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, 2020
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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NOT FDIC INSURED MAY LOSE
VALUE NO BANK GUARANTEE
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Dear Shareholders,
The COVID-19 crisis is taking an unprecedented toll on our health, societies, economies and financial markets. Our thoughts are with all whose lives have been affected by the disease and its
economic fallout. With some regions of the world having appeared to “flatten the curve” of infections, governments and public health officials are now facing the extraordinary challenge of balancing the resumption of economic activity with public
safety, in a way that minimizes the potential for a second wave of outbreaks. Markets have turned their focus to the potential for an economic recovery – the timing and magnitude of which remain highly uncertain. Elevated market volatility is
likely to continue, with economic data, coronavirus infection rates and the upcoming U.S. presidential election under scrutiny.
While we do not want to understate the dampening effect on the global economy, it is important to differentiate short-term interruptions from the longer-lasting implications to the economy. Some
areas of the global economy were already on the mend prior to the coronavirus epidemic. Temporary bans on movement and travel are being lifted, and some near-term economic indicators have shown modest improvement in countries that have reopened.
Central banks and governments around the world have announced economic stimulus measures and pledged to continue doing what it takes to support their economies. In the U.S., the Federal Reserve has cut its benchmark interest rate to near zero and
introduced programs that helped revive the U.S. economy after the 2008 financial crisis. The U.S. Government has approved three relief packages, including a $2 trillion-dollar package directly supporting businesses and individuals. The
Coronavirus Aid, Relief and Economic Security Act, called the CARES Act, provides direct payments and expanded unemployment benefits to individuals, loans and grants to small businesses, loans and other money to large corporations and funding for
hospitals, public health, education and state and local governments.
In the meantime, patience and a long-term perspective are key for investors. When market fluctuations are the leading headlines day after day, it’s tempting to “do something.” However, your
long-term goals can’t be met with short-term thinking. We encourage you to talk to your financial professional, who can review your time horizon, risk tolerance and investment goals. 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,
Terence J. Toth
Chair of the Board
June 23, 2020
Chair of the Board
June 23, 2020
4
Portfolio Managers’ Comments
Nuveen AMT-Free Municipal Credit Income Fund (NVG)
Nuveen Municipal Credit Income Fund (NZF)
Nuveen Municipal High Income Opportunity Fund (NMZ)
Nuveen Municipal Credit Opportunities Fund (NMCO)
Nuveen AMT-Free Municipal Credit Income Fund (NVG)
Nuveen Municipal Credit Income Fund (NZF)
Nuveen Municipal High Income Opportunity Fund (NMZ)
Nuveen Municipal Credit Opportunities Fund (NMCO)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. Portfolio managers
John V. Miller, CFA, Steve M. Hlavin, Paul L. Brennan, CFA, Scott R. Romans, PhD and discuss key investment strategies and the six-month performance of the Funds. Paul has managed NVG since 2006, Scott assumed portfolio management responsibility
for NZF in 2016, John has managed NMZ since its inception in 2003 and John and Steve have managed NMCO since its inception in 2019.
During May and October 2019, the Board of Trustees and Shareholders approved the merger of the Nuveen Connecticut Quality Municipal Income Fund (NTC) to the acquiring Fund, the
Nuveen AMT-Free Municipal Credit Income Fund (NVG). The merger was completed prior to the open of business on November 18, 2019.
An Update on COVID-19 Coronavirus and its Impact on the Securities Markets
With daily new COVID-19 coronavirus cases now slowing across much of the world, economies are beginning to reopen and movement bans are easing. The focus is shifting to whether the resumption of
activity triggers a second wave of infections and how quickly economies may rebound. Early indications, first from China, South Korea and Hong Kong, and more recently from various U.S. states that opened their economies earlier and more
thoroughly than others, showed there is a risk of new infection outbreaks. Economic indicators have begun to reflect the severe supply and demand disruptions resulting from the shutdowns, and a more prolonged recovery looks more likely than a
rapid snap-back to growth.
Although the detection of the virus in China was made public in December 2019, markets did not start to fully acknowledge the risks and potential economic impact until the latter portion of
February 2020, when outbreaks outside of China were first reported. Global stock markets sold off severely, with the S&P 500® index reaching a bear market (a 20%
drop from the previous high) within three weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered; below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of
concerns for the continued financial stability of lower quality issuers. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note to 0.5% in March 2020, an all-time low. Additionally,
oil prices collapsed to an 18-year low on supply glut concerns, as shutdowns across the global economy sharply reduced oil demand, although oil prices have recovered to well above those lows.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments.
The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking
statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group (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. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial
success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5
Portfolio Managers’ Comments (continued)
Central banks and governments have responded with liquidity injections to ease the strain on financial systems and stimulus measures to buffer the shock to businesses and consumers. These measures
have helped stabilize the markets over the short term, and most markets have recovered most of their losses. But volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates
and/or verified treatments or vaccines). There are still many unknowns and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike.
Nuveen, LLC and our portfolio management teams are monitoring the situation carefully and continuously refining our views and approaches to managing the Funds to best pursue investment objectives
while mitigating risks through all market environments.
What key strategies were used to manage the Funds during the six-month reporting period ended April 30, 2020, and how did these strategies influence performance?
Each Fund’s primary investment objective is 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.
For most of the reporting period, a favorable macroeconomic backdrop, strong demand, narrowing credit spreads and falling interest rates supported municipal bond performance. However, the
coronavirus pandemic and the shutdown of the economy introduced significant uncertainty about the future of economic growth and impact to municipal credit fundamentals. As the nearer-term impacts began to materialize, we looked for relative value
and income enhancement opportunities among credits we believe may demonstrate resilience over the long term.
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. Up until the COVID-19 crisis related market turmoil in late February 2020, most of the Funds’ trading was driven by reinvesting the proceeds from called and
maturing bonds. One of the notable transactions during this reporting period was the state of Ohio refunding its legacy Buckeye Tobacco Settlement bonds and issuing new replacement bonds. All four Funds owned the legacy bonds and bought some of
the replacement bonds.
In the market sell-off in March 2020, municipal bond credit spreads increased considerably, especially for the lower quality market segments in which NMZ and NMCO concentrate their investments.
This turned our focus in March and April 2020 to selling depreciated bonds with lower embedded yields to buy similar structures offering higher embedded yields. This exchanging strategy allows the Funds to take advantage of tax efficiencies and
enhance the Funds’ income earnings capability to support the dividend. The volatility in the latter months of the reporting period marginally lengthened the Funds’ (and benchmark index’s) overall duration. As yields rose and credit spreads
widened, bonds previously priced to shorter call dates become less likely to be called early, lengthening their duration profile.
Also during this reporting period, the four Funds received Energy Harbor common stock, after FirstEnergy Solutions successfully emerged from bankruptcy and the restructured company was renamed
Energy Harbor. The Funds received Energy Harbor stock when their holding of bonds issued by FirstEnergy Solutions was converted into Energy Harbor equity as part of its debt reorganization and emergence from bankruptcy protection, which was
completed in February 2020. Over time, we expect to sell these shares and reinvest the proceeds into municipal bonds.
Trading activity was relatively light in NVG. Entering the reporting period, we were comfortable with the Fund’s positioning and there were fewer opportunities to source attractive bonds in the
prevailing market conditions. In addition to the Buckeye Tobacco Settlement bonds being called and replaced with the new issue, we added selectively to health care, housing and a few other credits. NVG also held Metropolitan Pier and Exposition
Authority at McCormick bonds that were refunded during the reporting period, and we bought the replacement bonds. We took some small precautionary steps to prepare for the possibility of deleveraging, including delaying the reinvestment of cash
proceeds from called bonds and coupon income. However, market liquidity, although stressed, remains sufficient and deleveraging was not needed. Overall, NVG’s positioning was relatively stable over this reporting period. The Fund’s duration
drifted marginally higher, although it remained well within its duration target range. This was due to the market volatility, some defensive selling of shorter duration bonds and refunded bonds being reinvested into longer duration credits.
Relative to the benchmark index, NVG began the reporting period with slightly shorter duration and ended the reporting period roughly neutral to the benchmark.
6
In NZF, we bought some mid-grade (AA and A rated) hospital and airport bonds, as well as added to Puerto Rico sales tax revenue bonds (known as COFINAs), in the earlier months of the reporting
period. In the last six weeks of the reporting period, our focus was on one-on-one bond exchanges, particularly among lower rated airport and health care bonds, as well as Metropolitan Transit Authority (New York) credits. We also added to lower
rated positions and participated in the Buckeye Tobacco Settlement new issue after the legacy bonds were called. NZF’s portfolio duration lengthened incrementally due to market volatility and trading activity, rather than any change to our
investment philosophy.
For most of the reporting period, NMZ worked to reinvest coupon income, call proceeds and sinking fund (a fund formed by periodically setting aside money for the gradual repayment of a debt)
payments. As high yield municipal bond spreads widened significantly beyond their long-term average in the March 2020 sell-off, the market offered a more attractive selection of bonds to choose from. We sold some positions that had held up well
during the turbulence, such as pre-refunded bonds and certain Puerto Rico positions, and used the proceeds to buy bonds across a range of issuers and sectors that we believed to be more beaten-up than their fundamentals warranted. Virgin Trains
USA Passenger Rail Project, community development districts, Illinois general obligation bonds (GOs), tobacco settlement (including Buckeye Tobacco), charter schools and airline bonds secured by airport facilities (for example, Denver Special
Facilities United Airlines and Tulsa Municipal Airport Trust American Airlines) were among those purchases. We also made some one-for-one bond exchanges, notably in NMZ’s COFINA bonds, to maintain the overall exposure to COFINAs while enhancing
the embedded yield.
NMCO’s trading was very active, as the invest-up period (from September 2019 through March 2020) spanned most of this reporting period. By the end of the reporting period, the Fund was fully
invested, and the credit quality allocation now reflects the Fund’s long-term high yield focus, with most of the portfolio invested in bonds rated BBB and lower. In addition to purchases, we sold a meaningful amount of bonds, as we rolled the
portfolio out of higher credit quality bonds that were used as temporary placeholders and bought long-term positions in lower rated and higher yielding bonds. Like the other three Funds, NMCO also looked for opportunities after the sell-off to
exchange bonds one-for-one to enhance embedded yields to support its dividend income capability. Similarily, NMCO’s duration drifted modestly higher over the course of the reporting period due to market price declines.
Additionally, at the end of March 2020, NMCO delevered to help mitigate net asset value volatility and manage the leverage ratio within the stated target. These efforts influenced the timing and
size of the Fund’s distribution cut. Under normal market conditions, portfolio managers would be able to take mitigating steps, through tax loss bond exchanges and other strategies, to offset the impact of unwinding leverage. However, due to the
unprecedented velocity of the market’s sell-off and the compressed time period in which it occurred, we believe it was in the best long-term interest of our shareholders to take these prudent actions in the short term. We believe this can
ultimately help enhance earnings over the long run.
As of April 30, 2020, 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.
How did the Funds perform during the six-month reporting period ended April 30, 2020?
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, 2020. 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, 2020, the total returns at NAV for NVG, NZF and NMZ underperformed the return for the national S&P Municipal Bond Index. NVG and NZF underperformed the
return for the secondary benchmark (composed of 60% S&P Municipal Bond Investment Grade Index and 40% S&P Municipal Bond High Yield Index), and NMZ and NMCO underperformed the return on the S&P Municipal Yield Index.
The main factors influencing the Funds’ relative performance in this reporting period were yield curve and duration positioning, credit quality allocation and sector allocation. 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.
The Funds’ duration and yield curve positioning was disadvantageous in this reporting period. The municipal yield curve steepened, with yields on the short end of the curve falling and yields on
the longer end of the curve increasing. The Funds’ overweight allocations to the longer end of the yield curve detracted from relative performance, as longer maturity bonds underperformed.
7
Portfolio Managers’ Comments (continued)
The main drag on relative performance for all four Funds came from the disproportionate credit spread widening among lower rated and high yield bonds during March 2020. The Funds’ substantial
weights to bonds rated BBB and lower (including high yield and non-rated bonds) increased their sensitivity to the dramatic spread widening that occurred during the sell-off. NVG and NZF hold more than 50% of their portfolios and NMZ holds nearly
two thirds of its portfolio in BBB rated, high yield (below investment grade) and non-rated credits. NMCO, by the end of the invest-up period, held nearly all of its portfolio in BBB and lower rated bonds. We should note that prior to the
COVID-19 crisis, NMCO still had roughly 20% of its portfolio in BBB rated bonds, which served as short-term placeholders to keep the Fund fully invested during the invest-up period. We were able to sell these lower rated investment grade
positions and reinvest the proceeds in longer term, higher yielding positions at more attractive spread levels, which accrues to the income earnings and total returns over time.
Sector performance was driven largely by credit ratings, due to the significant spread widening in the latter months of the reporting period. Not surprisingly, the sectors perceived to be most
affected by the COVID-19 crisis and its economic aftershocks were among the weakest performing, including transportation, certain higher education institutions, sales tax revenue (especially convention, hotel occupancy and tourist-related sales
taxes) and senior living/life care facilities and continuing care retirement communities (CCRCs). Other bonds that were disproportionately affected by the March 2020 sell-off, and therefore underperformed for the reporting period overall,
included Illinois and Chicago GOs and U.S. territory debt. For these issuers, investors worried that credit concerns pre-dating the health crisis could be exacerbated by the uncertain outlook. The Funds’ exposure to Illinois and Chicago-related
bonds detracted from performance, as did Puerto Rico paper, although to a lesser extent given the small position sizes of the Funds’ Puerto Rico holdings. NMZ and NMCO also held small positions in U.S. Virgin Islands bonds, which also
underperformed but with minimal relative performance impact. In addition, the four Funds held tobacco settlement bonds, which did well earlier in the reporting period due to the strong performance of legacy Buckeye Tobacco Settlement bonds.
However, those bonds were refunded, and the new issue replacement bond subsequently performed poorly when liquidity became severely stressed in the marketplace in March 2020. Buckeye Tobacco bonds are among the most liquid lower rated, higher
yielding bonds, and therefore among the most heavily sold during liquidity-driven events like that of March 2020.
For the Funds individually, NVG’s Illinois and Chicago bonds were among the weakest performers during the reporting period. Metropolitan Pier and Exposition Authority at McCormick, which are
backed by hotel occupancy and other sales taxes as well as indirect support from the state of Illinois, were hurt by the shutdown of tourism and the state’s weakened credit outlook. NVG’s position in state of New Jersey appropriation-backed debt
also suffered from an uncertain outlook. New Jersey’s credit rating is the second lowest, after Illinois. Lower rated higher education bonds, certain toll road names and industrial development revenue (IDR) bonds such as real estate-backed
projects and refineries also detracted from NVG’s performance overall. However, we would point out that FirstEnergy Solutions (renamed Energy Harbor) was an IDR bond that performed relatively well as the company reached a successful bankruptcy
outcome. Other positive performers for NVG included pre-refunded bonds, the best performing sector in the market, as well as high credit quality private universities such as Stanford and Massachusetts Institute of Technology and housing bonds.
Nearly all of the housing bonds in NVG are high credit quality and we believe are well positioned to weather the pandemic. We added a few names to the portfolio during the reporting period, but the housing position remains relatively small
overall.
For NZF, sector allocation in aggregate was a positive offset to the negative impacts of credit quality and duration positioning but had a muted impact on overall relative performance. A small
overweight to pre-refunded bonds was beneficial. NZF’s overweight to Illinois and Chicago bonds was a drag on performance, but the weakness was in line with other BBB rated bonds.
NMZ’s performance, which is primarily compared to the S&P Municipal Yield Index, continued to be driven by our bottom-up credit selection. In this reporting period, performance by individual
name was more diverse than usual, with some issues showing relative resilience while others sold off significantly. Moreover, duration and credit spread widening worked against the Fund in the downturn due to its leverage. The dramatic increase
in AAA municipal bond yields during March 2020 negatively affected leveraged funds in the short term, which we viewed as a temporary situation and did not merit any wholesale changes to the Fund’s positioning. High yield municipal credit spreads
also increased significantly beyond their long-term average in March 2020. The catalysts for the move were part technical and part fundamental. The general fear pervading the markets and investors’ rush to liquidate to cash contributed to
technical selling pressure that spiraled into more selling. At the same time, the pandemic and associated economic fallout was expected to increase credit rating downgrades (and possibly defaults), which further weighed on valuations.
8
In this environment, NMZ’s most prominent underperformers included Metropolitan Pier and Exposition Authority at McCormick, which the market priced lower due to the temporary restrictions on
tourism and convention activity in Chicago; Buckeye Tobacco Settlement bonds, which suffered short-term technical selling pressure; American Dream Meadowlands, the mega-mall shopping and entertainment complex in New Jersey that had begun its
phased opening but was delayed when the virus hit; U.S. Steel, which was hurt by falling commodity prices and volatile equity markets; and Virgin Trains USA Passenger Rail Project, a high-speed privately operated South Florida rail line, whose
next phase of expansion is under construction and, despite the COVID-19 crisis, remains on time and under budget.
Conversely, NMZ’s notable outperformers included Energy Harbor, which performed well as its predecessor company FirstEnergy Solutions successfully emerged from bankruptcy (as described in the
strategy section of this commentary). Our longstanding positions in charter schools and land-secured bonds also held up relatively well in the challenging environment. The charter school movement remains strong. Moreover, their funding for this
year wasn’t disrupted by the coronavirus because state budgets are set annually and is unlikely to be cut going forward because it represents a small allocation and tends to enjoy a higher priority in state budgets. Renaissance Charter School and
Thomas Jefferson Classical Academy, which offered relatively high coupons and were priced to shorter call dates, were among the top performers for NMZ. The Fund no longer holds Thomas Jefferson Classical Academy. The pandemic is also unlikely to
disrupt some of the longer-term (10- to 15-year) trends in the real estate market, in our view, especially the need for new single-family homes in certain areas. NMZ’s best performing land-secured bonds included Lancaster County, South Carolina,
Edgewater Improvement District, Pine Island Community Development District (Florida) and Ave Maria Community District (Florida). NMZ also benefited from low exposure to senior living/life care facilities, the weakest performing sector.
NMCO’s performance is also primarily compared to the S&P Municipal Yield Index. The Fund had been outperforming the benchmark during the reporting period up until March 2020 but the
March-April market downturn reversed those gains. The Fund’s weakest performing holdings were the more widely traded, highly liquid, high yield names with greater sensitivity to market movements, such as Puerto Rico COFINAs, Buckeye Tobacco
Settlement and Illinois sales tax revenue bonds. These bonds’ prices became severely dislocated from fundamentals during the March 2020 liquidity crunch. Despite having high debt service coverage ratios (and therefore lower risk of potential
default), these names are among the most liquid high yield bonds, which makes them among the first to be sold in times of market stress. NMCO’s Puerto Rico position, which included both COFINA and Puerto Rico Electric Power Authority (known as
PREPA) bonds, was among the bottom performers in this reporting period.
Offsetting some of the negative performance was the strong performance of tobacco settlement bonds (mainly due to the legacy Buckeye Tobacco Settlement bonds) and IDR bonds (largely due to
FirstEnergy Solutions (renamed Energy Harbor). NMCO had no exposure to the senior living/life care sector, which was also advantageous.
9
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage. The Funds obtain leverage through the issuance of
preferred shares and/or investments in inverse floating rate securities, which itself represents a leverage investment in an underlying bond.
The Funds primarily utilize leverage in order to generate incremental income. The Funds are able to do so by earning a greater amount of interest on additional higher yielding long-term bond
investments than its associated leverage expense, which is typically based upon short-term rates. This has been particularly true in recent market environments where short-term rates have been low by historical standards. Common share income in
leveraged funds will typically decrease in comparison to unleveraged funds when short-term rates increase and increase with short-term rates decrease.
In return for the opportunity of higher incremental income, the Funds’ common shareholders assume additional price variability, so their net asset value will be more volatile. Common shareholders
will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but correspondingly will have a greater decline in their net asset value if the bonds acquired through
leverage decline in price.
Management believes that the potential benefit from leverage continues to outweigh the associated risk from increased price variability as previously described. Historically, over most longer
periods of time, incremental income derived from leverage has more than offset the added price variability and led to higher total returns. However, during shorter time periods, this added price variability can equal or exceed any incremental
income so that, when compared to an unleveraged fund, leverage may reduce total returns during the period.
During the recent semi-annual period, leverage had a negative impact on the total return performance of each Fund. Throughout much of the reporting period the total return performance for each
Fund was aided by not only the incremental income from leverage, but also the added price appreciation of its underlying bond portfolio. However, beginning of the second week of March, the overall municipal market experienced a severe sell-off
due to the COVID-19 economic shutdown. The sell-off was even more pronounced for the lower rated segments of the municipal market and contributed to greater relative underperformance during that time period for those funds, such as NMZ and NMCO,
which have a greater proportion of their portfolio holdings in such securities. For all Funds, leverage amplified these market declines and more than offset prior months’ net asset value appreciation and incremental income.
During this period of sharp portfolio decline, the Funds’ effective leverage ratios increased. NMCO reduced the total amount of leverage deployed by approximately 13% during this time period while
the other Funds maintained their total amount of leverage. As markets began to somewhat recover after the March sell-off and through the end of the reporting period, leverage worked in each Fund’s favor. That recovery also caused the Funds’
respective leverage ratio to also decline.
Despite the significant negative impact of leverage at the end of the period, management continues to believe that over the longer term leverage for each Fund will continue to enhance the Funds’
net income and total return prospects. For those Funds which have longer investment track records (NVG, NZF and NMZ) we point to the strong 10-year returns of the Funds compared to their unlevered benchmark index, shown on ensuing pages, which
results encompass the negative impact of leverage during March and April of 2020.
10
As of April 30, 2020, the Funds’ percentages of leverage are as shown in the accompanying table.
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NVG
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NZF
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NMZ
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NMCO
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Effective Leverage*
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40.05%
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39.93%
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39.14%
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43.41%
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Regulatory Leverage*
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37.02%
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39.49%
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8.31%
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42.71%
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* Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and
other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory
leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its
day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits
set forth in the Investment Company Act of 1940.
THE FUNDS’ REGULATORY LEVERAGE
As of April 20, 2020, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
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Variable Rate
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Variable Rate
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Remarketed
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Preferred*
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Preferred**
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Shares Issued
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Shares Issued at
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at Liquidation
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at Liquidation
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Preference
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Preference
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Total
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NVG
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$ 317,400,000
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$1,611,600,000
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$1,929,000,000
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NZF
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$1,172,000,000
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$ 196,000,000
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$1,368,000,000
|
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NMZ
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$ 87,000,000
|
$ —
|
$ 87,000,000
|
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NMCO
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$ 350,000,000
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$ 100,000,000
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$ 450,000,000
|
* Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following
preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details.
** Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred
shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details.
Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on preferred shares and each Funds’ respective transactions.
11
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of April 30, 2020. 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
|
NMCO
|
|
November 2019
|
$0.0710
|
$0.0660
|
$0.0595
|
$0.0640
|
|
December
|
0.0655
|
0.0625
|
0.0595
|
0.0640
|
|
January
|
0.0655
|
0.0625
|
0.0595
|
0.0640
|
|
February
|
0.0655
|
0.0625
|
0.0595
|
0.0640
|
|
March
|
0.0655
|
0.0625
|
0.0595
|
0.0640
|
|
April 2020
|
0.0655
|
0.0625
|
0.0595
|
0.0525
|
|
Total Distributions from Net Investment Income
|
$0.3985
|
$0.3785
|
$0.3570
|
$0.3725
|
|
Total Distributions from Long Term Capital Gains*
|
$0.0287
|
$ —
|
$ —
|
$ —
|
|
Total Distributions from Short Term Capital Gains*
|
$0.0027
|
$ —
|
$ —
|
$ —
|
|
Total Distributions
|
$0.4299
|
$0.3875
|
$0.3570
|
$0.3725
|
|
|
||||
|
Yields
|
|
|
|
|
|
Market Yield**
|
5.64%
|
5.71%
|
5.95%
|
5.69%
|
|
Taxable-Equivalent Yield**
|
9.52%
|
9.64%
|
9.89%
|
9.55%
|
* Distribution paid in December 2019.
** 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 an income tax rate of 40.8%. Your actual federal income tax rate
may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was not exempt from federal
income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
Each Fund 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. Distributions to common shareholders are determined on a tax basis, which may
differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 — Income Tax Information
for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
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 is sourced or comprised of
elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts
12
of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. 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.
CHANGE IN METHOD OF PUBLISHING NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
During November 2019, the Nuveen Closed-End Funds discontinued the practice of announcing Fund distribution amounts and timing via press release. Instead, information about the Nuveen Closed-End
Funds’ monthly and quarterly periodic distributions to shareholders will be posted and can be found on Nuveen’s enhanced closed-end fund resource page, which is at www.nuveen.com/closed-end-fund-distributions, along with other Nuveen closed-end
fund product updates. Shareholders can expect regular distribution information to be posted on www.nuveen.com on the first business day of each month. To ensure that our shareholders have timely access to the latest information, a subscribe
function can be activated at this link here, or at this web page (www.nuveen.com/en-us/people/about-nuveen/for-the-media).
COMMON SHARE EQUITY SHELF PROGRAM
During the current reporting period, NMZ was authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under this
program, NMZ, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. The total amount of common shares authorized under this
Shelf Offering, are as shown in the accompanying table.
|
|
NMZ
|
|
Additional authorized common shares
|
19,500,000
|
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
|
10,350,366
|
|
Weighted average premium to NAV per common share sold
|
1.44%
|
Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on Shelf Offerings and the Fund’s transactions.
13
Common Share Information (continued)
COMMON SHARE REPURCHASES
During August 2019, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing NVG, NZF and NMZ to repurchase an aggregate of up to approximately 10% of its
outstanding common shares.
As of April 30, 2020, and since the inception of the Funds’ repurchase programs, the following 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
|
—
|
|
Common shares authorized for repurchase
|
20,255,000
|
14,215,000
|
6,485,000
|
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of April 30, 2020, 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
|
NMCO
|
|
Common share NAV
|
$15.38
|
$14.75
|
$12.09
|
$11.33
|
|
Common share price
|
$13.94
|
$13.14
|
$12.00
|
$11.07
|
|
Premium/(Discount) to NAV
|
(9.36)%
|
(10.92)%
|
(0.74)%
|
(2.29)%
|
|
6-month average premium/(discount) to NAV
|
(5.85)%
|
(5.17)%
|
(0.20)%
|
0.15%
|
14
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen AMT-Free Municipal Credit Income Fund (NVG)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a
discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk,
and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage
increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse
floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NVG.
Nuveen Municipal Credit Income Fund (NZF)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a
discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk,
and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage
increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse
floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NZF.
Nuveen Municipal High Income Opportunity Fund (NMZ)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a
discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk,
and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage
increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse
floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NMZ.
Nuveen Municipal Credit Opportunities Fund (NMCO)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a
discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk,
and income risk. As interest rates rise, bond prices fall. Lower credit debt securities may be more likely to fail to make timely interest or principal payments. Leverage
increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. These and other risk considerations such as inverse
floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NMCO.
15
|
Nuveen AMT-Free Municipal Credit
|
|
|
|
Income Fund
|
|
|
Performance Overview and Holding Summaries as of April 30, 2020
|
|
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, 2020
|
|
|
|
|
|
|
Cumulative
|
|
Average Annual
|
|
|
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|
NVG at Common Share NAV
|
(8.10)%
|
(1.55)%
|
4.33%
|
5.83%
|
|
NVG at Common Share Price
|
(12.94)%
|
(4.43)%
|
5.17%
|
5.56%
|
|
S&P Municipal Bond Index
|
(1.26)%
|
2.21%
|
3.02%
|
3.97%
|
|
NVG Custom Blended Fund Performance Benchmark(1)
|
(3.32)%
|
0.68%
|
3.39%
|
4.15%
|
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.
1. The Blended Index consists of the returns of the S&P Municipal Bond Investment Grade Index prior to 4/11/16 and thereafter: 1) 60% of the return of
the S&P Municipal Bond Investment Grade Index and 2) 40% of the return the S&P Municipal Bond High Yield Index.
16
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for
the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are
subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
|
Fund Allocation
|
|
|
(% of net assets)
|
|
|
Long-Term Municipal Bonds
|
161.0%
|
|
Common Stock
|
0.7%
|
|
Short-Term Municipal Bonds
|
0.4%
|
|
Other Assets Less Liabilities
|
2.3%
|
|
Net Assets Plus Floating Rate Obligations,
|
|
|
AMTP Shares, net of deferred offering
|
|
|
costs, MFP Shares, net of deferred
|
|
|
offering costs & VRDP Shares,
|
|
|
net of deferred costs
|
164.4%
|
|
Floating Rate Obligations
|
(5.8)%
|
|
AMTP Shares, net of deferred
|
|
|
offering costs
|
(3.4)%
|
|
MFP Shares, net of deferred
|
|
|
offering costs
|
(12.3)%
|
|
VRDP Shares, net of deferred
|
|
|
offering costs
|
(42.9)%
|
|
Net Assets
|
100%
|
|
Portfolio Credit Quality
|
|
|
(% of total investment exposure)
|
|
|
U.S. Guaranteed
|
11.9%
|
|
AAA
|
3.1%
|
|
AA
|
12.1%
|
|
A
|
27.0%
|
|
BBB
|
18.4%
|
|
BB or Lower
|
15.3%
|
|
N/R (not rated)
|
11.8%
|
|
N/A (not applicable)
|
0.4%
|
|
Total
|
100%
|
|
Portfolio Composition
|
|
|
(% of total investments)
|
|
|
Health Care
|
19.8%
|
|
Tax Obligation/Limited
|
17.8%
|
|
U.S. Guaranteed
|
11.3%
|
|
Transportation
|
10.7%
|
|
Tax Obligation/General
|
10.1%
|
|
Education and Civic Organizations
|
9.8%
|
|
Utilities
|
7.0%
|
|
Consumer Staples
|
5.0%
|
|
Other
|
8.5%
|
|
Total
|
100%
|
|
States and Territories
|
|
|
(% of total municipal bonds)
|
|
|
Illinois
|
15.8%
|
|
California
|
9.8%
|
|
Texas
|
7.4%
|
|
Colorado
|
6.3%
|
|
Ohio
|
5.8%
|
|
Pennsylvania
|
4.7%
|
|
Connecticut
|
4.3%
|
|
New York
|
3.8%
|
|
New Jersey
|
3.4%
|
|
Florida
|
2.9%
|
|
Wisconsin
|
2.7%
|
|
Iowa
|
2.0%
|
|
Indiana
|
2.0%
|
|
Georgia
|
2.0%
|
|
Massachusetts
|
1.8%
|
|
South Carolina
|
1.8%
|
|
Arizona
|
1.7%
|
|
Missouri
|
1.5%
|
|
Michigan
|
1.5%
|
|
Other
|
18.8%
|
|
Total
|
100%
|
17
|
NZF
|
Nuveen Municipal Credit Income Fund
|
|
|
Performance Overview and Holding Summaries as of April 30, 2020
|
|
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, 2020
|
|
|
|
|
|
|
Cumulative
|
Average Annual
|
||
|
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|
NZF at Common Share NAV
|
(9.21)%
|
(3.67)%
|
3.91%
|
5.85%
|
|
NZF at Common Share Price
|
(15.99)%
|
(10.37)%
|
4.31%
|
5.31%
|
|
S&P Municipal Bond Index
|
1.26%
|
2.21%
|
3.02%
|
3.97%
|
|
NZF Custom Blended Fund Performance Benchmark(1)
|
3.32%
|
0.68%
|
3.39%
|
4.15%
|
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.
1. The Blended Index consists of the returns of the S&P Municipal Bond Investment Grade Index prior to 4/11/16 and thereafter: 1) 60% of the return of
the S&P Municipal Bond Investment Grade Index and 2) 40% of the return the S&P Municipal Bond High Yield Index.
18
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for
the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are
subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
|
Fund Allocation
|
|
|
(% of net assets)
|
|
|
Long-Term Municipal Bonds
|
159.1%
|
|
Common Stocks
|
1.8%
|
|
Investment Companies
|
0.1%
|
|
Corporate Bonds
|
0.0%
|
|
Short-Term Municipal Bonds
|
2.4%
|
|
Other Assets Less Liabilities
|
2.4%
|
|
Net Assets Plus Floating Rate
|
|
|
Obligations, MFP Shares, net of
|
|
|
deferred offering costs & VRDP
|
|
|
Shares, net of deferred offering costs
|
165.8%
|
|
Floating Rate Obligations
|
(0.8)%
|
|
MFP Shares, net of deferred
|
|
|
offering costs
|
(30.5)%
|
|
VRDP Shares, net of deferred
|
|
|
offering costs
|
(34.5)%
|
|
Net Assets
|
100%
|
|
Portfolio Credit Quality
|
|
|
(% of total investment exposure)
|
|
|
U.S. Guaranteed
|
9.2%
|
|
AAA
|
2.5%
|
|
AA
|
10.7%
|
|
A
|
24.8%
|
|
BBB
|
21.3%
|
|
BB or Lower
|
18.5%
|
|
N/R (not rated)
|
11.9%
|
|
N/A (not applicable)
|
1.1%
|
|
Total
|
100%
|
|
Portfolio Composition
|
|
|
(% of total investments)
|
|
|
Tax Obligation/Limited
|
21.0%
|
|
Transportation
|
17.2%
|
|
Health Care
|
15.1%
|
|
Tax Obligation/General
|
14.7%
|
|
U.S. Guaranteed
|
9.4%
|
|
Utilities
|
7.3%
|
|
Other
|
15.3%
|
|
Total
|
100%
|
|
States and Territories
|
|
|
(% of total municipal bonds)
|
|
|
Illinois
|
18.7%
|
|
California
|
16.8%
|
|
Texas
|
9.8%
|
|
New York
|
8.7%
|
|
Colorado
|
4.1%
|
|
Florida
|
3.9%
|
|
New Jersey
|
3.4%
|
|
Pennsylvania
|
2.9%
|
|
Puerto Rico
|
2.3%
|
|
Indiana
|
2.3%
|
|
Missouri
|
2.3%
|
|
Ohio
|
2.1%
|
|
Kentucky
|
1.7%
|
|
Oklahoma
|
1.7%
|
|
Other
|
19.3%
|
|
Total
|
100%
|
19
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Performance Overview and Holding Summaries as of April 30, 2020
|
|
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, 2020
|
|
|
|
|
|
|
Cumulative
|
Average Annual
|
||
|
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|
NMZ at Common Share NAV
|
(11.22)%
|
(5.99)%
|
3.40%
|
7.20%
|
|
NMZ at Common Share Price
|
(13.37)%
|
(7.16)%
|
3.20%
|
5.90%
|
|
S&P Municipal Yield Index
|
(7.09)%
|
(2.21)%
|
3.90%
|
5.56%
|
|
S&P Municipal Bond High Yield Index
|
(6.89)%
|
(2.02)%
|
3.92%
|
5.89%
|
|
S&P Municipal Bond Index
|
(1.26)%
|
2.21%
|
3.02%
|
3.97%
|
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to
pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not
available for direct investment.
20
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for
the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are
subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
|
Fund Allocation
|
|
|
(% of net assets)
|
|
|
Long-Term Municipal Bonds
|
149.3%
|
|
Common Stocks
|
2.7%
|
|
Corporate Bonds
|
0.0%
|
|
Other Assets Less Liabilities
|
2.1%
|
|
Net Assets Plus Floating Rate
|
|
|
Obligations & AMTP Shares,
|
|
|
net of deferred offering costs
|
154.1%
|
|
Floating Rate Obligations
|
(45.0)%
|
|
AMTP Shares, net of deferred
|
|
|
offering costs
|
(9.1)%
|
|
Net Assets
|
100%
|
|
Portfolio Credit Quality
|
|
|
(% of total investment exposure)
|
|
|
U.S. Guaranteed
|
2.7%
|
|
AAA
|
0.4%
|
|
AA
|
15.1%
|
|
A
|
12.7%
|
|
BBB
|
16.0%
|
|
BB or Lower
|
18.8%
|
|
N/R (not rated)
|
32.6%
|
|
N/A (not applicable)
|
1.7%
|
|
Total
|
100%
|
|
Portfolio Composition
|
|
|
(% of total investments)
|
|
|
Tax Obligation/Limited
|
26.3%
|
|
Health Care
|
16.0%
|
|
Transportation
|
13.8%
|
|
Education and Civic Organizations
|
11.8%
|
|
Tax Obligation/General
|
7.0%
|
|
Utilities
|
6.0%
|
|
Consumer Staples
|
4.3%
|
|
Housing/Multifamily
|
3.8%
|
|
Other
|
11.0%
|
|
Total
|
100%
|
|
States and Territories
|
|
|
(% of total municipal bonds)
|
|
|
Illinois
|
18.6%
|
|
California
|
12.0%
|
|
Florida
|
9.7%
|
|
New York
|
6.3%
|
|
Colorado
|
5.4%
|
|
Puerto Rico
|
4.9%
|
|
Ohio
|
4.2%
|
|
Kentucky
|
4.1%
|
|
Wisconsin
|
4.0%
|
|
New Jersey
|
3.6%
|
|
Texas
|
3.0%
|
|
Tennessee
|
2.3%
|
|
Arizona
|
1.9%
|
|
Washington
|
1.6%
|
|
Other
|
18.4%
|
|
Total
|
100%
|
21
|
NMCO
|
Nuveen Municipal Credit Opportunities Fund
|
|
|
Performance Overview and Holding Summaries as of April 30, 2020
|
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
|
|
|
|
Cumulative Total Returns as of April 30, 2020
|
|
|
|
|
|
Since
|
|
|
6-Month
|
Inception
|
|
NMCO at Common Share NAV
|
(22.83)%
|
(22.42)%
|
|
NMCO at Common Share Price
|
(26.11)%
|
(24.19)%
|
|
S&P Municipal Yield Index
|
(7.09)%
|
6.30%
|
Since inception returns are from 9/16/19. 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.
