UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09475

Nuveen AMT-Free Municipal Credit Income Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2017

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

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





ITEM 1. REPORTS TO STOCKHOLDERS.



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Table of Contents

 

Chairman’s Letter to Shareholders 4
   
Portfolio Managers’ Comments 5
   
Fund Leverage 9
   
Common Share Information 11
   
Risk Considerations 13
   
Performance Overview and Holding Summaries 14
   
Portfolios of Investments 20
   
Statement of Assets and Liabilities 120
   
Statement of Operations 121
   
Statement of Changes in Net Assets 122
   
Statement of Cash Flows 123
   
Financial Highlights 124
   
Notes to Financial Statements 130
   
Additional Fund Information 148
   
Glossary of Terms Used in this Report 149
   
Reinvest Automatically, Easily and Conveniently 151

 

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Chairman’s Letter to Shareholders

 

Dear Shareholders,

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

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

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

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

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

Sincerely,

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

 

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Portfolio Managers’ Comments

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

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

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

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

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

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

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

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

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

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

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

 

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Portfolio Managers’ Comments (continued)

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

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

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

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

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

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

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

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

 

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

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

An Update Involving Puerto Rico

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

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

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

 

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Portfolio Managers’ Comments (continued)

A Note About Investment Valuations

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

 

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Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

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

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

 

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

 

* Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

 

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Fund Leverage (continued)

THE FUNDS’ REGULATORY LEVERAGE

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

 

    iMTP Shares   VMTP Shares   VRDP Shares      
Fund     Series     Shares
Issued at
Liquidation
Preference
    Series     Shares
Issued at
Liquidation
Preference
    Series     Shares
Issued at
Liquidation
Preference
    Total  
NVG             2018   $ 240,400,000     1   $ 179,000,000        
                      2     385,400,000        
                      4     180,000,000        
                      5     340,500,000        
                      6     326,700,000        
          $         $ 240,400,000         $ 1,411,600,000   $ 1,652,000,000  
NZF     2017     150,000,000     2019     336,000,000     1     268,800,000        
                      2     262,200,000        
                      3     196,000,000        
          $ 150,000,000         $ 336,000,000         $ 727,000,000   $ 1,213,000,000  
                                             
NMZ       $     2018   $ 87,000,000           $ 87,000,000  

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

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

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

 

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Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

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

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

 

    Per Common Share Amounts  
Monthly Distributions (Ex-Dividend Date)     NVG     NZF     NMZ  
November 2016   $ 0.0760   $ 0.0760   $ 0.0695  
December     0.0725     0.0740     0.0675  
January     0.0725     0.0740     0.0675  
February     0.0725     0.0740     0.0675  
March     0.0725     0.0740     0.0675  
April 2017     0.0725     0.0740     0.0675  
Total Monthly Per Share Distributions   $ 0.4385   $ 0.4460   $ 0.4070  
Ordinary Income Distribution*   $ 0.0011   $ 0.0020   $ 0.0053  
Total Distributions from Net Investment Income   $ 0.4396   $ 0.4480   $ 0.4123  
Total Distributions from Long-Term Capital Gains*   $ 0.0292   $ 0.0018   $  
Total Distributions   $ 0.4688   $ 0.4498   $ 0.4123  
                     
Yields                    
Market Yield**     5.87 %   6.04 %   6.13 %
Taxable-Equivalent Yield**     8.15 %   8.39 %   8.51 %

 

* Distribution paid in December 2016.
   
** Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.

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

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

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

 

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Common Share Information (continued)

COMMON SHARE EQUITY SHELF PROGRAMS

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

 

  NMZ  
Additional authorized common shares 13,200,000  

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

 

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

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

COMMON SHARE REPURCHASES

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

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

 

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

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

OTHER COMMON SHARE INFORMATION

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

 

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

 

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Risk Considerations

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

Nuveen AMT-Free Municipal Credit Income Fund (NVG)

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

Nuveen Municipal Credit Income Fund (NZF)

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.

 

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

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

Average Annual Total Returns as of April 30, 2017

 

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

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

 

 

14
NUVEEN


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

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

 

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

 

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

 

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

 

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

 

NUVEEN
15


 

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

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

Average Annual Total Returns as of April 30, 2017

 

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

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

 

 

16
NUVEEN


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

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

 

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

 

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

 

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

 

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

 

NUVEEN
17


 

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

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

Average Annual Total Returns as of April 30, 2017

 

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

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

 

 

18
NUVEEN


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

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

 

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

 

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

 

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

 

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

 

NUVEEN
19


 

 

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

 

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

 

20
NUVEEN


 

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

 

NUVEEN
21


 

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

 

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

 

22
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 895   California School Finance Authority, Charter School Revenue Bonds, Rocketship Education ? Obligated Group, Series 2017A, 5.125%, 6/01/47 6/26 at 100.00   N/R $ 898,643  
  80   California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured 7/17 at 100.00   AA–   80,258  
  5   California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured 7/17 at 100.00   AA–   5,016  
      California State, General Obligation Bonds, Various Purpose Series 2007:            
  9,730   5.000%, 6/01/37 (Pre-refunded 6/01/17) 6/17 at 100.00   AA+ (4)   9,768,044  
  6,270   5.000%, 6/01/37 (Pre-refunded 6/01/17) 6/17 at 100.00   AA+ (4)   6,294,516  
      California State, General Obligation Bonds, Various Purpose Series 2010:            
  3,500   5.250%, 3/01/30 3/20 at 100.00   AA–   3,883,215  
  10,000   5.500%, 11/01/35 11/20 at 100.00   AA–   11,365,600  
  12,710   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 12/24 at 100.00   BB   13,748,280  
  66,105   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56 6/26 at 100.00   BB   71,086,012  
  4,000   California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 4.000%, 7/01/39 7/24 at 100.00   A–   3,993,960  
  7,000   California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42 8/20 at 100.00   AA–   7,944,090  
  1,000   California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47 8/17 at 100.00   Baa2   1,008,440  
      California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:            
  1,535   5.750%, 7/01/30 (6) 7/17 at 100.00   CCC   1,485,327  
  4,430   5.500%, 7/01/35 (6) 7/17 at 100.00   CCC   4,190,957  
  3,600   California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured 7/18 at 100.00   AA– (4)   3,805,740  
  5,000   Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM) No Opt. Call   A3 (4)   4,174,050  
  3,400   Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured No Opt. Call   A2   1,791,494  
  14,345   Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured No Opt. Call   AA   5,506,328  
      El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2010 Series 2011A:            
  2,615   0.000%, 8/01/31 – AGM Insured (7) 8/28 at 100.00   A2   2,376,224  
  3,600   0.000%, 8/01/34 – AGM Insured (7) 8/28 at 100.00   A2   3,224,988  
      Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A:            
  3,960   0.000%, 1/15/34 – AGM Insured No Opt. Call   BBB–   1,983,960  
  5,000   0.000%, 1/15/35 – AGM Insured No Opt. Call   BBB–   2,379,950  
      Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:            
  910   6.850%, 1/15/42 1/31 at 100.00   Ba1   752,452  
  3,610   5.750%, 1/15/46 1/24 at 100.00   Ba1   4,137,818  
  6,610   6.000%, 1/15/49 1/24 at 100.00   Ba1   7,593,700  
  2,425   Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured 9/17 at 100.00   A   2,456,234  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  26,455   5.000%, 6/01/33 6/17 at 100.00   B3   26,600,503  
  8,830   5.750%, 6/01/47 6/17 at 100.00   B3   8,850,574  
  8,565   5.125%, 6/01/47 6/17 at 100.00   B–   8,564,400  

 

NUVEEN
23


 

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

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 550   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 (Pre-refunded 6/01/17) 6/17 at 100.00   N/R (4) $ 552,469  
  2,850   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27 (Pre-refunded 6/01/17) 6/17 at 100.00   N/R (4)   2,859,548  
      Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006:            
  5,600   0.000%, 11/01/24 – AGM Insured No Opt. Call   AA   4,709,936  
  5,795   0.000%, 11/01/25 – AGM Insured No Opt. Call   AA   4,677,608  
  1,195   Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured 9/21 at 100.00   AA   1,291,425  
  7,575   Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7) 8/35 at 100.00   AA   5,607,318  
  3,300   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 No Opt. Call   BBB+   4,596,240  
      Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, 2008 Election Series 2009A:            
  5,905   0.000%, 8/01/26 – AGC Insured No Opt. Call   Aa3   4,578,678  
  2,220   0.000%, 8/01/28 – AGC Insured No Opt. Call   Aa3   1,562,347  
  2,735   Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM) 7/17 at 100.00   AA– (4)   2,888,981  
  4,000   Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia Village, Series 2015A, 4.250%, 8/15/38 8/25 at 100.00   N/R   4,098,240  
  5,000   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30 11/20 at 100.00   Ba1   5,399,350  
  3,700   Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured No Opt. Call   A2   2,884,594  
  7,875   Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured (7) 8/29 at 100.00   A2   9,188,865  
  9,145   Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/30 – AMBAC Insured No Opt. Call   A   5,525,409  
  4,150   Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Refunding Series 2011, 6.000%, 10/01/28 – AGM Insured 10/25 at 100.00   A2   4,871,146  
  6,000   Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 – AGM Insured 7/17 at 100.00   A2   6,019,980  
  670   Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48 6/23 at 100.00   BBB–   750,393  
      San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015:            
  495   5.000%, 9/01/40 9/25 at 100.00   N/R   529,066  
  920   5.000%, 9/01/46 9/25 at 100.00   N/R   977,951  
  1,830   San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 17.423%, 8/01/39 (Pre-refunded 8/01/19) (IF) 8/19 at 100.00   AA– (4)   2,561,634  
  4,000   San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 5/23 at 100.00   A+   4,399,880  
  66,685   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM) No Opt. Call   AA+ (4)   63,444,776  
      San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:            
  2,680   5.000%, 1/15/44 1/25 at 100.00   BBB–   2,926,828  
  8,275   5.000%, 1/15/50 1/25 at 100.00   BBB–   9,010,979  
  7,210   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured No Opt. Call   BBB–   6,012,203  

 

24
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 37,040   San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured 8/17 at 100.00   A3 $ 37,260,758  
  4,175   San Mateo County Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 9/01/30 – NPFG Insured No Opt. Call   AAA   2,735,836  
  4,325   San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/34 – AGM Insured No Opt. Call   AA   2,198,268  
  5,690   San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/42 No Opt. Call   A1   1,679,176  
  5,625   Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 No Opt. Call   A3   6,881,456  
  5,625   Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 (ETM) No Opt. Call   A3 (4)   6,862,388  
  3,500   Saugus Union School District, Los Angeles County, California, General Obligation Bonds, Series 2006, 0.000%, 8/01/23 – FGIC Insured No Opt. Call   AA–   3,075,695  
  4,495   Stockton-East Water District, California, Certificates of Participation, Refunding Series 2002B, 0.000%, 4/01/28 – FGIC Insured 7/17 at 100.00   A3   2,328,725  
  610   Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017, 6.250%, 9/01/47 9/27 at 100.00   N/R   618,186  
      Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:            
  1,220   4.750%, 6/01/23 7/17 at 100.00   B+   1,223,148  
  1,500   5.500%, 6/01/45 7/17 at 100.00   B–   1,476,090  
      Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A:            
  1,240   4.750%, 6/01/25 7/17 at 100.00   BBB   1,251,383  
  5,865   5.125%, 6/01/46 7/17 at 100.00   B2   5,864,648  
  628,635   Total California         616,895,182  
      Colorado – 8.4% (5.4% of Total Investments)            
      Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006:            
  750   5.250%, 10/01/32 – SYNCORA GTY Insured 7/17 at 100.00   BBB–   751,403  
  1,080   5.250%, 10/01/40 – SYNCORA GTY Insured 7/17 at 100.00   BBB–   1,081,782  
      Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A:            
  890   5.500%, 12/01/36 12/21 at 103.00   N/R   902,469  
  1,175   5.750%, 12/01/46 12/21 at 103.00   N/R   1,194,952  
  1,100   Belleview Station Metropolitan District 2, Denver City and County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax Refunding & Improvement Series 2017, 5.000%, 12/01/36 12/21 at 103.00   N/R   1,122,033  
      Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017:            
  1,140   5.000%, 12/01/37 12/22 at 103.00   N/R   1,150,591  
  5,265   5.000%, 12/01/47 12/22 at 103.00   N/R   5,277,215  
  195   Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43 12/23 at 100.00   BB   199,319  
  1,180   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46 8/26 at 100.00   A   1,073,682  
  1,165   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, The Classical Academy Project, Refunding Series 2015A, 5.000%, 12/01/38 12/24 at 100.00   A   1,249,264  
  7,430   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Vanguard School Project, Refunding & Improvement Series 2016, 3.750%, 6/15/47 6/26 at 100.00   A   6,776,309  
  1,750   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, 3.250%, 6/01/46 6/26 at 100.00   A   1,492,190  

 

NUVEEN
25


 

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

 

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

 

26
NUVEEN


 

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

 

NUVEEN
27


 

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

 

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

 

28
NUVEEN


 

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

 

NUVEEN
29


 

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

 

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

 

30
NUVEEN


 

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

 

NUVEEN
31


 

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

 

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

 

32
NUVEEN


 

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

 

NUVEEN
33


 

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

 

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

 

34
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 20,000   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2015A, 5.000%, 10/01/46 (UB) (5) 10/25 at 100.00   AA– $ 22,305,400  
  4,055   Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34 5/17 at 100.00   Baa3   4,059,379  
  3,665   Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/31 – AGM Insured 6/24 at 100.00   BBB–   4,022,851  
      Illinois State, General Obligation Bonds, February Series 2014:            
  3,200   5.250%, 2/01/32 2/24 at 100.00   BBB   3,276,480  
  2,000   5.250%, 2/01/33 2/24 at 100.00   BBB   2,039,700  
  1,575   5.250%, 2/01/34 2/24 at 100.00   BBB   1,602,641  
  7,000   5.000%, 2/01/39 2/24 at 100.00   BBB   7,007,420  
  5,000   Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/35 6/26 at 100.00   BBB   4,430,900  
      Illinois State, General Obligation Bonds, May Series 2014:            
  510   5.000%, 5/01/36 5/24 at 100.00   BBB   510,893  
  2,245   5.000%, 5/01/39 5/24 at 100.00   BBB   2,247,627  
      Illinois State, General Obligation Bonds, November Series 2016:            
  11,800   5.000%, 11/01/40 11/26 at 100.00   BBB   11,817,700  
  13,200   5.000%, 11/01/41 11/26 at 100.00   BBB   13,209,768  
      Illinois State, General Obligation Bonds, Refunding Series 2012:            
  3,795   5.000%, 8/01/21 No Opt. Call   BBB   4,015,831  
  1,725   5.000%, 8/01/22 No Opt. Call   BBB   1,830,053  
  3,425   5.000%, 8/01/23 No Opt. Call   BBB   3,636,973  
  1,095   5.000%, 8/01/25 8/22 at 100.00   BBB   1,134,924  
  2,335   Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 7/23 at 100.00   BBB   2,423,823  
  5,000   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/35 1/23 at 100.00   AA–   5,545,600  
  18,920   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40 7/25 at 100.00   AA–   21,021,066  
  1,395   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.366%, 1/01/38 (IF) 1/23 at 100.00   AA–   1,982,755  
  7,400   Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/37 – AGM Insured 1/21 at 100.00   A2   7,988,374  
  17,500   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52 6/22 at 100.00   BBB–   17,413,725  
  540   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52 12/25 at 100.00   BBB–   537,338  
      Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A:            
  2,890   0.000%, 12/15/52 No Opt. Call   BBB–   392,635  
  5,185   5.000%, 6/15/53 12/25 at 100.00   BBB–   5,159,386  
  15,000   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50 6/20 at 100.00   BBB–   15,335,850  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:            
  25,000   0.000%, 6/15/44 – AGM Insured No Opt. Call   BBB–   6,767,500  
  43,200   0.000%, 6/15/45 – AGM Insured No Opt. Call   BBB–   11,083,392  
  10,000   0.000%, 6/15/46 – AGM Insured No Opt. Call   BBB–   2,430,600  
  41,150   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50 6/20 at 100.00   BBB–   41,206,376  
  8,750   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B, 0.000%, 6/15/28 – NPFG Insured No Opt. Call   A3   5,556,075  

 

NUVEEN
35


 

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

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:            
$ 18,000   0.000%, 12/15/24 – NPFG Insured No Opt. Call   BBB– $ 13,917,780  
  20,045   0.000%, 12/15/35 – AGM Insured No Opt. Call   BBB–   8,505,094  
  695   Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 3/01/30 – RAAI Insured 7/17 at 16.847   AA   695,716  
  1,846   Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured 3/24 at 100.00   AA   1,992,111  
  2,600   Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured No Opt. Call   Aa3   3,448,900  
  3,900   Rosemont Village, Illinois, General Obligation Bonds, Corporate Purpose Series 2011A, 5.600%, 12/01/35 – AGM Insured 12/20 at 100.00   A2   4,191,213  
  7,025   Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48 11/23 at 100.00   AA   9,200,502  
  4,000   Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured No Opt. Call   A3   3,056,200  
  12,125   Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – AGM Insured 3/25 at 100.00   A2   13,362,235  
  2,550   Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured No Opt. Call   A3   2,209,550  
  780   Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured (ETM) No Opt. Call   A3 (4)   708,864  
  6,390   Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured No Opt. Call   Aa3   5,140,691  
      Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:            
  930   7.000%, 12/01/21 – AGM Insured 12/20 at 100.00   A2   1,087,003  
  1,035   7.000%, 12/01/22 – AGM Insured 12/20 at 100.00   A2   1,200,962  
  1,155   7.000%, 12/01/23 – AGM Insured 12/20 at 100.00   A2   1,340,204  
  1,065   7.000%, 12/01/26 – AGM Insured 12/20 at 100.00   A2   1,227,817  
      Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:            
  2,085   7.250%, 12/01/29 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   A2 (4)   2,522,871  
  2,295   7.250%, 12/01/30 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   A2 (4)   2,776,973  
  829,196   Total Illinois         736,985,058  
      Indiana – 4.2% (2.7% of Total Investments)            
      Allen County, Indiana, Economic Development Revenue Bonds, Fort Wayne Project, Senior Series 2017A-1:            
  425   6.625%, 1/15/34 1/24 at 104.00   N/R   435,459  
  675   6.750%, 1/15/43 1/24 at 104.00   N/R   691,565  
  1,605   Chesterton, Indiana, Economic Development Revenue Bonds, Storypoint Chesterton Project, Series 2016, 6.250%, 1/15/43 1/24 at 104.00   N/R   1,604,920  
  2,640   Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured No Opt. Call   A3   2,259,919  
  12,040   Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014, 5.000%, 10/01/44 10/24 at 100.00   A2   13,096,630  
  365   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 6/20 at 100.00   Caa1   370,256  
  125   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.000%, 12/01/19 No Opt. Call   Caa1   131,835  
  12,750   Indiana Finance Authority, Health System Revenue Bonds, Franciscan Alliance, Inc. Obligated Group, Series 2016A, 4.000%, 11/01/51 11/25 at 100.00   Aa3   12,603,758  

 

36
NUVEEN


 

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

 

NUVEEN
37


 

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

 

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

 

38
NUVEEN


 

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

 

NUVEEN
39


 

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

 

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

 

40
NUVEEN


 

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

 

NUVEEN
41


 

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

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Mississippi – 0.2% (0.1% of Total Investments)            
$ 5,445   Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System Project, Series 2005, 5.250%, 7/01/24 – AGM Insured No Opt. Call   A2 $ 6,309,394  
      Missouri – 2.0% (1.3% of Total Investments)            
  890   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28 10/18 at 100.00   Aa3   938,087  
  2,820   Chesterfield Valley Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2015, 3.625%, 5/15/31 5/23 at 100.00   A–   2,806,746  
      Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016:            
  400   5.000%, 4/01/36 4/26 at 100.00   N/R   375,388  
  1,520   5.000%, 4/01/46 4/26 at 100.00   N/R   1,357,010  
  15,000   Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/28 – AMBAC Insured No Opt. Call   A1   10,429,500  
  3,345   Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/50 5/27 at 100.00   BB   3,469,200  
      Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A:            
  1,575   5.750%, 6/01/35 6/25 at 100.00   N/R   1,541,311  
  1,055   6.000%, 6/01/46 6/25 at 100.00   N/R   1,034,311  
  2,460   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 5/23 at 100.00   BBB   2,666,271  
      Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2015B:            
  1,410   5.000%, 5/01/40 11/23 at 100.00   BBB   1,475,283  
  2,000   5.000%, 5/01/45 11/23 at 100.00   BBB   2,086,820  
  6,665   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45 1/25 at 100.00   AA   6,774,973  
  8,315   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48 11/23 at 100.00   A2   9,011,464  
  2,250   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43 2/22 at 100.00   A1   2,435,963  
  1,010   Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30 5/21 at 100.00   N/R   1,026,362  
  4,125   Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/29 – NPFG Insured No Opt. Call   BBB+   5,047,309  
  15,350   Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured No Opt. Call   N/R   8,847,433  
  405   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 9/23 at 100.00   A–   452,907  
      St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew’s Resources for Seniors, Series 2015A:            
  1,550   5.000%, 12/01/35 12/25 at 100.00   N/R   1,548,063  
  455   5.125%, 12/01/45 12/25 at 100.00   N/R   453,621  
  72,600   Total Missouri         63,778,022  
      Montana – 0.2% (0.1% of Total Investments)            
      Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A:            
  1,175   5.250%, 5/15/37 (WI/DD, Settling 5/18/17) 5/25 at 102.00   N/R   1,212,800  
  375   5.250%, 5/15/47 (WI/DD, Settling 5/18/17) 5/25 at 102.00   N/R   384,375  
  125   Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Refunding Series 2016, 3.500%, 2/15/37 2/27 at 100.00   A–   118,640  

 

42
NUVEEN


 

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

 

NUVEEN
43


 

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

 

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

 

44
NUVEEN


 

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

 

NUVEEN
45


 

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

 

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

 

46
NUVEEN


 

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

 

NUVEEN
47


 

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

 

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

 

48
NUVEEN


 

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

 

NUVEEN
49


 

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

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
      Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A:            
$ 1,125   5.250%, 12/01/31 (Pre-refunded 12/01/21) – AGM Insured 12/21 at 100.00   AA (4) $ 1,316,115  
  1,000   5.500%, 12/01/35 (Pre-refunded 12/01/21) – AGM Insured 12/21 at 100.00   AA (4)   1,180,960  
  5,790   Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33 1/23 at 100.00   BB+   5,606,631  
  188,595   Total Pennsylvania         201,071,537  
      Puerto Rico – 0.6% (0.4% of Total Investments)            
  590   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 5.000%, 7/01/29 – NPFG Insured 7/17 at 100.00   A3   590,378  
      Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:            
  50,000   0.000%, 8/01/47 – AMBAC Insured No Opt. Call   C   8,678,500  
  86,250   0.000%, 8/01/54 – AMBAC Insured No Opt. Call   C   10,667,400  
  136,840   Total Puerto Rico         19,936,278  
      Rhode Island – 1.1% (0.7% of Total Investments)            
  1,810   Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 – NPFG Insured 7/17 at 100.00   A3   1,815,919  
  1,000   Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England Health System, Series 2013A, 6.000%, 9/01/33 (Pre-refunded 9/01/23) 9/23 at 100.00   BB (4)   1,243,380  
  329,050   Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 6/17 at 12.63   CCC+   33,079,397  
  331,860   Total Rhode Island         36,138,696  
      South Carolina – 2.8% (1.8% of Total Investments)            
  7,600   Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/31 – AMBAC Insured No Opt. Call   A–   4,606,512  
  3,600   Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 (Pre-refunded 4/01/21) – AGC Insured 4/21 at 100.00   A2 (4)   4,141,656  
  1,250   South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured 8/21 at 100.00   BBB+   1,456,225  
  34,790   South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Federally Taxable Build America Series 2014C, 5.000%, 12/01/46 (UB) 12/24 at 100.00   A1   37,023,866  
  20   South Carolina Public Service Authority, Revenue Obligation Bonds, Santee Cooper Electric System, Series 2008A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) 1/19 at 100.00   A1 (4)   21,501  
      South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A:            
  5,000   5.000%, 12/01/50 6/25 at 100.00   A1   5,307,050  
  6,000   5.000%, 12/01/55 6/25 at 100.00   A1   6,367,500  
  5,000   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46 12/24 at 100.00   AA–   5,321,050  
  1,310   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43 12/23 at 100.00   A1   1,398,124  
  10,195   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 6/24 at 100.00   A1   11,121,827  
  10,250   Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32 4/22 at 100.00   A2   11,253,270  
  85,015   Total South Carolina         88,018,581  

 

50
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      South Dakota – 0.3% (0.2% of Total Investments)            
      South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series 2012A:            
$ 250   5.000%, 7/01/27 7/21 at 100.00   A1 $ 276,400  
  4,350   5.000%, 7/01/42 7/21 at 100.00   A1   4,692,389  
  2,055   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44 11/24 at 100.00   A+   2,220,345  
  910   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45 11/25 at 100.00   A+   993,593  
  7,565   Total South Dakota         8,182,727  
      Tennessee – 0.7% (0.4% of Total Investments)            
  12,795   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   13,420,292  
  2,350   Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/39 10/24 at 100.00   Baa2   2,474,903  
      Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A:            
  4,895   5.000%, 7/01/40 7/26 at 100.00   A3   5,458,610  
  525   5.000%, 7/01/46 7/26 at 100.00   A3   581,107  
  20,565   Total Tennessee         21,934,912  
      Texas – 12.6% (8.1% of Total Investments)            
  735   Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside Schools, Series 2016A, 4.375%, 8/15/36 8/21 at 100.00   BB+   686,711  
  3,855   Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 3/23 at 103.00   N/R   3,776,898  
  3,450   Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 3/23 at 103.00   N/R   3,388,487  
  5,480   Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (5) 11/25 at 100.00   AA–   6,216,841  
  6,685   Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured 8/19 at 100.00   A–   7,158,699  
  2,500   Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 12/01/45 12/25 at 100.00   BB   2,551,000  
  2,440   Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 3/23 at 103.00   N/R   2,418,211  
  4,300   Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 8.250%, 9/01/40 3/23 at 103.00   N/R   4,265,815  
  405   Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District Neighborhood Improvement Area 1 Project, Series 2015, 6.250%, 9/01/45 9/24 at 100.00   N/R   407,321  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:            
  1,500   5.750%, 1/01/31 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (4)   1,735,830  
  1,700   6.250%, 1/01/46 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (4)   1,997,636  
  13,685   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/45 7/25 at 100.00   Baa2   15,091,818  
  18,925   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016, 3.375%, 1/01/41 1/26 at 100.00   Baa2   16,151,163  
  1,500   Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2012, 3.750%, 8/15/22 No Opt. Call   BBB   1,517,505  
      Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:            
  765   4.350%, 12/01/42 12/22 at 100.00   BBB–   759,132  
  685   4.400%, 12/01/47 12/22 at 100.00   BBB–   679,280  

 

NUVEEN
51


 

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

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 4,000   Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2015A, 5.000%, 12/01/45 6/25 at 100.00   BBB– $ 4,185,520  
      Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016:            
  765   5.750%, 9/01/28 9/23 at 103.00   N/R   737,185  
  770   6.500%, 9/01/46 9/23 at 103.00   N/R   726,587  
  11,735   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured 11/21 at 100.00   A   12,969,639  
  2,330   Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A, 6.375%, 9/01/42 9/23 at 100.00   N/R   2,615,611  
  400   Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 9/24 at 100.00   BB+   420,724  
  1,255   Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 11/22 at 100.00   Baa3   1,282,623  
  8,920   Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B, 4.750%, 11/01/42 11/22 at 100.00   Baa3   9,128,996  
  20,000   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.250%, 10/01/51 10/23 at 100.00   AA   23,040,400  
  5,470   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 15.548%, 4/01/53 (IF) 10/23 at 100.00   AA   8,337,757  
  10,000   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Series 2013B, 5.000%, 4/01/53 (UB) 10/23 at 100.00   AA   11,310,300  
  4,255   Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 6/25 at 100.00   AA   4,651,055  
  1,545   Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0054, 11.953%, 11/01/41 (IF) (5) 11/21 at 100.00   AA+   2,100,845  
  4,080   Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond Trust 2015-XF0074, 12.703%, 8/15/32 – AGM Insured (IF) No Opt. Call   AAA   7,472,928  
  6,000   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A, 0.000%, 11/15/48 11/31 at 44.13   A2   1,400,220  
  6,000   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/53 11/24 at 100.00   A–   6,596,220  
  15,995   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/34 – NPFG Insured 11/24 at 55.69   A3   6,482,774  
  5,000   Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, Inc., Refunding Series 2015, 4.000%, 8/15/44 8/25 at 100.00   AAA   5,098,950  
      Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B:            
  495   5.125%, 9/01/32 – AGM Insured 7/17 at 100.00   A2   496,619  
  290   5.125%, 9/01/33 – AGM Insured 7/17 at 100.00   A2   290,948  
      Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:            
  4,130   0.000%, 9/01/26 – AMBAC Insured No Opt. Call   A2   3,074,331  
  4,865   0.000%, 9/01/27 – AGM Insured No Opt. Call   A2   3,455,658  
  4,715   Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/40 9/24 at 100.00   A–   5,185,227  
  17,000   Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM) No Opt. Call   A2 (4)   23,456,897  
  6,700   Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46 8/21 at 100.00   A   7,403,098  
  3,500   Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B, 5.000%, 8/15/43 8/19 at 100.00   BBB+   3,605,350  

 

52
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 940   Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015, 5.000%, 8/15/30 8/25 at 100.00   BBB+ $ 1,035,579  
  1,000   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 5/25 at 100.00   A   1,112,550  
      McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:            
  3,095   5.750%, 12/01/33 12/25 at 100.00   Ba2   3,363,429  
  3,125   6.125%, 12/01/38 12/25 at 100.00   Ba2   3,407,813  
      New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Legacy at Willow Bend Project, Series 2016:            
  2,335   5.000%, 11/01/46 11/23 at 103.00   BBB–   2,373,878  
  6,015   5.000%, 11/01/51 11/23 at 103.00   BBB–   6,128,864  
  745   New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014, 5.500%, 1/01/43 1/25 at 100.00   N/R   760,824  
  210   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus Christi Project, Series 2016A, 5.000%, 4/01/48 4/26 at 100.00   BBB–   221,642  
  4,530   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured 4/24 at 100.00   A2   4,621,914  
  820   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M University – San Antonio Project, Series 2016A, 5.000%, 4/01/48 4/26 at 100.00   BBB–   863,591  
      New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – Stephenville II, L.L.C. – Tarleton State University Project, Series 2014A:            
  1,000   5.000%, 4/01/34 4/24 at 100.00   BBB–   1,056,790  
  2,200   5.000%, 4/01/39 4/24 at 100.00   BBB–   2,305,974  
  1,600   5.000%, 4/01/46 4/24 at 100.00   BBB–   1,670,240  
  5,540   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, Series 2014A, 5.000%, 4/01/39 4/24 at 100.00   Baa3   5,769,688  
  3,220   North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured 12/21 at 100.00   A2   3,506,548  
      North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C:            
  2,590   0.000%, 9/01/43 (7) 9/31 at 100.00   AA   2,687,203  
  3,910   0.000%, 9/01/45 (7) 9/31 at 100.00   AA   4,418,730  
  3,000   North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 9/01/41 (UB) (5) 9/21 at 100.00   AA   3,454,710  
  6,155   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40 1/23 at 100.00   A   6,809,646  
      North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A:            
  2,205   5.000%, 1/01/34 1/25 at 100.00   A–   2,484,307  
  2,000   5.000%, 1/01/38 1/25 at 100.00   A–   2,230,220  
  610   Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.125%, 2/01/39 2/24 at 100.00   Ba2   626,592  
  3,950   Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint Edward’s University Project, Series 2016, 4.000%, 6/01/41 6/26 at 100.00   Baa2   3,854,292  
  4,375   Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Tender Option Bond Trust 2016-XF0389, 8.465%, 11/15/47 (IF) (5) 11/17 at 100.00   AA   4,517,100  
  2,410   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 11/21 at 100.00   AA–   2,656,784  

 

NUVEEN
53


 

