| California (continued) | |||||||||
| Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed | |||||||||
| Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A: | |||||||||
| $ | 1,105 | 4.750%, 6/01/25 | 12/17 at 100.00 | BBB | $ | 1,105,685 | |||
| 5,865 | 5.125%, 6/01/46 | 12/17 at 100.00 | B2 | 5,875,027 | |||||
| 583,035 | Total California | 582,154,146 | |||||||
| Colorado – 9.3% (6.1% of Total Investments) | |||||||||
| Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006: | |||||||||
| 750 | 5.250%, 10/01/32 – SYNCORA GTY Insured | 1/18 at 100.00 | BBB– | 751,492 | |||||
| 1,080 | 5.250%, 10/01/40 – SYNCORA GTY Insured | 1/18 at 100.00 | BBB– | 1,080,065 | |||||
| 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 | 928,617 | |||||
| 1,175 | 5.750%, 12/01/46 | 12/21 at 103.00 | N/R | 1,229,085 | |||||
| 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 | 1,126,290 | |||||
| 3,410 | Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 | 12/22 at 103.00 | N/R | 3,456,376 | |||||
| 1,690 | Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47 | 12/22 at 103.00 | N/R | 1,693,633 | |||||
| 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 | 1,183,696 | |||||
| 5,265 | 5.000%, 12/01/47 | 12/22 at 103.00 | N/R | 5,412,736 | |||||
| 195 | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43 | 12/23 at 100.00 | BB | 207,591 | |||||
| 1,200 | Clear Creek Station Metropolitan District 2, Adams County, Colorado, Limited Tax General Obligation Refunding & Improvement Series 2017A, 5.000%, 12/01/47 | 12/22 at 103.00 | N/R | 1,220,700 | |||||
| 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 | 1,126,121 | |||||
| 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 | 1,292,218 | |||||
| 5,090 | 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 | 4,946,666 | |||||
| 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 | 1,580,215 | |||||
| Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017: | |||||||||
| 2,460 | 5.000%, 6/01/42 | 6/27 at 100.00 | BBB | 2,730,600 | |||||
| 10,915 | 5.000%, 6/01/47 | 6/27 at 100.00 | BBB | 12,050,487 | |||||
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A: | |||||||||
| 1,500 | 5.000%, 9/01/36 | 1/18 at 100.00 | BBB+ | 1,515,795 | |||||
| 3,680 | 4.500%, 9/01/38 | 1/18 at 100.00 | BBB+ | 3,684,931 | |||||
| 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+ | 3,131,220 | |||||
| 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+ | 12,391,027 | |||||
| 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+ | 1,851,986 | |||||
| 2,895 | 5.000%, 12/01/23 | 12/22 at 100.00 | BBB+ | 3,254,414 | |||||
| 4,200 | 5.000%, 12/01/24 | 12/22 at 100.00 | BBB+ | 4,695,852 |
|
NUVEEN
|
29
|
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | |
| Portfolio of Investments (continued) | October 31, 2017 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Colorado (continued) | |||||||||
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A: | |||||||||
| $ | 1,410 | 5.000%, 6/01/32 | 6/25 at 100.00 | BBB | $ | 1,582,626 | |||
| 2,000 | 5.000%, 6/01/33 | 6/25 at 100.00 | BBB | 2,234,860 | |||||
| 5,855 | 5.000%, 6/01/40 | 6/25 at 100.00 | BBB | 6,402,560 | |||||
| 5,145 | 5.000%, 6/01/45 | 6/25 at 100.00 | BBB | 5,608,307 | |||||
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013: | |||||||||
| 765 | 5.500%, 6/01/33 | 6/23 at 100.00 | BBB | 876,109 | |||||
| 720 | 5.625%, 6/01/43 | 6/23 at 100.00 | BBB | 817,618 | |||||
| 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+ | 2,181,601 | |||||
| 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 | 1,042,990 | |||||
| 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– | 12,551,157 | |||||
| Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017: | |||||||||
| 635 | 5.000%, 12/31/47 | 12/24 at 100.00 | BBB | 694,442 | |||||
| 4,000 | 5.000%, 12/31/51 | 12/24 at 100.00 | BBB | 4,361,200 | |||||
| 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 | 528,005 | |||||
| 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 | 529,100 | |||||
| 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 | 1,538,179 | |||||
| 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 | 1,320,772 | |||||
| 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 | 506,875 | |||||
| 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 | 11,812,954 | |||||
| 505 | Denver Connection West Metropolitan District, City and County of Denver, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2017A, 5.375%, 8/01/47 | 12/22 at 103.00 | N/R | 507,439 | |||||
| 11,700 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41 | No Opt. Call | BBB+ | 4,345,146 | |||||
| E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: | |||||||||
| 35,995 | 0.000%, 9/01/23 – NPFG Insured | No Opt. Call | BBB+ | 31,592,811 | |||||
| 6,525 | 0.000%, 9/01/26 – NPFG Insured | No Opt. Call | BBB+ | 5,042,520 | |||||
| E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | |||||||||
| 17,030 | 0.000%, 9/01/25 – NPFG Insured | No Opt. Call | BBB+ | 13,740,315 | |||||
| 9,915 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | BBB+ | 5,918,065 | |||||
| 43,090 | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | BBB+ | 24,571,211 | |||||
| E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: | |||||||||
| 20,000 | 0.000%, 9/01/27 – NPFG Insured | No Opt. Call | BBB+ | 14,852,400 | |||||
| 1,150 | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | BBB+ | 818,892 | |||||
| 7,000 | 0.000%, 9/01/34 – NPFG Insured | No Opt. Call | BBB+ | 3,808,140 | |||||
| 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 | 509,980 | |||||
| 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 | 493,650 | |||||
| 590 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 6.000%, 12/01/38 | 12/24 at 100.00 | N/R | 606,726 |
|
30
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Colorado (continued) | |||||||||
| $ | 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 | $ | 811,297 | |||
| 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 | 1,365,393 | |||||
| 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 | 757,897 | |||||
| 700 | Harmony Technology Park Metropolitan District 2, Fort Collins, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2017, 5.000%, 9/01/47 | 12/22 at 103.00 | N/R | 700,882 | |||||
| 1,435 | High Plains Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, Refunding Series 2017, 4.000%, 12/01/47 – NPFG Insured | 12/27 at 100.00 | Baa2 | 1,479,456 | |||||
| 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 | 3,718,645 | |||||
| Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: | |||||||||
| 2,325 | 5.250%, 12/01/36 | 12/21 at 103.00 | N/R | 2,248,740 | |||||
| 8,955 | 5.375%, 12/01/46 | 12/21 at 103.00 | N/R | 8,604,949 | |||||
| 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 | 1,013,683 | |||||
| 5,355 | 6.000%, 12/15/50 | 12/23 at 100.00 | N/R | 5,400,892 | |||||
| 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 | 995,709 | |||||
| 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 | 503,455 | |||||
| 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 | 890,005 | |||||
| 6,050 | North Range Metropolitan District 1, Adams County, Colorado, General Obligation Bonds, Series 2016B, 3.500%, 12/01/45 | 12/25 at 100.00 | Baa1 | 5,551,903 | |||||
| North Range Metropolitan District No. 2 , In the City of Commerce City, Adams County, Colorado, Limited Tax General Obligation and Special Revenue and Improvement Bonds, Refunding Series 2017A: | |||||||||