22
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for
the Fund itself. Holdings are subject to change.
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are
subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
|
Fund Allocation
|
|
|
(% of net assets)
|
|
|
Long-Term Municipal Bonds
|
161.8%
|
|
Exchange-Traded Funds
|
5.7%
|
|
Common Stocks
|
4.5%
|
|
Short-Term Municipal Bonds
|
2.5%
|
|
Other Assets Less Liabilities
|
2.0%
|
|
Net Assets Plus Floating
|
|
|
Rate Obligations, MFP Shares,
|
|
|
net of deferred offerings
|
176.5%
|
|
Floating Rate Obligations
|
(2.2)%
|
|
MFP Shares, net of deferred
|
|
|
offerings
|
(74.3)%
|
|
Net Assets
|
100%
|
|
Portfolio Credit Quality
|
|
|
(% of total investment exposure)
|
|
|
AAA
|
1.4%
|
|
AA
|
1.2%
|
|
A
|
0.4%
|
|
BBB
|
10.5%
|
|
BB or Lower
|
32.0%
|
|
N/R (not rated)
|
48.7%
|
|
N/A (not applicable)
|
5.8%
|
|
Total
|
100%
|
|
Portfolio Composition
|
|
|
(% of total investments)
|
|
|
Tax Obligation/Limited
|
18.5%
|
|
Industrials
|
13.9%
|
|
Transportation
|
12.2%
|
|
Consumer Staples
|
10.9%
|
|
Health Care
|
9.7%
|
|
Education and Civic Organizations
|
9.4%
|
|
Utilities
|
7.3%
|
|
Tax Obligation/General
|
6.0%
|
|
Long-Term Care
|
5.2%
|
|
Other
|
6.9%
|
|
Total
|
100%
|
|
States and Territories
|
|
|
(% of total municipal bonds)
|
|
|
Florida
|
12.4%
|
|
Illinois
|
10.5%
|
|
Ohio
|
8.1%
|
|
New York
|
6.0%
|
|
Wisconsin
|
5.5%
|
|
Colorado
|
5.5%
|
|
Puerto Rico
|
5.4%
|
|
California
|
4.3%
|
|
Alabama
|
4.0%
|
|
Michigan
|
3.3%
|
|
Pennsylvania
|
3.2%
|
|
Arizona
|
3.1%
|
|
Georgia
|
3.0%
|
|
Virgin Islands
|
3.0%
|
|
New Jersey
|
2.8%
|
|
Other
|
19.9%
|
|
Total
|
100%
|
23
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
LONG-TERM INVESTMENTS – 161.7% (99.7% of Total Investments)
|
|
|
|
|
|
|
MUNICIPAL BONDS – 161.0% (99.3% of Total Investments)
|
|
|
|
|
|
|
Alabama – 1.9% (1.2% of Total Investments)
|
|
|
|
|
|
$ 3,645
|
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds,
|
9/25 at 100.00
|
N/R
|
$ 3,654,514
|
|
|
|
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A
|
|
|
|
|
|
22,655
|
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A,
|
No Opt. Call
|
A3
|
28,280,010
|
|
|
|
5.000%, 9/01/46
|
|
|
|
|
|
8,100
|
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds,
|
4/25 at 100.00
|
N/R
|
7,938,729
|
|
|
|
Spring Hill College Project, Series 2015, 5.875%, 4/15/45
|
|
|
|
|
|
|
Opelika Utilities Board, Alabama, Utility Revenue Bonds, Series 2011B:
|
|
|
|
|
|
1,250
|
4.000%, 6/01/29 – AGM Insured
|
6/21 at 100.00
|
Aa3
|
1,282,200
|
|
|
1,000
|
4.250%, 6/01/31 – AGM Insured
|
6/21 at 100.00
|
Aa3
|
1,026,510
|
|
|
|
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
|
948,260
|
|
|
1,300
|
5.500%, 8/01/35
|
8/26 at 100.00
|
N/R
|
1,197,248
|
|
|
5,970
|
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone
|
5/29 at 100.00
|
N/R
|
5,937,702
|
|
|
|
Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A
|
|
|
|
|
|
12,000
|
UAB Medicine Finance Authority, Alabama, Revenue Bonds, Series 2019B, 4.000%, 9/01/44
|
9/29 at 100.00
|
AA–
|
12,924,120
|
|
|
56,920
|
Total Alabama
|
|
|
63,189,293
|
|
|
|
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
|
5/20 at 100.00
|
B3
|
7,024,791
|
|
|
12,635
|
5.000%, 6/01/46
|
5/20 at 100.00
|
B3
|
12,548,956
|
|
|
19,645
|
Total Alaska
|
|
|
19,573,747
|
|
|
|
Arizona – 2.7% (1.7% of Total Investments)
|
|
|
|
|
|
4,230
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue
|
3/22 at 100.00
|
A–
|
4,326,825
|
|
|
|
Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
|
|
|
|
|
1,475
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/27 at 100.00
|
BB
|
1,312,662
|
|
|
|
Basis Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47, 144A
|
|
|
|
|
|
3,790
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of
|
7/29 at 100.00
|
BB
|
3,261,333
|
|
|
|
Math & Science Projects, Series 2019, 5.000%, 7/01/54, 144A
|
|
|
|
|
|
3,260
|
Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus
|
6/28 at 100.00
|
N/R
|
3,088,002
|
|
|
|
Academy Project, Series 2018A, 6.375%, 6/01/39, 144A
|
|
|
|
|
|
10,000
|
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility
|
7/22 at 100.00
|
A
|
10,621,200
|
|
|
|
Project, Refunding Senior Series 2012A, 5.000%, 7/01/31
|
|
|
|
|
|
3,325
|
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds,
|
7/27 at 100.00
|
N/R
|
2,577,141
|
|
|
|
Series 2017A, 7.000%, 7/01/41, 144A (4)
|
|
|
|
|
|
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
|
|
|
|
|
|
Legacy Traditional Schools Projects, Taxable Series 2019B:
|
|
|
|
|
|
1,730
|
5.000%, 7/01/49, 144A
|
7/29 at 100.00
|
Ba2
|
1,604,921
|
|
|
1,975
|
5.000%, 7/01/54, 144A
|
7/29 at 100.00
|
Ba2
|
1,812,122
|
|
|
800
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Reid
|
7/26 at 100.00
|
Baa3
|
832,288
|
|
|
|
Traditional School Projects, Series 2016, 5.000%, 7/01/47
|
|
|
|
|
|
7,780
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien
|
7/20 at 100.00
|
A+ (13)
|
7,832,904
|
|
|
|
Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20)
|
|
|
|
24
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Arizona (continued)
|
|
|
|
|
|
|
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
|
$ 8,244,600
|
|
|
8,755
|
5.500%, 7/01/39 – FGIC Insured
|
No Opt. Call
|
AA
|
12,195,452
|
|
|
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
|
|
|
|
|
|
Basis Schools, Inc. Projects, Series 2016A:
|
|
|
|
|
|
620
|
5.000%, 7/01/35, 144A
|
7/25 at 100.00
|
BB
|
592,652
|
|
|
1,025
|
5.000%, 7/01/46, 144A
|
7/25 at 100.00
|
BB
|
915,223
|
|
|
2,065
|
Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds,
|
7/24 at 101.00
|
N/R
|
1,680,022
|
|
|
|
Deer Valley Veterans Assisted Living Project, Series 2016A, 5.125%, 7/01/36
|
|
|
|
|
|
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
|
|
|
|
|
|
Edkey Charter Schools Project, Refunding Series 2013:
|
|
|
|
|
|
490
|
6.000%, 7/01/33
|
7/20 at 102.00
|
BB–
|
488,221
|
|
|
610
|
6.000%, 7/01/43
|
7/20 at 102.00
|
BB–
|
577,737
|
|
|
350
|
6.000%, 7/01/48
|
7/20 at 102.00
|
BB–
|
326,561
|
|
|
1,425
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/20 at 102.00
|
BB–
|
1,456,150
|
|
|
|
Edkey Charter Schools Project, Series 2014A, 7.375%, 7/01/49
|
|
|
|
|
|
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
|
|
|
|
|
|
Edkey Charter Schools Project, Series 2016:
|
|
|
|
|
|
1,130
|
5.250%, 7/01/36
|
7/26 at 100.00
|
BB–
|
1,020,593
|
|
|
1,850
|
5.375%, 7/01/46
|
7/26 at 100.00
|
BB–
|
1,584,414
|
|
|
2,135
|
5.500%, 7/01/51
|
7/26 at 100.00
|
BB–
|
1,832,428
|
|
|
2,920
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/26 at 103.00
|
N/R
|
2,581,076
|
|
|
|
Edkey Charter Schools Project, Series 2019, 5.875%, 7/01/51, 144A
|
|
|
|
|
|
885
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
2/24 at 100.00
|
N/R
|
881,504
|
|
|
|
San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A
|
|
|
|
|
|
3,050
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
2/28 at 100.00
|
N/R
|
3,080,652
|
|
|
|
San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A
|
|
|
|
|
|
105
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah
|
7/20 at 102.00
|
BB–
|
107,312
|
|
|
|
Webster Schools, Pima Project, Series 2014A, 7.250%, 7/01/39
|
|
|
|
|
|
1,000
|
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric
|
10/20 at 100.00
|
A–
|
1,005,680
|
|
|
|
Power Company, Series 2010A, 5.250%, 10/01/40
|
|
|
|
|
|
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy
|
|
|
|
|
|
|
Inc. Prepay Contract Obligations, Series 2007:
|
|
|
|
|
|
6,820
|
5.000%, 12/01/32
|
No Opt. Call
|
BBB+
|
8,096,977
|
|
|
2,745
|
5.000%, 12/01/37
|
No Opt. Call
|
BBB+
|
3,350,190
|
|
|
2,000
|
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds,
|
8/23 at 100.00
|
A2
|
2,138,460
|
|
|
|
Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33
|
|
|
|
|
|
84,345
|
Total Arizona
|
|
|
89,425,302
|
|
|
|
Arkansas – 0.3% (0.2% 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
|
1,524,900
|
|
|
20,460
|
0.000%, 7/01/46 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
8,057,353
|
|
|
22,960
|
Total Arkansas
|
|
|
9,582,253
|
|
|
|
California – 15.8% (9.8% of Total Investments)
|
|
|
|
|
|
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding
|
|
|
|
|
|
|
Subordinate Lien Series 2004A:
|
|
|
|
|
|
45
|
0.000%, 10/01/20 – AMBAC Insured
|
No Opt. Call
|
Baa2
|
44,648
|
|
|
2,120
|
0.000%, 10/01/20 – AMBAC Insured (ETM)
|
No Opt. Call
|
N/R (13)
|
2,113,619
|
|
|
6,135
|
Alhambra Unified School District, Los Angeles County, California, General Obligation
|
No Opt. Call
|
AA
|
4,843,153
|
|
|
|
Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured
|
|
|
|
25
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
California (continued)
|
|
|
|
|
|
|
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement
|
|
|
|
|
|
|
Project, Series 1997C:
|
|
|
|
|
|
$ 5,785
|
0.000%, 9/01/35 – AGM Insured
|
No Opt. Call
|
AA
|
$ 3,855,066
|
|
|
6,765
|
0.000%, 9/01/35 – AGM Insured (ETM)
|
No Opt. Call
|
AA (13)
|
4,757,824
|
|
|
4,100
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41
|
3/26 at 100.00
|
Ba3
|
4,096,802
|
|
|
5,000
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge,
|
4/23 at 100.00
|
A1 (13)
|
5,611,700
|
|
|
|
Series 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23)
|
|
|
|
|
|
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
|
|
|
|
|
|
Los Angeles County Securitization Corporation, Series 2006A:
|
|
|
|
|
|
3,275
|
5.450%, 6/01/28
|
5/20 at 100.00
|
B2
|
3,275,360
|
|
|
2,975
|
5.650%, 6/01/41
|
5/20 at 100.00
|
B2
|
2,975,327
|
|
|
22,965
|
California Educational Facilities Authority, Revenue Bonds, Stanford University Series
|
No Opt. Call
|
AAA
|
35,965,257
|
|
|
|
2016U-7, 5.000%, 6/01/46 (UB) (5)
|
|
|
|
|
|
15,850
|
California Educational Facilities Authority, Revenue Bonds, Stanford University Series
|
No Opt. Call
|
AAA
|
25,418,011
|
|
|
|
2019V-1, 5.000%, 5/01/49
|
|
|
|
|
|
10,000
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
|
8/22 at 100.00
|
A+
|
10,452,100
|
|
|
|
Children’s Hospital, Series 2012A, 5.000%, 8/15/51
|
|
|
|
|
|
1,600
|
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health
|
7/23 at 100.00
|
AA–
|
1,727,280
|
|
|
|
System, Series 2013A, 5.000%, 7/01/37
|
|
|
|
|
|
6,665
|
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and
|
8/25 at 100.00
|
AA–
|
7,364,692
|
|
|
|
Clinics, Series 2015A, 5.000%, 8/15/54 (UB) (5)
|
|
|
|
|
|
|
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and
|
|
|
|
|
|
|
Clinics, Tender Option Bond Trust 2016-XG0049:
|
|
|
|
|
|
1,555
|
9.214%, 8/15/51, 144A (IF) (5)
|
8/22 at 100.00
|
AA
|
1,687,097
|
|
|
1,650
|
9.222%, 8/15/51, 144A (IF) (5)
|
8/22 at 100.00
|
AA
|
1,790,299
|
|
|
4,075
|
9.222%, 8/15/51, 144A (IF) (5)
|
8/22 at 100.00
|
AA
|
4,421,497
|
|
|
5,000
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series
|
8/23 at 100.00
|
A+
|
5,331,950
|
|
|
|
2013A, 5.000%, 8/15/52
|
|
|
|
|
|
|
California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace
|
|
|
|
|
|
|
Academy Project, Series 2016A:
|
|
|
|
|
|
3,065
|
5.000%, 7/01/31, 144A
|
7/26 at 100.00
|
BB
|
3,110,209
|
|
|
1,000
|
5.000%, 7/01/36, 144A
|
7/26 at 100.00
|
BB
|
983,610
|
|
|
555
|
5.000%, 7/01/41, 144A
|
7/26 at 100.00
|
BB
|
531,890
|
|
|
195
|
5.000%, 7/01/46, 144A
|
7/26 at 100.00
|
BB
|
182,830
|
|
|
|
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–
|
265,585
|
|
|
435
|
5.000%, 6/01/46
|
6/26 at 100.00
|
BBB–
|
439,611
|
|
|
2,335
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series
|
7/20 at 100.00
|
Baa2 (13)
|
2,354,310
|
|
|
|
2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20)
|
|
|
|
|
|
5,425
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San
|
1/29 at 100.00
|
Baa3
|
5,745,075
|
|
|
|
Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%,
|
|
|
|
|
|
|
11/21/45, 144A
|
|
|
|
|
|
2,050
|
California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series
|
10/26 at 100.00
|
BBB–
|
2,118,593
|
|
|
|
2017, 5.000%, 10/15/47
|
|
|
|
|
|
735
|
California School Finance Authority, Charter School Revenue Bonds, Downtown College
|
6/26 at 100.00
|
N/R
|
672,055
|
|
|
|
Prep – Obligated Group, Series 2016, 5.000%, 6/01/46, 144A
|
|
|
|
|
|
715
|
California School Finance Authority, Charter School Revenue Bonds, Rocketship Education
|
6/25 at 100.00
|
N/R
|
674,231
|
|
|
|
Obligated Group, Series 2016A, 5.000%, 6/01/36, 144A
|
|
|
|
|
|
570
|
California School Finance Authority, Charter School Revenue Bonds, Rocketship Education
|
6/26 at 100.00
|
N/R
|
524,292
|
|
|
|
Obligated Group, Series 2017A, 5.125%, 6/01/47, 144A
|
|
|
|
|
|
80
|
California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 –
|
6/20 at 100.00
|
AA–
|
80,218
|
|
|
|
NPFG Insured
|
|
|
|
26
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
California (continued)
|
|
|
|
|
|
$ 5
|
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
|
6/20 at 100.00
|
AA–
|
$ 5,014
|
|
|
|
California State, General Obligation Bonds, Various Purpose Series 2010:
|
|
|
|
|
|
3,500
|
5.250%, 3/01/30
|
6/20 at 100.00
|
AA–
|
3,510,710
|
|
|
10,000
|
5.500%, 11/01/35
|
11/20 at 100.00
|
AA–
|
10,206,700
|
|
|
12,710
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
12/24 at 100.00
|
BB–
|
12,957,718
|
|
|
|
Linda University Medical Center, Series 2014A, 5.500%, 12/01/54
|
|
|
|
|
|
65,505
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
6/26 at 100.00
|
BB–
|
65,566,575
|
|
|
|
Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A
|
|
|
|
|
|
10,130
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
6/28 at 100.00
|
BB–
|
10,280,532
|
|
|
|
Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A
|
|
|
|
|
|
4,000
|
California Statewide Communities Development Authority, Revenue Bonds, Huntington
|
7/24 at 100.00
|
A–
|
4,150,600
|
|
|
|
Memorial Hospital, Refunding Series 2014B, 4.000%, 7/01/39
|
|
|
|
|
|
7,000
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health,
|
8/20 at 100.00
|
A+ (13)
|
7,106,750
|
|
|
|
Series 2011A, 6.000%, 8/15/42 (Pre-refunded 8/15/20)
|
|
|
|
|
|
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of
|
|
|
|
|
|
|
Charity Health System, Series 2005A:
|
|
|
|
|
|
1,535
|
5.750%, 7/01/30 (6)
|
6/20 at 100.00
|
N/R
|
1,291,273
|
|
|
4,430
|
5.750%, 7/01/35 (6)
|
6/20 at 100.00
|
N/R
|
3,726,605
|
|
|
5,000
|
Clovis Unified School District, Fresno County, California, General Obligation Bonds,
|
No Opt. Call
|
Baa2 (13)
|
4,713,250
|
|
|
|
Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
|
|
|
|
|
|
3,400
|
Coachella Valley Unified School District, Riverside County, California, General
|
No Opt. Call
|
A2
|
2,430,286
|
|
|
|
Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured
|
|
|
|
|
|
14,375
|
Corona-Norco Unified School District, Riverside County, California, General Obligation
|
No Opt. Call
|
Aa3
|
7,657,706
|
|
|
|
Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 –
|
|
|
|
|
|
|
AGM Insured
|
|
|
|
|
|
|
El Rancho Unified School District, Los Angeles County, California, General Obligation
|
|
|
|
|
|
|
Bonds, Election 2010 Series 2011A:
|
|
|
|
|
|
2,615
|
0.000%, 8/01/31 – AGM Insured (7)
|
8/28 at 100.00
|
A1
|
2,991,821
|
|
|
3,600
|
0.000%, 8/01/34 – AGM Insured (7)
|
8/28 at 100.00
|
A1
|
4,067,568
|
|
|
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
|
|
|
|
|
|
Refunding Senior Lien Series 2015A:
|
|
|
|
|
|
3,960
|
0.000%, 1/15/34 – AGM Insured
|
No Opt. Call
|
BBB
|
2,661,952
|
|
|
5,000
|
0.000%, 1/15/35 – AGM Insured
|
No Opt. Call
|
BBB
|
3,219,600
|
|
|
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
|
|
|
|
|
|
Refunding Series 2013A:
|
|
|
|
|
|
910
|
0.000%, 1/15/42 (7)
|
1/31 at 100.00
|
Baa2
|
885,903
|
|
|
3,610
|
5.750%, 1/15/46
|
1/24 at 100.00
|
Baa2
|
3,886,706
|
|
|
6,610
|
6.000%, 1/15/49 (Pre-refunded 1/15/24)
|
1/24 at 100.00
|
Baa2 (13)
|
7,846,334
|
|
|
4,445
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
7/29 at 100.00
|
Baa2
|
4,195,013
|
|
|
|
Refunding Term Rate Sub-Series 2013B-1, 3.500%, 1/15/53
|
|
|
|
|
|
2,425
|
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series
|
9/20 at 100.00
|
A
|
2,447,189
|
|
|
|
2005, 5.000%, 9/01/27 – AMBAC Insured
|
|
|
|
|
|
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
|
|
|
|
|
|
Asset-Backed Bonds, Series 2018A-1:
|
|
|
|
|
|
9,795
|
5.000%, 6/01/47
|
6/22 at 100.00
|
N/R
|
9,547,774
|
|
|
6,240
|
5.250%, 6/01/47
|
6/22 at 100.00
|
N/R
|
6,122,563
|
|
|
10,250
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
9,991,290
|
|
|
|
Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47
|
|
|
|
|
|
|
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
|
5,244,568
|
|
|
5,795
|
0.000%, 11/01/25 – AGM Insured
|
No Opt. Call
|
AA
|
5,304,569
|
|
|
1,160
|
Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited
|
9/21 at 100.00
|
AA
|
1,200,449
|
|
|
|
Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured
|
|
|
|
27
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
California (continued)
|
|
|
|
|
|
$ 7,575
|
Mount San Antonio Community College District, Los Angeles County, California, General
|
8/35 at 100.00
|
AA
|
$ 7,429,484
|
|
|
|
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7)
|
|
|
|
|
|
3,310
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts,
|
No Opt. Call
|
BBB+
|
4,747,467
|
|
|
|
Series 2009B, 6.500%, 11/01/39
|
|
|
|
|
|
|
Oceanside Unified School District, San Diego County, California, General Obligation
|
|
|
|
|
|
|
Bonds, Capital Appreciation, 2008 Election Series 2009A:
|
|
|
|
|
|
605
|
0.000%, 8/01/26 – AGC Insured (ETM)
|
No Opt. Call
|
Aa3 (13)
|
560,424
|
|
|
5,300
|
0.000%, 8/01/26 – AGC Insured
|
No Opt. Call
|
Aa3
|
4,747,687
|
|
|
2,220
|
0.000%, 8/01/28 – AGC Insured
|
No Opt. Call
|
Aa3
|
1,885,224
|
|
|
1,485
|
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue
|
6/20 at 100.00
|
N/R (13)
|
1,568,130
|
|
|
|
Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM)
|
|
|
|
|
|
3,905
|
Orange County, California, Special Tax Bonds, Community Facilities District 2015-1
|
8/25 at 100.00
|
N/R
|
4,015,121
|
|
|
|
Esencia Village, Series 2015A, 4.250%, 8/15/38
|
|
|
|
|
|
5,000
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series
|
11/20 at 100.00
|
Ba1 (13)
|
5,126,050
|
|
|
|
2010, 6.000%, 11/01/30 (Pre-refunded 11/01/20)
|
|
|
|
|
|
3,700
|
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation,
|
No Opt. Call
|
BBB–
|
3,347,205
|
|
|
|
Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured
|
|
|
|
|
|
7,875
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%,
|
8/29 at 100.00
|
BBB–
|
10,880,651
|
|
|
|
8/01/38 – AGC Insured
|
|
|
|
|
|
9,145
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
|
No Opt. Call
|
A
|
7,139,410
|
|
|
|
Development Project, Series 1999, 0.000%, 8/01/30 – AMBAC Insured
|
|
|
|
|
|
4,150
|
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates
|
10/21 at 100.00
|
A2
|
4,430,706
|
|
|
|
of Participation, Refunding Series 2011, 6.250%, 10/01/28 – AGM Insured
|
|
|
|
|
|
670
|
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds,
|
6/23 at 100.00
|
BBB+
|
707,359
|
|
|
|
Series 2013A, 5.750%, 6/01/48
|
|
|
|
|
|
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District
|
|
|
|
|
|
|
2006-1 Marblehead Coastal, Series 2015:
|
|
|
|
|
|
490
|
5.000%, 9/01/40
|
9/25 at 100.00
|
N/R
|
522,845
|
|
|
915
|
5.000%, 9/01/46
|
9/25 at 100.00
|
N/R
|
965,554
|
|
|
4,000
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/23 at 100.00
|
A+
|
4,308,720
|
|
|
|
International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43
|
|
|
|
|
|
66,685
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien
|
No Opt. Call
|
AA+ (13)
|
66,309,563
|
|
|
|
Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM)
|
|
|
|
|
|
|
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
|
2,837,102
|
|
|
8,275
|
5.000%, 1/15/50
|
1/25 at 100.00
|
BBB
|
8,730,870
|
|
|
7,210
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road
|
No Opt. Call
|
Baa2
|
6,623,611
|
|
|
|
Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured
|
|
|
|
|
|
3,250
|
San Mateo County Community College District, California, General Obligation Bonds,
|
No Opt. Call
|
AAA
|
2,585,277
|
|
|
|
Series 2006C, 0.000%, 9/01/30 – NPFG Insured
|
|
|
|
|
|
4,325
|
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997
|
No Opt. Call
|
AA
|
2,919,418
|
|
|
|
Election Series 2012G, 0.000%, 8/01/34 – AGM Insured
|
|
|
|
|
|
5,690
|
San Ysidro School District, San Diego County, California, General Obligation Bonds,
|
8/25 at 41.10
|
A2
|
2,076,281
|
|
|
|
Refunding Series 2015, 0.000%, 8/01/42
|
|
|
|
|
|
|
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration
|
|
|
|
|
|
|
and Housing Facility, Series 1994A:
|
|
|
|
|
|
5,625
|
6.250%, 7/01/24 (ETM)
|
No Opt. Call
|
Baa2 (13)
|
6,229,744
|
|
|
5,625
|
6.250%, 7/01/24
|
No Opt. Call
|
Baa2
|
6,258,544
|
|
|
3,500
|
Saugus Union School District, Los Angeles County, California, General Obligation Bonds,
|
No Opt. Call
|
A+
|
3,361,435
|
|
|
|
Series 2006, 0.000%, 8/01/23 – FGIC Insured
|
|
|
|
|
|
610
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities
|
9/27 at 100.00
|
N/R
|
613,215
|
|
|
|
District 16-01, Series 2017, 6.250%, 9/01/47, 144A
|
|
|
|
28
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
California (continued)
|
|
|
|
|
|
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
|
|
|
|
|
|
Bonds, Series 2005A-1:
|
|
|
|
|
|
$ 850
|
4.750%, 6/01/23
|
5/20 at 100.00
|
BBB
|
$ 850,009
|
|
|
1,600
|
5.500%, 6/01/45
|
5/20 at 100.00
|
B–
|
1,582,000
|
|
|
512,855
|
Total California
|
|
|
519,990,315
|
|
|
|
Colorado – 10.2% (6.3% of Total Investments)
|
|
|
|
|
|
850
|
Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax
|
9/24 at 103.00
|
N/R
|
774,724
|
|
|
|
General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/39
|
|
|
|
|
|
|
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
|
877,593
|
|
|
1,175
|
5.750%, 12/01/46
|
12/21 at 103.00
|
N/R
|
1,152,981
|
|
|
1,100
|
Belleview Station Metropolitan District 2, Denver City and County, Colorado, General
|
12/21 at 103.00
|
N/R
|
1,026,828
|
|
|
|
Obligation Bonds, Limited Tax Convertible to Unlimited Tax Refunding & Improvement Series
|
|
|
|
|
|
|
2017, 5.000%, 12/01/36
|
|
|
|
|
|
700
|
Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited
|
12/22 at 103.00
|
N/R
|
652,463
|
|
|
|
Tax Convertible to Unlimited Tax, Series 2017A, 5.000%, 12/01/47
|
|
|
|
|
|
3,410
|
Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General
|
12/22 at 103.00
|
N/R
|
3,213,550
|
|
|
|
Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A,
|
|
|
|
|
|
|
6.125%, 12/01/47
|
|
|
|
|
|
1,690
|
Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General
|
12/22 at 103.00
|
N/R
|
1,524,329
|
|
|
|
Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A,
|
|
|
|
|
|
|
6.125%, 12/01/47
|
|
|
|
|
|
|
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding &
|
|
|
|
|
|
|
Improvement Series 2017:
|
|
|
|
|
|
1,140
|
5.000%, 12/01/37, 144A
|
12/22 at 103.00
|
N/R
|
1,044,947
|
|
|
5,465
|
5.000%, 12/01/47, 144A
|
12/22 at 103.00
|
N/R
|
4,699,627
|
|
|
195
|
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds,
|
12/23 at 100.00
|
BB
|
193,924
|
|
|
|
Refunding Series 2014, 5.000%, 12/01/43
|
|
|
|
|
|
1,200
|
Clear Creek Station Metropolitan District 2, Adams County, Colorado, Limited Tax General
|
12/22 at 103.00
|
N/R
|
1,058,292
|
|
|
|
Obligation Refunding & Improvement Series 2017A, 5.000%, 12/01/47
|
|
|
|
|
|
930
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
|
8/26 at 100.00
|
A+
|
883,798
|
|
|
|
Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46
|
|
|
|
|
|
1,165
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
|
12/24 at 100.00
|
A+
|
1,257,256
|
|
|
|
The Classical Academy Project, Refunding Series 2015A, 5.000%, 12/01/38
|
|
|
|
|
|
3,675
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
|
6/26 at 100.00
|
A+
|
3,560,854
|
|
|
|
Vanguard School Project, Refunding & Improvement Series 2016, 3.750%, 6/15/47
|
|
|
|
|
|
1,750
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
|
6/26 at 100.00
|
A+
|
1,571,185
|
|
|
|
Weld County School District 6 – Frontier Academy, Refunding & Improvement Series 2016,
|
|
|
|
|
|
|
3.250%, 6/01/46
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The
|
|
|
|
|
|
|
Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017:
|
|
|
|
|
|
2,460
|
5.000%, 6/01/42 (Pre-refunded 6/01/27)
|
6/27 at 100.00
|
N/R (13)
|
3,094,139
|
|
|
23,470
|
5.000%, 6/01/47 (Pre-refunded 6/01/27)
|
6/27 at 100.00
|
N/R (13)
|
29,520,097
|
|
|
3,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health
|
2/21 at 100.00
|
BBB+ (13)
|
3,094,770
|
|
|
|
Initiatives, Series 2011A, 5.000%, 2/01/41 (Pre-refunded 2/01/21)
|
|
|
|
|
|
11,520
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health
|
1/23 at 100.00
|
BBB+ (13)
|
12,791,462
|
|
|
|
Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23)
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health,
|
|
|
|
|
|
|
Series 2019A-2:
|
|
|
|
|
|
945
|
4.000%, 8/01/49
|
8/29 at 100.00
|
BBB+
|
902,494
|
|
|
3,320
|
4.000%, 8/01/49 (UB) (5)
|
8/29 at 100.00
|
BBB+
|
3,170,666
|
29
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Colorado (continued)
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement
|
|
|
|
|
|
|
Communities Inc., Refunding Series 2012B:
|
|
|
|
|
|
$ 1,640
|
5.000%, 12/01/22
|
No Opt. Call
|
A–
|
$ 1,685,362
|
|
|
2,895
|
5.000%, 12/01/23
|
12/22 at 100.00
|
A–
|
2,970,791
|
|
|
4,200
|
5.000%, 12/01/24
|
12/22 at 100.00
|
A–
|
4,305,798
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good
|
|
|
|
|
|
|
Samaritan Society Project, Series 2013:
|
|
|
|
|
|
765
|
5.500%, 6/01/33 (Pre-refunded 6/01/23)
|
6/23 at 100.00
|
N/R (13)
|
874,494
|
|
|
1,575
|
5.625%, 6/01/43 (Pre-refunded 6/01/23)
|
6/23 at 100.00
|
N/R (13)
|
1,806,399
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good
|
|
|
|
|
|
|
Samaritan Society Project, Series 2013A:
|
|
|
|
|
|
1,410
|
5.000%, 6/01/32 (Pre-refunded 6/01/25)
|
6/25 at 100.00
|
N/R (13)
|
1,687,629
|
|
|
2,000
|
5.000%, 6/01/33 (Pre-refunded 6/01/25)
|
6/25 at 100.00
|
N/R (13)
|
2,393,800
|
|
|
5,855
|
5.000%, 6/01/40 (Pre-refunded 6/01/25)
|
6/25 at 100.00
|
N/R (13)
|
7,007,849
|
|
|
6,820
|
5.000%, 6/01/45 (Pre-refunded 6/01/25)
|
6/25 at 100.00
|
N/R (13)
|
8,162,858
|
|
|
2,035
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project,
|
5/27 at 100.00
|
BB+
|
1,817,113
|
|
|
|
Refunding & Improvement Series 2017A, 5.250%, 5/15/47
|
|
|
|
|
|
4,105
|
Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax
|
12/23 at 103.00
|
N/R
|
3,684,525
|
|
|
|
General Obligation Bonds, Refunding & Improvement Series 2018, 5.875%, 12/01/46
|
|
|
|
|
|
500
|
Copperleaf Metropolitan District 2, Arapahoe County, Colorado, Limited Tax General
|
12/20 at 103.00
|
N/R
|
493,385
|
|
|
|
Obligation Bonds, Refunding Convertible to Unlimited Tax Series 2015, 5.750%, 12/01/45
|
|
|
|
|
|
500
|
Copperleaf Metropolitan District 2, Arapahoe County, Colorado, Limited Tax General
|
12/20 at 103.00
|
N/R
|
501,915
|
|
|
|
Obligation Bonds, Series 2006, 5.250%, 12/01/30
|
|
|
|
|
|
600
|
Copperleaf Metropolitan District 4, Arapahoe County, Colorado, Limited Tax General
|
3/25 at 103.00
|
N/R
|
510,888
|
|
|
|
Obligation Bonds, Convertible to Unlimited Tax Series 2020A, 5.000%, 12/01/49
|
|
|
|
|
|
1,480
|
Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds,
|
12/22 at 103.00
|
N/R
|
1,353,430
|
|
|
|
Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A, 5.250%, 12/01/47
|
|
|
|
|
|
1,275
|
Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds,
|
12/22 at 103.00
|
N/R
|
1,157,917
|
|
|
|
Limited Tax Convertible to Unlimited Tax, Refunding Series 2017B, 5.250%, 12/01/47
|
|
|
|
|
|
500
|
Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds,
|
12/25 at 100.00
|
N/R
|
463,265
|
|
|
|
Refunding Series 2016, 5.250%, 12/01/40
|
|
|
|
|
|
10,640
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series
|
11/23 at 100.00
|
A
|
11,463,217
|
|
|
|
2013B, 5.000%, 11/15/43
|
|
|
|
|
|
505
|
Denver Connection West Metropolitan District, City and County of Denver, Colorado,
|
12/22 at 103.00
|
N/R
|
459,717
|
|
|
|
Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2017A,
|
|
|
|
|
|
|
5.375%, 8/01/47
|
|
|
|
|
|
|
Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado
|
|
|
|
|
|
|
Urban Redevelopment Area, Series 2018A:
|
|
|
|
|
|
1,005
|
5.250%, 12/01/39, 144A
|
12/23 at 103.00
|
N/R
|
930,801
|
|
|
2,310
|
5.250%, 12/01/39, 144A
|
12/23 at 103.00
|
N/R
|
2,139,453
|
|
|
11,700
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation
|
No Opt. Call
|
A
|
5,194,449
|
|
|
|
Series 2010A, 0.000%, 9/01/41
|
|
|
|
|
|
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
|
|
|
|
|
|
35,995
|
0.000%, 9/01/23 – NPFG Insured
|
No Opt. Call
|
A
|
33,143,116
|
|
|
6,525
|
0.000%, 9/01/26 – NPFG Insured
|
No Opt. Call
|
A
|
5,464,100
|
|
|
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
|
|
|
|
|
17,030
|
0.000%, 9/01/25 – NPFG Insured
|
No Opt. Call
|
A
|
14,740,657
|
|
|
9,915
|
0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
A
|
6,538,744
|
|
|
43,090
|
0.000%, 9/01/33 – NPFG Insured
|
No Opt. Call
|
A
|
27,235,465
|
|
|
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
|
|
|
|
|
|
20,000
|
0.000%, 9/01/27 – NPFG Insured
|
No Opt. Call
|
A
|
16,173,800
|
|
|
1,150
|
0.000%, 9/01/28 – NPFG Insured
|
No Opt. Call
|
A
|
895,298
|
|
|
7,000
|
0.000%, 9/01/34 – NPFG Insured
|
No Opt. Call
|
A
|
4,242,490
|
|
|
500
|
Erie Highlands Metropolitan District No 1 (In the Town of Erie), Weld County, Colorado,
|
12/20 at 103.00
|
N/R
|
476,590
|
|
|
|
General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45
|
|
|
|
30
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Colorado (continued)
|
|
|
|
|
|
$ 500
|
Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation
|
12/21 at 103.00
|
N/R
|
$ 440,200
|
|
|
|
Limited Tax Bonds, Series 2016, 5.125%, 12/01/46
|
|
|
|
|
|
590
|
Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series
|
12/24 at 100.00
|
N/R
|
565,562
|
|
|
|
2014, 6.000%, 12/01/38
|
|
|
|
|
|
825
|
Forest Trace Metropolitan District 3, Aurora City, Arapahoe County, Colorado, General
|
12/21 at 103.00
|
N/R (13)
|
905,363
|
|
|
|
Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016A, 5.000%, 12/01/46
|
|
|
|
|
|
|
(Pre-refunded 12/01/21)
|
|
|
|
|
|
1,355
|
Great Western Park Metropolitan District 2, Broomfield City and County, Colorado,
|
12/21 at 100.00
|
N/R
|
1,174,433
|
|
|
|
General Obligation Bonds, Series 2016A, 5.000%, 12/01/46
|
|
|
|
|
|
750
|
Green Gables Metropolitan District No 1, Jefferson County, Colorado, General Obligation
|
12/21 at 103.00
|
N/R (13)
|
792,113
|
|
|
|
Bonds, Series 2016A, 5.300%, 12/01/46 (Pre-refunded 12/01/21)
|
|
|
|
|
|
700
|
Harmony Technology Park Metropolitan District 2, Fort Collins, Colorado, General
|
12/22 at 103.00
|
N/R
|
609,000
|
|
|
|
Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2017, 5.000%, 9/01/47
|
|
|
|
|
|
500
|
Iron Mountain Metropolitan District 2, Windsor, Weld County, Colorado, Limited Tax
|
12/24 at 103.00
|
N/R
|
442,770
|
|
|
|
General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/39
|
|
|
|
|
|
3,740
|
Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue
|
12/20 at 103.00
|
N/R
|
3,345,617
|
|
|
|
Bonds, Refunding Series 2015, 5.500%, 12/01/45
|
|
|
|
|
|
|
Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A:
|
|
|
|
|
|
2,325
|
5.250%, 12/01/36
|
12/21 at 103.00
|
N/R
|
2,136,001
|
|
|
8,955
|
5.375%, 12/01/46
|
12/21 at 103.00
|
N/R
|
7,999,860
|
|
|
|
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
|
761,710
|
|
|
5,355
|
6.000%, 12/15/50
|
12/23 at 100.00
|
N/R
|
4,064,231
|
|
|
980
|
Leyden Rock Metropolitan District No 10, In the City of Arvada, Colorado, Limited Tax
|
12/21 at 103.00
|
N/R
|
944,357
|
|
|
|
General Obligation Bonds, Refunding and Improvement Series 20016A, 5.000%, 12/01/45
|
|
|
|
|
|
500
|
Littleton Village Metropolitan District No 2, Colorado, Limited Tax General Obligation
|
12/20 at 103.00
|
N/R
|
460,085
|
|
|
|
and Special Revenue Bonds, Series 2015, 5.375%, 12/01/45