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

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 1,870   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 9/23 at 100.00   A $ 2,073,101  
      Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:            
  215   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   N/R (4)   244,704  
  2,675   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   AA– (4)   3,044,578  
  17,640   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 (UB) 5/26 at 100.00   AA–   19,662,074  
  7,430   Texas City Industrial Development Corporation, Texas, Industrial Development Revenue Bonds, NRG Energy, Inc. Project, Fixed Rate Series 2012, 4.125%, 12/01/45 2/25 at 100.00   Baa3   7,058,574  
      Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:            
  3,635   5.000%, 12/15/22 No Opt. Call   BBB   4,164,910  
  2,500   5.000%, 12/15/26 12/22 at 100.00   BBB   2,762,625  
  2,500   5.000%, 12/15/29 12/22 at 100.00   BBB   2,723,375  
  4,355   5.000%, 12/15/30 12/22 at 100.00   BBB   4,723,085  
  2,975   5.000%, 12/15/32 12/22 at 100.00   BBB   3,199,583  
  3,150   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 8/22 at 100.00   A–   3,441,785  
      Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B:            
  11,280   0.000%, 8/15/36 8/24 at 59.60   A–   5,014,524  
  10,000   0.000%, 8/15/37 8/24 at 56.94   A–   4,196,600  
      Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C:            
  5,000   5.000%, 8/15/37 8/24 at 100.00   BBB   5,482,450  
  31,810   5.000%, 8/15/42 8/24 at 100.00   BBB   34,729,204  
  4,400   Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured No Opt. Call   A–   3,454,528  
  1,840   Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured 5/17 at 100.00   AA–   1,883,829  
  399,680   Total Texas         404,127,246  
      Utah – 0.8% (0.5% of Total Investments)            
  4,865   Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond 2015-XF0258, 12.206%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured (IF) (5) 6/18 at 100.00   Aa2 (4)   5,524,499  
  3,615   Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0023, 11.169%, 6/15/32 (Pre-refunded 6/15/18) – AGM Insured (IF) 6/18 at 100.00   Aa2 (4)   4,075,045  
  15,000   Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 (Pre-refunded 6/15/18) – AGM Insured (UB) (5) 6/18 at 100.00   Aa2 (4)   15,678,300  
  23,480   Total Utah         25,277,844  
      Virginia – 1.4% (0.9% of Total Investments)            
      Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015:            
  1,200   5.300%, 3/01/35 3/25 at 100.00   N/R   1,180,344  
  1,085   5.600%, 3/01/45 3/25 at 100.00   N/R   1,091,510  
  14,945   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 4/22 at 100.00   BBB+   15,681,191  

 

54
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Virginia (continued)            
$ 10,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (7) 10/28 at 100.00   BBB+ $ 11,381,900  
  11,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 6.500%, 10/01/41 – AGC Insured 10/26 at 100.00   A3   14,067,240  
  985   Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 7/20 at 100.00   A1   1,048,198  
  15   Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20) 7/20 at 100.00   A1 (4)   16,775  
  1,000   Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Green Series 2015B, 5.250%, 7/01/35 7/25 at 100.00   BB+   1,062,960  
  40,230   Total Virginia         45,530,118  
      Washington – 3.5% (2.2% of Total Investments)            
  9,665   Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Green Bonds, Series 2016S-1, 5.000%, 11/01/46 (UB) No Opt. Call   Aa1   12,424,647  
  5,000   Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Series 2015A, 5.000%, 7/01/38 (UB) (5) 7/25 at 100.00   AA–   5,708,300  
  3,750   FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Series 2009, 5.500%, 6/01/39 (UB) (5) 6/19 at 100.00   AA   4,039,763  
  25,000   King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded 7/01/17) – AGM Insured 7/17 at 100.00   Aa2 (4)   25,183,000  
  7,500   King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 2016-XL0009, 9.041%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured (IF) (5) 1/19 at 100.00   AAA   8,566,500  
  6,010   King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 11.986%, 1/01/39 (Pre-refunded 7/01/17) – AGM Insured (IF) (5) 7/17 at 100.00   Aa2 (4)   6,141,980  
  10,000   University of Washington, General Revenue Bonds, Series 2007, 5.000%, 6/01/37 (Pre-refunded 6/01/17) – AMBAC Insured (UB) (5) 6/17 at 100.00   AA+ (4)   10,038,400  
  5,750   Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 1/21 at 100.00   A3   6,246,168  
  1,250   Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015-XF0148, 15.362%, 10/01/44 (IF) (5) 10/24 at 100.00   AA–   1,770,950  
  6,540   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42 10/22 at 100.00   Aa2   7,221,206  
      Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian Retirement Communities Northwest Project, Refunding Series 2016A:            
  4,250   5.000%, 1/01/46 1/25 at 102.00   BB+   4,272,398  
  3,650   5.000%, 1/01/51 1/25 at 102.00   BB+   3,614,522  
  21,510   Washington State, General Obligation Bonds, Series 2002C, 0.000%, 6/01/28 – NPFG Insured (UB) (5) No Opt. Call   Aa1   15,875,240  
  109,875   Total Washington         111,103,074  
      West Virginia – 1.9% (1.2% of Total Investments)            
  3,145   Pleasants County, West Virginia, Pollution Control Revenue Bonds, Allegheny Energy Supply Company, LLC Pleasants Station Project, Series 2007F, 5.250%, 10/15/37 10/17 at 100.00   B1   3,041,938  
  10,000   West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A, 5.000%, 6/15/40 6/20 at 100.00   A1   10,953,000  
  40,855   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 6/23 at 100.00   A   45,753,106  
  54,000   Total West Virginia         59,748,044  

 

NUVEEN
55


 

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

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin – 2.5% (1.6% of Total Investments)            
      Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Cornerstone Charter Academy, North Carolina, Series 2016A:            
$ 1,750   5.000%, 2/01/36 2/26 at 100.00   N/R $ 1,632,733  
  305   5.125%, 2/01/46 2/26 at 100.00   N/R   279,328  
  1,480   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A, 5.125%, 5/01/36 5/26 at 100.00   N/R   1,402,537  
  2,500   Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C, 4.050%, 11/01/30 5/26 at 100.00   BBB–   2,469,250  
  8,460   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25 7/21 at 100.00   A2   9,432,054  
  2,500   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2013A, 5.125%, 4/15/31 4/23 at 100.00   A2   2,765,100  
  6,620   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42 10/22 at 100.00   AA–   7,133,712  
  16,190   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 10/21 at 100.00   A+   17,658,757  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B:            
  1,485   5.000%, 2/15/40 2/22 at 100.00   A–   1,573,090  
  3,490   4.500%, 2/15/40 2/22 at 100.00   A–   3,602,238  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012:            
  11,000   5.000%, 6/01/32 6/22 at 100.00   A3   11,896,280  
  1,500   5.000%, 6/01/39 6/22 at 100.00   A3   1,592,550  
  1,250   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.750%, 5/01/35 (Pre-refunded 5/01/21) 5/21 at 100.00   N/R (4)   1,464,625  
  5,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 3.375%, 8/15/29 8/24 at 100.00   A+   5,091,150  
  1,450   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rocket Education Obligated Group, Series 2017C, 5.250%, 6/01/40 6/26 at 100.00   N/R   1,449,928  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A, 5.000%, 7/01/34 7/24 at 100.00   A–   1,082,520  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John’s Communities Inc., Series 2015B:            
  550   5.000%, 9/15/37 9/22 at 100.00   BBB+   574,470  
  1,000   5.000%, 9/15/45 9/22 at 100.00   BBB+   1,038,120  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/33 8/23 at 100.00   A   1,078,200  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014:            
  2,565   5.000%, 12/01/44 12/22 at 102.00   N/R   2,530,860  
  1,775   5.250%, 12/01/49 12/22 at 102.00   N/R   1,769,640  
      Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014:            
  1,000   5.375%, 10/01/44 10/22 at 102.00   N/R   1,009,090  
  1,500   5.500%, 10/01/49 10/22 at 102.00   N/R   1,512,885  
  75,370   Total Wisconsin         80,039,117  

 

56
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wyoming – 0.3% (0.2% of Total Investments)            
$ 2,035   Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 7/19 at 100.00   A3 $ 2,186,974  
      Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:            
  1,000   5.500%, 12/01/27 12/21 at 100.00   BBB+   1,113,990  
  1,000   6.000%, 12/01/36 12/21 at 100.00   BBB+   1,110,080  
  4,000   Wyoming Municipal Power Agency, Power Supply System Revenue Bonds, Series 2008A, 5.375%, 1/01/42 (Pre-refunded 1/01/18) 1/18 at 100.00   A– (4)   4,120,960  
  8,035   Total Wyoming         8,532,004  
$ 5,612,069   Total Municipal Bonds (cost $4,698,777,269)         5,003,047,209  

 

                       
  Principal                    
  Amount (000)   Description (1) Coupon   Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 0.0% (0.0% of Total Investments)                
      Transportation – 0.0% (0.0% of Total Investments)                
$ 1,284   Las Vegas Monorail Company, Senior Interest Bonds (9), (10) 5.500%   7/15/19   N/R $ 796,921  
  344   Las Vegas Monorail Company, Senior Interest Bonds (9), (10) 5.500%   7/15/55   N/R   172,830  
$ 1,628   Total Corporate Bonds ($136,893)             969,751  
      Total Long-Term Investments ($4,698,914,162)             5,004,016,960  
      Floating Rate Obligations – (6.8)%             (217,000,000 )
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (7.5)% (11)             (240,386,902 )
      Variable Rate Demand Preferred Shares, net of deferred offering costs – (43.9)% (12)             (1,407,460,858 )
      Other Assets Less Liabilities – 2.0% (13)             64,950,675  
      Net Assets Applicable to Common Shares – 100%           $ 3,204,119,875  

 

NUVEEN
57


 

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

Investments in Derivatives as of April 30, 2017
Interest Rate Swaps (OTC uncleared)

 

          Fund           Fixed Rate             Unrealized  
      Notional   Pay/Receive   Floating Rate   Fixed Rate   Payment   Effective   Termination/     Appreciation  
Counterparty     Amount   Floating Rate   Index   (Annualized)   Frequency   Date (14)   Date     (Depreciation)  
JPMorgan Chase Bank, N.A.   $ 57,900,000   Receive   Weekly USD-SIFMA   1.375 % Quarterly   7/03/17   7/03/27   $ 2,590,367  
JPMorgan Chase Bank, N.A.     68,900,000   Receive   Weekly USD-SIFMA   1.208   Quarterly   8/11/17   8/11/28     4,921,891  
    $ 126,800,000                           $ 7,512,258  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3) The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6) The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016.
(7) Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(8) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(9) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(10) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(11) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 4.8%.
(12) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 28.1%.
(13) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter derivatives (“OTC”) as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(14) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD) Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
USD-SIFMA United States Dollar-Securities-Industry and Financial Market Association

See accompanying notes to financial statements.

58
NUVEEN


 

NZF    
  Nuveen Municipal Credit Income Fund  
  Portfolio of Investments April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 154.7% (99.9% of Total Investments)            
      MUNICIPAL BONDS – 154.5% (99.8% of Total Investments)            
      Alabama – 1.4% (0.9% of Total Investments)            
$ 8,585   Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A, 6.000%, 9/01/45 9/25 at 100.00   N/R $ 8,645,696  
  10,690   Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital, Series 1995, 5.000%, 11/01/25 (ETM) 7/17 at 100.00   Aaa   10,727,308  
  1,500   Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured 7/17 at 100.00   A2   1,505,055  
  5,835   Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 No Opt. Call   A3   6,996,749  
  2,375   Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2010A, 5.800%, 5/01/34 5/20 at 100.00   BBB   2,636,108  
  28,985   Total Alabama         30,510,916  
      Alaska – 0.8% (0.5% of Total Investments)            
      Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015:            
  1,000   5.000%, 1/01/31 (Alternative Minimum Tax) 7/25 at 100.00   Baa2   1,086,530  
  2,950   5.000%, 1/01/33 (Alternative Minimum Tax) 7/25 at 100.00   Baa2   3,181,546  
  2,900   5.000%, 1/01/34 (Alternative Minimum Tax) 7/25 at 100.00   Baa2   3,110,801  
  2,290   Anchorage, Alaska, Water Revenue Bonds, Refunding Series 2007, 5.000%, 5/01/37 – NPFG Insured 5/17 at 100.00   A3   2,297,076  
      Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:            
  560   4.625%, 6/01/23 6/17 at 100.00   Ba2   562,341  
  7,010   5.000%, 6/01/46 7/17 at 100.00   B3   6,717,543  
  16,710   Total Alaska         16,955,837  
      Arizona – 3.2% (2.1% of Total Investments)            
  1,300   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–   1,381,016  
  3,465   Arizona Board of Regents, Certificates of Participation, Arizona State University, Refunding Series 2006, 5.000%, 7/01/25 – NPFG Insured 7/17 at 100.00   A1   3,488,666  
  2,820   Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Refunding Series 2014A, 5.000%, 12/01/39 12/24 at 100.00   A2   3,115,621  
  10,450   Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/30 7/22 at 100.00   A   11,298,645  
  3,390   Arizona State Transportation Board, Highway Revenue Bonds, Tender Option Bond Trust 3151, 11.899%, 7/01/33 (Pre-refunded 7/01/18) (IF) 7/18 at 100.00   Aa1 (4)   3,872,770  
  2,300   Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A, 7.000%, 7/01/41 7/27 at 100.00   N/R   2,327,209  
  3,185   Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015, 5.000%, 7/15/39 7/25 at 100.00   N/R   3,141,875  
  4,905   Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32 (Pre-refunded 7/01/17) 7/17 at 100.00   A3 (4)   4,942,425  
  4,500   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 7/20 at 100.00   A+   4,897,260  
  10,700   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/38 7/18 at 100.00   AA–   11,149,721  

 

NUVEEN
59


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Arizona (continued)            
      Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012:            
$ 400   5.000%, 7/01/27 (Alternative Minimum Tax) 7/22 at 100.00   A1 $ 444,044  
  950   5.000%, 7/01/32 (Alternative Minimum Tax) 7/22 at 100.00   A1   1,034,702  
      Pima County Industrial Development Authority, Arizona, Education Facility Revenue and Refunding Bonds, Edkey Charter Schools Project, Series 2013:            
  335   6.000%, 7/01/33 7/20 at 102.00   BB   303,225  
  345   6.000%, 7/01/43 7/20 at 102.00   BB   295,203  
  205   6.000%, 7/01/48 7/20 at 102.00   BB   172,706  
  1,135   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   1,120,517  
      Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016:            
  1,790   5.375%, 7/01/46 7/26 at 100.00   BB   1,538,308  
  2,140   5.500%, 7/01/51 7/26 at 100.00   BB   1,834,643  
  595   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48 2/24 at 100.00   N/R   602,687  
  865   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   852,743  
  650   Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010, 6.100%, 6/01/45 (Pre-refunded 6/01/19) 6/19 at 100.00   BB+ (4)   716,346  
  3,710   Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/41 (Pre-refunded 7/01/21) 7/21 at 100.00   A (4)   4,301,931  
  7,235   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 No Opt. Call   BBB+   8,478,407  
  67,370   Total Arizona         71,310,670  
      California – 20.7% (13.4% of Total Investments)            
  1,500   ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30 5/20 at 100.00   AA–   1,718,325  
  2,000   ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2000B, 0.000%, 8/01/23 – FGIC Insured No Opt. Call   AA–   1,751,020  
  3,500   Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 (Pre-refunded 10/01/17) – AMBAC Insured 10/17 at 100.00   BBB+ (4)   3,568,110  
  4,225   Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured No Opt. Call   AA   3,026,579  
  8,000   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured 9/17 at 100.00   A1   8,048,000  
  535   Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 3/26 at 100.00   Ba3   515,130  
  1,900   Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopment Project 1, Refunding Series 2015, 5.000%, 5/01/38 11/25 at 100.00   N/R   1,984,284  
      Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B:            
  4,070   0.000%, 8/01/32 – FGIC Insured No Opt. Call   A3   2,301,951  
  6,410   0.000%, 8/01/34 – FGIC Insured No Opt. Call   A3   3,203,333  
  1,295   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/36 6/17 at 100.00   N/R   1,288,642  
      California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:            
  3,280   5.450%, 6/01/28 12/18 at 100.00   B3   3,328,118  
  13,500   5.600%, 6/01/36 12/18 at 100.00   B3   13,741,380  
  12,025   5.650%, 6/01/41 12/18 at 100.00   B2   12,240,127  
  595   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Merced County Tobacco Funding Corporation, Series 2005A, 5.000%, 6/01/26 7/17 at 100.00   Baa2   595,196  

 

60
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 3,400   California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39 10/19 at 100.00   AA– $ 3,689,544  
      California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A:            
  3,840   5.000%, 7/01/33 7/23 at 100.00   AA–   4,348,454  
  710   5.000%, 7/01/37 7/23 at 100.00   AA–   794,994  
  7,040   California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.265%, 11/15/48 (IF) 5/18 at 100.00   AA–   9,072,870  
  825   California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa Academy Project, Series 2015, 5.375%, 7/01/45 7/25 at 100.00   BB+   854,164  
  1,365   California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 8/20 at 100.00   BBB   1,482,840  
  10,250   California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012, 5.000%, 11/21/45 7/17 at 100.00   Baa3   10,288,335  
  2,000   California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep – Obligated Group, Series 2016, 5.000%, 6/01/51 6/26 at 100.00   N/R   1,950,640  
  2,000   California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/38 3/23 at 100.00   A+   2,223,000  
  1,220   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19) 11/19 at 100.00   A+ (4)   1,381,052  
  1,500   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30 (Pre-refunded 3/01/20) 3/20 at 100.00   A+ (4)   1,694,445  
  4,500   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2011A, 5.125%, 10/01/31 10/21 at 100.00   A+   5,078,385  
      California State, General Obligation Bonds, Various Purpose Series 2007:            
  9,730   5.000%, 6/01/37 (Pre-refunded 6/01/17) 6/17 at 100.00   AA+ (4)   9,768,044  
  6,270   5.000%, 6/01/37 (Pre-refunded 6/01/17) 6/17 at 100.00   AA+ (4)   6,294,516  
      California State, General Obligation Bonds, Various Purpose Series 2010:            
  1,000   5.500%, 3/01/40 3/20 at 100.00   AA–   1,111,750  
  8,500   5.250%, 11/01/40 11/20 at 100.00   AA–   9,575,930  
  3,000   California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32 10/21 at 100.00   AA–   3,436,920  
  19,320   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   20,898,251  
      California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:            
  12,045   5.000%, 12/01/46 6/26 at 100.00   BB   12,802,149  
  17,040   5.250%, 12/01/56 6/26 at 100.00   BB   18,323,964  
  1,030   California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.250%, 10/01/39 10/19 at 100.00   BBB+   1,121,835  
  1,050   California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire Public Schools, Series 2010, 6.000%, 7/01/40 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (4)   1,136,604  
  1,000   California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.500%, 7/01/39 (5) 7/17 at 100.00   CCC   899,510  
  835   California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005H, 5.250%, 7/01/25 (5) 7/17 at 100.00   CCC   821,582  
  2,455   California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R (4)   2,767,031  
  20   California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG Insured (Alternative Minimum Tax) 6/17 at 100.00   AA–   20,056  
  9,955   Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 0.000%, 9/01/31 – FGIC Insured No Opt. Call   A3   5,589,733  

 

NUVEEN
61


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 3,000   Clovis Unified School District, Fresno County, California, General Obligation Bonds, Election 2012 Series 2013B, 5.000%, 8/01/38 8/23 at 100.00   AA $ 3,402,150  
  4,000   Coast Community College District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/22 – NPFG Insured No Opt. Call   AA+   3,638,120  
  3,795   Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006C, 0.000%, 2/01/37 – FGIC Insured No Opt. Call   A1   1,646,878  
  3,960   Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1989, 7.750%, 5/01/22 (Alternative Minimum Tax) (ETM) No Opt. Call   AA+ (4)   4,570,157  
  1,320   Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015, 5.000%, 9/01/40 9/25 at 100.00   N/R   1,411,806  
  2,510   Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%, 10/01/28 – NPFG Insured No Opt. Call   AA–   1,755,293  
  3,360   Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2002A, 0.000%, 7/01/27 – NPFG Insured (ETM) No Opt. Call   AA– (4)   2,505,552  
  3,725   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured No Opt. Call   BBB–   1,866,225  
      Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:            
  3,000   0.000%, 1/15/26 (6) No Opt. Call   Ba1   2,435,160  
  1,560   5.750%, 1/15/46 1/24 at 100.00   Ba1   1,788,088  
  3,560   6.000%, 1/15/49 1/24 at 100.00   Ba1   4,089,799  
  4,505   Foothill-De Anza Community College District, Santa Clara County, California, Election of 1999 General Obligation Bonds, Series A, 0.000%, 8/01/30 – NPFG Insured No Opt. Call   AAA   2,960,551  
  2,315   Gateway Unified School District, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/32 – FGIC Insured No Opt. Call   A1   1,309,341  
  1,000   Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35 8/21 at 100.00   AA–   1,146,920  
  3,170   Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured No Opt. Call   A1   2,442,517  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  13,680   5.000%, 6/01/33 6/17 at 100.00   B3   13,755,240  
  2,825   5.750%, 6/01/47 6/17 at 100.00   B3   2,831,582  
  13,550   5.125%, 6/01/47 6/17 at 100.00   B–   13,549,052  
  175   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 (Pre-refunded 6/01/17) 6/17 at 100.00   N/R (4)   175,786  
  440   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27 (Pre-refunded 6/01/17) 6/17 at 100.00   N/R (4)   441,474  
  7,150   Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40 (Pre-refunded 7/15/21) 7/21 at 100.00   Aaa   8,571,063  
  3,190   Hillsborough City School District, San Mateo County, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/27 No Opt. Call   AAA   2,403,378  
  5,000   Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/31 – NPFG Insured No Opt. Call   AA–   3,052,950  
  2,500   Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured No Opt. Call   AA–   1,439,625  
  14,000   Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007C-2, 0.000%, 6/01/47 6/17 at 13.65   N/R   1,707,300  
  10,600   Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 0.000%, 6/01/36 6/17 at 28.99   N/R   2,813,346  

 

62
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 2,750   Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2012, 4.500%, 1/01/27 (Alternative Minimum Tax) 1/22 at 100.00   A $ 2,970,963  
  540   Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36 3/20 at 100.00   A1   582,250  
  2,000   Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 5.875%, 8/01/31 8/24 at 100.00   AA   2,472,360  
  1,000   Mendocino-Lake Community College District, Mendocino and Lake Counties, California, General Obligation Bonds, Election 2006, Series 2011B, 5.600%, 8/01/31 – AGM Insured 8/26 at 100.00   A1   1,225,460  
      Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A:            
  1,030   0.000%, 8/01/28 (6) 7/17 at 100.00   AA   953,564  
  2,320   0.000%, 8/01/43 (6) 8/35 at 100.00   AA   1,717,357  
  5,420   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 No Opt. Call   BBB+   7,548,976  
      M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C:            
  2,700   7.000%, 11/01/34 No Opt. Call   BBB+   3,797,415  
  2,200   6.500%, 11/01/39 No Opt. Call   BBB+   3,064,160  
      North Orange County Community College District, California, General Obligation Bonds, Election of 2002 Series 2003B:            
  7,735   0.000%, 8/01/25 – FGIC Insured No Opt. Call   AA+   6,332,026  
  4,180   0.000%, 8/01/26 – FGIC Insured No Opt. Call   AA+   3,264,914  
  10,885   Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/25 – FGIC Insured No Opt. Call   AA–   8,780,821  
  3,000   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29 (Pre-refunded 11/01/19) 11/19 at 100.00   Ba1 (4)   3,415,740  
  940   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21 11/20 at 100.00   Ba1   991,897  
  6,000   Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured No Opt. Call   A2   4,944,540  
  12,210   Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/40 (6) 8/30 at 100.00   A   13,277,520  
  5,000   Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured (6) 8/29 at 100.00   A2   5,834,200  
  1,750   Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/23 – AGM Insured No Opt. Call   A1   1,528,363  
  9,315   Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1989A, 7.600%, 1/01/23 (Alternative Minimum Tax) (ETM) No Opt. Call   AA+ (4)   12,317,318  
  2,500   Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32 5/21 at 100.00   A1   2,849,950  
  3,850   Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Refunding Series 2011, 6.000%, 10/01/28 – AGM Insured 10/25 at 100.00   A2   4,519,015  
  2,000   Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/47 7/17 at 100.00   Baa2   2,007,680  
  3,200   Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 0.000%, 7/01/27 – AGM Insured No Opt. Call   A2   2,376,672  
  2,000   Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37 6/20 at 100.00   A–   2,260,240  
  205   Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44 6/23 at 100.00   BBB–   229,862  
  2,755   Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured No Opt. Call   A+   2,228,767  

 

NUVEEN
63


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 3,550   San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41 12/21 at 100.00   Ba2 $ 4,137,525  
  165   San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40 9/25 at 100.00   N/R   176,355  
  3,000   San Diego Community College District, California, General Obligation Bonds, Tender Option Bond Trust 2016-XG0053, 11.980%, 8/01/41 (Pre-refunded 8/01/21) (IF) (7) 8/21 at 100.00   AA+ (4)   4,377,540  
  1,830   San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 17.423%, 8/01/39 (Pre-refunded 8/01/19) (IF) 8/19 at 100.00   AA– (4)   2,561,634  
  670   San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19) 8/19 at 100.00   A– (4)   752,068  
  4,150   San Joaquin Delta Community College District, California, General Obligation Bonds, Election 2004 Series 2008B, 0.000%, 8/01/29 – AGM Insured 8/18 at 53.32   AA–   2,177,339  
  2,700   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 1/25 at 100.00   BB+   2,923,074  
      San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:            
  6,630   5.000%, 1/15/44 1/25 at 100.00   BBB–   7,240,623  
  3,160   5.000%, 1/15/50 1/25 at 100.00   BBB–   3,441,050  
  7,205   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured No Opt. Call   BBB–   6,008,033  
  4,000   San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water Project, Tender Option Bond Trust 2015-XF2185, 15.147%, 9/01/38 – BHAC Insured (IF) (7) 9/17 at 100.00   A+   4,227,480  
  5,760   San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/45 No Opt. Call   A1   1,442,189  
  690   Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 12/19 at 100.00   A+   751,196  
  37,555   Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/47 6/17 at 18.52   N/R   4,871,259  
      Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A:            
  11,595   5.000%, 6/01/37 7/17 at 100.00   B2   11,595,000  
  3,090   5.125%, 6/01/46 7/17 at 100.00   B2   3,089,815  
  1,800   Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2000 Series 2003D, 0.000%, 8/01/27 – FGIC Insured No Opt. Call   AA–   1,338,228  
  4,005   Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B, 0.000%, 8/01/36 – AGM Insured (6) 8/31 at 100.00   Aa3   3,252,581  
  3,900   Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B, 5.625%, 5/01/41 (Pre-refunded 8/01/21) – AGM Insured 8/21 at 100.00   Aa3 (4)   4,601,181  
  3,000   Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47 8/21 at 100.00   Aa2   3,381,300  
  518,565   Total California         456,283,646  
      Colorado – 6.7% (4.4% of Total Investments)            
  1,250   Adams County School District 1, Mapleton Public Schools, Colorado, General Obligation Bonds, Series 2010, 6.250%, 12/01/35 (Pre-refunded 12/01/20) 12/20 at 100.00   AA– (4)   1,467,775  
  1,500   Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/35 – BAM Insured 12/25 at 100.00   A3   1,651,635  
  1,600   Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured 7/17 at 100.00   BBB–   1,602,640  
  1,215   Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A, 5.500%, 12/01/36 12/21 at 103.00   N/R   1,232,022  
  700   Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23 7/18 at 100.00   N/R   702,548  

 

64
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 500   Castle Oaks Metropolitan District 3, Castle Rock, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2016, 5.500%, 12/01/45 12/20 at 103.00   N/R $ 510,215  
      Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017:            
  770   5.000%, 12/01/37 12/22 at 103.00   N/R   777,153  
  2,210   5.000%, 12/01/47 12/22 at 103.00   N/R   2,215,127  
  625   Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A, 6.000%, 12/01/38 12/23 at 100.00   BBB–   715,456  
  1,000   Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, Refunding Senior Lien Series 2015A, 5.000%, 6/01/37 12/25 at 100.00   N/R   988,710  
  1,240   Colorado City Metropolitan District, Oueblo county, Colorado, Water and Wastewater Enterprise Revenue Bonds, Refunding & Improvement Series 2012, 4.500%, 12/01/34 12/19 at 100.00   BBB+   1,273,530  
  1,000   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Pinnacle Charter School, Inc. High School Project, Series 2010, 5.000%, 12/01/29 12/19 at 100.00   BBB–   1,024,870  
  2,315   Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks Academy, Series 2006A, 5.400%, 5/01/26 5/18 at 100.00   N/R   2,301,318  
  9,440   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38 7/17 at 100.00   BBB+   9,461,901  
  3,335   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34 7/19 at 100.00   BBB+   3,465,532  
  9,335   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   9,748,167  
  2,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital Colorado Project, Series 2013A, 5.000%, 12/01/36 12/23 at 100.00   A+   2,218,640  
  2,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, Series 2012, 4.000%, 12/01/42 12/22 at 100.00   A   2,023,940  
  3,655   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, 5.000%, 6/01/45 6/25 at 100.00   Baa2   3,810,374  
  585   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43 6/23 at 100.00   Baa2   619,380  
  1,150   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   1,211,468  
  11,500   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–   12,288,325  
  3,250   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.125%, 9/15/29 9/17 at 100.00   BBB+   3,278,990  
  2,250   Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 5.000%, 11/15/38 11/23 at 100.00   AA   2,565,878  
  20   Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2009A, 5.000%, 3/01/34 3/19 at 100.00   AA–   21,265  
      Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2009A:            
  1,175   5.000%, 3/01/34 (Pre-refunded 3/01/19) 3/19 at 100.00   N/R (4)   1,259,729  
  5   5.000%, 3/01/34 (Pre-refunded 3/01/19) 3/19 at 100.00   N/R (4)   5,363  
  1,945   Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Refunding Series 2015, 5.000%, 8/01/36 – BAM Insured 8/25 at 100.00   A1   2,183,710  
  5,000   Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007A, 5.600%, 12/01/34 – RAAI Insured 12/17 at 100.00   AA   5,021,000  
  1,000   Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding Series 2010, 5.375%, 12/01/40 12/20 at 100.00   BBB+   1,045,880  
  500   Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2006, 5.250%, 12/01/30 12/20 at 103.00   N/R   519,435  

 

NUVEEN
65


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 2,200   Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 11/22 at 100.00   A+ $ 2,503,996  
  3,870   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 11/23 at 100.00   A   4,278,479  
  10,000   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41 No Opt. Call   BBB+   3,327,200  
  8,845   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/26 – NPFG Insured No Opt. Call   BBB+   6,458,265  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:            
  7,550   0.000%, 9/01/29 – NPFG Insured No Opt. Call   BBB+   4,795,383  
  11,100   0.000%, 9/01/31 – NPFG Insured No Opt. Call   BBB+   6,410,472  
  10,000   0.000%, 9/01/32 – NPFG Insured No Opt. Call   BBB+   5,508,300  
  8,135   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28 – NPFG Insured 9/20 at 63.98   BBB+   4,652,895  
      Eaton Area Park and Recreation District, Colorado, General Obligation Limited Tax Bonds, Series 2015:            
  475   5.500%, 12/01/30 12/22 at 100.00   N/R   522,424  
  180   5.250%, 12/01/34 12/22 at 100.00   N/R   193,811  
  500   Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45 12/20 at 103.00   N/R   504,445  
  985   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   956,484  
      Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014:            
  1,125   5.750%, 12/01/30 12/24 at 100.00   N/R   1,163,363  
  1,000   6.000%, 12/01/38 12/24 at 100.00   N/R   1,023,610  
  770   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   751,143  
      Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A:            
  1,590   5.250%, 12/01/36 12/21 at 103.00   N/R   1,431,588  
  6,130   5.375%, 12/01/46 12/21 at 103.00   N/R   5,462,995  
      Maher Ranch Metropolitan District 4, Colorado, General Obligation Limited Tax Bonds, Series 2007:            
  950   5.125%, 12/01/27 (Pre-refunded 12/01/17) – RAAI Insured 12/17 at 100.00   A3 (4)   973,560  
  2,000   5.250%, 12/01/36 (Pre-refunded 12/01/17) – RAAI Insured 12/17 at 100.00   A3 (4)   2,051,060  
  1,000   Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2011A, 5.000%, 12/01/41 12/21 at 100.00   A–   1,086,510  
  1,870   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 12/25 at 100.00   BBB   2,002,658  
  3,015   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)   3,527,098  
  500   Parker Automotive Metropolitan District (In the Town of Parker, Colorado), General Obligation Bonds, Refunding Series 2016, 5.000%, 12/01/45 12/26 at 100.00   N/R   463,615  
  1,590   Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31 6/20 at 100.00   A   1,752,339  
      Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:            
  4,355   6.000%, 1/15/34 7/20 at 100.00   Baa3   4,824,556  
  2,365   6.000%, 1/15/41 7/20 at 100.00   Baa3   2,613,207  
  1,045   Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016A, 5.000%, 12/01/45 12/26 at 100.00   N/R   936,132  
  525   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   529,904  
  650   Thompson Crossing Metropolitan District No. 6 in the Town of Johnstown, Larimer County, Colorado, General Obligation Limited Tax Bonds Series 2015A, 6.000%, 12/01/44 12/20 at 103.00   N/R   638,437  

