UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21449
Nuveen Municipal High Income Opportunity Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Gifford R. Zimmerman
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2018
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Life is Complex.
Nuveen makes things e-simple.
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
Free e-Reports right to your e-mail!
www.investordelivery.com
If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account.
or
www.nuveen.com/client-access
If you receive your Nuveen Fund dividends and statements directly from Nuveen.
Table of Contents
| Chairman’s Letter to Shareholders | 4 |
| Portfolio Managers’ Comments | 5 |
| Fund Leverage | 8 |
| Common Share Information | 9 |
| Risk Considerations | 11 |
| Performance Overview and Holding Summaries | 12 |
| Portfolios of Investments | 18 |
| Statement of Assets and Liabilities | 119 |
| Statement of Operations | 120 |
| Statement of Changes in Net Assets | 121 |
| Statement of Cash Flows | 122 |
| Financial Highlights | 124 |
| Notes to Financial Statements | 130 |
| Additional Fund Information | 149 |
| Glossary of Terms Used in this Report | 150 |
| Reinvest Automatically, Easily and Conveniently | 152 |
3
Chairman’s Letter to Shareholders
Dear Shareholders,
The global synchronized expansion that drove markets to new highs in 2017 is beginning to show signs of fatigue. Against this backdrop, concerns about tightening financial conditions, potentially higher inflation and an array of geopolitical and policy risks have increased volatility across the financial markets in 2018 so far.
Despite the daily headlines, the global economy remains in solid shape. Even if the momentum is slowing, world economies are still expanding, recession probabilities are low and corporate profits have stayed healthy. Inflation remains relatively subdued, which should keep central banks on a gradual path of policy normalization. In the U.S., economic growth is expected to strengthen further, supported by low unemployment, incremental wage growth and fiscal stimulus from the newly enacted tax law changes.
Certainly there are risks that bear watching. Trade wars and tariffs have implications for both the supply and demand sides of the economy, complicating the outlook for businesses, consumers and the economy as a whole. North Korea relations, Iran and Russia sanctions, Italy’s new coalition government and Brexit negotiations are likely to continue triggering short-term turbulence in asset prices. The markets will also remain focused on central bank actions and communications.
The investment environment of 2018 will be more challenging than it was in 2017, but there is still opportunity for upside. Fundamentals, not headlines, drive markets over the long term. And, it’s easy to forget the relative calm over the past year was the outlier. A return to more historically normal volatility levels is both to be expected and part of the healthy functioning of the markets.
Context and perspective are important. If you’re investing for long-term goals, stay focused on the long term, as temporary bumps may smooth over time. Individuals that have shorter time-frames could also benefit from sticking to a clearly defined investment strategy with a portfolio designed for short-term needs. Your financial advisor can help you determine if your portfolio is properly aligned with your goals, timeline and risk tolerance, as well as help you differentiate the noise from what really matters. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
June 25, 2018
4
Portfolio Manager’s Comments
Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund (NVG)
Nuveen Enhanced Municipal Credit Opportunities Fund (NZF)
Nuveen Municipal High Income Opportunity Fund (NMZ)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers John V. Miller, CFA, Paul L. Brennan, CFA, and Scott R. Romans, PhD discuss key investment strategies and the six-month performance of these three national Funds. 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.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2018?
Interest rates rose during the six-month reporting period. The Federal Reserve (Fed) continued to raise its benchmark interest rate, putting upward pressure on the short end of the yield curve, while healthy economic growth and rising inflation expectations boosted yields at the long end of the curve. Shorter-term rates increased more than longer-term rates, resulting in a flatter yield curve during the reporting period. In this environment, municipal bond yields rose and prices fell (as yield and price move in opposite directions). However, given the backdrop of steady economic growth, credit fundamentals remained favorable, which helped credit spreads tighten. Municipal bond supply and demand technical conditions also continued to support the market. 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 bought bonds across a variety of sectors, with an emphasis on longer maturities (20 years and longer) and bonds with 10-year call structures. NVG added positions in health care, utilities, transportation and Illinois credits. In NZF, we modestly increased exposure to charter schools and Illinois, California and New York bonds. Elevated volatility in the California and New York markets during the reporting period provided a tactical opportunity to buy and hold these bonds until a more attractive opportunity arises. NZF bought a combination of below investment grade credits and high grade credits because there was a scarcity of compelling relative value in between (i.e., A rated credits). Additionally, the Funds’ holdings in New Jersey tobacco settlement bonds were called in this reporting period and were partially replaced with new bonds issued in the refunding deal. NVG and NZF
| 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 manager 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.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5
Portfolio Manager’s Comments (continued)
also executed 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.
Elevated call activity provided most of the proceeds for NVG’s and NZF’s buying activity. In addition, NVG sold some short maturity bonds during the reporting period, while NZF sold some California and New York positions that were held as short-term placeholders.
For NMZ, cash for new purchases was generated mainly from call activity and maturing bonds in the portfolio. We reinvested these proceeds across many of the longstanding investment themes in the portfolio, including charter schools, community development and health care bonds that we believe are well positioned for a strengthening economy. We bought bonds issued for Florida Development Finance Corp. (DFC) Brightline Rail Project, a high-speed passenger train connecting Miami, Fort Lauderdale and West Palm Beach (with plans to add Orlando) that is the first privately funded, constructed and operated rail line in the United States. We also added credits that were attractively priced during a surplus of supply issued toward the end of 2017 when issuers rushed their deals ahead of the tax legislation. During that time we bought an issue for North Carolina Charter Educational Foundation, which operates four charter schools north of Charlotte. NMZ, like NVG and NZF, owned a small position in New Jersey tobacco settlement bonds that were refunded during the reporting period and we bought some of the newly issued replacement bonds for NMZ as well.
As of April 30, 2018, 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 six-month reporting period ended April 30, 2018?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and ten-year periods ended April 30, 2018. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index.
For the six months ended April 30, 2018, the total returns at NAV for NZF trailed the return for the national S&P Municipal Bond Index while NVG and NMZ outperformed the national index. NVG and NZF underperformed 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 under-performed 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 during the reporting period, which was especially beneficial to the Funds’ overweight allocations to BBB rated, below investment grade and 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 modest gains to NVG and NZF’s relative performance. The Funds were positioned with longer duration profiles than that of the benchmark, which was disadvantageous in the rising interest rate environment. However, yield curve positioning more than offset the negative impact, with outperformance from the Funds’ overweight allocations to longer maturities.
NVG’s and NZF’s sector allocations did not have a meaningful impact on relative performance in this reporting period. Tobacco settlement bonds were the best performing sector, benefiting the Funds’ holdings there. However, the Funds’ saw mixed performance in other sectors such as the tax-supported (including particular weakness in Illinois state general obligation bonds), utilities and transportation sectors.
6
The performance of NMZ, which is primarily compared to the S&P Municipal Yield Index, was largely driven by individual credits that performed well in this reporting period. The higher coupon bonds in which NMZ invests offer greater income, which buffers the negative impact of higher interest rates and makes the Fund’s return less sensitive to interest rate movements. The Florida Brightline Rail Project (mentioned in the key strategies discussion of this commentary) was a positive contributor as narrowing credit spreads helped the bonds appreciate despite the increase in interest rates. Optimism about the project’s chances for success (as the train’s grand opening to the public commenced on May 19, 2018, subsequent to the close of this reporting period) also helped the bonds perform well. NMZ also continued to see strong results from its holdings in the American Dreams Meadowlands Project, a mega-mall and entertainment complex under development in New Jersey. 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. The bonds benefited from significant spread contraction over the reporting period. Like in NVG and NZF, NMZ’s holdings in tobacco settlement bonds contributed positively. These bonds were boosted by an acceleration in advance refundings across the sector. As older tobacco bonds were retired, issuers replaced them with higher quality, shorter-term bonds, improving the technical situation for the sector. NMZ’s holdings Buckeye Tobacco and Golden State Tobacco were outperformers in this reporting period. The Fund’s position in Chicago Board of Education, which oversees Chicago Public Schools, was another standout performer. Spreads on these bonds narrowed significantly after the state of Illinois passed school funding reforms that helped stabilize the school system’s financial condition and credit outlook.
Conversely, disappointing performance came from the Colorado Housing Finance Authority Colorado Senior Residences Project. We bought the bonds because we believe the weakness was caused by temporary factors and that the credit has the potential to turn around. A position in New Hope Cultural Education Facilities Finance Corporation Collegiate Housing Texas A&M University credits also depreciated during the reporting period due to investor concerns about a slower-than-expected lease-up. However, recently improving leasing activity has helped support our positive long-term view on the credit.
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.
An Update on FirstEnergy Solutions Corp.
FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under chapter 11 of the U.S. Bankruptcy Code. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. We owned longer-maturity bonds issued by FirstEnergy Solutions, which had a negligible impact on performance for the reporting period as the issuer took steps toward seeking bankruptcy protection which occurred in late March 2018. A substantial amount of bondholders, of which Nuveen is included, entered into an “Agreement in Principal” with FirstEnergy Solutions’ parent, FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.
In terms of FirstEnergy holdings, shareholders should note that NVG had 1.73%, NZF had 1.20% and NMZ had 0.97% exposure, which was a mix of unsecured and secured holdings.
7
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 NVG and NZF while leverage had a negative impact on the performance of NMZ over this reporting period.
As of April 30, 2018, the Funds’ percentages of leverage are as shown in the accompanying table.
| NVG | NZF | NMZ | ||
| Effective Leverage* | 39.61% | 39.19% | 38.39% | |
| Regulatory Leverage* | 36.06% | 38.37% | 9.38% |
| * | 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. |
THE FUNDS’ REGULATORY LEVERAGE
As of April 30, 2018, 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 | $ | 764,400,000 | $ | 1,052,600,000 | $ | 1,817,000,000 | ||||
| NZF | $ | 1,172,000,000 | $ | 196,000,000 | $ | 1,368,000,000 | ||||
| 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 AMTP, 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.
8
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of April 30, 2018. 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 2017 | $ | 0.0725 | $ | 0.0740 | $ | 0.0650 | ||||
| December | 0.0725 | 0.0700 | 0.0650 | |||||||
| January | 0.0725 | 0.0700 | 0.0650 | |||||||
| February | 0.0725 | 0.0700 | 0.0650 | |||||||
| March | 0.0725 | 0.0700 | 0.0600 | |||||||
| April 2018 | 0.0725 | 0.0700 | 0.0600 | |||||||
| Total Monthly Per Share Distributions | $ | 0.4350 | $ | 0.4240 | $ | 0.3800 | ||||
| Ordinary Income Distribution* | $ | 0.0059 | $ | 0.0097 | $ | 0.0091 | ||||
| Total Distributions | $ | 0.4409 | $ | 0.4337 | $ | 0.3891 | ||||
| Yields | ||||||||||
| Market Yield** | 5.90 | % | 5.94 | % | 5.80 | % | ||||
| Taxable-Equivalent Yield** | 7.76 | % | 7.82 | % | 7.63 | % | ||||
| * | Distribution paid in December 2017. |
| ** | 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 24.0%. 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 April 30, 2018, all the Funds had positive UNII balances, based upon our best estimate, for tax purposes. NVG had a negative UNII balance while NZF and NMZ had positive UNII balances for financial reporting purposes.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
9
Common Share Information (continued)
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. The total amount of common shares under these Shelf Offerings, are as shown in the accompanying table.
| NMZ | ||||
| Additional authorized common shares | 15,700,000 |
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 | 669,588 | |||
| Weighted average premium to NAV per common share sold | 1.13 | % |
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 April 30, 2018, 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 | — | — | — | |||||||
| Common shares authorized for repurchase | 20,255,000 | 14,215,000 | 5,745,000 |
OTHER COMMON SHARE INFORMATION
As of April 30, 2018, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
| NVG | NZF | NMZ | ||||||||
| Common share NAV | $ | 15.91 | $ | 15.46 | $ | 13.12 | ||||
| Common share price | $ | 14.75 | $ | 14.15 | $ | 12.41 | ||||
| Premium/(Discount) to NAV | (7.29 | )% | (8.47 | )% | (5.41 | )% | ||||
| 6-month average premium/(discount) to NAV | (8.11 | )% | (7.41 | )% | (1.59 | )% |
10
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.