|
|
|
|
|
|
860
|
Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds,
|
12/25 at 100.00
|
N/R
|
805,080
|
|
|
|
Refunding Series 2016, 5.000%, 12/01/35
|
|
|
|
|
|
5,155
|
North Range Metropolitan District 1, Adams County, Colorado, General Obligation Bonds,
|
12/25 at 100.00
|
A2
|
5,225,727
|
|
|
|
Series 2016B, 3.500%, 12/01/45
|
|
|
|
|
|
|
North Range Metropolitan District No 2 , In the City of Commerce City, Adams County,
|
|
|
|
|
|
|
Colorado , Limited Tax General Obligation and Special Revenue and Improvement Bonds,
|
|
|
|
|
|
|
Refunding Series 2017A:
|
|
|
|
|
|
1,000
|
5.625%, 12/01/37
|
12/22 at 103.00
|
N/R
|
957,210
|
|
|
1,000
|
5.750%, 12/01/47
|
12/22 at 103.00
|
N/R
|
938,340
|
|
|
585
|
Overlook Metropolitan District in the Town of Parker, Douglas County, Colorado, General
|
12/21 at 103.00
|
N/R
|
518,222
|
|
|
|
Obligation Limited Tax Bonds, Series 2016A, 5.500%, 12/01/46
|
|
|
|
|
|
|
Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds,
|
|
|
|
|
|
|
Series 2019:
|
|
|
|
|
|
3,380
|
5.000%, 12/01/39
|
12/24 at 103.00
|
N/R
|
3,047,036
|
|
|
6,900
|
5.000%, 12/01/49
|
12/24 at 103.00
|
N/R
|
5,874,177
|
|
|
|
Park 70 Metropolitan District, Aurora, Colorado, General Obligation Bonds, Limited Tax
|
|
|
|
|
|
|
Refunding & Improvement Series 2016:
|
|
|
|
|
|
660
|
5.000%, 12/01/36
|
12/26 at 100.00
|
Baa3
|
711,110
|
|
|
1,060
|
5.000%, 12/01/46
|
12/26 at 100.00
|
Baa3
|
1,134,158
|
|
|
660
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported
|
12/25 at 100.00
|
A
|
744,183
|
|
|
|
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45
|
|
|
|
|
|
880
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported
|
12/20 at 100.00
|
A2 (13)
|
907,183
|
|
|
|
Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) –
|
|
|
|
|
|
|
AGM Insured
|
|
|
|
31
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Colorado (continued)
|
|
|
|
|
|
$ 5,435
|
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds,
|
12/20 at 100.00
|
AA
|
$ 5,520,493
|
|
|
|
Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
|
|
|
|
|
|
2,760
|
Prairie Center Metropolitan District No 3, In the City of Brighton, Adams County,
|
12/26 at 100.00
|
N/R
|
2,499,235
|
|
|
|
Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series
|
|
|
|
|
|
|
2017A, 5.000%, 12/15/41, 144A
|
|
|
|
|
|
|
Reata South Metropolitan District, Douglas County, Colorado, Limited Tax General
|
|
|
|
|
|
|
Obligation Bonds, Refunding Series 2018:
|
|
|
|
|
|
1,310
|
5.375%, 12/01/37
|
12/23 at 103.00
|
N/R
|
1,217,501
|
|
|
2,765
|
5.500%, 12/01/47
|
12/23 at 103.00
|
N/R
|
2,520,795
|
|
|
1,180
|
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A,
|
6/20 at 100.00
|
AA– (13)
|
1,184,036
|
|
|
|
5.375%, 6/01/31 (Pre-refunded 6/01/20)
|
|
|
|
|
|
|
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
|
6,524,440
|
|
|
3,750
|
6.000%, 1/15/41
|
7/20 at 100.00
|
Baa3
|
3,760,462
|
|
|
1,280
|
Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation
|
12/21 at 103.00
|
N/R
|
1,198,144
|
|
|
|
Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46
|
|
|
|
|
|
930
|
SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series
|
12/21 at 103.00
|
N/R
|
824,854
|
|
|
|
2016, 5.000%, 12/01/46
|
|
|
|
|
|
1,000
|
St Vain Lakes Metropolitan District No 2, Weld County, Colorado, Limited Tax General
|
12/22 at 103.00
|
N/R
|
922,990
|
|
|
|
Obligation Bonds, Series 2017A, 5.000%, 12/01/37
|
|
|
|
|
|
|
STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General
|
|
|
|
|
|
|
Obligation and Special Revenue Bonds, Refunding & improvement Series 2019A:
|
|
|
|
|
|
1,000
|
5.000%, 12/01/38
|
12/24 at 103.00
|
N/R
|
935,600
|
|
|
570
|
5.000%, 12/01/49
|
12/24 at 103.00
|
N/R
|
502,273
|
|
|
|
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
|
504,975
|
|
|
1,000
|
5.750%, 12/01/45
|
12/20 at 103.00
|
N/R
|
1,012,810
|
|
|
500
|
Table Mountain Metropolitan District, Jefferson County, Colorado, Limited Tax General
|
12/21 at 103.00
|
N/R
|
473,570
|
|
|
|
Obligation Bonds, Series 2016A, 5.250%, 12/01/45
|
|
|
|
|
|
500
|
The Village at Dry Creek Metropolitan District No 2, In the City of Thornton, Adams
|
9/24 at 103.00
|
N/R
|
398,800
|
|
|
|
County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2019,
|
|
|
|
|
|
|
4.375%, 12/01/44
|
|
|
|
|
|
8,500
|
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A,
|
11/22 at 100.00
|
Aa3
|
8,945,655
|
|
|
|
5.000%, 11/15/42
|
|
|
|
|
|
3,410
|
Vauxmont Metropolitan District, Arvada, Colorado, Limited Tax General Obligation and
|
12/29 at 100.00
|
AA
|
3,898,755
|
|
|
|
Special Revenue Bonds, Convertible to Unlimited Tax Refunding Subordinate Series 2020,
|
|
|
|
|
|
|
5.000%, 12/01/50 – AGM Insured, (WI/DD, Settling 9/02/20)
|
|
|
|
|
|
368,680
|
Total Colorado
|
|
|
334,390,410
|
|
|
|
Connecticut – 7.0% (4.3% of Total Investments)
|
|
|
|
|
|
|
Bridgeport, Connecticut, General Obligation Bonds, Series 2014A:
|
|
|
|
|
|
2,345
|
5.000%, 7/01/32 – AGM Insured
|
7/24 at 100.00
|
A2
|
2,634,725
|
|
|
1,600
|
5.000%, 7/01/34 – AGM Insured
|
7/24 at 100.00
|
A2
|
1,793,584
|
|
|
2,800
|
Bridgeport, Connecticut, General Obligation Bonds, Series 2016D, 5.000%, 8/15/41 –
|
8/26 at 100.00
|
A2
|
3,216,192
|
|
|
|
AGM Insured
|
|
|
|
|
|
|
Bridgeport, Connecticut, General Obligation Bonds, Series 2017A:
|
|
|
|
|
|
1,470
|
5.000%, 11/01/36
|
11/27 at 100.00
|
Baa1
|
1,690,441
|
|
|
750
|
5.000%, 11/01/37
|
11/27 at 100.00
|
Baa1
|
860,033
|
|
|
5,500
|
Connecticut Health and Educational Facilities Authority Revenue Bonds, Hartford
|
7/25 at 100.00
|
A
|
5,882,470
|
|
|
|
HealthCare, Series 2015F, 5.000%, 7/01/45
|
|
|
|
|
|
4,250
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut
|
7/26 at 100.00
|
A2
|
4,264,110
|
|
|
|
College, Refunding Series 2016L-1, 4.000%, 7/01/46
|
|
|
|
32
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Connecticut (continued)
|
|
|
|
|
|
$ 1,150
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut
|
7/21 at 100.00
|
A2
|
$ 1,162,857
|
|
|
|
College, Series 2011H, 5.000%, 7/01/41
|
|
|
|
|
|
1,100
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Duncaster, Inc.,
|
8/24 at 100.00
|
BBB
|
976,976
|
|
|
|
Series 2014A, 5.000%, 8/01/44
|
|
|
|
|
|
5,565
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield
|
7/26 at 100.00
|
A–
|
5,963,732
|
|
|
|
University, Series 2016Q-1, 5.000%, 7/01/46
|
|
|
|
|
|
7,025
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford
|
7/21 at 100.00
|
A (13)
|
7,371,122
|
|
|
|
HealthCare, Series 2011A, 5.000%, 7/01/41 (Pre-refunded 7/01/21)
|
|
|
|
|
|
500
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford
|
7/24 at 100.00
|
A
|
530,210
|
|
|
|
HealthCare, Series 2014E, 5.000%, 7/01/42
|
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare
|
|
|
|
|
|
|
Facility Expansion Church Home of Hartford Inc. Project, Series 2016A:
|
|
|
|
|
|
590
|
5.000%, 9/01/46, 144A
|
9/26 at 100.00
|
BB
|
524,457
|
|
|
740
|
5.000%, 9/01/53, 144A
|
9/26 at 100.00
|
BB
|
645,243
|
|
|
3,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home
|
10/24 at 104.00
|
BB
|
2,538,570
|
|
|
|
Issue, Series 2019A-1, 5.000%, 10/01/54, 144A
|
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex
|
|
|
|
|
|
|
Hospital, Series 2011N:
|
|
|
|
|
|
1,105
|
5.000%, 7/01/25 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
A3 (13)
|
1,160,106
|
|
|
400
|
5.000%, 7/01/26 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
A3 (13)
|
419,948
|
|
|
500
|
5.000%, 7/01/27 (Pre-refunded 7/01/21)
|
7/21 at 100.00
|
A3 (13)
|
524,935
|
|
|
1,915
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex
|
7/25 at 100.00
|
A3
|
2,081,988
|
|
|
|
Hospital, Series 2015O, 5.000%, 7/01/36
|
|
|
|
|
|
1,125
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Norwich Free
|
7/23 at 100.00
|
A
|
1,171,260
|
|
|
|
Academy, Series 2013B, 4.000%, 7/01/34
|
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health
|
|
|
|
|
|
|
Series 2019A:
|
|
|
|
|
|
1,000
|
4.000%, 7/01/38
|
7/29 at 100.00
|
A–
|
1,031,560
|
|
|
1,370
|
4.000%, 7/01/49
|
7/29 at 100.00
|
A–
|
1,380,357
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac
|
|
|
|
|
|
|
University, Refunding Series 2015L:
|
|
|
|
|
|
10,105
|
4.125%, 7/01/41
|
7/25 at 100.00
|
A–
|
10,277,189
|
|
|
7,030
|
5.000%, 7/01/45
|
7/25 at 100.00
|
A–
|
7,464,313
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac
|
|
|
|
|
|
|
University, Series 2016M:
|
|
|
|
|
|
500
|
5.000%, 7/01/34
|
7/26 at 100.00
|
A–
|
548,645
|
|
|
1,500
|
5.000%, 7/01/36
|
7/26 at 100.00
|
A–
|
1,635,405
|
|
|
250
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart
|
7/21 at 100.00
|
A3 (13)
|
262,978
|
|
|
|
University, Series 2011G, 5.125%, 7/01/26 (Pre-refunded 7/01/21)
|
|
|
|
|
|
6,145
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart
|
7/27 at 100.00
|
A3
|
6,652,147
|
|
|
|
University, Series 2017I-1, 5.000%, 7/01/42
|
|
|
|
|
|
1,275
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford
|
7/21 at 100.00
|
BBB+
|
1,291,741
|
|
|
|
Hospital, Series 2010-I, 5.000%, 7/01/30
|
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford
|
|
|
|
|
|
|
Hospital, Series 2012J:
|
|
|
|
|
|
1,000
|
5.000%, 7/01/37
|
7/22 at 100.00
|
BBB+
|
1,009,090
|
|
|
7,955
|
5.000%, 7/01/42
|
7/22 at 100.00
|
BBB+
|
7,998,514
|
|
|
4,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford
|
7/26 at 100.00
|
BBB+
|
3,887,200
|
|
|
|
Hospital, Series 2016K, 4.000%, 7/01/46
|
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, The Loomis
|
|
|
|
|
|
|
Chaffee School Issue, Series 2011-I:
|
|
|
|
|
|
560
|
5.000%, 7/01/23 – AGM Insured
|
7/21 at 100.00
|
A1
|
583,979
|
|
|
225
|
5.000%, 7/01/24 – AGM Insured
|
7/21 at 100.00
|
A1
|
234,369
|
33
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Connecticut (continued)
|
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health
|
|
|
|
|
|
|
Credit Group, Series 2016CT:
|
|
|
|
|
|
$ 2,650
|
5.000%, 12/01/41
|
6/26 at 100.00
|
AA–
|
$ 2,948,496
|
|
|
770
|
5.000%, 12/01/45
|
6/26 at 100.00
|
AA–
|
849,587
|
|
|
2,250
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of
|
7/28 at 100.00
|
BBB
|
2,260,013
|
|
|
|
New Haven, Series 2018K-1, 5.000%, 7/01/38
|
|
|
|
|
|
3,250
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan
|
7/20 at 100.00
|
AA (13)
|
3,272,620
|
|
|
|
University, Series 2010G, 5.000%, 7/01/39 (Pre-refunded 7/01/20)
|
|
|
|
|
|
4,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western
|
7/21 at 100.00
|
A– (13)
|
4,199,480
|
|
|
|
Connecticut Health, Series 2011N, 5.000%, 7/01/29 (Pre-refunded 7/01/21)
|
|
|
|
|
|
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven
|
|
|
|
|
|
|
Health Issue, Series 2014E:
|
|
|
|
|
|
2,610
|
5.000%, 7/01/32
|
7/24 at 100.00
|
AA–
|
2,881,440
|
|
|
2,740
|
5.000%, 7/01/33
|
7/24 at 100.00
|
AA–
|
3,015,891
|
|
|
900
|
5.000%, 7/01/34
|
7/24 at 100.00
|
AA–
|
988,920
|
|
|
5,580
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut
|
11/23 at 100.00
|
A
|
6,212,660
|
|
|
|
State University System, Series 2013N, 5.000%, 11/01/31
|
|
|
|
|
|
1,260
|
Connecticut Housing Finance Authority, State Supported Special Obligation Bonds,
|
6/20 at 100.00
|
A
|
1,265,342
|
|
|
|
Refunding Series 2010-16, 5.000%, 6/15/30
|
|
|
|
|
|
|
Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds,
|
|
|
|
|
|
|
Tender Option Bond Trust 2016-XG0059:
|
|
|
|
|
|
1,295
|
16.675%, 1/01/32, 144A (IF) (5)
|
1/23 at 100.00
|
Aa3
|
1,770,550
|
|
|
410
|
16.522%, 1/01/38, 144A (IF) (5)
|
1/23 at 100.00
|
Aa3
|
543,644
|
|
|
1,000
|
Connecticut State, General Obligation Bonds, Series 2011D, 5.000%, 11/01/31
|
11/21 at 100.00
|
A
|
1,046,300
|
|
|
3,500
|
Connecticut State, General Obligation Bonds, Series 2014F, 5.000%, 11/15/34
|
11/24 at 100.00
|
A
|
3,839,955
|
|
|
2,630
|
Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/34
|
11/25 at 100.00
|
A
|
2,922,088
|
|
|
3,730
|
Connecticut State, General Obligation Bonds, Series 2017A, 5.000%, 4/15/35
|
4/27 at 100.00
|
A
|
4,223,777
|
|
|
|
Connecticut State, General Obligation Bonds, Series 2018A:
|
|
|
|
|
|
3,500
|
5.000%, 4/15/35 (UB) (5)
|
4/28 at 100.00
|
A
|
4,009,390
|
|
|
5,000
|
5.000%, 4/15/38 (UB) (5)
|
4/28 at 100.00
|
A
|
5,670,650
|
|
|
3,855
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes
|
10/23 at 100.00
|
A+
|
4,186,299
|
|
|
|
Series 2013A, 5.000%, 10/01/33
|
|
|
|
|
|
1,380
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes
|
8/25 at 100.00
|
A+
|
1,539,776
|
|
|
|
Series 2015A, 5.000%, 8/01/33
|
|
|
|
|
|
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes
|
|
|
|
|
|
|
Series 2016A:
|
|
|
|
|
|
5,300
|
5.000%, 9/01/33
|
9/26 at 100.00
|
A+
|
6,012,479
|
|
|
1,075
|
5.000%, 9/01/34
|
9/26 at 100.00
|
A+
|
1,216,169
|
|
|
3,500
|
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes,
|
9/24 at 100.00
|
A+
|
3,861,690
|
|
|
|
Series 2014A, 5.000%, 9/01/33
|
|
|
|
|
|
|
Connecticut Transmission Municipal Electric Energy Cooperative, Transmission System
|
|
|
|
|
|
|
Revenue Bonds, Series 2012A:
|
|
|
|
|
|
655
|
5.000%, 1/01/31
|
1/22 at 100.00
|
A+
|
695,269
|
|
|
500
|
5.000%, 1/01/32
|
1/22 at 100.00
|
A+
|
530,230
|
|
|
2,830
|
5.000%, 1/01/42
|
1/22 at 100.00
|
A+
|
2,978,122
|
|
|
|
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater
|
|
|
|
|
|
|
System Revenue Bonds, Refunding Series 2014B:
|
|
|
|
|
|
500
|
5.000%, 8/15/30
|
8/24 at 100.00
|
A1
|
570,655
|
|
|
1,000
|
5.000%, 8/15/31
|
8/24 at 100.00
|
A1
|
1,140,860
|
|
|
55
|
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater
|
6/20 at 100.00
|
A1
|
55,173
|
|
|
|
System Revenue Bonds, Series 2005A, 5.000%, 8/15/35 – NPFG Insured
|
|
|
|
|
|
225
|
Hamden, Connecticut, General Obligation Bonds, Series 2016, 5.000%, 8/15/32 –
|
8/24 at 100.00
|
AA
|
252,329
|
|
|
|
BAM Insured
|
|
|
|
34
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Connecticut (continued)
|
|
|
|
|
|
$ 2,315
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation
|
4/27 at 100.00
|
N/R
|
$ 2,354,100
|
|
|
|
Revenue Bonds, Harbor Point Project, Refunding Series 2017, 5.000%, 4/01/39, 144A
|
|
|
|
|
|
10,015
|
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds,
|
11/24 at 100.00
|
AA–
|
10,901,227
|
|
|
|
Refunding Green Bond Series 2014A, 5.000%, 11/01/42
|
|
|
|
|
|
|
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds,
|
|
|
|
|
|
|
Series 2013A:
|
|
|
|
|
|
4,100
|
5.000%, 4/01/36
|
4/22 at 100.00
|
AA–
|
4,304,590
|
|
|
2,500
|
5.000%, 4/01/39
|
4/22 at 100.00
|
AA–
|
2,618,050
|
|
|
2,285
|
Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Series
|
7/28 at 100.00
|
Aa3
|
2,658,849
|
|
|
|
2018, 5.000%, 7/15/36
|
|
|
|
|
|
870
|
Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28 –
|
6/20 at 100.00
|
A2
|
872,210
|
|
|
|
AGC Insured
|
|
|
|
|
|
|
Milford, Connecticut, General Obligation Bonds, Series 2018:
|
|
|
|
|
|
1,055
|
4.000%, 11/01/36
|
11/24 at 100.00
|
AA+
|
1,112,666
|
|
|
1,055
|
4.000%, 11/01/37
|
11/24 at 100.00
|
AA+
|
1,108,805
|
|
|
1,550
|
New Haven, Connecticut, General Obligation Bonds, Refunding Series 2016A, 5.000%,
|
8/26 at 100.00
|
BBB
|
1,716,563
|
|
|
|
8/15/35 – AGM Insured
|
|
|
|
|
|
985
|
New Haven, Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 8/01/33 –
|
8/24 at 100.00
|
BBB
|
1,064,076
|
|
|
|
AGM Insured
|
|
|
|
|
|
|
New Haven, Connecticut, General Obligation Bonds, Series 2015:
|
|
|
|
|
|
790
|
5.000%, 9/01/32 – AGM Insured
|
9/25 at 100.00
|
BBB
|
866,946
|
|
|
1,620
|
5.000%, 9/01/33 – AGM Insured
|
9/25 at 100.00
|
BBB
|
1,775,277
|
|
|
500
|
5.000%, 9/01/35 – AGM Insured
|
9/25 at 100.00
|
BBB
|
547,150
|
|
|
|
New Haven, Connecticut, General Obligation Bonds, Series 2017A:
|
|
|
|
|
|
1,000
|
5.000%, 8/01/35
|
8/27 at 100.00
|
BBB
|
1,071,950
|
|
|
1,425
|
5.000%, 8/01/36
|
8/27 at 100.00
|
BBB
|
1,522,242
|
|
|
900
|
North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24
|
No Opt. Call
|
Aa1
|
1,042,452
|
|
|
795
|
South Central Connecticut Regional Water Authority Water System Revenue Bonds, Thirtieth
|
8/24 at 100.00
|
AA– (13)
|
930,341
|
|
|
|
Series 2014A, 5.000%, 8/01/44 (Pre-refunded 8/01/24)
|
|
|
|
|
|
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds,
|
|
|
|
|
|
|
Refunding Thirty-Second Series 2016B:
|
|
|
|
|
|
2,715
|
4.000%, 8/01/36
|
8/26 at 100.00
|
AA–
|
2,911,892
|
|
|
2,220
|
5.000%, 8/01/37
|
8/26 at 100.00
|
AA–
|
2,579,063
|
|
|
3,870
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds,
|
8/21 at 100.00
|
AA– (13)
|
4,079,290
|
|
|
|
Twentieth-Sixth Series, 2011, 5.000%, 8/01/41 (Pre-refunded 8/01/21)
|
|
|
|
|
|
3,250
|
South Central Connecticut Regional Water Authority, Water System Revenue Bonds,
|
8/22 at 100.00
|
AA– (13)
|
3,558,717
|
|
|
|
Twenty-Seventh Series 2012, 5.000%, 8/01/33 (Pre-refunded 8/01/22)
|
|
|
|
|
|
1,725
|
Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project,
|
4/21 at 100.00
|
N/R (13)
|
1,821,911
|
|
|
|
Series 2011aA, 7.000%, 4/01/41 (Pre-refunded 4/01/21)
|
|
|
|
|
|
500
|
Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series
|
8/23 at 100.00
|
Aa2
|
559,405
|
|
|
|
2013A, 5.250%, 8/15/43
|
|
|
|
|
|
|
Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds,
|
|
|
|
|
|
|
Series 2019:
|
|
|
|
|
|
45
|
4.000%, 4/01/36
|
4/29 at 100.00
|
AA+
|
50,815
|
|
|
200
|
4.000%, 4/01/37
|
4/29 at 100.00
|
AA+
|
225,028
|
|
|
250
|
4.000%, 4/01/38
|
4/29 at 100.00
|
AA+
|
280,160
|
|
|
600
|
Stratford, Connecticut, General Obligation Bonds, Series 2014, 5.000%, 12/15/32
|
12/22 at 100.00
|
A2
|
654,558
|
|
|
1,500
|
Stratford, Connecticut, General Obligation Bonds, Series 2017, 4.000%, 1/01/39 –
|
1/27 at 100.00
|
A2
|
1,628,400
|
|
|
|
BAM Insured
|
|
|
|
|
|
1,000
|
Town of Hamden, Connecticut, General Obligation Bonds, Refunding Series 2018A, 5.000%,
|
8/28 at 100.00
|
BBB+
|
1,207,070
|
|
|
|
8/15/30 – BAM Insured
|
|
|
|
|
|
2,500
|
University of Connecticut, General Obligation Bonds, Series 2013A, 5.000%, 8/15/32
|
8/23 at 100.00
|
A
|
2,750,100
|
|
|
760
|
University of Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 2/15/31
|
2/24 at 100.00
|
A
|
827,404
|
35
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Connecticut (continued)
|
|
|
|
|
|
$ 2,250
|
University of Connecticut, General Obligation Bonds, Series 2015A, 5.000%, 3/15/31
|
3/26 at 100.00
|
A
|
$ 2,639,272
|
|
|
|
Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015:
|
|
|
|
|
|
445
|
5.000%, 8/01/30 – BAM Insured
|
8/25 at 100.00
|
AA–
|
517,829
|
|
|
390
|
5.000%, 8/01/31 – BAM Insured
|
8/25 at 100.00
|
AA–
|
454,042
|
|
|
610
|
5.000%, 8/01/32 – BAM Insured
|
8/25 at 100.00
|
AA–
|
709,168
|
|
|
445
|
5.000%, 8/01/33 – BAM Insured
|
8/25 at 100.00
|
AA–
|
516,618
|
|
|
445
|
5.000%, 8/01/34 – BAM Insured
|
8/25 at 100.00
|
AA–
|
516,133
|
|
|
213,775
|
Total Connecticut
|
|
|
229,584,669
|
|
|
|
Delaware – 0.2% (0.1% of Total Investments)
|
|
|
|
|
|
2,615
|
Delaware Economic Development Authority, Exempt Facility Revenue Bonds, Indian River
|
10/20 at 100.00
|
Baa2
|
2,607,129
|
|
|
|
Power LLC Project, Series 2010, 5.375%, 10/01/45
|
|
|
|
|
|
|
Kent County, Delaware, Student Housing & Dining Facility Revenue Bonds, Collegiate
|
|
|
|
|
|
|
Housing Foundation – Dover LLC Delaware State University Project, Series 2018A:
|
|
|
|
|
|
2,585
|
5.000%, 7/01/53
|
1/28 at 100.00
|
BB+
|
2,195,079
|
|
|
1,000
|
5.000%, 7/01/58
|
1/28 at 100.00
|
BB+
|
830,200
|
|
|
6,200
|
Total Delaware
|
|
|
5,632,408
|
|
|
|
District of Columbia – 1.4% (0.9% of Total Investments)
|
|
|
|
|
|
3,780
|
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard
|
10/22 at 100.00
|
BB+
|
3,294,497
|
|
|
|
Properties LLC Issue, Series 2013, 5.000%, 10/01/45
|
|
|
|
|
|
5,095
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed
|
No Opt. Call
|
Baa1
|
5,262,371
|
|
|
|
Bonds, Series 2001, 6.500%, 5/15/33
|
|
|
|
|
|
186,000
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed
|
6/20 at 20.14
|
N/R
|
31,220,100
|
|
|
|
Bonds, Series 2006A, 0.000%, 6/15/46
|
|
|
|
|
|
1,500
|
District of Columbia, Revenue Bonds, Ingleside at Rock Creek Project, Series 2017A,
|
7/24 at 103.00
|
N/R
|
1,292,670
|
|
|
|
5.000%, 7/01/42
|
|
|
|
|
|
1,810
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
10/29 at 100.00
|
A2
|
1,826,199
|
|
|
|
Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B,
|
|
|
|
|
|
|
4.000%, 10/01/53 – AGM Insured
|
|
|
|
|
|
3,000
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
10/28 at 100.00
|
A
|
3,388,920
|
|
|
|
Dulles Metrorail & Capital Improvement Projects, Refunding First Senior Lien Series 2019A,
|
|
|
|
|
|
|
5.000%, 10/01/44
|
|
|
|
|
|
201,185
|
Total District of Columbia
|
|
|
46,284,757
|
|
|
|
Florida – 4.7% (2.9% of Total Investments)
|
|
|
|
|
|
990
|
Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue
|
5/26 at 100.00
|
N/R
|
969,289
|
|
|
|
Bonds, Series 2016, 4.700%, 5/01/36
|
|
|
|
|
|
1,000
|
Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin
|
7/26 at 100.00
|
N/R
|
860,550
|
|
|
|
Academy Projects, Series 2020, 5.000%, 12/15/50, 144A
|
|
|
|
|
|
|
Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc., Series 2018:
|
|
|
|
|
|
1,290
|
6.100%, 8/15/38, 144A
|
8/28 at 100.00
|
N/R
|
1,193,624
|
|
|
1,045
|
6.200%, 8/15/48, 144A
|
8/28 at 100.00
|
N/R
|
952,016
|
|
|
|
Capital Trust Agency, Florida, Revenue Bonds, Odyssey Charter School Project, Series 2017A:
|
|
|
|
|
|
1,065
|
5.375%, 7/01/37, 144A
|
7/27 at 100.00
|
Ba1
|
1,043,306
|
|
|
1,470
|
5.500%, 7/01/47, 144A
|
7/27 at 100.00
|
Ba1
|
1,404,144
|
|
|
4,325
|
Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center,
|
6/28 at 100.00
|
N/R
|
4,402,850
|
|
|
|
Orlando Project, Series 2018, 7.500%, 6/01/48, 144A
|
|
|
|
|
|
|
Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 2017A:
|
|
|
|
|
|
6,050
|
5.125%, 6/15/37, 144A
|
6/27 at 100.00
|
N/R
|
5,542,587
|
|
|
1,890
|
5.250%, 6/15/47, 144A
|
6/27 at 100.00
|
N/R
|
1,666,810
|
|
|
880
|
Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series
|
10/27 at 100.00
|
Ba2
|
814,273
|
|
|
|
2017A, 5.000%, 10/15/37, 144A
|
|
|
|
|
|
735
|
Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series
|
10/27 at 100.00
|
Ba2
|
637,583
|
|
|
|
2019A, 5.000%, 10/15/49, 144A
|
|
|
|
36
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Florida (continued)
|
|
|
|
|
|
$ 4,670
|
City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41
|
9/25 at 100.00
|
AA–
|
$ 5,385,397
|
|
|
1,025
|
Cityplace Community Development District, Florida, Special Assessment and Revenue
|
No Opt. Call
|
A
|
1,144,566
|
|
|
|
Bonds, Refunding Series 2012, 5.000%, 5/01/26
|
|
|
|
|
|
1,480
|
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges
|
11/23 at 100.00
|
BB+
|
1,503,384
|
|
|
|
University, Refunding Series 2013, 6.125%, 11/01/43
|
|
|
|
|
|
|
Creekside at Twin Creeks Community Development District, Florida, Special Assessment
|
|
|
|
|
|
|
Bonds, Area 1 Project, Series 2016A-1:
|
|
|
|
|
|
240
|
5.250%, 11/01/37
|
11/28 at 100.00
|
N/R
|
246,149
|
|
|
315
|
5.600%, 11/01/46
|
11/28 at 100.00
|
N/R
|
326,872
|
|
|
|
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University
|
|
|
|
|
|
|
Project, Series 2013A:
|
|
|
|
|
|
3,445
|
6.000%, 4/01/42
|
4/23 at 100.00
|
Baa1
|
3,653,629
|
|
|
1,720
|
5.625%, 4/01/43
|
4/23 at 100.00
|
Baa1
|
1,805,192
|
|
|
4,000
|
Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 –
|
10/21 at 100.00
|
A1
|
4,213,760
|
|
|
|
AGM Insured
|
|
|
|
|
|
|
Downtown Doral Community Development District, Florida, Special Assessment Bonds,
|
|
|
|
|
|
|
Series 2015:
|
|
|
|
|
|
280
|
5.250%, 5/01/35
|
5/26 at 100.00
|
N/R
|
280,854
|
|
|
315
|
5.300%, 5/01/36
|
5/26 at 100.00
|
N/R
|
315,961
|
|
|
475
|
5.500%, 5/01/45
|
5/26 at 100.00
|
N/R
|
479,731
|
|
|
655
|
5.500%, 5/01/46
|
5/26 at 100.00
|
N/R
|
661,524
|
|
|
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical
|
|
|
|
|
|
|
Preparatory Incorporated Project, Series 2017A:
|
|
|
|
|
|
255
|
6.000%, 6/15/37, 144A
|
6/26 at 100.00
|
N/R
|
249,122
|
|
|
665
|
6.125%, 6/15/46, 144A
|
6/26 at 100.00
|
N/R
|
636,206
|
|
|
415
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical
|
6/26 at 100.00
|
N/R
|
405,434
|
|
|
|
Preparatory Incorporated Project, Series 2018A, 6.000%, 6/15/37, 144A
|
|
|
|
|
|
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown
|
|
|
|
|
|
|
Doral Charter Upper School Project, Series 2017C:
|
|
|
|
|
|
2,375
|
5.650%, 7/01/37, 144A
|
7/27 at 101.00
|
N/R
|
2,080,999
|
|
|
3,735
|
5.750%, 7/01/47, 144A
|
7/27 at 101.00
|
N/R
|
3,190,549
|
|
|
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida
|
|
|
|
|
|
|
Charter Foundation Inc. Projects, Series 2016A:
|
|
|
|
|
|
1,485
|
6.250%, 6/15/36, 144A
|
6/26 at 100.00
|
N/R
|
1,563,289
|
|
|
2,075
|
4.750%, 7/15/36, 144A
|
7/26 at 100.00
|
N/R
|
1,804,565
|
|
|
4,350
|
6.375%, 6/15/46, 144A
|
6/26 at 100.00
|
N/R
|
4,563,411
|
|
|
1,335
|
5.000%, 7/15/46, 144A
|
7/26 at 100.00
|
N/R
|
1,110,680
|
|
|
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds,
|
|
|
|
|
|
|
Renaissance Charter School Income Projects, Series 2015A:
|
|
|
|
|
|
3,090
|
6.000%, 6/15/35, 144A
|
6/25 at 100.00
|
N/R
|
3,186,964
|
|
|
3,450
|
6.125%, 6/15/46, 144A
|
6/25 at 100.00
|
N/R
|
3,526,694
|
|
|
550
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds,
|
6/24 at 100.00
|
N/R
|
558,624
|
|
|
|
Renaissance Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44
|
|
|
|
|
|
4,430
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest
|
6/27 at 100.00
|
N/R
|
4,092,390
|
|
|
|
Charter Foundation Inc. Projects, Series 2017A, 6.125%, 6/15/47, 144A
|
|
|
|
|
|
1,435
|
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special
|
5/26 at 100.00
|
N/R
|
1,397,360
|
|
|
|
Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36
|
|
|
|
|
|
|
Indian Trace Development District, Florida, Water Management Special Benefit Assessment
|
|
|
|
|
|
|
Bonds, Series 2005:
|
|
|
|
|
|
1,645
|
5.000%, 5/01/25 – NPFG Insured
|
6/20 at 100.00
|
Baa2
|
1,664,279
|
|
|
1,830
|
5.000%, 5/01/27 – NPFG Insured
|
6/20 at 100.00
|
Baa2
|
1,849,361
|
|
|
600
|
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series
|
10/22 at 100.00
|
A2
|
650,910
|
|
|
|
2012, 5.000%, 10/01/30
|
|
|
|
37
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Florida (continued)
|
|
|
|
|
|
$ 2,215
|
Jacksonville, Florida, Educational Facilities Revenue Bonds, Jacksonville University
|
6/28 at 100.00
|
N/R
|
$ 1,704,531
|
|
|
|
Project, Series 2018B, 5.000%, 6/01/53, 144A
|
|
|
|
|
|
1,000
|
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding
|
11/21 at 100.00
|
A2
|
1,041,150
|
|
|
|
Series 2011, 5.000%, 11/15/25
|
|
|
|
|
|
625
|
Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb
|
5/27 at 100.00
|
N/R
|
633,831
|
|
|
|
Project, Series 2017, 5.000%, 5/01/37, 144A
|
|
|
|
|
|
4,125
|
Martin County Health Facilities Authority, Florida, Hospital Revenue Bonds, Martin
|
11/24 at 100.00
|
N/R (13)
|
4,834,088
|
|
|
|
Memorial Medical Center, Series 2015, 5.000%, 11/15/45 (Pre-refunded 11/15/24)
|
|
|
|
|
|
|
Miami Dade County Industrial Development Authority, Florida, Educational Facilities
|
|
|
|
|
|
|
Revenue Bonds, South Florida Autism Charter School Project, Series 2017:
|
|
|
|
|
|
1,080
|
5.875%, 7/01/37, 144A
|
7/27 at 100.00
|
N/R
|
976,579
|
|
|
1,920
|
6.000%, 7/01/47, 144A
|
7/27 at 100.00
|
N/R
|
1,706,899
|
|
|
5,965
|
Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014,
|
10/24 at 100.00
|
BBB+
|
6,084,300
|
|
|
|
5.000%, 10/01/43
|
|
|
|
|
|
2,130
|
Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami
|
7/27 at 100.00
|
BBB–
|
1,553,579
|
|
|
|
Jewish Health System Inc. Project, Series 2017, 5.125%, 7/01/46
|
|
|
|
|
|
1,545
|
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A,
|
2/21 at 100.00
|
Aa3 (13)
|
1,604,745
|
|
|
|
6.000%, 2/01/31 (Pre-refunded 2/01/21) – AGM Insured
|
|
|
|
|
|
5,000
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series
|
7/24 at 100.00
|
BBB+
|
5,368,650
|
|
|
|
2014A, 5.000%, 7/01/44
|
|
|
|
|
|
2,500
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series
|
10/20 at 100.00
|
A2 (13)
|
2,548,175
|
|
|
|
2010A-1, 5.375%, 10/01/41 (Pre-refunded 10/01/20)
|
|
|
|
|
|
2,500
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series
|
10/20 at 100.00
|
A (13)
|
2,543,850
|
|
|
|
2010B, 5.000%, 10/01/30 (Pre-refunded 10/01/20)
|
|
|
|
|
|
2,400
|
Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series
|
10/22 at 100.00
|
A2
|
2,603,040
|
|
|
|
2012B, 5.000%, 10/01/37
|
|
|
|
|
|
6,305
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%,
|
10/22 at 100.00
|
A+ (13)
|
6,956,117
|
|
|
|
10/01/42 (Pre-refunded 10/01/22)
|
|
|
|
|
|
4,785
|
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement
|
8/26 at 100.00
|
N/R
|
5,080,426
|
|
|
|
Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35
|
|
|
|
|
|
4,270
|
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando
|
4/22 at 100.00
|
A2
|
4,424,361
|
|
|
|
Health, Inc., Series 2012A, 5.000%, 10/01/42
|
|
|
|
|
|
|
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding &
|
|
|
|
|
|
|
Improvement Series 2019A-1:
|
|
|
|
|
|
1,245
|
5.000%, 10/01/44
|
10/29 at 100.00
|
BBB–
|
1,410,647
|
|
|
1,645
|
5.000%, 10/01/49
|
10/29 at 100.00
|
BBB–
|
1,855,363
|
|
|
3,345
|
4.000%, 10/01/54
|
10/29 at 100.00
|
BBB–
|
3,443,745
|
|
|
230
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences
|
6/22 at 102.00
|
N/R
|
238,648
|
|
|
|
of Boca Raton Project, Series 2014A, 7.250%, 6/01/34
|
|
|
|
|
|
825
|
Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3
|
11/26 at 100.00
|
N/R
|
826,279
|
|
|
|
Project, Series 2016, 5.000%, 11/01/46
|
|
|
|
|
|
|
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue
|
|
|
|
|
|
|
Bonds, Assessment Area 2, Series 2016:
|
|
|
|
|
|
225
|
4.750%, 11/01/28
|
11/27 at 100.00
|
N/R
|
225,191
|
|
|
375
|
5.375%, 11/01/36
|
11/27 at 100.00
|
N/R
|
376,028
|
|
|
920
|
South Fork III Community Development District, Florida, Special Assessment Revenue
|
5/27 at 100.00
|
N/R
|
938,731
|
|
|
|
Bonds, Refunding Series 2016, 5.375%, 5/01/37
|
|
|
|
|
|
1,200
|
St Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993, 5.500%,
|
No Opt. Call
|
N/R (13)
|
1,279,344
|
|
|
|
10/01/21 – FGIC Insured (ETM)
|
|
|
|
|
|
4,100
|
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A,
|
5/22 at 100.00
|
Aa2
|
4,313,856
|
|
|
|
5.000%, 11/15/33
|
|
|
|
|
|
760
|
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St Joseph’s
|
6/20 at 100.00
|
N/R (13)
|
796,700
|
|
|
|
Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM)
|
|
|
|
38
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Florida (continued)
|
|
|
|
|
|
$ 10,095
|
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series
|
7/22 at 100.00
|
A2 (13)
|
$ 11,007,184
|
|
|
|
2012B, 5.000%, 7/01/42 (Pre-refunded 7/01/22)
|
|
|
|
|
|
2,000
|
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle
|
10/21 at 100.00
|
A2 (13)
|
2,123,020
|
|
|
|
Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 (Pre-refunded
|
|
|
|
|
|
|
10/15/21) – AGM Insured
|
|
|
|
|
|
5,000
|
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson
|
6/25 at 100.00
|
A–
|
5,290,150
|
|
|
|
University Inc. Project, Series 2015, 5.000%, 6/01/40
|
|
|
|
|
|
153,410
|
Total Florida
|
|
|
155,824,095
|
|
|
|
Georgia – 3.2% (2.0% of Total Investments)
|
|
|
|
|
|
5,715
|
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe
|
2/28 at 100.00
|
BBB+
|
5,774,207
|
|
|
|
Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45
|
|
|
|
|
|
10,955
|
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe
|
2/28 at 100.00
|
BBB+
|
11,068,494
|
|
|
|
Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45
|
|
|
|
|
|
2,825
|
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series
|
8/20 at 100.00
|
AA
|
2,844,464
|
|
|
|
2007, 4.000%, 8/01/26
|
|
|
|
|
|
1,250
|
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds,
|
9/20 at 100.00
|
N/R (13)
|
1,271,750
|
|
|
|
DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 (Pre-refunded 9/01/20)
|
|
|
|
|
|
2,000
|
Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 (Pre-refunded
|
12/21 at 100.00
|
A2 (13)
|
2,160,540
|
|
|
|
12/01/21) – AGM Insured
|
|
|
|
|
|
10,000
|
Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc.