 

66
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 55   Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding Series 2016, 5.250%, 12/01/40 12/26 at 100.00   N/R $ 56,797  
  105   Water Valley Metropolitan District 2, Windsor, Colorado, General Obligation Bonds, Refunding Series 2016, 5.250%, 12/01/40 12/26 at 100.00   N/R   110,838  
  168,550   Total Colorado         148,723,540  
      Connecticut – 0.1% (0.0% of Total Investments)            
  1,500   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2011A, 5.000%, 7/01/41 7/21 at 100.00   A   1,596,825  
      District of Columbia – 0.2% (0.1% of Total Investments)            
  5,000   Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured 7/17 at 100.00   A   5,011,150  
      Florida – 5.6% (3.6% of Total Investments)            
  1,250   Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40 9/20 at 100.00   BBB–   1,300,400  
      Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A:            
  1,005   5.000%, 9/01/43 9/23 at 100.00   BBB–   1,016,357  
  865   5.000%, 9/01/45 9/23 at 100.00   BBB–   871,488  
  755   Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A, 5.375%, 11/01/36 11/27 at 100.00   N/R   772,222  
  535   Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016B, 5.625%, 11/01/35 No Opt. Call   N/R   549,606  
  665   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   628,764  
  2,115   Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19) 4/19 at 100.00   A (4)   2,355,031  
  3,430   Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%, 11/01/20 (Alternative Minimum Tax) 7/17 at 100.00   B3   3,435,694  
  5,005   Broward County, Florida, Airport System Revenue Bonds, Refunding Series 2009O, 5.375%, 10/01/29 10/19 at 100.00   A   5,474,519  
  1,480   Broward County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC Project, Series 2013A, 5.000%, 4/01/33 – AGM Insured (Alternative Minimum Tax) 4/23 at 100.00   AA   1,605,238  
  4,390   Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments Project, Series 2015A, 5.000%, 7/04/50 7/25 at 100.00   A   4,463,357  
      Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1:            
  125   5.250%, 11/01/37 11/28 at 100.00   N/R   130,266  
  160   5.600%, 11/01/46 11/28 at 100.00   N/R   165,531  
  520   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   544,544  
      Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015:            
  555   5.250%, 5/01/35 5/26 at 100.00   N/R   560,672  
  615   5.300%, 5/01/36 5/26 at 100.00   N/R   620,387  
  955   5.500%, 5/01/45 5/26 at 100.00   N/R   963,289  
  1,305   5.500%, 5/01/46 5/26 at 100.00   N/R   1,312,634  
      Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A:            
  1,015   6.250%, 6/15/36 6/26 at 100.00   N/R   1,033,808  
  1,420   4.750%, 7/15/36 7/26 at 100.00   N/R   1,289,814  
  2,575   6.375%, 6/15/46 6/26 at 100.00   N/R   2,622,457  
  1,465   5.000%, 7/15/46 7/26 at 100.00   N/R   1,314,574  

 

NUVEEN
67


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
      Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin Academies Inc., Series 2016A:            
$ 1,000   5.000%, 7/01/36 7/26 at 100.00   N/R $ 921,100  
  6,785   5.125%, 7/01/46 7/26 at 100.00   N/R   6,123,937  
      Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A:            
  900   6.000%, 6/15/35 6/25 at 100.00   N/R   916,713  
  560   6.125%, 6/15/46 6/25 at 100.00   N/R   568,030  
  1,100   Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31 4/21 at 100.00   Baa1   1,260,952  
  385   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   382,143  
  4,695   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2015A, 5.000%, 10/01/44 10/24 at 100.00   A–   5,122,996  
  1,750   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 (Alternative Minimum Tax) 10/24 at 100.00   A+   1,908,340  
  2,490   Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 10/22 at 100.00   A2   2,742,810  
  7,045   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 10/22 at 100.00   A+   7,812,412  
  1,000   Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 46B, Series 2007A, 5.350%, 8/01/41 (Pre-refunded 8/01/17) 8/17 at 100.00   N/R (4)   1,011,500  
  2,140   Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35 8/26 at 100.00   N/R   2,222,476  
  2,185   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   2,343,281  
  2,335   Orlando, Florida, Capital Improvement Special Revenue Bonds, Series 2014B, 5.000%, 10/01/46 10/24 at 100.00   AA   2,597,711  
  85   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   99,859  
      Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, Series 2007B:            
  1,795   5.000%, 7/01/33 (Pre-refunded 7/01/17) – NPFG Insured 7/17 at 100.00   A3 (4)   1,808,139  
  1,500   5.000%, 7/01/40 (Pre-refunded 7/01/17) – NPFG Insured 7/17 at 100.00   A3 (4)   1,510,980  
  560   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   537,488  
  5,000   Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27 10/17 at 100.00   Ba1   5,055,700  
      Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016:            
  180   4.750%, 11/01/28 11/27 at 100.00   N/R   183,146  
  300   5.375%, 11/01/36 11/27 at 100.00   N/R   304,209  
  590   South Broward Hospital District, Florida, Hospital Revenue Bonds, Memorial Health System, Refunding Series 2008, 5.000%, 5/01/28 (Pre-refunded 5/01/18) 5/18 at 100.00   Aa3 (4)   614,225  
  25,640   South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (7) 8/17 at 100.00   AA–   25,811,019  
  375   South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2016A1, 3.625%, 5/01/35 5/26 at 100.00   BBB   337,594  
      South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2016A2:            
  150   4.350%, 5/01/26 5/17 at 100.00   N/R   147,401  
  100   4.875%, 5/01/35 5/26 at 100.00   N/R   97,484  
  1,350   Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.125%, 7/01/34 1/24 at 100.00   A–   1,466,951  

 

68
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 11,000   Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – AMBAC Insured 10/18 at 100.00   AA– $ 11,586,300  
  3,300   Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 5/22 at 100.00   Aa2   3,672,306  
  70   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39 5/17 at 100.00   N/R   65,099  
  200   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6) 5/19 at 100.00   N/R   119,454  
  85   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6) 5/22 at 100.00   N/R   37,572  
  110   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (8) 5/18 at 100.00   N/R   1  
  10   Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 5/18 at 100.00   N/R   10,054  
  195   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40 5/17 at 100.00   N/R   195,020  
  295   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 5/18 at 100.00   N/R   181,552  
  180   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (8) 5/18 at 100.00   N/R   93,427  
  195   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (8) 5/18 at 100.00   N/R   2  
  300   Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A-1, 5.375%, 11/01/37 11/27 at 100.00   N/R   305,376  
  405   Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A-2, 5.625%, 11/01/35 No Opt. Call   N/R   413,671  
  120,545   Total Florida         123,619,082  
      Georgia – 2.4% (1.6% of Total Investments)            
  2,725   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 7/25 at 100.00   A+   3,121,815  
  15,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30 1/21 at 100.00   Aa3   16,843,350  
  1,500   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 11/01/34 – AGM Insured 11/19 at 100.00   A+   1,649,850  
  4,400   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured No Opt. Call   A+   5,090,316  
  3,250   DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 9/20 at 100.00   BBB–   3,570,353  
  590   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 2/20 at 100.00   A   633,353  
  1,910   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (4)   2,098,078  
      Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:            
  475   5.250%, 2/15/37 2/20 at 100.00   AA–   508,730  
  1,180   5.125%, 2/15/40 2/20 at 100.00   AA–   1,255,237  
      Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:            
  1,525   5.250%, 2/15/37 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (4)   1,685,583  
  3,820   5.125%, 2/15/40 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (4)   4,209,220  
  4,810   Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 1/01/19 – FGIC Insured (ETM) No Opt. Call   A1 (4)   5,151,366  

 

NUVEEN
69


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Georgia (continued)            
$ 4,010   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 $ 4,338,740  
  840   Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017, 5.875%, 6/15/47 (WI/DD, Settling 5/10/17) 6/27 at 100.00   N/R   837,001  
  2,500   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)   2,675,650  
  48,535   Total Georgia         53,668,642  
      Guam – 0.2% (0.1% of Total Investments)            
  4,000   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.500%, 7/01/30 7/20 at 100.00   BBB–   4,275,480  
  810   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 7/23 at 100.00   BBB–   889,315  
  4,810   Total Guam         5,164,795  
      Hawaii – 0.3% (0.2% of Total Investments)            
  1,000   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010A, 5.500%, 7/01/40 7/20 at 100.00   A+   1,076,070  
  3,000   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43 7/23 at 100.00   A+   3,374,760  
  1,175   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.625%, 7/01/33 7/23 at 100.00   BB   1,265,734  
  5,175   Total Hawaii         5,716,564  
      Idaho – 0.0% (0.0% of Total Investments)            
  175   Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016, 5.000%, 9/01/37 9/26 at 100.00   BB+   187,604  
  595   Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A, 5.000%, 9/01/32 9/22 at 100.00   A3   642,630  
  770   Total Idaho         830,234  
      Illinois – 26.4% (17.0% of Total Investments)            
  50,000   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2016, 6.000%, 4/01/46 4/27 at 100.00   A   51,735,500  
  1,000   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.500%, 12/01/39 12/21 at 100.00   B3   831,710  
      Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A:            
  1,800   7.000%, 12/01/26 12/25 at 100.00   B   1,805,814  
  51,780   7.000%, 12/01/44 12/25 at 100.00   B   50,119,933  
  450   Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/26 – NPFG Insured No Opt. Call   B+   301,095  
  2,950   Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Revenues, Refunding Series 2004A, 5.000%, 12/01/20 – NPFG Insured 7/17 at 100.00   B+   2,985,872  
      Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:            
  1,715   0.000%, 12/01/26 – NPFG Insured No Opt. Call   B+   1,147,507  
  10,060   0.000%, 12/01/28 – FGIC Insured No Opt. Call   B+   5,992,138  
  1,765   0.000%, 12/01/30 – NPFG Insured No Opt. Call   B+   932,997  
      Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:            
  2,585   0.000%, 12/01/27 – NPFG Insured No Opt. Call   B+   1,634,625  
  7,240   0.000%, 12/01/31 – FGIC Insured No Opt. Call   B+   3,617,321  

 

70
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 4,300   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 12/21 at 100.00   A1 $ 4,592,056  
  3,220   Chicago, Illinois, FHA/GNMA Collateralized Multifamily Housing Revenue Bonds, Stone Terrace Apartments, Series 2001A, 5.750%, 12/20/42 (Alternative Minimum Tax) 6/17 at 100.00   AA   3,224,540  
      Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:            
  25,755   0.000%, 1/01/29 – NPFG Insured No Opt. Call   BBB–   15,476,952  
  8,765   0.000%, 1/01/34 – FGIC Insured No Opt. Call   BBB–   3,954,856  
  17,310   0.000%, 1/01/37 – FGIC Insured No Opt. Call   BBB–   6,652,406  
  670   Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, 5.500%, 1/01/31 1/25 at 100.00   Ba1   674,107  
  3,000   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 – AGM Insured 7/17 at 100.00   BBB–   3,006,930  
  2,695   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.000%, 1/01/35 1/24 at 100.00   Ba1   2,587,820  
  13,205   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 1/27 at 100.00   BBB–   13,835,407  
  2,000   Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 5.500%, 1/01/40 1/25 at 100.00   Ba1   1,999,840  
      Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C:            
  1,450   5.000%, 1/01/34 1/19 at 100.00   Ba1   1,395,915  
  590   5.000%, 1/01/40 1/19 at 100.00   Ba1   557,096  
      Chicago, Illinois, General Obligation Bonds, Project Series 2011A:            
  4,930   5.250%, 1/01/35 1/21 at 100.00   Ba1   4,846,042  
  2,335   5.000%, 1/01/40 1/21 at 100.00   Ba1   2,204,777  
      Chicago, Illinois, General Obligation Bonds, Project Series 2012A:            
  1,155   5.000%, 1/01/33 1/22 at 100.00   Ba1   1,115,949  
  550   5.000%, 1/01/34 1/22 at 100.00   Ba1   529,485  
  4,390   Chicago, Illinois, General Obligation Bonds, Refunding Project Series 2005B, 4.750%, 1/01/32 – AGM Insured 7/17 at 100.00   BBB–   4,400,536  
      Chicago, Illinois, General Obligation Bonds, Refunding Series 2007E:            
  10,115   5.500%, 1/01/35 1/25 at 100.00   Ba1   10,133,005  
  5,890   5.500%, 1/01/42 1/25 at 100.00   Ba1   5,889,529  
  295   Chicago, Illinois, General Obligation Bonds, Refunding Series 2008A, 5.250%, 1/01/37 – FGIC Insured 1/18 at 100.00   Ba1   288,256  
  765   Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/35 1/26 at 100.00   BBB–   734,576  
  1,610   Chicago, Illinois, General Obligation Bonds, Series 1999, 0.000%, 1/01/30 – AGM Insured No Opt. Call   A2   919,342  
  3,965   Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured 7/17 at 100.00   BBB–   3,975,349  
      Chicago, Illinois, General Obligation Bonds, Series 2015A:            
  1,000   5.500%, 1/01/35 1/25 at 100.00   BBB–   1,001,780  
  9,800   5.500%, 1/01/39 1/25 at 100.00   BBB–   9,805,194  
  5,630   Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.250%, 1/01/38 1/22 at 100.00   Ba1   5,820,238  
  1,250   Cook County Forest Preserve District, Illinois, General Obligation Bonds, Personal Property Replacement Tax Alternate Source, Series 2012C, 5.000%, 12/15/37 – AGM Insured 6/22 at 100.00   A2   1,332,475  
  25,375   Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 11/20 at 100.00   A2   26,930,741  
      Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007:            
  340   5.000%, 12/01/26 7/17 at 100.00   BBB   340,309  
  405   5.000%, 12/01/36 7/17 at 100.00   BBB   405,162  
  800   Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A, 5.500%, 12/01/30 12/25 at 100.00   N/R   797,680  
      Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, Refunding and Improvement Series 2011A:            
  1,590   6.875%, 10/01/31 10/21 at 100.00   BB+   1,737,520  
  2,535   7.125%, 10/01/41 10/21 at 100.00   BB+   2,781,503  

 

NUVEEN
71


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 1,500   Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 11/19 at 100.00   Aa2 $ 1,644,825  
  1,000   Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 11/19 at 100.00   Aa2   1,069,480  
  2,000   Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB) 8/18 at 100.00   AA–   2,078,940  
  2,675   Illinois Finance Authority, Revenue Bonds, Columbia College Chicago, Series 2015A, 5.000%, 12/01/37 12/25 at 100.00   BBB+   2,773,199  
  5,220   Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011A, 5.750%, 10/01/27 (Pre-refunded 4/01/21) 4/21 at 100.00   A (4)   6,094,037  
  8,000   Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37 (Pre-refunded 1/01/18) 1/18 at 100.00   A (4)   8,253,680  
  845   Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding Series 2016, 5.000%, 9/01/46 9/26 at 100.00   Baa1   898,091  
  5,015   Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43 5/22 at 100.00   Baa1   5,186,463  
  920   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 5/20 at 100.00   A   1,013,049  
  2,030   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (4)   2,313,327  
      Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A:            
  5   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   5,745  
  495   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   BBB– (4)   568,755  
      Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A:            
  415   5.500%, 7/01/28 7/23 at 100.00   A–   474,831  
  905   6.000%, 7/01/43 7/23 at 100.00   A–   1,036,098  
  100   Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   N/R (4)   110,318  
      Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009:            
  90   6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   N/R (4)   99,131  
  2,810   6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   BBB– (4)   3,099,936  
  1,665   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 (Pre-refunded 5/01/19) 5/19 at 100.00   Aaa   1,848,350  
  9,195   Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 (Pre-refunded 8/01/17) 8/17 at 100.00   N/R (4)   9,303,317  
  4,000   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 6.000%, 8/15/23 8/18 at 100.00   BBB+   4,201,600  
  1,050   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44 8/25 at 100.00   Baa1   1,109,031  
      Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:            
  7,000   6.875%, 8/15/38 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   7,910,560  
  2,000   7.000%, 8/15/44 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   2,265,580  
  500   Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured 3/20 at 100.00   A2   539,285  
  2,500   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (7) 2/21 at 100.00   AA– (4)   2,891,025  
  4,125   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 10/21 at 100.00   AA–   4,443,574  
  8,395   Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.526%, 7/01/46 (Pre-refunded 7/01/17) (IF) (7) 7/17 at 100.00   AA– (4)   8,519,078  
  3,000   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2015A, 5.000%, 10/01/46 (UB) (7) 10/25 at 100.00   AA–   3,345,810  

 

72
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 7,850   Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34 5/17 at 100.00   Baa3 $ 7,858,478  
  6,785   Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/30 7/17 at 100.00   Baa3   6,803,320  
      Illinois State, General Obligation Bonds, February Series 2014:            
  1,600   5.250%, 2/01/32 2/24 at 100.00   BBB   1,638,240  
  1,000   5.250%, 2/01/33 2/24 at 100.00   BBB   1,019,850  
  1,130   5.250%, 2/01/34 2/24 at 100.00   BBB   1,149,832  
  1,000   5.000%, 2/01/39 2/24 at 100.00   BBB   1,001,060  
  7,565   Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/22 No Opt. Call   BBB   8,009,898  
  8,565   Illinois State, General Obligation Bonds, June Series 2016, 5.000%, 6/01/26 No Opt. Call   BBB   8,975,863  
  1,500   Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/23 No Opt. Call   BBB   1,592,325  
  2,400   Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/40 11/26 at 100.00   BBB   2,403,600  
  4,900   Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/26 No Opt. Call   BBB   5,135,004  
      Illinois State, General Obligation Bonds, Refunding Series 2012:            
  2,925   5.000%, 8/01/22 No Opt. Call   BBB   3,103,133  
  2,615   5.000%, 8/01/25 8/22 at 100.00   BBB   2,710,343  
  27,215   Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 7/23 at 100.00   BBB   28,250,259  
  7,250   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 1/23 at 100.00   AA–   8,013,135  
  2,755   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40 7/25 at 100.00   AA–   3,060,943  
  560   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.366%, 1/01/38 (IF) 1/23 at 100.00   AA–   795,945  
  2,500   Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured No Opt. Call   Aa3   2,066,825  
  9,795   Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Series 2002, 5.250%, 12/01/19 – AGM Insured (UB) No Opt. Call   A2   10,778,124  
  7,000   Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 (9) 7/17 at 100.00   N/R   3,066,560  
      Mc Henry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011B:            
  1,160   6.250%, 2/01/21 (Pre-refunded 2/01/20) – AGM Insured 2/20 at 100.00   A1 (4)   1,319,628  
  85   6.250%, 2/01/21 (Pre-refunded 2/01/20) – AGM Insured 2/20 at 100.00   A1 (4)   96,697  
  1,315   McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003, 0.000%, 1/01/21 – FGIC Insured No Opt. Call   A3   1,220,254  
  930   McHenry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011A, 6.000%, 2/01/24 (Pre-refunded 2/01/20) – AGM Insured 2/20 at 100.00   A1 (4)   1,051,691  
      McHenry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011A:            
  70   6.000%, 2/01/24 (Pre-refunded 2/01/20) – AGM Insured 2/20 at 100.00   A1 (4)   79,160  
  960   6.000%, 2/01/25 (Pre-refunded 2/01/20) – AGM Insured 2/20 at 100.00   A1 (4)   1,085,616  
  70   6.000%, 2/01/25 (Pre-refunded 2/01/20) – AGM Insured 2/20 at 100.00   A1 (4)   79,160  
  2,500   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52 6/22 at 100.00   BBB–   2,487,675  
  5,400   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52 12/25 at 100.00   BBB–   5,373,378  
      Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A:            
  23,110   0.000%, 12/15/52 No Opt. Call   BBB–   3,139,725  
  1,230   5.000%, 6/15/53 12/25 at 100.00   BBB–   1,223,924  

 

NUVEEN
73


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 12,000   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50 6/20 at 100.00   BBB– $ 12,268,680  
  45,000   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/43 – AGM Insured No Opt. Call   BBB–   12,847,950  
  2,680   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A, 5.500%, 6/15/29 – NPFG Insured No Opt. Call   A3   3,213,883  
  145   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A, 5.500%, 6/15/29 – NPFG Insured (ETM) No Opt. Call   Ba1 (4)   178,916  
  1,730   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B, 5.550%, 6/15/21 – NPFG Insured 6/17 at 101.00   BBB–   1,757,351  
  770   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B, 5.550%, 6/15/21 (Pre-refunded 6/15/17) – NPFG Insured 6/17 at 101.00   A3 (4)   782,466  
  1,165   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/21 – FGIC Insured No Opt. Call   A3   1,037,374  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:            
  9,500   0.000%, 6/15/24 – NPFG Insured (6) 6/22 at 101.00   BBB–   10,682,750  
  10,000   0.000%, 12/15/29 – NPFG Insured No Opt. Call   BBB–   5,870,500  
  8,400   0.000%, 12/15/30 – NPFG Insured No Opt. Call   BBB–   4,688,460  
  7,940   0.000%, 6/15/33 – NPFG Insured No Opt. Call   BBB–   3,851,853  
  21,915   0.000%, 6/15/34 – NPFG Insured No Opt. Call   BBB–   10,046,713  
  10,000   0.000%, 12/15/36 – NPFG Insured No Opt. Call   BBB–   3,998,100  
  36,040   0.000%, 6/15/40 – NPFG Insured No Opt. Call   BBB–   11,855,718  
  3,720   0.000%, 6/15/41 – NPFG Insured No Opt. Call   BBB–   1,171,800  
  2,746   Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 3/01/30 – RAAI Insured 7/17 at 100.00   AA   2,748,828  
      Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012:            
  480   5.000%, 10/01/25 10/22 at 100.00   Baa1   537,802  
  400   5.000%, 10/01/26 10/22 at 100.00   Baa1   446,612  
      Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:            
  780   5.250%, 6/01/21 No Opt. Call   A   890,089  
  2,000   6.250%, 6/01/24 7/17 at 100.00   A   2,007,360  
  3,475   Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured No Opt. Call   Aa3   3,876,119  
  3,815   Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) 8/22 at 100.00   Caa1   3,470,620  
  1,580   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/32 10/23 at 100.00   A3   1,836,039  
  11,350   Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured No Opt. Call   A2   8,625,433  
  717,856   Total Illinois         581,430,061  
      Indiana – 5.2% (3.4% of Total Investments)            
      Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005:            
  1,950   0.000%, 2/01/24 No Opt. Call   Aa3   1,658,144  
  2,705   0.000%, 2/01/25 No Opt. Call   Aa3   2,200,058  
  4,400   Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured No Opt. Call   A3   3,766,532  
  680   Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2012B, 5.000%, 2/01/29 2/22 at 100.00   A–   744,090  
  1,050   Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 10/19 at 100.00   B–   1,040,550  

 

74
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Indiana (continued)            
$ 520   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 6/20 at 100.00   Caa1 $ 527,488  
  1,230   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) 8/22 at 100.00   Caa1   1,118,968  
  11,000   Indiana Finance Authority, Health System Revenue Bonds, Franciscan Alliance, Inc. Obligated Group, Series 2016A, 4.000%, 11/01/51 11/25 at 100.00   Aa3   10,873,830  
  4,465   Indiana Finance Authority, Health System Revenue Bonds, Sisters of Saint Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 11/19 at 100.00   Aa3   4,803,492  
  1,815   Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 5/23 at 100.00   A   1,956,261  
  1,500   Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20) 3/20 at 100.00   N/R (4)   1,663,680  
  1,875   Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 4.000%, 12/01/40 6/25 at 100.00   AA–   1,898,250  
  9,300   Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A, 5.000%, 10/01/44 10/23 at 100.00   Baa2   10,013,031  
      Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A:            
  5,380   5.000%, 7/01/44 (Alternative Minimum Tax) 7/23 at 100.00   BBB   5,727,494  
  5,100   5.000%, 7/01/48 (Alternative Minimum Tax) 7/23 at 100.00   BBB   5,429,409  
  5,370   5.250%, 1/01/51 (Alternative Minimum Tax) 7/23 at 100.00   BBB   5,788,592  
  6,730   Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38 12/19 at 100.00   AA–   7,274,322  
      Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014:            
  605   5.250%, 9/01/34 (Alternative Minimum Tax) 9/24 at 100.00   B–   638,753  
  3,165   5.250%, 9/01/40 (Alternative Minimum Tax) 9/24 at 100.00   B–   3,311,603  
  7,000   5.000%, 9/01/46 (Alternative Minimum Tax) 9/24 at 100.00   B–   7,165,340  
  6,700   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41 10/21 at 100.00   A3   7,454,621  
  13,000   Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, First Lien Series 2014A, 5.000%, 10/01/44 10/24 at 100.00   A   14,444,560  
  10,000   Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – AMBAC Insured No Opt. Call   A   7,790,100  
  1,000   Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, Series 2016, 5.750%, 4/01/36 4/24 at 102.00   N/R   947,560  
  1,250   Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013, 7.250%, 11/01/43 (Alternative Minimum Tax) 11/23 at 100.00   N/R   1,431,838  
  830   Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax) 1/24 at 100.00   N/R   994,157  
      Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007:            
  2,500   5.750%, 9/01/42 (Pre-refunded 9/01/17) 9/17 at 100.00   N/R (4)   2,541,350  
  2,500   5.800%, 9/01/47 (Pre-refunded 9/01/17) 9/17 at 100.00   N/R (4)   2,541,775  
  113,620   Total Indiana         115,745,848  
      Iowa – 1.6% (1.1% of Total Investments)            
      Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:            
  1,710   5.000%, 12/01/19 No Opt. Call   B–   1,751,810  
  7,055   5.500%, 12/01/22 12/18 at 100.00   B–   7,178,392  
  1,255   5.250%, 12/01/25 12/23 at 100.00   B–   1,272,796  
  1,470   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/27 6/19 at 105.00   B–   1,513,468  

 

NUVEEN
75


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Iowa (continued)            
$ 1,630   Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 6.000%, 10/01/31 10/21 at 100.00   BBB $ 1,776,130  
  1,900   Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Series 2012, 5.000%, 9/01/43 (Pre-refunded 9/01/23) 9/23 at 100.00   N/R (4)   2,275,801  
  2,000   Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25 12/19 at 100.00   A   2,132,700  
      Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:            
  6,425   5.375%, 6/01/38 7/17 at 100.00   B2   6,425,000  
  525   5.500%, 6/01/42 7/17 at 100.00   B2   524,995  
  5,045   5.625%, 6/01/46 7/17 at 100.00   B2   5,045,101  
  6,590   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 6/17 at 100.00   B2   6,590,000  
  35,605   Total Iowa         36,486,193  
      Kansas – 0.7% (0.5% of Total Investments)            
      Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A:            
  2,000   5.000%, 9/01/26 (Pre-refunded 9/01/21) 9/21 at 100.00   Aa3 (4)   2,287,360  
  1,000   5.000%, 9/01/27 (Pre-refunded 9/01/21) 9/21 at 100.00   Aa3 (4)   1,143,680  
  2,000   Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28 5/22 at 100.00   AA   2,270,860  
  1,485   Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 5.000%, 12/01/31 12/20 at 100.00   A3   1,575,110  
  2,415   Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured 7/17 at 100.00   BB+   2,415,966  
  510   Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32 4/20 at 100.00   BBB   525,912  
      Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015:            
  3,865   5.750%, 9/01/32 9/25 at 100.00   N/R   3,833,578  
  1,840   6.000%, 9/01/35 9/25 at 100.00   N/R   1,809,714  
  15,115   Total Kansas         15,862,180  
      Kentucky – 2.0% (1.3% of Total Investments)            
      Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016:            
  5,000   5.375%, 2/01/36 2/26 at 100.00   BB+   5,173,950  
  435   5.500%, 2/01/44 2/26 at 100.00   BB+   449,303  
  1,500   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A, 5.375%, 8/15/24 8/18 at 100.00   A3   1,572,720  
  1,000   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30 6/20 at 100.00   Baa3   1,105,740  
  6,015   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40 6/20 at 100.00   Baa3   6,688,981  
      Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue Bonds, Rosedale Green Project, Refunding Series 2015:            
  500   5.750%, 11/15/45 11/25 at 100.00   N/R   504,345  
  2,250   5.750%, 11/15/50 11/25 at 100.00   N/R   2,249,910  
      Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1:            
  1,000   6.000%, 12/01/33 – AGC Insured 6/18 at 100.00   A3   1,041,100  
  1,000   6.000%, 12/01/38 – AGC Insured 6/18 at 100.00   A3   1,040,110  
  1,100   6.000%, 12/01/42 – AGC Insured 6/18 at 100.00   A3   1,144,121  

 

76
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Kentucky (continued)            
      Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A:            
$ 2,130   5.000%, 7/01/40 7/25 at 100.00   Baa2 $ 2,257,992  
  2,940   5.000%, 1/01/45 7/25 at 100.00   Baa2   3,106,169  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:            
  1,335   0.000%, 7/01/43 (6) 7/31 at 100.00   Baa3   1,107,930  
  2,295   0.000%, 7/01/46 (6) 7/31 at 100.00   Baa3   1,912,676  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:            
  3,080   5.750%, 7/01/49 7/23 at 100.00   Baa3   3,386,737  
  615   6.000%, 7/01/53 7/23 at 100.00   Baa3   688,068  
  5,400   Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29 6/21 at 100.00   A   5,980,878  
  5,000   Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.250%, 3/01/31 3/21 at 100.00   A3   5,657,050  
  215   Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2012A, 4.000%, 10/01/29 10/22 at 100.00   A+   225,000  
  42,810   Total Kentucky         45,292,780  
      Louisiana – 1.5% (1.0% of Total Investments)            
  2,000   Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41 7/21 at 100.00   Ba3   2,116,960  
  3,000   Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 11/17 at 100.00   Baa3   3,066,390  
  7,445   Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax) 7/23 at 100.00   N/R   8,022,360  
  1,460   Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Refunding Series 2015A, 5.000%, 7/01/39 7/25 at 100.00   A2   1,605,737  
  4,425   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) 5/21 at 100.00   A3 (4)   5,362,658  
  1,060   Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter Academy Foundation Project, Series 2013A, 8.375%, 12/15/43 12/23 at 100.00   N/R   1,186,119  
  2,235   Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36 7/23 at 100.00   A3   2,444,285  
  5,100   New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015B, 5.000%, 1/01/45 (Alternative Minimum Tax) 1/25 at 100.00   A–   5,510,907  
  2,560   New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 6/24 at 100.00   A–   2,807,654  
  2,145   St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37 6/17 at 100.00   Ba1   2,150,384  
  31,430   Total Louisiana         34,273,454  
      Maine – 0.4% (0.3% of Total Investments)            
  4,965   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   Baa3   5,045,036  
      Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011:            
  2,000   6.750%, 7/01/36 7/21 at 100.00   Ba2   2,172,640  
  1,050   6.750%, 7/01/41 7/21 at 100.00   Ba2   1,139,387  
  1,250   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40 7/20 at 100.00   A1   1,360,750  
  9,265   Total Maine         9,717,813  

 