11
| NVG | Nuveen AMT-Free Municipal Credit |
| Income Fund | |
| Performance Overview and Holding Summaries as of April 30, 2018 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2018
| Cumulative | Average Annual | |||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||
| NVG at Common Share NAV | (0.25)% | 6.13% | 4.95% | 6.41% | ||
| NVG at Common Share Price | 0.15% | 5.39% | 5.79% | 7.10% | ||
| S&P Municipal Bond Index | (0.76)% | 1.44% | 2.48% | 4.26% | ||
| NVG Custom Blended Fund Performance Benchmark | 0.65% | 2.08% | 3.12% | 4.87% | ||
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.
Common Share Price Performance — Weekly Closing Price
12
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 159.5% |
| Corporate Bonds | 0.0% |
| Short-Term Municipal Bonds | 0.3% |
| Other Assets Less Liabilities | 2.5% |
| Net Assets Plus Floating Rate Obligations, MFP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs | 162.3% |
| Floating Rate Obligations | (6.0)% |
| MFP Shares, net of deferred offering costs | (12.6)% |
| VRDP Shares, net of deferred offering costs | (43.7)% |
| Net Assets | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 9.6% |
| AAA | 2.8% |
| AA | 13.3% |
| A | 23.8% |
| BBB | 22.2% |
| BB or Lower | 20.4% |
| N/R (not rated) | 7.9% |
| Total | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Health Care | 20.0% |
| Tax Obligation/Limited | 17.6% |
| Transportation | 12.5% |
| Tax Obligation/General | 9.5% |
| U.S. Guaranteed | 9.3% |
| Education and Civic Organizations | 8.7% |
| Utilities | 7.6% |
| Consumer Staples | 7.0% |
| Other | 7.8% |
| Total | 100% |
| States and Territories | |
| (% of total municipal bonds) | |
| Illinois | 16.3% |
| California | 10.2% |
| Texas | 7.3% |
| Ohio | 6.4% |
| Colorado | 6.3% |
| Florida | 4.5% |
| Pennsylvania | 4.2% |
| New Jersey | 4.0% |
| New York | 3.0% |
| Wisconsin | 2.7% |
| Georgia | 2.6% |
| Indiana | 2.4% |
| Iowa | 2.0% |
| Arizona | 1.9% |
| Michigan | 1.8% |
| Kentucky | 1.8% |
| South Carolina | 1.7% |
| Massachusetts | 1.7% |
| Other | 19.2% |
| Total | 100% |
13
| NZF | Nuveen Municipal Credit Income Fund |
| Performance Overview and Holding Summaries as of April 30, 2018 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2018
| Cumulative | Average Annual | |||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||
| NZF at Common Share NAV | (0.87)% | 5.20% | 4.54% | 6.62% | ||
| NZF at Common Share Price | (2.88)% | 2.04% | 5.02% | 6.76% | ||
| S&P Municipal Bond Index | (0.76)% | 1.44% | 2.48% | 4.26% | ||
| NZF Custom Blended Fund Performance Benchmark | 0.65% | 2.08% | 3.12% | 4.87% | ||
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.
Common Share Price Performance — Weekly Closing Price
14
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 161.1% |
| Investment Companies | 0.1% |
| Corporate Bonds | 0.0% |
| Other Assets Less Liabilities | 2.0% |
| 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 | 163.2% |
| Floating Rate Obligations | (1.1)% |
| MFP Shares, net of deferred offering costs | (13.9)% |
| VMTP Shares, net of deferred offering costs | (15.3)% |
| VRDP Shares, net of deferred offering costs | (32.9)% |
| Net Assets | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 9.4% |
| AAA | 1.9% |
| AA | 14.5% |
| A | 22.1% |
| BBB | 20.3% |
| BB or Lower | 23.3% |
| N/R (not rated) | 8.4% |
| N/A (Not Applicable) | 0.1% |
| Total | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 17.5% |
| Tax Obligation/General | 15.7% |
| Transportation | 14.8% |
| Health Care | 12.4% |
| U.S. Guaranteed | 9.2% |
| Consumer Staples | 8.1% |
| Utilities | 6.8% |
| Education and Civic Organizations | 5.8% |
| Other | 9.7% |
| Total | 100% |
| States and Territories | |
| (% of total municipal bonds) | |
| Illinois | 18.5% |
| California | 15.6% |
| New York | 11.2% |
| Texas | 10.2% |
| Ohio | 4.2% |
| Colorado | 4.1% |
| Pennsylvania | 2.9% |
| Indiana | 2.8% |
| Florida | 2.6% |
| New Jersey | 2.5% |
| Massachusetts | 2.4% |
| Arizona | 2.1% |
| Michigan | 1.7% |
| Other | 19.2% |
| Total | 100% |
15
| NMZ | Nuveen Municipal High Income |
| Opportunity Fund | |
| Performance Overview and Holding Summaries as of April 30, 2018 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2018
| Cumulative | Average Annual | |||||
| 6-Month | 1-Year | 5-Year | 10-Year | |||
| NMZ at Common Share NAV | 0.27% | 6.30% | 5.83% | 7.32% | ||
| NMZ at Common Share Price | (5.51)% | (0.38)% | 4.55% | 5.36% | ||
| S&P Municipal Yield Index | 2.32% | 4.02% | 4.15% | 5.63% | ||
| S&P Municipal Bond High Yield Index | 3.17% | 3.16% | 4.29% | 5.90% | ||
| S&P Municipal Bond Index | (0.76)% | 1.44% | 2.48% | 4.26% | ||
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.
Common Share Price Performance — Weekly Closing Price
16
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 142.6% |
| Common Stocks | 1.2% |
| Corporate Bonds | 0.0% |
| Other Assets Less Liabilities | 2.4% |
| Net Assets Plus Floating Rate Obligations & AMTP Shares, net of deferred offering costs | 146.2% |
| Floating Rate Obligations | (35.9)% |
| AMTP Shares, net of deferred offering costs | (10.3)% |
| Net Assets | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 9.4% |
| AAA | 0.8% |
| AA | 15.2% |
| A | 13.0% |
| BBB | 15.1% |
| BB or Lower | 22.4% |
| N/R (not rated) | 23.4% |
| N/A (Not Applicable) | 0.7% |
| Total | 100% |
| Portfolio Composition | |
| (% of total investments) | |
| Tax Obligation/Limited | 23.5% |
| Health Care | 19.9% |
| Education and Civic Organizations | 14.1% |
| Tax Obligation/General | 8.8% |
| Transportation | 7.0% |
| Consumer Staples | 6.2% |
| Industrials | 5.3% |
| Other | 15.2% |
| Total | 100% |
| States and Territories | |
| (% of total municipal bonds) | |
| California | 13.7% |
| Illinois | 13.7% |
| Florida | 10.6% |
| New York | 8.0% |
| Colorado | 5.4% |
| New Jersey | 4.9% |
| Ohio | 4.6% |
| Kentucky | 4.5% |
| Texas | 3.8% |
| Tennessee | 3.7% |
| Wisconsin | 3.7% |
| Washington | 1.8% |
| Arizona | 1.7% |
| Missouri | 1.6% |
| Other | 18.3% |
| Total | 100% |
17
| NVG | Nuveen AMT-Free Municipal Credit |
| Income Fund | |
| Portfolio of Investments | |
| April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| LONG-TERM INVESTMENTS – 159.8% (99.8% of Total Investments) | |||||||||
| MUNICIPAL BONDS – 159.5% (99.8% of Total Investments) | |||||||||
| Alabama – 1.3% (0.8% 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, 144A | 9/25 at 100.00 | N/R | $ | 3,620,433 | |||
| 22,655 | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 | No Opt. Call | A3 | 26,860,901 | |||||
| 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 | 7,997,211 | |||||
| Opelika Utilities Board, Alabama, Utility Revenue Bonds, Series 2011B: | |||||||||
| 1,250 | 4.000%, 6/01/29 – AGM Insured | 6/21 at 100.00 | Aa3 | 1,302,212 | |||||
| 1,000 | 4.250%, 6/01/31 – AGM Insured | 6/21 at 100.00 | Aa3 | 1,046,410 | |||||
| The Improvement District of the City of Mobile – McGowin Park Project, Alabama, Sales Tax Revenue Bonds, Series 2016A: | |||||||||
| 1,000 | 5.250%, 8/01/30 | 8/26 at 100.00 | N/R | 1,024,110 | |||||
| 1,300 | 5.500%, 8/01/35 | 8/26 at 100.00 | N/R | 1,327,170 | |||||
| 38,950 | Total Alabama | 43,178,447 | |||||||
| Alaska – 0.8% (0.5% of Total Investments) | |||||||||
| Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A: | |||||||||
| 7,010 | 5.000%, 6/01/32 | 6/18 at 100.00 | B3 | 7,010,210 | |||||
| 17,995 | 5.000%, 6/01/46 | 6/18 at 100.00 | B3 | 17,994,280 | |||||
| 25,005 | Total Alaska | 25,004,490 | |||||||
| Arizona – 3.1% (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– | 4,530,668 | |||||
| 1,475 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47, 144A | 7/27 at 100.00 | BB | 1,507,553 | |||||
| 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 | 10,588,000 | |||||
| 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 | 3,157,110 | |||||
| Arizona State, Certificates of Participation, Series 2010A: | |||||||||
| 1,200 | 5.250%, 10/01/28 – AGM Insured | 10/19 at 100.00 | Aa3 | 1,252,884 | |||||
| 1,500 | 5.000%, 10/01/29 – AGM Insured | 10/19 at 100.00 | Aa3 | 1,560,045 | |||||
| 7,070 | Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured | 1/20 at 100.00 | A1 | 7,396,210 | |||||
| 3,390 | Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A, 7.000%, 7/01/41, 144A | 7/27 at 100.00 | N/R | 3,439,867 | |||||
| 7,780 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A+ (4) | 8,261,426 | |||||
| 2,350 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/33 (Pre-refunded 7/01/18) | 7/18 at 100.00 | AA– (4) | 2,362,713 | |||||
| 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 | 7,803,180 | |||||
| 8,755 | 5.500%, 7/01/39 – FGIC Insured | No Opt. Call | AA | 11,497,154 | |||||
| Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A: | |||||||||
| 620 | 5.000%, 7/01/35, 144A | 7/25 at 100.00 | BB | 636,858 | |||||
| 1,025 | 5.000%, 7/01/46, 144A | 7/25 at 100.00 | BB | 1,044,075 |
18
| 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 | $ | 2,015,977 | |||
| 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 | 458,282 | |||||
| 610 | 6.000%, 7/01/43 | 7/20 at 102.00 | BB | 547,878 | |||||
| 350 | 6.000%, 7/01/48 | 7/20 at 102.00 | BB | 310,079 | |||||
| 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 | 1,351,057 | |||||
| Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016: | |||||||||
| 1,130 | 5.250%, 7/01/36 | 7/26 at 100.00 | BB | 1,007,474 | |||||
| 1,850 | 5.375%, 7/01/46 | 7/26 at 100.00 | BB | 1,600,638 | |||||
| 2,135 | 5.500%, 7/01/51 | 7/26 at 100.00 | BB | 1,842,227 | |||||
| 885 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A | 2/24 at 100.00 | N/R | 832,971 | |||||
| 3,050 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017., 6.750%, 2/01/50, 144A | 2/28 at 100.00 | N/R | 2,952,888 | |||||
| 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 | 99,861 | |||||
| 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– | 1,069,110 | |||||
| Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007: | |||||||||
| 7,965 | 5.000%, 12/01/32 | No Opt. Call | BBB+ | 9,260,587 | |||||
| 7,235 | 5.000%, 12/01/37 | No Opt. Call | BBB+ | 8,470,232 | |||||
| 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 | 829,216 | |||||
| 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 | A3 | 2,196,500 | |||||
| 91,490 | Total Arizona | 99,882,720 | |||||||
| 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 | 1,177,250 | |||||
| 20,460 | 0.000%, 7/01/46 – AMBAC Insured | No Opt. Call | Aa2 | 5,820,461 | |||||
| 22,960 | Total Arkansas | 6,997,711 | |||||||
| California – 16.4% (10.3% of Total Investments) | |||||||||
| Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A: | |||||||||
| 45 | 0.000%, 10/01/20 – AMBAC Insured | No Opt. Call | Baa2 | 42,049 | |||||
| 2,120 | 0.000%, 10/01/20 – AMBAC Insured (ETM) | No Opt. Call | Aaa | 2,023,943 | |||||
| 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 | 4,138,671 | |||||
| 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 | AA | 6,221,788 | |||||
| 4,100 | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 | 3/26 at 100.00 | Ba3 | 4,311,150 | |||||
| 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) | 5,673,550 |
19
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| California (continued) | |||||||||
| 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 | $ | 3,312,269 | |||
| 2,975 | 5.650%, 6/01/41 | 12/18 at 100.00 | B2 | 2,992,552 | |||||
| 10,040 | California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2007, 5.000%, 3/15/39 (UB) (5) | No Opt. Call | AAA | 12,564,658 | |||||
| 25,085 | California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2014U-6, 5.000%, 5/01/45 (UB) (5) | No Opt. Call | AAA | 32,138,902 | |||||
| 13,465 | California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2016U-7, 5.000%, 6/01/46 (UB) (5) | No Opt. Call | AAA | 17,313,566 | |||||