|
7/29 at 100.00
|
A1
|
10,098,700
|
|
|
|
Project, Series 2019A, 4.000%, 7/01/49
|
|
|
|
|
|
15,305
|
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation
|
2/25 at 100.00
|
AA–
|
17,558,967
|
|
|
|
Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54
|
|
|
|
|
|
|
Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A:
|
|
|
|
|
|
6,760
|
3.950%, 12/01/43
|
6/27 at 100.00
|
AAA
|
7,090,969
|
|
|
5,000
|
4.000%, 12/01/48
|
6/27 at 100.00
|
AAA
|
5,231,500
|
|
|
1,300
|
Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for
|
6/27 at 100.00
|
N/R
|
1,203,878
|
|
|
|
Classical Education, Series 2017, 5.750%, 6/15/37, 144A
|
|
|
|
|
|
4,000
|
Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life
|
11/27 at 100.00
|
Ba3
|
3,527,960
|
|
|
|
University, Inc. Project, Refunding Series 2017A, 5.000%, 11/01/47, 144A
|
|
|
|
|
|
10,825
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds,
|
7/25 at 100.00
|
Baa3
|
10,985,968
|
|
|
|
Series 2015A, 5.000%, 7/01/60
|
|
|
|
|
|
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds,
|
|
|
|
|
|
|
Series 2019A:
|
|
|
|
|
|
8,680
|
5.000%, 1/01/49
|
7/28 at 100.00
|
Baa3
|
8,935,279
|
|
|
4,000
|
5.000%, 1/01/59
|
7/28 at 100.00
|
Baa3
|
4,088,200
|
|
|
1,000
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University,
|
10/22 at 100.00
|
Baa1
|
1,037,690
|
|
|
|
Refunding Series 2012C, 5.250%, 10/01/27
|
|
|
|
|
|
10,090
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University,
|
10/25 at 100.00
|
Baa1
|
10,282,013
|
|
|
|
Series 2015, 5.000%, 10/01/40
|
|
|
|
|
|
1,710
|
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South
|
10/21 at 100.00
|
AA– (13)
|
1,812,361
|
|
|
|
Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 (Pre-refunded 10/01/21)
|
|
|
|
|
|
101,415
|
Total Georgia
|
|
|
104,972,940
|
|
|
|
Guam – 0.4% (0.2% of Total Investments)
|
|
|
|
|
|
1,500
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39
|
11/25 at 100.00
|
BB
|
1,442,415
|
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
|
|
|
|
|
|
840
|
5.250%, 1/01/36
|
1/22 at 100.00
|
BB
|
841,176
|
|
|
3,200
|
5.125%, 1/01/42
|
1/22 at 100.00
|
BB
|
3,091,104
|
|
|
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
|
|
|
|
|
|
|
Refunding Series 2017:
|
|
|
|
|
|
1,335
|
5.000%, 7/01/36
|
7/27 at 100.00
|
BBB–
|
1,363,569
|
|
|
890
|
5.000%, 7/01/40
|
7/27 at 100.00
|
BBB–
|
900,778
|
39
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Guam (continued)
|
|
|
|
|
|
$ 3,695
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
|
7/23 at 100.00
|
BBB–
|
$ 3,764,650
|
|
|
|
2013, 5.500%, 7/01/43
|
|
|
|
|
|
235
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
|
7/26 at 100.00
|
BBB–
|
235,482
|
|
|
|
2016, 5.000%, 1/01/46
|
|
|
|
|
|
250
|
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 – AGM Insured
|
10/22 at 100.00
|
A2
|
258,585
|
|
|
11,945
|
Total Guam
|
|
|
11,897,759
|
|
|
|
Hawaii – 0.4% (0.2% of Total Investments)
|
|
|
|
|
|
1,500
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade
|
1/25 at 100.00
|
Ba3
|
1,085,295
|
|
|
|
University of Honolulu, Series 2015A, 5.000%, 1/01/45, 144A
|
|
|
|
|
|
5,000
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific
|
7/23 at 100.00
|
A1
|
5,309,150
|
|
|
|
Health Obligated Group, Series 2013A, 5.500%, 7/01/43
|
|
|
|
|
|
170
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific
|
7/23 at 100.00
|
BB
|
172,740
|
|
|
|
University, Series 2013A, 6.875%, 7/01/43
|
|
|
|
|
|
5,075
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health
|
7/25 at 100.00
|
A1
|
5,228,164
|
|
|
|
Systems, Series 2015A, 4.000%, 7/01/40
|
|
|
|
|
|
11,745
|
Total Hawaii
|
|
|
11,795,349
|
|
|
|
Idaho – 0.8% (0.5% of Total Investments)
|
|
|
|
|
|
|
Idaho Health Facilities Authority, Revenue Bonds, Kootenai Health Project, Series 2014:
|
|
|
|
|
|
3,300
|
4.375%, 7/01/34, 144A
|
7/24 at 100.00
|
A
|
3,467,640
|
|
|
12,495
|
4.750%, 7/01/44, 144A
|
7/24 at 100.00
|
A
|
13,049,403
|
|
|
1,250
|
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project,
|
9/26 at 100.00
|
BB+
|
1,333,050
|
|
|
|
Refunding Series 2016, 5.000%, 9/01/37
|
|
|
|
|
|
8,730
|
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project,
|
3/22 at 100.00
|
A–
|
8,952,441
|
|
|
|
Series 2012A, 5.000%, 3/01/47
|
|
|
|
|
|
1,000
|
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project,
|
3/24 at 100.00
|
A–
|
1,031,010
|
|
|
|
Series 2014A, 4.125%, 3/01/37
|
|
|
|
|
|
26,775
|
Total Idaho
|
|
|
27,833,544
|
|
|
|
Illinois – 25.5% (15.7% of Total Investments)
|
|
|
|
|
|
675
|
Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A, 5.000%, 1/01/25
|
7/23 at 100.00
|
A2
|
750,364
|
|
|
67,135
|
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds,
|
4/27 at 100.00
|
A
|
69,519,635
|
|
|
|
Series 2016, 6.000%, 4/01/46
|
|
|
|
|
|
1,000
|
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds,
|
4/27 at 100.00
|
A
|
948,960
|
|
|
|
Series 2017, 5.000%, 4/01/46
|
|
|
|
|
|
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues
|
|
|
|
|
|
|
Series 2011A:
|
|
|
|
|
|
6,210
|
5.500%, 12/01/39
|
12/21 at 100.00
|
B1
|
6,136,908
|
|
|
1,865
|
5.000%, 12/01/41
|
12/21 at 100.00
|
B1
|
1,758,844
|
|
|
5,205
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues
|
12/22 at 100.00
|
B1
|
4,881,145
|
|
|
|
Series 2012A, 5.000%, 12/01/42
|
|
|
|
|
|
8,400
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/27 at 100.00
|
BB–
|
9,276,036
|
|
|
|
Refunding Series 2017B, 7.000%, 12/01/42, 144A
|
|
|
|
|
|
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
|
|
|
|
|
|
Refunding Series 2017H:
|
|
|
|
|
|
5,835
|
5.000%, 12/01/36
|
12/27 at 100.00
|
BB–
|
5,665,085
|
|
|
4,940
|
5.000%, 12/01/46
|
12/27 at 100.00
|
BB–
|
4,548,456
|
|
|
6,055
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/28 at 100.00
|
BB–
|
5,575,081
|
|
|
|
Refunding Series 2018D, 5.000%, 12/01/46
|
|
|
|
|
|
38,905
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/25 at 100.00
|
BB–
|
41,934,921
|
|
|
|
Series 2016A, 7.000%, 12/01/44
|
|
|
|
40
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Illinois (continued)
|
|
|
|
|
|
$ 14,805
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/26 at 100.00
|
BB–
|
$ 15,701,295
|
|
|
|
Series 2016B, 6.500%, 12/01/46
|
|
|
|
|
|
19,585
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/27 at 100.00
|
BB–
|
21,519,802
|
|
|
|
Series 2017A, 7.000%, 12/01/46, 144A
|
|
|
|
|
|
1,345
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated
|
No Opt. Call
|
BB–
|
896,039
|
|
|
|
Tax Revenues, Series 1998B-1, 0.000%, 12/01/30 – NPFG Insured
|
|
|
|
|
|
2,235
|
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal
|
6/21 at 100.00
|
A2
|
2,304,173
|
|
|
|
Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011,
|
|
|
|
|
|
|
5.250%, 6/01/26 – AGM Insured
|
|
|
|
|
|
1,100
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011,
|
12/21 at 100.00
|
A3
|
1,154,516
|
|
|
|
5.250%, 12/01/40
|
|
|
|
|
|
12,215
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014,
|
12/24 at 100.00
|
AA
|
13,202,216
|
|
|
|
5.250%, 12/01/49
|
|
|
|
|
|
7,700
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third
|
6/20 at 100.00
|
A2
|
7,723,870
|
|
|
|
Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
|
|
|
|
|
|
|
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
|
|
|
|
|
|
1,500
|
0.000%, 1/01/31 – NPFG Insured
|
No Opt. Call
|
BBB–
|
934,020
|
|
|
32,670
|
0.000%, 1/01/32 – FGIC Insured
|
No Opt. Call
|
BBB–
|
19,292,288
|
|
|
12,360
|
0.000%, 1/01/37 – FGIC Insured
|
No Opt. Call
|
BBB–
|
5,520,470
|
|
|
2,500
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A,
|
1/24 at 100.00
|
Ba1
|
2,504,150
|
|
|
|
5.250%, 1/01/33
|
|
|
|
|
|
17,605
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A,
|
1/27 at 100.00
|
BBB–
|
18,327,333
|
|
|
|
6.000%, 1/01/38
|
|
|
|
|
|
1,000
|
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35
|
1/21 at 100.00
|
Ba1
|
994,180
|
|
|
10,200
|
Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33
|
1/22 at 100.00
|
Ba1
|
10,198,980
|
|
|
2,605
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38
|
1/26 at 100.00
|
BBB–
|
2,522,500
|
|
|
3,000
|
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C,
|
1/25 at 100.00
|
A
|
3,258,210
|
|
|
|
5.000%, 1/01/39
|
|
|
|
|
|
10,000
|
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago
|
12/23 at 100.00
|
BBB
|
9,988,000
|
|
|
|
City Colleges, Series 2013, 5.250%, 12/01/43
|
|
|
|
|
|
|
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 (Pre-refunded 2/01/21)
|
2/21 at 44.26
|
AA– (13)
|
1,099,675
|
|
|
2,000
|
0.000%, 2/01/34 (Pre-refunded 2/01/21)
|
2/21 at 41.04
|
AA– (13)
|
815,800
|
|
|
|
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural
|
|
|
|
|
|
|
History, Series 2002RMKT:
|
|
|
|
|
|
2,500
|
4.450%, 11/01/36
|
11/25 at 102.00
|
A2
|
2,716,800
|
|
|
3,400
|
5.500%, 11/01/36
|
11/23 at 100.00
|
A
|
3,797,528
|
|
|
3,075
|
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series
|
6/20 at 100.00
|
Baa2
|
3,081,581
|
|
|
|
2000, 5.800%, 6/01/30 – NPFG Insured
|
|
|
|
|
|
|
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools
|
|
|
|
|
|
|
Belmont School Project, Series 2015A:
|
|
|
|
|
|
1,700
|
5.750%, 12/01/35, 144A
|
12/25 at 100.00
|
N/R
|
1,715,215
|
|
|
115
|
6.000%, 12/01/45, 144A
|
12/25 at 100.00
|
N/R
|
116,950
|
|
|
6,500
|
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International
|
10/20 at 100.00
|
B1
|
6,456,970
|
|
|
|
Corporation Project, Series 2010, 6.750%, 10/15/40
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Ascension Health/fka Presence Health Network,
|
|
|
|
|
|
|
Series 2016C:
|
|
|
|
|
|
80
|
4.000%, 2/15/41 (Pre-refunded 2/15/27)
|
2/27 at 100.00
|
N/R (13)
|
94,601
|
|
|
1,755
|
4.000%, 2/15/41 (Pre-refunded 2/15/27)
|
2/27 at 100.00
|
N/R (13)
|
2,075,305
|
|
|
37,840
|
4.000%, 2/15/41
|
2/27 at 100.00
|
Aa2
|
39,240,458
|
|
|
6,750
|
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012,
|
9/22 at 100.00
|
AA+
|
7,191,990
|
|
|
|
5.000%, 9/01/38
|
|
|
|
41
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Illinois (continued)
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:
|
|
|
|
|
|
$ 1,485
|
5.000%, 9/01/34
|
9/24 at 100.00
|
AA+
|
$ 1,633,426
|
|
|
19,025
|
5.000%, 9/01/42
|
9/24 at 100.00
|
AA+
|
20,651,828
|
|
|
1,750
|
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%,
|
5/22 at 100.00
|
A1 (13)
|
1,857,835
|
|
|
|
5/15/43 (Pre-refunded 5/15/22)
|
|
|
|
|
|
4,000
|
Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A,
|
11/26 at 103.00
|
N/R
|
3,396,480
|
|
|
|
5.000%, 11/01/49
|
|
|
|
|
|
15,805
|
Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016,
|
6/26 at 100.00
|
A3
|
17,058,336
|
|
|
|
5.000%, 12/01/46
|
|
|
|
|
|
1,630
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series
|
8/22 at 100.00
|
Aa2
|
1,717,678
|
|
|
|
2013, 5.000%, 8/15/37
|
|
|
|
|
|
1,435
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series
|
7/23 at 100.00
|
A–
|
1,563,892
|
|
|
|
2013A, 6.000%, 7/01/43
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Rosalind Franklin University Research
|
|
|
|
|
|
|
Building Project, Series 2017C:
|
|
|
|
|
|
1,000
|
5.000%, 8/01/42
|
8/27 at 100.00
|
BBB+
|
1,006,190
|
|
|
1,000
|
5.000%, 8/01/46
|
8/27 at 100.00
|
BBB+
|
1,000,820
|
|
|
1,000
|
5.000%, 8/01/47
|
8/27 at 100.00
|
BBB+
|
1,000,060
|
|
|
|
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
|
602,851
|
|
|
6,140
|
5.000%, 8/15/44
|
8/25 at 100.00
|
Baa1
|
6,446,079
|
|
|
8,960
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%,
|
8/21 at 100.00
|
A2
|
9,377,805
|
|
|
|
8/15/41 – AGM Insured
|
|
|
|
|
|
|
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– (13)
|
1,192,700
|
|
|
4,500
|
5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5)
|
2/21 at 100.00
|
AA– (13)
|
4,667,085
|
|
|
20,000
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series
|
10/25 at 100.00
|
AA–
|
22,317,200
|
|
|
|
2015A, 5.000%, 10/01/46 (UB) (5)
|
|
|
|
|
|
19,975
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A,
|
10/21 at 100.00
|
AA–
|
20,850,304
|
|
|
|
5.000%, 10/01/51
|
|
|
|
|
|
3,665
|
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014,
|
6/24 at 100.00
|
BB+
|
3,896,591
|
|
|
|
5.250%, 6/15/31 – AGM Insured
|
|
|
|
|
|
11,800
|
Illinois State, General Obligation Bonds, December Series 2017A, 5.000%, 12/01/38
|
12/27 at 100.00
|
BBB–
|
10,988,396
|
|
|
|
Illinois State, General Obligation Bonds, February Series 2014:
|
|
|
|
|
|
3,200
|
5.250%, 2/01/32
|
2/24 at 100.00
|
BBB–
|
3,077,664
|
|
|
2,000
|
5.250%, 2/01/33
|
2/24 at 100.00
|
BBB–
|
1,910,360
|
|
|
1,575
|
5.250%, 2/01/34
|
2/24 at 100.00
|
BBB–
|
1,500,739
|
|
|
7,500
|
5.000%, 2/01/39
|
2/24 at 100.00
|
BBB–
|
6,981,225
|
|
|
5,000
|
Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/35
|
6/26 at 100.00
|
BBB–
|
4,426,150
|
|
|
|
Illinois State, General Obligation Bonds, May Series 2014:
|
|
|
|
|
|
510
|
5.000%, 5/01/36
|
5/24 at 100.00
|
BBB–
|
477,947
|
|
|
3,245
|
5.000%, 5/01/39
|
5/24 at 100.00
|
BBB–
|
3,019,116
|
|
|
13,200
|
Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/41
|
11/26 at 100.00
|
BBB–
|
12,217,128
|
|
|
31,050
|
Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29
|
11/27 at 100.00
|
BBB–
|
29,913,570
|
|
|
2,040
|
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27
|
No Opt. Call
|
BBB–
|
1,978,841
|
|
|
5,000
|
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29
|
2/27 at 100.00
|
BBB–
|
4,827,900
|
|
|
2,625
|
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/24
|
6/20 at 100.00
|
BBB–
|
2,609,093
|
|
|
|
Illinois State, General Obligation Bonds, Refunding Series 2012:
|
|
|
|
|
|
3,425
|
5.000%, 8/01/23
|
No Opt. Call
|
BBB–
|
3,409,211
|
|
|
1,190
|
5.000%, 8/01/25
|
8/22 at 100.00
|
BBB–
|
1,172,150
|
42
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Illinois (continued)
|
|
|
|
|
|
|
Illinois State, General Obligation Bonds, Series 2013:
|
|
|
|
|
|
$ 2,000
|
5.250%, 7/01/31
|
7/23 at 100.00
|
BBB–
|
$ 1,926,280
|
|
|
4,140
|
5.500%, 7/01/38
|
7/23 at 100.00
|
BBB–
|
4,001,351
|
|
|
5,000
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A,
|
1/23 at 100.00
|
A1
|
5,364,000
|
|
|
|
5.000%, 1/01/35
|
|
|
|
|
|
18,920
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A,
|
7/25 at 100.00
|
A1
|
21,170,345
|
|
|
|
5.000%, 1/01/40
|
|
|
|
|
|
10,000
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2019A,
|
7/29 at 100.00
|
A1
|
11,691,500
|
|
|
|
5.000%, 1/01/44
|
|
|
|
|
|
1,395
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust
|
1/23 at 100.00
|
A1
|
1,780,718
|
|
|
|
2015-XF0051, 17.176%, 1/01/38, 144A (IF)
|
|
|
|
|
|
7,400
|
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Alternate
|
1/21 at 100.00
|
A2
|
7,591,364
|
|
|
|
Revenue Source Series 2011A, 5.250%, 1/01/37 – AGM Insured
|
|
|
|
|
|
17,500
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
6/22 at 100.00
|
BB+
|
15,910,650
|
|
|
|
Bonds, Refunding Series 2012B, 5.000%, 6/15/52
|
|
|
|
|
|
540
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
12/25 at 100.00
|
BB+
|
490,957
|
|
|
|
Bonds, Refunding Series 2015B, 5.000%, 6/15/52
|
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
|
|
|
|
|
|
Bonds, Refunding Series 2020A:
|
|
|
|
|
|
12,325
|
4.000%, 6/15/50
|
12/29 at 100.00
|
BB+
|
10,369,269
|
|
|
13,860
|
5.000%, 6/15/50
|
12/29 at 100.00
|
BB+
|
12,668,594
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
|
|
|
|
|
|
Bonds, Series 2015A:
|
|
|
|
|
|
2,890
|
0.000%, 12/15/52
|
No Opt. Call
|
BB+
|
426,015
|
|
|
5,185
|
5.000%, 6/15/53
|
12/25 at 100.00
|
BB+
|
4,701,706
|
|
|
5,700
|
5.500%, 6/15/53
|
12/25 at 100.00
|
BB+
|
5,594,721
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
|
|
|
|
|
|
Refunding Bonds, Series 2010A:
|
|
|
|
|
|
3,650
|
5.500%, 6/15/50 (Pre-refunded 6/15/20)
|
6/20 at 100.00
|
BB+ (13)
|
3,668,651
|
|
|
11,365
|
5.500%, 6/15/50
|
6/20 at 100.00
|
Ba1
|
11,418,415
|
|
|
|
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
|
BB+
|
8,448,500
|
|
|
43,200
|
0.000%, 6/15/45 – AGM Insured
|
No Opt. Call
|
BB+
|
13,854,240
|
|
|
10,000
|
0.000%, 6/15/46 – AGM Insured
|
No Opt. Call
|
BB+
|
3,049,400
|
|
|
41,205
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
|
6/20 at 100.00
|
BB+
|
41,375,177
|
|
|
|
Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50
|
|
|
|
|
|
8,750
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
|
No Opt. Call
|
BBB
|
6,585,687
|
|
|
|
Expansion Project, Series 1994B, 0.000%, 6/15/28 – NPFG Insured
|
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
|
|
|
|
|
|
|
Expansion Project, Series 2002A:
|
|
|
|
|
|
18,085
|
0.000%, 12/15/24 – NPFG Insured
|
No Opt. Call
|
BB+
|
15,711,525
|
|
|
20,045
|
0.000%, 12/15/35 – AGM Insured
|
No Opt. Call
|
BB+
|
10,718,061
|
|
|
465
|
Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment
|
1/26 at 100.00
|
N/R
|
387,982
|
|
|
|
Project, Senior Lien Series 2019, 5.000%, 1/01/39
|
|
|
|
|
|
1,846
|
Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project,
|
3/24 at 100.00
|
AA
|
2,022,791
|
|
|
|
Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured
|
|
|
|
|
|
2,600
|
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,
|
No Opt. Call
|
A2
|
3,417,362
|
|
|
|
Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured
|
|
|
|
|
|
3,900
|
Rosemont Village, Illinois, General Obligation Bonds, Corporate Purpose Series 2011A,
|
12/20 at 100.00
|
A2 (13)
|
4,011,969
|
|
|
|
5.600%, 12/01/35 (Pre-refunded 12/01/20) – AGM Insured
|
|
|
|
|
|
7,025
|
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial
|
11/23 at 100.00
|
N/R (13)
|
8,607,241
|
|
|
|
Group, Inc., Series 2013, 7.625%, 11/01/48 (Pre-refunded 11/01/23)
|
|
|
|
43
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Illinois (continued)
|
|
|
|
|
|
$ 4,000
|
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2,
|
No Opt. Call
|
Baa2
|
$ 3,595,400
|
|
|
|
Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured
|
|
|
|
|
|
12,125
|
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%,
|
3/25 at 100.00
|
A2
|
13,691,429
|
|
|
|
3/01/40 – AGM Insured
|
|
|
|
|
|
|
Will County Community Unit School District 201U, Crete-Monee, Illinois, General
|
|
|
|
|
|
|
Obligation Bonds, Capital Appreciation Series 2004:
|
|
|
|
|
|
780
|
0.000%, 11/01/22 – NPFG Insured (ETM)
|
No Opt. Call
|
Baa2 (13)
|
760,289
|
|
|
2,550
|
0.000%, 11/01/22 – NPFG Insured
|
No Opt. Call
|
Baa2
|
2,456,109
|
|
|
6,415
|
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital
|
No Opt. Call
|
Aa3
|
5,938,622
|
|
|
|
Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured
|
|
|
|
|
|
|
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
|
959,267
|
|
|
1,035
|
7.000%, 12/01/22 – AGM Insured
|
12/20 at 100.00
|
A2
|
1,069,652
|
|
|
1,155
|
7.000%, 12/01/23 – AGM Insured
|
12/20 at 100.00
|
A2
|
1,193,531
|
|
|
1,065
|
7.000%, 12/01/26 – AGM Insured
|
12/20 at 100.00
|
A2
|
1,100,528
|
|
|
2,085
|
7.250%, 12/01/29 (Pre-refunded 12/01/20) – AGM Insured
|
12/20 at 100.00
|
A2 (13)
|
2,162,604
|
|
|
2,295
|
7.250%, 12/01/30 (Pre-refunded 12/01/20) – AGM Insured
|
12/20 at 100.00
|
A2 (13)
|
2,380,420
|
|
|
911,731
|
Total Illinois
|
|
|
836,459,322
|
|
|
|
Indiana – 3.2% (2.0% of Total Investments)
|
|
|
|
|
|
|
Allen County, Indiana, Economic Development Revenue Bonds, Fort Wayne Project, Senior
|
|
|
|
|
|
|
Series 2017A-1:
|
|
|
|
|
|
500
|
6.625%, 1/15/34, 144A
|
1/24 at 104.00
|
N/R
|
478,925
|
|
|
675
|
6.750%, 1/15/43, 144A
|
1/24 at 104.00
|
N/R
|
627,703
|
|
|
1,605
|
Chesterton, Indiana, Economic Development Revenue Bonds, Storypoint Chesterton Project,
|
1/24 at 104.00
|
N/R
|
1,404,872
|
|
|
|
Series 2016, 6.250%, 1/15/43, 144A
|
|
|
|
|
|
2,640
|
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown
|
No Opt. Call
|
Baa2
|
2,505,624
|
|
|
|
Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured
|
|
|
|
|
|
12,045
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University
|
10/24 at 100.00
|
Baa1
|
12,361,904
|
|
|
|
Project, Series 2014, 5.000%, 10/01/44
|
|
|
|
|
|
365
|
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel
|
6/20 at 100.00
|
Caa2
|
325,803
|
|
|
|
Corporation Project, Refunding Series 2010, 6.000%, 12/01/26
|
|
|
|
|
|
10,290
|
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project,
|
5/23 at 100.00
|
A
|
10,747,802
|
|
|
|
Series 2012A, 5.000%, 5/01/42
|
|
|
|
|
|
10,000
|
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation
|
12/29 at 100.00
|
AA
|
10,765,700
|
|
|
|
Group, Fixed Rate Series 2019A, 4.000%, 12/01/49
|
|
|
|
|
|
5,000
|
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series
|
12/20 at 100.00
|
AA– (13)
|
5,124,900
|
|
|
|
2010B, 5.000%, 12/01/37 (Pre-refunded 12/01/20)
|
|
|
|
|
|
13,880
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project,
|
10/21 at 100.00
|
A1
|
14,493,635
|
|
|
|
Series 2011B, 5.000%, 10/01/41
|
|
|
|
|
|
17,970
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project,
|
10/24 at 100.00
|
A+
|
20,163,598
|
|
|
|
Series 2014A, 5.000%, 10/01/44
|
|
|
|
|
|
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
|
|
|
|
|
|
10,000
|
0.000%, 2/01/26 – AMBAC Insured
|
No Opt. Call
|
AA–
|
9,062,000
|
|
|
20,000
|
0.000%, 2/01/28 – AMBAC Insured
|
No Opt. Call
|
AA–
|
17,278,000
|
|
|
104,970
|
Total Indiana
|
|
|
105,340,466
|
|
|
|
Iowa – 3.2% (2.0% of Total Investments)
|
|
|
|
|
|
10,000
|
Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project,
|
2/23 at 100.00
|
A1
|
10,519,200
|
|
|
|
Series 2013A, 5.250%, 2/15/44
|
|
|
|
|
|
10,690
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/23 at 100.00
|
B
|
10,720,573
|
|
|
|
Company Project, Series 2013, 5.250%, 12/01/25
|
|
|
|
44
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Iowa (continued)
|
|
|
|
|
|
$ 18,290
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
5/20 at 104.00
|
B
|
$ 18,591,785
|
|
|
|
Company Project, Series 2016, 5.875%, 12/01/27, 144A
|
|
|
|
|
|
21,280
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/22 at 105.00
|
BB–
|
20,848,654
|
|
|
|
Company Project, Series 2018B, 5.250%, 12/01/50 (Mandatory Put 12/01/37)
|
|
|
|
|
|
5,700
|
Iowa Finance Authority, Senior Housing Revenue Bonds, PHS Council Bluffs, Inc. Project,
|
8/23 at 102.00
|
N/R
|
5,090,841
|
|
|
|
Series 2018, 5.250%, 8/01/55
|
|
|
|
|
|
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
|
|
|
|
|
|
8,285
|
5.375%, 6/01/38
|
6/20 at 100.00
|
B–
|
8,361,968
|
|
|
2,200
|
5.500%, 6/01/42
|
6/20 at 100.00
|
B–
|
2,220,438
|
|
|
21,420
|
5.625%, 6/01/46
|
6/20 at 100.00
|
B–
|
21,618,992
|
|
|
8,400
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
|
6/20 at 100.00
|
B–
|
8,478,036
|
|
|
|
5.600%, 6/01/34
|
|
|
|
|
|
106,265
|
Total Iowa
|
|
|
106,450,487
|
|
|
|
Kansas – 0.3% (0.2% of Total Investments)
|
|
|
|
|
|
1,000
|
Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc., Series
|
5/27 at 100.00
|
BB+
|
1,006,460
|
|
|
|
2017A, 5.000%, 5/15/43
|
|
|
|
|
|
|
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation
|
|
|
|
|
|
|
Bonds, Vacation Village Project Area 1 and 2A, Series 2015:
|
|
|
|
|
|
4,365
|
5.000%, 9/01/27
|
9/25 at 100.00
|
N/R
|
3,959,710
|
|
|
2,380
|
5.750%, 9/01/32
|
9/25 at 100.00
|
N/R
|
1,986,181
|
|
|
2,575
|
6.000%, 9/01/35
|
9/25 at 100.00
|
N/R
|
2,128,341
|
|
|
10,320
|
Total Kansas
|
|
|
9,080,692
|
|
|
|
Kentucky – 2.1% (1.3% of Total Investments)
|
|
|
|
|
|
4,565
|
Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series
|
2/26 at 100.00
|
BB+
|
4,810,460
|
|
|
|
2016, 5.500%, 2/01/44
|
|
|
|
|
|
5,150
|
Kentucky Bond Development Corporation, Tax Increment Revenue Bonds, Summit Lexington
|
No Opt. Call
|
N/R
|
4,831,833
|
|
|
|
Project, Series 2016A, 4.400%, 10/01/24
|
|
|
|
|
|
10,000
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro
|
6/27 at 100.00
|
BB+
|
10,740,300
|
|
|
|
Health, Refunding Series 2017A, 5.000%, 6/01/37
|
|
|
|
|
|
5,240
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro
|
6/20 at 100.00
|
BB+ (13)
|
5,260,436
|
|
|
|
Medical Health System, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20)
|
|
|
|
|
|
6,015
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro
|
6/20 at 100.00
|
BB+ (13)
|
6,040,143
|
|
|
|
Medical Health System, Series 2010B, 6.375%, 3/01/40 (Pre-refunded 6/01/20)
|
|
|
|
|
|
|
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
|
4,352,777
|
|
|
17,615
|
5.000%, 1/01/45
|
7/25 at 100.00
|
Baa2
|
16,778,816
|
|
|
|
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
|
|
|
|
|
|
|
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
|
|
|
|
|
|
4,360
|
0.000%, 7/01/43 (7)
|
7/31 at 100.00
|
Baa3
|
4,081,745
|
|
|
8,510
|
0.000%, 7/01/46 (7)
|
7/31 at 100.00
|
Baa3
|
7,979,742
|
|
|
|
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
|
2,431,825
|
|
|
480
|
6.000%, 7/01/53
|
7/23 at 100.00
|
Baa3
|
491,294
|
|
|
68,670
|
Total Kentucky
|
|
|
67,799,371
|
|
|
|
Louisiana – 1.3% (0.8% of Total Investments)
|
|
|
|
|
|
2,875
|
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala
|
7/23 at 100.00
|
N/R
|
2,915,911
|
|
|
|
Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
|
|
|
|
|
|
4,330
|
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson
|
1/21 at 100.00
|
A2 (13)
|
4,478,649
|
|
|
|
Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) –
|
|
|
|
|
|
|
AGM Insured
|
|
|
|
45
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Louisiana (continued)
|
|
|
|
|
|
$ 5,000
|
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun
|
10/20 at 100.00
|
AA (13)
|
$ 5,098,900
|
|
|
|
Facilities Inc. Housing & Parking Project, Series 2010, 5.500%, 10/01/41 (Pre-refunded
|
|
|
|
|
|
|
10/01/20) – AGM Insured
|
|
|
|
|
|
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries
|
|
|
|
|
|
|
of Our Lady Health System, Series 1998A:
|
|
|
|
|
|
135
|
5.750%, 7/01/25 (ETM) (UB)
|
No Opt. Call
|
A2 (13)
|
167,083
|
|
|
9,865
|
5.750%, 7/01/25 (UB)
|
No Opt. Call
|
A2
|
10,859,885
|
|
|
11,000
|
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project,
|
10/33 at 100.00
|
BBB
|
9,696,170
|
|
|
|
Refunding Series 2017, 0.000%, 10/01/46 (7)
|
|
|
|
|
|
|
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
|
1,041,260
|
|
|
6,970
|
5.000%, 5/15/47
|
5/25 at 100.00
|
A3
|
7,399,770
|
|
|
1,000
|
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014,
|
6/24 at 100.00
|
BBB+
|
1,082,380
|
|
|
|
4.250%, 6/01/34
|
|
|
|
|
|
42,175
|
Total Louisiana
|
|
|
42,740,008
|
|
|
|
Maine – 1.1% (0.7% of Total Investments)
|
|
|
|
|
|
7,530
|
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine
|
7/23 at 100.00
|
Ba1
|
7,715,765
|
|
|
|
Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
|
|
|
|
|
|
|
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine
|
|
|
|
|
|
|
Medical Center Obligated Group Issue, Series 2016A:
|
|
|
|
|
|
5,450
|
4.000%, 7/01/41
|
7/26 at 100.00
|
Ba1
|
5,375,008
|
|
|
10,215
|
4.000%, 7/01/46
|
7/26 at 100.00
|
Ba1
|
9,770,137
|
|
|
1,050
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General
|
7/21 at 100.00
|
Ba3
|
1,081,720
|
|
|
|
Medical Center, Series 2011, 6.750%, 7/01/41
|
|
|
|
|
|
10,000
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth
|
7/24 at 100.00
|
A+
|
10,764,400
|
|
|
|
Issue, Series 2015, 5.000%, 7/01/39
|
|
|
|
|
|
34,245
|
Total Maine
|
|
|
34,707,030
|
|
|
|
Maryland – 1.4% (0.9% of Total Investments)
|
|
|
|
|
|
|
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017:
|
|
|
|
|
|
2,430
|
5.000%, 9/01/33
|
9/27 at 100.00
|
BB
|
2,103,189
|
|
|
1,550
|
5.000%, 9/01/39
|
9/27 at 100.00
|
BB
|
1,341,603
|
|
|
2,000
|
5.000%, 9/01/46
|
9/27 at 100.00
|
BB
|
1,731,660
|
|
|
1,000
|
Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series
|
2/26 at 100.00
|
N/R
|
911,860
|
|
|
|
2017A, 4.375%, 2/15/39, 144A
|
|
|
|
|
|
2,500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist
|
1/22 at 100.00
|
Baa3
|
2,628,325
|
|
|
|
Healthcare, Series 2011A, 6.000%, 1/01/26
|
|
|
|
|
|
13,315
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist
|
1/27 at 100.00
|
Baa3
|
13,824,698
|
|
|
|
Healthcare, Series 2016A, 5.500%, 1/01/46
|
|
|
|
|
|
10,000
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge
|
7/25 at 100.00
|
A+
|
10,776,600
|
|
|
|
Health System, Series 2015, 5.000%, 7/01/47
|
|
|
|
|
|
1,500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula
|
7/24 at 100.00
|
A3
|
1,585,515
|
|
|
|
Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45
|
|
|
|
|
|
3,010
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University
|
7/22 at 100.00
|
A–
|
3,105,688
|
|
|
|
of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43
|
|
|
|
|
|
|
Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds,
|
|
|
|
|
|
|
Suitland-Naylor Road Project, Series 2016:
|
|
|
|
|
|
2,000
|
4.750%, 7/01/36, 144A
|
1/26 at 100.00
|
N/R
|
1,861,520
|
|
|
2,300
|
5.000%, 7/01/46, 144A
|
1/26 at 100.00
|
N/R
|
2,121,083
|
|
|
|
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B:
|
|
|
|
|
|
1,335
|
4.250%, 11/01/37
|
11/24 at 103.00
|
BB–
|
1,115,940
|
|
|
1,250
|
4.500%, 11/01/43
|
11/24 at 103.00
|
BB–
|
1,024,938
|
|
|
2,650
|
5.000%, 11/01/47
|
11/24 at 103.00
|
BB–
|
2,360,381
|
|
|
46,840
|
Total Maryland
|
|
|
46,493,000
|
46
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Massachusetts – 2.9% (1.8% of Total Investments)
|
|
|
|
|
|
|
Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue,
|
|
|
|
|
|
|
Series 2014A:
|
|
|
|
|
|
$ 2,245
|
5.250%, 7/01/34
|
7/24 at 100.00
|
BB
|
$ 2,416,091
|
|
|
6,195
|
5.500%, 7/01/44
|
7/24 at 100.00
|
BB
|
6,561,806
|
|
|
|
Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the
|
|
|
|
|
|
|
Charles, Inc. Issue, Series 2017:
|
|
|
|
|
|
8,200
|
4.125%, 10/01/42, 144A
|
10/22 at 105.00
|
BB+
|
6,897,266
|
|
|
3,000
|
5.000%, 10/01/57, 144A
|
10/22 at 105.00
|
BB+
|
2,719,140
|
|
|
10,000
|
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series
|
7/28 at 100.00
|
A3
|
10,825,300
|
|
|
|
2018J-2, 5.000%, 7/01/53
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015:
|
|
|
|
|
|
4,020
|
4.500%, 1/01/45
|
1/25 at 100.00
|
Baa2
|
4,027,678
|
|
|
2,950
|
5.000%, 1/01/45
|
1/25 at 100.00
|
Baa2
|
3,048,383
|
|
|
4,035
|
Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A,
|
10/26 at 100.00
|
Baa2
|
3,670,559
|
|
|
|
4.000%, 10/01/46
|
|
|
|
|
|
16,280
|
Massachusetts Development Finance Agency, Revenue Bonds, Massachusetts Institute of
|
No Opt. Call
|
AAA
|
26,128,586
|
|
|
|
Technology, Series 2020P, 5.000%, 7/01/50
|
|
|
|
|
|
6,000
|
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,
|
No Opt. Call
|
AA–
|
8,714,220
|
|
|
|
Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
|
|
|
|