NUVEEN
77


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Maryland – 0.6% (0.4% of Total Investments)            
$ 2,000   Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 (8) 7/17 at 100.00   N/R $ 1,192,280  
  7,145   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A, 5.500%, 1/01/46 1/27 at 100.00   Baa3   8,003,543  
  555   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34 7/17 at 100.00   A–   555,966  
  2,000   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   2,165,040  
  355   Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46 1/26 at 100.00   N/R   344,996  
  12,055   Total Maryland         12,261,825  
      Massachusetts – 3.2% (2.0% of Total Investments)            
  8,825   Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/32 1/20 at 100.00   A3   9,609,896  
  475   Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 7/25 at 100.00   BBB   503,396  
  1,525   Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 4.500%, 1/01/45 1/25 at 100.00   Baa2   1,539,701  
  2,375   Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26 10/17 at 100.00   N/R   2,385,521  
  31,120   Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2016J, 3.500%, 7/01/33 (Alternative Minimum Tax) 7/24 at 100.00   A   28,476,978  
  1,500   Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J-1, 5.000%, 7/01/39 7/19 at 100.00   AA–   1,605,405  
  620   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/33 (Pre-refunded 7/01/18) 7/18 at 100.00   A– (4)   650,541  
  2,100   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A, 5.750%, 7/01/39 7/19 at 100.00   BBB   2,265,102  
  3,700   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   N/R (4)   4,069,556  
  400   Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 7/21 at 100.00   A3   432,616  
  5,000   Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax) 7/17 at 100.00   N/R   5,012,400  
  4,560   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43 5/23 at 100.00   Aa2   5,133,374  
  7,175   Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41 7/21 at 100.00   A+   7,982,690  
  69,375   Total Massachusetts         69,667,176  
      Michigan – 3.0% (1.9% of Total Investments)            
      Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013:            
  990   6.000%, 10/01/33 10/23 at 100.00   N/R   977,744  
  1,250   6.000%, 10/01/43 10/23 at 100.00   N/R   1,211,325  
  15,000   Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB) No Opt. Call   AA–   18,274,050  
  1,930   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–   2,084,709  
  5   Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 7/01/35 – NPFG Insured 7/17 at 100.00   A3   5,010  

 

78
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Michigan (continued)            
$ 3,000   Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured No Opt. Call   A3 $ 3,585,630  
  5   Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/36 – NPFG Insured 7/17 at 100.00   A3   5,014  
  2,000   Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 7/21 at 100.00   A–   2,175,260  
  2,000   Garden City Hospital Finance Authority, Michigan, Revenue Bonds, Garden City Hospital Obligated Group, Series 2007A, 5.000%, 8/15/38 (Pre-refunded 8/15/17) 8/17 at 100.00   N/R (4)   2,024,600  
  2,000   Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare, Series 2014A, 5.000%, 7/01/47 7/24 at 100.00   A1   2,168,980  
  1,500   Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, W.A. Foote Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 (Pre-refunded 6/01/20) – AGM Insured 6/20 at 100.00   AA (4)   1,671,255  
  3,080   Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2010, 5.500%, 5/15/36 5/20 at 100.00   A2   3,369,366  
  3,800   Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2010, 5.500%, 5/15/36 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (4)   4,278,648  
  3,580   Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.500%, 7/01/41 7/21 at 100.00   AA–   4,075,579  
  1,000   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36 – NPFG Insured 7/24 at 100.00   A3   1,094,400  
  4,980   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 12/21 at 100.00   AA–   5,583,427  
  20   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21) 12/21 at 100.00   N/R (4)   23,186  
  2,500   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 5.000%, 10/15/23 – AGC Insured 10/19 at 100.00   AA–   2,719,075  
  2,250   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41 10/21 at 100.00   A+   2,523,533  
  3,220   Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 11/19 at 100.00   A3 (4)   3,590,558  
  1,525   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 6/18 at 100.00   B2   1,592,024  
  2,000   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/37 12/22 at 100.00   A–   2,135,380  
  57,635   Total Michigan         65,168,753  
      Minnesota – 1.2% (0.8% of Total Investments)            
  700   City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A, 5.000%, 7/01/47 7/24 at 102.00   N/R   667,485  
  1,980   Dakota County Community Development Agency, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Rose Apartments Project, Series 2001, 6.350%, 10/20/37 (Alternative Minimum Tax) 10/17 at 100.00   Aa1   1,983,465  
  1,000   Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40 11/18 at 102.00   BB+   1,031,560  
  1,500   Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44 8/22 at 102.00   BB+   1,609,395  
  795   Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2016A, 5.000%, 7/01/36 7/24 at 102.00   N/R   783,377  
  4,230   Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured 11/18 at 100.00   A2   4,542,174  

 

NUVEEN
79


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Minnesota (continued)            
$ 770   Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured 11/18 at 100.00   A2 (4) $ 835,227  
      Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A:            
  750   5.750%, 9/01/46 9/26 at 100.00   BB+   760,283  
  4,000   6.000%, 9/01/51 9/26 at 100.00   BB+   4,084,640  
  5,265   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/33 7/25 at 100.00   A   5,941,710  
  4,250   Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36 7/17 at 100.00   N/R   4,251,445  
  25,240   Total Minnesota         26,490,761  
      Mississippi – 0.3% (0.2% of Total Investments)            
  620   Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 10/17 at 100.00   Baa3   622,592  
  5,215   Mississippi State, General Obligation Bonds, Refunding Series 2002A, 5.500%, 12/01/18 No Opt. Call   AA   5,587,873  
  1,000   Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32 9/18 at 100.00   BBB   1,058,240  
  6,835   Total Mississippi         7,268,705  
      Missouri – 2.2% (1.4% of Total Investments)            
  1,400   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 10/22 at 100.00   Aa3   1,545,824  
  3,495   Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36 6/17 at 100.00   BB+   3,456,695  
  1,240   Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33 3/23 at 103.00   N/R   1,293,432  
  1,000   Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional Medical Center, Series 2007, 5.000%, 12/01/32 12/17 at 100.00   N/R   1,002,210  
  1,000   Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 10/19 at 100.00   A–   1,077,560  
  135   Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 5.000%, 4/01/46 4/26 at 100.00   N/R   120,524  
  12,005   Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/29 – AMBAC Insured No Opt. Call   A1   7,980,564  
  1,000   Liberty Public School District 53, Clay County, Missouri, Lease Participation Certificates, School Boards Association, Series 2014, 5.000%, 4/01/31 4/22 at 100.00   AA–   1,109,280  
      Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A:            
  1,560   5.125%, 6/01/25 No Opt. Call   N/R   1,547,473  
  3,810   5.750%, 6/01/35 6/25 at 100.00   N/R   3,728,504  
  3,695   6.000%, 6/01/46 6/25 at 100.00   N/R   3,622,541  
      Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A:            
  1,590   5.000%, 6/01/30 6/23 at 100.00   A1   1,754,788  
  2,700   5.000%, 6/01/33 6/23 at 100.00   A1   2,949,777  
  665   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 5/23 at 100.00   BBB   722,310  
  505   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 10/23 at 100.00   A+   561,116  
      Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A:            
  50   5.000%, 11/15/44 11/23 at 100.00   A2   54,293  
  6,930   5.000%, 11/15/48 11/23 at 100.00   A2   7,510,457  

 

80
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Missouri (continued)            
$ 2,000   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F, 5.000%, 11/15/45 11/24 at 100.00   AA– $ 2,212,800  
  2,500   Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37 11/21 at 100.00   AAA   2,803,750  
      Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016:            
  1,275   5.000%, 11/15/41 11/25 at 100.00   N/R   1,255,467  
  1,105   5.000%, 11/15/46 11/25 at 100.00   N/R   1,063,728  
  430   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 9/23 at 100.00   A–   480,865  
      St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew’s Resources for Seniors, Series 2015A:            
  450   5.000%, 12/01/35 12/25 at 100.00   N/R   449,438  
  130   5.125%, 12/01/45 12/25 at 100.00   N/R   129,606  
  980   Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Southeasthealth, Series 2016B, 6.000%, 3/01/37 3/23 at 103.00   N/R   1,013,859  
  51,650   Total Missouri         49,446,861  
      Nebraska – 0.4% (0.3% of Total Investments)            
  580   Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 11/25 at 100.00   A–   625,820  
      Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014:            
  1,930   5.000%, 5/15/27 5/24 at 100.00   BBB+   2,167,564  
  3,000   5.000%, 5/15/36 5/24 at 100.00   BBB+   3,207,300  
      Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015:            
  650   5.000%, 11/01/45 11/25 at 100.00   A–   709,709  
  2,110   5.000%, 11/01/48 11/25 at 100.00   A–   2,298,993  
  500   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–   533,390  
  8,770   Total Nebraska         9,542,776  
      Nevada – 4.1% (2.7% of Total Investments)            
  29,000   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 1/20 at 100.00   A+   32,251,480  
  6,000   Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42 1/20 at 100.00   A+   6,495,480  
  23,000   Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B , 5.250%, 7/01/31 (Pre-refunded 7/01/17) – BHAC Insured (UB) (7) 7/17 at 100.00   A3 (4)   23,171,810  
  1,700   Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19) 6/19 at 100.00   BBB+ (4)   1,944,630  
  10,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011C, 5.000%, 6/01/38 6/21 at 100.00   AA   11,107,400  
  4,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/39 12/24 at 100.00   AA   4,510,480  
  5,000   North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured 7/17 at 100.00   B+   5,001,300  
  7,000   Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 (Pre-refunded 7/01/17) – BHAC Insured (UB) (7) 7/17 at 100.00   A3 (4)   7,054,530  
  85,700   Total Nevada         91,537,110  
      New Hampshire – 0.1% (0.0% of Total Investments)            
  1,500   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)   1,678,890  

 

NUVEEN
81


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Jersey – 4.3% (2.8% of Total Investments)            
$ 615   Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax) No Opt. Call   Ba1 $ 668,407  
  1,100   New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax) 1/24 at 100.00   BBB   1,204,500  
  5,050   New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured 7/17 at 100.00   A3   5,178,573  
  3,050   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/24 3/21 at 100.00   BBB+   3,167,334  
  17,580   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31 12/26 at 100.00   BBB+   18,812,885  
      New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2016AAA:            
  1,000   5.000%, 6/15/36 12/26 at 100.00   BBB+   1,007,550  
  10,000   5.000%, 6/15/41 12/26 at 100.00   BBB+   10,029,700  
      New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:            
  835   5.750%, 6/01/31 6/20 at 100.00   Baa3   904,864  
  3,000   5.875%, 6/01/42 6/20 at 100.00   Baa3   3,235,710  
  1,120   New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/33 7/23 at 100.00   A–   1,250,715  
  600   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26 7/21 at 100.00   BB+   640,452  
  405   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 7/25 at 100.00   BBB   438,263  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A:            
  3,130   0.000%, 12/15/28 No Opt. Call   BBB+   1,792,144  
  3,000   0.000%, 12/15/31 No Opt. Call   BBB+   1,424,700  
  12,715   0.000%, 12/15/33 No Opt. Call   BBB+   5,305,715  
  610   0.000%, 12/15/34 No Opt. Call   BBB+   237,809  
  2,480   0.000%, 12/15/40 No Opt. Call   BBB+   679,421  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2008A:            
  19,175   0.000%, 12/15/35 No Opt. Call   BBB+   7,035,116  
  5,600   0.000%, 12/15/36 No Opt. Call   BBB+   1,939,504  
  17,215   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39 No Opt. Call   BBB+   5,003,884  
  5,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009C, 5.250%, 6/15/32 12/24 at 100.00   BBB+   5,226,500  
  6,305   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.000%, 6/15/45 6/25 at 100.00   BBB+   6,321,330  
  12,870   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41 6/17 at 100.00   B3   12,667,426  
  132,455   Total New Jersey         94,172,502  
      New Mexico – 0.3% (0.2% of Total Investments)            
  1,500   New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena Project, Series 2010A, 6.125%, 7/01/40 7/20 at 100.00   BBB–   1,568,100  
  4,180   Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2015, 5.750%, 5/01/30 5/20 at 103.00   N/R   4,283,664  
  5,680   Total New Mexico         5,851,764  

 

82
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York – 14.1% (9.1% of Total Investments)            
$ 1,755   Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/32 7/17 at 100.00   B $ 1,525,516  
      Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:            
  3,400   0.000%, 7/15/44 No Opt. Call   BBB–   1,027,752  
  12,020   0.000%, 7/15/46 No Opt. Call   BBB–   3,261,627  
      Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:            
  3,220   6.000%, 7/15/30 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (4)   3,634,897  
  3,065   6.250%, 7/15/40 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (4)   3,480,338  
  450   Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 7/25 at 100.00   BBB+   496,791  
  200   Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014, 5.000%, 11/01/39 11/24 at 100.00   BB   189,898  
  3,170   Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, 5.000%, 7/01/50 7/25 at 100.00   A–   3,481,738  
  15,270   Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A, 5.500%, 12/01/46 12/26 at 100.00   BB–   15,316,421  
  4,675   Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41 3/21 at 100.00   Aa1   5,165,080  
  69,130   Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, 1st Subordinate Series 2005B, 0.000%, 6/01/47 7/17 at 17.705   N/R   9,268,950  
  81,270   Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50 7/17 at 12.686   N/R   7,493,094  
      Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:            
  2,100   5.750%, 2/15/47 2/21 at 100.00   A   2,388,897  
  6,160   5.250%, 2/15/47 2/21 at 100.00   A   6,842,774  
  4,070   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 (Pre-refunded 6/30/17) – NPFG Insured 6/17 at 100.00   A2 (4)   4,078,099  
  3,000   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/39 9/24 at 100.00   A–   3,332,040  
  1,200   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 – AGM Insured 5/21 at 100.00   A–   1,330,692  
  6,000   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42 9/22 at 100.00   A–   6,594,180  
  1,070   Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 11/19 at 100.00   AA   1,168,836  
  750   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41 11/21 at 100.00   A   841,125  
  2,500   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/38 5/23 at 100.00   A   2,770,225  
  16,290   New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured 7/17 at 12.686   Baa3   16,325,349  
  4,375   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 12/20 at 100.00   AA+   4,935,000  
  3,750   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2015 Series AA, 4.000%, 6/15/44 6/24 at 100.00   AA+   3,855,375  
  10,000   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 5/23 at 100.00   Aa1   11,350,800  
  10   New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 – NPFG Insured 7/17 at 100.00   AA   10,039  

 

NUVEEN
83


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York (continued)            
$ 67,290   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 11/24 at 100.00   N/R $ 71,634,915  
      New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011:            
  1,870   5.000%, 11/15/44 11/21 at 100.00   A   2,062,965  
  2,000   5.750%, 11/15/51 11/21 at 100.00   A   2,279,560  
  3,000   New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38 11/21 at 100.00   AA   3,368,460  
  5,000   New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A, 5.000%, 1/01/51 1/26 at 100.00   A–   5,509,550  
      New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:            
  3,500   5.000%, 8/01/26 (Alternative Minimum Tax) 8/21 at 100.00   BB–   3,683,050  
  15,265   5.000%, 8/01/31 (Alternative Minimum Tax) 8/21 at 100.00   BB–   16,071,908  
      New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A:            
  10,680   5.000%, 7/01/41 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   11,515,924  
  21,810   5.000%, 7/01/46 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   23,446,186  
  24,150   5.250%, 1/01/50 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   26,249,118  
  10,000   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundredth Series 2017, 5.250%, 10/15/57 (WI/DD, Settling 5/09/17) 4/27 at 100.00   AA–   11,528,600  
      Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:            
  6,065   6.500%, 12/01/28 7/17 at 100.00   BBB   6,166,892  
  3,430   6.000%, 12/01/36 12/20 at 100.00   BBB   3,866,022  
  795   6.000%, 12/01/42 12/20 at 100.00   BBB   893,930  
  2,500   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50 5/25 at 100.00   AA–   2,818,875  
  436,255   Total New York         311,261,488  
      North Carolina – 0.5% (0.3% of Total Investments)            
  1,710   Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Tender Option Bond Trust 2016-XG0005, 13.476%, 1/15/47 (Pre-refunded 1/15/18) (IF) (7) 1/18 at 100.00   AA– (4)   1,861,694  
  3,500   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42 (Pre-refunded 6/01/19) 6/19 at 100.00   Aa2 (4)   3,787,630  
  3,300   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A, 5.000%, 10/01/31 10/22 at 100.00   A2   3,671,778  
  1,900   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   BBB– (4)   2,049,169  
  10,410   Total North Carolina         11,370,271  
      North Dakota – 0.6% (0.4% of Total Investments)            
  1,000   Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21) 7/21 at 100.00   N/R (4)   1,144,600  
      Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011:            
  1,500   6.000%, 11/01/28 11/21 at 100.00   A+   1,766,640  
  2,190   6.250%, 11/01/31 11/21 at 100.00   A+   2,580,017  
      Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012:            
  3,000   5.000%, 12/01/29 12/21 at 100.00   Baa1   3,265,680  
  1,875   5.000%, 12/01/32 12/21 at 100.00   Baa1   2,016,338  
  2,350   Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2006, 5.125%, 7/01/25 7/17 at 100.00   BBB–   2,356,486  
  11,915   Total North Dakota         13,129,761  

 

84
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio – 8.6% (5.6% of Total Investments)            
$ 800   Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A, 5.000%, 5/01/42 5/22 at 100.00   A2 $ 861,928  
  9,405   American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18) 2/18 at 100.00   N/R (4)   9,733,893  
  595   American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 2/18 at 100.00   A   612,499  
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
  685   5.375%, 6/01/24 6/17 at 100.00   Caa1   659,532  
  500   5.125%, 6/01/24 6/17 at 100.00   Caa1   481,420  
  16,555   5.875%, 6/01/30 6/17 at 100.00   Caa1   15,839,162  
  22,985   5.750%, 6/01/34 6/17 at 100.00   Caa1   22,045,143  
  5,240   6.000%, 6/01/42 6/17 at 100.00   B–   5,151,601  
  44,590   6.500%, 6/01/47 6/17 at 100.00   B–   44,713,037  
  24,975   5.875%, 6/01/47 6/17 at 100.00   B–   24,173,053  
  17,550   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   17,580,537  
  2,000   Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29 11/20 at 100.00   A   2,209,980  
  3,000   Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.750%, 11/01/40 (Pre-refunded 11/01/20) 11/20 at 100.00   A (4)   3,451,170  
  3,040   Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 7/20 at 100.00   BBB–   3,274,566  
  5,800   Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41 11/21 at 100.00   Aa2   6,289,578  
  4,615   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 11/21 at 100.00   A1   5,322,295  
  1,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (Mandatory put 5/01/20) (Alternative Minimum Tax) No Opt. Call   C   440,000  
  7,850   Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 No Opt. Call   Ba1   8,143,198  
  10   Ohio Air Quality Development Authority, Revenue Refunding Bonds, AK Steel Holding Corporation, Series 2012A, 6.750%, 6/01/24 (Alternative Minimum Tax) 2/22 at 100.00   B–   10,418  
  2,000   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.250%, 2/15/33 2/23 at 100.00   A+   2,281,120  
  330   Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.600%, 5/01/29 11/21 at 100.00   Caa1   320,173  
  3,000   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008C, 3.950%, 11/01/32 (Mandatory put 5/01/20) (Alternative Minimum Tax) No Opt. Call   C   1,320,000  
  13,350   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory put 6/01/22) No Opt. Call   CCC+   12,443,402  
  2,500   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory put 6/01/22) No Opt. Call   CCC+   2,330,225  
  192,375   Total Ohio         189,687,930  
      Oklahoma – 1.3% (0.8% of Total Investments)            
  2,000   Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 8/21 at 100.00   N/R   2,288,400  
  3,500   Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40 6/20 at 100.00   A1   3,853,150  
  1,675   Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18) 8/18 at 100.00   AA– (4)   1,768,298  

 

NUVEEN
85


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Oklahoma (continued)            
      Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:            
$ 4,390   5.000%, 2/15/37 7/17 at 100.00   A2 $ 4,393,951  
  13,295   5.000%, 2/15/42 7/17 at 100.00   A2   13,306,035  
  2,055   Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 5.375%, 6/01/33 – BAM Insured (Alternative Minimum Tax) 6/23 at 100.00   Baa1   2,327,267  
  26,915   Total Oklahoma         27,937,101  
      Oregon – 0.2% (0.1% of Total Investments)            
  1,270   Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 5.000%, 5/01/40 5/22 at 100.00   BBB   1,335,354  
  790   Oregon Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/36 10/17 at 100.00   A   801,005  
  2,210   Oregon Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/36 (Pre-refunded 10/01/17) 10/17 at 100.00   N/R (4)   2,249,139  
  4,270   Total Oregon         4,385,498  
      Pennsylvania – 4.5% (2.9% of Total Investments)            
      Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009:            
  120   6.750%, 11/01/24 11/19 at 100.00   Caa1   125,690  
  95   6.875%, 5/01/30 11/19 at 100.00   Caa1   96,948  
  380   Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) 8/22 at 100.00   Caa1   345,697  
  5,000   Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39 8/19 at 100.00   A+   5,400,100  
  10,650   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 (Mandatory put 7/01/22) No Opt. Call   CCC+   9,927,185  
  32,785   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory put 6/01/20) No Opt. Call   C   14,425,400  
  100   Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 1/19 at 100.00   BBB+   107,741  
  900   Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (4)   976,257  
  2,080   Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015, 5.000%, 1/01/38 1/25 at 100.00   BBB+   2,189,491  
      Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008:            
  605   5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 12/18 at 100.00   A2 (4)   643,623  
  3,160   5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 12/18 at 100.00   A2 (4)   3,361,734  
  960   Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured 12/18 at 100.00   A2   1,011,821  
      Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A:            
  6,190   5.250%, 1/15/36 1/25 at 100.00   Baa2   6,614,077  
  3,535   5.250%, 1/15/45 1/25 at 100.00   Baa2   3,746,110  
  2,206   Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23, PIK, (8) 7/17 at 100.00   N/R   879,202  
  215   Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23, PIK, (8) 7/17 at 100.00   N/R   85,786  
  4,135   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax) 11/24 at 100.00   N/R   4,408,199  

 

86
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
$ 11,750   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 9/25 at 100.00   B1 $ 11,977,363  
  1,085   Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38 (Alternative Minimum Tax) 6/26 at 100.00   BBB   1,183,225  
  600   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) 7/20 at 100.00   N/R (4)   687,828  
  1,500   Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006A, 4.650%, 10/01/31 (Pre-refunded 6/20/17) (Alternative Minimum Tax) (UB) (7) 6/17 at 100.00   Aa2 (4)   1,501,215  
  1,435   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 7/17 at 100.00   A2   1,601,589  
  315   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (4)   362,212  
  5,140   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/34 12/21 at 100.00   A2   5,635,547  
  5,660   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 6/25 at 100.00   A   6,203,473  
  3,170   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 5.000%, 12/01/46 12/25 at 100.00   A3   3,427,182  
  1,595   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (4)   1,773,162  
  5,445   Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.000%, 8/01/36 8/20 at 100.00   A–   6,181,110  
  1,425   Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/20) 8/20 at 100.00   A– (4)   1,665,668  
      The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A:            
  705   5.000%, 11/15/21 No Opt. Call   BB   727,137  
  1,255   5.000%, 11/15/28 5/24 at 100.00   BB   1,289,299  
  1,670   Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding & Improvement Series 2011, 5.250%, 8/01/19 No Opt. Call   A–   1,765,557  
  115,866   Total Pennsylvania         100,326,628  
      Puerto Rico – 0.4% (0.2% of Total Investments)            
  215   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured No Opt. Call   C   234,971  
  30,000   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured No Opt. Call   C   3,710,400  
  3,975   Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – NPFG Insured No Opt. Call   D   4,273,642  
  34,190   Total Puerto Rico         8,219,013  
      Rhode Island – 0.1% (0.1% of Total Investments)            
  25,000   Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 6/17 at 12.63   CCC+   2,513,250  
      South Carolina – 2.4% (1.5% of Total Investments)            
  5,000   Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 1991, 6.250%, 1/01/21 – FGIC Insured No Opt. Call   A3   5,835,700  
      Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:            
  1,220   0.000%, 1/01/23 – FGIC Insured No Opt. Call   A3   1,065,816  
  21,570   0.000%, 1/01/30 – AMBAC Insured No Opt. Call   A–   13,731,462  
  5,560   0.000%, 1/01/31 – AMBAC Insured No Opt. Call   A3   3,420,178  

 

NUVEEN
87


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      South Carolina (continued)            
      South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A:            
$ 5,000   5.000%, 12/01/50 6/25 at 100.00   A1 $ 5,307,050  
  5,000   5.000%, 12/01/55 6/25 at 100.00   A1   5,306,250  
  6,930   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46 12/24 at 100.00   A1   7,374,975  
  9,155   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 6/24 at 100.00   A1   9,987,281  
  59,435   Total South Carolina         52,028,712  
      South Dakota – 0.2% (0.1% of Total Investments)            
  4,455   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44 11/24 at 100.00   A+   4,813,449  
      Tennessee – 0.6% (0.4% of Total Investments)            
  8,890   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   9,324,454  
  2,395   Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/44 10/24 at 100.00   Baa2   2,514,511  
  1,000   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 6.000%, 12/01/19 – AMBAC Insured 12/17 at 100.00   N/R   1,052,440  
  12,285   Total Tennessee         12,891,405  
      Texas – 15.8% (10.2% of Total Investments)            
  495   Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside Schools, Series 2016A, 4.375%, 8/15/36 8/21 at 100.00   BB+   462,479  
      Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education, Series 2016A:            
  165   5.000%, 12/01/36 12/26 at 100.00   BBB–   175,344  
  130   5.000%, 12/01/46 12/26 at 100.00   BBB–   136,577  
  760   5.000%, 12/01/51 12/26 at 100.00   BBB–   792,391  
  975   Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 3/23 at 103.00   N/R   955,247  
  870   Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 3/23 at 103.00   N/R   854,488  
      Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage Revenue Bonds, Refunding & Improvement Series 2015:            
  3,135   5.250%, 12/01/35 12/25 at 100.00   BB   3,296,327  
  3,340   5.000%, 12/01/40 12/25 at 100.00   BB   3,417,121  
  6,000   Brazos River Authority, Texas, Revenue Refunding Bonds, Houston Lighting and Power Company, Series 1998, 5.050%, 11/01/18 – AMBAC Insured (Alternative Minimum Tax) No Opt. Call   A   6,241,560  
  2,000   Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 4/20 at 100.00   Baa1   2,212,920  
  1,075   Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 3/23 at 103.00   N/R   1,065,400  
  1,885   Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 8.250%, 9/01/40 3/23 at 103.00   N/R   1,870,014  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:            
  3,250   6.000%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (4)   3,789,988  
  2,700   6.250%, 1/01/46 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (4)   3,172,716  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A:            
  2,000   5.000%, 1/01/40 7/25 at 100.00   Baa2   2,213,080  
  3,625   5.000%, 1/01/45 7/25 at 100.00   Baa2   3,997,650  

 

88
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
      Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016:            
$ 550   6.250%, 9/01/35 9/23 at 103.00   N/R $ 523,974  
  520   6.500%, 9/01/46 9/23 at 103.00   N/R   490,682  
  4,500   Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 1/01/36 1/21 at 100.00   A1   4,955,760  
  4,000   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.000%, 11/01/38 (Alternative Minimum Tax) 11/22 at 100.00   A   4,312,760  
  2,600   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured 11/21 at 100.00   A   2,873,546  
  1,000   Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 11/22 at 100.00   Baa3   1,022,010  
  2,335   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43 10/23 at 100.00   BBB   2,551,571  
  17,000   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.250%, 10/01/51 10/23 at 100.00   AA   19,584,340  
  1,140   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 15.548%, 4/01/53 (IF) 10/23 at 100.00   AA   1,737,668  
  10,000   Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax) 7/17 at 100.00   B3   10,016,700  
      Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015:            
  3,480   5.000%, 12/01/45 6/25 at 100.00   AA   3,803,918  
  1,895   4.000%, 12/01/45 6/25 at 100.00   AA   1,918,498  
      Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A:            
  295   0.000%, 11/15/41 – AGM Insured 11/31 at 62.66   A2   98,884  
  590   0.000%, 11/15/42 – AGM Insured 11/31 at 59.73   A2   188,287  
  1,000   0.000%, 11/15/43 – AGM Insured 11/31 at 56.93   A2   303,330  
  2,000   0.000%, 11/15/44 – AGM Insured 11/31 at 54.25   A2   577,280  
  2,600   0.000%, 11/15/45 – AGM Insured 11/31 at 51.48   A2   711,074  
  4,180   0.000%, 11/15/53 – AGM Insured 11/31 at 33.96   A2   744,625  
  1,920   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/37 – NPFG Insured 11/31 at 69.08   A3   711,782  
  4,565   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/35 – NPFG Insured 11/24 at 52.47   A3   1,735,430  
  40,500   Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A, 0.000%, 11/15/40 – NPFG Insured 11/30 at 54.04   A2   12,438,360  
  3,855   Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012A, 5.000%, 7/01/32 (Alternative Minimum Tax) 7/22 at 100.00   A   4,179,514  
  235   Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax) 7/24 at 100.00   BB–   250,804  
  10,000   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40 11/21 at 100.00   AA   11,215,000  
  705   Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.250%, 9/01/27 7/17 at 100.00   A–   707,327  
      Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:            
  28,305   0.000%, 9/01/28 – AMBAC Insured No Opt. Call   A–   18,686,112  
  5,000   0.000%, 9/01/30 – AMBAC Insured No Opt. Call   A–   3,010,750  
  5,765   0.000%, 9/01/31 – AMBAC Insured No Opt. Call   A–   3,306,055  
  6,000   Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2001B, 5.500%, 12/01/29 – NPFG Insured (ETM) No Opt. Call   AA+ (4)   7,907,280  

 

NUVEEN
89


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 7,500   Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A, 5.750%, 12/01/32 – AGM Insured (ETM) No Opt. Call   A2 (4) $ 10,348,650  
  720   Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015, 5.000%, 8/15/35 8/25 at 100.00   BBB+   774,583  
  535   Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/39 8/17 at 27.35   AAA   145,574  
  12,975   Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/39 (Pre-refunded 8/15/17) 8/17 at 27.35   N/R (4)   3,537,634  
  8,000   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding & Improvement Series 2010, 5.000%, 5/15/40 5/20 at 100.00   A   8,687,040  
  2,750   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 5/25 at 100.00   A   3,069,770  
  1,750   Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36 4/21 at 100.00   BBB   1,901,305  
  2,505   Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative Minimum Tax) No Opt. Call   A   2,973,686  
  1,955   Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (Alternative Minimum Tax) 10/18 at 103.00   BB–   2,050,130  
  15,600   Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (Alternative Minimum Tax) 1/26 at 102.00   N/R   15,006,420  
  150   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus Christi Project, Series 2016A, 5.000%, 4/01/48 4/26 at 100.00   BBB–   158,316  
  565   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M University – San Antonio Project, Series 2016A, 5.000%, 4/01/48 4/26 at 100.00   BBB–   595,035  
      North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C:            
  6,330   0.000%, 9/01/43 (6) 9/31 at 100.00   AA   6,567,565  
  9,130   0.000%, 9/01/45 (6) 9/31 at 100.00   AA   10,317,904  
  205   North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 1/19 at 100.00   A   220,404  
  895   North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (4)   972,686  
      North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I:            
  2,555   6.200%, 1/01/42 – AGC Insured 1/25 at 100.00   A1   3,136,033  
  7,000   6.500%, 1/01/43 1/25 at 100.00   A   8,592,710  
  140   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 – AGC Insured 1/18 at 100.00   A1   143,977  
      North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A:            
  545   5.750%, 1/01/40 (Pre-refunded 1/01/18) – AGC Insured 1/18 at 100.00   A1 (4)   562,854  
  415   5.750%, 1/01/40 (Pre-refunded 1/01/18) – AGC Insured 1/18 at 100.00   A1 (4)   428,595  
  10,000   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/28 – AGC Insured No Opt. Call   A1   7,032,600  
      North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B:            
  2,870   5.000%, 1/01/40 1/23 at 100.00   A   3,175,253  
  4,880   5.000%, 1/01/45 1/25 at 100.00   A   5,406,796  
  8,400   North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18) 1/18 at 100.00   A– (4)   8,675,184  

 