| 1,000 | 5.625%, 12/01/37 | 12/22 at 103.00 | N/R | 1,010,610 | |||||
| 1,000 | 5.750%, 12/01/47 | 12/22 at 103.00 | N/R | 1,010,880 | |||||
| 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 | 569,258 | |||||
| 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 | 702,577 | |||||
| 1,060 | 5.000%, 12/01/46 | 12/26 at 100.00 | Baa3 | 1,121,798 | |||||
| 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 | 710,358 | |||||
| 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) | 1,009,527 | |||||
| 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 | 5,775,503 | |||||
| 2,760 | Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series 2017A, 5.000%, 12/15/41 | 12/26 at 100.00 | N/R | 2,788,014 | |||||
| 1,180 | Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31 | 6/20 at 100.00 | A | 1,284,324 | |||||
| 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 | 7,289,360 | |||||
| 3,750 | 6.000%, 1/15/41 | 7/20 at 100.00 | Baa3 | 4,112,475 |
|
NUVEEN
|
31
|
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | |
| Portfolio of Investments (continued) | October 31, 2017 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Colorado (continued) | |||||||||
| $ | 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 | $ | 1,316,173 | |||
| 930 | SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/46 | 12/21 at 103.00 | N/R | 939,346 | |||||
| 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 | 499,405 | |||||
| 1,000 | 5.750%, 12/01/45 | 12/20 at 103.00 | N/R | 1,000,450 | |||||
| 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 | 523,430 | |||||
| 8,500 | University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42 | 11/22 at 100.00 | AA– | 9,545,071 | |||||
| 346,695 | Total Colorado | 309,189,928 | |||||||
| 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 | 606,502 | |||||
| 740 | 5.000%, 9/01/53 | 9/26 at 100.00 | BB | 756,924 | |||||
| 10,105 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L, 4.125%, 7/01/41 | 7/25 at 100.00 | A– | 10,581,350 | |||||
| 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) | 3,576,397 | |||||
| 14,685 | Total Connecticut | 15,521,173 | |||||||
| 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 | 2,703,413 | |||||
| 225 | Delaware Economic Development Authority, Revenue Bonds, Newark Charter School, Refunding Series 2016A, 5.000%, 9/01/36 | 9/26 at 100.00 | BBB+ | 247,761 | |||||
| 2,840 | Total Delaware | 2,951,174 | |||||||
| District of Columbia – 1.2% (0.8% 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+ | 3,819,161 | |||||
| 7,310 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 | No Opt. Call | BBB | 8,238,882 | |||||
| 181,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 | 12/17 at 100.00 | N/R | 26,407,900 | |||||
| 1,500 | District of Columbia, Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A, 5.000%, 7/01/42 | 7/24 at 103.00 | N/R | 1,579,800 | |||||
| 193,590 | Total District of Columbia | 40,045,743 | |||||||
| Florida – 6.1% (4.0% 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 | 977,962 | |||||
| 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 | 21,211,220 | |||||
| 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 | 1,080,549 | |||||
| 1,470 | 5.500%, 7/01/47 | 7/27 at 100.00 | BB | 1,490,786 | |||||
| Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2017A: | |||||||||
| 6,050 | 5.125%, 6/15/37 | 6/27 at 100.00 | N/R | 5,921,437 | |||||
| 1,390 | 5.250%, 6/15/47 | 6/27 at 100.00 | N/R | 1,357,265 |
|
32
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Florida (continued) | |||||||||
| $ | 4,670 | City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 | 9/25 at 100.00 | AA– | $ | 5,373,582 | |||
| 1,025 | Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26 | No Opt. Call | A | 1,158,035 | |||||
| 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– | 1,617,374 | |||||
| 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 | 253,276 | |||||
| 320 | 5.600%, 11/01/46 | 11/28 at 100.00 | N/R | 334,794 | |||||
| 405 | 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 | 427,882 | |||||
| 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 | 3,987,622 | |||||
| 1,720 | 5.625%, 4/01/43 | 4/23 at 100.00 | Baa1 | 1,936,703 | |||||
| 4,000 | Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured | 10/21 at 100.00 | Aa3 | 4,353,400 | |||||
| Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015: | |||||||||
| 280 | 5.250%, 5/01/35 | 5/26 at 100.00 | N/R | 286,549 | |||||
| 315 | 5.300%, 5/01/36 | 5/26 at 100.00 | N/R | 322,135 | |||||
| 475 | 5.500%, 5/01/45 | 5/26 at 100.00 | N/R | 480,139 | |||||
| 655 | 5.500%, 5/01/46 | 5/26 at 100.00 | N/R | 661,642 | |||||
| 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 | 259,093 | |||||
| 415 | 6.125%, 6/15/46 | 6/26 at 100.00 | N/R | 421,486 | |||||
| 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 | 1,548,112 | |||||
| 2,075 | 4.750%, 7/15/36 | 7/26 at 100.00 | N/R | 2,019,680 | |||||
| 3,770 | 6.375%, 6/15/46 | 6/26 at 100.00 | N/R | 3,928,076 | |||||
| 1,335 | 5.000%, 7/15/46 | 7/26 at 100.00 | N/R | 1,279,971 | |||||
| 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 | 3,295,794 | |||||
| 1,890 | 6.125%, 6/15/46 | 6/25 at 100.00 | N/R | 1,988,998 | |||||
| 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 | 579,326 | |||||
| 1,750 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest Charter Foundation Inc. Projects, Series 2017A, 6.125%, 6/15/47 | 6/27 at 100.00 | N/R | 1,773,327 | |||||
| Florida Municipal Loan Council, Revenue Bonds, Series 2003B: | |||||||||
| 165 | 5.250%, 12/01/17 | No Opt. Call | A3 | 165,581 | |||||
| 100 | 5.250%, 12/01/18 | 1/18 at 100.00 | A3 | 100,367 | |||||
| 2,550 | Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2016-XF2347, 15.462%, 6/01/38 – AGC Insured (IF) (5) | 6/18 at 101.00 | Aa1 | 2,885,453 | |||||
| 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 | 1,727,869 | |||||
| 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) | 1,962,703 | |||||
| 1,090 | 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 | A (4) | 1,159,433 | |||||
| Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005: | |||||||||
| 1,645 | 5.000%, 5/01/25 – NPFG Insured | 1/18 at 100.00 | A3 | 1,647,155 | |||||
| 1,830 | 5.000%, 5/01/27 – NPFG Insured | 1/18 at 100.00 | A3 | 1,832,013 |
|
NUVEEN
|
33
|
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | |
| Portfolio of Investments (continued) | October 31, 2017 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Florida (continued) | |||||||||
| $ | 600 | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30 | 10/22 at 100.00 | A+ | $ | 676,044 | |||
| 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 | 1,113,710 | |||||
| 625 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb Project, Series 2017, 5.000%, 5/01/37 | 5/27 at 100.00 | N/R | 653,856 | |||||
| 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 | 4,386,154 | |||||
| Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017: | |||||||||
| 1,080 | 5.875%, 7/01/37 | 7/27 at 100.00 | N/R | 1,082,657 | |||||
| 1,920 | 6.000%, 7/01/47 | 7/27 at 100.00 | N/R | 1,925,395 | |||||
| 5,965 | Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 5.000%, 10/01/43 | 10/24 at 100.00 | BBB+ | 6,768,485 | |||||
| 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 | 2,262,443 | |||||
| 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 | 1,753,451 | |||||
| 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 | 5,638,350 | |||||