| 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+ | 10,836,000 | |||||
| 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– | 1,776,208 | |||||
| 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– | 7,307,239 | |||||
| California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049: | |||||||||
| 1,650 | 7.708%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | AA– | 1,942,562 | |||||
| 4,075 | 7.708%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | AA– | 4,797,538 | |||||
| 1,555 | 7.703%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | AA– | 1,830,468 | |||||
| 5,000 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 5.000%, 8/15/52 | 8/23 at 100.00 | AA– | 5,429,200 | |||||
| California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A: | |||||||||
| 3,065 | 5.000%, 7/01/31, 144A | 7/26 at 100.00 | BB | 3,202,649 | |||||
| 1,000 | 5.000%, 7/01/36, 144A | 7/26 at 100.00 | BB | 1,031,030 | |||||
| 555 | 5.000%, 7/01/41, 144A | 7/26 at 100.00 | BB | 568,037 | |||||
| 195 | 5.000%, 7/01/46, 144A | 7/26 at 100.00 | BB | 198,916 | |||||
| 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– | 281,902 | |||||
| 435 | 5.000%, 6/01/46 | 6/26 at 100.00 | BBB– | 466,942 | |||||
| 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) | 2,522,571 | |||||
| 4,440 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012, 5.000%, 11/21/45, 144A | 7/18 at 100.00 | Baa3 | 4,521,874 | |||||
| 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– | 2,212,544 | |||||
| 735 | California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep – Obligated Group, Series 2016, 5.000%, 6/01/46, 144A | 6/26 at 100.00 | N/R | 748,171 | |||||
| 715 | California School Finance Authority, Charter School Revenue Bonds, Rocketship Education – Obligated Group, Series 2016A, 5.000%, 6/01/36, 144A | 6/25 at 100.00 | N/R | 737,758 | |||||
| 570 | California School Finance Authority, Charter School Revenue Bonds, Rocketship Education Obligated Group, Series 2017A, 5.125%, 6/01/47, 144A | 6/26 at 100.00 | N/R | 589,597 | |||||
| 80 | California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured | 7/18 at 100.00 | AA– | 80,208 | |||||
| 5 | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured California State, General Obligation Bonds, Various Purpose Series 2010: | 7/18 at 100.00 | AA– | 5,013 | |||||
| 3,500 | 5.250%, 3/01/30 | 3/20 at 100.00 | AA– | 3,721,620 | |||||
| 10,000 | 5.500%, 11/01/35 | 11/20 at 100.00 | AA– | 10,858,600 |
20
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| California (continued) | |||||||||
| $ | 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+ | $ | 13,696,423 | |||
| 62,605 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB | 66,670,569 | |||||
| 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– | 4,083,160 | |||||
| 7,000 | California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42 (Pre-refunded 8/15/20) | 8/20 at 100.00 | A+ (4) | 7,647,080 | |||||
| California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | |||||||||
| 1,535 | 5.750%, 7/01/30 (6) | 7/18 at 100.00 | CCC | 1,535,491 | |||||
| 4,430 | 5.750%, 7/01/35 (6) | 7/18 at 100.00 | CCC | 4,430,266 | |||||
| 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) | 3,624,228 | |||||
| 5,000 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM) | No Opt. Call | Baa2 (4) | 4,137,450 | |||||
| 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 | AA | 1,923,822 | |||||
| 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 | 5,883,256 | |||||
| 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 | 2,514,610 | |||||
| 3,600 | 0.000%, 8/01/34 – AGM Insured (7) | 8/28 at 100.00 | A1 | 3,443,040 | |||||
| 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– | 2,096,939 | |||||
| 5,000 | 0.000%, 1/15/35 – AGM Insured | No Opt. Call | BBB– | 2,505,400 | |||||
| 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– | 808,344 | |||||
| 3,610 | 5.750%, 1/15/46 | 1/24 at 100.00 | BBB– | 4,106,339 | |||||
| 6,610 | 6.000%, 1/15/49 | 1/24 at 100.00 | BBB– | 7,687,099 | |||||
| 2,425 | Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured | 9/18 at 100.00 | A | 2,449,977 | |||||
| Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | |||||||||
| 26,075 | 5.000%, 6/01/33 | 6/18 at 100.00 | B3 | 26,303,938 | |||||
| 8,830 | 5.750%, 6/01/47 | 6/18 at 100.00 | B3 | 9,083,686 | |||||
| 8,565 | 5.125%, 6/01/47 | 6/18 at 100.00 | B– | 8,564,829 | |||||
| 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 | 4,707,472 | |||||
| 5,795 | 0.000%, 11/01/25 – AGM Insured | No Opt. Call | AA | 4,711,509 | |||||
| 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 | 1,259,136 | |||||
| 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 | 6,071,665 | |||||
| 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+ | 4,584,648 | |||||
| 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 | 4,660,698 | |||||
| 2,220 | 0.000%, 8/01/28 – AGC Insured | No Opt. Call | Aa3 | 1,605,127 |
21
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| California (continued) | |||||||||
| $ | 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) | 8/18 at 100.00 | N/R (4) | $ | 2,523,456 | |||
| 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 | 4,141,800 | |||||
| 5,000 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30 (Pre-refunded 11/01/20) | 11/20 at 100.00 | Ba1 (4) | 5,482,250 | |||||
| 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+ | 2,941,648 | |||||
| 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+ | 9,582,379 | |||||
| 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 | 5,886,271 | |||||
| 4,150 | Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Refunding Series 2011, 6.250%, 10/01/28 – AGM Insured | 10/25 at 100.00 | A2 | 4,738,013 | |||||
| 670 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48 | 6/23 at 100.00 | BBB– | 741,891 | |||||
| San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015: | |||||||||
| 490 | 5.000%, 9/01/40 | 9/25 at 100.00 | N/R | 528,587 | |||||
| 915 | 5.000%, 9/01/46 | 9/25 at 100.00 | N/R | 982,811 | |||||
| 1,830 | San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 14.934%, 8/01/39, 144A (Pre-refunded 8/01/19) (IF) | 8/19 at 100.00 | AA– (4) | 2,167,800 | |||||
| 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+ | 4,355,120 | |||||
| 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) | 63,175,368 | |||||
| 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 | 2,903,190 | |||||
| 8,275 | 5.000%, 1/15/50 | 1/25 at 100.00 | BBB | 8,933,442 | |||||
| 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 | Baa2 | 6,332,110 | |||||
| 3,250 | San Mateo County Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 – NPFG Insured | No Opt. Call | AAA | 2,221,375 | |||||
| 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 | 2,272,614 | |||||
| 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 | 1,764,924 | |||||
| Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A: | |||||||||
| 5,625 | 6.250%, 7/01/24 | No Opt. Call | Baa2 | 6,452,381 | |||||
| 5,625 | 6.250%, 7/01/24 (ETM) | No Opt. Call | Baa2 (4) | 6,561,731 | |||||
| 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+ | 3,081,785 | |||||
| 4,495 | Stockton-East Water District, California, Certificates of Participation, Refunding Series 2002B, 0.000%, 4/01/28 – FGIC Insured | 7/18 at 100.00 | BBB– | 2,478,363 | |||||
| 610 | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017, 6.250%, 9/01/47, 144A | 9/27 at 100.00 | N/R | 615,941 | |||||
| Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1: | |||||||||
| 1,175 | 4.750%, 6/01/23 | 6/18 at 100.00 | BB+ | 1,175,247 | |||||
| 1,600 | 5.500%, 6/01/45 | 6/18 at 100.00 | B– | 1,599,968 |
22
| 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 | 6/18 at 100.00 | BBB+ | $ | 1,107,376 | |||
| 5,865 | 5.125%, 6/01/46 | 6/18 at 100.00 | B+ | 5,875,088 | |||||
| 539,560 | Total California | 527,818,875 | |||||||
| Colorado – 10.1% (6.3% of Total Investments) | |||||||||
| Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006: | |||||||||
| 750 | 5.250%, 10/01/32 – SYNCORA GTY Insured | 7/18 at 100.00 | BBB | 751,455 | |||||
| 1,080 | 5.250%, 10/01/40 – SYNCORA GTY Insured | 7/18 at 100.00 | BBB | 1,080,011 | |||||
| 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 | 907,159 | |||||
| 1,175 | 5.750%, 12/01/46 | 12/21 at 103.00 | N/R | 1,197,466 | |||||
| 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 | 1,118,447 | |||||
| 700 | Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2017A., 5.000%, 12/01/47 | 12/22 at 103.00 | N/R | 712,782 | |||||
| 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 | 3,433,393 | |||||
| 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 | 1,675,077 | |||||
| Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017: | |||||||||
| 1,140 | 5.000%, 12/01/37, 144A | 12/22 at 103.00 | N/R | 1,167,394 | |||||
| 5,465 | 5.000%, 12/01/47, 144A | 12/22 at 103.00 | N/R | 5,543,915 | |||||
| 195 | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43 | 12/23 at 100.00 | BB | 206,661 | |||||
| 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 | 1,212,012 | |||||
| 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+ | 1,118,876 | |||||
| 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+ | 1,266,891 | |||||
| 4,350 | 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+ | 4,127,889 | |||||
| 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+ | 1,532,422 | |||||
| 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 | 2,659,309 | |||||
| 23,470 | 5.000%, 6/01/47 | 6/27 at 100.00 | BBB | 25,278,598 | |||||
| 10 | Colorado Health Facilities Authority, Colorado, Hospital Revenue Bonds, Parkview Medical Center, Series 2016, 3.125%, 9/01/42 | 9/26 at 100.00 | A3 | 8,675 | |||||
| Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A: | |||||||||
| 1,500 | 5.000%, 9/01/36 | 7/18 at 100.00 | BBB+ | 1,515,495 | |||||
| 3,680 | 4.500%, 9/01/38 | 7/18 at 100.00 | BBB+ | 3,684,195 | |||||
| 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+ | 3,123,120 | |||||
| 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+ | 12,252,442 |
23
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Colorado (continued) | |||||||||
| 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+ | $ | 1,819,383 | |||
| 2,895 | 5.000%, 12/01/23 | 12/22 at 100.00 | BBB+ | 3,202,391 | |||||
| 4,200 | 5.000%, 12/01/24 | 12/22 at 100.00 | BBB+ | 4,630,626 | |||||
| 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 | 1,522,306 | |||||
| 2,000 | 5.000%, 6/01/33 | 6/25 at 100.00 | BBB | 2,152,860 | |||||
| 5,855 | 5.000%, 6/01/40 | 6/25 at 100.00 | BBB | 6,246,231 | |||||
| 5,145 | 5.000%, 6/01/45 | 6/25 at 100.00 | BBB | 5,472,428 | |||||
| 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 | 857,932 | |||||
| 720 | 5.625%, 6/01/43 | 6/23 at 100.00 | BBB | 801,612 | |||||
| 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+ | 2,200,629 | |||||
| 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 | 1,028,200 | |||||
| 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– | 12,320,472 | |||||
| 3,500 | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017, 5.000%, 12/31/51 | 12/24 at 100.00 | BBB | 3,781,400 | |||||
| 3,605 | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018., 5.875%, 12/01/46 | 12/23 at 103.00 | N/R | 3,748,731 | |||||
| 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 | 523,490 | |||||
| 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 | 524,590 | |||||
| 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 | 1,525,643 | |||||
| 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 | 1,310,228 | |||||
| 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 | 503,395 | |||||
| 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 | 11,587,598 | |||||
| 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 | 503,111 | |||||