|
|
1,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts
|
7/20 at 100.00
|
N/R (13)
|
1,007,390
|
|
|
|
Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35 (Pre-refunded 7/01/20)
|
|
|
|
|
|
7,405
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts
|
No Opt. Call
|
AAA
|
10,326,939
|
|
|
|
Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB) (5)
|
|
|
|
|
|
2,800
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2014D, 3.875%, 12/01/39
|
6/24 at 100.00
|
AA–
|
2,899,876
|
|
|
4,560
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior
|
5/23 at 100.00
|
Aa2
|
4,978,973
|
|
|
|
Series 2013A, 5.000%, 5/15/43
|
|
|
|
|
|
425
|
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program,
|
6/20 at 100.00
|
AAA
|
426,492
|
|
|
|
Subordinate Series 1999A, 5.750%, 8/01/29
|
|
|
|
|
|
1,245
|
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding
|
11/20 at 100.00
|
A3 (13)
|
1,274,033
|
|
|
|
Series 2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured
|
|
|
|
|
|
80,360
|
Total Massachusetts
|
|
|
95,922,732
|
|
|
|
Michigan – 2.4% (1.5% of Total Investments)
|
|
|
|
|
|
5,490
|
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and
|
No Opt. Call
|
AA
|
6,783,828
|
|
|
|
Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
|
|
|
|
|
|
3,665
|
Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst
|
7/24 at 100.00
|
AA
|
4,037,474
|
|
|
|
Development Project, Series 2018A, 5.000%, 7/01/48 – AGM Insured
|
|
|
|
|
|
2,985
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
|
7/22 at 100.00
|
A1
|
3,169,801
|
|
|
|
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
|
|
|
|
|
|
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding
|
|
|
|
|
|
|
Series 2015:
|
|
|
|
|
|
4,495
|
4.000%, 11/15/35
|
5/25 at 100.00
|
A2
|
4,667,473
|
|
|
2,550
|
4.000%, 11/15/36
|
5/25 at 100.00
|
A2
|
2,641,494
|
|
|
|
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group,
|
|
|
|
|
|
|
Refunding Series 2016MI:
|
|
|
|
|
|
145
|
5.000%, 12/01/45 (Pre-refunded 6/01/26) (UB) (5)
|
6/26 at 100.00
|
N/R (13)
|
177,760
|
|
|
9,855
|
5.000%, 12/01/45 (UB)
|
6/26 at 100.00
|
AA–
|
10,873,613
|
|
|
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MI:
|
|
|
|
|
|
10
|
5.000%, 12/01/39 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
N/R (13)
|
10,677
|
|
|
3,240
|
5.000%, 12/01/39 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AA– (13)
|
3,459,413
|
|
|
4,000
|
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
|
1/22 at 100.00
|
BBB+
|
4,177,160
|
47
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
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
|
AA–
|
$ 2,912,360
|
|
|
8,260
|
5.375%, 10/15/41
|
10/21 at 100.00
|
AA–
|
8,784,593
|
|
|
13,855
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group,
|
6/22 at 100.00
|
AA– (13)
|
15,058,999
|
|
|
|
Series 2009C, 5.000%, 12/01/48 (Pre-refunded 6/01/22)
|
|
|
|
|
|
3,050
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue
|
5/20 at 100.00
|
B2
|
3,063,268
|
|
|
|
Bonds, Series 2008A, 6.875%, 6/01/42
|
|
|
|
|
|
|
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
|
3,919,200
|
|
|
3,600
|
5.000%, 12/01/45
|
12/25 at 100.00
|
A
|
3,945,312
|
|
|
71,500
|
Total Michigan
|
|
|
77,682,425
|
|
|
|
Minnesota – 1.7% (1.0% 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+
|
140,951
|
|
|
440
|
4.000%, 8/01/41
|
8/26 at 100.00
|
BB+
|
381,757
|
|
|
2,000
|
Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Prairie Seeds Academy
|
3/25 at 100.00
|
BB–
|
1,834,840
|
|
|
|
Project, Refunding Series 2015A, 5.000%, 3/01/34
|
|
|
|
|
|
1,720
|
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project,
|
7/25 at 100.00
|
BB+
|
1,770,362
|
|
|
|
Series 2015A, 5.500%, 7/01/50
|
|
|
|
|
|
|
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds,
|
|
|
|
|
|
|
Essentia Health Obligated Group, Series 2018A:
|
|
|
|
|
|
9,560
|
4.250%, 2/15/43
|
2/28 at 100.00
|
A–
|
9,647,856
|
|
|
27,325
|
4.250%, 2/15/48
|
2/28 at 100.00
|
A–
|
27,431,294
|
|
|
1,410
|
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project,
|
7/24 at 102.00
|
N/R
|
1,303,616
|
|
|
|
Series 2016A, 5.000%, 7/01/47
|
|
|
|
|
|
1,000
|
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care
|
8/20 at 100.00
|
A2 (13)
|
1,011,000
|
|
|
|
Revenue Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29
|
|
|
|
|
|
|
(Pre-refunded 8/15/20) – AGM Insured
|
|
|
|
|
|
|
Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project,
|
|
|
|
|
|
|
Series 2016A:
|
|
|
|
|
|
405
|
5.000%, 4/01/36
|
4/26 at 100.00
|
N/R
|
275,400
|
|
|
605
|
5.000%, 4/01/46
|
4/26 at 100.00
|
N/R
|
411,400
|
|
|
2,500
|
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue
|
7/25 at 100.00
|
A
|
2,594,800
|
|
|
|
Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35
|
|
|
|
|
|
160
|
Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue
|
4/23 at 100.00
|
N/R
|
161,027
|
|
|
|
Bonds, 2700 University at Westgate Station, Series 2015B, 4.250%, 4/01/25
|
|
|
|
|
|
|
St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds,
|
|
|
|
|
|
|
HealthEast Inc., Series 2015A:
|
|
|
|
|
|
900
|
5.250%, 11/15/35 (Pre-refunded 11/15/20)
|
11/20 at 100.00
|
N/R (13)
|
920,961
|
|
|
2,785
|
5.000%, 11/15/40 (Pre-refunded 11/15/25)
|
11/25 at 100.00
|
N/R (13)
|
3,381,241
|
|
|
3,190
|
5.000%, 11/15/44 (Pre-refunded 11/15/25)
|
11/25 at 100.00
|
N/R (13)
|
3,872,947
|
|
|
54,155
|
Total Minnesota
|
|
|
55,139,452
|
|
|
|
Mississippi – 0.2% (0.1% of Total Investments)
|
|
|
|
|
|
5,445
|
Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System
|
No Opt. Call
|
A2
|
6,067,581
|
|
|
|
Project, Series 2005, 5.250%, 7/01/24 – AGM Insured
|
|
|
|
|
|
|
Missouri – 2.4% (1.5% of Total Investments)
|
|
|
|
|
|
2,960
|
Chesterfield Valley Transportation Development District, Missouri, Transportation Sales
|
5/23 at 100.00
|
A–
|
3,043,975
|
|
|
|
Tax Revenue Bonds, Series 2015, 3.625%, 5/15/31
|
|
|
|
48
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Missouri (continued)
|
|
|
|
|
|
|
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward
|
|
|
|
|
|
|
Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016:
|
|
|
|
|
|
$ 400
|
5.000%, 4/01/36, 144A
|
4/26 at 100.00
|
N/R
|
$ 359,340
|
|
|
1,520
|
5.000%, 4/01/46, 144A
|
4/26 at 100.00
|
N/R
|
1,279,338
|
|
|
15,000
|
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series
|
No Opt. Call
|
A1
|
12,675,300
|
|
|
|
2004B-1, 0.000%, 4/15/28 – AMBAC Insured
|
|
|
|
|
|
4,345
|
Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds,
|
5/27 at 100.00
|
BB
|
3,769,722
|
|
|
|
Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/50
|
|
|
|
|
|
|
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty
|
|
|
|
|
|
|
Commons Project, Series 2015A:
|
|
|
|
|
|
1,575
|
5.750%, 6/01/35, 144A
|
6/25 at 100.00
|
N/R
|
1,378,723
|
|
|
1,055
|
6.000%, 6/01/46, 144A
|
6/25 at 100.00
|
N/R
|
901,434
|
|
|
2,460
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue
|
5/23 at 100.00
|
BBB
|
2,544,083
|
|
|
|
Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
|
|
|
|
|
|
|
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
|
1,436,184
|
|
|
2,000
|
5.000%, 5/01/45
|
11/23 at 100.00
|
BBB
|
2,027,400
|
|
|
7,040
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
|
11/23 at 100.00
|
A2
|
7,373,344
|
|
|
|
CoxHealth, Series 2013A, 5.000%, 11/15/48
|
|
|
|
|
|
2,250
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
|
2/22 at 100.00
|
A1
|
2,319,660
|
|
|
|
Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
|
|
|
|
|
|
|
Mosaic Health System, Series 2019A:
|
|
|
|
|
|
6,330
|
4.000%, 2/15/44
|
2/29 at 100.00
|
A1
|
6,626,181
|
|
|
13,545
|
4.000%, 2/15/49
|
2/29 at 100.00
|
A1
|
14,087,884
|
|
|
1,010
|
Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax
|
5/21 at 100.00
|
N/R
|
1,015,302
|
|
|
|
Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30
|
|
|
|
|
|
405
|
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship
|
9/23 at 100.00
|
BB+
|
406,717
|
|
|
|
Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
|
|
|
|
|
|
|
Saint 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
|
1,385,793
|
|
|
455
|
5.125%, 12/01/45
|
12/25 at 100.00
|
N/R
|
384,439
|
|
|
4,125
|
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Airport,
|
No Opt. Call
|
A
|
5,059,684
|
|
|
|
Series 2005, 5.500%, 7/01/29 – NPFG Insured
|
|
|
|
|
|
15,350
|
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley
|
No Opt. Call
|
N/R
|
10,888,062
|
|
|
|
Park Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured
|
|
|
|
|
|
84,785
|
Total Missouri
|
|
|
78,962,565
|
|
|
|
Montana – 0.1% (0.1% of Total Investments)
|
|
|
|
|
|
|
Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran
|
|
|
|
|
|
|
Corporation, Series 2017A:
|
|
|
|
|
|
1,175
|
5.250%, 5/15/37
|
5/25 at 102.00
|
N/R
|
1,085,300
|
|
|
375
|
5.250%, 5/15/47
|
5/25 at 102.00
|
N/R
|
328,564
|
|
|
3,000
|
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefits Health System
|
1/21 at 100.00
|
A2 (13)
|
3,098,910
|
|
|
|
Obligated Group, Series 2011A, 5.750%, 1/01/31 (Pre-refunded 1/01/21) – AGM Insured
|
|
|
|
|
|
4,550
|
Total Montana
|
|
|
4,512,774
|
|
|
|
Nebraska – 1.2% (0.7% of Total Investments)
|
|
|
|
|
|
10,665
|
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding
|
No Opt. Call
|
BBB+
|
13,200,604
|
|
|
|
Crossover Series 2017A, 5.000%, 9/01/42
|
|
|
|
|
|
4,435
|
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012,
|
9/22 at 100.00
|
BBB+
|
4,705,491
|
|
|
|
5.000%, 9/01/32
|
|
|
|
49
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Nebraska (continued)
|
|
|
|
|
|
$ 1,330
|
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska
|
11/25 at 100.00
|
A
|
$ 1,427,675
|
|
|
|
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45
|
|
|
|
|
|
|
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
|
2,163,234
|
|
|
2,325
|
5.000%, 11/01/48
|
11/25 at 100.00
|
A
|
2,490,703
|
|
|
4,010
|
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds,
|
11/21 at 100.00
|
A (13)
|
4,258,018
|
|
|
|
Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
|
|
|
|
|
|
|
(Pre-refunded 11/01/21)
|
|
|
|
|
|
3,980
|
Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series
|
9/27 at 100.00
|
AA+
|
4,188,671
|
|
|
|
2018C, 3.750%, 9/01/38
|
|
|
|
|
|
6,800
|
Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional
|
2/27 at 100.00
|
BB+
|
7,351,208
|
|
|
|
West Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/01/37
|
|
|
|
|
|
35,635
|
Total Nebraska
|
|
|
39,785,604
|
|
|
|
Nevada – 0.9% (0.6% of Total Investments)
|
|
|
|
|
|
410
|
Director of the State of Nevada Department of Business and Industry, Charter School
|
12/25 at 100.00
|
BB
|
383,559
|
|
|
|
Lease Revenue Bonds, Somerset Academy, Series 2018A, 5.000%, 12/15/38, 144A
|
|
|
|
|
|
23,605
|
Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue
|
7/28 at 100.00
|
A+
|
20,877,914
|
|
|
|
Bonds, Series 2018B, 4.000%, 7/01/49
|
|
|
|
|
|
3,150
|
Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Refunding Series
|
7/27 at 100.00
|
A+
|
3,015,716
|
|
|
|
2017B, 4.000%, 7/01/36
|
|
|
|
|
|
1,000
|
Las Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement
|
6/21 at 100.00
|
N/R
|
868,610
|
|
|
|
District, Series 2016, 4.375%, 6/15/35, 144A
|
|
|
|
|
|
500
|
Nevada State Director of the Department of Business and Industry, Charter School Revenue
|
7/25 at 100.00
|
BB+
|
475,585
|
|
|
|
Bonds, Doral Academy of Nevada, Series 2017A, 5.000%, 7/15/37, 144A
|
|
|
|
|
|
4,000
|
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno
|
12/28 at 100.00
|
A3
|
3,909,240
|
|
|
|
Transportation Rail Access Corridor Project, Series 2018A, 4.000%, 6/01/43
|
|
|
|
|
|
4,500
|
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds,
|
7/38 at 31.26
|
N/R
|
482,580
|
|
|
|
ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018C, 0.000%, 7/01/58, 144A
|
|
|
|
|
|
37,165
|
Total Nevada
|
|
|
30,013,204
|
|
|
|
New Hampshire – 0.2% (0.1% of Total Investments)
|
|
|
|
|
|
5,000
|
National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta
|
7/23 at 100.00
|
B–
|
4,439,300
|
|
|
|
Project, Refunding Series 2018B, 4.625%, 11/01/42, 144A
|
|
|
|
|
|
500
|
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Kendal at
|
10/26 at 100.00
|
BBB+
|
505,415
|
|
|
|
Hanover, Series 2016, 5.000%, 10/01/40
|
|
|
|
|
|
5,500
|
Total New Hampshire
|
|
|
4,944,715
|
|
|
|
New Jersey – 5.5% (3.4% of Total Investments)
|
|
|
|
|
|
|
New Jersey Economic Development Authority, School Facilities Construction Bonds,
|
|
|
|
|
|
|
Refunding Series 2016BBB:
|
|
|
|
|
|
34,310
|
5.500%, 6/15/29
|
12/26 at 100.00
|
BBB+
|
36,097,208
|
|
|
2,110
|
5.500%, 6/15/30
|
12/26 at 100.00
|
BBB+
|
2,208,263
|
|
|
|
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+
|
7,231,020
|
|
|
5,000
|
5.500%, 9/01/28 – NPFG Insured
|
No Opt. Call
|
BBB+
|
5,394,000
|
|
|
|
New Jersey Economic Development Authority, School Facilities Construction Bonds,
|
|
|
|
|
|
|
Series 2015WW:
|
|
|
|
|
|
655
|
5.250%, 6/15/40 (Pre-refunded 6/15/25)
|
6/25 at 100.00
|
N/R (13)
|
794,895
|
|
|
11,335
|
5.250%, 6/15/40
|
6/25 at 100.00
|
BBB+
|
11,483,602
|
|
|
600
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint
|
7/21 at 100.00
|
BB+
|
616,458
|
|
|
|
Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26
|
|
|
|
50
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
New Jersey (continued)
|
|
|
|
|
|
$ 1,500
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint
|
6/20 at 100.00
|
BB+
|
$ 1,499,850
|
|
|
|
Peters University Hospital, Series 2007, 5.750%, 7/01/37
|
|
|
|
|
|
3,310
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health,
|
7/24 at 100.00
|
A1
|
3,528,063
|
|
|
|
Refunding Series 2014A, 5.000%, 7/01/44
|
|
|
|
|
|
2,015
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital
|
No Opt. Call
|
BBB+
|
1,602,932
|
|
|
|
Appreciation Series 2010A, 0.000%, 12/15/26
|
|
|
|
|
|
2,150
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding
|
No Opt. Call
|
BBB+
|
2,175,456
|
|
|
|
Series 2006A, 5.250%, 12/15/20
|
|
|
|
|
|
20,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding
|
No Opt. Call
|
BBB+
|
13,003,600
|
|
|
|
Series 2006C, 0.000%, 12/15/33 – AGM Insured
|
|
|
|
|
|
20,040
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series
|
6/24 at 100.00
|
BBB+
|
19,790,903
|
|
|
|
2014AA, 5.000%, 6/15/44
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds,
|
|
|
|
|
|
|
Series 2015AA:
|
|
|
|
|
|
13,680
|
4.750%, 6/15/38
|
6/25 at 100.00
|
BBB+
|
13,715,978
|
|
|
5,245
|
5.250%, 6/15/41
|
6/25 at 100.00
|
BBB+
|
5,304,111
|
|
|
8,230
|
5.000%, 6/15/45
|
6/25 at 100.00
|
BBB+
|
8,099,225
|
|
|
33,200
|
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%,
|
No Opt. Call
|
A2
|
39,531,904
|
|
|
|
1/01/26 – AGM Insured
|
|
|
|
|
|
200
|
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057,
|
7/22 at 100.00
|
A2
|
258,216
|
|
|
|
16.958%, 1/01/43, 144A (IF) (5)
|
|
|
|
|
|
1,135
|
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%,
|
5/23 at 100.00
|
A+ (13)
|
1,276,364
|
|
|
|
5/01/43 (Pre-refunded 5/01/23)
|
|
|
|
|
|
3,000
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed
|
6/28 at 100.00
|
BBB+
|
3,205,260
|
|
|
|
Bonds, Series 2018A, 5.250%, 6/01/46
|
|
|
|
|
|
3,410
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed
|
6/28 at 100.00
|
BB+
|
3,432,711
|
|
|
|
Bonds, Series 2018B, 5.000%, 6/01/46
|
|
|
|
|
|
1,330
|
Washington Township Board of Education, Mercer County, New Jersey, General Obligation
|
No Opt. Call
|
A2
|
1,579,122
|
|
|
|
Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured
|
|
|
|
|
|
179,290
|
Total New Jersey
|
|
|
181,829,141
|
|
|
|
New Mexico – 0.0% (0.0% of Total Investments)
|
|
|
|
|
|
|
Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement
|
|
|
|
|
|
|
Residences Project, Series 2019A:
|
|
|
|
|
|
670
|
5.000%, 5/15/44
|
5/26 at 103.00
|
BB+
|
589,935
|
|
|
1,200
|
5.000%, 5/15/49
|
5/26 at 103.00
|
BB+
|
1,035,924
|
|
|
1,870
|
Total New Mexico
|
|
|
1,625,859
|
|
|
|
New York – 6.1% (3.8% of Total Investments)
|
|
|
|
|
|
14,060
|
Build New York City Resource Corporation, New York, Revenue Bonds, Albert Einstein
|
9/25 at 100.00
|
N/R
|
14,650,660
|
|
|
|
College of Medicine, Inc., Series 2015, 5.500%, 9/01/45, 144A
|
|
|
|
|
|
2,250
|
Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School
|
No Opt. Call
|
Baa2
|
2,509,222
|
|
|
|
of Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured
|
|
|
|
|
|
9,700
|
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series
|
No Opt. Call
|
AAA
|
15,247,042
|
|
|
|
2017A, 5.000%, 10/01/47 (UB) (5)
|
|
|
|
|
|
4,070
|
Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at
|
7/25 at 100.00
|
A–
|
4,412,979
|
|
|
|
Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/45
|
|
|
|
|
|
7,225
|
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt,
|
7/20 at 100.00
|
AA (13)
|
7,275,647
|
|
|
|
Cornell University, Series 2010A, 5.000%, 7/01/35 (Pre-refunded 7/01/20)
|
|
|
|
|
|
|
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical
|
|
|
|
|
|
|
Center Obligated Group, Series 2015:
|
|
|
|
|
|
2,700
|
5.000%, 12/01/40, 144A
|
6/25 at 100.00
|
BBB–
|
2,851,389
|
|
|
5,600
|
5.000%, 12/01/45, 144A
|
6/25 at 100.00
|
BBB–
|
5,810,784
|
51
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
New York (continued)
|
|
|
|
|
|
$ 7,500
|
Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University,
|
7/29 at 100.00
|
AA
|
$ 8,234,850
|
|
|
|
Series 2019C, 4.000%, 7/01/49
|
|
|
|
|
|
2,695
|
Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The
|
2/27 at 100.00
|
N/R
|
2,728,634
|
|
|
|
Academy Charter School Project, Series 2017A, 6.240%, 2/01/47
|
|
|
|
|
|
2,965
|
Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The
|
2/28 at 100.00
|
N/R
|
3,126,770
|
|
|
|
Academy Charter School Project, Series 2018A, 6.760%, 2/01/48
|
|
|
|
|
|
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012
|
|
|
|
|
|
|
Series 2011A:
|
|
|
|
|
|
105
|
5.250%, 2/15/47 (Pre-refunded 2/15/21)
|
2/21 at 100.00
|
Aa2 (13)
|
108,762
|
|
|
2,295
|
5.250%, 2/15/47
|
2/21 at 100.00
|
AA–
|
2,361,853
|
|
|
325
|
5.750%, 2/15/47
|
2/21 at 100.00
|
AA–
|
335,670
|
|
|
525
|
5.750%, 2/15/47 (Pre-refunded 2/15/21)
|
2/21 at 100.00
|
Aa2 (13)
|
545,848
|
|
|
6,075
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A,
|
5/21 at 100.00
|
A2 (13)
|
6,333,309
|
|
|
|
5.000%, 5/01/36 (Pre-refunded 5/01/21) – AGM Insured
|
|
|
|
|
|
10,000
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A,
|
9/22 at 100.00
|
A
|
10,678,700
|
|
|
|
5.000%, 9/01/42
|
|
|
|
|
|
5,000
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond
|
No Opt. Call
|
N/R
|
4,979,000
|
|
|
|
Anticipation Note Series 2018B-2, Subseries A-E, 5.000%, 5/15/21
|
|
|
|
|
|
11,790
|
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue
|
2/21 at 100.00
|
AA
|
12,056,336
|
|
|
|
Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
|
|
|
|
|
|
3,585
|
Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann’s
|
1/26 at 103.00
|
N/R
|
2,925,575
|
|
|
|
Community Project, Series 2019, 5.000%, 1/01/50
|
|
|
|
|
|
1,000
|
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic
|
7/24 at 100.00
|
Baa1
|
1,099,880
|
|
|
|
Health Services of Long Island Obligated Group Project, Series 2014, 5.000%, 7/01/31
|
|
|
|
|
|
10,000
|
New York City Housing Development Corporation, New York, Sustainable Impact Revenue
|
2/28 at 100.00
|
Aa2
|
9,799,800
|
|
|
|
Bonds, Williamsburg Housing Preservation LP, Series 2020A, 2.800%, 2/01/50
|
|
|
|
|
|
4,050
|
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium
|
6/20 at 100.00
|
A3
|
4,089,528
|
|
|
|
Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
|
|
|
|
|
|
11,570
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second
|
6/25 at 100.00
|
AA+
|
13,084,976
|
|
|
|
General Resolution Revenue Bonds, Fiscal 2016 Series BB-1, 5.000%, 6/15/46 (UB) (5)
|
|
|
|
|
|
5
|
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%,
|
6/20 at 100.00
|
AA
|
5,016
|
|
|
|
4/01/26 – FGIC Insured
|
|
|
|
|
|
28,615
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
27,443,788
|
|
|
|
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A
|
|
|
|
|
|
2,560
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Bank of
|
3/29 at 100.00
|
Baa2
|
2,380,749
|
|
|
|
America Tower at One Bryant Park Project, Second Priority Refunding Series 2019 Class 3,
|
|
|
|
|
|
|
2.800%, 9/15/69
|
|
|
|
|
|
3,500
|
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Climate Bond
|
5/28 at 100.00
|
Aa2
|
3,432,660
|
|
|
|
Certified/Sustainability Series 2019P, 3.050%, 11/01/49
|
|
|
|
|
|
6,500
|
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 211,
|
4/27 at 100.00
|
Aa1
|
6,795,555
|
|
|
|
3.750%, 10/01/43
|
|
|
|
|
|
5,655
|
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital
|
7/22 at 100.00
|
N/R (13)
|
6,157,051
|
|
|
|
Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22)
|
|
|
|
|
|
|
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+
|
8,601,471
|
|
|
3,155
|
6.000%, 12/01/36
|
12/20 at 100.00
|
BBB+
|
3,178,158
|
|
|
7,110
|
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48
|
6/27 at 100.00
|
N/R
|
6,518,875
|
|
|
190,735
|
Total New York
|
|
|
199,760,537
|
52
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
North Carolina – 0.7% (0.4% of Total Investments)
|
|
|
|
|
|
$ 10,000
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke
|
6/22 at 100.00
|
AA (13)
|
$ 10,869,000
|
|
|
|
University Health System, Series 2012A, 5.000%, 6/01/42 (Pre-refunded 6/01/22)
|
|
|
|
|
|
4,715
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidanta
|
6/22 at 100.00
|
A+ (13)
|
5,129,873
|
|
|
|
Health, Refunding Series 2012A, 5.000%, 6/01/36 (Pre-refunded 6/01/22)
|
|
|
|
|
|
2,150
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed,
|
10/22 at 100.00
|
A2
|
2,236,322
|
|
|
|
Refunding Series 2012A, 5.000%, 10/01/38
|
|
|
|
|
|
2,150
|
North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue
|
7/27 at 100.00
|
N/R
|
1,745,649
|
|
|
|
Bonds, Aldersgate United Retirement Community Inc., Refunding Series 2017A, 5.000%, 7/01/47
|
|
|
|
|
|
1,690
|
North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A,
|
7/26 at 100.00
|
Baa3
|
1,729,969
|
|
|
|
5.000%, 7/01/54
|
|
|
|
|
|
1,625
|
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien
|
1/30 at 100.00
|
BBB
|
1,681,908
|
|
|
|
Series 2019, 4.000%, 1/01/55 – AGM Insured
|
|
|
|
|
|
22,330
|
Total North Carolina
|
|
|
23,392,721
|
|
|
|
North Dakota – 2.1% (1.3% of Total Investments)
|
|
|
|
|
|
9,950
|
Cass County, North Dakota, Health Care Facilities Revenue Bonds, Essential Health
|
2/28 at 100.00
|
A–
|
9,988,705
|
|
|
|
Obligated Group, Series 2018B, 4.250%, 2/15/48
|
|
|
|
|
|
|
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
|
Baa2
|
7,178,640
|
|
|
3,000
|
5.000%, 12/01/32
|
12/21 at 100.00
|
Baa2
|
3,056,970
|
|
|
2,245
|
5.000%, 12/01/35
|
12/21 at 100.00
|
Baa2
|
2,276,430
|
|
|
4,525
|
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System
|
12/27 at 100.00
|
Baa2
|
4,716,227
|
|
|
|
Obligated Group, Series 2017A, 5.000%, 12/01/42
|
|
|
|
|
|
1,000
|
Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley
|
12/26 at 100.00
|
N/R
|
902,660
|
|
|
|
Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36
|
|
|
|
|
|
|
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group,
|
|
|
|
|
|
|
Series 2017C:
|
|
|
|
|
|
10,000
|
5.000%, 6/01/38
|
6/28 at 100.00
|
BBB–
|
10,153,100
|
|
|
28,000
|
5.000%, 6/01/53
|
6/28 at 100.00
|
BBB–
|
27,678,000
|
|
|
1,085
|
Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds,
|
No Opt. Call
|
B
|
1,067,705
|
|
|
|
Series 2012A, 5.000%, 3/01/21
|
|
|
|
|
|
2,535
|
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC
|
9/23 at 100.00
|
N/R
|
1,115,400
|
|
|
|
Project, Series 2013, 7.750%, 9/01/38 (4)
|
|
|
|
|
|
69,340
|
Total North Dakota
|
|
|
68,133,837
|
|
|
|
Ohio – 9.3% (5.7% of Total Investments)
|
|
|
|
|
|
4,185
|
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds,
|
5/22 at 100.00
|
A1
|
4,303,855
|
|
|
|
Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42
|
|
|
|
|
|
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners,
|
|
|
|
|
|
|
Refunding and Improvement Series 2012A:
|
|
|
|
|
|
2,740
|
4.000%, 5/01/33
|
5/22 at 100.00
|
A+
|
2,806,938
|
|
|
1,930
|
5.000%, 5/01/33
|
5/22 at 100.00
|
A+
|
2,014,302
|
|
|
3,405
|
5.000%, 5/01/42
|
5/22 at 100.00
|
A+
|
3,524,175
|
|
|
70,220
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/30 at 22.36
|
N/R
|
7,432,787
|
|
|
|
Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2,
|
|
|
|
|
|
|
0.000%, 6/01/57
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
|
|
|
|
|
|
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1:
|
|
|
|
|
|
41,415
|
3.000%, 6/01/48
|
6/30 at 100.00
|
BBB+
|
34,465,977
|
|
|
7,535
|
4.000%, 6/01/48
|
6/30 at 100.00
|
BBB+
|
7,559,639
|
|
|
39,725
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/30 at 100.00
|
N/R
|
35,464,891
|
|
|
|
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55
|
|
|
|
53
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Ohio (continued)
|
|
|
|
|
|
$ 10,000
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/22 at 100.00
|
Caa3 (13)
|
$ 11,128,000
|
|
|
|
Revenue Bonds, Senior Lien Series 2007A-3, 6.250%, 6/01/37 (Pre-refunded 6/01/22)
|
|
|
|
|
|
1,000
|
Butler County Port Authority, Ohio, Revenue Bonds, StoryPoint Fairfield Project, Senior
|
1/24 at 104.00
|
N/R
|
925,370
|
|
|
|
Series 2017A-1, 6.250%, 1/15/34, 144A
|
|
|
|
|
|
|
Centerville, Ohio Health Care Improvement Revenue Bonds, Graceworks Lutheran Services,
|
|
|
|
|
|
|
Refunding & Improvement Series 2017:
|
|
|
|
|
|
2,750
|
5.250%, 11/01/37
|
11/27 at 100.00
|
N/R
|
2,652,430
|
|
|
3,200
|
5.250%, 11/01/47
|
11/27 at 100.00
|
N/R
|
2,934,944
|
|
|
3,345
|
Cleveland Heights-University Heights City School District, Ohio, General Obligation
|
6/23 at 100.00
|
A1
|
3,642,805
|
|
|
|
Bonds, School Improvement Series 2014, 5.000%, 12/01/51
|
|
|
|
|
|
5,000
|
County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group,
|
11/28 at 100.00
|
Baa3
|
5,350,650
|
|
|
|
Series 2018A, 5.250%, 11/15/48
|
|
|
|
|
|
37,150
|
Cuyahoga County, Ohio, Certificates of Participation, Convention Hotel Project, Series
|
6/24 at 100.00
|
A1
|
38,088,409
|
|
|
|
2014, 4.375%, 12/01/44 (UB) (5)
|
|
|
|
|
|
|
Darke County, Ohio, Hospital Facilities Revenue Bonds, Wayne Healthcare Project, Series 2019A:
|
|
|
|
|
|
1,165
|
4.000%, 9/01/40
|
9/29 at 100.00
|
BB+
|
1,109,663
|
|
|
1,750
|
4.000%, 9/01/45
|
9/29 at 100.00
|
BB+
|
1,649,935
|
|
|
2,000
|
5.000%, 9/01/49
|
9/29 at 100.00
|
BB+
|
1,948,640
|
|
|
3,840
|
Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds,
|
12/29 at 100.00
|
BBB–
|
2,853,466
|
|
|
|
Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51
|
|
|
|
|
|
7,870
|
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project,
|
5/22 at 100.00
|
Aa2
|
8,203,609
|
|
|
|
Improvement Series 2012A, 5.000%, 11/01/42
|
|
|
|
|
|
4,440
|
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A,
|
12/27 at 100.00
|
AA–
|
4,443,197
|
|
|
|
3.250%, 12/01/42
|
|
|
|
|
|
6,425
|
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien
|
1/23 at 100.00
|
Aa3 (13)
|
7,136,890
|
|
|
|
Series 2013A, 5.000%, 1/01/38 (Pre-refunded 1/01/23) (UB) (5)
|
|
|
|
|
|
|
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds,
|
|
|
|
|
|
|
Tender Option Bond Trust 2016-XG0052:
|
|
|
|
|
|
1,750
|
14.618%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5)
|
1/23 at 100.00
|
Aa3 (13)
|
2,525,180
|
|
|
390
|
17.288%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5)
|
1/23 at 100.00
|
Aa3 (13)
|
561,534
|
|
|
625
|
17.415%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5)
|
1/23 at 100.00
|
Aa3 (13)
|
902,006
|
|
|
1,250
|
17.415%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5)
|
1/23 at 100.00
|
Aa3 (13)
|
1,804,013
|
|
|
1,725
|
17.415%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5)
|
1/23 at 100.00
|
Aa3 (13)
|
2,489,537
|
|
|
2,000
|
17.415%, 1/01/38 (Pre-refunded 1/01/23), 144A (IF) (5)
|
1/23 at 100.00
|
Aa3 (13)
|
2,886,420
|
|
|
2,885
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series
|
11/21 at 100.00
|
Baa3 (13)
|
3,112,280
|
|
|
|
2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21)
|
|
|
|
|
|
|
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
|
5,495,017
|
|
|
6,000
|
5.250%, 12/01/31 – AGM Insured
|
No Opt. Call
|
A2
|
7,825,620
|
|
|
12,000
|
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System
|
2/23 at 100.00
|
Ba2
|
11,806,920
|
|
|
|
Obligated Group Project, Series 2013, 5.000%, 2/15/48
|
|
|
|
|
|
8,500
|
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds,
|
No Opt. Call
|
N/R
|
21,250
|
|
|
|
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (4)
|
|
|
|
|
|
1,050
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
2,625
|
|
|
|
FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (4)
|
|
|
|
|
|
2,020
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
5,050
|
|
|
|
FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010B, 3.750%, 6/01/33 (4)
|
|
|
|
|
|
1,000
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
2,500
|
|
|
|
FirstEnergy Nuclear Generation Project, Refunding Series 2005B, 3.125%, 1/01/34 (4)
|
|
|
|
|
|
20,765
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
20,920,737
|
|
|
|
FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 5.000%, 6/01/33 (Mandatory
|
|
|
|
|
|
|
Put 6/01/22) (4)
|
|
|
|
54
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Ohio (continued)
|
|
|
|
|
|
$ 4,975
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien
|
2/23 at 100.00
|
A+ (13)
|
$ 5,543,991
|
|
|
|
Series 2013A-1, 5.000%, 2/15/48 (Pre-refunded 2/15/23)
|
|
|
|
|
|
1,240
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien
|
2/31 at 100.00
|
A+
|
1,401,622
|
|
|
|
Convertible Series 2013A-3, 0.000%, 2/15/36 (7)
|
|
|
|
|
|
1,610
|
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear
|
No Opt. Call
|
N/R
|
4,025
|
|
|
|
Generating Corporation Project, Refunding Series 2010C, 4.000%, 6/01/33 (4)
|
|
|
|
|
|
1,130
|
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
2,825
|
|
|
|
Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (4)
|
|
|
|
|
|
20,405
|
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
20,558,038
|
|
|
|
Nuclear Generating Corporation Project, Series 2009A, 5.000%, 6/01/33 (Mandatory
|
|
|
|
|
|
|
Put 6/01/22) (4)
|
|
|
|
|
|
20,480
|
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
20,633,600
|
|
|
|
Nuclear Generating Corporation Project, Series 2010B, 5.000%, 6/01/33 (Mandatory