| 10,100 | 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) | 10,465,620 | |||||
| 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 | 2,768,350 | |||||
| 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 | 2,743,275 | |||||
| 2,400 | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 | 10/22 at 100.00 | A2 | 2,707,752 | |||||
| 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) | 3,093,752 | |||||
| 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+ | 7,104,096 | |||||
| 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 | 5,169,475 | |||||
| 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 | 4,688,897 | |||||
| 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 | 277,868 | |||||
| 60 | Pasco County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2006, 5.000%, 10/01/36 – AGM Insured | 1/18 at 100.00 | Aa2 | 60,200 | |||||
| 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) | 5,105,455 | |||||
| 7,730 | 5.000%, 9/01/35 (Pre-refunded 9/01/18) – AGC Insured | 9/18 at 100.00 | A1 (4) | 7,981,070 | |||||
| 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 | 532,263 | |||||
| 800 | 5.000%, 9/01/35 – AGC Insured | 9/18 at 100.00 | A1 | 824,832 | |||||
| 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 | 852,768 | |||||
| 2,745 | Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM) | No Opt. Call | A (4) | 2,915,108 |
|
34
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Florida (continued) | |||||||||
| 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 | $ | 267,716 | |||
| 430 | 5.375%, 11/01/36 | 11/27 at 100.00 | N/R | 436,480 | |||||
| 980 | 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 | 1,002,618 | |||||
| 1,000 | South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5) | 1/18 at 100.00 | AA– | 1,002,100 | |||||
| 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) | 1,384,752 | |||||
| 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 | 8,680,781 | |||||
| 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) | 429,144 | |||||
| 4,100 | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 | 5/22 at 100.00 | Aa2 | 4,558,749 | |||||
| 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) | 12/17 at 100.00 | A (4) | 1,298,807 | |||||
| 10,095 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 | 7/22 at 100.00 | A2 | 11,336,382 | |||||
| 2,000 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 (Pre-refunded 10/15/21) – AGM Insured | 10/21 at 100.00 | A– (4) | 2,280,880 | |||||
| 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– | 5,783,445 | |||||
| 189,145 | Total Florida | 203,819,969 | |||||||
| Georgia – 3.8% (2.5% of Total Investments) | |||||||||
| 11,085 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 11/01/39 (Pre-refunded 11/01/19) – AGM Insured | 11/19 at 100.00 | Aa2 (4) | 12,007,050 | |||||
| 5,915 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 11/01/39 – AGM Insured | 11/19 at 100.00 | A+ | 6,372,821 | |||||
| 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 | 2,979,895 | |||||
| 2,000 | City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 (Pre-refunded 12/01/21) – AGM Insured | 12/21 at 100.00 | A2 (4) | 2,346,460 | |||||
| 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 | 4,500,760 | |||||
| Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2017A: | |||||||||
| 5,000 | 5.000%, 4/01/42 | 4/27 at 100.00 | A | 5,687,200 | |||||
| 10,500 | 5.000%, 4/01/47 | 4/27 at 100.00 | A | 11,827,200 | |||||
| 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 | BB | 1,371,300 | |||||
| 5,340 | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc. Project, Series 2017A, 5.000%, 4/01/42 | 4/27 at 100.00 | A | 6,073,930 | |||||
| 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– | 1,255,874 | |||||
| 960 | 5.125%, 2/15/40 | 2/20 at 100.00 | AA– | 1,015,507 |
|
NUVEEN
|
35
|
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | |
| Portfolio of Investments (continued) | October 31, 2017 |
| 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) | $ | 4,166,856 | |||
| 3,090 | 5.125%, 2/15/40 (Pre-refunded 2/15/20) | 2/20 at 100.00 | N/R (4) | 3,361,889 | |||||
| 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– | 17,959,193 | |||||
| 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 | 11,831,617 | |||||
| 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 | 2,375,392 | |||||
| 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 | 7,100,159 | |||||
| 1,300 | Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017, 5.750%, 6/15/37 | 6/27 at 100.00 | N/R | 1,361,516 | |||||
| 4,000 | Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life University, Inc. Project, Refunding Series 2017A, 5.000%, 11/01/37 | 11/27 at 100.00 | Ba3 | 4,464,760 | |||||
| 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) | 5,200,250 | |||||
| 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 | 1,110,270 | |||||
| 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 | 10,796,199 | |||||
| 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– | 1,850,304 | |||||
| 115,475 | Total Georgia | 127,016,402 | |||||||
| 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– | 719,050 | |||||
| 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 | 1,452,270 | |||||
| 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 | A1 | 5,636,750 | |||||
| 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 | 181,220 | |||||
| 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 | 5,230,549 | |||||
| 11,745 | Total Hawaii | 12,500,789 | |||||||
| 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+ | 268,047 | |||||
| 8,730 | 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– | 9,336,648 | |||||
| 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– | 1,032,670 | |||||
| 9,980 | Total Idaho | 10,637,365 |
|
36
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Illinois – 24.7% (16.1% of Total Investments) | |||||||||
| $ | 675 | Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A, 5.000%, 1/01/25 | 7/23 at 100.00 | A2 | $ | 772,787 | |||
| 67,135 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46 | 4/27 at 100.00 | A | 78,846,029 | |||||
| Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A: | |||||||||
| 6,210 | 5.500%, 12/01/39 | 12/21 at 100.00 | B3 | 6,259,245 | |||||
| 1,865 | 5.000%, 12/01/41 | 12/21 at 100.00 | B3 | 1,849,446 | |||||
| 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 | 4,863,258 | |||||
| 8,400 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B, 7.000%, 12/01/42 | 12/27 at 100.00 | B | 10,011,204 | |||||
| 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 | 2,710,126 | |||||
| 38,905 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 | 12/25 at 100.00 | B | 45,116,961 | |||||
| 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 | 16,837,726 | |||||
| 19,585 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46 | 12/27 at 100.00 | B | 23,254,446 | |||||
| 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 | BB– | 752,811 | |||||
| 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 | 2,442,609 | |||||
| 1,100 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 | 12/21 at 100.00 | A3 | 1,181,235 | |||||
| 12,215 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49 | 12/24 at 100.00 | AA | 13,528,845 | |||||
| 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 | 8,242,388 | |||||
| Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | |||||||||
| 1,500 | 0.000%, 1/01/31 – NPFG Insured | No Opt. Call | BBB– | 881,430 | |||||