90
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
      North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A:            
$ 7,855   5.000%, 1/01/33 1/25 at 100.00   A– $ 8,890,053  
  2,205   5.000%, 1/01/34 1/25 at 100.00   A–   2,484,307  
  1,000   5.000%, 1/01/35 1/25 at 100.00   A–   1,122,310  
  2,345   5.000%, 1/01/38 1/25 at 100.00   A–   2,614,933  
  1,570   Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.000%, 2/01/34 2/24 at 100.00   Ba2   1,621,669  
  3,500   Southwest Higher Education Authority Inc., Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41 10/20 at 100.00   AA–   3,852,555  
      Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:            
  425   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   N/R (4)   483,718  
  5,410   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   AA– (4)   6,157,446  
  1,980   Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26 No Opt. Call   BBB+   2,394,751  
      Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:            
  2,500   5.000%, 12/15/27 12/22 at 100.00   BBB   2,750,375  
  4,835   5.000%, 12/15/28 12/22 at 100.00   BBB   5,293,020  
  13,235   5.000%, 12/15/29 12/22 at 100.00   BBB   14,417,547  
  435   5.000%, 12/15/32 12/22 at 100.00   BBB   467,838  
  1,620   Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39 12/19 at 100.00   BBB–   1,825,837  
      Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010:            
  2,000   7.000%, 6/30/34 6/20 at 100.00   Baa3   2,277,000  
  500   7.000%, 6/30/40 6/20 at 100.00   Baa3   567,270  
  2,000   Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE 9/23 at 100.00   BBB–   2,284,760  
      Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 7.000%, 12/31/38 (Alternative Minimum Tax)            
  1,000   Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured 8/17 at 100.00   BBB (4)   1,012,430  
  5,355   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 8/22 at 100.00   A–   5,851,034  
      Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C:            
  4,000   5.000%, 8/15/32 8/24 at 100.00   BBB   4,459,560  
  1,875   5.000%, 8/15/37 8/24 at 100.00   BBB   2,055,919  
  4,590   5.000%, 8/15/42 8/24 at 100.00   BBB   5,011,224  
      Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A:            
  1,020   0.000%, 8/15/21 – AMBAC Insured No Opt. Call   A–   939,808  
  3,600   0.000%, 8/15/25 – AMBAC Insured No Opt. Call   A–   2,826,432  
  300   Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/21 – AMBAC Insured (ETM) No Opt. Call   A3 (4)   280,956  
  6,100   Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM) 7/17 at 100.00   Aaa   6,467,952  
  388,565   Total Texas         348,108,031  
      Utah – 0.3% (0.2% of Total Investments)            
  3,000   Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41 8/19 at 100.00   AA+   3,193,320  
  810   Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 6.375%, 7/15/40 7/20 at 100.00   BBB–   862,942  

 

NUVEEN
91


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utah (continued)            
$ 1,555   Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.375%, 7/15/40 7/20 at 100.00   BB $ 1,623,467  
  5,365   Total Utah         5,679,729  
      Virginia – 1.3% (0.8% of Total Investments)            
  540   Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015, 5.600%, 3/01/45 3/25 at 100.00   N/R   543,240  
  1,800   Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30 11/22 at 100.00   A   2,007,972  
  3,390   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 4/22 at 100.00   BBB+   3,556,991  
  6,000   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 6/17 at 100.00   B–   5,761,800  
  2,855   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 5.200%, 6/01/46 6/17 at 100.00   B–   2,787,108  
  1,810   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax) 1/22 at 100.00   BBB–   1,891,486  
      Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:            
  1,885   5.250%, 1/01/32 (Alternative Minimum Tax) 7/22 at 100.00   BBB   2,040,267  
  4,480   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   5,040,672  
  3,810   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   4,167,835  
  26,570   Total Virginia         27,797,371  
      Washington – 2.3% (1.5% of Total Investments)            
  1,260   Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured 8/17 at 100.00   AAA   1,337,188  
  6,000   Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Series 2015A, 5.000%, 7/01/38 (UB) (7) 7/25 at 100.00   AA–   6,849,960  
  2,500   King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 (Pre-refunded 1/01/19) 1/19 at 100.00   Aa2 (4)   2,677,750  
  10,000   Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series 2011A, 5.000%, 2/01/41 2/21 at 100.00   BBB+   10,362,800  
  6,065   Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Refunding Series 2015, 4.000%, 7/01/36 7/25 at 100.00   Baa1   5,992,645  
  7,190   Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 1/21 at 100.00   A3   7,810,425  
  2,940   Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (4)   3,371,680  
  2,185   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42 10/22 at 100.00   Aa2   2,412,590  
  4,000   Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 7/19 at 100.00   A3 (4)   4,409,080  
  2,000   Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/01/17) 12/17 at 100.00   N/R (4)   2,056,040  
  1,595   Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured 8/17 at 100.00   BBB   1,612,800  
  1,410   Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/24 – NPFG Insured No Opt. Call   AA+   1,198,021  
  47,145   Total Washington         50,090,979  

 

92
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      West Virginia – 0.5% (0.3% of Total Investments)            
$ 2,950   West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company Amos Project, Series 2010, 5.375%, 12/01/38 12/20 at 100.00   Baa1 $ 3,230,221  
  1,950   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32 9/19 at 100.00   Baa1   2,075,756  
  5,160   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 6/23 at 100.00   A   5,778,632  
  10,060   Total West Virginia         11,084,609  
      Wisconsin – 1.7% (1.1% of Total Investments)            
  815   Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39 (Pre-refunded 2/15/19) 2/19 at 100.00   A3 (4)   885,424  
  1,000   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A, 5.125%, 5/01/36 5/26 at 100.00   N/R   947,660  
      Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A:            
  5,375   5.000%, 6/15/36 6/26 at 100.00   N/R   5,071,205  
  3,785   5.000%, 6/15/46 6/26 at 100.00   N/R   3,465,432  
  1,055   Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax) 11/24 at 100.00   N/R   1,120,463  
  1,200   Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2016, 4.000%, 8/01/35 (Alternative Minimum Tax) 8/26 at 100.00   N/R   1,145,784  
  1,000   Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C, 4.300%, 11/01/30 (Alternative Minimum Tax) 5/26 at 100.00   BBB–   1,009,600  
  3,000   Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/19 – NPFG Insured (ETM) No Opt. Call   A2 (4)   3,336,000  
  1,400   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30 4/20 at 100.00   A–   1,475,614  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33 9/17 at 100.00   BBB+   1,006,510  
  1,250   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32 2/22 at 100.00   A–   1,346,388  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012:            
  2,105   5.000%, 6/01/32 6/22 at 100.00   A3   2,276,515  
  2,500   5.000%, 6/01/39 6/22 at 100.00   A3   2,654,250  
  4,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39 8/24 at 100.00   A+   4,394,040  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A:            
  1,415   5.000%, 7/01/27 7/24 at 100.00   A–   1,599,841  
  1,310   5.000%, 7/01/29 7/24 at 100.00   A–   1,455,187  
  3,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44 7/24 at 100.00   A–   3,170,010  
  1,120   Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 5.250%, 10/01/39 10/22 at 102.00   N/R   1,128,848  
  36,330   Total Wisconsin         37,488,771  
$ 3,856,517   Total Municipal Bonds (cost $3,188,661,033)         3,410,101,349  

 

NUVEEN
93


 

NZF Nuveen Municipal Credit Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal                    
  Amount (000)   Description (1) Coupon   Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 0.0% (0.0% of Total Investments)                
      Transportation – 0.0% (0.0% of Total Investments)                
$ 596   Las Vegas Monorail Company, Senior Interest Bonds (10), (11) 5.500%   7/15/19   N/R $ 369,828  
  160   Las Vegas Monorail Company, Senior Interest Bonds (10), (11) 5.500%   7/15/55   N/R   80,209  
$ 756   Total Corporate Bonds (cost $63,519)             450,037  

 

  Shares   Description (1), (12)   Value  
      INVESTMENT COMPANIES – 0.2% (0.1% of Total Investments)      
  26,880   Dreyfus Strategic Municipal Fund $ 234,662  
  6,266   BlackRock MuniHoldings Fund Inc.   104,329  
  131,278   Deutsche Municipal Income Trust   1,744,685  
  43,020   Invesco VK Investment Grade Municipal Trust   564,422  
  30,000   Invesco VK Municipal Opportunity Trust   390,600  
  43,420   PIMCO Municipal Income Fund II   557,513  
      Total Investment Companies (cost $3,325,133)   3,596,211  
      Total Long-Term Investments (cost $3,192,049,685)   3,414,147,597  

 

                   
  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 0.1% (0.1% of Total Investments)            
      MUNICIPAL BONDS – 0.1% (0.1% of Total Investments)            
      Illinois – 0.1% (0.1% of Total Investments)            
$ 2,350   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues 7/17 at 100.00   B3 $ 2,343,208  
      Series 2011C-1, 0.960%, 3/01/32 (Mandatory Put 3/01/16) (13)            
$ 2,350   Total Short-Term Investments (cost $2,350,000)         2,343,208  
      Total Investments (cost $3,194,399,685) – 154.8%         3,416,490,805  
      Floating Rate Obligations – (2.8)%         (62,680,000 )
      Institutional MuniFund Term Preferred Shares, net of deferred offering costs – (6.8)% (14)         (149,870,009 )
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (15.2)% (15)         (335,963,835 )
      Variable Rate Demand Preferred Shares, net of deferred offering costs – (32.7)% (16)         (721,719,368 )
      Other Assets Less Liabilities – 2.7%         60,283,501  
      Net Assets Applicable to Common Shares – 100%       $ 2,206,541,094  

 

94
NUVEEN


(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3) The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5) The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016.
(6) Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(7) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(8) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(9) On January 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 7.125% to 5.700% and again on November 11, 2015, further reduced the security’s interest rate of accrual from 5.700% to 4.275%.
(10) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(11) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(12) A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
(13) Investment has a maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(14) Institutional MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments are 4.4%.
(15) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 9.8%.
(16) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 21.1%.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD) Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
PIK All or a portion of this security is payment-in-kind.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

See accompanying notes to financial statements.

NUVEEN
95


 

NMZ    
  Nuveen Municipal High Income Opportunity Fund  
  Portfolio of Investments April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 125.5% (99.7% of Total Investments)            
      MUNICIPAL BONDS – 122.9% (97.8% of Total Investments)            
      Alabama – 0.7% (0.5% of Total Investments)            
$ 1,000   Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Green Mountain Management LLC Project, Series 2010, 8.750%, 8/01/30 (4) 8/20 at 100.00   N/R $ 799,470  
  1,000   Alabama Industrial Development Authority, Solid Waste Disposal Revenue Bonds, Pine City Fiber Co. Project, Series 1993, 6.450%, 12/01/23 (Alternative Minimum Tax) 7/17 at 100.00   B3   1,000,020  
  2,000   Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A, 6.000%, 9/01/45 9/25 at 100.00   N/R   2,014,140  
  1,000   Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013C, 0.000%, 10/01/38 – AGM Insured 10/23 at 105.00   BB+   800,870  
  950   Selma Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, Zilkha Biomass Selma LLC Project, Series 2015, 7.500%, 5/01/25 (Alternative Minimum Tax) (4) No Opt. Call   N/R   665,988  
  5,950   Total Alabama         5,280,488  
      Arizona – 4.0% (3.2% of Total Investments)            
  1,760   Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 2016-XF0393, 16.905%, 1/01/32 (Pre-refunded 1/01/18) (IF) (6) 1/18 at 100.00   AA– (5)   1,974,421  
  1,420   Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 2015-XF2046, 15.604%, 1/01/35 (Pre-refunded 1/01/18) (IF) (6) 1/18 at 100.00   AA– (5)   1,579,012  
  1,000   Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series 2007, 6.200%, 7/15/32 (Pre-refunded 7/15/17) 7/17 at 100.00   N/R (5)   1,011,340  
  213   Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25 7/17 at 100.00   N/R   213,675  
  3,000   Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University Project, Tender Option Bond Trust 2016-XF2337, 14.879%, 6/01/42 (IF) (6) 6/22 at 100.00   A   3,907,800  
  440   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   418,066  
  1,000   Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Desert Heights Charter School, Series 2014, 7.250%, 5/01/44 5/24 at 100.00   N/R   1,089,060  
  100   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2014A, 6.875%, 7/01/34 7/20 at 102.00   BB   96,513  
      Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016:            
  245   5.250%, 7/01/36 7/26 at 100.00   BB   215,583  
  400   5.375%, 7/01/46 7/26 at 100.00   BB   343,756  
  475   5.500%, 7/01/51 7/26 at 100.00   BB   407,222  
  2,000   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2014A , 9.000%, 2/01/44 2/24 at 100.00   N/R   2,315,760  
  475   Pima County Industrial Development Authority, Arizona, Education Revenue Bonds Legacy Traditional School Project, Series 2009, 8.500%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   N/R (5)   541,966  
  2,250   Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, American Charter School Foundation, Series 2007A, 5.625%, 7/01/38 7/17 at 100.00   N/R   2,268,630  
  2,500   Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012, 7.500%, 1/01/42 1/22 at 100.00   B   2,274,075  
      Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010:            
  1,315   6.000%, 6/01/40 (Pre-refunded 6/01/19) 6/19 at 100.00   BB+ (5)   1,446,513  
  500   6.100%, 6/01/45 (Pre-refunded 6/01/19) 6/19 at 100.00   BB+ (5)   551,035  

 

96
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Arizona (continued)            
$ 1,150   Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.250%, 10/01/22 – ACA Insured 7/17 at 100.00   BBB– $ 1,151,449  
  3,575   Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27 12/17 at 102.00   B–   3,316,456  
  1,835   Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, Series 2012A, 9.750%, 5/01/25 5/17 at 100.00   B+   1,979,433  
  2,500   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.500%, 12/01/37 No Opt. Call   Ba1   2,766,125  
  1,000   Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax) 12/17 at 100.00   N/R   941,300  
  29,153   Total Arizona         30,809,190  
      California – 16.8% (13.3% of Total Investments)            
  1,470   Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2015-XF2179, 15.238%, 4/01/34 (Pre-refunded 4/01/18) (IF) (6) 4/18 at 100.00   Aa3 (5)   1,696,880  
  1,000   California Enterprise Development Authority, Recovery Zone Facility Revenue Bonds, SunPower Corporation – Headquarters Project, Series 2010, 8.500%, 4/01/31 4/21 at 100.00   N/R   1,096,950  
  2,205   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.125%, 6/01/38 7/17 at 100.00   B–   2,186,368  
  10,000   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016B, 5.000%, 11/15/46 (UB) (6) 11/26 at 100.00   AA–   11,191,100  
      California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Tender Option Bond Trust 2016-XF2353:            
  1,875   17.748%, 11/15/40 (IF) (6) 11/21 at 100.00   Aa3   2,985,825  
  1,250   16.742%, 11/15/40 (IF) (6) 11/21 at 100.00   Aa3   1,890,250  
      California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049:            
  250   15.462%, 8/15/51 (IF) (6) 8/22 at 100.00   AA–   344,670  
  1,000   15.458%, 8/15/51 (IF) (6) 8/22 at 100.00   AA–   1,378,570  
  1,020   California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc. Projects, Series 2014B, 5.875%, 8/15/49 8/24 at 100.00   N/R   1,116,400  
  990   California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010B, 7.250%, 8/15/45 8/20 at 100.00   N/R   1,084,862  
  500   California Municipal Finance Authority, Revenue Bonds, California Baptist University, Series 2016A, 5.000%, 11/01/36 11/26 at 100.00   N/R   518,440  
  1,000   California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.500%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   A3 (5)   1,182,570  
  1,950   California School Finance Authority, Educational Facilities Revenue Bonds, Tri-Valley Learning Corporation, Series 2012A, 7.000%, 6/01/47 (4) 6/20 at 102.00   N/R   1,364,981  
  1,300   California State, General Obligation Bonds, Tender Option Bond Trust 2016-XG0039, 17.130%, 3/01/40 – AGM Insured (IF) (6) 3/20 at 100.00   Aa3   1,881,100  
      California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A:            
  800   5.250%, 12/01/44 12/24 at 100.00   BB   856,776  
  1,000   5.500%, 12/01/54 12/24 at 100.00   BB   1,081,690  
  6,940   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56 6/26 at 100.00   BB   7,462,929  
  520   California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.250%, 10/01/39 10/19 at 100.00   BBB+   566,363  
  5,000   California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2017A-2, 4.000%, 11/01/44 (WI/DD, Settling 5/04/17) (UB) 11/27 at 100.00   A+   5,047,000  
  500   California Statewide Communities Development Authority, Revenue Bonds, Lancer Educational Student Housing Project, Refunding Series 2016A, 5.000%, 6/01/46 6/26 at 100.00   N/R   507,010  

 

NUVEEN
97


 

NMZ Nuveen Municipal High Income Opportunity Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 1,000   California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2012-01, Fancher Creek, Series 2013A, 5.700%, 9/01/43 9/22 at 100.00   N/R $ 1,079,480  
  1,630   California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41 9/21 at 100.00   N/R   1,722,225  
  500   California Statewide Community Development Authority, Revenue Bonds, California Baptist University, Series 2011A, 7.500%, 11/01/41 11/21 at 100.00   N/R   575,190  
  1,500   California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.500%, 7/01/39 (7) 7/17 at 100.00   CCC   1,349,265  
  1,250   California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007C, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured 7/18 at 100.00   AA– (5)   1,321,438  
  515   California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF2186, 15.280%, 11/15/38 (IF) (6) 5/18 at 100.00   AA–   579,875  
      California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2016-XF2351:            
  745   15.663%, 11/15/38 (IF) (6) 5/18 at 100.00   AA–   839,518  
  1,000   16.742%, 11/15/48 (IF) (6) 5/18 at 100.00   AA–   1,140,200  
  1,865   Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park Project, Refunding Third Tier Series 2007C, 6.500%, 12/15/47 12/17 at 100.00   N/R   1,883,911  
  2,000   Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park, Refunding Series 2007A, 5.000%, 12/15/37 12/17 at 100.00   A+   2,024,480  
  500   Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Tender Option Bond Trust 2016-XG0095, 15.860%, 9/01/32 – AMBAC Insured (IF) (6) 7/17 at 100.00   A2   530,620  
  1,000   Fontana, California, Special Tax Bonds, Community Facilities District 31 Citrus Heights North, Series 2006, 5.000%, 9/01/26 9/17 at 100.00   N/R   1,006,260  
  3,500   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 6/22 at 100.00   B3   3,548,720  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  6,765   5.000%, 6/01/33 6/17 at 100.00   B3   6,802,208  
  11,330   5.750%, 6/01/47 6/17 at 100.00   B3   11,356,396  
  3,690   5.125%, 6/01/47 6/17 at 100.00   B–   3,689,742  
  705   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 (Pre-refunded 6/01/17) 6/17 at 100.00   N/R (5)   708,165  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2015A:            
  2,000   5.000%, 6/01/40 (UB) (6) 6/25 at 100.00   A+   2,223,160  
  2,000   5.000%, 6/01/45 (UB) (6) 6/25 at 100.00   A+   2,214,220  
  860   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038, 14.698%, 6/01/45 (IF) (6) 6/25 at 100.00   A+   1,228,433  
  1,500   Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 2017-XF2453, 20.311%, 7/15/40 (Pre-refunded 7/15/21) (IF) (6) 7/21 at 100.00   Aaa   2,692,500  
      Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005:            
  1,000   5.000%, 8/01/25 – AMBAC Insured 7/17 at 100.00   N/R   1,002,660  
  1,000   5.000%, 8/01/35 – AMBAC Insured 7/17 at 100.00   N/R   1,001,980  
  145   Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 8/19 at 100.00   BBB   163,815  
  190   Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R (5)   214,791  
  550   Lathrop Financing Authority, California, Revenue Bonds, Water Supply Project Series 2003, 6.000%, 6/01/35 6/17 at 100.00   N/R   550,484  

 

98
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 390   Lee Lake Public Financing Authority, California, Junior Lien Revenue Bonds, Series 2013B, 5.250%, 9/01/32 9/23 at 100.00   N/R $ 424,102  
  850   Los Angeles County, California, Community Development Commission Headquarters Office Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender Option Bond Trust 2016-XL0022, 15.770%, 9/01/42 (IF) (6) 9/21 at 100.00   Aa3   1,279,429  
  1,825   Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Tender Option Bond Trust 2016-XL0005, 15.641%, 5/15/40 (IF) (6) 5/20 at 100.00   Aa3   2,586,317  
  1,000   Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31 9/21 at 100.00   A–   1,195,840  
      March Joint Powers Redevelopment Agency, California, Tax Allocation Revenue Bonds, March Air Force Base Redevelopment Project, Series 2011A:            
  1,000   7.000%, 8/01/26 (Pre-refunded 8/01/21) 8/21 at 100.00   A– (5)   1,234,720  
  1,500   7.500%, 8/01/41 (Pre-refunded 8/01/21) 8/21 at 100.00   A– (5)   1,883,040  
  470   Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2005-3, Series 2007, 5.000%, 9/01/37 9/17 at 100.00   N/R   471,687  
  500   National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32 8/21 at 100.00   A   599,450  
  330   Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40 9/21 at 100.00   BBB+   387,796  
      Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:            
  470   5.250%, 11/01/21 11/20 at 100.00   Ba1   495,949  
  1,000   6.000%, 11/01/41 11/20 at 100.00   Ba1   1,087,480  
  250   Palomar Pomerado Health, California, General Obligation Bonds, Tender Option Bond Trust 2016-XG0017, 15.459%, 8/01/37 (Pre-refunded 8/01/17) – NPFG Insured (IF) (6) 8/17 at 100.00   A (5)   261,190  
  1,000   Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18) 9/18 at 100.00   N/R (5)   1,075,800  
  733   River Rock Entertainment Authority, California, Revenue Bonds, Senior Notes Series 2011B, 8.000%, 11/01/18 (4) 7/17 at 100.00   N/R   142,422  
  1,200   Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.750%, 10/01/30 10/21 at 100.00   A   1,434,168  
      Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 2016-XG0100:            
  750   15.684%, 12/01/30 – AMBAC Insured (IF) (6) No Opt. Call   A+   1,420,350  
  2,015   15.684%, 12/01/33 – AMBAC Insured (IF) (6) No Opt. Call   A+   3,858,967  
      San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011:            
  960   8.000%, 12/01/26 12/21 at 100.00   Ba2   1,193,635  
  1,000   8.000%, 12/01/31 12/21 at 100.00   Ba2   1,206,270  
  4,095   San Francisco City and County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Subordinate Series 2016D, 0.000%, 8/01/31 8/21 at 61.78   N/R   1,850,940  
  1,000   Santa Margarita Water District, California, Special Tax Bonds, Community Facilities District 2013-1 Village of Sendero, Series 2013, 5.625%, 9/01/43 9/23 at 100.00   N/R   1,097,410  
  1,000   Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/41 (Pre-refunded 2/01/21) 2/21 at 100.00   A (5)   1,210,360  
  1,065   Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017, 6.250%, 9/01/47 9/27 at 100.00   N/R   1,079,292  
  1,000   Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.250%, 8/01/36 – NPFG Insured 7/17 at 100.00   A3   1,014,130  
  1,890   Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 7/17 at 100.00   B–   1,859,873  
  650   Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project Area, Series 2011A, 7.650%, 9/01/42 9/21 at 100.00   BBB+   787,781  

 

NUVEEN
99


 

NMZ Nuveen Municipal High Income Opportunity Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 1,250   University of California, General Revenue Bonds, Tender Option Bond Trust 2016-XL0001, 15.540%, 5/15/39 (IF) (6) 5/23 at 100.00   AA $ 1,941,400  
  118,503   Total California         129,970,268  
      Colorado – 9.1% (7.2% of Total Investments)            
  2,000   Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23 7/18 at 100.00   N/R   2,007,280  
  500   Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, Refunding Subordinate Lien Series 2016B, 8.000%, 6/15/37 12/21 at 103.00   N/R   469,845  
  1,953   Cimarron Metropolitan District, Arvada, Colorado, Limited Tax Revenue Bonds, Convertible to Unlimited Tax, Series 2012, 6.000%, 12/01/22 10/17 at 100.00   N/R   1,923,197  
  750   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy Project, Series 2008, 6.250%, 7/01/28 7/18 at 100.00   BB   766,440  
  1,000   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Jefferson County School District R-1 – Compass Montessori Secondary School, Series 2006, 5.625%, 2/15/36 2/18 at 100.00   N/R   1,003,190  
  2,290   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Mountain Phoenix Community School, Series 2012, 7.000%, 10/01/42 10/22 at 100.00   N/R   2,473,589  
  200   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Skyview Academy Project, Series 2014, 5.375%, 7/01/44 7/24 at 100.00   BB+   206,468  
  1,790   Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Pikes Peak School of Expeditionary Learning Charter School, Series 2008, 6.625%, 6/01/38 (Pre-refunded 6/01/18) 6/18 at 102.00   N/R (5)   1,924,411  
  5,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2016A, 5.000%, 11/15/41 (UB) 5/26 at 100.00   AA   5,622,600  
  2,500   Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes of the Midwest Obligated Group, Series 2013, 8.000%, 8/01/43 2/24 at 100.00   N/R   2,839,600  
  1,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2016, 6.125%, 2/01/46 2/26 at 100.00   N/R   1,005,260  
  1,350   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Colorado Senior Residences Project, Series 2012, 6.750%, 6/01/32 (4) 6/22 at 100.00   N/R   1,059,480  
  750   Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 2015-XF0054, 16.422%, 1/01/30 (IF) 1/20 at 100.00   AA–   1,010,010  
  1,285   Colorado Health Facilities Authority, Revenue Bonds, Craig Hospital Project, Series 2012, 5.000%, 12/01/32 (UB) (6) 12/22 at 100.00   A   1,413,577  
  290   Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2006, 5.250%, 6/01/36 7/17 at 100.00   Baa2   290,560  
      Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007:            
  518   5.000%, 6/01/17 (Alternative Minimum Tax) (4), (8) No Opt. Call   N/R   510,016  
  5,045   6.750%, 4/01/27 (Alternative Minimum Tax) (4) 7/17 at 100.00   N/R   4,388,646  
  2,223   Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2013, 6.875%, 10/01/27 (Alternative Minimum Tax) (4) No Opt. Call   N/R   1,935,628  
  2,000   Compark Business Campus Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Series 2012A, 6.750%, 12/01/39 – RAAI Insured 12/22 at 100.00   N/R   2,114,900  
      Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007:            
  1,000   5.400%, 12/01/27 12/17 at 100.00   N/R   942,490  
  1,500   5.450%, 12/01/34 12/17 at 100.00   N/R   1,375,335  
  1,000   Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Air Lines Corporation, Series 2007A, 5.250%, 10/01/32 (Alternative Minimum Tax) 10/17 at 100.00   BB–   1,010,260  
  2,000   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured No Opt. Call   BBB+   1,394,840  

 

100
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 708   Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2015B, 7.750%, 12/15/45 12/20 at 103.00   N/R $ 692,629  
  961   Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40 3/20 at 100.00   N/R   1,017,699  
  1,000   Fitzsimons Village Metropolitan District 3, Arapahoe County, Colorado, Tax Increment/Public Improvement Fee Supported Revenue Bonds, Series 2014A, 6.000%, 3/01/44 3/20 at 100.00   N/R   1,000,630  
      Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014:            
  1,000   5.750%, 12/01/30 12/24 at 100.00   N/R   1,034,100  
  1,080   6.000%, 12/01/38 12/24 at 100.00   N/R   1,105,499  
  1,989   Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue Bonds, Series 2009A-1, 9.000%, 8/01/39 (9) 12/19 at 100.00   N/R   2,031,684  
  2,000   Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited Tax, Refunding & Improvement Series 2015, 6.125%, 12/01/44 12/24 at 100.00   N/R   2,023,940  
  952   Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited Tax, Series 2007A, 5.500%, 12/01/37 12/17 at 100.00   N/R   894,271  
  1,000   Iliff Commons Metropolitan District 2, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2015, 6.250%, 12/01/44 12/20 at 103.00   N/R   985,830  
  305   Iliff Commons Metropolitan District 2, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Subordinated Limited Tax Convertible to Unlimited Tax Series 2016B, 8.000%, 12/15/46 12/21 at 103.00   N/R   307,806  
  2,000   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   1,948,460  
      Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A:            
  675   5.250%, 12/01/36 12/21 at 103.00   N/R   607,750  
  1,265   5.375%, 12/01/46 12/21 at 103.00   N/R   1,127,355  
  3,145   Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, Series 2007, 6.750%, 1/01/34 1/18 at 100.00   N/R   3,185,067  
  1,250   Lewis Pointe Metropolitan District, Thornton, Colorado, Limited Tax Convertible to Unlimited Tax General Obligation Bonds, Series 2015A, 6.000%, 12/01/44 12/20 at 100.00   N/R   1,237,938  
  500   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   491,755  
  500   Leyden Rock Metropolitan District No. 10, In the City of Arvada, Colorado, Limited Tax General Obligation Bonds, Refunding and Improvement Series 20016B, 7.250%, 12/15/45 12/21 at 103.00   N/R   456,840  
  5   Maher Ranch Metropolitan District 4, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.250%, 12/01/36 (Pre-refunded 12/01/17) – RAAI Insured 12/17 at 100.00   A3 (5)   5,128  
  500   Midcities Metropolitan District No. 2, In the City and County of Broomfield, Colorado, Subordinate Special Revenue Refunding Bonds, Series 2016B, 7.750%, 12/15/46 12/21 at 103.00   N/R   462,665  
  2,000   Murphy Creek Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, Refunding & Improvement Series 2006, 6.125%, 12/01/35 (10) 7/17 at 100.00   N/R   1,344,060  
  1,000   Pinon Pines Metropolitan District No. 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2016, 5.375%, 12/01/46 12/21 at 103.00   N/R   908,640  
  1,080   Promenade at Castle Rock Metropolitan District 1, Colorado, General Obligation Bonds, Limited Tax Series 2015A, 5.750%, 12/01/39 12/20 at 103.00   N/R   1,139,227  
      Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:            
  1,000   6.500%, 1/15/30 7/20 at 100.00   Baa3   1,123,900  
  1,000   6.000%, 1/15/41 7/20 at 100.00   Baa3   1,104,950  
  1,440   Rendezous Residential Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2007, 5.375%, 12/01/21 (Pre-refunded 12/01/17) 12/17 at 100.00   N/R (5)   1,478,779  
  1,000   STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation Bonds, Series 2015A, 6.000%, 12/01/38 12/19 at 103.00   N/R   981,900  
  875   STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General Obligation Bonds, Series 2015B, 7.750%, 12/15/38 12/19 at 103.00   N/R   863,030  

 

NUVEEN
101


 

NMZ Nuveen Municipal High Income Opportunity Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 3,000   Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited, Series 2007, 7.250%, 12/01/31 (11) 12/17 at 100.00   N/R $ 450,030  
  1,815   Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 12/20 at 100.00   N/R   1,894,878  
  965   VDW Metropolitan District 2, Larimer County, Colorado, General Obligation Bonds, Refunding Limited Tax Series 2016B, 7.250%, 12/15/45 No Opt. Call   A2   924,132  
  73,954   Total Colorado         70,518,194  
      Connecticut – 1.2% (1.0% of Total Investments)            
  4,000   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health Credit Group, Series 2016CT, 5.000%, 12/01/45 (UB) 6/26 at 100.00   AA–   4,470,280  
  2,500   Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 4/20 at 100.00   N/R   2,792,000  
  5,529   Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 0.240%, 7/01/31, PIK, (4) No Opt. Call   N/R   214,549  
  1,000   Mohegan Tribe of Indians of Connecticut, Gaming Authority Priority Distribution Payment Public Improvement Bonds, Series 2003, 5.250%, 1/01/33 7/17 at 100.00   B   904,590  
  1,000   Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41 (Pre-refunded 4/01/21) 4/21 at 100.00   N/R (5)   1,210,790  
  14,029   Total Connecticut         9,592,209  
      Delaware – 0.3% (0.3% of Total Investments)            
  2,500   Delaware Economic Development Authority, Revenue Bonds, Odyssey Charter School Inc. Project, Series 2015A, 7.000%, 9/01/45 3/25 at 100.00   N/R   2,530,675  
      District of Columbia – 0.6% (0.5% of Total Investments)            
  195   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 No Opt. Call   BBB   220,005  
  1,000   District of Columbia, Revenue Bonds, Cesar Chavez Public Charter Schools for Public Policy, Series 2011, 7.500%, 11/15/31 11/20 at 100.00   BB   1,102,480  
  2,500   District of Columbia, Revenue Bonds, Howard University, Tender Option Bond Trust 2016-XG0094, 20.103%, 10/01/37 (IF) (6) 4/21 at 100.00   Ba2   2,952,250  
  250   District of Columbia, Revenue Bonds, KIPP DC Issue, Series 2013A, 6.000%, 7/01/33 7/23 at 100.00   BBB+   291,540  
  3,945   Total District of Columbia         4,566,275  
      Florida – 15.5% (12.3% of Total Investments)            
  1,500   Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Terraces at Bonita Springs Project, Series 2011A, 8.125%, 11/15/46 11/21 at 100.00   N/R   1,725,630  
  840   Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38 7/17 at 100.00   N/R   786,937  
  1,870   Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 2012, 6.700%, 5/01/42 5/17 at 100.00   N/R   1,938,554  
  1,735   Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 2015, 5.375%, 5/01/45 5/25 at 100.00   N/R   1,647,730  
  1,000   Babcock Ranch Community Independent Special District, Florida, Special Assessment Bonds, Series 2015, 5.250%, 11/01/46 11/25 at 100.00   N/R   1,003,360  
  990   Beeline Community Development District, Palm Beach County, Florida, Special Assessment Bonds, Series 2008A, 7.000%, 5/01/37 5/17 at 100.00   N/R   1,009,731  
  905   Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Phase 1 Project, Series 2013A, 6.125%, 11/01/33 11/24 at 100.00   N/R   1,028,505  
  1,895   Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds, Refunding Series 2013, 5.125%, 5/01/43 5/17 at 100.00   N/R   1,902,466  