| 11,700 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41 | No Opt. Call | BBB+ | 4,686,669 | |||||
| E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: | |||||||||
| 35,995 | 0.000%, 9/01/23 – NPFG Insured | No Opt. Call | BBB+ | 31,463,589 | |||||
| 6,525 | 0.000%, 9/01/26 – NPFG Insured | No Opt. Call | BBB+ | 5,041,672 | |||||
| E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | |||||||||
| 17,030 | 0.000%, 9/01/25 – NPFG Insured | No Opt. Call | BBB+ | 13,749,852 | |||||
| 9,915 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | BBB+ | 5,863,037 | |||||
| 43,090 | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | BBB+ | 24,342,403 | |||||
| E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: | |||||||||
| 20,000 | 0.000%, 9/01/27 – NPFG Insured | No Opt. Call | BBB+ | 14,736,600 | |||||
| 1,150 | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | BBB+ | 810,129 | |||||
| 7,000 | 0.000%, 9/01/34 – NPFG Insured | No Opt. Call | BBB+ | 3,785,460 | |||||
| 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 | 506,870 | |||||
24
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Colorado (continued) | |||||||||
| $ | 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 | $ | 486,455 | |||
| 590 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 6.000%, 12/01/38 | 12/24 at 100.00 | N/R | 602,809 | |||||
| 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 | 799,359 | |||||
| 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 | 1,357,195 | |||||
| 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 | 753,270 | |||||
| 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 | 691,439 | |||||
| 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 | 3,666,995 | |||||
| Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: | |||||||||
| 2,325 | 5.250%, 12/01/36 | 12/21 at 103.00 | N/R | 2,226,466 | |||||
| 8,955 | 5.375%, 12/01/46 | 12/21 at 103.00 | N/R | 8,498,116 | |||||
| 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 | 1,008,749 | |||||
| 5,355 | 6.000%, 12/15/50 | 12/23 at 100.00 | N/R | 5,374,813 | |||||
| 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 | 994,778 | |||||
| 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 | 500,810 | |||||
| 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 | 882,885 | |||||
| 5,155 | North Range Metropolitan District 1, Adams County, Colorado, General Obligation Bonds, Series 2016B, 3.500%, 12/01/45 | 12/25 at 100.00 | Baa1 | 4,900,498 | |||||
| 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 | 1,003,920 | |||||
| 1,000 | 5.750%, 12/01/47 | 12/22 at 103.00 | N/R | 1,004,210 | |||||
| 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 | 561,401 | |||||
| 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 | 695,746 | |||||
| 1,060 | 5.000%, 12/01/46 | 12/26 at 100.00 | Baa3 | 1,111,187 | |||||
| 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 | A | 723,558 | |||||
| 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) | 970,605 | |||||
| 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 | 5,682,184 | |||||
| 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, 144A | 12/26 at 100.00 | N/R | 2,813,986 | |||||
| Reata South Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2018.: | |||||||||
| 1,310 | 5.375%, 12/01/37 | 12/23 at 103.00 | N/R | 1,319,340 | |||||
| 2,765 | 5.500%, 12/01/47 | 12/23 at 103.00 | N/R | 2,789,332 |
25
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Colorado (continued) | |||||||||
| $ | 1,180 | Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31 | 6/20 at 100.00 | A | $ | 1,253,030 | |||
| 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 | BBB+ | 7,088,705 | |||||
| 3,750 | 6.000%, 1/15/41 | 7/20 at 100.00 | BBB+ | 3,991,200 | |||||
| 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 | 1,306,829 | |||||
| 930 | SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/46 | 12/21 at 103.00 | N/R | 941,913 | |||||
| 1,000 | St. Vrain Lakes Metropolitan District No. 2, Weld County, Colorado, Limited Tax General Obligation Bonds, Series 2017A., 5.000%, 12/01/37 | 12/22 at 103.00 | N/R | 987,660 | |||||
| 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 | 509,100 | |||||
| 1,000 | 5.750%, 12/01/45 | 12/20 at 103.00 | N/R | 1,020,480 | |||||
| 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 | 519,405 | |||||
| 8,500 | University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42 | 11/22 at 100.00 | AA– | 9,268,570 | |||||
| 364,635 | Total Colorado | 325,130,219 | |||||||
| 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, 144A | 9/26 at 100.00 | N/R | 610,685 | |||||
| 740 | 5.000%, 9/01/53, 144A | 9/26 at 100.00 | N/R | 762,311 | |||||
| 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– | 10,372,681 | |||||
| 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) | 3,461,802 | |||||
| 14,685 | Total Connecticut | 15,207,479 | |||||||
| 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 | 2,713,612 | |||||
| District of Columbia – 1.3% (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+ | 3,735,358 | |||||
| 7,310 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 | No Opt. Call | Baa1 | 8,235,519 | |||||
| 186,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 | 6/18 at 100.00 | N/R | 28,995,540 | |||||
| 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 | 1,553,445 | |||||
| 198,590 | Total District of Columbia | 42,519,862 | |||||||
| Florida – 7.3% (4.5% 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 | 1,004,692 | |||||
| 19,000 | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 (Pre-refunded 10/01/21) – AGM Insured | 10/21 at 100.00 | A (4) | 20,838,630 |
26
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Florida (continued) | |||||||||
| Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc., Series 2018.: | |||||||||
| $ | 1,290 | 6.100%, 8/15/38, 144A | 8/28 at 100.00 | N/R | $ | 1,288,362 | |||
| 1,045 | 6.200%, 8/15/48, 144A | 8/28 at 100.00 | N/R | 1,043,464 | |||||
| Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, Series 2017A: | |||||||||
| 1,065 | 5.375%, 7/01/37, 144A | 7/27 at 100.00 | BB | 1,060,506 | |||||
| 1,470 | 5.500%, 7/01/47, 144A | 7/27 at 100.00 | BB | 1,459,313 | |||||
| Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2017A: | |||||||||
| 6,050 | 5.125%, 6/15/37, 144A | 6/27 at 100.00 | N/R | 5,735,339 | |||||
| 1,890 | 5.250%, 6/15/47, 144A | 6/27 at 100.00 | N/R | 1,770,609 | |||||
| 880 | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series 2017A, 5.000%, 10/15/37, 144A | 10/27 at 100.00 | Ba2 | 885,236 | |||||
| 4,670 | City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 | 9/25 at 100.00 | AA– | 5,166,981 | |||||
| 1,025 | Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/26 | No Opt. Call | A | 1,141,091 | |||||
| 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– | 1,629,998 | |||||
| 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 | 251,365 | |||||
| 320 | 5.600%, 11/01/46 | 11/28 at 100.00 | N/R | 332,170 | |||||
| 325 | 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 | 339,979 | |||||
| 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 | 3,833,906 | |||||
| 1,720 | 5.625%, 4/01/43 | 4/23 at 100.00 | Baa1 | 1,884,449 | |||||
| 4,000 | Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured | 10/21 at 100.00 | Aa3 | 4,318,400 | |||||
| Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015: | |||||||||
| 280 | 5.250%, 5/01/35 | 5/26 at 100.00 | N/R | 284,752 | |||||
| 315 | 5.300%, 5/01/36 | 5/26 at 100.00 | N/R | 320,128 | |||||
| 475 | 5.500%, 5/01/45 | 5/26 at 100.00 | N/R | 477,441 | |||||
| 655 | 5.500%, 5/01/46 | 5/26 at 100.00 | N/R | 657,941 | |||||
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2017A: | |||||||||
| 255 | 6.000%, 6/15/37, 144A | 6/26 at 100.00 | N/R | 263,242 | |||||
| 665 | 6.125%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 686,938 | |||||
| 415 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical Preparatory Incorporated Project, Series 2018A, 6.000%, 6/15/37, 144A | 6/26 at 100.00 | N/R | 407,567 | |||||
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2017C.: | |||||||||
| 2,375 | 5.650%, 7/01/37, 144A | 7/27 at 101.00 | N/R | 2,312,490 | |||||
| 3,735 | 5.750%, 7/01/47, 144A | 7/27 at 101.00 | N/R | 3,611,782 | |||||
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A: | |||||||||
| 1,485 | 6.250%, 6/15/36, 144A | 6/26 at 100.00 | N/R | 1,521,873 | |||||
| 2,075 | 4.750%, 7/15/36, 144A | 7/26 at 100.00 | N/R | 1,961,145 | |||||
| 3,770 | 6.375%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 3,859,500 | |||||
| 1,335 | 5.000%, 7/15/46, 144A | 7/26 at 100.00 | N/R | 1,264,659 | |||||
| Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A: | |||||||||
| 3,090 | 6.000%, 6/15/35, 144A | 6/25 at 100.00 | N/R | 3,241,039 | |||||
| 2,015 | 6.125%, 6/15/46, 144A | 6/25 at 100.00 | N/R | 2,085,827 | |||||
| 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 | 570,432 |
27
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Florida (continued) | |||||||||
| $ | 4,430 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest Charter Foundation Inc. Projects, Series 2017A, 6.125%, 6/15/47, 144A | 6/27 at 100.00 | N/R | $ | 4,349,950 | |||
| 100 | Florida Municipal Loan Council, Revenue Bonds, Series 2003B, 5.250%, 12/01/18 | 7/18 at 100.00 | Baa2 | 100,312 | |||||
| 10,185 | Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008E, 5.000%, 6/01/38 – AGC Insured | 6/18 at 101.00 | AA– | 10,313,840 | |||||
| 1,435 | Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 | 5/26 at 100.00 | N/R | 1,439,735 | |||||
| 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) | 1,920,707 | |||||
| 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 | Aaa | 1,126,341 | |||||
| Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005: | |||||||||
| 1,645 | 5.000%, 5/01/25 – NPFG Insured | 11/18 at 100.00 | Baa2 | 1,657,617 | |||||
| 1,830 | 5.000%, 5/01/27 – NPFG Insured | 11/18 at 100.00 | Baa2 | 1,841,602 | |||||
| 600 | Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30 | 10/22 at 100.00 | A+ | 656,262 | |||||
| 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 | 1,080,920 | |||||
| 625 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb Project, Series 2017, 5.000%, 5/01/37, 144A | 5/27 at 100.00 | N/R | 649,787 | |||||
| 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 | 4,319,040 | |||||
| Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, South Florida Autism Charter School Project, Series 2017: | |||||||||
| 1,080 | 5.875%, 7/01/37, 144A | 7/27 at 100.00 | N/R | 1,056,229 | |||||
| 1,920 | 6.000%, 7/01/47, 144A | 7/27 at 100.00 | N/R | 1,868,314 | |||||
| 5,965 | Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 5.000%, 10/01/43 | 10/24 at 100.00 | BBB+ | 6,630,455 | |||||
| 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 | N/R | 2,317,333 | |||||
| 1,545 | Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 6.000%, 2/01/31 (Pre-refunded 2/01/21) – AGM Insured | 2/21 at 100.00 | A+ (4) | 1,707,163 | |||||
| 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 | 5,496,700 | |||||
| 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) | 10,237,057 | |||||
| 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 | 2,680,675 | |||||
| 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 | 2,657,575 | |||||
| 2,400 | Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 | 10/22 at 100.00 | A2 | 2,602,152 | |||||
| 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) | 3,031,311 | |||||
| 6,305 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 | 10/22 at 100.00 | A+ | 6,855,174 | |||||
| 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 | 5,123,539 | |||||
| 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+ | 4,577,887 |
28
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Florida (continued) | |||||||||
| $ | 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 | $ | 264,804 | |||