| 32,670 | 0.000%, 1/01/32 – FGIC Insured | No Opt. Call | BBB– | 18,259,263 | |||||
| 12,360 | 0.000%, 1/01/37 – FGIC Insured | No Opt. Call | BBB– | 5,337,542 | |||||
| 1,000 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007A, 5.000%, 1/01/27 – AMBAC Insured | 1/18 at 100.00 | Ba1 | 1,003,630 | |||||
| 2,500 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.250%, 1/01/33 | 1/24 at 100.00 | Ba1 | 2,649,475 | |||||
| 17,605 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 | 1/27 at 100.00 | BBB– | 20,195,752 | |||||
| 4,220 | Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C, 5.000%, 1/01/34 | 1/19 at 100.00 | Ba1 | 4,300,602 | |||||
| 1,000 | Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 | 1/21 at 100.00 | Ba1 | 1,030,450 | |||||
| 10,200 | Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33 | 1/22 at 100.00 | Ba1 | 10,579,236 | |||||
| 2,605 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 | 1/26 at 100.00 | BBB– | 2,777,295 | |||||
| 7,750 | Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured | 1/18 at 100.00 | BBB– | 7,768,910 | |||||
| 3,000 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, 5.000%, 1/01/39 | 1/25 at 100.00 | A | 3,251,160 | |||||
| 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 | 10,470,500 | |||||
| 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 (Pre-refunded 12/01/17) – AGM Insured | 12/17 at 100.00 | Aa2 (4) | 6,170,349 |
|
NUVEEN
|
37
|
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | |
| Portfolio of Investments (continued) | October 31, 2017 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Illinois (continued) | |||||||||
| 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– | $ | 1,035,800 | |||
| 2,000 | 0.000%, 2/01/34 | 2/21 at 100.00 | AA– | 766,940 | |||||
| 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 | 3,761,114 | |||||
| 2,500 | 4.450%, 11/01/36 | 11/25 at 102.00 | A | 2,657,650 | |||||
| 3,295 | Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured | 12/17 at 100.00 | A3 | 3,315,099 | |||||
| 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 | 1,755,301 | |||||
| 115 | 6.000%, 12/01/45 | 12/25 at 100.00 | N/R | 118,704 | |||||
| Illinois Finance Authority, Illinois, Rosalind Franklin University Revenue Bonds, Research Building Project, Series 2017C: | |||||||||
| 1,000 | 5.000%, 8/01/42 | 8/27 at 100.00 | BBB+ | 1,102,930 | |||||
| 1,000 | 5.000%, 8/01/46 | 8/27 at 100.00 | BBB+ | 1,095,450 | |||||
| 1,000 | 5.000%, 8/01/47 | 8/27 at 100.00 | BBB+ | 1,095,400 | |||||
| 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 | B– | 7,032,870 | |||||
| 6,750 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38 | 9/22 at 100.00 | BB+ | 7,079,737 | |||||
| Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | |||||||||
| 1,485 | 5.000%, 9/01/34 | 9/24 at 100.00 | BB+ | 1,594,014 | |||||
| 19,025 | 5.000%, 9/01/42 | 9/24 at 100.00 | BB+ | 20,000,412 | |||||
| 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– | 2,056,400 | |||||
| 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) | 1,354,861 | |||||
| 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) | 2,518,925 | |||||
| 1,725 | Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 5/15/43 | 5/22 at 100.00 | Baa1 | 1,749,857 | |||||
| 4,300 | Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34 | 4/19 at 100.00 | A1 | 4,540,585 | |||||
| 15,805 | Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 5.000%, 12/01/46 | 6/26 at 100.00 | A3 | 17,278,974 | |||||
| 1,630 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 5.000%, 8/15/37 | 8/22 at 100.00 | Aa2 | 1,777,711 | |||||
| 39,675 | Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 4.000%, 2/15/41 | 2/27 at 100.00 | BBB– | 40,319,719 | |||||
| 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) | 27,894 | |||||
| 2,475 | 7.750%, 8/15/34 (Pre-refunded 8/15/19) | 8/19 at 100.00 | BBB– (4) | 2,761,481 | |||||
| 1,435 | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43 | 7/23 at 100.00 | A– | 1,616,226 | |||||
| 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) | 326,790 | |||||
| 4,680 | 5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured | 5/18 at 100.00 | A2 (4) | 4,779,310 | |||||
| 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 | 610,411 | |||||
| 6,140 | 5.000%, 8/15/44 | 8/25 at 100.00 | Baa1 | 6,585,150 | |||||
| 5,735 | 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) | 6,323,067 |
|
38
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Illinois (continued) | |||||||||
| $ | 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 | $ | 10,141,914 | |||
| 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) | 1,306,457 | |||||
| 4,500 | 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) | 2/21 at 100.00 | AA– (4) | 5,112,225 | |||||
| 19,975 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 | 10/21 at 100.00 | AA– | 21,523,662 | |||||
| 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– | 22,543,400 | |||||
| 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– | 4,077,496 | |||||
| Illinois State, General Obligation Bonds, February Series 2014: | |||||||||
| 3,200 | 5.250%, 2/01/32 | 2/24 at 100.00 | BBB– | 3,440,960 | |||||
| 2,000 | 5.250%, 2/01/33 | 2/24 at 100.00 | BBB– | 2,144,860 | |||||
| 1,575 | 5.250%, 2/01/34 | 2/24 at 100.00 | BBB– | 1,684,573 | |||||
| 7,500 | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB– | 7,813,650 | |||||
| 5,000 | Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/35 | 6/26 at 100.00 | BBB– | 4,876,400 | |||||
| Illinois State, General Obligation Bonds, May Series 2014: | |||||||||
| 510 | 5.000%, 5/01/36 | 5/24 at 100.00 | BBB– | 537,433 | |||||
| 3,245 | 5.000%, 5/01/39 | 5/24 at 100.00 | BBB– | 3,402,545 | |||||
| Illinois State, General Obligation Bonds, November Series 2016: | |||||||||
| 11,800 | 5.000%, 11/01/40 | 11/26 at 100.00 | BBB– | 12,330,292 | |||||
| 13,200 | 5.000%, 11/01/41 | 11/26 at 100.00 | BBB– | 13,773,276 | |||||
| 1,500 | Illinois State, General Obligation Bonds, Refunding Series 2008, 5.000%, 4/01/22 | 1/18 at 100.00 | BBB– | 1,503,105 | |||||
| 2,625 | Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/24 | 1/20 at 100.00 | BBB– | 2,725,144 | |||||
| Illinois State, General Obligation Bonds, Refunding Series 2012: | |||||||||
| 3,935 | 5.000%, 8/01/21 | No Opt. Call | BBB– | 4,216,116 | |||||
| 1,725 | 5.000%, 8/01/22 | No Opt. Call | BBB– | 1,863,828 | |||||
| 3,425 | 5.000%, 8/01/23 | No Opt. Call | BBB– | 3,719,892 | |||||
| 1,190 | 5.000%, 8/01/25 | 8/22 at 100.00 | BBB– | 1,271,682 | |||||
| Illinois State, General Obligation Bonds, Series 2013: | |||||||||
| 2,000 | 5.250%, 7/01/31 | 7/23 at 100.00 | BBB– | 2,157,000 | |||||
| 2,990 | 5.500%, 7/01/38 | 7/23 at 100.00 | BBB– | 3,207,283 | |||||
| 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– | 5,607,000 | |||||
| 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– | 21,548,366 | |||||
| 1,395 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.069%, 1/01/38 (IF) | 1/23 at 100.00 | AA– | 2,041,345 | |||||
| 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 | 8,081,170 | |||||
| 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 | BB+ | 17,470,425 | |||||
| 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 | BB+ | 545,351 | |||||
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A: | |||||||||
| 2,890 | 0.000%, 12/15/52 | No Opt. Call | BB+ | 390,670 | |||||
| 5,185 | 5.000%, 6/15/53 | 12/25 at 100.00 | BB+ | 5,176,134 | |||||