|
|
|
|
|
|
|
Put 6/01/22) (4)
|
|
|
|
|
|
3,000
|
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment
|
11/30 at 100.00
|
N/R
|
2,257,680
|
|
|
|
Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood,
|
|
|
|
|
|
|
Senior Lien Series 2019A, 5.000%, 11/01/51
|
|
|
|
|
|
|
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–
|
1,155,269
|
|
|
870
|
6.000%, 12/01/42
|
12/22 at 100.00
|
BB–
|
910,211
|
|
|
1,615
|
Toledo Lucas County Port Authority, Ohio, Revenue Bonds, StoryPoint Waterville Project,
|
1/24 at 104.00
|
N/R
|
1,476,982
|
|
|
|
Series 2016A-1, 6.125%, 1/15/34, 144A
|
|
|
|
|
|
1,330
|
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education
|
3/25 at 100.00
|
N/R
|
1,319,693
|
|
|
|
Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015,
|
|
|
|
|
|
|
6.000%, 3/01/45
|
|
|
|
|
|
385,180
|
Total Ohio
|
|
|
305,265,197
|
|
|
|
Oklahoma – 0.6% (0.4% of Total Investments)
|
|
|
|
|
|
1,225
|
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise
|
8/21 at 100.00
|
N/R (13)
|
1,325,867
|
|
|
|
Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
|
|
|
|
|
|
|
(Pre-refunded 8/25/21), 144A
|
|
|
|
|
|
3,500
|
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40
|
6/20 at 100.00
|
A1 (13)
|
3,512,075
|
|
|
|
(Pre-refunded 6/01/20)
|
|
|
|
|
|
|
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2011:
|
|
|
|
|
|
1,500
|
5.000%, 7/01/40
|
7/21 at 100.00
|
AAA
|
1,566,000
|
|
|
1,000
|
5.375%, 7/01/40
|
7/21 at 100.00
|
AAA
|
1,049,970
|
|
|
|
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine
|
|
|
|
|
|
|
Project, Series 2018B:
|
|
|
|
|
|
5,290
|
5.500%, 8/15/52
|
8/28 at 100.00
|
BB+
|
5,542,439
|
|
|
5,530
|
5.500%, 8/15/57
|
8/28 at 100.00
|
BB+
|
5,756,619
|
|
|
2,340
|
Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds,
|
11/25 at 102.00
|
BBB–
|
2,275,837
|
|
|
|
Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/45
|
|
|
|
|
|
20,385
|
Total Oklahoma
|
|
|
21,028,807
|
|
|
|
Oregon – 0.2% (0.1% 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
|
970,920
|
|
|
800
|
5.500%, 10/01/49
|
10/24 at 100.00
|
N/R
|
780,600
|
|
|
|
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A:
|
|
|
|
|
|
555
|
5.250%, 4/01/31
|
4/21 at 100.00
|
Aa2
|
575,602
|
|
|
3,445
|
5.250%, 4/01/31 (Pre-refunded 4/01/21)
|
4/21 at 100.00
|
N/R (13)
|
3,579,596
|
|
|
1,670
|
Oregon State, General Obligation Bonds, Oregon University System Projects, Series 2011G,
|
8/21 at 100.00
|
AA+
|
1,742,461
|
|
|
|
5.000%, 8/01/36
|
|
|
|
|
|
7,470
|
Total Oregon
|
|
|
7,649,179
|
55
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Pennsylvania – 7.7% (4.7% of Total Investments)
|
|
|
|
|
|
$ 14,855
|
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny
|
4/28 at 100.00
|
A
|
$ 14,488,676
|
|
|
|
Health Network Obligated Group Issue, Series 2018A, 4.000%, 4/01/44
|
|
|
|
|
|
3,335
|
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series
|
12/20 at 100.00
|
A1
|
3,406,803
|
|
|
|
2010, 5.000%, 6/01/40 – AGM Insured
|
|
|
|
|
|
2,540
|
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue
|
5/27 at 100.00
|
Ba3
|
2,454,529
|
|
|
|
Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A
|
|
|
|
|
|
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
|
|
|
|
|
|
Bonds, FirstEnergy Generation Project, Refunding Series 2006A:
|
|
|
|
|
|
13,235
|
3.000%, 1/01/35 (Mandatory Put 7/01/22) (4)
|
No Opt. Call
|
N/R
|
13,334,262
|
|
|
3,145
|
3.500%, 4/01/41 (4)
|
No Opt. Call
|
N/R
|
7,862
|
|
|
1,245
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
N/R
|
3,113
|
|
|
|
Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (4)
|
|
|
|
|
|
1,240
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
N/R
|
3,100
|
|
|
|
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (4)
|
|
|
|
|
|
7,750
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
N/R
|
7,730,625
|
|
|
|
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.000%, 10/01/47 (Mandatory
|
|
|
|
|
|
|
Put 4/01/21) (4)
|
|
|
|
|
|
21,495
|
Berks County Industrial Development Authority, Pennsylvania, Health System Revenue
|
11/27 at 100.00
|
Baa2
|
21,553,466
|
|
|
|
Bonds, Tower Health Project, Series 2017, 5.000%, 11/01/50
|
|
|
|
|
|
|
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–
|
2,511,148
|
|
|
6,420
|
5.125%, 3/15/46
|
3/27 at 100.00
|
BBB–
|
6,565,862
|
|
|
10,850
|
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master
|
6/28 at 100.00
|
A1
|
11,169,533
|
|
|
|
Settlement, Series 2018, 4.000%, 6/01/39 – AGM Insured (UB) (5)
|
|
|
|
|
|
1,000
|
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran
|
1/25 at 100.00
|
BBB+
|
1,028,850
|
|
|
|
Social Ministries Project, Series 2015, 5.000%, 1/01/29
|
|
|
|
|
|
7,665
|
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle
|
6/22 at 100.00
|
A
|
7,904,608
|
|
|
|
Health System Project, Series 2012A, 5.000%, 6/01/42
|
|
|
|
|
|
3,000
|
Dubois Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Penn Highlands
|
1/28 at 100.00
|
A–
|
3,289,860
|
|
|
|
Healthcare, Series 2018, 5.000%, 7/15/48
|
|
|
|
|
|
1,250
|
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes
|
7/25 at 100.00
|
BBB–
|
1,127,562
|
|
|
|
Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45
|
|
|
|
|
|
1,500
|
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown
|
12/23 at 100.00
|
A
|
1,666,935
|
|
|
|
Concession, Series 2013A, 5.125%, 12/01/47
|
|
|
|
|
|
|
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 (13)
|
8,059,503
|
|
|
5,295
|
5.375%, 8/01/38 (Pre-refunded 8/01/20)
|
8/20 at 100.00
|
N/R (13)
|
5,356,051
|
|
|
|
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue
|
|
|
|
|
|
|
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A:
|
|
|
|
|
|
10,530
|
5.250%, 1/15/45
|
1/25 at 100.00
|
Ba1
|
10,827,157
|
|
|
1,200
|
5.250%, 1/15/46
|
1/25 at 100.00
|
Ba1
|
1,233,024
|
|
|
10,765
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue
|
9/25 at 100.00
|
CCC+
|
8,230,058
|
|
|
|
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38
|
|
|
|
|
|
3,500
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series
|
4/29 at 100.00
|
Aa2
|
3,514,385
|
|
|
|
2019-131A, 3.100%, 10/01/44
|
|
|
|
|
|
13,500
|
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Series 2018A,
|
12/28 at 100.00
|
Aa3
|
16,004,655
|
|
|
|
5.250%, 12/01/44
|
|
|
|
|
|
3,705
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1,
|
6/25 at 100.00
|
A+
|
4,022,222
|
|
|
|
5.000%, 12/01/45
|
|
|
|
|
|
6,450
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2018A-2,
|
12/28 at 100.00
|
A1
|
7,360,353
|
|
|
|
5.000%, 12/01/43
|
|
|
|
56
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Pennsylvania (continued)
|
|
|
|
|
|
$ 11,000
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C,
|
6/26 at 100.00
|
A2
|
$ 13,738,120
|
|
|
|
6.250%, 6/01/33 – AGM Insured
|
|
|
|
|
|
15,000
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1,
|
12/25 at 100.00
|
A3
|
16,326,600
|
|
|
|
5.000%, 12/01/45
|
|
|
|
|
|
5,000
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2019A,
|
12/29 at 100.00
|
A3
|
5,197,400
|
|
|
|
4.000%, 12/01/49
|
|
|
|
|
|
10,305
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital
|
7/22 at 100.00
|
Ba1
|
10,630,741
|
|
|
|
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
|
|
|
|
|
|
|
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A:
|
|
|
|
|
|
5,000
|
5.000%, 6/15/35 – AGM Insured
|
6/20 at 100.00
|
A2
|
5,017,400
|
|
|
17,850
|
5.000%, 6/15/40 – AGM Insured
|
6/20 at 100.00
|
A2
|
17,907,834
|
|
|
7,055
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel
|
8/20 at 100.00
|
A2
|
7,118,636
|
|
|
|
Room Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGM Insured
|
|
|
|
|
|
5,180
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax
|
8/20 at 100.00
|
A1
|
5,226,983
|
|
|
|
Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
|
|
|
|
|
|
|
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 (13)
|
1,206,506
|
|
|
1,000
|
5.500%, 12/01/35 (Pre-refunded 12/01/21) – AGM Insured
|
12/21 at 100.00
|
AA (13)
|
1,076,360
|
|
|
5,790
|
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds,
|
1/23 at 100.00
|
BB+
|
5,479,193
|
|
|
|
Series 2012B, 4.000%, 1/01/33
|
|
|
|
|
|
250,155
|
Total Pennsylvania
|
|
|
251,779,975
|
|
|
|
Puerto Rico – 1.7% (1.1% of Total Investments)
|
|
|
|
|
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A:
|
|
|
|
|
|
1,727
|
6.000%, 7/01/38
|
6/20 at 100.00
|
CC
|
1,718,365
|
|
|
9,425
|
6.000%, 7/01/44
|
6/20 at 100.00
|
CC
|
9,377,875
|
|
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A:
|
|
|
|
|
|
2,200
|
5.125%, 7/01/37
|
7/22 at 100.00
|
CC
|
2,084,500
|
|
|
4,760
|
5.250%, 7/01/42
|
7/22 at 100.00
|
CC
|
4,486,300
|
|
|
8,315
|
6.000%, 7/01/47
|
7/22 at 100.00
|
CC
|
8,231,850
|
|
|
590
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J,
|
6/20 at 100.00
|
Baa2
|
592,254
|
|
|
|
5.000%, 7/01/29 – NPFG Insured
|
|
|
|
|
|
1,500
|
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured
|
6/20 at 100.00
|
A2
|
1,511,460
|
|
|
1,010
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A,
|
No Opt. Call
|
AA+
|
1,079,064
|
|
|
|
5.125%, 6/01/24 – AMBAC Insured
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:
|
|
|
|
|
|
6,530
|
0.000%, 7/01/51
|
7/28 at 30.01
|
N/R
|
1,142,750
|
|
|
8,783
|
4.750%, 7/01/53
|
7/28 at 100.00
|
N/R
|
7,968,377
|
|
|
6,000
|
5.000%, 7/01/58
|
7/28 at 100.00
|
N/R
|
5,637,420
|
|
|
723
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured
|
7/28 at 100.00
|
N/R
|
629,039
|
|
|
|
Cofina Project Series 2019B-2, 4.536%, 7/01/53
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable
|
|
|
|
|
|
|
Restructured Cofina Project Series 2019A-2:
|
|
|
|
|
|
2,405
|
4.329%, 7/01/40
|
7/28 at 100.00
|
N/R
|
2,153,725
|
|
|
2,851
|
4.329%, 7/01/40
|
7/28 at 100.00
|
N/R
|
2,553,127
|
|
|
5,564
|
4.784%, 7/01/58
|
7/28 at 100.00
|
N/R
|
5,033,528
|
|
|
|
Puerto Rico Urgent Interest Fund Corp (Cofina), National Custodial Taxable Trust Unit,
|
|
|
|
|
|
|
Series 2007A Sr. Bond:
|
|
|
|
|
|
4,934
|
0.000%, 8/01/47
|
No Opt. Call
|
N/R
|
1,337,297
|
|
|
9,761
|
0.000%, 8/01/47
|
No Opt. Call
|
N/R
|
1,829,491
|
|
|
77,078
|
Total Puerto Rico
|
|
|
57,366,422
|
57
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Rhode Island – 1.3% (0.8% of Total Investments)
|
|
|
|
|
|
$ 1,000
|
Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New
|
9/23 at 100.00
|
N/R (13)
|
$ 1,167,750
|
|
|
|
England Health System, Series 2013A, 6.000%, 9/01/33 (Pre-refunded 9/01/23)
|
|
|
|
|
|
5,650
|
Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond
|
4/29 at 100.00
|
AA+
|
5,492,195
|
|
|
|
Program, 2019 Series 71, 3.100%, 10/01/44
|
|
|
|
|
|
292,435
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed
|
5/20 at 15.05
|
CCC–
|
36,452,023
|
|
|
|
Bonds, Series 2007A, 0.000%, 6/01/52
|
|
|
|
|
|
299,085
|
Total Rhode Island
|
|
|
43,111,968
|
|
|
|
South Carolina – 2.9% (1.8% of Total Investments)
|
|
|
|
|
|
7,600
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2,
|
No Opt. Call
|
A–
|
5,835,280
|
|
|
|
0.000%, 1/01/31 – AMBAC Insured
|
|
|
|
|
|
2,255
|
Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina,
|
4/21 at 100.00
|
A2 (13)
|
2,348,357
|
|
|
|
Installment Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%,
|
|
|
|
|
|
|
4/01/44 (Pre-refunded 4/01/21) – AGC Insured
|
|
|
|
|
|
|
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds,
|
|
|
|
|
|
|
Bishop Gadsden Episcopal Retirement Community, Series 2019A:
|
|
|
|
|
|
890
|
5.000%, 4/01/49
|
4/26 at 103.00
|
BBB–
|
900,813
|
|
|
1,165
|
4.000%, 4/01/54
|
4/26 at 103.00
|
BBB–
|
946,423
|
|
|
1,630
|
5.000%, 4/01/54
|
4/26 at 103.00
|
BBB–
|
1,643,920
|
|
|
|
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds,
|
|
|
|
|
|
|
Hilton Head Christian Academy, Series 2020:
|
|
|
|
|
|
405
|
5.000%, 1/01/40, 144A
|
1/30 at 100.00
|
N/R
|
347,304
|
|
|
1,000
|
5.000%, 1/01/55, 144A
|
1/30 at 100.00
|
N/R
|
793,150
|
|
|
|
South Carolina Jobs-Economic Development Authority, Health Facilities Revenue Bonds,
|
|
|
|
|
|
|
Lutheran Homes of South Carolina Inc., Refunding Series 2017B:
|
|
|
|
|
|
1,000
|
5.000%, 5/01/37
|
5/23 at 104.00
|
N/R
|
851,630
|
|
|
750
|
5.000%, 5/01/42
|
5/23 at 104.00
|
N/R
|
606,578
|
|
|
1,250
|
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto
|
8/21 at 100.00
|
AA (13)
|
1,336,375
|
|
|
|
Health, Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured
|
|
|
|
|
|
4,000
|
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Prisma
|
5/28 at 100.00
|
A3
|
4,271,560
|
|
|
|
Health Obligated Group, Series 2018A, 5.000%, 5/01/48
|
|
|
|
|
|
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding &
|
|
|
|
|
|
|
Improvement Series 2015A:
|
|
|
|
|
|
11,170
|
5.000%, 12/01/50
|
6/25 at 100.00
|
A–
|
11,690,187
|
|
|
34,000
|
5.000%, 12/01/50 (UB) (5)
|
6/25 at 100.00
|
A–
|
35,583,380
|
|
|
5,000
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding
|
12/24 at 100.00
|
A–
|
5,220,300
|
|
|
|
Series 2014C, 5.000%, 12/01/46
|
|
|
|
|
|
1,310
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series
|
12/23 at 100.00
|
A–
|
1,364,286
|
|
|
|
2013A, 5.125%, 12/01/43
|
|
|
|
|
|
10,285
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series
|
6/24 at 100.00
|
A–
|
10,912,385
|
|
|
|
2014A, 5.500%, 12/01/54
|
|
|
|
|
|
10,250
|
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Bonds,
|
4/22 at 100.00
|
A3
|
10,656,515
|
|
|
|
Refunding Series 2012A, 5.000%, 4/15/32
|
|
|
|
|
|
93,960
|
Total South Carolina
|
|
|
95,308,443
|
|
|
|
South Dakota – 0.8% (0.5% of Total Investments)
|
|
|
|
|
|
15,000
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health,
|
7/27 at 100.00
|
A1
|
16,585,200
|
|
|
|
Refunding Series 2017, 5.000%, 7/01/46
|
|
|
|
|
|
3,765
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional
|
9/27 at 100.00
|
A1
|
4,226,664
|
|
|
|
Health, Refunding Series 2017, 5.000%, 9/01/40
|
|
|
|
|
|
4,350
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health,
|
7/21 at 100.00
|
A1 (13)
|
4,553,972
|
|
|
|
Series 2012A, 5.000%, 7/01/42 (Pre-refunded 7/01/21)
|
|
|
|
|
|
23,115
|
Total South Dakota
|
|
|
25,365,836
|
58
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Tennessee – 1.0% (0.6% of Total Investments)
|
|
|
|
|
|
$ 12,895
|
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds,
|
1/23 at 100.00
|
BBB+ (13)
|
$ 14,336,145
|
|
|
|
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23)
|
|
|
|
|
|
1,850
|
Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds,
|
10/24 at 100.00
|
Baa3
|
1,797,312
|
|
|
|
Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/39
|
|
|
|
|
|
2,000
|
Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue
|
2/29 at 100.00
|
A
|
2,050,500
|
|
|
|
Bonds, East Tennessee Children’s Hospital, Series 2019, 4.000%, 11/15/48
|
|
|
|
|
|
2,645
|
Memphis/Shelby County Economic Development Growth Engine Industrial Development Board,
|
7/27 at 100.00
|
N/R
|
2,548,140
|
|
|
|
Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A,
|
|
|
|
|
|
|
5.500%, 7/01/37
|
|
|
|
|
|
3,560
|
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities
|
6/27 at 100.00
|
N/R
|
2,136,000
|
|
|
|
Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 0.000%,
|
|
|
|
|
|
|
6/15/37, 144A (4)
|
|
|
|
|
|
10,000
|
The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue
|
6/27 at 100.00
|
N/R
|
8,810,600
|
|
|
|
Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%,
|
|
|
|
|
|
|
6/01/47, 144A
|
|
|
|
|
|
32,950
|
Total Tennessee
|
|
|
31,678,697
|
|
|
|
Texas – 11.9% (7.3% of Total Investments)
|
|
|
|
|
|
735
|
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside
|
8/21 at 100.00
|
BB+
|
644,595
|
|
|
|
Schools, Series 2016A, 4.375%, 8/15/36
|
|
|
|
|
|
3,635
|
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public
|
9/23 at 103.00
|
N/R
|
3,749,030
|
|
|
|
Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45
|
|
|
|
|
|
3,105
|
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public
|
9/23 at 103.00
|
N/R
|
3,198,088
|
|
|
|
Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40
|
|
|
|
|
|
5,480
|
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%,
|
11/25 at 100.00
|
Aa3
|
6,229,171
|
|
|
|
11/15/45 (UB) (5)
|
|
|
|
|
|
2,500
|
Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage
|
12/25 at 100.00
|
BB
|
2,423,200
|
|
|
|
Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 12/01/45
|
|
|
|
|
|
2,380
|
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement
|
3/23 at 103.00
|
N/R
|
2,336,398
|
|
|
|
District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45
|
|
|
|
|
|
4,225
|
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement
|
3/23 at 103.00
|
N/R
|
4,126,769
|
|
|
|
District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015,
|
|
|
|
|
|
|
8.250%, 9/01/40
|
|
|
|
|
|
395
|
Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District
|
9/24 at 100.00
|
N/R
|
397,030
|
|
|
|
Neighborhood Improvement Area 1 Project, Series 2015, 6.250%, 9/01/45
|
|
|
|
|
|
|
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
|
Baa1 (13)
|
1,549,455
|
|
|
1,700
|
6.250%, 1/01/46 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
Baa1 (13)
|
1,761,149
|
|
|
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020A:
|
|
|
|
|
|
3,000
|
5.000%, 1/01/44
|
1/30 at 100.00
|
Baa1
|
3,268,320
|
|
|
3,940
|
5.000%, 1/01/49
|
1/30 at 100.00
|
Baa1
|
4,256,146
|
|
|
13,685
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A,
|
7/25 at 100.00
|
Baa1
|
14,486,394
|
|
|
|
5.000%, 1/01/45
|
|
|
|
|
|
6,375
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016,
|
1/26 at 100.00
|
Baa1
|
5,620,837
|
|
|
|
3.375%, 1/01/41
|
|
|
|
|
|
790
|
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea
|
No Opt. Call
|
A–
|
803,683
|
|
|
|
Public Schools, Series 2012, 3.750%, 8/15/22
|
|
|
|
|
|
|
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–
|
709,974
|
|
|
685
|
4.400%, 12/01/47
|
12/22 at 100.00
|
BBB–
|
627,850
|
|
|
4,000
|
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift
|
6/25 at 100.00
|
BBB–
|
4,044,720
|
|
|
|
Education Charter School, Series 2015A, 5.000%, 12/01/45
|
|
|
|
59
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
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:
|
|
|
|
|
|
$ 660
|
5.750%, 9/01/28
|
9/23 at 103.00
|
N/R
|
$ 713,777
|
|
|
770
|
6.500%, 9/01/46
|
9/23 at 103.00
|
N/R
|
832,686
|
|
|
11,735
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding &
|
11/21 at 100.00
|
A+
|
12,120,260
|
|
|
|
Improvement Series 2012C, 5.000%, 11/01/45
|
|
|
|
|
|
2,520
|
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series
|
9/23 at 100.00
|
N/R
|
2,653,711
|
|
|
|
2013A, 6.375%, 9/01/42
|
|
|
|
|
|
400
|
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series
|
9/24 at 100.00
|
BBB–
|
416,512
|
|
|
|
2014A, 5.250%, 9/01/44
|
|
|
|
|
|
1,255
|
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy
|
11/22 at 100.00
|
Baa2
|
1,279,033
|
|
|
|
Inc. Project, Series 2012A RMKT, 4.750%, 5/01/38
|
|
|
|
|
|
8,920
|
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy
|
11/22 at 100.00
|
Baa2
|
9,090,550
|
|
|
|
Inc. Project, Series 2012B, 4.750%, 11/01/42
|
|
|
|
|
|
6,660
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding
|
4/30 at 100.00
|
A2
|
7,056,536
|
|
|
|
First Tier Series 2020C, 4.000%, 10/01/49
|
|
|
|
|
|
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate
|
|
|
|
|
|
|
Lien Series 2013B:
|
|
|
|
|
|
20,000
|
5.250%, 10/01/51 (Pre-refunded 10/01/23)
|
10/23 at 100.00
|
AA (13)
|
22,964,600
|
|
|
10,000
|
5.000%, 4/01/53 (Pre-refunded 10/01/23) (UB) (5)
|
10/23 at 100.00
|
AA (13)
|
11,398,400
|
|
|
5,470
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender
|
10/23 at 100.00
|
AA (13)
|
8,530,629
|
|
|
|
Option Bond Trust 2015-XF0228, 17.628%, 11/01/44, (Pre-refunded 10/01/23), 144A (IF) (5)
|
|
|
|
|
|
4,255
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,
|
6/25 at 100.00
|
AA
|
4,763,558
|
|
|
|
Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45
|
|
|
|
|
|
1,545
|
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds,
|
11/21 at 100.00
|
Aa2 (13)
|
1,846,352
|
|
|
|
Tender Option Bond Trust 2016-XG0054, 13.272%, 11/01/41, (Pre-refunded 11/01/21)
|
|
|
|
|
|
|
144A (IF) (5)
|
|
|
|
|
|
4,080
|
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond
|
No Opt. Call
|
AAA
|
8,600,966
|
|
|
|
Trust 2015-XF0074, 14.063%, 8/15/32 – AGM Insured, 144A (IF)
|
|
|
|
|
|
6,000
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation
|
11/31 at 44.13
|
A2
|
1,677,060
|
|
|
|
Refunding Senior Lien Series 2014A, 0.000%, 11/15/48
|
|
|
|
|
|
6,000
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien
|
11/24 at 100.00
|
A–
|
5,935,980
|
|
|
|
Series 2014A, 5.000%, 11/15/53
|
|
|
|
|
|
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3:
|
|
|
|
|
|
1,940
|
0.000%, 11/15/34 (Pre-refunded 11/15/24) – NPFG Insured
|
11/24 at 55.69
|
Baa2 (13)
|
1,020,634
|
|
|
14,055
|
0.000%, 11/15/34 – NPFG Insured
|
11/24 at 55.69
|
BB
|
6,636,068
|
|
|
5,000
|
Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP,
|
8/25 at 100.00
|
AAA
|
5,261,450
|
|
|
|
Inc., Refunding Series 2015, 4.000%, 8/15/44
|
|
|
|
|
|
|
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
|
3,581,660
|
|
|
4,865
|
0.000%, 9/01/27 – AGM Insured
|
No Opt. Call
|
A2
|
4,098,033
|
|
|
4,715
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015,
|
9/24 at 100.00
|
A
|
4,623,718
|
|
|
|
5.000%, 9/01/40
|
|
|
|
|
|
17,000
|
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series
|
No Opt. Call
|
A2 (13)
|
24,693,180
|
|
|
|
2002A, 5.750%, 12/01/32 – AGM Insured (ETM)
|
|
|
|
|
|
6,700
|
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds,
|
8/21 at 100.00
|
A+
|
6,996,609
|
|
|
|
Refunding Series 2012A, 5.000%, 8/01/46
|
|
|
|
|
|
940
|
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson
|
8/25 at 100.00
|
A–
|
1,046,427
|
|
|
|
Memorial Hospital Project, Series 2015, 5.000%, 8/15/30
|
|
|
|
|
|
1,000
|
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA
|
5/25 at 100.00
|
A
|
1,119,620
|
|
|
|
Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45
|
|
|
|
60
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Texas (continued)
|
|
|
|
|
|
|
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
|
|
|
|
|
|
$ 3,095
|
5.750%, 12/01/33
|
12/25 at 100.00
|
B1
|
$ 3,328,642
|
|
|
3,125
|
6.125%, 12/01/38
|
12/25 at 100.00
|
B1
|
3,363,531
|
|
|
|
Montgomery County Toll Road Authority, Texas, Toll Road Revenue Bonds, Senior Lien
|
|
|
|
|
|
|
Series 2018:
|
|
|
|
|
|
1,900
|
5.000%, 9/15/43
|
9/25 at 100.00
|
BBB–
|
1,939,064
|
|
|
1,785
|
5.000%, 9/15/48
|
9/25 at 100.00
|
BBB–
|
1,810,883
|
|
|
|
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–
|
2,055,127
|
|
|
6,015
|
5.000%, 11/01/51
|
11/23 at 103.00
|
BBB–
|
5,206,163
|
|
|
745
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility
|
1/25 at 100.00
|
N/R
|
646,921
|
|
|
|
Revenue Bonds, Wesleyan Homes, Inc. Project, Series 2014, 5.500%, 1/01/43
|
|
|
|
|
|
210
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
4/26 at 100.00
|
B
|
175,526
|
|
|
|
Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, LLC-Texas A&M University-Corpus
|
|
|
|
|
|
|
Christi Project, Series 2016A, 5.000%, 4/01/48
|
|
|
|
|
|
4,530
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
4/24 at 100.00
|
A2
|
4,656,795
|
|
|
|
Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M
|
|
|
|
|
|
|
University Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured
|
|
|
|
|
|
820
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
4/26 at 100.00
|
BBB–
|
766,372
|
|
|
|
Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, LLC – Texas A&M
|
|
|
|
|
|
|
University – San Antonio Project,, 5.000%, 4/01/48
|
|
|
|
|
|
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
|
|
|
|
|
|
Revenue Bonds, CHF-Collegiate Housing Foundation – Stephenville II, LLC – Tarleton State
|
|
|
|
|
|
|
University Project, Series 2014A:
|
|
|
|
|
|
1,000
|
5.000%, 4/01/34
|
4/24 at 100.00
|
BBB–
|
1,025,640
|
|
|
2,200
|
5.000%, 4/01/39
|
4/24 at 100.00
|
BBB–
|
2,234,892
|
|
|
1,600
|
5.000%, 4/01/46
|
4/24 at 100.00
|
BBB–
|
1,614,448
|
|
|
5,540
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
4/24 at 100.00
|
Baa3
|
5,253,305
|
|
|
|
Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project,
|
|
|
|
|
|
|
Series 2014A, 5.000%, 4/01/39
|
|
|
|
|
|
3,220
|
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%,
|
12/21 at 100.00
|
A2
|
3,413,973
|
|
|
|
12/15/36 – AGM Insured
|
|
|
|
|
|
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible
|
|
|
|
|
|
|
Capital Appreciation Series 2011C:
|
|
|
|
|
|
2,590
|
0.000%, 9/01/43 (Pre-refunded 9/01/31) (7)
|
9/31 at 100.00
|
N/R (13)
|
3,329,134
|
|
|
3,910
|
0.000%, 9/01/45 (Pre-refunded 9/01/31) (7)
|
9/31 at 100.00
|
N/R (13)
|
5,460,315
|
|
|
6,155
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B,
|
1/23 at 100.00
|
A+
|
6,508,174
|
|
|
|
5.000%, 1/01/40
|
|
|
|
|
|
2,000
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series
|
1/25 at 100.00
|
A
|
2,198,620
|
|
|
|
2015A, 5.000%, 1/01/38
|
|
|
|
|
|
610
|
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series
|
2/24 at 100.00
|
Ba1
|
628,141
|
|
|
|
2014A, 5.125%, 2/01/39
|
|
|
|
|
|
1,000
|
Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint
|
6/26 at 100.00
|
BBB
|
887,930
|
|
|
|
Edwards University Project, Series 2016, 4.000%, 6/01/41
|
|
|
|
|
|
2,410
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital
|
11/21 at 100.00
|
AA– (13)
|
2,560,987
|
|
|
|
Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30
|
|
|
|
|
|
|
(Pre-refunded 11/15/21)
|
|
|
|
|
|
1,870
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital
|
9/23 at 100.00
|
A
|
1,988,595
|
|
|
|
Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43
|
|
|
|
|
|
|
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 (13)
|
217,892
|
|
|
2,675
|
5.500%, 8/15/45 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
N/R (13)
|
2,710,979
|
61
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Texas (continued)
|
|
|
|
|
|
$ 17,640
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital
|
5/26 at 100.00
|
AA–
|
$ 19,451,981
|
|
|
|
Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 (UB) (5)
|
|
|
|
|
|
4,300
|
Texas City Industrial Development Corporation, Texas, Industrial Development Revenue
|
2/25 at 100.00
|
Baa2
|
4,297,420
|
|
|
|
Bonds, NRG Energy, ink Project, Fixed Rate Series 2012, 4.125%, 12/01/45
|
|
|
|
|
|
4,000
|
Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds,
|
9/27 at 100.00
|
AA+
|
4,378,080
|
|
|
|
Series 2018A, 4.250%, 9/01/43
|
|
|
|
|
|
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds,
|
|
|
|
|
|
|
Series 2012:
|
|
|
|
|
|
2,500
|
5.000%, 12/15/26
|
12/22 at 100.00
|
BBB+
|
2,619,625
|
|
|
2,500
|
5.000%, 12/15/29
|
12/22 at 100.00
|
BBB+
|
2,604,500
|
|
|
4,355
|
5.000%, 12/15/30
|
12/22 at 100.00
|
BBB+
|
4,530,898
|
|
|
2,975
|
5.000%, 12/15/32
|
12/22 at 100.00
|
BBB+
|
3,077,251
|
|
|
3,150
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding
|
8/22 at 100.00
|
A3 (13)
|
3,450,604
|
|
|
|
First Tier Series 2012A, 5.000%, 8/15/41 (Pre-refunded 8/15/22)
|
|
|
|
|
|
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding
|
|
|
|
|
|
|
First Tier Series 2015B:
|
|
|
|
|
|
11,280
|
0.000%, 8/15/36
|
8/24 at 59.60
|
A3
|
5,633,119
|
|
|
10,000
|
0.000%, 8/15/37
|
8/24 at 56.94
|
A3
|
4,764,900
|
|
|
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding
|
|
|
|
|
|
|
Second Tier Series 2015C:
|
|
|
|
|
|
5,000
|
5.000%, 8/15/37
|
8/24 at 100.00
|
Baa1
|
5,190,650
|
|
|
31,810
|
5.000%, 8/15/42
|
8/24 at 100.00
|
Baa1
|
32,984,743
|
|
|
7,500
|
Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll
|
2/29 at 100.00
|
Baa3
|
7,648,425
|
|
|
|
Series 2019A, 5.000%, 8/01/57
|
|
|
|
|
|
4,400
|
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series
|
No Opt. Call
|
A3
|
3,911,028
|
|
|
|
2002A, 0.000%, 8/15/25 – AMBAC Insured
|
|
|
|
|
|
1,840
|
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue
|
11/20 at 100.00
|
AA–
|
1,882,780
|
|
|
|
Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
|
|
|
|
|
|
384,315
|
Total Texas
|
|
|
389,598,871
|
|
|
|
Virgin Islands – 0.1% (0.0% of Total Investments)
|
|
|
|
|
|
1,790
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding
|
10/22 at 100.00
|
A2
|
1,917,341
|
|
|
|
Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
|
|
|
|
|
|
Virginia – 1.9% (1.2% of Total Investments)
|
|
|
|
|
|
|
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds,
|
|
|
|
|
|
|
Series 2015:
|
|
|
|
|
|
1,200
|
5.300%, 3/01/35, 144A
|
3/25 at 100.00
|
N/R
|
1,090,740
|
|
|
1,085
|
5.600%, 3/01/45, 144A
|
3/25 at 100.00
|
N/R
|
970,250
|
|
|
11,380
|
Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads
|
1/28 at 100.00
|
AA
|
13,806,671
|
|
|
|
Transportation Fund Revenue Bonds, Senior Lien Series 2018A, 5.500%, 7/01/57
|
|
|
|
|
|
14,945
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
4/22 at 100.00
|
Baa1
|
15,281,412
|
|
|
|
Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A,
|
|
|
|
|
|
|
5.000%, 10/01/53
|
|
|
|
|
|
11,000
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
10/26 at 100.00
|
A3
|
13,539,570
|
|
|
|
Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%,
|
|
|
|
|
|
|
10/01/41 – AGC Insured
|
|
|
|
|
|
10,000
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
10/28 at 100.00
|
Baa1
|
12,111,700
|
|
|
|
Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44
|
|
|
|
|
|
2,000
|
Peninsula Town Center Community Development Authority, Virginia, Special Obligation
|
9/27 at 100.00
|
N/R
|
1,941,040
|
|
|
|
Bonds, Refunding Series 2018, 5.000%, 9/01/45, 144A
|
|
|
|
|
|
|
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion
|
|
|
|
|
|
|
Health System Obligated Group, Series 2005B:
|
|
|
|
|
|
15
|
5.000%, 7/01/38 (Pre-refunded 7/01/20)
|
7/20 at 100.00
|
Aa3 (13)
|
15,101
|
|
|
985
|
5.000%, 7/01/38
|
7/20 at 100.00
|
Aa3
|
991,698
|
62
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Virginia (continued)
|
|
|
|
|
|
$ 1,000
|
Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount
|
7/25 at 100.00
|
Ba2
|
$ 944,950
|
|
|
|
University Project, Green Series 2015B, 5.250%, 7/01/35, 144A
|
|
|
|
|
|
2,030
|
Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue
|
4/28 at 112.76
|
N/R
|
1,970,643
|
|
|
|
Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, 8.375%,
|
|
|
|
|
|
|
4/01/41, 144A
|
|
|
|
|
|
55,640
|
Total Virginia
|
|
|
62,663,775
|
|
|
|
Washington – 1.4% (0.9% of Total Investments)