 

102
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 2,700   Brevard County, Florida, Industrial Development Revenue Bonds, TUFF Florida Tech Project, Series 2009, 6.500%, 11/01/29 11/19 at 100.00   BB+ $ 2,880,225  
  700   Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%, 11/01/20 (Alternative Minimum Tax) 7/17 at 100.00   B3   701,162  
  1,435   Capital Projects Finance Authority, Student Housing Revenue Bonds, Capital Projects Loan Program – Florida Universities, Series 2001F, 5.000%, 10/01/31 – NPFG Insured 7/17 at 100.00   A3   1,435,043  
  1,000   Celebration Pointe Community Development District 1, Alachua County, Florida, Special Assessment Revenue Bonds, Series 2014, 5.125%, 5/01/45 5/24 at 100.00   N/R   987,540  
  2,000   Collier County Industrial Development Authority, Florida, Continuing Care Community Revenue Bonds, Arlington of Naples Project, Series 2014A, 7.750%, 5/15/35 5/24 at 100.00   N/R   2,255,040  
  970   Copperstone Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Series 2007, 5.200%, 5/01/38 5/17 at 100.00   N/R   969,961  
  995   Cordoba Ranch Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2006, 5.550%, 5/01/37 7/17 at 100.00   N/R   969,210  
  800   Fishhawk Community Development District IV, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2013A, 7.000%, 5/01/33 5/23 at 100.00   N/R   846,416  
  1,850   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Elementary School Project, Series 2014A, 6.500%, 7/01/44 7/24 at 100.00   N/R   1,906,351  
  565   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A, 5.000%, 7/15/46 7/26 at 100.00   N/R   506,986  
  1,000   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2010A, 6.000%, 9/15/40 9/20 at 100.00   BB+   1,026,620  
  2,000   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A, 7.625%, 6/15/41 6/21 at 100.00   BB   2,244,540  
  4,000   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2013A, 8.500%, 6/15/44 6/23 at 100.00   N/R   4,606,080  
  2,500   Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Doral Breeze Project Series 2012, 5.500%, 11/01/32 11/22 at 100.00   N/R   2,571,325  
  1,000   Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Improvement Bonds, Assessment Area Two Project, Refunding Series 2014A-2, 6.500%, 5/01/39 5/24 at 100.00   N/R   1,052,340  
  1,950   Harmony Community Development District, Florida, Capital Improvement Revenue Bonds, Special Assessment, Refunding Series 2014, 5.250%, 5/01/32 5/24 at 100.00   N/R   1,955,655  
  2,585   Hawks Point Community Development District, Florida, Special Assessment Revenue Bonds, Series 2007A, 5.300%, 5/01/39 5/17 at 100.00   N/R   2,585,569  
  3,000   Jacksonville Economic Development Commission, Florida, Health Care Facilities Revenue Bonds, Florida Proton Therapy Institute Project, Series 2007A, 6.250%, 9/01/27 9/17 at 100.00   N/R   3,016,950  
  1,000   Jacksonville Economic Development Commission, Florida, Industrial Development Revenue Bonds, Gerdau Ameristeel US Inc. Project, Series 2007, 5.300%, 5/01/37 (Alternative Minimum Tax) 11/17 at 100.00   Ba3   915,810  
  1,000   Lakes by the Bay South Community Development District, Florida, Special Assessment Bonds, Series 2012, 5.750%, 11/01/42 11/22 at 100.00   N/R   1,023,950  
  665   Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Lakewood Centre North Project, Series 2015, 4.875%, 5/01/45 5/17 at 100.00   N/R   666,616  
  2,000   Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A, 5.375%, 6/15/37 6/17 at 100.00   BB   1,976,840  
  12,190   Miami Beach, Florida, Resort Tax Revenue Bonds, Series 2015, 5.000%, 9/01/45 (UB) 9/25 at 100.00   AA–   13,699,366  
  1,085   Miami World Center Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Series 2017, 5.250%, 11/01/49 11/27 at 100.00   N/R   1,100,581  
  750   Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op Charter Schools Project, Series 2015A, 6.000%, 9/15/45 9/25 at 100.00   N/R   770,295  

 

NUVEEN
103


 

NMZ Nuveen Municipal High Income Opportunity Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 1,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Series 2008, Tender Option Bond Trust 2016-XG0010, 15.741%, 10/01/38 – AGC Insured (Alternative Minimum Tax) (IF) (6) 10/18 at 100.00   A $ 1,214,490  
  12,430   Miami-Dade County, Florida, General Obligation Bonds, Series 2015D, 5.000%, 7/01/45 (UB) 7/26 at 100.00   AA   14,079,958  
  1,250   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Tender Option Bond Trust 2016-XG0030, 15.255%, 10/01/39 – AGM Insured (IF) 10/20 at 100.00   A+   1,765,900  
  930   Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015, 5.500%, 8/01/46 8/26 at 100.00   N/R   963,015  
      Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A:            
  620   7.000%, 6/01/29 6/22 at 102.00   N/R   721,271  
  3,110   7.500%, 6/01/49 6/22 at 102.00   N/R   3,684,573  
  4,090   Pine Island Community Development District, Florida, Special Assessment Bonds, Bella Collina, Series 2004, 5.750%, 5/01/35 7/17 at 100.00   N/R   4,061,452  
  450   Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, Series 2007B, 5.000%, 7/01/33 (Pre-refunded 7/01/17) – NPFG Insured 7/17 at 100.00   A3 (5)   453,294  
  1,760   Reunion West Community Development District, Florida, Special Assessment Bonds, Series 2004A-1, 6.250%, 5/01/36 5/22 at 100.00   N/R   1,810,442  
  2,500   Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series 2016, 6.000%, 11/01/47 11/27 at 100.00   N/R   2,552,725  
  990   Shingle Creek Community Development District, Florida, Special Assessment Revenue Bonds, Series 2015, 5.400%, 11/01/45 11/25 at 100.00   N/R   1,006,493  
  1,140   Stoneybrook Venice Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007, 6.750%, 5/01/38 5/17 at 100.00   N/R   1,172,855  
  1,010   Sweetwater Creek Community Development District, Saint John’s County, Florida, Capital Improvement Revenue Bonds, Series 2007A, 5.500%, 5/01/38 5/17 at 100.00   N/R   1,009,990  
  1,250   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39 5/17 at 100.00   N/R   1,162,475  
  2,515   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (12) 5/19 at 100.00   N/R   1,502,134  
  1,540   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (12) 5/22 at 100.00   N/R   680,711  
      Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3:            
  120   6.375%, 5/01/17 (4) No Opt. Call   N/R   1  
  1,360   6.650%, 5/01/40 (4) 5/18 at 100.00   N/R   14  
  2,845   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007A-2, 5.250%, 5/01/39 (4) 5/17 at 100.00   N/R   28  
  120   Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 5/18 at 100.00   N/R   120,648  
  615   Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007A-1. RMKT, 5.250%, 5/01/39 5/17 at 100.00   N/R   593,844  
      Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1:            
  45   6.375%, 5/01/17 No Opt. Call   N/R   44,996  
  510   5.250%, 5/01/39 5/17 at 100.00   N/R   479,538  
  2,255   6.650%, 5/01/40 5/17 at 100.00   N/R   2,255,226  
  3,740   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 5/18 at 100.00   N/R   2,301,708  
  2,300   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (4) 5/18 at 100.00   N/R   1,193,792  
  2,505   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (4) 5/18 at 100.00   N/R   25  

 

104
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 3,975   Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37 5/17 at 100.00   N/R $ 3,950,951  
  3,500   Twin Creeks North Community Development District, Florida, Special Assessment Bonds, Master Infrastructure Improvements, Series 2016A-2, 6.375%, 11/01/47 11/31 at 100.00   N/R   3,445,890  
  1,000   Venetian Parc Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, Area One Project, Series 2013, 6.500%, 11/01/43 11/28 at 100.00   N/R   1,274,420  
  1,000   Waterset North Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, Series 2014, 5.500%, 11/01/45 11/24 at 100.00   N/R   999,990  
  925   West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Series 2006, 5.500%, 5/01/37 5/17 at 100.00   N/R   925,046  
  1,000   Windsor at Westside Community Development District, Osceola County, Florida, Special Assessment Bonds, Area 1 Project, Series 2015, 5.125%, 11/01/45 11/25 at 100.00   N/R   978,150  
  124,875   Total Florida         120,119,429  
      Georgia – 1.2% (1.0% of Total Investments)            
  1,000   Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Trestletree Village Apartments, Series 2013A, 5.000%, 11/01/48 11/23 at 100.00   BBB+   1,006,390  
  830   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 (Pre-refunded 1/01/19) 1/19 at 100.00   A2 (5)   911,971  
  1,250   Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 6/20 at 100.00   BB+   1,473,513  
  1,880   Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten Academy Project, Series 2013A, 7.125%, 10/01/43 10/23 at 100.00   N/R   2,020,774  
  1,000   Fulton County Development Authority, Georgia, Revenue Bonds, Amana Academy Project, Series 2013A, 6.500%, 4/01/43 4/23 at 100.00   N/R   988,820  
  1,140   Fulton County Residential Care Facilities Elderly Authority, Georgia, First Mortgage Revenue Bonds, Lenbrook Project, Series 2006B, 7.300%, 7/01/42 (Mandatory put 7/01/23) (Pre-refunded 7/01/17) 7/17 at 101.00   N/R (5)   1,164,111  
      Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:            
  392   5.500%, 7/15/23 7/21 at 100.00   N/R   392,881  
  767   5.500%, 7/15/30 7/21 at 100.00   N/R   769,044  
  842   5.500%, 1/15/36 7/21 at 100.00   N/R   844,275  
  9,101   Total Georgia         9,571,779  
      Guam – 0.4% (0.3% of Total Investments)            
  2,445   Guam Government, General Obligation Bonds, 2009 Series A, 7.000%, 11/15/39 (Pre-refunded 11/15/19) 11/19 at 100.00   N/R (5)   2,805,515  
  330   Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax) 10/23 at 100.00   BBB   376,415  
  2,775   Total Guam         3,181,930  
      Hawaii – 0.3% (0.3% of Total Investments)            
  831   Hawaii Department of Budget and Finance, Private School Revenue Bonds, Montessori of Maui, Series 2007, 5.500%, 1/01/37 8/17 at 100.00   N/R   832,787  
  1,655   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company, Inc. and Subsidiary Projects, Series 2009, 6.500%, 7/01/39 7/19 at 100.00   BBB–   1,791,471  
  2,486   Total Hawaii         2,624,258  
      Idaho – 0.1% (0.1% of Total Investments)            
  500   Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Tender Option Bond Trust 2016-XG0066, 13.887%, 3/01/47 (IF) (6) 3/22 at 100.00   A–   634,300  

 

NUVEEN
105


 

NMZ Nuveen Municipal High Income Opportunity Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois – 13.5% (10.7% of Total Investments)            
$ 825   Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005, 6.250%, 1/01/24 7/17 at 100.00   N/R $ 808,822  
  10,000   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2017, 6.000%, 4/01/46 (UB) (6) 4/27 at 100.00   A   10,347,100  
  1,000   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2010F, 5.000%, 12/01/31 12/20 at 100.00   B3   819,070  
  14,885   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 12/25 at 100.00   B   14,407,778  
  2,025   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 12/26 at 100.00   B   1,881,286  
  3,000   Chicago Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Series 2015A, 5.000%, 12/01/44 (UB) 12/24 at 100.00   AA+   3,291,360  
  7,500   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 (UB) (6) 12/21 at 100.00   A1   8,009,400  
  1,676   Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State Redevelopment Project, Series 2012, 6.100%, 1/15/29 12/17 at 100.00   N/R   1,613,467  
  2,571   Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 (4) 7/17 at 100.00   N/R   1,817,520  
  2,000   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.250%, 1/01/30 1/24 at 100.00   Ba1   1,996,180  
  7,400   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 1/27 at 100.00   BBB–   7,753,276  
  1,000   Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 5.500%,1/01/37 1/25 at 100.00   Ba1   1,001,150  
  130   Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 1/26 at 100.00   BBB–   123,405  
  1,500   Chicago, Illinois, General Obligation Bonds, Variable Rate Demand Series 2007F, 5.500%, 1/01/42 1/25 at 100.00   Ba1   1,499,880  
  4,000   Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40 10/20 at 100.00   CCC+   4,088,480  
  2,180   Evanston, Illinois, Educational Facility Revenue Bonds, Roycemore School Project, Series 2011, 8.250%, 7/01/41 (4) 7/21 at 100.00   N/R   1,827,232  
  5,000   Illinois Finance Authority Revenue Bonds, Ness Healthcare NFP, Series 2016A, 6.375%, 11/01/46 11/26 at 100.00   N/R   4,743,050  
  3,370   Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, Series 2007, 5.000%, 12/01/36 7/17 at 100.00   BBB   3,371,348  
  1,000   Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40 10/20 at 100.00   CCC+   1,022,120  
  1,100   Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37 (Pre-refunded 1/01/18) 1/18 at 100.00   A (5)   1,134,881  
  1,000   Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, 6.000%, 10/01/48 10/22 at 100.00   BBB–   1,065,200  
  2,500   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Tender Option Bond Trust 4702, 17.926%, 11/15/37 (Pre-refunded 11/15/17) (IF) (6) 11/17 at 100.00   A (5)   2,769,800  
      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 (5)   28,725  
  2,875   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   BBB– (5)   3,303,375  
  1,770   Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 (Pre-refunded 8/01/17) 8/17 at 100.00   N/R (5)   1,790,851  
      Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:            
  2,000   6.875%, 8/15/38 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (5)   2,260,160  
  3,850   7.000%, 8/15/44 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (5)   4,361,242  
      Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 2015-XF0121:            
  250   19.169%, 8/15/41 – AGM Insured (IF) (6) 8/21 at 100.00   A2   386,910  
  1,685   19.156%, 8/15/41 – AGM Insured (IF) (6) 8/21 at 100.00   A2   2,607,083  

 

106
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 695   Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/30 7/17 at 100.00   Baa3 $ 696,877  
  200   Illinois State, General Obligation Bonds, Series 2012A, 5.000%, 3/01/36 3/22 at 100.00   BBB   200,242  
  5,820   Illinois State, Sales Tax Revenue Bonds, Build Illinois, Series 2016C, 4.000%, 6/15/32 (UB) (6) 6/26 at 100.00   AA–   6,082,657  
  1,105   Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 (13) 7/17 at 100.00   N/R   484,078  
  2,000   Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured (4) 7/17 at 100.00   N/R   1,699,400  
      Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:            
  285   5.250%, 1/01/25 (14) 7/17 at 100.00   D   83,100  
  1,175   5.250%, 1/01/36 (14) 7/17 at 100.00   D   342,607  
  1,431   Lombard Public Facilities Corporation, Illinois, Third Tier Conference Center and Hotel Revenue Bonds, Series 2005C-3, 12.000%, 1/01/36 (4) 7/18 at 100.00   N/R   14  
  800   Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28 6/21 at 100.00   A–   911,080  
  955   Rantoul, Champaign County, Illinois, Tax Increment Revenue Bonds, Evans Road Series 2013B, 7.000%, 12/01/33 12/23 at 100.00   N/R   990,392  
  1,000   Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.125%, 11/01/43 11/23 at 100.00   AA   1,277,590  
  750   Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32 3/19 at 100.00   N/R   765,825  
  895   Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project Revenue Bonds, Series 2007, 6.000%, 1/01/26 (15) 1/19 at 100.00   N/R   536,597  
  105,228   Total Illinois         104,200,610  
      Indiana – 2.5% (2.0% of Total Investments)            
  5,050   Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A, 6.650%, 1/15/24 7/17 at 100.00   N/R   5,066,918  
  1,000   Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender Option Bond Trust 2016-XL0019, 16.177%, 4/01/30 – AMBAC Insured (IF) (6) No Opt. Call   AA   1,906,320  
  1,250   Indiana Bond Bank, Special Program Gas Revenue Bonds, JP Morgan Ventures Energy Corporation Guaranteed, Tender Option Bond Trust 2015-XF0115, 15.252%, 10/15/20 (IF) (6) No Opt. Call   A3   1,858,950  
  1,000   Indiana Finance Authority, Educational Facilities Revenue Bonds, Discovery Charter School Project, Series 2015A, 7.250%, 12/01/45 12/25 at 100.00   BB–   1,010,980  
  1,000   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.000%, 12/01/19 No Opt. Call   Caa1   1,054,680  
  2,000   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) 8/22 at 100.00   Caa1   1,819,460  
  500   Indiana Finance Authority, Hospital Revenue Bonds, King’s Daughters’ Hospital and Health Services, Series 2010, 5.500%, 8/15/45 8/20 at 100.00   Baa2   533,590  
      Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group Revenue Bonds, Tender Option Bond Trust 2015-XF0106:            
  1,290   15.257%, 12/01/37 (IF) (6) 12/20 at 100.00   AA–   1,797,486  
  1,250   16.257%, 12/01/38 (IF) (6) 12/19 at 100.00   AA–   1,654,400  
  1,000   Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013, 7.250%, 11/01/43 (Alternative Minimum Tax) 11/23 at 100.00   N/R   1,145,470  
  995   St. Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village Apartments, Series 2005A, 7.500%, 7/01/35 7/18 at 100.00   N/R   1,001,239  
  250   Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.700%, 9/01/37 (Pre-refunded 9/01/17) 9/17 at 100.00   N/R (5)   254,093  
  16,585   Total Indiana         19,103,586  

 

NUVEEN
107


 

NMZ Nuveen Municipal High Income Opportunity Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Iowa – 0.9% (0.7% of Total Investments)            
$ 1,020   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42 8/22 at 100.00   Ba2 $ 1,023,886  
  2,000   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–   2,028,360  
      Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:            
  1,000   5.375%, 6/01/38 7/17 at 100.00   B2   1,000,000  
  2,900   5.625%, 6/01/46 7/17 at 100.00   B2   2,900,058  
  6,920   Total Iowa         6,952,304  
      Kansas – 0.8% (0.6% of Total Investments)            
  5,305   University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, Refunding & Improvement, Series 2015, 5.000%, 9/01/45 (UB) (6) 9/25 at 100.00   AA–   5,884,253  
      Kentucky – 0.2% (0.2% of Total Investments)            
  500   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30 6/20 at 100.00   Baa3   552,870  
  1,000   Kentucky Housing Corporation, Multifamily Housing Revenue Bonds, Heritage Green Apartments Project, Series 2015, 5.625%, 5/01/45 5/25 at 100.00   N/R   1,001,590  
  1,500   Total Kentucky         1,554,460  
      Louisiana – 3.3% (2.6% of Total Investments)            
  2,350   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   2,518,166  
  8,500   Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 11/17 at 100.00   Baa3   8,688,105  
      Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007A:            
  7,000   6.750%, 12/15/37 (4) 12/17 at 100.00   N/R   4,547,130  
  1,115   6.000%, 12/15/37 (4) 7/17 at 100.00   N/R   557,043  
  100   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Retail Project, Series 2007B, 9.000%, 12/15/17 (4) No Opt. Call   N/R   49,959  
  500   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35 11/20 at 100.00   Baa3   570,390  
      Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Womans Hospital Foundation Project, Tender Option Bonds Trust 2016-XF2336:            
  750   18.265%, 10/01/40 (IF) (6) 10/20 at 100.00   A   1,095,990  
  750   18.254%, 10/01/40 (IF) (6) 10/20 at 100.00   A   1,095,773  
  1,000   Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax) 7/23 at 100.00   N/R   1,077,550  
  1,935   Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 7.750%, 12/15/31 12/21 at 100.00   N/R   2,135,156  
  2,110   Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter Academy Foundation Project, Series 2013A, 8.125%, 12/15/33 12/23 at 100.00   N/R   2,348,451  
  2,000   Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, Louisiana Pellets Inc. Project, Series 2015, 7.000%, 7/01/24 (Alternative Minimum Tax) (4) No Opt. Call   N/R   745,160  
  28,110   Total Louisiana         25,428,873  
      Maine – 0.4% (0.3% of Total Investments)            
  3,155   Portland Housing Development Corporation, Maine, Section 8 Assisted Senior Living Revenue Bonds, Avesta Housing Development Corporation, Series 2004A, 6.000%, 2/01/34 7/17 at 100.00   Baa2   3,158,975  

 

108
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Maryland – 1.0% (0.8% of Total Investments)            
$ 1,210   Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/39 (Pre-refunded 6/23/17) – SYNCORA GTY Insured 6/17 at 100.00   BB (5) $ 1,212,735  
  3,000   Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine Terminals Inc. Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25 9/20 at 100.00   B+   3,005,520  
  4,000   Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 (4) 7/17 at 100.00   N/R   2,384,560  
  2,500   Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006B, 5.250%, 12/01/31 (4) 7/17 at 100.00   N/R   1,490,350  
  10,710   Total Maryland         8,093,165  
      Massachusetts – 1.2% (1.0% of Total Investments)            
  480   Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax) 7/17 at 100.00   N/R   484,464  
  2,985   Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016E, 4.000%, 4/01/33 (UB) 4/25 at 100.00   AA+   3,155,235  
  5,000   Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016A, 5.000%, 3/01/46 (UB) (6) 3/24 at 100.00   AA+   5,610,900  
  8,465   Total Massachusetts         9,250,599  
      Michigan – 1.4% (1.1% of Total Investments)            
  630   Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21 5/17 at 100.00   B–   613,948  
  10   Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21 – ACA Insured 7/17 at 100.00   N/R   9,632  
  88   Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/22 7/17 at 100.00   N/R   87,820  
  116   Detroit, Michigan, General Obligation Bonds, Series 2004A-1, 5.250%, 4/01/19 – AMBAC Insured 7/17 at 100.00   N/R   116,595  
  945   Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope Academy Project, Series 2011, 8.125%, 4/01/41 4/21 at 100.00   B   787,053  
  1,250   Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Voyageur Academy Project, Series 2011, 8.000%, 7/15/41 7/21 at 100.00   B–   1,065,250  
  1,670   Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37 12/17 at 100.00   N/R   1,682,275  
  1,000   Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler Park Academy Project, Series 2008, 6.500%, 11/01/35 7/17 at 100.00   BBB   1,001,490  
  1,000   Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Richfield Public School Academy, Series 2007, 5.000%, 9/01/36 9/17 at 100.00   BBB–   1,003,010  
  845   Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, David Ellis Academy-West Charter School Project, Series 2007, 5.875%, 6/01/37 6/17 at 100.00   N/R   844,992  
  940   Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Thermal LLC Project, Series 2013, 8.500%, 12/01/30 (Alternative Minimum Tax) 12/23 at 100.00   N/R   1,013,499  
  1,000   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   1,096,830  
  500   Summit Academy, Michigan, Revenue Bonds, Public School Academy Series 2005, 6.375%, 11/01/35 7/17 at 100.00   BB   500,435  
  1,200   University of Michigan, General Revenue Bonds, Series 2015, 5.000%, 4/01/46 (UB) (6) 4/26 at 100.00   AAA   1,376,556  
  11,194   Total Michigan         11,199,385  

 

NUVEEN
109


 

NMZ Nuveen Municipal High Income Opportunity Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Minnesota – 0.8% (0.7% of Total Investments)            
$ 665   Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy Project, Series 2015A, 5.500%, 7/01/35 7/25 at 100.00   N/R $ 666,244  
  1,000   Columbus, Minnesota, Charter School Lease Revenue Bonds, New Millennium Academy Project, Series 2015A, 6.000%, 7/01/45 7/25 at 100.00   CCC+   888,740  
  505   Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A, 5.000%, 7/01/47 7/26 at 100.00   N/R   442,370  
  2,000   Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, Charter School Lease Revenue Bonds, Community School of Excellence, Series 2016A, 5.750%, 7/01/47 7/26 at 100.00   N/R   1,873,380  
  3,000   Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax) 10/22 at 100.00   Ba3   2,601,330  
  7,170   Total Minnesota         6,472,064  
      Mississippi – 0.2% (0.2% of Total Investments)            
  681   Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care Apartments, Series 2004-2, 6.125%, 9/01/34 (Alternative Minimum Tax) 10/19 at 100.00   N/R   681,514  
  1,000   Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32 9/18 at 100.00   BBB   1,058,240  
  1,681   Total Mississippi         1,739,754  
      Missouri – 1.3% (1.0% of Total Investments)            
  1,000   Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 10/19 at 100.00   A–   1,077,560  
  2,000   Joplin Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Joplin Recovery TIF Redevelopment Project, Series 2013B, 5.875%, 4/01/36 4/23 at 100.00   N/R   2,078,540  
  655   Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 5.000%, 4/01/46 4/26 at 100.00   N/R   584,764  
  2,000   Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Subordinate Lien Series 2015B, 8.500%, 6/15/46 6/25 at 100.00   N/R   1,978,880  
  1,100   Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, Series 2007A, 5.350%, 6/15/32 6/18 at 100.00   N/R   1,092,487  
  900   Saint Louis Land Clearance for Redevelopment Authority, Missouri, Tax-Exempt Recovery Zone Facilities Improvement, Special Revenue Bonds, Kiel Opera House Project, Series 2010B, 7.000%, 9/01/35 9/20 at 100.00   N/R   916,938  
  1,390   Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment Project, Series 2008A, 6.300%, 8/22/26 9/17 at 100.00   N/R   1,328,618  
  732   Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment Projects, Series 2007A, 6.000%, 3/27/26 12/17 at 100.00   N/R   681,631  
  9,777   Total Missouri         9,739,418  
      Nevada – 0.7% (0.5% of Total Investments)            
  2,500   Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Tender Option Bond Trust 2016-XG0031, 15.485%, 6/01/33 (Pre-refunded 6/01/18) (IF) 6/18 at 100.00   Aa1 (5)   2,947,100  
      Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A:            
  555   6.500%, 6/15/20 6/18 at 100.00   B1   570,113  
  1,500   6.750%, 6/15/28 6/18 at 100.00   B1   1,539,885  
  4,555   Total Nevada         5,057,098  
      New Jersey – 4.0% (3.2% of Total Investments)            
  2,100   New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax) 8/22 at 101.00   BB–   2,277,366  
  1,080   New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax) 3/24 at 101.00   BB–   1,200,690  

 

110
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Jersey (continued)            
$ 1,000   New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.875%, 6/01/42 6/20 at 100.00   Baa3 $ 1,078,570  
  600   New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) 6/19 at 100.00   N/R (5)   680,274  
  5,200   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+   5,333,536  
  730   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Refunding Series 2016, 5.000%, 7/01/41 7/26 at 100.00   BBB–   784,400  
  685   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.000%, 7/01/18 (ETM) No Opt. Call   Baa3 (5)   706,845  
  2,000   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   Baa3 (5)   2,131,660  
  600   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax) 6/18 at 100.00   A2   621,228  
  40,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 0.000%, 12/15/36 – AMBAC Insured (UB) (6) No Opt. Call   BBB+   15,215,200  
  1,000   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41 6/17 at 100.00   B3   984,260  
  54,995   Total New Jersey         31,014,029  
      New Mexico – 0.8% (0.6% of Total Investments)            
  375   Mariposa East Public Improvement District, New Mexico, Revenue Bonds, Capital Appreciation Taxable Series 2015D, 0.000%, 9/01/32 (4) 9/17 at 47.67   N/R   52,444  
  65   Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015A, 5.900%, 9/01/32 9/25 at 100.00   N/R   63,495  
  305   Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015B, 5.900%, 9/01/32 9/25 at 100.00   N/R   271,197  
  435   Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, Series 2015C, 5.900%, 9/01/32 9/25 at 100.00   N/R   365,404  
  1,210   Mesa Del Sol Public Improvement District 1, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2013, 7.250%, 10/01/43 10/23 at 100.00   N/R   1,266,495  
  445   Montecito Estates Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2007, 7.000%, 10/01/37 (Pre-refunded 10/01/17) 10/17 at 100.00   N/R (5)   456,592  
  965   New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena Project, Series 2010A, 5.875%, 7/01/30 7/20 at 100.00   BBB–   1,004,652  
  1,020   Volterra Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2014, 6.750%, 10/01/33 10/24 at 100.00   N/R   1,064,105  
  1,575   Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2015, 6.000%, 5/01/40 5/20 at 103.00   N/R   1,620,486  
  6,395   Total New Mexico         6,164,870  
      New York – 11.0% (8.7% of Total Investments)            
  1,130   Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Refunding Series 2016A, 5.000%, 7/15/42 1/27 at 100.00   BBB–   1,237,779  
  1,000   Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.375%, 7/15/43 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (5)   1,138,840  
  4,000   Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc., Series 2015, 5.500%, 9/01/45 9/25 at 100.00   N/R   4,333,520  
  200   Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 5.000%, 12/01/36 6/27 at 100.00   BB+   216,294  

 

NUVEEN
111


 

NMZ Nuveen Municipal High Income Opportunity Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York (continued)            
      Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B:            
$ 5,000   4.000%, 7/01/41 (UB) (6) 7/26 at 100.00   A– $ 5,026,500  
  5,000   5.000%, 7/01/46 (UB) (6) 7/26 at 100.00   A–   5,513,800  
  10,000   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2016C-1, 5.000%, 11/15/56 (UB) 11/26 at 100.00   A   11,121,300  
      New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:            
  1,500   5.750%, 10/01/37 (4) 10/17 at 102.00   N/R   482,430  
  5,000   5.875%, 10/01/46 (4) 10/17 at 102.00   N/R   1,608,100  
  650   New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1, 5.800%, 7/01/23 7/17 at 100.00   N/R   636,142  
  17,000   New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Series 2016S-1, 5.000%, 7/15/43 (UB) 1/26 at 100.00   AA   19,296,360  
  7,075   New York City, New York, General Obligation Bonds, Series 2016A-1, 5.000%, 8/01/38 (UB) 8/26 at 100.00   AA   8,106,464  
  500   New York Liberty Development Corporation, Liberty Revenue Bonds, Secured by Port Authority Consolidated Bonds, Tender Option Bonds Trust 2016-XG0062, 15.420%, 12/15/41 (IF) (6) 12/21 at 100.00   AA–   728,400  
  3,000   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 11/24 at 100.00   N/R   3,193,710  
  3,250   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014, 5.150%, 11/15/34 11/24 at 100.00   N/R   3,503,403  
  6,000   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 3 Series 2014, 7.250%, 11/15/44 11/24 at 100.00   N/R   7,123,920  
  1,375   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Bank of America Tower at One Bryant Park Project, Second Priority Refunding Series 2010, 6.375%, 7/15/49 1/20 at 100.00   BBB–   1,495,945  
      New York Liberty Development Corporation, Second Priority Liberty Revenue Refunding Bonds, Bank of America Tower at One Bryant Park Project, Tender Option Bond Trust 2016-XG0018:            
  625   15.965%, 1/15/44 (IF) (6) 1/20 at 100.00   AA   831,675  
  250   15.965%, 1/15/44 (IF) (6) 1/20 at 100.00   AA   332,670  
  1,900   New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, 5.000%, 8/01/26 (Alternative Minimum Tax) 8/21 at 100.00   BB–   1,999,370  
  1,000   New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   1,075,020  
  4,985   New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal Project, Series 2016A, 5.000%, 7/01/46 – AGM Insured (Alternative Minimum Tax) (UB) (6) 7/24 at 100.00   Baa3   5,439,034  
  530   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 12/20 at 100.00   BBB   595,953  
  80,970   Total New York         85,036,629  
      North Carolina – 0.4% (0.4% of Total Investments)            
  940   Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Tender Option Bond Trust 2016-XF2222, 16.524%, 1/15/42 (IF) 1/21 at 100.00   AA–   1,333,183  
  970   North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A, 6.000%, 6/01/31 6/18 at 100.00   BBB   1,002,156  
      North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A:            
  30   6.000%, 6/01/31 (Pre-refunded 6/01/18) 6/18 at 100.00   N/R (5)   31,670  
  1,000   6.125%, 6/01/35 (Pre-refunded 6/01/18) 6/18 at 100.00   BBB (5)   1,057,040  
  2,940   Total North Carolina         3,424,049  