| 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 | BB+ | 15,500,700 |
|
NUVEEN
|
39
|
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | |
| Portfolio of Investments (continued) | October 31, 2017 |
| 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, Capital Appreciation Refunding Series 2010B-1: | |||||||||
| $ | 25,000 | 0.000%, 6/15/44 – AGM Insured | No Opt. Call | BBB– | $ | 8,118,750 | |||
| 43,200 | 0.000%, 6/15/45 – AGM Insured | No Opt. Call | BBB– | 13,412,736 | |||||
| 10,000 | 0.000%, 6/15/46 – AGM Insured | No Opt. Call | BBB– | 2,967,700 | |||||
| 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 | BB+ | 41,388,258 | |||||
| 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 | 5,915,875 | |||||
| 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– | 14,398,920 | |||||
| 20,045 | 0.000%, 12/15/35 – AGM Insured | No Opt. Call | BBB– | 9,693,762 | |||||
| 694 | Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 3/01/30 – RAAI Insured | 1/18 at 100.00 | AA | 694,854 | |||||
| 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 | 2,015,075 | |||||
| 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 | A2 | 3,489,330 | |||||
| 3,900 | Rosemont Village, Illinois, General Obligation Bonds, Corporate Purpose Series 2011A, 5.600%, 12/01/35 (Pre-refunded 12/01/20) – AGM Insured | 12/20 at 100.00 | A2 (4) | 4,399,707 | |||||
| 7,025 | Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48 (Pre-refunded 11/01/23) | 11/23 at 100.00 | N/R (4) | 9,402,892 | |||||
| 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 | 3,089,600 | |||||
| 12,125 | Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – AGM Insured | 3/25 at 100.00 | A2 | 13,507,007 | |||||
| 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 | 2,256,724 | |||||
| 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) | 718,864 | |||||
| 6,415 | Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured | No Opt. Call | Aa3 | 5,332,084 | |||||
| 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 | 1,071,546 | |||||
| 1,035 | 7.000%, 12/01/22 – AGM Insured | 12/20 at 100.00 | A2 | 1,188,501 | |||||
| 1,155 | 7.000%, 12/01/23 – AGM Insured | 12/20 at 100.00 | A2 | 1,326,298 | |||||
| 1,065 | 7.000%, 12/01/26 – AGM Insured | 12/20 at 100.00 | A2 | 1,216,092 | |||||
| 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) | 2,462,552 | |||||
| 2,295 | 7.250%, 12/01/30 (Pre-refunded 12/01/20) – AGM Insured | 12/20 at 100.00 | A2 (4) | 2,710,575 | |||||
| 861,100 | Total Illinois | 820,895,548 | |||||||
| Indiana – 4.0% (2.6% of Total Investments) | |||||||||
| Allen County, Indiana, Economic Development Revenue Bonds, Fort Wayne Project, Senior Series 2017A-1: | |||||||||
| 500 | 6.625%, 1/15/34 | 1/24 at 104.00 | N/R | 527,220 | |||||
| 675 | 6.750%, 1/15/43 | 1/24 at 104.00 | N/R | 708,865 | |||||
| 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 | 1,668,542 | |||||
| 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 | 2,307,782 |
|
40
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Indiana (continued) | |||||||||
| $ | 12,040 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014, 5.000%, 10/01/44 | 10/24 at 100.00 | A3 | $ | 13,209,927 | |||
| 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 | 372,920 | |||||
| 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 | 129,332 | |||||
| 10,750 | 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 | 10,949,412 | |||||
| 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 | 11,120,755 | |||||
| 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 | 4,571,550 | |||||
| 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– | 5,468,350 | |||||
| 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 | 15,495,354 | |||||
| 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 | 20,768,827 | |||||
| 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) | 2,297,092 | |||||
| 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 | 5,366,700 | |||||
| Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: | |||||||||
| 10,000 | 0.000%, 2/01/26 – AMBAC Insured | No Opt. Call | A | 7,970,200 | |||||
| 20,000 | 0.000%, 2/01/28 – AMBAC Insured | No Opt. Call | A | 14,725,600 | |||||
| 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 | A1 (4) | 3,001,890 | |||||
| 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 | A | 12,332,710 | |||||
| 132,105 | Total Indiana | 132,993,028 | |||||||
| Iowa – 3.1% (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 | A1 | 11,012,200 | |||||
| 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– | 22,066,296 | |||||
| 10,685 | 5.250%, 12/01/25 | 12/23 at 100.00 | B– | 11,405,169 | |||||
| 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– | 19,615,293 | |||||
| Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | |||||||||
| 8,285 | 5.375%, 6/01/38 | 1/18 at 100.00 | B2 | 8,284,420 | |||||
| 2,200 | 5.500%, 6/01/42 | 1/18 at 100.00 | B2 | 2,209,416 | |||||
| 21,325 | 5.625%, 6/01/46 | 1/18 at 100.00 | B2 | 21,416,271 | |||||
| 8,400 | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 | 1/18 at 100.00 | B2 | 8,456,364 | |||||
| 100,465 | Total Iowa | 104,465,429 |
|
NUVEEN
|
41
|
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | |
| Portfolio of Investments (continued) | October 31, 2017 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Kansas – 0.7% (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– | $ | 1,310,953 | |||
| 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) | 8,798,607 | |||||
| 1,000 | Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc., Series 2017A, 5.000%, 5/15/43 | 5/27 at 100.00 | BB+ | 1,035,270 | |||||
| Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015: | |||||||||
| 5,210 | 5.000%, 9/01/27 | 9/25 at 100.00 | N/R | 5,280,387 | |||||
| 5,435 | 5.750%, 9/01/32 | 9/25 at 100.00 | N/R | 5,482,230 | |||||
| 2,595 | 6.000%, 9/01/35 | 9/25 at 100.00 | N/R | 2,617,317 | |||||
| 23,620 | Total Kansas | 24,524,764 | |||||||
| Kentucky – 2.8% (1.8% 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+ | 4,964,757 | |||||
| 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 | 6,441,508 | |||||
| Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A: | |||||||||
| 7,850 | 5.000%, 6/01/37 | 6/27 at 100.00 | Baa3 | 8,580,521 | |||||
| 3,280 | 5.000%, 6/01/41 | 6/27 at 100.00 | Baa3 | 3,552,404 | |||||
| 5,240 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20) | 6/20 at 100.00 | Baa3 (4) | 5,870,058 | |||||
| 6,015 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40 (Pre-refunded 6/01/20) | 6/20 at 100.00 | Baa3 (4) | 6,795,326 | |||||
| 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 | 1,015,770 | |||||
| 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 | 4,744,653 | |||||
| 7,370 | 5.000%, 7/01/40 | 7/25 at 100.00 | Baa2 | 8,011,853 | |||||
| 10,245 | 5.000%, 1/01/45 | 7/25 at 100.00 | Baa2 | 11,073,103 | |||||
| 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 | 3,823,066 | |||||
| 7,510 | 0.000%, 7/01/46 (7) | 7/31 at 100.00 | Baa3 | 6,609,551 | |||||
| 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 | 2,669,200 | |||||
| 480 | 6.000%, 7/01/53 | 7/23 at 100.00 | Baa3 | 541,670 | |||||
| 715 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009, 5.250%, 2/01/20 – AGC Insured | 2/19 at 100.00 | AA | 752,287 | |||||
| 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) | 5,841,392 | |||||
| 8,865 | 5.250%, 2/01/24 (Pre-refunded 2/01/19) – AGC Insured | 2/19 at 100.00 | AA (4) | 9,313,658 | |||||