|
|
|
|
|
|
5,000
|
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station,
|
7/25 at 100.00
|
AA–
|
5,716,950
|
|
|
|
Refunding Series 2015A, 5.000%, 7/01/38 (UB) (5)
|
|
|
|
|
|
5,750
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
|
1/21 at 100.00
|
A2
|
5,844,932
|
|
|
|
Research Center, Series 2011A, 5.625%, 1/01/35
|
|
|
|
|
|
1,250
|
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
AA–
|
1,671,363
|
|
|
|
Services, Tender Option Bond Trust 2015-XF0148, 17.352%, 10/01/44, 144A (IF) (5)
|
|
|
|
|
|
6,565
|
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital,
|
10/22 at 100.00
|
Aa2
|
6,909,269
|
|
|
|
Series 2012A, 5.000%, 10/01/42
|
|
|
|
|
|
|
Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds,
|
|
|
|
|
|
|
Presbyterian Retirement Communities Northwest Project, Refunding Series 2016A:
|
|
|
|
|
|
5,450
|
5.000%, 1/01/46, 144A
|
1/25 at 102.00
|
BB
|
4,664,546
|
|
|
3,650
|
5.000%, 1/01/51, 144A
|
1/25 at 102.00
|
BB
|
3,060,634
|
|
|
21,510
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C,
|
No Opt. Call
|
AA+
|
18,538,609
|
|
|
|
0.000%, 6/01/28 – NPFG Insured (UB) (5)
|
|
|
|
|
|
49,175
|
Total Washington
|
|
|
46,406,303
|
|
|
|
West Virginia – 1.7% (1.0% of Total Investments)
|
|
|
|
|
|
1,900
|
Monongalia County Commission, West Virginia, Special District Excise Tax Revenue,
|
6/27 at 100.00
|
N/R
|
1,864,869
|
|
|
|
University Town Centre Economic Opportunity Development District, Refunding & Improvement
|
|
|
|
|
|
|
Series 2017A, 5.500%, 6/01/37, 144A
|
|
|
|
|
|
10,000
|
West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A,
|
6/20 at 100.00
|
A1 (13)
|
10,048,300
|
|
|
|
5.000%, 6/15/40 (Pre-refunded 6/15/20)
|
|
|
|
|
|
40,855
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United
|
6/23 at 100.00
|
A
|
43,230,310
|
|
|
|
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
|
|
|
|
|
|
52,755
|
Total West Virginia
|
|
|
55,143,479
|
|
|
|
Wisconsin – 4.3% (2.6% 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, 144A
|
2/26 at 100.00
|
N/R
|
1,628,812
|
|
|
305
|
5.125%, 2/01/46, 144A
|
2/26 at 100.00
|
N/R
|
270,566
|
|
|
1,715
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community
|
6/26 at 100.00
|
N/R
|
1,435,043
|
|
|
|
School Bonds, North Carolina, Series 2019A, 5.000%, 6/15/49, 144A
|
|
|
|
|
|
500
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community
|
6/24 at 100.00
|
N/R
|
429,830
|
|
|
|
School, North Carolina, Series 2017A, 5.125%, 6/15/47, 144A
|
|
|
|
|
|
1,480
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science
|
5/26 at 100.00
|
N/R
|
1,381,166
|
|
|
|
Academy Project, Series 2016A, 5.125%, 5/01/36, 144A
|
|
|
|
|
|
6,000
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Phoenix Academy
|
6/24 at 100.00
|
N/R
|
5,200,140
|
|
|
|
Charter School, North Carolina, Series 2017A, 5.625%, 6/15/37, 144A
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter
|
|
|
|
|
|
|
Academy, North Carolina, Series 2017A:
|
|
|
|
|
|
1,000
|
5.500%, 6/15/37, 144A
|
6/27 at 100.00
|
N/R
|
840,670
|
|
|
1,790
|
5.625%, 6/15/47, 144A
|
6/27 at 100.00
|
N/R
|
1,481,458
|
|
|
35,100
|
Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American
|
12/27 at 100.00
|
N/R
|
32,924,151
|
|
|
|
Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A
|
|
|
|
|
|
1,700
|
Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center,
|
10/27 at 100.00
|
N/R
|
1,842,834
|
|
|
|
Senior Series 2017A, 7.000%, 10/01/47, 144A
|
|
|
|
63
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited) |
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Wisconsin (continued)
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc.,
|
|
|
|
|
|
|
Series 2017A:
|
|
|
|
|
|
$ 1,575
|
5.000%, 12/01/27
|
No Opt. Call
|
BBB–
|
$ 1,707,993
|
|
|
1,815
|
5.200%, 12/01/37
|
12/27 at 100.00
|
BBB–
|
1,844,693
|
|
|
|
Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health
|
|
|
|
|
|
|
Sciences, Series 2020:
|
|
|
|
|
|
1,300
|
5.000%, 4/01/40, 144A
|
4/30 at 100.00
|
BB
|
1,209,988
|
|
|
4,765
|
5.000%, 4/01/50, 144A
|
4/30 at 100.00
|
BB
|
4,231,844
|
|
|
|
Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter
|
|
|
|
|
|
|
School, Series 2018A:
|
|
|
|
|
|
4,050
|
5.000%, 6/15/38, 144A
|
6/26 at 100.00
|
BBB–
|
4,233,951
|
|
|
1,575
|
5.000%, 6/15/48, 144A
|
6/26 at 100.00
|
BBB–
|
1,624,959
|
|
|
2,500
|
Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project,
|
5/26 at 100.00
|
BBB–
|
2,236,050
|
|
|
|
Refunding Series 2016C, 4.050%, 11/01/30
|
|
|
|
|
|
8,460
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health
|
7/21 at 100.00
|
Aa3 (13)
|
8,885,538
|
|
|
|
Care, Inc., Series 2012A, 5.000%, 7/15/25 (Pre-refunded 7/15/21)
|
|
|
|
|
|
6,620
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health
|
10/22 at 100.00
|
AA
|
6,920,482
|
|
|
|
Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42
|
|
|
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,
|
|
|
|
|
|
|
Series 2012B:
|
|
|
|
|
|
3,495
|
4.500%, 2/15/40
|
2/22 at 100.00
|
A–
|
3,563,467
|
|
|
1,485
|
5.000%, 2/15/40
|
2/22 at 100.00
|
A–
|
1,528,377
|
|
|
|
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
|
11,461,340
|
|
|
1,500
|
5.000%, 6/01/39
|
6/22 at 100.00
|
A3
|
1,551,420
|
|
|
1,250
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital,
|
5/21 at 100.00
|
N/R (13)
|
1,312,013
|
|
|
|
Inc., Series 2011A, 5.750%, 5/01/35 (Pre-refunded 5/01/21)
|
|
|
|
|
|
1,450
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rocket Education
|
6/26 at 100.00
|
N/R
|
1,352,806
|
|
|
|
Obligated Group, Series 2017C, 5.250%, 6/01/40, 144A
|
|
|
|
|
|
16,190
|
Wisconsin Health and Educational Facilities Authority, Revenues Bonds, Gundersen
|
10/21 at 100.00
|
A1
|
16,404,032
|
|
|
|
Lutheran, Series 2011A, 5.250%, 10/15/39
|
|
|
|
|
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds,
|
8/24 at 103.00
|
N/R
|
846,890
|
|
|
|
American Baptist Homes of the Midwest Obligated Group, Refunding Series 2017,
|
|
|
|
|
|
|
5.000%, 8/01/37
|
|
|
|
|
|
2,500
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Aurora
|
4/23 at 100.00
|
Aa3 (13)
|
2,800,300
|
|
|
|
Health Care, Inc., Series 2013A, 5.125%, 4/15/31 (Pre-refunded 4/15/23)
|
|
|
|
|
|
|
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
|
1,008,330
|
|
|
1,500
|
5.500%, 10/01/49
|
10/22 at 102.00
|
N/R
|
1,518,630
|
|
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers
|
7/24 at 100.00
|
A
|
1,076,240
|
|
|
|
Memorial Hospital, Inc., Series 2014A, 5.000%, 7/01/34
|
|
|
|
|
|
2,850
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint
|
11/26 at 103.00
|
N/R
|
2,365,500
|
|
|
|
Camillus Health System Inc., Series 2019A, 5.000%, 11/01/54
|
|
|
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint
|
|
|
|
|
|
|
John’s Communities Inc., Series 2015B:
|
|
|
|
|
|
550
|
5.000%, 9/15/37
|
9/22 at 100.00
|
BBB–
|
522,401
|
|
|
1,350
|
5.000%, 9/15/45
|
9/22 at 100.00
|
BBB–
|
1,222,263
|
|
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Three
|
8/23 at 100.00
|
A
|
1,056,430
|
|
|
|
Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/33
|
|
|
|
64
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Wisconsin (continued)
|
|
|
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds,
|
|
|
|
|
|
|
Woodland Hills Senior Housing Project, Series 2014:
|
|
|
|
|
|
$ 2,565
|
5.000%, 12/01/44
|
12/22 at 102.00
|
N/R
|
$ 2,508,108
|
|
|
1,775
|
5.250%, 12/01/49
|
12/22 at 102.00
|
N/R
|
1,776,349
|
|
|
|
Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2019A:
|
|
|
|
|
|
2,800
|
3.150%, 11/01/44
|
11/28 at 100.00
|
Aa3
|
2,827,328
|
|
|
4,000
|
3.200%, 11/01/49
|
11/28 at 100.00
|
Aa3
|
4,017,560
|
|
|
144,260
|
Total Wisconsin
|
|
|
141,049,952
|
|
|
|
Wyoming – 0.1% (0.0% of Total Investments)
|
|
|
|
|
|
|
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
|
A–
|
1,049,840
|
|
|
1,000
|
6.000%, 12/01/36
|
12/21 at 100.00
|
A–
|
1,046,990
|
|
|
2,000
|
Total Wyoming
|
|
|
2,096,830
|
|
|
$ 5,839,044
|
Total Municipal Bonds (cost $5,110,525,011)
|
|
|
5,284,251,439
|
|
Shares
|
Description (1)
|
|
|
Value
|
|
|
|
COMMON STOCKS – 0.7% (0.4% of Total Investments)
|
|
|
|
|
|
|
Electric Utilities – 0.7% (0.4% of Total Investments)
|
|
|
|
|
|
672,807
|
Energy Harbor Corp (8), (14)
|
|
|
$ 21,193,420
|
|
|
|
Total Common Stocks (cost $8,651,268)
|
|
|
21,193,420
|
|
|
|
Total Long-Term Investments (cost $5,119,176,279)
|
|
|
5,305,444,859
|
|
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)
|
|
|
|
|
|
|
North Carolina – 0.4% (0.3% of Total Investments)
|
|
|
|
|
|
$ 14,300
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, Doing
|
4/20 at 100.00
|
VMIG1
|
$ 14,300,000
|
|
|
|
Business as Atrium Health, Variable Rate Demand Obligations, Series 2018F, 0.200%, 1/15/48 (9)
|
|
|
|
|
|
$ 14,300
|
Total Short-Term Investments (cost $14,300,000)
|
|
|
14,300,000
|
|
|
|
Total Investments (cost $5,133,476,279) – 162.1%
|
|
|
5,319,744,859
|
|
|
|
Floating Rate Obligations – (5.8)%
|
|
|
(191,570,000)
|
|
|
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (3.4)% (10)
|
|
|
(111,907,742)
|
|
|
|
MuniFund Term Preferred Shares, net of deferred offering costs – (12.3)% (11)
|
|
|
(403,883,992)
|
|
|
|
Variable Rate Demand Preferred Shares, net of deferred offering costs – (42.9)% (12)
|
|
|
(1,407,966,653)
|
|
|
|
Other Assets Less Liabilities – 2.3%
|
|
|
76,806,079
|
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 3,281,222,551
|
65
|
NVG
|
Nuveen AMT-Free Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
(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)
|
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
|
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(6)
|
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 3 - Investment Valuation and Fair Value Measurements for more information.
|
|
(7)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the
|
|
|
end of the reporting period.
|
|
(8)
|
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value
|
|
|
Measurements for more information.
|
|
(9)
|
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as
|
|
|
the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified
|
|
|
market index.
|
|
(10)
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 2.1%.
|
|
(11)
|
MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 7.6%.
|
|
(12)
|
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 26.5%.
|
|
(13)
|
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.
|
|
(14)
|
Common Stock received as part of the bankruptcy settlements for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds,
|
|
|
FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
|
|
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control
|
|
|
Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35, Ohio Air Quality Development Authority, Ohio, Air Quality Development
|
|
|
Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue
|
|
|
Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue
|
|
|
Bonds, FirstEnergy Nuclear Generation Corporation Project, Refunding Series 2010B, 3.750%, 6/01/33, Ohio Air Quality Development Authority, Ohio, Pollution Control
|
|
|
Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2006B, 3.125%, 1/01/34, Ohio Water Development Authority, Pollution Control Revenue Refunding
|
|
|
Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33, Ohio Water Development Authority, Pollution Control Revenue Refunding
|
|
|
Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010C, 4.000%, 6/01/33.
|
|
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 regis-
|
|
|
tration, which are normally those transactions with qualified institutional buyers.
|
|
ETM
|
Escrowed to maturity.
|
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association
|
|
|
(SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in
|
|
|
Derivatives for more information.
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
|
See accompanying notes to financial statements
|
66
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
LONG-TERM INVESTMENTS – 161.0% (98.5% of Total Investments)
|
|
|
|
|
|
|
MUNICIPAL BONDS – 159.1% (97.4% of Total Investments)
|
|
|
|
|
|
|
Alabama – 1.2% (0.7% of Total Investments)
|
|
|
|
|
|
$ 8,585
|
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds,
|
9/25 at 100.00
|
N/R
|
$ 8,607,407
|
|
|
|
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A
|
|
|
|
|
|
6,710
|
Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds,
|
6/20 at 100.00
|
N/R (13)
|
7,164,602
|
|
|
|
Daughters of Charity National Health System – Providence Hospital and St Vincent’s Hospital,
|
|
|
|
|
|
|
Series 1995, 5.000%, 11/01/25 (ETM)
|
|
|
|
|
|
5,835
|
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A,
|
No Opt. Call
|
A3
|
7,283,772
|
|
|
|
5.000%, 9/01/46
|
|
|
|
|
|
2,375
|
Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds,
|
6/20 at 100.00
|
BBB
|
2,378,634
|
|
|
|
International Paper Company Project, Series 2010A, 5.800%, 5/01/34
|
|
|
|
|
|
23,505
|
Total Alabama
|
|
|
25,434,415
|
|
|
|
Alaska – 0.3% (0.2% of Total Investments)
|
|
|
|
|
|
|
Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham
|
|
|
|
|
|
|
Hydroelectric Project, Refunding Series 2015:
|
|
|
|
|
|
1,000
|
5.000%, 1/01/31 (AMT)
|
7/25 at 100.00
|
Baa2
|
1,078,780
|
|
|
2,950
|
5.000%, 1/01/33 (AMT)
|
7/25 at 100.00
|
Baa2
|
3,152,400
|
|
|
2,900
|
5.000%, 1/01/34 (AMT)
|
7/25 at 100.00
|
Baa2
|
3,088,152
|
|
|
95
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed
|
5/20 at 100.00
|
A2
|
95,200
|
|
|
|
Bonds, Series 2006A, 4.625%, 6/01/23
|
|
|
|
|
|
6,945
|
Total Alaska
|
|
|
7,414,532
|
|
|
|
Arizona – 2.4% (1.5% of Total Investments)
|
|
|
|
|
|
1,300
|
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue
|
3/22 at 100.00
|
A–
|
1,329,757
|
|
|
|
Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
|
|
|
|
|
|
2,820
|
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals
|
12/24 at 100.00
|
A2
|
3,023,294
|
|
|
|
Project, Refunding Series 2014A, 5.000%, 12/01/39
|
|
|
|
|
|
10,450
|
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility
|
7/22 at 100.00
|
A
|
11,110,544
|
|
|
|
Project, Refunding Senior Series 2012A, 5.000%, 7/01/30
|
|
|
|
|
|
2,255
|
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds,
|
7/27 at 100.00
|
N/R
|
1,747,805
|
|
|
|
Series 2017A, 7.000%, 7/01/41, 144A (4)
|
|
|
|
|
|
3,185
|
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds,
|
7/25 at 100.00
|
N/R
|
3,314,789
|
|
|
|
Series 2015, 5.000%, 7/15/39, 144A
|
|
|
|
|
|
1,750
|
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds,
|
9/28 at 100.00
|
A2
|
1,947,173
|
|
|
|
HonorHealth, Series 2019A, 5.000%, 9/01/42
|
|
|
|
|
|
4,500
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien
|
7/20 at 100.00
|
A+ (13)
|
4,530,600
|
|
|
|
Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20)
|
|
|
|
|
|
|
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa
|
|
|
|
|
|
|
Project, Series 2012:
|
|
|
|
|
|
400
|
5.000%, 7/01/27 (AMT)
|
7/22 at 100.00
|
A1
|
424,236
|
|
|
950
|
5.000%, 7/01/32 (AMT)
|
7/22 at 100.00
|
A1
|
1,006,734
|
|
|
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
|
|
|
|
|
|
Edkey Charter Schools Project, Refunding Series 2013:
|
|
|
|
|
|
335
|
6.000%, 7/01/33
|
7/20 at 102.00
|
BB–
|
333,784
|
|
|
365
|
6.000%, 7/01/43
|
7/20 at 102.00
|
BB–
|
345,695
|
|
|
205
|
6.000%, 7/01/48
|
7/20 at 102.00
|
BB–
|
191,271
|
|
|
1,390
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/20 at 102.00
|
BB–
|
1,420,385
|
|
|
|
Edkey Charter Schools Project, Series 2014A, 7.375%, 7/01/49
|
|
|
|
67
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Arizona (continued)
|
|
|
|
|
|
|
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–
|
$ 1,533,028
|
|
|
2,140
|
5.500%, 7/01/51
|
7/26 at 100.00
|
BB–
|
1,836,719
|
|
|
595
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
2/24 at 100.00
|
N/R
|
592,650
|
|
|
|
San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A
|
|
|
|
|
|
2,060
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
2/28 at 100.00
|
N/R
|
2,080,703
|
|
|
|
San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A
|
|
|
|
|
|
865
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah
|
7/20 at 102.00
|
BB–
|
884,047
|
|
|
|
Webster Schools ? Pima Project, Series 2014A, 7.250%, 7/01/39
|
|
|
|
|
|
3,710
|
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding
|
7/21 at 100.00
|
A+ (13)
|
3,905,703
|
|
|
|
Series 2011, 5.250%, 7/01/41 (Pre-refunded 7/01/21)
|
|
|
|
|
|
7,235
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy
|
No Opt. Call
|
BBB+
|
8,830,100
|
|
|
|
Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
|
|
|
|
|
48,300
|
Total Arizona
|
|
|
50,389,017
|
|
|
|
California – 24.8% (15.2% of Total Investments)
|
|
|
|
|
|
2,000
|
ABC Unified School District, Los Angeles County, California, General Obligation Bonds,
|
No Opt. Call
|
AA–
|
1,908,480
|
|
|
|
Series 2000B, 0.000%, 8/01/23 – FGIC Insured
|
|
|
|
|
|
4,225
|
Alameda Unified School District, Alameda County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
3,635,021
|
|
|
|
Series 2005B, 0.000%, 8/01/28 – AGM Insured
|
|
|
|
|
|
535
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A,
|
3/26 at 100.00
|
Ba3
|
534,583
|
|
|
|
5.000%, 3/01/41
|
|
|
|
|
|
1,900
|
Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds,
|
11/25 at 100.00
|
N/R
|
2,036,800
|
|
|
|
Redevelopment Project 1, Refunding Series 2015, 5.000%, 5/01/38
|
|
|
|
|
|
|
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
|
2,957,262
|
|
|
6,410
|
0.000%, 8/01/34 – FGIC Insured
|
No Opt. Call
|
A3
|
4,302,584
|
|
|
1,515
|
California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel
|
4/29 at 100.00
|
N/R
|
1,441,629
|
|
|
|
Apartments, Series 2019A, 5.000%, 4/01/49, 144A
|
|
|
|
|
|
1,295
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
5/20 at 100.00
|
N/R
|
1,200,348
|
|
|
|
Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/36
|
|
|
|
|
|
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
|
|
|
|
|
|
Los Angeles County Securitization Corporation, Series 2006A:
|
|
|
|
|
|
3,280
|
5.450%, 6/01/28
|
5/20 at 100.00
|
B2
|
3,280,361
|
|
|
13,500
|
5.600%, 6/01/36
|
5/20 at 100.00
|
B2
|
13,501,485
|
|
|
12,025
|
5.650%, 6/01/41
|
5/20 at 100.00
|
B2
|
12,026,323
|
|
|
200
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
6/20 at 100.00
|
A2
|
200,054
|
|
|
|
Merced County Tobacco Funding Corporation, Series 2005A, 5.000%, 6/01/26
|
|
|
|
|
|
|
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–
|
4,179,917
|
|
|
710
|
5.000%, 7/01/37
|
7/23 at 100.00
|
AA–
|
766,480
|
|
|
825
|
California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa
|
7/25 at 100.00
|
BB+
|
813,186
|
|
|
|
Academy Project, Series 2015, 5.375%, 7/01/45, 144A
|
|
|
|
|
|
1,310
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/20 at 100.00
|
N/R (13)
|
1,331,065
|
|
|
|
Series 2010A, 6.400%, 8/15/45 (Pre-refunded 8/15/20)
|
|
|
|
|
|
1,795
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San
|
1/29 at 100.00
|
Baa3
|
1,900,905
|
|
|
|
Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%,
|
|
|
|
|
|
|
7/01/39, 144A
|
|
|
|
|
|
2,000
|
California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep –
|
6/26 at 100.00
|
N/R
|
1,802,480
|
|
|
|
Obligated Group, Series 2016, 5.000%, 6/01/51, 144A
|
|
|
|
|
|
2,000
|
California State Public Works Board, Lease Revenue Bonds, Judicial Council of
|
3/23 at 100.00
|
A+
|
2,153,740
|
|
|
|
California, Various Projects Series 2013A, 5.000%, 3/01/38
|
|
|
|
68
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
California (continued)
|
|
|
|
|
|
$ 4,500
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects,
|
10/21 at 100.00
|
A+
|
$ 4,731,435
|
|
|
|
Series 2011A, 5.125%, 10/01/31
|
|
|
|
|
|
8,500
|
California State, General Obligation Bonds, Various Purpose Series 2010,
|
11/20 at 100.00
|
AA–
|
8,656,825
|
|
|
|
5.250%, 11/01/40
|
|
|
|
|
|
3,000
|
California State, General Obligation Bonds, Various Purpose Series 2011,
|
10/21 at 100.00
|
AA–
|
3,177,300
|
|
|
|
5.250%, 10/01/32
|
|
|
|
|
|
10,000
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
12/24 at 100.00
|
BB–
|
10,194,900
|
|
|
|
Linda University Medical Center, Series 2014A, 5.500%, 12/01/54
|
|
|
|
|
|
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
|
|
|
|
|
|
Linda University Medical Center, Series 2016A:
|
|
|
|
|
|
2,250
|
5.000%, 12/01/41, 144A
|
6/26 at 100.00
|
BB–
|
2,246,917
|
|
|
17,155
|
5.000%, 12/01/46, 144A
|
6/26 at 100.00
|
BB–
|
16,863,365
|
|
|
7,335
|
5.250%, 12/01/56, 144A
|
6/26 at 100.00
|
BB–
|
7,341,895
|
|
|
27,545
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
6/28 at 100.00
|
BB–
|
27,954,319
|
|
|
|
Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A
|
|
|
|
|
|
1,000
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of
|
6/20 at 100.00
|
N/R
|
841,220
|
|
|
|
Charity Health System, Series 2005A, 5.500%, 7/01/39 (5)
|
|
|
|
|
|
675
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of
|
6/20 at 100.00
|
N/R
|
567,823
|
|
|
|
Charity Health System, Series 2005H, 5.750%, 7/01/25 (5)
|
|
|
|
|
|
9,955
|
Capistrano Unified School District, Orange County, California, Special Tax Bonds,
|
No Opt. Call
|
Baa2
|
7,367,895
|
|
|
|
Community Facilities District 98-2, Series 2005, 0.000%, 9/01/31 – FGIC Insured
|
|
|
|
|
|
|
Clovis Unified School District, Fresno County, California, General Obligation Bonds,
|
|
|
|
|
|
|
Election 2012 Series 2013B:
|
|
|
|
|
|
1,135
|
5.000%, 8/01/38 (Pre-refunded 8/01/23)
|
8/23 at 100.00
|
AA (13)
|
1,289,576
|
|
|
1,865
|
5.000%, 8/01/38 (Pre-refunded 8/01/23)
|
8/23 at 100.00
|
N/R (13)
|
2,109,371
|
|
|
4,000
|
Coast Community College District, Orange County, California, General Obligation Bonds,
|
No Opt. Call
|
AA+
|
3,900,280
|
|
|
|
Series 2005, 0.000%, 8/01/22 – NPFG Insured
|
|
|
|
|
|
3,795
|
Colton Joint Unified School District, San Bernardino County, California, General
|
No Opt. Call
|
A+
|
2,354,684
|
|
|
|
Obligation Bonds, Series 2006C, 0.000%, 2/01/37 – FGIC Insured
|
|
|
|
|
|
1,780
|
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage
|
No Opt. Call
|
AA+ (13)
|
1,886,693
|
|
|
|
Revenue Bonds, Series 1989, 7.750%, 5/01/22 (AMT) (ETM)
|
|
|
|
|
|
1,320
|
Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015,
|
9/25 at 100.00
|
N/R
|
1,407,160
|
|
|
|
5.000%, 9/01/40
|
|
|
|
|
|
5,000
|
Escondido Union School District, San Diego County, California, General Obligation Bonds,
|
8/27 at 100.00
|
Aa2
|
5,320,600
|
|
|
|
Election 2014 Series 2018B, 4.000%, 8/01/47
|
|
|
|
|
|
2,510
|
Folsom Cordova Unified School District, Sacramento County, California, General
|
No Opt. Call
|
AA–
|
2,122,029
|
|
|
|
Obligation Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%,
|
|
|
|
|
|
|
10/01/28 – NPFG Insured
|
|
|
|
|
|
3,360
|
Folsom Cordova Unified School District, Sacramento County, California, General
|
No Opt. Call
|
AA–
|
2,968,795
|
|
|
|
Obligation Bonds, School Facilities Improvement District 2, Series 2002A, 0.000%, 7/01/27 –
|
|
|
|
|
|
|
NPFG Insured
|
|
|
|
|
|
3,725
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
No Opt. Call
|
BBB
|
2,503,982
|
|
|
|
Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured
|
|
|
|
|
|
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
|
|
|
|
|
|
Refunding Series 2013A:
|
|
|
|
|
|
3,000
|
0.000%, 1/15/26 (6)
|
No Opt. Call
|
Baa2
|
2,735,910
|
|
|
1,560
|
5.750%, 1/15/46
|
1/24 at 100.00
|
Baa2
|
1,679,574
|
|
|
3,560
|
6.000%, 1/15/49 (Pre-refunded 1/15/24)
|
1/24 at 100.00
|
Baa2 (13)
|
4,225,862
|
|
|
4,505
|
Foothill-De Anza Community College District, Santa Clara County, California, Election of
|
No Opt. Call
|
AAA
|
3,596,206
|
|
|
|
1999 General Obligation Bonds, Series A, 0.000%, 8/01/30 – NPFG Insured
|
|
|
|
|
|
5,855
|
Fremont Union High School District, Santa Clara County, California, General Obligation
|
8/27 at 100.00
|
AAA
|
6,304,547
|
|
|
|
Bonds, Refunding Series 2017A, 4.000%, 8/01/46
|
|
|
|
|
|
2,315
|
Gateway Unified School District, California, General Obligation Bonds, Series 2004B,
|
No Opt. Call
|
A+
|
1,704,581
|
|
|
|
0.000%, 8/01/32 – FGIC Insured
|
|
|
|
69
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
California (continued)
|
|
|
|
|
|
$ 1,000
|
Gavilan Joint Community College District, Santa Clara and San Benito Counties,
|
8/21 at 100.00
|
AA (13)
|
$ 1,064,120
|
|
|
|
California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35
|
|
|
|
|
|
|
(Pre-refunded 8/01/21)
|
|
|
|
|
|
8,495
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
6/25 at 100.00
|
A+
|
9,368,116
|
|
|
|
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45
|
|
|
|
|
|
3,170
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
No Opt. Call
|
Aa3
|
2,830,620
|
|
|
|
Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured
|
|
|
|
|
|
8,550
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
8,389,089
|
|
|
|
Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47
|
|
|
|
|
|
500
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
487,380
|
|
|
|
Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47
|
|
|
|
|
|
7,150
|
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B,
|
7/21 at 100.00
|
Aaa
|
7,611,532
|
|
|
|
6.125%, 7/15/40 (Pre-refunded 7/15/21)
|
|
|
|
|
|
3,190
|
Hillsborough City School District, San Mateo County, California, General Obligation
|
No Opt. Call
|
AAA
|
2,862,164
|
|
|
|
Bonds, Series 2006B, 0.000%, 9/01/27
|
|
|
|
|
|
5,000
|
Huntington Beach Union High School District, Orange County, California, General
|
No Opt. Call
|
Aa2
|
3,720,600
|
|
|
|
Obligation Bonds, Series 2005, 0.000%, 8/01/31 – NPFG Insured
|
|
|
|
|
|
2,500
|
Huntington Beach Union High School District, Orange County, California, General
|
No Opt. Call
|
AA–
|
1,786,025
|
|
|
|
Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured
|
|
|
|
|
|
14,565
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/28 at 100.00
|
AA–
|
16,225,556
|
|
|
|
Airport, Subordinate Lien Series 2018A, 5.000%, 5/15/44 (AMT)
|
|
|
|
|
|
2,750
|
Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Bonds,
|
1/22 at 100.00
|
A
|
2,861,897
|
|
|
|
LAXFUEL Corporation at Los Angeles International Airport, Refunding Series 2012, 4.500%,
|
|
|
|
|
|
|
1/01/27 (AMT)
|
|
|
|
|
|
2,000
|
Martinez Unified School District, Contra Costa County, California, General Obligation
|
8/24 at 100.00
|
AA
|
2,354,580
|
|
|
|
Bonds, Series 2011, 5.875%, 8/01/31
|
|
|
|
|
|
1,000
|
Mendocino-Lake Community College District, Mendocino and Lake Counties, California,
|
8/26 at 100.00
|
A1
|
1,231,270
|
|
|
|
General Obligation Bonds, Election 2006, Series 2011B, 5.600%, 8/01/31 – AGM Insured
|
|
|
|
|
|
10,000
|
Milpitas Municipal Financing Authority, California, Wastewater Revenue Bonds, Series
|
11/29 at 100.00
|
AA+
|
10,923,800
|
|
|
|
2019, 4.000%, 11/01/49
|
|
|
|
|
|
2,335
|
Morongo Band of Mission Indians, California, Enterprise Revenue Bonds, Series 2018A, 5.000%,
|
10/28 at 100.00
|
BBB–
|
2,059,633
|
|
|
|
10/01/42, 144A
|
|
|
|
|
|
|
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)
|
2/28 at 100.00
|
AA
|
1,135,091
|
|
|
2,320
|
0.000%, 8/01/43 (6)
|
8/35 at 100.00
|
AA
|
2,275,433
|
|
|
5,420
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts,
|
No Opt. Call
|
BBB+
|
7,773,798
|
|
|
|
Series 2009B, 6.500%, 11/01/39
|
|
|
|
|
|
|
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+
|
3,807,000
|
|
|
2,200
|
6.500%, 11/01/39
|
No Opt. Call
|
BBB+
|
3,155,416
|
|
|
|
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+
|
7,163,074
|
|
|
4,180
|
0.000%, 8/01/26 – FGIC Insured
|
No Opt. Call
|
AA+
|
3,777,006
|
|
|
10,885
|
Norwalk La Mirada Unified School District, Los Angeles County, California, General
|
No Opt. Call
|
A+
|
9,981,110
|
|
|
|
Obligation Bonds, Election 2002 Series 2005B, 0.000%, 8/01/25 – FGIC Insured
|
|
|
|
|
|
405
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series
|
11/20 at 100.00
|
Ba1 (13)
|
413,805
|
|
|
|
2010, 5.250%, 11/01/21 (Pre-refunded 11/01/20)
|
|
|
|
|
|
6,000
|
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation,
|
No Opt. Call
|
BBB–
|
5,563,080
|
|
|
|
Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured
|
|
|
|
|
|
12,210
|
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital
|
8/30 at 100.00
|
BBB–
|
16,280,326
|
|
|
|
Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/40 (6)
|
|
|
|
70
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
California (continued)
|
|
|
|
|
|
$ 5,000
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%,
|
8/29 at 100.00
|
BBB–
|
$ 6,908,350
|
|
|
|
8/01/38 – AGC Insured
|
|
|
|
|
|
1,750
|
Paramount Unified School District, Los Angeles County, California, General Obligation
|
No Opt. Call
|
Aa3
|
1,675,362
|
|
|
|
Bonds, Series 2001B, 0.000%, 9/01/23 – AGM Insured
|
|
|
|
|
|
9,315
|
Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage
|
No Opt. Call
|
AA+ (13)
|
10,843,219
|
|
|
|
Revenue Bonds, Series 1989A, 7.600%, 1/01/23 (AMT) (ETM)
|
|
|
|
|
|
2,500
|
Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011,
|
5/21 at 100.00
|
AA+ (13)
|
2,611,750
|
|
|
|
5.500%, 5/01/32 (Pre-refunded 5/01/21)
|
|
|
|
|
|
3,850
|
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates
|
10/21 at 100.00
|
A2
|
4,110,414
|
|
|
|
of Participation, Refunding Series 2011, 6.250%, 10/01/28 – AGM Insured
|
|
|
|
|
|
3,200
|
Redlands Unified School District, San Bernardino County, California, General Obligation
|
No Opt. Call
|
A2
|
2,799,488
|
|
|
|
Bonds, Series 2003, 0.000%, 7/01/27 – AGM Insured
|
|
|
|
|
|
2,000
|
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax
|
6/20 at 100.00
|
N/R (13)
|
2,017,300
|
|
|
|
Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37 (Pre-refunded 6/30/20)
|
|
|
|
|
|
205
|
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds,
|
6/23 at 100.00
|
BBB+
|
216,736
|
|
|
|
Series 2013A, 5.750%, 6/01/44
|
|
|
|
|
|
2,755
|
Sacramento City Unified School District, Sacramento County, California, General
|
No Opt. Call
|
BBB+
|
2,499,529
|
|
|
|
Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured
|
|
|
|
|
|
3,550
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series
|
12/21 at 100.00
|
BB
|
3,787,601
|
|
|
|
2011, 7.500%, 12/01/41
|
|
|
|
|
|
165
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District
|
9/25 at 100.00
|
N/R
|
176,060
|
|
|
|
2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
|
|
|
|
|
3,000
|
San Diego Community College District, California, General Obligation Bonds, Tender
|
8/21 at 100.00
|
AAA
|
3,493,680
|
|
|