| 60 | Pasco County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2006, 5.000%, 10/01/36 – AGM Insured | 7/18 at 100.00 | Aa2 | 60,158 | |||||
| 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) | 4,992,690 | |||||
| 7,730 | 5.000%, 9/01/35 (Pre-refunded 9/01/18) – AGC Insured | 9/18 at 100.00 | A1 (4) | 7,814,025 | |||||
| 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 | 520,727 | |||||
| 800 | 5.000%, 9/01/35 – AGC Insured | 9/18 at 100.00 | A1 | 808,104 | |||||
| 3,395 | Putnam County Development Authority, Florida, 5.000%, 3/15/42 | 5/28 at 100.00 | A– | 3,779,042 | |||||
| 825 | Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2016, 5.000%, 11/01/46 | 11/26 at 100.00 | N/R | 832,392 | |||||
| 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 | Aa2 (4) | 2,838,961 | |||||
| Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016: | |||||||||
| 255 | 4.750%, 11/01/28 | 11/27 at 100.00 | N/R | 257,940 | |||||
| 430 | 5.375%, 11/01/36 | 11/27 at 100.00 | N/R | 438,166 | |||||
| 955 | 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 | 973,756 | |||||
| 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) | 1,329,528 | |||||
| 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 | 8,539,086 | |||||
| 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) | 417,612 | |||||
| 4,100 | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 | 5/22 at 100.00 | Aa2 | 4,461,538 | |||||
| 1,125 | Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM) | 6/18 at 100.00 | Aaa | 1,127,644 | |||||
| 10,095 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22) | 7/22 at 100.00 | A2 (4) | 11,205,046 | |||||
| 11,750 | Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2017B., 4.000%, 7/01/42 | 7/28 at 100.00 | A2 | 11,956,095 | |||||
| 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) | 2,192,180 | |||||
| 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– | 5,619,950 | |||||
| 223,480 | Total Florida | 234,238,367 | |||||||
| Georgia – 4.1% (2.6% 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 | AA (4) | 11,661,087 | |||||
| 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+ | 6,197,264 | |||||
| 20,365 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45 | 2/28 at 100.00 | Baa1 | 20,150,149 | |||||
| 1,970 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 | 2/28 at 100.00 | Baa1 | 1,949,216 | |||||
| 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 | 2,921,982 |
29
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Georgia (continued) | |||||||||
| $ | 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) | $ | 2,249,020 | |||
| 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 | 4,380,120 | |||||
| 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 | 5,525,550 | |||||
| 10,500 | 5.000%, 4/01/47 | 4/27 at 100.00 | A | 11,553,255 | |||||
| 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 | 1,342,225 | |||||
| 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– | 1,233,973 | |||||
| 960 | 5.125%, 2/15/40 | 2/20 at 100.00 | AA– | 998,755 | |||||
| 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) | 4,034,569 | |||||
| 3,090 | 5.125%, 2/15/40 (Pre-refunded 2/15/20) | 2/20 at 100.00 | N/R (4) | 3,256,829 | |||||
| 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 | 17,496,370 | |||||
| 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 | 11,451,443 | |||||
| 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 | 2,330,550 | |||||
| 1,300 | Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017, 5.750%, 6/15/37, 144A | 6/27 at 100.00 | N/R | 1,333,280 | |||||
| 4,000 | Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life University, Inc. Project, Refunding Series 2017A, 5.000%, 11/01/37, 144A | 11/27 at 100.00 | Ba3 | 4,232,440 | |||||
| 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) | 5,057,200 | |||||
| 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 | 1,091,480 | |||||
| 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 | 10,592,280 | |||||
| 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– | 1,817,285 | |||||
| 125,440 | Total Georgia | 132,856,322 | |||||||
| 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– | 706,413 | |||||
| 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, 144A | 1/25 at 100.00 | Ba2 | 1,465,335 | |||||
| 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 | 5,520,600 | |||||
| 170 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43 | 7/23 at 100.00 | BB | 178,417 | |||||
| 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 | 5,125,242 | |||||
| 11,745 | Total Hawaii | 12,289,594 |
30
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Idaho – 0.8% (0.5% of Total Investments) | |||||||||
| Idaho Health Facilities Authority, Revenue Bonds, Kootenai Health Project, Series 2014: | |||||||||
| $ | 3,300 | 4.375%, 7/01/34 | 7/24 at 100.00 | A | $ | 3,374,085 | |||
| 12,495 | 4.750%, 7/01/44 | 7/24 at 100.00 | A | 12,953,442 | |||||
| 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+ | 265,185 | |||||
| 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– | 9,188,849 | |||||
| 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– | 1,015,240 | |||||
| 25,775 | Total Idaho | 26,796,801 | |||||||
| Illinois – 26.0% (16.3% of Total Investments) | |||||||||
| 675 | Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A, 5.000%, 1/01/25 | 7/23 at 100.00 | A2 | 748,993 | |||||
| 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 | 78,184,078 | |||||
| 1,000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2017, 5.000%, 4/01/46 | 4/27 at 100.00 | A | 1,067,370 | |||||
| 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 | 6,269,864 | |||||
| 1,865 | 5.000%, 12/01/41 | 12/21 at 100.00 | B3 | 1,854,705 | |||||
| 5,175 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2012A, 5.000%, 12/01/42 | 12/22 at 100.00 | B3 | 5,138,568 | |||||
| 8,400 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B, 7.000%, 12/01/42, 144A | 12/27 at 100.00 | B | 9,926,028 | |||||
| Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017H: | |||||||||
| 5,835 | 5.000%, 12/01/36 | 12/27 at 100.00 | B | 5,827,765 | |||||
| 4,940 | 5.000%, 12/01/46 | 12/27 at 100.00 | B | 4,865,900 | |||||
| 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 | 2,725,902 | |||||
| 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 | 44,687,839 | |||||
| 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 | 16,746,380 | |||||
| 19,585 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46, 144A | 12/27 at 100.00 | B | 23,076,418 | |||||
| 1,315 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/30 – NPFG Insured | No Opt. Call | B | 731,206 | |||||
| 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 | 2,400,971 | |||||
| 1,100 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 | 12/21 at 100.00 | A3 | 1,173,766 | |||||
| 12,215 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49 | 12/24 at 100.00 | AA | 13,408,650 | |||||
| 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 | 8,053,045 | |||||
| Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | |||||||||
| 1,500 | 0.000%, 1/01/31 – NPFG Insured | No Opt. Call | BBB– | 856,950 | |||||
| 32,670 | 0.000%, 1/01/32 – FGIC Insured | No Opt. Call | BBB– | 17,762,026 | |||||
| 12,360 | 0.000%, 1/01/37 – FGIC Insured | No Opt. Call | BBB– | 5,174,638 |
31
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Illinois (continued) | |||||||||
| $ | 960 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007A, 5.000%, 1/01/27 – AMBAC Insured | 7/18 at 100.00 | Ba1 | $ | 964,944 | |||
| 2,500 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.250%, 1/01/33 | 1/24 at 100.00 | Ba1 | 2,585,100 | |||||
| 17,605 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 | 1/27 at 100.00 | BBB– | 19,494,369 | |||||
| 4,220 | Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C, 5.000%, 1/01/34 | 1/19 at 100.00 | Ba1 | 4,245,784 | |||||
| 1,000 | Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 | 1/21 at 100.00 | Ba1 | 1,017,810 | |||||
| 10,200 | Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33 | 1/22 at 100.00 | Ba1 | 10,352,694 | |||||
| 2,605 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 | 1/26 at 100.00 | BBB– | 2,659,679 | |||||
| 3,000 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, 5.000%, 1/01/39 | 1/25 at 100.00 | A | 3,191,850 | |||||
| 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 | 10,376,100 | |||||
| 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– | 1,021,675 | |||||
| 2,000 | 0.000%, 2/01/34 | 2/21 at 100.00 | AA– | 757,320 | |||||
| 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 | 3,682,574 | |||||
| 2,500 | 4.450%, 11/01/36 | 11/25 at 102.00 | A | 2,584,175 | |||||
| 3,295 | Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured | 6/18 at 100.00 | Baa2 | 3,302,908 | |||||
| Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A: | |||||||||
| 1,700 | 5.750%, 12/01/35, 144A | 12/25 at 100.00 | N/R | 1,728,067 | |||||
| 115 | 6.000%, 12/01/45, 144A | 12/25 at 100.00 | N/R | 116,810 | |||||
| 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+ | 1,075,000 | |||||
| 1,000 | 5.000%, 8/01/46 | 8/27 at 100.00 | BBB+ | 1,069,420 | |||||
| 1,000 | 5.000%, 8/01/47 | 8/27 at 100.00 | BBB+ | 1,067,830 | |||||
| 6,500 | Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.750%, 10/15/40 | 10/20 at 100.00 | B2 | 6,907,160 | |||||
| 6,750 | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38 | 9/22 at 100.00 | BB+ | 7,026,480 | |||||
| Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | |||||||||
| 1,485 | 5.000%, 9/01/34 | 9/24 at 100.00 | BB+ | 1,569,793 | |||||
| 19,025 | 5.000%, 9/01/42 | 9/24 at 100.00 | BB+ | 19,948,473 | |||||
| 2,000 | Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (Pre-refunded 8/15/18) (UB) | 8/18 at 100.00 | AA (4) | 2,020,280 | |||||
| 1,750 | Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 5/15/43 | 5/22 at 100.00 | Baa2 | 1,757,700 | |||||
| 4,300 | Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34 | 4/19 at 100.00 | A1 | 4,441,126 | |||||
| 15,805 | Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 5.000%, 12/01/46 | 6/26 at 100.00 | A3 | 17,090,737 | |||||
| 1,630 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 5.000%, 8/15/37 | 8/22 at 100.00 | AA+ | 1,764,915 | |||||
| 39,675 | Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 4.000%, 2/15/41 | 2/27 at 100.00 | BBB– | 39,438,140 | |||||
| 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) | 26,828 | |||||
| 2,475 | 7.750%, 8/15/34 (Pre-refunded 8/15/19) | 8/19 at 100.00 | N/R (4) | 2,656,021 |
32
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Illinois (continued) | |||||||||
| $ | 1,435 | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43 | 7/23 at 100.00 | A– | $ | 1,589,478 | |||
| 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 | 598,343 | |||||
| 6,140 | 5.000%, 8/15/44 | 8/25 at 100.00 | Baa1 | 6,476,718 | |||||
| 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) | 6,100,090 | |||||
| 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 | 9,907,162 | |||||
| 1,150 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) | 2/21 at 100.00 | AA– (4) | 1,253,603 | |||||
| 4,500 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) | 2/21 at 100.00 | AA– (4) | 4,905,405 | |||||
| 19,975 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 | 10/21 at 100.00 | AA+ | 21,274,973 | |||||
| 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– | 21,971,000 | |||||
| 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– | 3,960,875 | |||||
| Illinois State, General Obligation Bonds, February Series 2014: | |||||||||
| 3,200 | 5.250%, 2/01/32 | 2/24 at 100.00 | BBB– | 3,284,256 | |||||
| 2,000 | 5.250%, 2/01/33 | 2/24 at 100.00 | BBB– | 2,048,620 | |||||
| 1,575 | 5.250%, 2/01/34 | 2/24 at 100.00 | BBB– | 1,611,697 | |||||