| 1,135 | 5.250%, 2/01/24 (Pre-refunded 2/01/19) – AGC Insured | 2/19 at 100.00 | AA (4) | 1,192,442 | |||||
| 87,600 | Total Kentucky | 91,793,219 | |||||||
| Louisiana – 2.1% (1.4% of Total Investments) | |||||||||
| 3,080 | 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 | 3,313,279 | |||||
| 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) | 4,958,716 |
|
42
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Louisiana (continued) | |||||||||
| $ | 5,000 | Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Housing & Parking Project, Series 2010, 5.500%, 10/01/41 (Pre-refunded 10/01/20) –AGM Insured | 10/20 at 100.00 | AA (4) | $ | 5,609,200 | |||
| 13,500 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Womans Hospital Foundation Project, Refunding Series 2017A, 5.000%, 10/01/41 | 10/27 at 100.00 | A | 15,173,730 | |||||
| 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 | 11,802,900 | |||||
| 11,000 | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2017, 0.000%, 10/01/46 (7) | 10/33 at 100.00 | BBB+ | 9,207,880 | |||||
| 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 | 1,051,400 | |||||
| 6,970 | 5.000%, 5/15/47 | 5/25 at 100.00 | A3 | 7,770,714 | |||||
| 1,000 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, 6/01/34 | 6/24 at 100.00 | A– | 1,050,320 | |||||
| 10,185 | St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37 (Pre-refunded 12/18/17) | 12/17 at 100.00 | Ba1 (4) | 10,215,249 | |||||
| 66,065 | Total Louisiana | 70,153,388 | |||||||
| 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 | Ba1 | 7,780,523 | |||||
| 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 | Ba1 | 4,727,448 | |||||
| 5,565 | 4.000%, 7/01/46 | 7/26 at 100.00 | Ba1 | 4,859,692 | |||||
| 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 | Ba3 | 1,140,720 | |||||
| 10,000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue, Series 2015, 5.000%, 7/01/39 | 7/24 at 100.00 | A+ | 11,042,400 | |||||
| 29,425 | Total Maine | 29,550,783 | |||||||
| Maryland – 1.4% (0.9% of Total Investments) | |||||||||
| 1,000 | Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 2017A, 4.375%, 2/15/39 | 2/26 at 100.00 | N/R | 1,013,480 | |||||
| 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 | 2,858,750 | |||||
| 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 | 15,274,169 | |||||
| 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+ | 11,208,900 | |||||
| 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 | 2,723,025 | |||||
| 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– | 3,274,980 | |||||
| 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 | 1,956,280 | |||||
| 2,300 | 5.000%, 7/01/46 | 1/26 at 100.00 | N/R | 2,285,970 | |||||
| Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B: | |||||||||
| 1,335 | 4.250%, 11/01/37 (WI/DD, Settling 11/01/17) | 11/24 at 103.00 | BB | 1,355,666 | |||||
| 1,250 | 4.500%, 11/01/43 (WI/DD, Settling 11/01/17) | 11/24 at 103.00 | BB | 1,281,388 | |||||
| 1,950 | 5.000%, 11/01/47 (WI/DD, Settling 11/01/17) | 11/24 at 103.00 | BB | 2,116,082 | |||||
| 41,150 | Total Maryland | 45,348,690 |
|
NUVEEN
|
43
|
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | |
| Portfolio of Investments (continued) | October 31, 2017 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Massachusetts – 2.4% (1.6% 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 | AA | $ | 10,222,000 | |||
| 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 | 3,341,750 | |||||
| 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+ | 2,413,038 | |||||
| 6,195 | 5.500%, 7/01/44 | 7/24 at 100.00 | BB+ | 6,673,440 | |||||
| 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– | 14,559,658 | |||||
| Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: | |||||||||
| 2,950 | 5.000%, 1/01/45 | 1/25 at 100.00 | Baa2 | 3,291,551 | |||||
| 4,020 | 4.500%, 1/01/45 | 1/25 at 100.00 | Baa2 | 4,299,229 | |||||
| 6,000 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured | No Opt. Call | A+ | 8,220,720 | |||||
| 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) | 513,470 | |||||
| 5,330 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2016-XL0017, 11.890%, 12/15/34 (Pre-refunded 12/15/19) (IF) (5) | 12/19 at 100.00 | AAA | 6,633,025 | |||||
| 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– | 1,057,960 | |||||
| 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 | 10,041,550 | |||||
| 770 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A, 5.750%, 7/01/39 | 7/19 at 100.00 | BBB | 820,011 | |||||
| 1,530 | 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) | 1,646,158 | |||||
| 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 | 5,188,915 | |||||
| 425 | Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29 | 1/18 at 100.00 | AAA | 426,632 | |||||
| 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) | 1,384,452 | |||||
| 71,355 | Total Massachusetts | 80,733,559 | |||||||
| Michigan – 2.9% (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– | 6,752,590 | |||||
| 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– | 3,312,216 | |||||
| 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 | 956,585 | |||||
| 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) | 1,213,831 | |||||
| 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+ | 4,688,420 | |||||
| 2,550 | 4.000%, 11/15/36 | 5/25 at 100.00 | A+ | 2,652,841 | |||||
| 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– | 3,573,882 | |||||
| 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) | 11,414 |
|
44
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Michigan (continued) | |||||||||
| $ | 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– | $ | 11,310,800 | |||
| 4,000 | Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 | 1/22 at 100.00 | BBB | 4,220,880 | |||||
| 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+ | 3,130,215 | |||||
| 8,260 | 5.375%, 10/15/41 | 10/21 at 100.00 | A+ | 9,385,095 | |||||
| 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) | 5,993,900 | |||||
| 10,585 | 5.750%, 11/15/39 (Pre-refunded 11/15/19) | 11/19 at 100.00 | A3 (4) | 11,562,101 | |||||
| 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– | 14,875,144 | |||||
| 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 | 3,120,455 | |||||
| 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 | 1,218,160 | |||||
| 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 | 4,064,252 | |||||
| 3,600 | 5.000%, 12/01/45 | 12/25 at 100.00 | A | 4,099,320 | |||||
| 87,070 | Total Michigan | 96,142,101 | |||||||
| Minnesota – 0.8% (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+ | 144,502 | |||||
| 440 | 4.000%, 8/01/41 | 8/26 at 100.00 | BB+ | 399,705 | |||||
| 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+ | 2,136,360 | |||||
| 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+ | 1,872,547 | |||||
| 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 | 1,418,643 | |||||
| 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 | 4,861,337 | |||||
| 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) | 886,956 | |||||
| 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 | 1,062,570 | |||||
| 1,000 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017, 5.000%, 5/01/47 | 5/27 at 100.00 | BBB– | 1,108,370 | |||||
| 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– | 303,564 | |||||
| 605 | 5.000%, 4/01/46 | 4/26 at 100.00 | CCC– | 417,026 | |||||
| 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 | 2,616,025 | |||||