 

112
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      North Dakota – 0.1% (0.1% of Total Investments)            
$ 2,000   Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38 (4) 9/23 at 100.00   N/R $ 1,000,000  
      Ohio – 6.3% (5.0% of Total Investments)            
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
  10,000   5.875%, 6/01/30 6/17 at 100.00   Caa1   9,567,597  
  6,875   5.750%, 6/01/34 6/17 at 100.00   Caa1   6,593,881  
  2,005   6.500%, 6/01/47 6/17 at 100.00   B–   2,010,534  
  9,500   5.875%, 6/01/47 6/17 at 100.00   B–   9,194,955  
  5,455   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   5,464,492  
  1,500   Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center Project, Liberty Community Authority, Series 2014C, 6.000%, 12/01/43 12/22 at 100.00   N/R   1,477,950  
  1,270   Medina County Port Authority, Ohio, Development Revenue Bond, Fiber Network Project, Series 2010B, 6.000%, 12/01/30 12/20 at 100.00   A+   1,366,596  
  2,800   Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 No Opt. Call   C   1,232,000  
  2,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (Mandatory put 5/01/20) (Alternative Minimum Tax) No Opt. Call   C   880,000  
  1,250   Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 2015-XF0105, 17.428%, 1/01/39 (IF) 1/19 at 100.00   AA–   1,588,950  
  3,000   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2005B, 4.000%, 1/01/34 (Mandatory put 7/01/21) No Opt. Call   C   1,320,000  
  255   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008B, 3.625%, 10/01/33 (Mandatory put 4/01/20) No Opt. Call   C   112,200  
  3,000   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory put 6/01/22) No Opt. Call   CCC+   2,796,270  
  3,000   State of Ohio, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1997 Remarketed, 5.600%, 8/01/32 (Alternative Minimum Tax) 8/17 at 100.00   Ba3   2,986,020  
  2,000   Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 3/25 at 100.00   N/R   2,053,860  
  6,000   Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (4) 7/17 at 102.00   N/R   60  
  59,910   Total Ohio         48,645,365  
      Oklahoma – 0.3% (0.2% of Total Investments)            
  2,000   Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 8/21 at 100.00   N/R   2,288,400  
      Pennsylvania – 2.8% (2.2% of Total Investments)            
      Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009:            
  500   6.750%, 11/01/24 11/19 at 100.00   Caa1   523,710  
  2,000   6.875%, 5/01/30 11/19 at 100.00   Caa1   2,041,020  
  2,500   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41 No Opt. Call   C   1,100,000  
  1,000   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory put 6/01/20) No Opt. Call   C   440,000  
  835   Berks County Industrial Development Authority, Pennsylvania, First Mortgage Revenue Bonds, One Douglassville Properties Project, Series 2007A, 6.125%, 11/01/34 (Pre-refunded 11/01/17) (Alternative Minimum Tax) 11/17 at 101.00   N/R (5)   864,977  

 

NUVEEN
113


 

NMZ Nuveen Municipal High Income Opportunity Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
$ 2,000   Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, Immaculata University, Series 2005, 5.750%, 10/15/37 7/17 at 100.00   N/R $ 2,009,420  
  1,410   Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37 12/17 at 100.00   BBB–   1,435,436  
  185   Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 16.879%, 8/01/38 (Pre-refunded 8/01/20) (IF) (6) 8/20 at 100.00   N/R (5)   283,457  
  4,115   Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) 6/17 at 100.00   Ba3   4,114,506  
  4,250   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 9/25 at 100.00   B1   4,332,238  
  2,500   Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Nueva Esperanza, Inc. – Esperanza Academy Charter School, Series 2013, 8.000%, 1/01/33 1/23 at 100.00   N/R   2,837,675  
  510   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/36 7/22 at 100.00   Ba1   548,015  
  1,000   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012B, 6.250%, 7/01/23 7/17 at 100.00   Ba1   1,005,860  
  180   The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A, 5.000%, 11/15/28 5/24 at 100.00   BB   184,919  
  22,985   Total Pennsylvania         21,721,233  
      Rhode Island – 0.6% (0.5% of Total Investments)            
  1,000   Rhode Island Health & Educational Building Corporation, Health Facilities Revenue Bonds, Tockwotton Home, Series 2011, 8.375%, 1/01/46 (Pre-refunded 1/01/21) 1/21 at 100.00   Aaa   1,240,830  
  1,000   Rhode Island Student Loan Authority, Student Loan Program Revenue Bonds, Series 2008A, 6.750%, 12/01/28 (Alternative Minimum Tax) 12/17 at 100.00   A   1,027,860  
  21,160   Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 6/17 at 12.63   CCC+   2,127,215  
  23,160   Total Rhode Island         4,395,905  
      South Carolina – 1.9% (1.5% of Total Investments)            
  4,000   Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Series 2007A, 7.750%, 11/01/39 (4) 11/17 at 100.00   N/R   1,198,400  
  3,477   Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement District, Series 2007B, 7.700%, 11/01/17 (4) No Opt. Call   N/R   1,041,709  
  1,000   South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Midland Valley Preparatory School Project, Series 2014, 7.750%, 11/15/45 11/24 at 100.00   N/R   1,109,240  
  1,250   South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured 8/21 at 100.00   BBB+   1,456,225  
  9,250   South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Federally Taxable Build America Series 2016B, 5.000%, 12/01/46 (UB) 12/26 at 100.00   A+   9,950,040  
  18,977   Total South Carolina         14,755,614  
      Tennessee – 3.6% (2.8% of Total Investments)            
  3,000   Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A, 6.500%, 7/01/38 7/20 at 100.00   BBB+   3,318,450  
  14,835   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46 (UB) (6) 7/26 at 100.00   A3   16,420,417  
  6,024   The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26 No Opt. Call   BBB   6,930,492  

 

114
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tennessee (continued)            
$ 960   Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue Bonds, Rutland Place Inc. Project, Series 2015A, 5.500%, 1/01/46 7/17 at 100.00   N/R $ 847,075  
  24,819   Total Tennessee         27,516,434  
      Texas – 6.6% (5.3% of Total Investments)            
  2,000   Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier Series 2006B, 5.750%, 1/01/34 (Pre-refunded 6/08/17) 6/17 at 100.00   BB (5)   1,999,820  
  4,005   Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (4) 7/18 at 100.00   N/R   40  
  1,000   Celina, Texas, Special Assessment Revenue Bonds, Creeks of Legacy Public Improvement District Phase 1 Project, Series 2014, 7.000%, 9/01/40 9/22 at 103.00   N/R   1,008,720  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:            
  1,000   6.750%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa3 (5)   1,192,550  
  250   6.000%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (5)   291,538  
      Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Tejano Center for Community Concerns, Inc.-Raul Yzaguirre School for Success, Refunding Series 2009A:            
  2,100   8.750%, 2/15/28 2/18 at 100.00   B+   2,165,373  
  2,000   9.000%, 2/15/38 2/18 at 100.00   B+   2,064,040  
  4,165   Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Series 2016A, 5.000%, 12/01/48 (UB) (6) 12/25 at 100.00   AA+   4,681,168  
  2,910   Danbury Higher Education Authority Inc., Texas, Golden Rule Charter School Revenue Bonds, Series 2008A, 6.500%, 8/15/38 (Pre-refunded 2/15/18) 2/18 at 100.00   BBB– (5)   3,031,289  
      Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A:            
  450   6.625%, 9/01/31 9/23 at 100.00   N/R   516,591  
  1,000   6.375%, 9/01/42 9/23 at 100.00   N/R   1,122,580  
  1,500   Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 11/22 at 100.00   Baa3   1,533,015  
  585   Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax) 7/17 at 100.00   B3   585,977  
  890   Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series 2006A, 6.000%, 2/15/36 7/17 at 100.00   N/R   899,630  
  3,760   Jefferson County Industrial Development Corporation, Texas, Hurricane Ike Disaster Area Revenue Bonds, Port of Beaumont Petroleum Transload Terminal, LLC Project, Series 2012, 8.250%, 7/01/32 7/22 at 100.00   N/R   3,896,037  
  1,000   Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (Alternative Minimum Tax) 10/18 at 103.00   BB–   1,048,660  
  2,000   Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (Alternative Minimum Tax) 1/26 at 102.00   N/R   1,923,900  
  1,000   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Corpus Christi I, L.L.C.-Texas A&M University-Corpus Christi Project, Series 2014A, 5.000%, 4/01/44 4/24 at 100.00   BBB–   1,047,560  
  1,000   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M University – San Antonio Project, Series 2016A, 5.000%, 4/01/48 4/26 at 100.00   BBB–   1,053,160  
  2,250   North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 2016-XG0036, 17.321%, 9/01/41 (IF) 9/21 at 100.00   AA   3,614,130  
  335   North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18) 1/18 at 100.00   A– (5)   345,975  
  2,000   Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012, 7.000%, 12/15/32 (4) 12/21 at 100.00   N/R   1,579,600  
  300   Rowlett, Texas, Special Assessment Revenue Bonds, Bayside Public Improvement District North Improvement Area, Series 2016, 5.750%, 9/15/36 3/24 at 102.00   N/R   288,432  

 

NUVEEN
115


 

NMZ Nuveen Municipal High Income Opportunity Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 2,000   Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Energy Company LLC Project, Series 2003B, 6.150%, 8/01/22 (4) 7/17 at 100.00   N/R $ 20  
  4,000   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 (UB) 5/26 at 100.00   AA–   4,458,520  
  2,810   Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39 12/19 at 100.00   BBB–   3,167,039  
      Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010:            
  1,000   7.000%, 6/30/34 6/20 at 100.00   Baa3   1,138,500  
  4,500   7.000%, 6/30/40 6/20 at 100.00   Baa3   5,105,430  
  860   Texas Public Finance Authority Charter School Finance Corporation, Charter School Revenue Bonds, School of Excellence Education Project, Series 2004A, 7.000%, 12/01/34 7/17 at 100.00   BB   853,060  
  110   Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30 11/20 at 100.00   BBB   124,640  
  440   Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30 (Pre-refunded 11/01/20) 11/20 at 100.00   N/R (5)   524,511  
  340   Trinity River Authority of Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 20003, 6.250%, 5/01/28 (Alternative Minimum Tax) (4) 7/17 at 100.00   C   3  
  53,560   Total Texas         51,261,508  
      Utah – 1.6% (1.3% of Total Investments)            
      Utah State Charter School Finance Authority, Charter School Revenue Bonds, Noah Webster Academy, Series 2008A:            
  1,200   6.250%, 6/15/28 (Pre-refunded 6/15/17) 6/17 at 100.00   N/R (5)   1,208,424  
  1,430   6.500%, 6/15/38 (Pre-refunded 6/15/17) 6/17 at 100.00   N/R (5)   1,440,496  
  1,690   Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 6.375%, 7/15/40 7/20 at 100.00   BBB–   1,800,458  
  1,980   Utah State Charter School Finance Authority, Charter School Revenue Bonds, Summit Academy High School, Series 2011A, 8.125%, 5/15/31 5/21 at 100.00   N/R   2,180,891  
  5,550   Utah State Charter School Finance Authority, Revenue Bonds, Summit Academy Project, Series 2007A, 5.800%, 6/15/38 12/17 at 100.00   BBB–   5,625,536  
  11,850   Total Utah         12,255,805  
      Vermont – 0.9% (0.7% of Total Investments)            
      Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, University of Vermont Medical Center Project, Green Series 2016B:            
  1,605   5.000%, 12/01/46 6/26 at 100.00   A–   1,759,594  
  3,400   5.000%, 12/01/46 (UB) (6) 6/26 at 100.00   A–   3,727,488  
  1,155   Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A, 6.250%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   N/R (5)   1,354,954  
  6,160   Total Vermont         6,842,036  
      Virginia – 0.5% (0.4% of Total Investments)            
  762   Celebrate Virginia North Community Development Authority, Special Assessment Revenue Bonds, Series 2003B, 6.250%, 3/01/18 (16) 7/17 at 100.00   N/R   491,620  
  9,400   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/38 – AGC Insured No Opt. Call   BBB+   3,527,068  
      Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:            
  80   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   90,012  
  130   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   142,210  
  10,372   Total Virginia         4,250,910  

 

116
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Washington – 1.4% (1.1% of Total Investments)            
$ 2,415   FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2016-XL0006, 17.242%, 6/01/34 (IF) (6) 6/19 at 100.00   AA $ 3,182,197  
  500   FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Tender Option Bond Trust 2016-XL0007, 17.242%, 6/01/39 (IF) (6) 6/19 at 100.00   AA   654,540  
  3,600   Kalispel Indian Tribe, Washington, Priority Distribution Bonds, Series 2008, 6.750%, 1/01/38 1/18 at 100.00   N/R   3,777,696  
  1,000   King County Public Hospital District 4, Washington, Hospital Revenue Bonds, Snoqualmie Valley Hospital, Series 2015A, 6.250%, 12/01/45 12/25 at 100.00   N/R   970,800  
  1,000   Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing Revenue Bonds, Series 2007, 5.600%, 6/01/37 (Alternative Minimum Tax) 6/17 at 100.00   N/R   1,000,760  
  315   Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013, 5.750%, 4/01/43 4/18 at 100.00   N/R   315,158  
  15   Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured 8/17 at 100.00   BBB   15,167  
  1,000   Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Mirabella Project, Series 2012A, 6.750%, 10/01/47 10/22 at 100.00   N/R   1,041,500  
  9,845   Total Washington         10,957,818  
      West Virginia – 0.3% (0.2% of Total Investments)            
  1,443   Berkeley, Hardy and Jefferson Counties, West Virginia, as Joint Issuers, Commercial Development Revenue Bonds, Scattered Site Housing Projects, Series 2010, 5.750%, 12/01/44 12/23 at 100.00   N/R   1,470,071  
  500   Ohio County Commission, West Virginia, Tax Increment Revenue Bonds, Fort Henry Centre Financing District, Series 2007A, 5.850%, 6/01/34 (Pre-refunded 6/01/17) 6/17 at 100.00   N/R (5)   502,310  
  1,943   Total West Virginia         1,972,381  
      Wisconsin – 1.4% (1.1% of Total Investments)            
  30   Green Bay Redevelopment Authority, Wisconsin, Industrial Development Revenue Bonds, Fort James Project, Series 1999, 5.600%, 5/01/19 (Alternative Minimum Tax) No Opt. Call   N/R   31,554  
  2,000   Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, Revenue Bonds, Series 2006, 7.000%, 12/01/26 12/18 at 102.00   N/R   2,008,660  
  1,650   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Thomas Jefferson Classical Academy of Mooresboro, North Carolina, Series 2011, 7.125%, 7/01/42 7/19 at 100.00   BBB–   1,750,419  
  830   Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood Classical Preparatory School in Albuquerque, New Mexico, Series 2012A, 6.250%, 12/01/42 12/22 at 100.00   N/R   845,189  
  335   Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2016, 4.000%, 8/01/35 (Alternative Minimum Tax) 8/26 at 100.00   N/R   319,865  
  1,060   Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2015, 5.875%, 4/01/45 4/25 at 100.00   BB–   1,089,744  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118, 16.212%, 4/01/39 (Pre-refunded 4/01/19) (IF) (6) 4/19 at 100.00   AA– (5)   1,318,520  
  2,000   Wisconsin Public Finance Authority, Revenue Bonds, SearStone Retirement Community of Cary North Carolina, Series 2012A, 8.625%, 6/01/47 6/22 at 100.00   N/R   2,277,740  
  1,000   Wisconsin Public Finance Authority, Revenue Bonds, SearStone Retirement Community of Cary North Carolina, Series 2016, 6.000%, 6/01/49 6/22 at 104.00   N/R   958,820  
  9,905   Total Wisconsin         10,600,511  
$ 1,010,912   Total Municipal Bonds (cost $929,707,094)         951,337,036  

 

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NMZ Nuveen Municipal High Income Opportunity Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Shares   Description (1)   Value  
      COMMON STOCKS – 1.3% (1.0% of Total Investments)      
      Airlines – 1.3% (1.0% of Total Investments)      
  227,514   American Airlines Group Inc., (17) $ 9,696,647  
      Total Common Stocks (cost $6,316,916)   9,696,647  

 

  Principal                    
  Amount (000)   Description (1) Coupon   Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 1.3% (1.0% of Total Investments)                
      Equity Real Estate Investment Trusts – 1.3% (1.0% of Total Investments)                
$ 9,470   AAF HLG/FIN, 144A, PIK 12.750%   7/01/19   N/R $ 9,919,656  
      Transportation – 0.0% (0.0% of Total Investments)                
  27   Las Vegas Monorail Company, Senior Interest Bonds (8), (18) 5.500%   7/15/19   N/R   16,685  
  7   Las Vegas Monorail Company, Senior Interest Bonds (8), (18) 5.500%   7/15/55   N/R   3,619  
  34   Total Transportation             20,304  
$ 9,504   Total Corporate Bonds (cost $9,160,088)             9,939,960  
      Total Long-Term Investments (cost $945,181,098)             970,973,643  

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 0.4% (0.3% of Total Investments)            
      MUNICIPAL BONDS – 0.4% (0.3% of Total Investments)            
      Illinois – 0.4% (0.3% of Total Investments)            
$ 3,110   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Alternative Revenue, Project Series 2015G, 9.000%, 3/01/32 (Mandatory Put 3/01/17) (19) 7/17 at 100.00   B $ 3,110,000  
$ 3,110   Total Short-Term Investments (cost $3,090,563)         3,110,000  
      Total Investments (cost $948,271,661) – 125.9%         974,083,643  
      Floating Rate Obligations – (20.0)%         (154,760,000 )
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (11.2)% (20)         (86,981,086 )
      Other Assets Less Liabilities – 5.3%         41,327,831  
      Net Assets Applicable to Common Shares – 100%       $ 773,670,388  

 

118
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(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3) The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(5) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities.
(6) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7) The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016.
(8) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(9) On December 1, 2016, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 9.000% to 6.750%.
(10) On July 28, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 6.125% to 3.675%. On December 9, 2015, the Fund’s Adviser determined it was likely that this borrower would fulfill a greater portion of its obligation on this security, and therefore increased the security’s interest rate of accrual from 3.675% to 4.900%.
(11) On June 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on the security, and therefore reduced the security’s interest rate of accrual from 7.250% to 1.813%. On May 7, 2015, the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(12) Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(13) On January 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 7.125% to 5.700% and again on November 11, 2015, further reduced the security’s interest rate of accrual from 5.700% to 4.275%.
(14) On May 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.250% to 2.100%.
(15) On July 1, 2014, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 6.000% to 4.200%.
(16) On September 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 6.250% to 4.688%.
(17) On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(18) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(19) Investment has a maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(20) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 8.9%.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD) Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
PIK All or a portion of this security is payment-in-kind.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

See accompanying notes to financial statements.

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119


 

Statement of    
  Assets and Liabilities April 30, 2017 (Unaudited)

 

      NVG     NZF     NMZ  
Assets                    
Long-term investments, at value (cost $4,698,914,162, $3,192,049,685 and $945,181,098, respectively)   $ 5,004,016,960   $ 3,414,147,597   $ 970,973,643  
Short-term investments, at value (cost $—, $2,350,000 and $3,090,563, respectively)         2,343,208     3,110,000  
Cash     15,145,160         22,995,434  
Unrealized appreciation on interest rate swaps     7,512,258          
Receivable for:                    
Dividends and interest     69,809,947     52,108,327     19,950,194  
Investments sold     18,257,636     34,110,099     10,824,509  
Shares sold             402,898  
Other assets     1,549,549     1,117,520     171,363  
Total assets     5,116,291,510     3,503,826,751     1,028,428,041  
Liabilities                    
Cash overdraft         2,012,135      
Floating rate obligations     217,000,000     62,680,000     154,760,000  
Payable for:                    
Dividends     13,959,802     10,016,182     3,868,852  
Investments purchased     29,307,055     12,294,401     8,213,084  
Institutional MuniFund Term Preferred (‘iMTP”) Shares, net of deferred offering costs (liquidation preference $—, $150,000,000 and $—, respectively)         149,870,009      
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs (liquidation preference $240,400,000, $336,000,000 and $87,000,000, respectively)     240,386,902     335,963,835     86,981,086  
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $1,411,600,000, $727,000,000 and $—, respectively)                    
Accrued expenses:     1,407,460,858     721,719,368      
Management fees     2,563,191     1,752,677     612,915  
Trustees fees     756,078     502,677     71,831  
Shelf offering costs             100,962  
Other     737,749     474,373     148,923  
Total liabilities     1,912,171,635     1,297,285,657     254,757,653  
Net assets applicable to common shares   $ 3,204,119,875   $ 2,206,541,094   $ 773,670,388  
Common shares outstanding     202,552,895     142,125,906     59,124,146  
Net asset value (“NAV”) per common share outstanding   $ 15.82   $ 15.53   $ 13.09  
Net assets applicable to common shares consist of:                    
Common shares, $0.01 par value per share   $ 2,025,529   $ 1,421,259   $ 591,241  
Paid-in surplus     2,906,473,471     2,009,653,483     780,336,015  
Undistributed (Over-distribution of) net investment income     7,497,689     6,535,880     2,340,725  
Accumulated net realized gain (loss)     (24,491,870 )   (33,160,648 )   (35,409,575 )
Net unrealized appreciation (depreciation)     312,615,056     222,091,120     25,811,982  
Net assets applicable to common shares   $ 3,204,119,875   $ 2,206,541,094   $ 773,670,388  
Authorized shares:                    
Common     Unlimited     Unlimited     Unlimited  
Preferred     Unlimited     Unlimited     Unlimited  

 

See accompanying notes to financial statements.

 

120 NUVEEN


 

Statement of    
  Operations Six Months Ended April 30, 2017 (Unaudited)

 

      NVG     NZF     NMZ  
Investment Income   $ 117,145,556   $ 85,860,675   $ 29,371,913  
Expenses                    
Management fees     15,448,106     10,615,210     3,633,406  
Interest expense and amortization of offering costs     10,989,901     7,673,364     1,605,956  
Liquidity fees     4,480,422     3,431,658      
Remarketing fees     529,224     365,519      
Custodian fees     255,571     193,936     66,907  
Trustees fees     74,968     52,517     12,929  
Professional fees     121,284     102,517     77,595  
Shareholder reporting expenses     167,268     120,399     42,520  
Shareholder servicing agent fees     76,302     47,234     9,049  
Stock exchange listing fees     22,500     17,198     7,636  
Investor relations expenses     218,857     151,231     39,145  
Other     123,838     124,528     26,400  
Total expenses before expense reimbursement     32,508,241     22,895,311     5,521,543  
Expense reimbursement     (402,784 )   (274,041 )    
Net expenses     32,105,457     22,621,270     5,521,543  
Net investment income (loss)     85,040,099     63,239,405     23,850,370  
Realized and Unrealized Gain (Loss)                    
Net realized gain (loss) from:                    
Investments     (5,269,402 )   (4,729,750 )   1,697,560  
Swaps     (42,922 )        
Change in net unrealized appreciation (depreciation) of:                    
Investments     (157,347,682 )   (109,796,270 )   (36,002,377 )
Swaps     6,540,035          
Net realized and unrealized gain (loss)     (156,119,971 )   (114,526,020 )   (34,304,817 )
Net increase (decrease) in net assets applicable to common shares from operations   $ (71,079,872 ) $ (51,286,615 ) $ (10,454,447 )

See accompanying notes to financial statements.

 

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Statement of    
  Changes in Net Assets (Unaudited)

 

    NVG   NZF   NMZ  
      Six Months     Year     Six Months     Year     Six Months     Year  
      Ended     Ended     Ended     Ended     Ended     Ended  
      4/30/17     10/31/16     4/30/17     10/31/16     4/30/17     10/31/16  
Operations                                      
Net investment income (loss)   $ 85,040,099   $ 104,225,080   $ 63,239,405   $ 80,558,669   $ 23,850,370   $ 47,277,322  
Net realized gain (loss) from:                                      
Investments     (5,269,402 )   20,447,922     (4,729,750 )   6,482,506     1,697,560     1,958,045  
Swaps     (42,922 )   (3,651,881 )                
Change in net unrealized appreciation                                      
(depreciation) of:                                      
Investments     (157,347,682 )   (22,499,538 )   (109,796,270 )   (1,079,635 )   (36,002,377 )   (330,726 )
Swaps     6,540,035     2,631,191                  
Net increase (decrease) in net assets applicable to common shares from operations     (71,079,872 )   101,152,774     (51,286,615 )   85,961,540     (10,454,447 )   48,904,641  
Distributions to Common Shareholders                                      
From net investment income     (89,042,251 )   (105,497,722 )   (63,672,404 )   (85,863,073 )   (23,938,571 )   (49,264,954 )
From accumulated net realized gains     (5,914,545 )   (759,429 )   (255,827 )            
Decrease in net assets applicable to common shares from distributions to common shareholders     (94,956,796 )   (106,257,151 )   (63,928,231 )   (85,863,073 )   (23,938,571 )   (49,264,954 )
Capital Share Transactions                                      
Common shares:                                      
Issued in the reorganizations         2,948,156,846         1,749,867,827          
Proceeds from shelf offering, net of offering costs                     19,138,860     103,621,513  
Net proceeds from shares issued to shareholders due to reinvestment of distributions                     347,070     1,206,944  
Net increase (decrease) in net assets applicable to common shares from capital share transactions         2,948,156,846         1,749,867,827     19,485,930     104,828,457  
Net increase (decrease) in net assets applicable to common shares     (166,036,668 )   2,943,052,469     (115,214,846 )   1,749,966,294     (14,907,088 )   104,468,144  
Net assets applicable to common shares at the beginning of period     3,370,156,543     427,104,074     2,321,755,940     571,789,646     788,577,476     684,109,332  
Net assets applicable to common shares at the end of period   $ 3,204,119,875   $ 3,370,156,543   $ 2,206,541,094   $ 2,321,755,940   $ 773,670,388   $ 788,577,476  
Undistributed (Over-distribution of) net investment income at the end of period   $ 7,497,689   $ 11,499,841   $ 6,535,880   $ 6,968,879   $ 2,340,725   $ 2,428,926  

See accompanying notes to financial statements.

 

122
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Statement of    
  Cash Flows Six Months Ended April 30, 2017 (Unaudited)

 

      NVG     NZF     NMZ  
Cash Flows from Operating Activities:                    
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations   $ (71,079,872 ) $ (51,286,615 ) $ (10,454,447 )
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:                    
Purchases of investments     (585,283,425 )   (477,500,847 )   (60,081,207 )
Proceeds from sales and maturities of investments     601,273,591     507,701,961     50,419,602  
Proceeds from (Purchases of) short-term investments, net             (3,090,563 )
Proceeds from (Payments for) swap contracts, net     (42,922 )        
Payment-in-kind distributions         (59,047 )   (267,968 )
Taxes paid     (198,146 )   (13,624 )   (1,678 )
Amortization (Accretion) of premiums and discounts, net     (5,760,735 )   (7,431,778 )   168,955  
Amortization of deferred offering costs     95,592     275,210     7,475  
(Increase) Decrease in:                    
Cash collateral at brokers     628,096          
Receivable for dividends and interest     (71,696 )   (629,844 )   (412,286 )
Receivable for investments sold     (3,595,657 )   (2,114,462 )   5,485  
Other assets     (58,421 )   (32,399 )   32,211  
Increase (Decrease) in:                    
Payable for interest     (376,552 )   (534,968 )   (131,803 )
Payable for investments purchased     5,530,193     1,806,799     377,084  
Payable for variation margin on swap contracts     (14,690 )        
Accrued management fees     (61,766 )   (67,056 )   (38,611 )
Accrued Trustees fees     (25,992 )   (17,355 )   (889 )
Accrued other expenses     53,459     (50,249 )   (72,048 )
Net realized (gain) loss from:                    
Investments     5,269,402     4,729,750     (1,697,560 )
Swaps     42,922          
Change in net unrealized appreciation (depreciation) of:                    
Investments     157,347,682     109,796,270     36,002,377  
Swaps(1)     (5,938,427 )        
Net cash provided by (used in) operating activities     97,732,636     84,571,746     10,764,129  
Cash Flows from Financing Activities:                    
Proceeds from borrowings     51,000,000          
Repayments of borrowings     (71,000,000 )        
Proceeds from shelf offering, net of offering costs             18,735,962  
Increase (Decrease) in:                    
Cash overdraft         2,012,135     (1,344,989 )
Floating rate obligations     7,940,000     (22,481,000 )   18,500,000  
Accrued shelf offering costs             (39,038 )
Cash distributions paid to common shareholders     (95,605,109 )   (64,209,687 )   (23,620,630 )
Net cash provided by (used in) financing activities     (107,665,109 )   (84,678,552 )   12,231,305  
Net Increase (Decrease) in Cash     (9,932,473 )   (106,806 )   22,995,434  
Cash at the beginning of period     25,077,633     106,806      
Cash at the end of period     15,145,160         22,995,434  
Supplemental Disclosure of Cash Flow Information     NVG     NZF     NMZ  
Cash paid for interest (excluding amortization of offering costs)   $ 10,770,862   $ 7,933,123   $ 1,730,284  
Non-cash financing activities not included herein consists of reinvestments of common share distributions             347,070  

 

(1) Excluding over-the-counter cleared swaps.

See accompanying notes to financial statements.

 

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Financial
  Highlights (Unaudited)

Selected data for a common share outstanding throughout each period:

 

                            Less Distributions to                          
    Investment Operations   Common Shareholders   Common Share  
                                                                     
                                    Discount              
                                              Discount   Per              
                                  From       Per   Share              
    Beginning   Net   Net       From   Accumulated       Share   Repurchased          
    Common   Investment   Realized/       Net   Net       Repurchased   through       Ending  
    Share   Income   Unrealized       Investment   Realized       and   Tender   Ending   Share  
    NAV   (Loss ) Gain (Loss ) Total   Income   Gains   Total   Retired   Offer   NAV   Price  
NVG                                                                    
Year Ended 10/31:                                          
2017(f)   $ 16.64   $ 0.42   $ (0.77 ) $ (0.35 ) $ (0.44 ) $ (0.03 ) $ (0.47 ) $   $   $ 15.82   $ 14.83  
2016     16.03     0.73     0.77     1.50     (0.86 )   (0.03 )   (0.89 )           16.64     15.05  
2015     16.24     0.77     (0.13 )   0.64     (0.75 )   (0.10 )   (0.85 )   *       16.03     14.05  
2014     14.62     0.71     1.72     2.43     (0.70 )   (0.07 )   (0.77 )   (0.01 )   (0.03 )   16.24     14.14  
2013     16.33     0.60     (1.46 )   (0.86 )   (0.74 )   (0.11 )   (0.85 )   *       14.62     12.75  
2012     15.03     0.82     1.42     2.24     (0.90 )   (0.04 )   (0.94 )           16.33     15.82  
                                                                     
NZF                                                                    
Year Ended 10/31:                                          
2017(f)     16.34     0.44     (0.80 )   (0.36 )   (0.45 )   *   (0.45 )           15.53     14.71  
2016     15.75     0.72     0.74     1.46     (0.87 )       (0.87 )           16.34     14.82  
2015     15.82     0.83     (0.13 )   0.70     (0.78 )       (0.78 )   0.01         15.75     13.86  
2014     14.32     0.72     1.47     2.19     (0.72 )       (0.72 )   *   0.03     15.82     13.80  
2013     15.99     0.71     (1.63 )   (0.92 )   (0.75 )       (0.75 )           14.32     12.66  
2012     14.53     0.78     1.67     2.45     (0.95 )   (0.04 )   (0.99 )           15.99     15.73  

 

(a)

Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

 

  Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

 

124
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            Common Share Supplemental Data/  
            Ratios Applicable to Common Shares  
                                               
  Common Share         Ratios to Average Net Assets   Ratio to Average Net Assets        
  Total Returns         Before Reimbursement(b)   After Reimbursement(b)(c)        
                                               
        Based   Ending                                
  Based     on   Net       Net       Net   Portfolio  
  on   Share   Assets       Investment       Investment   Turnover  
  NAV (a) Price (a) (000 ) Expenses (d) Income (Loss ) Expenses (d) Income (Loss ) Rate (e)
                                               
                                               
  (2.02 )%   1.77 % $ 3,204,120     2.06 %**   5.41 %**   2.03 %(g)**   5.44 %(g)**   12 %
  9.40     13.46     3,370,157     1.81     4.87     1.75 (g)   4.93 (g)   21  
  4.04     5.53     427,104     1.50     4.81     N/A     N/A     26  
  16.78     17.35     433,092     1.75     4.56     N/A     N/A     13  
  (5.46 )   (14.46 )   434,851     2.03     3.87     N/A     N/A     32  
  15.30     17.44     486,750     2.08     5.17     2.05     5.20     29  
                                               
                                               
  (2.11 )   2.41     2,206,541     2.12 **   5.83 **   2.09 (g)**   5.86 (g)**   14  
  9.36     13.26     2,321,756     1.86     5.03     1.81 (g)   5.08 (g)   20  
  4.57     6.21     571,790     1.48     5.24     N/A     N/A     26  
  15.90     15.07     574,721     1.73     4.78     N/A     N/A     14  
  (5.93 )   (15.08 )   578,508     1.71     4.66     N/A     N/A     14  
  17.33     18.48     645,993     1.76     5.06     N/A     N/A     22  

 

(b) Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c) After expense reimbursement from the Adviser, where applicable. As of March 31, 2012, the Adviser is no longer contractually reimbursing NVG for any fees or expenses.
(d) The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

 

NVG        
Year Ended 10/31:        
2017(f)     1.00 %**
2016     0.78  
2015     0.46  
2014     0.75  
2013     1.06  
2012     1.05  

 

NZF        
Year Ended 10/31:        
2017(f)     1.06 %**
2016     0.84  
2015     0.46  
2014     0.72  
2013     0.75  
2012     0.77  

 

(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f) For the six months ended April 30, 2017.
(g) During the six months ended April 30, 2017 and the fiscal year ended October 31, 2016, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its reorganization as described in Note 7 – Management Fees and Other Transactions with Affiliates.
N/A Fund does not have or no longer has a contractual reimbursement with the Adviser.
* Rounds to less than $0.01 per share.
** Annualized.