| 7,500 | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB– | 7,536,600 | |||||
| 5,000 | Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/35 Illinois State, General Obligation Bonds, May Series 2014: | 6/26 at 100.00 | BBB | 4,548,050 | |||||
| 510 | 5.000%, 5/01/36 | 5/24 at 100.00 | BBB– | 514,733 | |||||
| 3,245 | 5.000%, 5/01/39 | 5/24 at 100.00 | BBB– | 3,261,679 | |||||
| Illinois State, General Obligation Bonds, November Series 2016: | |||||||||
| 11,800 | 5.000%, 11/01/40 | 11/26 at 100.00 | BBB– | 11,987,738 | |||||
| 13,200 | 5.000%, 11/01/41 | 11/26 at 100.00 | BBB– | 13,400,772 | |||||
| 31,970 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/28 | 11/27 at 100.00 | BBB– | 33,194,451 | |||||
| 5,000 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 | 2/27 at 100.00 | BBB– | 5,175,150 | |||||
| 1,500 | Illinois State, General Obligation Bonds, Refunding Series 2008, 5.000%, 4/01/22 | 7/18 at 100.00 | BBB– | 1,502,415 | |||||
| 2,625 | Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/24 | 1/20 at 100.00 | BBB– | 2,677,736 | |||||
| Illinois State, General Obligation Bonds, Refunding Series 2012: | |||||||||
| 3,935 | 5.000%, 8/01/21 | No Opt. Call | BBB– | 4,091,180 | |||||
| 1,725 | 5.000%, 8/01/22 | No Opt. Call | BBB– | 1,797,829 | |||||
| 3,425 | 5.000%, 8/01/23 | No Opt. Call | BBB– | 3,568,987 | |||||
| 1,190 | 5.000%, 8/01/25 | 8/22 at 100.00 | BBB– | 1,229,877 | |||||
| Illinois State, General Obligation Bonds, Series 2013: | |||||||||
| 2,000 | 5.250%, 7/01/31 | 7/23 at 100.00 | BBB– | 2,055,320 | |||||
| 2,990 | 5.500%, 7/01/38 | 7/23 at 100.00 | BBB– | 3,080,388 | |||||
| 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– | 5,466,200 | |||||
| 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– | 20,880,112 |
33
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Illinois (continued) | |||||||||
| $ | 1,395 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 12.874%, 1/01/38, 144A (IF) | 1/23 at 100.00 | AA– | $ | 1,900,325 | |||
| 7,400 | Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/37 – AGM Insured | 1/21 at 100.00 | A2 | 7,899,352 | |||||
| 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+ | 17,897,425 | |||||
| 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+ | 556,875 | |||||
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A: | |||||||||
| 2,890 | 0.000%, 12/15/52 | No Opt. Call | BB+ | 469,336 | |||||
| 5,700 | 5.500%, 6/15/53 | 12/25 at 100.00 | BB+ | 6,056,364 | |||||
| 5,185 | 5.000%, 6/15/53 | 12/25 at 100.00 | BB+ | 5,343,661 | |||||
| Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds: | |||||||||
| 11,365 | 5.500%, 6/15/50 | 6/20 at 100.00 | BB+ | 11,637,874 | |||||
| 3,650 | 5.500%, 6/15/50 (Pre-refunded 6/15/20) | 6/20 at 100.00 | BBB– (4) | 3,912,946 | |||||
| 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– | 7,316,750 | |||||
| 43,200 | 0.000%, 6/15/45 – AGM Insured | No Opt. Call | BBB– | 11,966,832 | |||||
| 10,000 | 0.000%, 6/15/46 – AGM Insured | No Opt. Call | BBB– | 2,627,500 | |||||
| 41,205 | 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+ | 41,781,458 | |||||
| 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 | BB+ | 5,599,562 | |||||
| Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: | |||||||||
| 18,085 | 0.000%, 12/15/24 – NPFG Insured | No Opt. Call | BB+ | 13,717,111 | |||||
| 20,045 | 0.000%, 12/15/35 – AGM Insured | No Opt. Call | BBB– | 9,088,403 | |||||
| 1,846 | Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured | 3/24 at 100.00 | AA | 1,965,750 | |||||
| 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 | AA | 3,347,188 | |||||
| 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) | 4,245,150 | |||||
| 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) | 8,896,530 | |||||
| 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 | Baa2 | 3,014,920 | |||||
| 12,125 | Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – AGM Insured | 3/25 at 100.00 | A2 | 13,136,589 | |||||
| Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004: | |||||||||
| 2,550 | 0.000%, 11/01/22 – NPFG Insured | No Opt. Call | Baa2 | 2,221,509 | |||||
| 780 | 0.000%, 11/01/22 – NPFG Insured (ETM) | No Opt. Call | Baa2 (4) | 698,779 | |||||
| 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 | 5,176,135 |
34
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Illinois (continued) | |||||||||
| 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 | $ | 1,031,221 | |||
| 1,035 | 7.000%, 12/01/22 – AGM Insured | 12/20 at 100.00 | A2 | 1,144,368 | |||||
| 1,155 | 7.000%, 12/01/23 – AGM Insured | 12/20 at 100.00 | A2 | 1,277,049 | |||||
| 1,065 | 7.000%, 12/01/26 – AGM Insured | 12/20 at 100.00 | A2 | 1,171,947 | |||||
| 2,085 | 7.250%, 12/01/29 (Pre-refunded 12/01/20) – AGM Insured | 12/20 at 100.00 | A2 (4) | 2,352,735 | |||||
| 2,295 | 7.250%, 12/01/30 (Pre-refunded 12/01/20) – AGM Insured | 12/20 at 100.00 | A2 (4) | 2,589,701 | |||||
| 892,511 | Total Illinois | 837,615,606 | |||||||
| Indiana – 3.8% (2.4% of Total Investments) | |||||||||
| Allen County, Indiana, Economic Development Revenue Bonds, Fort Wayne Project, Senior Series 2017A-1: | |||||||||
| 500 | 6.625%, 1/15/34, 144A | 1/24 at 104.00 | N/R | 533,095 | |||||
| 675 | 6.750%, 1/15/43, 144A | 1/24 at 104.00 | N/R | 718,733 | |||||
| 1,605 | Chesterton, Indiana, Economic Development Revenue Bonds, Storypoint Chesterton Project, Series 2016, 6.250%, 1/15/43, 144A | 1/24 at 104.00 | N/R | 1,654,739 | |||||
| 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 | Baa2 | 2,265,595 | |||||
| 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 | 13,040,404 | |||||
| 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 | B | 375,085 | |||||
| 125 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.000%, 12/01/19 | No Opt. Call | B | 129,447 | |||||
| 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 | AA | 10,730,220 | |||||
| 10,190 | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 | 5/23 at 100.00 | A | 10,967,497 | |||||
| 5,000 | Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B, 5.000%, 12/01/37 (Pre-refunded 12/01/20) | 12/20 at 100.00 | AA– (4) | 5,367,500 | |||||
| 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 | 14,947,094 | |||||
| 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 | 20,107,891 | |||||
| 5,000 | Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project Revenue Bonds, Series 2010F, 5.000%, 1/01/35 (Pre-refunded 1/01/20) – AGM Insured | 1/20 at 100.00 | AA (4) | 5,250,050 | |||||
| Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: | |||||||||
| 10,000 | 0.000%, 2/01/26 – AMBAC Insured | No Opt. Call | A | 7,976,300 | |||||
| 20,000 | 0.000%, 2/01/28 – AMBAC Insured | No Opt. Call | A | 14,747,800 | |||||
| Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A: | |||||||||
| 2,855 | 5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured | 1/19 at 100.00 | A1 (4) | 2,925,861 | |||||
| 11,760 | 5.500%, 1/01/38 – AGC Insured | 1/19 at 100.00 | A | 12,025,776 | |||||
| 125,355 | Total Indiana | 123,763,087 | |||||||
| Iowa – 3.2% (2.0% 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 | 10,801,100 | |||||
| 10,690 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25 | 12/23 at 100.00 | B– | 11,390,623 | |||||
| 18,290 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/27, 144A | 6/19 at 105.00 | B– | 19,473,729 | |||||
| 21,280 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018B., 5.250%, 12/01/50 (Mandatory put 12/01/22) | 12/22 at 105.00 | B | 22,426,141 |
35
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Iowa (continued) | |||||||||
| Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | |||||||||
| $ | 8,285 | 5.375%, 6/01/38 | 7/18 at 100.00 | B2 | $ | 8,305,298 | |||
| 2,200 | 5.500%, 6/01/42 | 7/18 at 100.00 | B2 | 2,208,712 | |||||
| 21,360 | 5.625%, 6/01/46 | 7/18 at 100.00 | B | 21,470,645 | |||||
| 8,400 | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 | 7/18 at 100.00 | B2 | 8,486,772 | |||||
| 100,505 | Total Iowa | 104,563,020 | |||||||
| Kansas – 0.6% (0.4% of Total Investments) | |||||||||
| Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A: | |||||||||
| 1,240 | 5.000%, 1/01/40 | 1/20 at 100.00 | AA– | 1,291,410 | |||||
| 8,140 | 5.000%, 1/01/40 (Pre-refunded 1/01/20) | 1/20 at 100.00 | N/R (4) | 8,540,162 | |||||
| 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+ | 1,055,770 | |||||
| Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015: | |||||||||
| 4,870 | 5.000%, 9/01/27 | 9/25 at 100.00 | N/R | 5,160,642 | |||||
| 2,380 | 5.750%, 9/01/32 | 9/25 at 100.00 | N/R | 2,525,632 | |||||
| 2,495 | 6.000%, 9/01/35 | 9/25 at 100.00 | N/R | 2,649,490 | |||||
| 20,125 | Total Kansas | 21,223,106 | |||||||
| 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+ | 4,878,935 | |||||
| 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 | 6,416,878 | |||||
| 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 | BB+ | 8,448,719 | |||||
| 3,280 | 5.000%, 6/01/41 | 6/27 at 100.00 | BB+ | 3,478,834 | |||||
| 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 | BB+ (4) | 5,658,257 | |||||
| 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 | BB+ (4) | 6,540,831 | |||||
| 1,000 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 (Pre-refunded 6/01/18) – AGC Insured | 6/18 at 100.00 | A3 (4) | 1,003,460 | |||||
| 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 | 4,604,005 | |||||
| 7,370 | 5.000%, 7/01/40 | 7/25 at 100.00 | Baa2 | 7,784,563 | |||||
| 10,245 | 5.000%, 1/01/45 | 7/25 at 100.00 | Baa2 | 10,795,157 | |||||
| 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 | 4,043,028 | |||||
| 7,510 | 0.000%, 7/01/46 (7) | 7/31 at 100.00 | Baa3 | 6,990,458 | |||||
| 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 | 2,618,245 | |||||
| 480 | 6.000%, 7/01/53 | 7/23 at 100.00 | Baa3 | 532,027 |
36
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Kentucky (continued) | |||||||||
| Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009: | |||||||||
| $ | 715 | 5.250%, 2/01/20 – AGC Insured | 2/19 at 100.00 | AA | $ | 733,426 | |||
| 5,560 | 5.250%, 2/01/20 (Pre-refunded 2/01/19) – AGC Insured | 2/19 at 100.00 | AA (4) | 5,702,392 | |||||
| 8,865 | 5.250%, 2/01/24 (Pre-refunded 2/01/19) – AGC Insured | 2/19 at 100.00 | AA (4) | 9,092,033 | |||||
| 1,135 | 5.250%, 2/01/24 (Pre-refunded 2/01/19) – AGC Insured | 2/19 at 100.00 | AA (4) | 1,164,067 | |||||
| 87,600 | Total Kentucky | 90,485,315 | |||||||
| Louisiana – 1.6% (1.0% 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 | 3,314,049 | |||||
| 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) | 4,759,233 | |||||
| 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) | 5,412,750 | |||||
| 7,100 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Refunding Series 2017, 3.500%, 11/01/32 | 11/27 at 100.00 | Baa3 | 6,957,432 | |||||
| Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A: | |||||||||
| 135 | 5.750%, 7/01/25 – AGM Insured (ETM) (UB) | No Opt. Call | A2 (4) | 164,302 | |||||
| 9,865 | 5.750%, 7/01/25 – AGM Insured (UB) | No Opt. Call | A2 | 11,219,366 | |||||
| 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 | 9,150,460 | |||||
| 2,845 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017, 4.000%, 5/15/42 | 5/27 at 100.00 | A3 | 2,840,590 | |||||
| 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 | 1,029,410 | |||||
| 6,970 | 5.000%, 5/15/47 | 5/25 at 100.00 | A3 | 7,526,694 | |||||
| 1,000 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, 6/01/34 | 6/24 at 100.00 | A– | 1,026,930 | |||||
| 52,325 | Total Louisiana | 53,401,216 | |||||||
| 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 | 7,687,377 | |||||
| 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 | 4,639,219 | |||||
| 5,565 | 4.000%, 7/01/46 | 7/26 at 100.00 | Ba1 | 4,804,042 | |||||
| 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 | 1,135,586 | |||||