| 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 | 239,705 |
|
NUVEEN
|
45
|
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | |
| Portfolio of Investments (continued) | October 31, 2017 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Minnesota (continued) | |||||||||
| St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A: | |||||||||
| $ | 900 | 5.250%, 11/15/35 (Pre-refunded 11/15/20) | 11/20 at 100.00 | A+ (4) | $ | 1,006,065 | |||
| 2,785 | 5.000%, 11/15/40 (Pre-refunded 11/15/25) | 11/25 at 100.00 | A+ (4) | 3,425,606 | |||||
| 3,190 | 5.000%, 11/15/44 (Pre-refunded 11/15/25) | 11/25 at 100.00 | A+ (4) | 3,923,763 | |||||
| 23,810 | Total Minnesota | 25,822,744 | |||||||
| 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 | 6,314,076 | |||||
| Missouri – 1.7% (1.1% of Total Investments) | |||||||||
| 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– | 2,856,011 | |||||
| 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 | 415,000 | |||||
| 1,520 | 5.000%, 4/01/46 | 4/26 at 100.00 | N/R | 1,549,214 | |||||
| 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 | 10,920,300 | |||||
| 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 | 3,500,743 | |||||
| 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 | 1,550,965 | |||||
| 1,055 | 6.000%, 6/01/46 | 6/25 at 100.00 | N/R | 1,046,391 | |||||
| 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 | 2,689,961 | |||||
| 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 | 1,519,684 | |||||
| 2,000 | 5.000%, 5/01/45 | 11/23 at 100.00 | BBB | 2,147,840 | |||||
| 7,040 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 7,673,530 | |||||
| 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 | 2,435,850 | |||||
| 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 | 1,016,424 | |||||
| 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 | A3 | 5,331,397 | |||||
| 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 | 9,249,756 | |||||
| 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 | BBB+ | 464,972 | |||||
| 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 | 1,637,435 | |||||
| 455 | 5.125%, 12/01/45 | 12/25 at 100.00 | N/R | 479,743 | |||||
| 1,200 | The Industrial Development Authority of the City of Saint Louis, Missouri, Development Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.375%, 11/15/35 | 11/26 at 100.00 | N/R | 1,228,330 | |||||
| 64,970 | Total Missouri | 57,713,546 |
|
46
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Montana – 0.2% (0.1% of Total Investments) | |||||||||
| Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A: | |||||||||
| $ | 1,175 | 5.250%, 5/15/37 | 5/25 at 102.00 | N/R | $ | 1,245,500 | |||
| 375 | 5.250%, 5/15/47 | 5/25 at 102.00 | N/R | 393,049 | |||||
| 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) | 3,417,450 | |||||
| 4,550 | Total Montana | 5,055,999 | |||||||
| 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+ | 4,896,018 | |||||
| 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– | 642,872 | |||||
| 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– | 2,175,356 | |||||
| 2,325 | 5.000%, 11/01/48 | 11/25 at 100.00 | A– | 2,566,730 | |||||
| 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– | 4,287,492 | |||||
| 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) | 5,294,650 | |||||
| 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+ | 6,407,100 | |||||
| 24,440 | Total Nebraska | 26,270,218 | |||||||
| Nevada – 1.5% (1.0% 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 | 5,682,930 | |||||
| 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 | 25,940,879 | |||||
| 14,515 | 5.250%, 7/01/42 | 1/20 at 100.00 | A+ | 15,640,348 | |||||
| 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 | 935,100 | |||||
| 500 | Nevada State Director of the Department of Business and Industry, Charter School Revenue Bonds, Doral Academy of Nevada, Series 2017A, 5.000%, 7/15/37 | 7/25 at 100.00 | BB+ | 515,760 | |||||
| 1,140 | North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured | 1/18 at 100.00 | B+ | 1,141,436 | |||||
| 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+ | 1,146,530 | |||||
| 47,625 | Total Nevada | 51,002,983 | |||||||
| 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) | 5,470,500 | |||||
| 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+ | 541,450 | |||||
| 5,500 | Total New Hampshire | 6,011,950 | |||||||
| New Jersey – 7.0% (4.6% of Total Investments) | |||||||||
| New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB: | |||||||||
| 34,310 | 5.500%, 6/15/29 | 12/26 at 100.00 | BBB+ | 40,240,827 | |||||
| 2,110 | 5.500%, 6/15/30 | 12/26 at 100.00 | BBB+ | 2,467,476 |
|
NUVEEN
|
47
|
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | |
| Portfolio of Investments (continued) | October 31, 2017 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| New Jersey (continued) | |||||||||
| 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+ | $ | 7,942,543 | |||
| 5,000 | 5.500%, 9/01/28 – NPFG Insured | No Opt. Call | A3 | 6,050,450 | |||||
| 11,975 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, 5.250%, 6/15/40 | 6/25 at 100.00 | BBB+ | 13,006,526 | |||||
| 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+ | 2,578,844 | |||||
| 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+ | 654,360 | |||||
| 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+ | 1,529,640 | |||||
| 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+ | 2,555,640 | |||||
| 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 | 6,764,518 | |||||
| 4,000 | 5.000%, 6/15/28 | 6/26 at 100.00 | Baa1 | 4,516,000 | |||||
| 2,015 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26 | No Opt. Call | BBB+ | 1,421,865 | |||||
| 2,150 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20 | No Opt. Call | BBB+ | 2,354,766 | |||||
| 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– | 10,714,000 | |||||
| 3,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42 | 6/21 at 100.00 | BBB+ | 3,123,630 | |||||
| 20,040 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2014AA, 5.000%, 6/15/44 | 6/24 at 100.00 | BBB+ | 21,302,320 | |||||
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: | |||||||||
| 13,680 | 4.750%, 6/15/38 | 6/25 at 100.00 | BBB+ | 14,430,348 | |||||
| 5,245 | 5.250%, 6/15/41 | 6/25 at 100.00 | BBB+ | 5,725,704 | |||||
| 8,230 | 5.000%, 6/15/45 | 6/25 at 100.00 | BBB+ | 8,787,912 | |||||
| 33,200 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 –AGM Insured | No Opt. Call | A2 | 40,715,152 | |||||
| 200 | New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 14.189%, 1/01/43 (IF) (5) | 7/22 at 100.00 | A | 293,274 | |||||
| 1,135 | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 | 5/23 at 100.00 | A+ | 1,283,628 | |||||
| Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A: | |||||||||
| 1,430 | 4.500%, 6/01/23 | 12/17 at 100.00 | Baa2 | 1,455,011 | |||||
| 1,580 | 4.625%, 6/01/26 | 12/17 at 100.00 | Ba3 | 1,586,399 | |||||
| 19,210 | 5.000%, 6/01/29 | 12/17 at 100.00 | B2 | 19,252,262 | |||||
| 11,495 | 4.750%, 6/01/34 | 12/17 at 100.00 | B3 | 11,160,610 | |||||
| 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 | 1,622,693 | |||||
| 220,875 | Total New Jersey | 233,536,398 |
|
48
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| New York – 4.8% (3.1% of Total Investments) | |||||||||
| $ | 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 | $ | 6,382,401 | |||