See accompanying notes to financial statements.

 

NUVEEN
125


Financial Highlights (Unaudited) (continued)

Selected data for a common share outstanding throughout each period:

 

                            Less Distributions to                          
          Investment Operations   Common Shareholders   Common Share  
                                                                     
                                                                     
                                          Premium                    
                                                Per                    
                                    From           Share                    
    Beginning   Net   Net       From   Accumulated       Sold              
    Common   Investment   Realized/       Net   Net       through   Shelf       Ending  
    Share   Income   Unrealized       Investment   Realized       Shelf   Offering   Ending   Share  
    NAV   (Loss ) Gain (Loss ) Total   Income   Gains   Total   Offering   Costs   NAV   Price  
NMZ                                                                    
Year Ended 10/31:                                                      
2017(f)   $ 13.68   $ 0.41   $ (0.59 ) $ (0.18 ) $ (0.41 ) $   $ (0.41 ) $ * $   $ 13.09   $ 13.22  
2016     13.66     0.86     0.04     0.90     (0.91 )       (0.91 )   0.03         13.68     13.32  
2015     13.71     0.91     (0.04 )   0.87     (0.92 )       (0.92 )           13.66     13.76  
2014     12.36     0.93     1.33     2.26     (0.91 )       (0.91 )   *   *   13.71     13.21  
2013     13.45     0.94     (1.20 )   (0.26 )   (0.88 )       (0.88 )   0.05     *   12.36     11.99  
2012     11.59     0.91     1.78     2.69     (0.90 )       (0.90 )   0.07     *   13.45     14.22  

 

(a)

Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

 

  Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

 

126
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                Common Share Supplemental Data/  
                Ratios Applicable to Common Shares  
                                                   
    Common Share         Ratios to Average Net Assets   Ratios to Average Net Assets        
    Total Returns         Before Reimbursement(b)   After Reimbursement(b)(c)        
                                                   
                                                   
        Based   Ending                                
    Based   on   Net       Net       Net   Portfolio  
    on   Share   Assets       Investment       Investment   Turnover  
    NAV (a) Price (a) (000 ) Expenses (d) Income (Loss ) Expenses (d) Income (Loss ) Rate (e)
                                                   
      (1.22 )%   2.46 % $ 773,670     1.48 %**   6.38 %**   N/A     N/A     5 %
      6.91     3.34     788,577     1.28     6.27     N/A     N/A     11  
      6.54     11.49     684,109     1.25     6.64     N/A     N/A     9  
      18.90     18.31     686,299     1.28     7.14     N/A     N/A     13  
      (1.71 )   (9.71 )   618,394     1.28     7.34     N/A     N/A     16  
      24.55     29.84     402,573     1.42     7.31     1.41 %   7.32 %   12  

 

(b) Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c) After expense reimbursement from the Adviser, where applicable. As of November 30, 2011, the Adviser is no longer contractually reimbursing NMZ for any fees and expenses.
(d) The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

  

NMZ        
Year Ended 10/31:        
2017(f)     0.43 %**
2016     0.24  
2015     0.17  
2014     0.19  
2013     0.20  
2012     0.21  

 

(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f) For the six months ended April 30, 2017.
N/A Fund no longer has a contractual reimbursement agreement with the Adviser.
* Rounds to less than $0.01 per share.
** Annualized.

See accompanying notes to financial statements.

 

NUVEEN
127


Financial Highlights (Unaudited) (continued)

 

                                                         
                                                    iMTP, MTP  
                                                    VMTP and /or  
                                                    VRDP Shares  
    iMTP Shares   MTP Shares   VMTP Shares   VRDP Shares   at the End  
    at the End of Period   at the End of Period (a)   at the End of Period   at the End of Period   of the Period  
                                                    Asset  
    Aggregate   Aggregate   Aggregate   Asset   Aggregate   Asset   Aggregate   Asset   Coverage  
    Amount   Coverage   Amount   Coverage   Amount   Coverage   Amount   Coverage   Per $1  
    Outstanding   Per $5,000   Outstanding   Per $10   Outstanding   Per $100,000   Outstanding   Per $100,000   Liquidation  
    (000 ) Share   (000 ) Share   (000 ) Share   (000 ) Share   Preference  
NVG                                                        
Year Ended 10/31:                                                        
2017(b)   $   $   $   $   $ 240,400   $ 293,954   $ 1,411,600   $ 293,954   $ 2.94  
2016                     240,400     304,005     1,411,600     304,005     3.04  
2015                             179,000     338,606      
2014                             179,000     341,951      
2013             108,000     31.69     92,500     316,883             3.17  
2012             108,000     34.28     92,500     342,768             3.43  
NZF                                                        
Year Ended 10/31:                                                        
2017(b)     150,000     14,095             336,000     281,908     727,000     281,908     2.82  
2016     150,000     14,570             336,000     291,406     727,000     291,406     2.91  
2015     150,000     17,376             81,000     347,528             3.48  
2014     150,000     17,440             81,000     348,797             3.49  
2013             70,000     34.19     169,200     341,851             3.42  
2012             70,000     37.01     169,200     370,064             3.70  

 

(a) The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:

 

      2014     2013     2012  
NVG                    
Series 2014 (NVG PRCCL)                    
Ending Market Value per Share   $   $ 10.09   $ 10.12  
Average Market Value per Share     10.05 ^   10.11     10.16  
                     
NZF                    
Series 2016 (NZF PRC)                    
Ending Market Value per Share   $   $ 10.10   $ 10.14  
Average Market Value per Share     10.05 ^^   10.10     10.12  

 

(b) For the six months ended April 30, 2017.
^ For the period November 1, 2013 through December 23, 2013.
^^ For the period November 1, 2013 through April 11, 2014.

  

128
NUVEEN


 

    VMTP Shares   Borrowings  
    at the End of Period   at the End of Period  
                           
      Aggregate     Asset     Aggregate        
      Amount     Coverage     Amount     Asset  
      Outstanding     Per $100,000     Outstanding     Coverage  
      (000 )   Share     (000 )   Per $1,000  
NMZ                          
Year Ended 10/31:                          
2017(a)   $ 87,000   $ 989,276   $   $  
2016     87,000     1,006,411          
2015     87,000     886,333          
2014     87,000     888,850          
2013     87,000     810,798          
2012             50,000     9,051  

 

(a) For the six months ended April 30, 2017.

See accompanying notes to financial statements.

 

NUVEEN
129


 

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

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

 

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

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. Common shares of each Fund are traded on the NYSE. NVG, NZF and NMZ were organized as Massachusetts business trusts on July 12, 1999, March 21, 2001 and October 8, 2003, respectively.

The end of the reporting period for the Funds is April 30, 2017, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2017 (the “current fiscal period”).

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

Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.

Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

As of the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

 

      NVG     NZF     NMZ  
Outstanding when-issued/delayed delivery purchase commitments   $ 27,349,643   $ 12,294,401   $ 1,021,801  

 

130
NUVEEN


Investment Income
Dividend Income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.

Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.

Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Compensation
The Fund pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Fund from the Adviser or its affiliates. The Funds’ Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.

Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements

The fair valuation input levels as described below are for fair value measurement purposes.

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market

 

NUVEEN
131


Notes to Financial Statements (Unaudited) (continued)

participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

  Level 1 –  Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
  Level 2 –  Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
  Level 3 –  Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.

Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.

Investments in investment companies are valued at their respective net asset value (“NAV”) on valuation date and are generally classified as Level 1.

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

 

NVG     Level 1     Level 2     Level 3     Total  
Long-Term Investments:                          
Municipal Bonds*   $   $ 5,003,047,209   $   $ 5,003,047,209  
Corporate Bonds**             969,751 ****   969,751  
Investments in Derivatives:                          
Interest Rate Swaps***         7,512,258         7,512,258  
Total   $   $ 5,010,559,467   $ 969,751   $ 5,011,529,218  

 

132
NUVEEN


 

NZF     Level 1     Level 2     Level 3     Total  
Long-Term Investments:                          
Municipal Bonds*   $   $ 3,410,101,349   $   $ 3,410,101,349  
Corporate Bonds**             450,037 ****   450,037  
Investment Companies     3,596,211             3,596,211  
Short-Term investments:                          
Municipal Bonds*         2,343,208         2,343,208  
Total   $ 3,596,211   $ 3,412,444,557   $ 450,037   $ 3,416,490,805  
NMZ                          
Long-Term Investments:                          
Municipal Bonds*   $   $ 950,827,020   $ 510,016 **** $ 951,337,036  
Common Stocks**     9,696,647             9,696,647  
Corporate Bonds**         9,919,656     20,304 ****   9,939,960  
Short-Term investments:                          
Municipal Bonds*         3,110,000         3,110,000  
Total   $ 9,696,647   $ 963,856,676   $ 530,320   $ 974,083,643  

 

* Refer to the Fund’s Portfolio of Investments for state classifications.
** Refer to the Fund’s Portfolio of Investments for industry classifications.
*** Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
**** Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.

The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 

  (i) If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
  (ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.

 

NUVEEN
133


Notes to Financial Statements (Unaudited) (continued)

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”) in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

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

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

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

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

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

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

 

Floating Rate Obligations Outstanding     NVG     NZF     NMZ  
Floating rate obligations: self-deposited Inverse Floaters   $ 217,000,000   $ 62,680,000   $ 154,760,000  
Floating rate obligations: externally-deposited Inverse Floaters     161,842,500     58,345,000     163,450,000  
Total   $ 378,842,500   $ 121,025,000   $ 318,210,000  

 

134
NUVEEN


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

 

Self-Deposited Inverse Floaters     NVG     NZF     NMZ  
Average floating rate obligations outstanding   $ 207,483,674   $ 70,348,481   $ 145,976,492  
Average annual interest rate and fees     1.29 %   1.26 %   1.26 %

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.

As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.

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

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

 

Floating Rate Obligations – Recourse Trusts     NVG     NZF     NMZ  
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters   $ 141,655,000   $ 38,655,000   $ 88,075,000  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters     120,915,000     29,810,000     153,700,000  
Total   $ 262,570,000   $ 68,465,000   $ 241,775,000  

Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

 

NUVEEN
135


Notes to Financial Statements (Unaudited) (continued)

Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”).

The amount of the payment obligation is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.

Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For an over-the-counter (“OTC”) swap that is not cleared through a clearing house (“OTC Uncleared”), the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps (, net).”

Upon the execution of an OTC swap cleared through a clearing house (“OTC Cleared”), the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers” on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of “Unrealized appreciation or depreciation on interest rate swaps (, net)” as described in the preceding paragraph.

The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums paid and/or received” on the Statement of Assets and Liabilities.

During the current fiscal period, NVG continued to invest in forward interest rate swap contracts, as part of its duration management strategies, to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark.

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

 

      NVG  
Average notional amount of interest rate swap contracts outstanding*   $ 129,066,667  

 

* The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period.

 

136
NUVEEN


The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

 

          Location on the Statement of Assets and Liabilities  
          Asset Derivatives   (Liability) Derivatives  
Underlying     Derivative                          
Risk Exposure     Instrument     Location     Value     Location     Value  
NVG                                
Interest rate     Swaps (OTC     Unrealized appreciation   $ 7,512,258       $  
      Uncleared)   on interest rate swap                    

The following table presents the Funds’ swap contracts subject to netting agreements and the collateral delivered related to those swap contracts as of the end of the reporting period.

 

                                  Gross Amounts Not Offset  
                                  on the Statement of  
                                  Assets and Liabilities  
          Gross   Gross   Amounts   Net Unrealized                    
          Unrealized   Unrealized   Netted on   Appreciation       Collateral        
          Appreciation on   (Depreciation) on Statement of   (Depreciation) on     Pledged        
          Interest Rate   Interest Rate   Assets and   Interest Rate   Financial   to (from ) Net  
Fund       Counterparty   Swaps ** Swaps ** Liabilities   Swaps   Instruments *** Counterparty   Exposure  
NVG     JPMorgan Chase   $ 7,512,258   $   $   $ 7,512,258   $   $ (7,512,258 ) $  
      Bank, N.A.                                            

 

** Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments.
*** Represents inverse floating rate securities available for offset, when applicable.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

 

                        Change in Net  
                  Net Realized     Unrealized Appreciation  
      Underlying     Derivative     Gain (Loss) from   (Depreciation) of
Fund     Risk Exposure     Instrument     Swaps     Swaps  
NVG     Interest rate     Swaps   $ (42,922 ) $ 6,540,035  

Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

 

NUVEEN
137


Notes to Financial Statements (Unaudited) (continued)

4. Fund Shares

Common Shares

Common Shares Equity Shelf Programs and Offering Costs
NMZ has filed a registration statement with the Securities and Exchange Commission (“SEC”) authorizing the Fund to issue additional common shares through one or more equity shelf programs (“Shelf Offering”), which became effective with the SEC during the current and prior fiscal period.

Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional common shares from time to time in varying amounts and by different offering methods at a net price at or above the Fund’s NAV per common share. In the event the Fund’s Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the registration statement has been filed with the SEC.

Additional authorized common shares, common shares sold and offering proceeds, net of offering costs under the Fund’s Shelf Offering during the Fund’s current and prior fiscal period were as follows:

 

    NMZ  
      Six Months     Year  
      Ended     Ended  
      4/30/17     10/31/16  
Additional authorized common shares     13,200,000     13,200,000  
Common shares sold     1,473,161     7,452,533  
Offering proceeds, net of offering costs   $ 19,138,860   $ 103,621,513  

Costs incurred by the Fund in connection with its Shelf Offering were recorded as a deferred charge and recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities. The deferred asset is reduced during the one-year period that additional shares are sold by reducing the proceeds from such sales and recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any remaining deferred charges at the end of the one-year life of the Shelf Offering period will be expensed accordingly, as well as any additional Shelf Offering costs the Fund may incur. As Shelf Offering costs are expensed they are recognized as a component of “Other expenses” on the Statement of Operations.

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

 

    NVG   NZF  
      Six Months     Year     Six Months     Year  
      Ended     Ended     Ended     Ended  
      4/30/17     10/31/16     4/30/17     10/31/16  
Common shares issued in reorganizations         175,906,265         105,813,381  

 

    NMZ  
      Six Months     Year  
      Ended     Ended  
      4/30/17     10/31/16  
Common shares:              
Issued to shareholders due to reinvestment of distributions     26,960     86,810  
Sold through shelf offering     1,473,161     7,452,533  
               
Weighted average common share:              
Premium to NAV per shelf offering share sold     1.21 %   1.57 %

 

138
NUVEEN


Preferred Shares

Institutional MuniFund Term Preferred Shares
The following Fund has issued and has outstanding Institutional MuniFund Term Preferred (“iMTP”) Shares, with a $5,000 liquidation preference per share. iMTP Shares are issued via private placement and are not publicly available.

As of the end of the reporting period, details of iMTP Shares outstanding were as follows:

 

            Shares     Liquidation  
Fund     Series     Outstanding     Preference  
NZF     2017     30,000   $ 150,000,000  

The Fund is obligated to redeem its iMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. iMTP Shares are subject to optional and mandatory redemption in certain circumstances. The iMTP Shares are not subject to redemption at the option of the Fund for approximately one year following the date of issuance, at which point the Fund may redeem at its option (“Optional Redemption Date”) and any date thereafter. The Fund may be obligated to redeem certain amount of the iMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. The Term Redemption Date and Optional Redemption Date for the Fund’s iMTP Shares are as follows:

 

            Term     Optional  
Fund     Series     Redemption Date     Redemption Date  
NZF     2017     October 1, 2017     April 1, 2015  

The average liquidation preference of iMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period, were as follows:

 

      NZF  
Average liquidation preference of iMTP Shares outstanding   $ 150,000,000  
Annualized dividend rate     1.44 %

iMTP Shares are subject to restrictions on transfer and may only be sold or transferred to “qualified institutional buyers”. iMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of iMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the iMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund’s Adviser has determined that the fair value of iMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of iMTP Shares is recorded as a liability and recognized as “Institutional MuniFund Term Preferred (“iMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.

Dividends on the iMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on iMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on iMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Costs incurred by the Fund in connection with its offering of iMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and recognized as components of “Institutional MuniFund Term Preferred (“iMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

 

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Notes to Financial Statements (Unaudited) (continued)

Variable Rate MuniFund Term Preferred Shares
The Funds have issued and have outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.

As of the end of the reporting period, VMTP Shares outstanding, at liquidation preference, for each Fund were as follows:

 

            Shares     Liquidation  
Fund     Series     Outstanding     Preference  
NVG     2018     2,404   $ 240,400,000  
NZF     2019     3,360   $ 336,000,000  
NMZ     2018     870   $ 87,000,000  

Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of each Fund, subject to payment of premium for approximately one year following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. Each Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund’s VMTP Shares are as follows:

 

            Term     Premium  
Fund     Series     Redemption Date     Expiration Date  
NVG     2018     December 1, 2018     May 31, 2016  
NZF     2019     July 1, 2019     May 31, 2017  
NMZ     2018     August 1, 2018     June 30, 2016  

The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

 

      NVG     NZF     NMZ  
Average liquidation preference of VMTP Shares outstanding   $ 240,400,000   $ 336,000,000   $ 87,000,000  
Annualized dividend rate     1.61 %   1.73 %   1.58 %

VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as a component of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.

Dividends on the VMTP shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Costs incurred in connection with each Fund’s offering of VMTP Shares were recorded as a deferred charges, which are amortized over the life of the shares and are recognized as components of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

 

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Variable Rate Demand Preferred Shares
The following Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.

As of the end of the reporting period, details of the Funds’ VRDP Shares outstanding were as follows:

 

            Shares     Liquidation        
Fund     Series     Outstanding     Preference     Maturity  
NVG     1     1,790   $ 179,000,000     December 1, 2043  
      2     3,854   $ 385,400,000     December 1, 2040  
      4     1,800   $ 180,000,000     June 1, 2046  
      5     3,405   $ 340,500,000     December 1, 2040  
      6     3,267   $ 326,700,000     December 1, 2040  
NZF     1     2,688   $ 268,800,000     March 1, 2040  
      2     2,622   $ 262,200,000     March 1, 2040  
      3     1,960   $ 196,000,000     June 1, 2040  

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

VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.

NVG’s Series 1 and Series 4 VRDP Shares are considered to be Special Rate Period VRDP, which one sold to institutional investors. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider. During the period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate Period VRDP Shares will transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by a designated liquidity provider, unless the Board approves a subsequent special rate period.

Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.

Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.

The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

 

      NVG     NZF  
Average liquidation preference of VRDP Shares outstanding   $ 1,411,600,000   $ 727,000,000  
Annualized dividend rate     1.02 %   0.83 %

For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.

Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.

 

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Notes to Financial Statements (Unaudited) (continued)

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

 

    Year Ended  
    October 31, 2016  
NVG     Series     Shares     Amount  
VMTP Shares issued in connection with the reorganization     2018     2,404   $ 240,400,000  

 

    Year Ended  
    October 31, 2016  
NZF     Series     Shares     Amount  
VMTP Shares issued     2019     3,360   $ 336,000,000  
VMTP Shares exchanged     2017     (810 )   (81,000,000 )
Net increase (decrease)           2,550   $ 255,000,000  

 

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

 

    Six Months Ended  
    April 30, 2017  
NVG     Series     Shares     Amount  
VRDP Shares issued     5     3,405   $ 340,500,000  
      6     3,267     326,700,000  
VRDP Shares exchanged     3     (6,672 )   (667,200,000 )
Net increase (decrease)             $  

 

    Year Ended  
    October 31, 2016  
NVG     Series     Shares     Amount  
VRDP Shares issued in connection with the reorganization     2     3,854   $ 385,400,000  
      3     6,672     667,200,000  
VRDP Shares issued     4     1,800     180,000,000  
Net increase (decrease)           12,326   $ 1,232,600,000  

 

    Year Ended  
    October 31, 2016  
NZF     Series     Shares     Amount  
VRDP Share Issued in connection with the reorganization     1     2,688   $ 268,800,000  
      2     2,622     262,200,000  
      3     1,960     196,000,000  
Total           7,270   $ 727,000,000  

5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:

 

      NVG     NZF     NMZ  
Purchases   $ 585,283,425   $ 477,500,847   $ 60,081,207  
Sales and maturities     601,273,591     507,701,961     50,419,602  

6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

 

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For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

As of April 30, 2017, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:

      NVG     NZF     NMZ  
Cost of investments   $ 4,480,103,291   $ 3,129,425,289   $ 789,302,917  
Gross unrealized:                    
Appreciation     353,711,543     269,323,401     80,433,890  
Depreciation     (46,797,071 )   (44,937,935 )   (50,410,771 )
Net unrealized appreciation (depreciation) of investments   $ 306,914,472   $ 224,385,466   $ 30,023,119  

Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, nondeductible reorganization expenses, taxable market discount, tender option bond adjustments, and expiration of capital loss carryforwards, resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2016, the Funds’ last tax year end, as follows:

      NVG     NZF     NMZ  
Paid-in-surplus   $ 20,772,758   $ 23,191,009   $ (40,259,705 )
Undistributed (Over-distribution of) net investment income     9,016,020     6,837,213     (37,698 )
Accumulated net realized gain (loss)     (29,788,778 )   (30,028,222 )   40,297,403  

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2016, the Funds’ last tax year end, were as follows:

      NVG     NZF     NMZ  
Undistributed net tax-exempt income1   $ 16,473,792   $ 10,857,191   $ 1,963,117  
Undistributed net ordinary income2     250,210     311,307     312,231  
Undistributed net long-term capital gains     6,460,841     277,214      

 

1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 3, 2016, and paid on November 1, 2016.
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

 

The tax character of distributions paid during the Funds’ last tax year ended October 31, 2016, was designated for purposes of the dividends paid deduction as follows:

      NVG     NZF     NMZ  
Distributions from net tax-exempt income   $ 99,983,479   $ 83,860,978   $ 49,588,685  
Distributions from net ordinary income2     381,678     196,088     477,534  
Distributions from net long-term capital gains     759,429          

 

2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

 

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Notes to Financial Statements (Unaudited) (continued)

As of October 31, 2016, the Funds’ last tax year end, the Funds had unused capital loss carrying forward available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

 

      NVG3     NZF3     NMZ  
Expiration:                    
October 31, 2017   $ 322,087   $   $ 34,954,022  
October 31, 2018             1,362,739  
Not subject to expiration     11,694,056     23,832,204     451,995  
Total   $ 12,016,143   $ 23,832,204   $ 36,768,756  

 

3 A portion of NVG’s and NZF’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

As of October 31, 2016, the Funds’ last tax year end, the following Funds’ capital loss carryforward expired as follows:

 

      NVG     NMZ  
Expired capital loss carryforwards   $ 217,918   $ 40,199,292  

During the Funds’ last tax year ended October 31, 2016, the following Funds utilized capital loss carryforwards as follows:

 

      NVG     NZF  
Utilized capital loss carryforwards   $ 8,371,430   $ 6,363,613  

7. Management Fees and Other Transactions with Affiliates

Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedules:

 

  NVG  
  NZF  
Average Daily Managed Assets* Fund-Level Fee  
For the first $125 million 0.5000 %
For the next $125 million 0.4875  
For the next $250 million 0.4750  
For the next $500 million 0.4625  
For the next $1 billion 0.4500  
For the next $3 billion 0.4250  
For managed assets over $5 billion 0.4125  

 

  NMZ  
Average Daily Managed Assets* Fund-Level Fee  
For the first $125 million 0.5500 %
For the next $125 million 0.5375  
For the next $250 million 0.5250  
For the next $500 million 0.5125  
For the next $1 billion 0.5000  
For the next $3 billion 0.4750  
For managed assets over $5 billion 0.4625  

 

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The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets:

 

Complex-Level Managed Asset Breakpoint Level* Effective Rate at Breakpoint Level  
$55 billion 0.2000 %
$56 billion 0.1996  
$57 billion 0.1989  
$60 billion 0.1961  
$63 billion 0.1931  
$66 billion 0.1900  
$71 billion 0.1851  
$76 billion 0.1806  
$80 billion 0.1773  
$91 billion 0.1691  
$125 billion 0.1599  
$200 billion 0.1505  
$250 billion 0.1469  
$300 billion 0.1445  

 

* For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2017, the complex-level fee for each Fund was 0.1610%.

During the prior fiscal period, the Adviser agreed to implement a fee waiver for NVG and NZF, which would begin on the effective date of the New Investment Management Agreement (the “Agreement”) and will be phased out over the first year following the effective date of the Agreement. The waiver would be applied according to the following schedule and annual rates: (i) 0.05% of managed assets for the first 90 day period following the effective date of the Agreement; (ii) 0.0375% of managed assets for the 91st through 180th day period following the effective date of the Agreement; (iii) 0.025% of managed assets for the 181st through 270th day period following the effective date of the Agreement; and (iv) 0.0125% of managed assets for the 271st through 365th day period following the effective date of the Agreement. The fee waiver agreement may not be discontinued prior to the expiration of the one-year period unless authorized by the Board or the Agreement terminates. The purpose of the fee waiver is to phase in the new management fee over a period of one year. The fee waiver is not expected to be continued.

Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.

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

 

Inter-Fund Trades     NVG     NZF  
Purchases   $   $ 42,099,924  
Sales     5,983,894     29,678,630  

8. Borrowing Arrangements

Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. On December 31, 2016, (the only date utilized during the current fiscal period), NVG borrowed $721,990 from the Unsecured Credit Line at an annualized interest rate of 2.02%. None of the other Funds participated in the Unsecured Credit Line during the current fiscal period.

 

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Notes to Financial Statements (Unaudited) (continued)

Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.5 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2017 unless extended or renewed.

The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the following Funds utilized this facility. Each Fund’s maximum outstanding balance during the utilization period were as follows:

 

      NVG     NZF  
Maximum Outstanding Balance   $ 20,000,000   $ 30,000,000  

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

 

      NVG     NZF  
Average daily balance outstanding   $ 16,354,839   $ 15,347,826  
Average annual interest rate     1.92 %   2.03 %

Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable. NMZ did not utilize this facility during the current fiscal period.

9. New Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-03: Interest-Imputation of Interest
The Funds have adopted the disclosure provisions of ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the Statement of Assets and Liabilities as a direct deduction from the carrying amount of the associated debt liability. Prior to the issuance of ASU 2015-03, debt issuance costs were required to be presented in the Statement of Assets and Liabilities as a deferred charge (i.e., an asset). ASU 2015-03 is limited to simplifying the presentation of debt issuance costs. ASU 2015-03 does not affect the recognition and measurement of debt issuance costs.

Amendments to Regulation S-X
In October 2016, the SEC adopted new rules and amended existing rules (together, the “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X is August 1, 2017. Management is still evaluating the impact of the final rules, if any.

Accounting Standards Update 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
During March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.

10. Subsequent Events

Refinancing of iMTP and MFP Shares
Subsequent to the close of the reporting period, NZF redeemed all of its Series 2017 iMTP Shares at their $5,000 liquidation value per share, plus dividend amounts owed, with the proceeds from $150,000,000 of newly issued MuniFund Preferred (“MFP”) Shares. On May 15, 2017, Series A MFP Shares were issued to qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act of 1933 and NZF iMTP Shares were redeemed on May 25, 2017.

 

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Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During May 2017, the Board approved the Nuveen funds participation in the Inter-Fund Program. As of the time this shareholder report was prepared, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

 

NUVEEN
147


 

Additional Fund Information

 

Board of Trustees          
William Adams IV* Margo Cook** Jack B. Evans William C. Hunter David J. Kundert Albin F. Moschner
John K. Nelson William J. Schneider Judith M. Stockdale Carole E. Stone Terence J. Toth Margaret L. Wolff
Robert L. Young***          

 

* Interested Board Member and retired from the Fund’s Board of Trustees effective June 30, 2017.
** Interested Board Member.
*** Effective July 1, 2017.
   

 

Fund Manager Custodian Legal Counsel Independent Registered Transfer Agent and
Nuveen Fund Advisors, LLC State Street Bank Chapman and Cutler LLP Public Accounting Firm   Shareholder Services
333 West Wacker Drive and Trust Company Chicago, IL 60603 KPMG LLP   State Street Bank
Chicago, IL 60606 One Lincoln Street   200 East Randolph Drive   & Trust Company
  Boston, MA 02111   Chicago, IL 60601   Nuveen Funds
          P.O. Box 43071
          Providence, RI 02940-3071
          (800) 257-8787
           

Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

 

CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

 

Common Share Repurchases

Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

 

      NVG     NZF     NMZ  
Common shares repurchased              

FINRA BrokerCheck

The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

 

148
NUVEEN


Glossary of Terms Used in this Report

 

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
NVG and NZF Custom Blended Fund Performance Benchmark: The Fund Performance Benchmark is an unleveraged index consisting of the returns of the S&P Municipal Bond Index prior to 9/12/16 and thereafter the returns of an 60%/40% blend of the S&P Municipal Bond Investment Grade Index and the S&P Municipal Bond High Yield Index, respectively. The S&P Municipal Bond Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds. The S&P Municipal Bond Investment Grade Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds rated investment grade by Standard & Poor’s, Moody’s and/or Fitch. The S&P Municipal Bond High Yield Index is an unmanaged, market value-weighted index designed to measure the performance of the tax-exempt, high yield municipal bonds. Index returns assume compounding and do not include the effects of any fees or expenses.

 

NUVEEN
149


 

Glossary of Terms Used in this Report (continued)

 

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond High Yield Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment grade U.S. high yield municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
The S&P Municipal Yield Index: An unleveraged, market value-weighted index containing all bonds in the S&P Municipal Bond Index that are non-rated bonds or whose ratings are BB+ by S&P and BA-1 by Moody’s Investors Service, Inc. or lower. This index does not contain bonds that are pre-refunded or escrowed to maturity. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

 

150
NUVEEN


 

Reinvest Automatically,  Easily and Conveniently

Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

 

 

Nuveen Closed-End Funds Automatic Reinvestment Plan

Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

 

NUVEEN
151


Notes

 

152
NUVEEN


Notes

 

NUVEEN
153


Notes

 

154
NUVEEN

Notes

 

NUVEEN
55


Nuveen:

                                           Serving Investors for Generations


 

Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.

 

Focused on meeting investor needs.

Nuveen is the investment management arm of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

 

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/cef 

Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

 

ESA-C-0417D 184325-INV-B-06/18

 


 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

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

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.



 
SIGNATURES

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

(Registrant) Nuveen AMT-Free Municipal Credit Income Fund

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary

Date: July 6, 2017
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)

Date: July 6, 2017
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: July 6, 2017