| 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+ | 10,801,700 | |||||
| 29,425 | Total Maine | 29,067,924 | |||||||
| 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, 144A | 2/26 at 100.00 | N/R | 1,007,480 | |||||
| 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 | 2,776,625 | |||||
| 13,315 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A, 5.500%, 1/01/46 | 1/27 at 100.00 | Baa3 | 14,785,109 |
37
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Maryland (continued) | |||||||||
| $ | 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+ | $ | 10,962,600 | |||
| 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 | 2,678,975 | |||||
| 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 | 3,216,090 | |||||
| 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 | 1,936,000 | |||||
| 2,300 | 5.000%, 7/01/46 | 1/26 at 100.00 | N/R | 2,255,541 | |||||
| Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B: | |||||||||
| 1,335 | 4.250%, 11/01/37 | 11/24 at 103.00 | BB | 1,352,715 | |||||
| 1,250 | 4.500%, 11/01/43 | 11/24 at 103.00 | BB | 1,279,125 | |||||
| 1,950 | 5.000%, 11/01/47 | 11/24 at 103.00 | BB | 2,096,445 | |||||
| 41,150 | Total Maryland | 44,346,705 | |||||||
| Massachusetts – 2.7% (1.7% 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 | 9,916,100 | |||||
| 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 | 3,255,594 | |||||
| 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+ | 2,422,265 | |||||
| 6,195 | 5.500%, 7/01/44 | 7/24 at 100.00 | BB+ | 6,708,380 | |||||
| Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series 2017.: | |||||||||
| 2,310 | 5.000%, 10/01/47, 144A | 10/22 at 105.00 | BB+ | 2,446,868 | |||||
| 6,580 | 5.000%, 10/01/57, 144A | 10/22 at 105.00 | BB+ | 6,891,695 | |||||
| 14,555 | Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42, 144A | 7/18 at 100.00 | BB+ | 14,558,493 | |||||
| Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: | |||||||||
| 2,950 | 5.000%, 1/01/45 | 1/25 at 100.00 | Baa2 | 3,136,883 | |||||
| 4,020 | 4.500%, 1/01/45 | 1/25 at 100.00 | Baa2 | 4,110,370 | |||||
| 6,000 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured | No Opt. Call | AA– | 7,895,340 | |||||
| 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) | 502,765 | |||||
| 5,330 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2016-XL0017, 10.402%, 12/15/34, 144A (Pre-refunded 12/15/19) (IF) (5) | 12/19 at 100.00 | AAA | 6,129,820 | |||||
| 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 | Baa3 | 1,042,090 | |||||
| 7,405 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB) (5) | No Opt. Call | AAA | 9,678,409 | |||||
| Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A; | |||||||||
| 770 | 5.750%, 7/01/39 | 7/19 at 100.00 | Baa2 | 796,426 | |||||
| 1,530 | 5.750%, 7/01/39 (Pre-refunded 7/01/19) | 7/19 at 100.00 | N/R (4) | 1,598,345 | |||||
| 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 | 5,016,866 | |||||
| 425 | Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29 | 7/18 at 100.00 | AAA | 426,373 | |||||
| 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 | AA (4) | 1,338,823 | |||||
| 80,245 | Total Massachusetts | 87,871,905 |
38
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Michigan – 2.9% (1.8% 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 | $ | 6,516,191 | |||
| 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– | 3,193,980 | |||||
| Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010: | |||||||||
| 895 | 5.250%, 5/15/36 – AGM Insured | 5/20 at 100.00 | A2 | 937,190 | |||||
| 1,105 | 5.250%, 5/15/36 (Pre-refunded 5/15/20) – AGM Insured | 5/20 at 100.00 | A2 (4) | 1,174,924 | |||||
| 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+ | 4,586,204 | |||||
| 2,550 | 4.000%, 11/15/36 | 5/25 at 100.00 | A+ | 2,596,971 | |||||
| Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011: | |||||||||
| 3,240 | 5.000%, 12/01/39 | 12/21 at 100.00 | AA– | 3,509,924 | |||||
| 10 | 5.000%, 12/01/39 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (4) | 10,970 | |||||
| 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– | 11,092,100 | |||||
| 4,000 | Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 | 1/22 at 100.00 | BBB | 4,179,240 | |||||
| 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+ | 3,031,023 | |||||
| 8,260 | 5.375%, 10/15/41 | 10/21 at 100.00 | A+ | 9,055,108 | |||||
| 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) | 5,805,250 | |||||
| 10,585 | 5.750%, 11/15/39 (Pre-refunded 11/15/19) | 11/19 at 100.00 | A3 (4) | 11,192,367 | |||||
| 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– | 14,763,334 | |||||
| 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 | 3,064,244 | |||||
| 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 | 1,174,438 | |||||
| Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D: | |||||||||
| 3,550 | 5.000%, 12/01/40 | 12/25 at 100.00 | A | 3,911,710 | |||||
| 3,600 | 5.000%, 12/01/45 | 12/25 at 100.00 | A | 3,954,204 | |||||
| 87,070 | Total Michigan | 93,749,372 | |||||||
| Minnesota – 0.7% (0.5% of Total Investments) | |||||||||
| Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A: | |||||||||
| 155 | 4.000%, 8/01/36 | 8/26 at 100.00 | BB+ | 147,083 | |||||
| 440 | 4.000%, 8/01/41 | 8/26 at 100.00 | BB+ | 407,264 | |||||
| 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+ | 2,042,780 | |||||
| 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+ | 1,816,681 | |||||
| 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 | 1,382,322 | |||||
| Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B: | |||||||||
| 4,625 | 6.500%, 11/15/38 – AGC Insured | 11/18 at 100.00 | A2 | 4,740,671 | |||||
| 840 | 6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured | 11/18 at 100.00 | A2 (4) | 861,193 |
39
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Minnesota (continued) | |||||||||
| $ | 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 | $ | 1,043,270 | |||
| 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– | 264,542 | |||||
| 605 | 5.000%, 4/01/46 | 4/26 at 100.00 | CCC– | 395,240 | |||||
| 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 | A2 | 2,557,800 | |||||
| 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 | 236,603 | |||||
| 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) | 968,724 | |||||
| 2,785 | 5.000%, 11/15/40 (Pre-refunded 11/15/25) | 11/25 at 100.00 | A+ (4) | 3,260,511 | |||||
| 3,190 | 5.000%, 11/15/44 (Pre-refunded 11/15/25) | 11/25 at 100.00 | A+ (4) | 3,734,661 | |||||
| 22,810 | Total Minnesota | 23,859,345 | |||||||
| 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 | 6,058,270 | |||||
| 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– | 2,798,258 | |||||
| Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016: | |||||||||
| 400 | 5.000%, 4/01/36, 144A | 4/26 at 100.00 | N/R | 411,836 | |||||
| 1,520 | 5.000%, 4/01/46, 144A | 4/26 at 100.00 | N/R | 1,538,757 | |||||
| 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 | 10,724,100 | |||||
| 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 | 3,529,510 | |||||
| Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A: | |||||||||
| 1,575 | 5.750%, 6/01/35, 144A | 6/25 at 100.00 | N/R | 1,536,476 | |||||
| 1,055 | 6.000%, 6/01/46, 144A | 6/25 at 100.00 | N/R | 1,033,900 | |||||
| 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 | 2,641,769 | |||||
| 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 | 1,493,331 | |||||
| 2,000 | 5.000%, 5/01/45 | 11/23 at 100.00 | BBB | 2,111,160 | |||||
| 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 | 7,497,882 | |||||
| 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 | 2,394,045 | |||||
| 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 | 988,608 | |||||
| 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 | A– | 5,136,945 | |||||
| 15,350 | Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured | No Opt. Call | N/R | 8,989,421 | |||||
| 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+ | 458,748 |
40
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Missouri (continued) | |||||||||
| 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 | $ | 1,624,617 | |||
| 455 | 5.125%, 12/01/45 | 12/25 at 100.00 | N/R | 476,349 | |||||
| 63,770 | Total Missouri | 55,385,712 | |||||||
| 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 | 1,231,811 | |||||
| 375 | 5.250%, 5/15/47 | 5/25 at 102.00 | N/R | 390,315 | |||||
| 3,000 | Montana Facility Finance Authority, Hospital Revenue Bonds, Benefits 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) | 3,282,150 | |||||
| 4,550 | Total Montana | 4,904,276 | |||||||
| Nebraska – 1.6% (1.0% of Total Investments) | |||||||||
| 22,500 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Crossover Refunding Series 2017A., 5.000%, 9/01/42 | No Opt. Call | BBB+ | 26,522,550 | |||||
| 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+ | 4,832,021 | |||||
| 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– | 630,559 | |||||
| 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– | 2,128,477 | |||||
| 2,325 | 5.000%, 11/01/48 | 11/25 at 100.00 | A– | 2,518,161 | |||||
| 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– | 4,218,520 | |||||
| 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) | 5,162,600 | |||||
| 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+ | 6,291,060 | |||||
| 46,940 | Total Nebraska | 52,303,948 | |||||||
| Nevada – 1.6% (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 | 5,541,156 | |||||
| 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 | 25,242,138 | |||||
| 14,515 | 5.250%, 7/01/42 | 1/20 at 100.00 | A+ | 15,246,121 | |||||
| 410 | Director of the State of Nevada Department of Business and Industry, Charter School Lease Revenue Bonds, Somerset Academy, Series 2018A, 5.000%, 12/15/38, 144A | 12/25 at 100.00 | BB | 418,569 | |||||
| 1,000 | Las Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement District, Series 2016, 4.375%, 6/15/35, 144A | 6/21 at 100.00 | N/R | 926,450 | |||||
| 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, 144A | 7/25 at 100.00 | BB+ | 510,265 | |||||
| 1,140 | North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured | 7/18 at 100.00 | BB | 1,141,300 | |||||
| 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+ | 1,122,330 | |||||
| 48,035 | Total Nevada | 50,148,329 |
41
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) | |
| April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| 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) | $ | 5,291,050 | |||
| 500 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Kendal at Hanover, Series 2016, 5.000%, 10/01/40 | 10/26 at 100.00 | BBB+ | 534,300 | |||||
| 5,500 | Total New Hampshire | 5,825,350 | |||||||
| New Jersey – 6.4% (4.0% 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+ | 38,939,105 | |||||
| 2,110 | 5.500%, 6/15/30 | 12/26 at 100.00 | BBB+ | 2,396,369 | |||||
| New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1: | |||||||||
| 6,835 | 5.500%, 9/01/24 – AMBAC Insured | No Opt. Call | A– | 7,762,646 | |||||
| 5,000 | 5.500%, 9/01/28 – NPFG Insured | No Opt. Call | BBB+ | 5,817,950 | |||||
| 11,975 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, 5.250%, 6/15/40 | 6/25 at 100.00 | BBB+ | 12,786,785 | |||||
| 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+ | 2,503,610 | |||||
| 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+ | 639,702 | |||||
| 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+ | 1,507,470 | |||||
| 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+ | 2,506,048 | |||||
| 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 | 6,574,754 | |||||
| 4,000 | 5.000%, 6/15/28 | 6/26 at 100.00 | Baa1 | 4,420,720 | |||||
| 2,015 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26 | No Opt. Call | BBB+ | 1,395,246 | |||||