| 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 | 2,655,202 | |||||
| 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 | 13,206,259 | |||||
| 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– | 4,511,717 | |||||
| 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 | 7,930,594 | |||||
| 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+ | 2,907,900 | |||||
| 5,600 | 5.000%, 12/01/45 | 6/25 at 100.00 | BB+ | 6,000,736 | |||||
| 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) | 5,247 | |||||
| Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 2016-XF0525: | |||||||||
| 1,998 | 11.843%, 2/15/39 (IF) | 2/19 at 100.00 | AA+ | 2,291,712 | |||||
| 1,335 | 11.834%, 2/15/39 (IF) | 2/19 at 100.00 | AA+ | 1,531,365 | |||||
| 2,695 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The Academy Charter School Project, Series 2017A, 6.240%, 2/01/47 | 2/27 at 100.00 | N/R | 2,704,055 | |||||
| Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A: | |||||||||
| 340 | 5.750%, 2/15/47 | 2/21 at 100.00 | AA– | 387,566 | |||||
| 2,400 | 5.250%, 2/15/47 | 2/21 at 100.00 | AA– | 2,660,544 | |||||
| 510 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa3 (4) | 584,006 | |||||
| 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– | 6,717,978 | |||||
| 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– | 11,015,700 | |||||
| 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 | 4,833,836 | |||||
| 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 | 1,121,870 | |||||
| 1,665 | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 | 12/17 at 100.00 | B– | 1,649,565 | |||||
| 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 | 4,352,333 | |||||
| 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+ | 13,313,830 | |||||
| 75 | New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.750%, 8/01/18 | 1/18 at 100.00 | AA | 75,307 | |||||
| 5 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured | 1/18 at 100.00 | AA– | 5,017 | |||||
| 28,615 | 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 | 31,159,446 | |||||
| 30 | New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured | 11/17 at 100.00 | A2 | 30,095 |
|
NUVEEN
|
49
|
| NVG | Nuveen AMT-Free Municipal Credit Income Fund | |
| Portfolio of Investments (continued) | October 31, 2017 |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| New York (continued) | |||||||||
| $ | 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) | $ | 6,568,169 | |||
| 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 | 9,419,364 | |||||
| 3,155 | 6.000%, 12/01/36 | 12/20 at 100.00 | BBB | 3,516,593 | |||||
| 10,360 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 10,445,781 | |||||
| 141,758 | Total New York | 157,984,188 | |||||||
| North Carolina – 0.8% (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) | 3,024,630 | |||||
| 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) | 1,331,066 | |||||
| 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 | 11,078,500 | |||||
| 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+ | 5,238,742 | |||||
| 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 | 2,433,951 | |||||
| 2,150 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Aldersgate United Retirement Community Inc., Refunding Series 2017A, 5.000%, 7/01/47 | 7/27 at 100.00 | N/R | 2,306,542 | |||||
| 1,690 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/54 | 7/26 at 100.00 | BBB– | 1,848,877 | |||||
| 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) | 581,163 | |||||
| 25,500 | Total North Carolina | 27,843,471 | |||||||
| North Dakota – 0.7% (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 | 7,589,750 | |||||
| 3,000 | 5.000%, 12/01/32 | 12/21 at 100.00 | Baa1 | 3,227,550 | |||||
| 2,245 | 5.000%, 12/01/35 | 12/21 at 100.00 | Baa1 | 2,400,152 | |||||
| 4,525 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A, 5.000%, 12/01/42 | 12/27 at 100.00 | Baa1 | 5,048,362 | |||||
| 1,000 | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 | 12/26 at 100.00 | N/R | 1,003,580 | |||||
| Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A: | |||||||||
| 300 | 3.000%, 3/01/18 | No Opt. Call | B | 299,277 | |||||
| 970 | 4.000%, 3/01/19 | No Opt. Call | B | 972,076 | |||||
| 1,085 | 5.000%, 3/01/21 | No Opt. Call | B | 1,116,411 | |||||
| 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 | 1,014,000 | |||||
| 22,660 | Total North Dakota | 22,671,158 | |||||||
| Ohio – 9.6% (6.3% 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 | 4,472,342 | |||||
| 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 | 2,114,759 | |||||
| 2,540 | 4.000%, 5/01/33 | 5/22 at 100.00 | A2 | 2,612,873 | |||||
| 3,405 | 5.000%, 5/01/42 | 5/22 at 100.00 | A2 | 3,684,346 |
|
50
|
NUVEEN
|
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Ohio (continued) | |||||||||
| $ | 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) | $ | 9,518,989 | |||
| 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 | 601,605 | |||||
| 100,000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Second Subordinate Capital Appreciation Turbo Term Series 2007C, 0.000%, 6/01/52 | 12/17 at 100.00 | N/R | 3,002,000 | |||||
| Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | |||||||||
| 17,305 | 5.375%, 6/01/24 | 12/17 at 100.00 | Caa1 | 16,452,556 | |||||
| 45,260 | 5.125%, 6/01/24 | 12/17 at 100.00 | Caa1 | 42,431,250 | |||||
| 20,820 | 5.875%, 6/01/30 | 12/17 at 100.00 | Caa1 | 19,797,738 | |||||
| 28,135 | 5.750%, 6/01/34 | 12/17 at 100.00 | Caa1 | 26,472,784 | |||||
| 2,715 | 6.000%, 6/01/42 | 12/17 at 100.00 | B– | 2,588,943 | |||||
| 19,115 | 5.875%, 6/01/47 | 12/17 at 100.00 | B– | 17,968,100 | |||||
| 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 | 9,954,700 | |||||
| 1,000 | Butler County Port Authority, Ohio, Revenue Bonds, StoryPoint Fairfield Project, Senior Series 2017A-1, 6.250%, 1/15/34 | 1/24 at 104.00 | N/R | 1,039,590 | |||||
| Centerville, Ohio Health Care Improvement Revenue Bonds, Graceworks Lutheran Services, Refunding & Improvement Series 2017: | |||||||||
| 2,750 | 5.250%, 11/01/37 | 11/27 at 100.00 | N/R | 2,960,485 | |||||
| 3,200 | 5.250%, 11/01/47 | 11/27 at 100.00 | N/R | 3,396,800 | |||||
| 10,000 | Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017, 4.000%, 12/01/42 | 12/27 at 100.00 | A– | 10,099,100 | |||||
| 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 | 9,316,673 | |||||
| 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 | 8,526,043 | |||||
| 6,425 | JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Series 2013A, 5.000%, 1/01/38 (UB) (5) | 1/23 at 100.00 | Aa3 | 7,185,206 | |||||
| JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052: | |||||||||
| 1,250 | 15.251%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 1,841,588 | |||||
| 2,000 | 15.251%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 2,946,540 | |||||
| 625 | 15.251%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 920,794 | |||||
| 1,725 | 15.251%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 2,541,391 | |||||
| 1,750 | 15.243%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 2,577,750 | |||||
| 390 | 15.146%, 1/01/38 (IF) (5) | 1/23 at 100.00 | Aa3 | 573,164 | |||||
| 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 | 3,358,313 | |||||
| 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 | 5,359,850 | |||||
| 6,000 | 5.250%, 12/01/31 – AGM Insured | No Opt. Call | A2 | 7,420,140 | |||||
| 12,000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Gene |