| 2,150 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20 | No Opt. Call | BBB+ | 2,283,752 | |||||
| 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– | 10,449,000 | |||||
| 10,805 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42 | 6/21 at 100.00 | A– | 11,118,453 | |||||
| 20,040 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2014AA, 5.000%, 6/15/44 | 6/24 at 100.00 | BBB+ | 20,907,331 | |||||
| New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: | |||||||||
| 13,680 | 4.750%, 6/15/38 | 6/25 at 100.00 | BBB+ | 14,129,798 | |||||
| 5,245 | 5.250%, 6/15/41 | 6/25 at 100.00 | BBB+ | 5,593,897 | |||||
| 8,230 | 5.000%, 6/15/45 | 6/25 at 100.00 | BBB+ | 8,631,130 | |||||
| 33,200 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured | No Opt. Call | A2 | 39,145,788 | |||||
| New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: | |||||||||
| 120 | 11.994%, 1/01/43, 144A (Pre-refunded 7/01/22) (IF) (5) | 7/22 at 100.00 | N/R (4) | 168,708 | |||||
| 80 | 11.994%, 1/01/43, 144A (IF) (5) | 7/22 at 100.01 | A | 112,472 | |||||
| 1,135 | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 | 5/23 at 100.00 | A+ | 1,251,247 | |||||
| 3,410 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46 | 6/28 at 100.00 | BBB | 3,586,365 |
42
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| New Jersey (continued) | |||||||||
| $ | 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 | $ | 1,546,325 | |||
| 198,375 | Total New Jersey | 206,174,671 | |||||||
| New York – 4.8% (3.0% of Total Investments) | |||||||||
| 5,810 | Build NYC Resource Corporation, Revenue Bonds, Albert Einstein College of Medicine, Inc., Series 2015, 5.500%, 9/01/45, 144A | 9/25 at 100.00 | N/R | 6,278,170 | |||||
| 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 | Baa2 | 2,543,648 | |||||
| 9,700 | Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2017A, 5.000%, 10/01/47 (UB) (5) | No Opt. Call | AAA | 12,528,229 | |||||
| 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– | 4,405,409 | |||||
| 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 | Aa1 | 7,659,439 | |||||
| Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2015: | |||||||||
| 2,700 | 5.000%, 12/01/40, 144A | 6/25 at 100.00 | BBB– | 2,875,257 | |||||
| 5,600 | 5.000%, 12/01/45, 144A | 6/25 at 100.00 | BBB– | 5,942,160 | |||||
| 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) | 5,127 | |||||
| Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 2016-XF0525: | |||||||||
| 1,881 | 10.249%, 2/15/39, 144A (Pre-refunded 2/15/19) (IF) | 2/19 at 100.00 | N/R (4) | 2,023,268 | |||||
| 117 | 10.249%, 2/15/39, 144A (IF) | 2/19 at 100.01 | Aa1 | 125,883 | |||||
| 1,255 | 10.242%, 2/15/39, 144A (Pre-refunded 2/15/19) (IF) | 2/19 at 100.00 | N/R (4) | 1,350,142 | |||||
| 80 | 10.242%, 2/15/39, 144A (IF) | 2/19 at 100.01 | Aa1 | 86,065 | |||||
| 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 | 2,627,948 | |||||
| Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A: | |||||||||
| 2,295 | 5.250%, 2/15/47 | 2/21 at 100.00 | AA– | 2,439,516 | |||||
| 105 | 5.250%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa3 (4) | 114,230 | |||||
| 325 | 5.750%, 2/15/47 | 2/21 at 100.00 | AA– | 351,598 | |||||
| 525 | 5.750%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa3 (4) | 578,225 | |||||
| 6,075 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 (Pre-refunded 5/01/21) – AGM Insured | 5/21 at 100.00 | A– (4) | 6,602,614 | |||||
| 10,000 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42 | 9/22 at 100.00 | A– | 10,886,700 | |||||
| 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 | 4,703,738 | |||||
| 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 | 1,097,580 | |||||
| 1,690 | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2006A-3, 5.000%, 6/01/35 | 6/18 at 100.00 | B– | 1,668,909 | |||||
| 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 | AA | 4,217,549 | |||||
| 11,570 | New York City Municipal Water Authority, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2016, Series 2015, 5.000%, 6/15/46 (UB) | 6/25 at 100.00 | AA+ | 12,862,832 | |||||
| 75 | New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.750%, 8/01/18 | 7/18 at 100.00 | AA | 75,265 | |||||
| 5 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – FGIC Insured | 7/18 at 100.00 | AA | 5,013 |
43
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) | |
| April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| New York (continued) | |||||||||
| $ | 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, 144A | 11/24 at 100.00 | N/R | $ | 30,111,565 | |||
| 15 | New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured | 5/18 at 100.00 | AA | 15,041 | |||||
| 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) | 6,295,881 | |||||
| Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010: | |||||||||
| 8,550 | 5.500%, 12/01/31 | 12/20 at 100.00 | BBB | 9,251,613 | |||||
| 3,155 | 6.000%, 12/01/36 | 12/20 at 100.00 | BBB | 3,457,438 | |||||
| 10,360 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 10,405,377 | |||||
| 141,768 | Total New York | 153,591,429 | |||||||
| North Carolina – 0.8% (0.5% of Total Investments) | |||||||||
| 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) | 1,297,908 | |||||
| 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 | 10,854,600 | |||||
| 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+ | 5,085,835 | |||||
| 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 | 2,340,404 | |||||
| 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 | 2,289,707 | |||||
| 1,690 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/54 | 7/26 at 100.00 | BBB– | 1,837,300 | |||||
| 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) | 563,917 | |||||
| 22,500 | Total North Carolina | 24,269,671 | |||||||
| North Dakota – 1.9% (1.2% 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 | 7,444,850 | |||||
| 3,000 | 5.000%, 12/01/32 | 12/21 at 100.00 | Baa1 | 3,173,940 | |||||
| 2,245 | 5.000%, 12/01/35 | 12/21 at 100.00 | Baa1 | 2,362,750 | |||||
| 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 | 4,942,296 | |||||
| 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 | 997,560 | |||||
| Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2017C.: | |||||||||
| 10,000 | 5.000%, 6/01/38 | 6/28 at 100.00 | BBB– | 10,796,700 | |||||
| 10,915 | 5.000%, 6/01/43 | 6/28 at 100.00 | BBB– | 11,709,830 | |||||
| 17,000 | 5.000%, 6/01/48 | 6/28 at 100.00 | BBB– | 18,165,520 | |||||
| Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, Series 2012A: | |||||||||
| 970 | 4.000%, 3/01/19 | No Opt. Call | B | 969,719 | |||||
| 1,085 | 5.000%, 3/01/21 | No Opt. Call | B | 1,105,843 | |||||
| 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 | |||||
| 60,275 | Total North Dakota | 62,683,008 |
44
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Ohio – 10.2% (6.4% 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 | $ | 4,398,393 | |||
| 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 | 2,081,177 | |||||
| 2,540 | 4.000%, 5/01/33 | 5/22 at 100.00 | A2 | 2,550,236 | |||||
| 3,405 | 5.000%, 5/01/42 | 5/22 at 100.00 | A2 | 3,638,549 | |||||
| 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 | 6/18 at 100.00 | N/R | 3,817,000 | |||||
| Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | |||||||||
| 17,305 | 5.375%, 6/01/24 | 6/18 at 100.00 | Caa1 | 17,220,032 | |||||
| 45,280 | 5.125%, 6/01/24 | 6/18 at 100.00 | Caa1 | 44,593,555 | |||||
| 20,820 | 5.875%, 6/01/30 | 6/18 at 100.00 | Caa1 | 20,811,880 | |||||
| 28,385 | 5.750%, 6/01/34 | 6/18 at 100.00 | Caa1 | 28,218,664 | |||||
| 2,715 | 6.000%, 6/01/42 | 6/18 at 100.00 | B– | 2,714,837 | |||||
| 19,440 | 5.875%, 6/01/47 | 6/18 at 100.00 | B– | 19,440,000 | |||||
| 10,000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 | 6/22 at 100.00 | Caa1 | 10,223,400 | |||||
| 1,000 | Butler County Port Authority, Ohio, Revenue Bonds, StoryPoint Fairfield Project, Senior Series 2017A-1, 6.250%, 1/15/34, 144A | 1/24 at 104.00 | N/R | 1,040,700 | |||||
| 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 | 2,925,478 | |||||
| 3,200 | 5.250%, 11/01/47 | 11/27 at 100.00 | N/R | 3,358,592 | |||||
| 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– | 9,907,000 | |||||
| Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014: | |||||||||
| 3,345 | 5.000%, 12/01/51 | 6/23 at 100.00 | Aa3 | 3,612,132 | |||||
| 4,965 | 5.000%, 12/01/51 (Pre-refunded 6/01/23) | 6/23 at 100.00 | N/R (4) | 5,594,066 | |||||
| 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 | 8,412,794 | |||||
| 7,770 | Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A., 3.250%, 12/01/42 | 12/27 at 100.00 | AA– | 7,126,022 | |||||
| 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 | AA | 7,015,265 | |||||
| JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052: | |||||||||
| 1,250 | 13.062%, 1/01/38, 144A (IF) (5) | 1/23 at 100.00 | AA | 1,709,325 | |||||
| 2,000 | 13.062%, 1/01/38, 144A (IF) (5) | 1/23 at 100.00 | AA | 2,734,920 | |||||
| 625 | 13.062%, 1/01/38, 144A (IF) (5) | 1/23 at 100.00 | AA | 854,663 | |||||
| 1,725 | 13.062%, 1/01/38, 144A (IF) (5) | 1/23 at 100.00 | AA | 2,358,869 | |||||
| 1,750 | 13.056%, 1/01/38, 144A (IF) (5) | 1/23 at 100.01 | AA | 2,392,705 | |||||
| 390 | 12.980%, 1/01/38, 144A (IF) (5) | 1/23 at 100.00 | AA | 532,217 | |||||
| 2,885 | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) | 11/21 at 100.00 | A+ (4) | 3,260,194 | |||||
| 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 | 5,143,390 | |||||
| 6,000 | 5.250%, 12/01/31 – AGM Insured | No Opt. Call | A2 | 7,139,460 | |||||
| 12,000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/48 | 2/23 at 100.00 | Ba2 | 12,474,840 |
45
| NVG | Nuveen AMT-Free Municipal Credit Income Fund |
| Portfolio of Investments (continued) | |
| April 30, 2018 (Unaudited) |
| Principal | Optional Call | ||||||||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value | |||||
| Ohio (continued) | |||||||||
| $ | 8,500 | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (8) | No Opt. Call | D | $ | 3,931,250 | |||
| 1,050 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (Mandatory put 3/01/19) (8) | No Opt. Call | D | 485,625 | |||||
| 2,020 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010B, 3.750%, 6/01/33 (Mandatory put 6/01/20) (8) | No Opt. Call | D | 934,250 | |||||
| 1,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2006B, 3.125%, 1/01/34 (Mandatory put 7/01/18) (8) | No Opt. Call | D | 462,500 | |||||
| Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2009A: | No Opt. Call | D | 19,934,400 | ||||||
| 20,765 | 5.000%, 2/15/48 (Mandatory put 6/01/22) (8) | ||||||||
| 4,975 | 5.000%, 2/15/48 | 2/23 at 100.00 | A+ | 5,380,711 | |||||
| 1,240 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36 (7) | 2/31 at 100.00 | A+ | 1,185,229 | |||||
| 1,130 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (Mandatory put 6/03/19) (8) | No Opt. Call | D | 522,625 | |||||
| 20,405 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory put 6/01/22) (8) | No Opt. Call | D | 19,588,800 | |||||
| 20,480 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory put 6/01/22) (8) | No Opt. Call | D | 19,660,800 | |||||
| 1,650 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010C, 4.000%, 6/01/33 (Mandatory put 6/03/19) (8) | No Opt. Call | D | 763,125 | |||||
| Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012: | |||||||||
| 1,095 | 5.750%, 12/01/32 | 12/22 at 100.00 | BB– | 1,181,571 | |||||
| 870 | 6.000%, 12/01/42 | 12/22 at 100.00 | BB– | 937,608 | |||||
| 1,365 | Toledo Lucas County Port Authority, Ohio, Revenue Bonds, Storypoint Waterville Project, Series 2016A-1, 6.125%, 1/15/34, 144A | 1/24 at 104.00 | N/R | 1,409,895 | |||||
| 1,330 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 | 3/25 at 100.00 | N/R | 1,345,441 | |||||
| 2,000 | University of Akron, Ohio, General Receipts Bonds, Federally |