|
Option Bond Trust 2016-XG0053, 13.465%, 8/01/41, 144A (IF) (7)
|
|
|
|
|
|
50,510
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/28 at 100.00
|
A+
|
56,202,477
|
|
|
|
International Airport, Second Series 2018D, 5.000%, 5/01/48 (AMT)
|
|
|
|
|
|
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
|
|
|
|
|
|
International Airport, Second Series 2019A:
|
|
|
|
|
|
1,000
|
5.000%, 5/01/44 (AMT)
|
5/29 at 100.00
|
A+
|
1,129,950
|
|
|
22,975
|
5.000%, 5/01/49 (AMT)
|
5/29 at 100.00
|
A+
|
25,782,775
|
|
|
2,700
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road
|
1/25 at 100.00
|
BBB–
|
2,845,422
|
|
|
|
Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44
|
|
|
|
|
|
|
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
|
7,018,651
|
|
|
3,160
|
5.000%, 1/15/50
|
1/25 at 100.00
|
BBB
|
3,334,084
|
|
|
7,205
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road
|
No Opt. Call
|
Baa2
|
6,619,017
|
|
|
|
Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured
|
|
|
|
|
|
9,750
|
San Luis Obispo County Community College District, California, General Obligation Bonds,
|
8/28 at 100.00
|
AA–
|
10,620,772
|
|
|
|
Election of 2014 Series 2018B, 4.000%, 8/01/43
|
|
|
|
|
|
5,760
|
San Ysidro School District, San Diego County, California, General Obligation Bonds,
|
8/25 at 34.92
|
A2
|
1,777,766
|
|
|
|
Refunding Series 2015, 0.000%, 8/01/45
|
|
|
|
|
|
5,520
|
Silicon Valley Clean Water, Mateo County, California, Wastewater Revenue Bonds, Series
|
2/28 at 100.00
|
AA
|
6,026,350
|
|
|
|
2018, 4.000%, 8/01/42
|
|
|
|
|
|
|
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement
|
|
|
|
|
|
|
Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A:
|
|
|
|
|
|
7,500
|
0.000%, 6/01/36
|
6/20 at 41.17
|
N/R
|
3,038,775
|
|
|
37,555
|
0.000%, 6/01/47
|
6/20 at 21.93
|
N/R
|
7,550,433
|
|
|
1,820
|
Southwestern Community College District, San Diego County, California, General
|
8/27 at 100.00
|
AA–
|
1,977,157
|
|
|
|
Obligation Bonds, Election of 2016, Series 2017A, 4.000%, 8/01/42
|
|
|
|
|
|
1,800
|
Walnut Valley Unified School District, Los Angeles County, California, General
|
No Opt. Call
|
AA–
|
1,576,260
|
|
|
|
Obligation Bonds, Election 2000 Series 2003D, 0.000%, 8/01/27 – FGIC Insured
|
|
|
|
71
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
California (continued)
|
|
|
|
|
|
|
Wiseburn School District, Los Angeles County, California, General Obligation Bonds,
|
|
|
|
|
|
|
Series 2011B:
|
|
|
|
|
|
$ 4,005
|
0.000%, 8/01/36 – AGM Insured (6)
|
8/31 at 100.00
|
AA
|
$ 4,134,442
|
|
|
3,900
|
5.625%, 5/01/41 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 100.00
|
AA (13)
|
4,141,527
|
|
|
3,000
|
Yuba Community College District, California, General Obligation Bonds, Election 2006
|
8/21 at 100.00
|
Aa2 (13)
|
3,173,820
|
|
|
|
Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21)
|
|
|
|
|
|
544,005
|
Total California
|
|
|
519,217,135
|
|
|
|
Colorado – 6.7% (4.1% of Total Investments)
|
|
|
|
|
|
1,250
|
Adams County School District 1, Mapleton Public Schools, Colorado, General Obligation
|
12/20 at 100.00
|
Aa2 (13)
|
1,290,250
|
|
|
|
Bonds, Series 2010, 6.250%, 12/01/35 (Pre-refunded 12/01/20)
|
|
|
|
|
|
1,500
|
Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series
|
12/25 at 100.00
|
A3
|
1,742,955
|
|
|
|
2015, 5.000%, 12/01/35 – BAM Insured
|
|
|
|
|
|
1,215
|
Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding
|
12/21 at 103.00
|
N/R
|
1,198,063
|
|
|
|
Series 2016A, 5.500%, 12/01/36
|
|
|
|
|
|
|
Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General
|
|
|
|
|
|
|
Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A:
|
|
|
|
|
|
775
|
6.000%, 12/01/37
|
12/22 at 103.00
|
N/R
|
749,146
|
|
|
2,320
|
6.125%, 12/01/47
|
12/22 at 103.00
|
N/R
|
2,186,345
|
|
|
685
|
Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General Obligation
|
12/22 at 103.00
|
N/R
|
617,849
|
|
|
|
and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47
|
|
|
|
|
|
500
|
Castle Oaks Metropolitan District 3, Castle Rock, Douglas County, Colorado, General
|
12/20 at 103.00
|
N/R (13)
|
527,205
|
|
|
|
Obligation Limited Tax Bonds, Series 2016, 5.500%, 12/01/45 (Pre-refunded 12/01/20)
|
|
|
|
|
|
|
Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding &
|
|
|
|
|
|
|
Improvement Series 2017:
|
|
|
|
|
|
770
|
5.000%, 12/01/37, 144A
|
12/22 at 103.00
|
N/R
|
705,797
|
|
|
2,210
|
5.000%, 12/01/47, 144A
|
12/22 at 103.00
|
N/R
|
1,900,490
|
|
|
625
|
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds,
|
12/23 at 100.00
|
BBB–
|
658,606
|
|
|
|
Refunding Series 2013A, 6.000%, 12/01/38
|
|
|
|
|
|
1,000
|
Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue
|
12/25 at 100.00
|
N/R
|
913,390
|
|
|
|
Bonds, Refunding Senior Lien Series 2015A, 5.000%, 6/01/37
|
|
|
|
|
|
1,000
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
|
6/20 at 100.00
|
AA–
|
1,000,570
|
|
|
|
Pinnacle Charter School, Inc. High School Project, Series 2010, 5.000%, 12/01/29
|
|
|
|
|
|
1,745
|
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks
|
6/20 at 100.00
|
N/R
|
1,716,993
|
|
|
|
Academy, Series 2006A, 5.400%, 5/01/26
|
|
|
|
|
|
9,335
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health
|
1/23 at 100.00
|
BBB+ (13)
|
10,365,304
|
|
|
|
Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23)
|
|
|
|
|
|
2,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital
|
12/23 at 100.00
|
A+
|
2,139,960
|
|
|
|
Colorado Project, Series 2013A, 5.000%, 12/01/36
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health,
|
|
|
|
|
|
|
Series 2019A-2:
|
|
|
|
|
|
4,000
|
5.000%, 8/01/37
|
8/29 at 100.00
|
BBB+
|
4,343,760
|
|
|
8,335
|
5.000%, 8/01/38
|
8/29 at 100.00
|
BBB+
|
9,009,802
|
|
|
6,500
|
5.000%, 8/01/39
|
8/29 at 100.00
|
BBB+
|
6,992,050
|
|
|
2,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project,
|
12/22 at 100.00
|
A+
|
2,034,800
|
|
|
|
Series 2012, 4.000%, 12/01/42
|
|
|
|
|
|
585
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good
|
6/23 at 100.00
|
N/R (13)
|
670,948
|
|
|
|
Samaritan Society Project, Series 2013, 5.625%, 6/01/43 (Pre-refunded 6/01/23)
|
|
|
|
|
|
3,655
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good
|
6/25 at 100.00
|
N/R (13)
|
4,374,669
|
|
|
|
Samaritan Society Project, Series 2013A, 5.000%, 6/01/45 (Pre-refunded 6/01/25)
|
|
|
|
|
|
2,105
|
Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax
|
12/23 at 103.00
|
N/R
|
1,889,385
|
|
|
|
General Obligation Bonds, Refunding & Improvement Series 2018, 5.875%, 12/01/46
|
|
|
|
|
|
2,250
|
Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1,
|
11/23 at 100.00
|
Aa2
|
2,507,648
|
|
|
|
5.000%, 11/15/38
|
|
|
|
72
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Colorado (continued)
|
|
|
|
|
|
$ 1,000
|
Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds,
|
12/20 at 100.00
|
BBB+ (13)
|
$ 1,025,660
|
|
|
|
Refunding Series 2010, 5.375%, 12/01/40 (Pre-refunded 12/01/20)
|
|
|
|
|
|
500
|
Copperleaf Metropolitan District 2, Arapahoe County, Colorado, Limited Tax General
|
12/20 at 103.00
|
N/R
|
501,915
|
|
|
|
Obligation Bonds, Series 2006, 5.250%, 12/01/30
|
|
|
|
|
|
2,200
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B,
|
11/22 at 100.00
|
A+
|
2,347,158
|
|
|
|
5.000%, 11/15/32
|
|
|
|
|
|
3,870
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series
|
11/23 at 100.00
|
A
|
4,169,422
|
|
|
|
2013B, 5.000%, 11/15/43
|
|
|
|
|
|
|
Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado
|
|
|
|
|
|
|
Urban Redevelopment Area, Series 2018A:
|
|
|
|
|
|
835
|
5.250%, 12/01/39, 144A
|
12/23 at 103.00
|
N/R
|
773,352
|
|
|
1,310
|
5.250%, 12/01/39, 144A
|
12/23 at 103.00
|
N/R
|
1,213,283
|
|
|
10,000
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation
|
No Opt. Call
|
A
|
4,439,700
|
|
|
|
Series 2010A, 0.000%, 9/01/41
|
|
|
|
|
|
8,845
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%,
|
No Opt. Call
|
A
|
7,406,891
|
|
|
|
9/01/26 – NPFG Insured
|
|
|
|
|
|
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
|
|
|
|
|
7,550
|
0.000%, 9/01/29 – NPFG Insured
|
No Opt. Call
|
A
|
5,656,233
|
|
|
11,100
|
0.000%, 9/01/31 – NPFG Insured
|
No Opt. Call
|
A
|
7,661,886
|
|
|
10,000
|
0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
A
|
6,594,800
|
|
|
8,135
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%,
|
9/20 at 63.99
|
A
|
5,158,485
|
|
|
|
9/01/28 – NPFG Insured
|
|
|
|
|
|
|
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
|
484,557
|
|
|
180
|
5.250%, 12/01/34
|
12/22 at 100.00
|
N/R
|
180,895
|
|
|
500
|
Erie Highlands Metropolitan District No 1 (In the Town of Erie), Weld County, Colorado,
|
12/20 at 103.00
|
N/R
|
476,590
|
|
|
|
General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45
|
|
|
|
|
|
922
|
Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation
|
12/21 at 103.00
|
N/R
|
811,729
|
|
|
|
Limited Tax Bonds, Series 2016, 5.125%, 12/01/46
|
|
|
|
|
|
|
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
|
1,117,294
|
|
|
1,000
|
6.000%, 12/01/38
|
12/24 at 100.00
|
N/R
|
958,580
|
|
|
770
|
Great Western Park Metropolitan District 2, Broomfield City and County, Colorado,
|
12/21 at 100.00
|
N/R
|
667,390
|
|
|
|
General Obligation Bonds, Series 2016A, 5.000%, 12/01/46
|
|
|
|
|
|
|
Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A:
|
|
|
|
|
|
1,590
|
5.250%, 12/01/36
|
12/21 at 103.00
|
N/R
|
1,460,749
|
|
|
6,130
|
5.375%, 12/01/46
|
12/21 at 103.00
|
N/R
|
5,476,174
|
|
|
1,000
|
Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding
|
12/21 at 100.00
|
A– (13)
|
1,065,270
|
|
|
|
Bonds, Series 2011A, 5.000%, 12/01/41 (Pre-refunded 12/01/21)
|
|
|
|
|
|
825
|
North Range Metropolitan District No 2 , In the City of Commerce City, Adams County,
|
12/22 at 103.00
|
N/R
|
774,131
|
|
|
|
Colorado , Limited Tax General Obligation and Special Revenue and Improvement Bonds,
|
|
|
|
|
|
|
Refunding Series 2017A, 5.750%, 12/01/47
|
|
|
|
|
|
4,310
|
Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds,
|
12/24 at 103.00
|
N/R
|
3,885,422
|
|
|
|
Series 2019, 5.000%, 12/01/39
|
|
|
|
|
|
1,870
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported
|
12/25 at 100.00
|
A
|
2,108,519
|
|
|
|
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45
|
|
|
|
|
|
3,015
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue
|
12/20 at 100.00
|
A2 (13)
|
3,108,133
|
|
|
|
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured
|
|
|
|
|
|
500
|
Parker Automotive Metropolitan District (In the Town of Parker, Colorado), General
|
12/26 at 100.00
|
N/R
|
434,465
|
|
|
|
Obligation Bonds, Refunding Series 2016, 5.000%, 12/01/45
|
|
|
|
|
|
1,590
|
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A,
|
6/20 at 100.00
|
AA– (13)
|
1,595,438
|
|
|
|
5.375%, 6/01/31 (Pre-refunded 6/01/20)
|
|
|
|
73
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited) |
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Colorado (continued)
|
|
|
|
|
|
|
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
|
$ 4,367,150
|
|
|
2,365
|
6.000%, 1/15/41
|
7/20 at 100.00
|
Baa3
|
2,371,598
|
|
|
1,006
|
Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General
|
12/26 at 100.00
|
N/R
|
873,711
|
|
|
|
Obligation Bonds, Refunding Series 2016A, 5.000%, 12/01/45
|
|
|
|
|
|
525
|
Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation
|
12/21 at 103.00
|
N/R
|
491,426
|
|
|
|
Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46
|
|
|
|
|
|
640
|
Thompson Crossing Metropolitan District 6, Johnstown, Larimer County, Colorado, General
|
12/20 at 103.00
|
N/R
|
596,211
|
|
|
|
Obligation Limited Tax Bonds Series 2015A, 6.000%, 12/01/44
|
|
|
|
|
|
55
|
Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding
|
12/26 at 100.00
|
N/R
|
53,713
|
|
|
|
Series 2016, 5.250%, 12/01/40
|
|
|
|
|
|
105
|
Water Valley Metropolitan District 2, Windsor, Colorado, General Obligation Bonds,
|
12/26 at 100.00
|
N/R
|
103,181
|
|
|
|
Refunding Series 2016, 5.250%, 12/01/40
|
|
|
|
|
|
156,558
|
Total Colorado
|
|
|
139,947,096
|
|
|
|
Connecticut – 0.3% (0.2% of Total Investments)
|
|
|
|
|
|
1,500
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford
|
7/21 at 100.00
|
A (13)
|
1,573,905
|
|
|
|
HealthCare, Series 2011A, 5.000%, 7/01/41 (Pre-refunded 7/01/21)
|
|
|
|
|
|
5,000
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health
|
6/26 at 100.00
|
AA–
|
5,516,800
|
|
|
|
Credit Group, Series 2016CT, 5.000%, 12/01/45
|
|
|
|
|
|
6,500
|
Total Connecticut
|
|
|
7,090,705
|
|
|
|
Florida – 6.3% (3.9% of Total Investments)
|
|
|
|
|
|
1,250
|
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter
|
9/20 at 100.00
|
BBB
|
1,260,000
|
|
|
|
Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40
|
|
|
|
|
|
|
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
|
1,031,452
|
|
|
865
|
5.000%, 9/01/45
|
9/23 at 100.00
|
BBB
|
886,340
|
|
|
625
|
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds,
|
11/27 at 100.00
|
N/R
|
645,131
|
|
|
|
Series 2016A, 5.375%, 11/01/36
|
|
|
|
|
|
665
|
Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue
|
5/26 at 100.00
|
N/R
|
651,088
|
|
|
|
Bonds, Series 2016, 4.700%, 5/01/36
|
|
|
|
|
|
3,430
|
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000,
|
6/20 at 100.00
|
Caa3
|
3,414,359
|
|
|
|
7.500%, 11/01/20 (AMT)
|
|
|
|
|
|
1,480
|
Broward County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC
|
4/23 at 100.00
|
AA
|
1,617,211
|
|
|
|
Project, Series 2013A, 5.000%, 4/01/33 – AGM Insured (AMT)
|
|
|
|
|
|
4,390
|
Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments
|
7/25 at 100.00
|
CCC+
|
2,650,243
|
|
|
|
Project, Series 2015A, 5.000%, 7/01/50
|
|
|
|
|
|
|
Creekside at Twin Creeks Community Development District, Florida, Special Assessment
|
|
|
|
|
|
|
Bonds, Area 1 Project, Series 2016A-1:
|
|
|
|
|
|
120
|
5.250%, 11/01/37
|
11/28 at 100.00
|
N/R
|
123,074
|
|
|
155
|
5.600%, 11/01/46
|
11/28 at 100.00
|
N/R
|
160,842
|
|
|
|
Downtown Doral Community Development District, Florida, Special Assessment Bonds,
|
|
|
|
|
|
|
Series 2015:
|
|
|
|
|
|
555
|
5.250%, 5/01/35
|
5/26 at 100.00
|
N/R
|
556,693
|
|
|
615
|
5.300%, 5/01/36
|
5/26 at 100.00
|
N/R
|
616,876
|
|
|
955
|
5.500%, 5/01/45
|
5/26 at 100.00
|
N/R
|
964,512
|
|
|
1,305
|
5.500%, 5/01/46
|
5/26 at 100.00
|
N/R
|
1,317,998
|
|
|
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown
|
|
|
|
|
|
|
Doral Charter Upper School Project, Series 2017C:
|
|
|
|
|
|
1,115
|
5.650%, 7/01/37, 144A
|
7/27 at 101.00
|
N/R
|
976,974
|
|
|
3,385
|
5.750%, 7/01/47, 144A
|
7/27 at 101.00
|
N/R
|
2,891,568
|
74
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Florida (continued)
|
|
|
|
|
|
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida
|
|
|
|
|
|
|
Charter Foundation Inc. Projects, Series 2016A:
|
|
|
|
|
|
$ 1,015
|
6.250%, 6/15/36, 144A
|
6/26 at 100.00
|
N/R
|
$ 1,068,511
|
|
|
1,420
|
4.750%, 7/15/36, 144A
|
7/26 at 100.00
|
N/R
|
1,234,931
|
|
|
2,475
|
6.375%, 6/15/46, 144A
|
6/26 at 100.00
|
N/R
|
2,596,423
|
|
|
1,465
|
5.000%, 7/15/46, 144A
|
7/26 at 100.00
|
N/R
|
1,218,836
|
|
|
|
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
|
859,310
|
|
|
6,785
|
5.125%, 7/01/46
|
7/26 at 100.00
|
N/R
|
5,502,364
|
|
|
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds,
|
|
|
|
|
|
|
Renaissance Charter School Income Projects, Series 2015A:
|
|
|
|
|
|
900
|
6.000%, 6/15/35, 144A
|
6/25 at 100.00
|
N/R
|
928,242
|
|
|
560
|
6.125%, 6/15/46, 144A
|
6/25 at 100.00
|
N/R
|
572,449
|
|
|
|
Florida Development Finance Corporation, Florida, Surface Transportation Facility
|
|
|
|
|
|
|
Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A:
|
|
|
|
|
|
10,000
|
5.000%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A
|
7/20 at 105.00
|
N/R
|
8,485,300
|
|
|
30,000
|
6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A
|
7/20 at 104.00
|
N/R
|
26,194,500
|
|
|
10,000
|
6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A
|
7/20 at 105.00
|
N/R
|
8,569,600
|
|
|
1,100
|
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova
|
4/21 at 100.00
|
Baa1
|
1,131,042
|
|
|
|
Southeastern University, Refunding Series 2011, 6.375%, 4/01/31
|
|
|
|
|
|
320
|
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special
|
5/26 at 100.00
|
N/R
|
311,606
|
|
|
|
Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36
|
|
|
|
|
|
5,000
|
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds,
|
10/27 at 100.00
|
A+
|
5,445,450
|
|
|
|
Priority Subordinated Series 2017, 5.000%, 10/01/47 (AMT)
|
|
|
|
|
|
14,375
|
Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds,
|
6/26 at 100.00
|
A–
|
15,834,494
|
|
|
|
Refunding & Improvement Series 2016, 5.000%, 6/01/36
|
|
|
|
|
|
1,750
|
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International
|
10/24 at 100.00
|
A+
|
1,850,432
|
|
|
|
Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 (AMT)
|
|
|
|
|
|
4,695
|
Hillsborough County Aviation Authority, Florida, Tampa International Airport Customer
|
10/24 at 100.00
|
A3
|
4,921,487
|
|
|
|
Facility Charge Revenue Bonds, Series 2015A, 5.000%, 10/01/44
|
|
|
|
|
|
2,490
|
Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series
|
10/22 at 100.00
|
A2
|
2,700,654
|
|
|
|
2012B, 5.000%, 10/01/37
|
|
|
|
|
|
7,045
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%,
|
10/22 at 100.00
|
A+ (13)
|
7,772,537
|
|
|
|
10/01/42 (Pre-refunded 10/01/22)
|
|
|
|
|
|
2,140
|
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement
|
8/26 at 100.00
|
N/R
|
2,272,124
|
|
|
|
Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35
|
|
|
|
|
|
2,185
|
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando
|
4/22 at 100.00
|
A2
|
2,263,988
|
|
|
|
Health, Inc., Series 2012A, 5.000%, 10/01/42
|
|
|
|
|
|
2,335
|
Orlando, Florida, Capital Improvement Special Revenue Bonds, Series 2014B, 5.000%,
|
10/24 at 100.00
|
Aa2
|
2,656,599
|
|
|
|
10/01/46
|
|
|
|
|
|
85
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences
|
6/22 at 102.00
|
N/R
|
88,196
|
|
|
|
of Boca Raton Project, Series 2014A, 7.250%, 6/01/34
|
|
|
|
|
|
1,745
|
Palm Beach County, Florida, Revenue Bonds, Provident Group – PBAU Properties LLC – Palm
|
4/29 at 100.00
|
Ba1
|
1,625,677
|
|
|
|
Beach Atlantic University Housing Project, Series 2019A, 5.000%, 4/01/39, 144A
|
|
|
|
|
|
545
|
Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3
|
11/26 at 100.00
|
N/R
|
545,845
|
|
|
|
Project, Series 2016, 5.000%, 11/01/46
|
|
|
|
|
|
|
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue
|
|
|
|
|
|
|
Bonds, Assessment Area 2, Series 2016:
|
|
|
|
|
|
160
|
4.750%, 11/01/28
|
11/27 at 100.00
|
N/R
|
160,136
|
|
|
265
|
5.375%, 11/01/36
|
11/27 at 100.00
|
N/R
|
265,726
|
|
|
375
|
South Village Community Development District, Clay County, Florida, Capital Improvement
|
5/26 at 100.00
|
A
|
378,810
|
|
|
|
Revenue Bonds, Refunding Series 2016A1, 3.625%, 5/01/35
|
|
|
|
75
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Florida (continued)
|
|
|
|
|
|
|
South Village Community Development District, Clay County, Florida, Capital Improvement
|
|
|
|
|
|
|
Revenue Bonds, Refunding Series 2016A2:
|
|
|
|
|
|
$ 120
|
4.350%, 5/01/26
|
No Opt. Call
|
N/R
|
$ 120,990
|
|
|
100
|
4.875%, 5/01/35
|
5/26 at 100.00
|
N/R
|
101,149
|
|
|
1,350
|
Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central
|
1/24 at 100.00
|
A–
|
1,447,011
|
|
|
|
Florida Health Alliance Projects, Series 2014A, 5.125%, 7/01/34
|
|
|
|
|
|
3,300
|
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A,
|
5/22 at 100.00
|
Aa2
|
3,472,128
|
|
|
|
5.000%, 11/15/33
|
|
|
|
|
|
85
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
|
5/22 at 100.00
|
N/R
|
62,124
|
|
|
|
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6)
|
|
|
|
|
|
110
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note,
|
6/20 at 100.00
|
N/R
|
1
|
|
|
|
Series 2007-3, 6.650%, 5/01/40 (4)
|
|
|
|
|
|
295
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding
|
6/20 at 100.00
|
N/R
|
254,971
|
|
|
|
Series 2015-1, 0.000%, 5/01/40 (6)
|
|
|
|
|
|
180
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding
|
6/20 at 100.00
|
N/R
|
119,342
|
|
|
|
Series 2015-2, 0.000%, 5/01/40 (6)
|
|
|
|
|
|
195
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding
|
6/20 at 100.00
|
N/R
|
2
|
|
|
|
Series 2015-3, 6.610%, 5/01/40 (4)
|
|
|
|
|
|
300
|
Union Park Community Development District, Florida, Capital Improvement Revenue Bonds,
|
11/27 at 100.00
|
N/R
|
308,277
|
|
|
|
Series 2016A-1, 5.375%, 11/01/37
|
|
|
|
|
|
140,180
|
Total Florida
|
|
|
133,105,625
|
|
|
|
Georgia – 2.4% (1.5% of Total Investments)
|
|
|
|
|
|
2,725
|
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium
|
7/25 at 100.00
|
A+
|
2,836,153
|
|
|
|
Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40
|
|
|
|
|
|
15,000
|
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30
|
1/21 at 100.00
|
Aa3
|
15,356,850
|
|
|
4,400
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 –
|
No Opt. Call
|
AA–
|
4,695,900
|
|
|
|
FGIC Insured
|
|
|
|
|
|
3,250
|
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds,
|
9/20 at 100.00
|
N/R (13)
|
3,306,550
|
|
|
|
DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 (Pre-refunded 9/01/20)
|
|
|
|
|
|
13,080
|
Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc.
|
7/29 at 100.00
|
A1
|
13,209,100
|
|
|
|
Project, Series 2019A, 4.000%, 7/01/49
|
|
|
|
|
|
840
|
Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for
|
6/27 at 100.00
|
N/R
|
752,858
|
|
|
|
Classical Education, Series 2017, 5.875%, 6/15/47, 144A
|
|
|
|
|
|
1,070
|
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A,
|
5/29 at 100.00
|
A3
|
1,153,610
|
|
|
|
5.000%, 5/15/43
|
|
|
|
|
|
3,000
|
Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life
|
11/27 at 100.00
|
Ba3
|
2,645,970
|
|
|
|
University, Inc. Project, Refunding Series 2017A, 5.000%, 11/01/47, 144A
|
|
|
|
|
|
2,750
|
Monroe County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia
|
6/24 at 100.00
|
Baa1
|
2,812,452
|
|
|
|
Power Company – Scherer Plant, First Series 1995, 2.250%, 7/01/25
|
|
|
|
|
|
4,010
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds,
|
7/25 at 100.00
|
Baa3
|
4,069,629
|
|
|
|
Series 2015A, 5.000%, 7/01/60
|
|
|
|
|
|
50,125
|
Total Georgia
|
|
|
50,839,072
|
|
|
|
Guam – 0.2% (0.1% of Total Investments)
|
|
|
|
|
|
4,000
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
|
7/20 at 100.00
|
BBB– (13)
|
4,030,360
|
|
|
|
2010, 5.500%, 7/01/30 (Pre-refunded 7/01/20)
|
|
|
|
|
|
810
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series
|
7/23 at 100.00
|
BBB–
|
825,269
|
|
|
|
2013, 5.500%, 7/01/43
|
|
|
|
|
|
4,810
|
Total Guam
|
|
|
4,855,629
|
76
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Hawaii – 0.3% (0.2% of Total Investments)
|
|
|
|
|
|
$ 1,000
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific
|
7/20 at 100.00
|
A1 (13)
|
$ 1,007,650
|
|
|
|
Health Obligated Group, Series 2010A, 5.500%, 7/01/40 (Pre-refunded 7/01/20)
|
|
|
|
|
|
3,000
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific
|
7/23 at 100.00
|
A1
|
3,185,490
|
|
|
|
Health Obligated Group, Series 2013A, 5.500%, 7/01/43
|
|
|
|
|
|
1,175
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific
|
7/23 at 100.00
|
BB
|
1,200,122
|
|
|
|
University, Series 2013A, 6.625%, 7/01/33
|
|
|
|
|
|
5,175
|
Total Hawaii
|
|
|
5,393,262
|
|
|
|
Idaho – 0.1% (0.1% of Total Investments)
|
|
|
|
|
|
1,175
|
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project,
|
9/26 at 100.00
|
BB+
|
1,253,067
|
|
|
|
Refunding Series 2016, 5.000%, 9/01/37
|
|
|
|
|
|
595
|
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights
|
9/22 at 100.00
|
A3
|
643,439
|
|
|
|
Mitigation Series 2012A, 5.000%, 9/01/32
|
|
|
|
|
|
1,770
|
Total Idaho
|
|
|
1,896,506
|
|
|
|
Illinois – 30.2% (18.5% of Total Investments)
|
|
|
|
|
|
50,000
|
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds,
|
4/27 at 100.00
|
A
|
51,776,000
|
|
|
|
Series 2016, 6.000%, 4/01/46
|
|
|
|
|
|
1,000
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues
|
12/21 at 100.00
|
B1
|
988,230
|
|
|
|
Series 2011A, 5.500%, 12/01/39
|
|
|
|
|
|
8,500
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/22 at 100.00
|
B1
|
8,362,300
|
|
|
|
Refunding Series 2012B, 5.000%, 12/01/33
|
|
|
|
|
|
8,400
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/27 at 100.00
|
BB–
|
9,276,036
|
|
|
|
Refunding Series 2017B, 7.000%, 12/01/42, 144A
|
|
|
|
|
|
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
|
|
|
|
|
|
Series 2016A:
|
|
|
|
|
|
1,800
|
7.000%, 12/01/26
|
12/25 at 100.00
|
BB–
|
2,022,732
|
|
|
51,780
|
7.000%, 12/01/44
|
12/25 at 100.00
|
BB–
|
55,812,626
|
|
|
6,210
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/27 at 100.00
|
BB–
|
6,823,486
|
|
|
|
Series 2017A, 7.000%, 12/01/46, 144A
|
|
|
|
|
|
450
|
Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%,
|
No Opt. Call
|
BB–
|
357,809
|
|
|
|
12/01/26 – NPFG Insured
|
|
|
|
|
|
|
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
|
BB–
|
1,363,648
|
|
|
1,765
|
0.000%, 12/01/30 – NPFG Insured
|
No Opt. Call
|
BB–
|
1,175,843
|
|
|
|
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
|
BB–
|
1,974,320
|
|
|
8,565
|
0.000%, 12/01/31 – NPFG Insured
|
No Opt. Call
|
BB–
|
5,420,960
|
|
|
4,300
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011,
|
12/21 at 100.00
|
A3
|
4,513,108
|
|
|
|
5.250%, 12/01/40
|
|
|
|
|
|
|
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
|
|
|
|
|
|
25,755
|
0.000%, 1/01/29 – NPFG Insured
|
No Opt. Call
|
BBB–
|
17,672,308
|
|
|
8,765
|
0.000%, 1/01/34 – FGIC Insured
|
No Opt. Call
|
BBB–
|
4,629,059
|
|
|
17,310
|
0.000%, 1/01/37 – FGIC Insured
|
No Opt. Call
|
BBB–
|
7,731,338
|
|
|
670
|
Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series
|
1/25 at 100.00
|
Ba1
|
686,844
|
|
|
|
2002B, 5.500%, 1/01/31
|
|
|
|
|
|
2,695
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A,
|
1/24 at 100.00
|
Ba1
|
2,662,337
|
|
|
|
5.000%, 1/01/35
|
|
|
|
|
|
27,095
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A,
|
1/27 at 100.00
|
BBB–
|
28,206,708
|
|
|
|
6.000%, 1/01/38
|
|
|
|
|
|
2,000
|
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D,
|
1/25 at 100.00
|
Ba1
|
2,013,080
|
|
|
|
5.500%, 1/01/40
|
|
|
|
77
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Illinois (continued)
|
|
|
|
|
|
$ 4,930
|
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35
|
1/21 at 100.00
|
Ba1
|
$ 4,901,307
|
|
|
550
|
Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/34
|
1/22 at 100.00
|
Ba1
|
547,069
|
|
|
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2007E:
|
|
|
|
|
|
10,115
|
5.500%, 1/01/35
|
1/25 at 100.00
|
Ba1
|
10,272,288
|
|
|
5,890
|
5.500%, 1/01/42
|
1/25 at 100.00
|
Ba1
|
5,912,735
|
|
|
765
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/35
|
1/26 at 100.00
|
BBB–
|
755,728
|
|
|
1,610
|
Chicago, Illinois, General Obligation Bonds, Series 1999, 0.000%, 1/01/30
|
No Opt. Call
|
A2
|
1,185,958
|
|
|
|
Chicago, Illinois, General Obligation Bonds, Series 2015A:
|
|
|
|
|
|
1,000
|
5.500%, 1/01/35
|
1/25 at 100.00
|
BBB–
|
1,015,550
|
|
|
9,800
|
5.500%, 1/01/39
|
1/25 at 100.00
|
BBB–
|
9,870,952
|
|
|
5,630
|
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.250%, 1/01/38
|
1/22 at 100.00
|
N/R (13)
|
6,054,502
|
|
|
|
(Pre-refunded 1/01/22)
|
|
|
|
|
|
3,095
|
Cook County Forest Preserve District, Illinois, General Obligation Bonds, Personal Property
|
6/22 at 100.00
|
A2
|
3,290,264
|
|
|
|
Replacement Tax Alternate Source, Series 2012C, 5.000%, 12/15/37 – AGM Insured
|
|
|
|
|
|
25,375
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A,
|
11/20 at 100.00
|
A2
|
25,458,230
|
|
|
|
5.250%, 11/15/33
|
|
|
|
|
|
800
|
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools
|
12/25 at 100.00
|
N/R
|
808,752
|
|
|
|
Belmont School Project, Series 2015A, 5.500%, 12/01/30, 144A
|
|
|
|
|
|
|
Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network,
|
|
|
|
|
|
|
Refunding and Improvement Series 2011A:
|
|
|
|
|
|
1,380
|
6.875%, 10/01/31
|
10/21 at 100.00
|
BB+
|
1,428,176
|
|
|
2,535
|
7.125%, 10/01/41
|
10/21 at 100.00
|
BB+
|
2,610,695
|
|
|
2,675
|
Illinois Finance Authority, Revenue Bonds, Columbia College Chicago, Series
|
12/25 at 100.00
|
BBB+
|
2,791,416
|
|
|
|
2015A, 5.000%, 12/01/37
|
|
|
|
|
|
5,220
|
Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011A, 5.750%,
|
4/21 at 100.00
|
A (13)
|
5,459,702
|
|
|
|
10/01/27 (Pre-refunded 4/01/21)
|
|
|
|
|
|
845
|
Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding
|
9/26 at 100.00
|
Baa2
|
893,613
|
|
|
|
Series 2016, 5.000%, 9/01/46
|
|
|
|
|
|
5,015
|
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%,
|
5/22 at 100.00
|
A1 (13)
|
5,399,299
|
|
|
|
5/15/43 (Pre-refunded 5/15/22)
|
|
|
|
|
|
20,000
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series
|
1/28 at 100.00
|
Aa2
|
23,134,200
|
|
|
|
2017A, 5.000%, 7/15/42
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago,
|
|
|
|
|
|
|
Series 2013A:
|
|
|
|
|
|
415
|
5.500%, 7/01/28
|
7/23 at 100.00
|
A–
|
449,985
|
|
|
905
|
6.000%, 7/01/43
|
7/23 at 100.00
|
A–
|
986,287
|
|
|
1,050
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,
|
8/25 at 100.00
|
Baa1
|
1,102,343
|
|
|
|
Refunding Series 2015C, 5.000%, 8/15/44
|
|
|
|
|
|
2,500
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center,
|
2/21 at 100.00
|
AA– (13)
|
2,592,825
|
|
|
|
Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (7)
|
|
|
|
|
|
3,000
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series
|
10/25 at 100.00
|
AA–
|
3,347,580
|
|
|
|
2015A, 5.000%, 10/01/46 (UB) (7)
|
|
|
|
|
|
4,125
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A,
|
10/21 at 100.00
|
AA–
|
4,305,758
|
|
|
|
5.000%, 10/01/51
|
|
|
|
|
|
|
Illinois State, General Obligation Bonds, April Series 2014:
|
|
|
|
|
|
6,165
|
5.000%, 4/01/38
|
4/24 at 100.00
|
BBB–
|
5,749,787
|
|
|
5,000
|
5.000%, 4/01/39
|
4/24 at 100.00
|
BBB–
|
4,652,550
|
|
|
|
Illinois State, General Obligation Bonds, February Series 2014:
|
|
|
|
|
|
2,010
|
5.250%, 2/01/30
|
2/24 at 100.00
|
BBB–
|
1,942,906
|
|
|
3,435
|
5.250%, 2/01/33
|
2/24 at 100.00
|
BBB–
|
3,281,043
|
|
|
3,745
|
5.250%, 2/01/34
|
2/24 at 100.00
|
BBB–
|
3,568,423
|
|
|
6,000
|
5.000%, 2/01/39
|
2/24 at 100.00
|
BBB–
|
5,584,980
|
78
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Illinois (continued)
|
|
|
|
|
|
$ 3,565
|
Illinois State, General Obligation Bonds, June Series 2016, 5.000%, 6/01/26
|
No Opt. Call
|
BBB–
|
$ 3,487,711
|
|
|
|
Illinois State, General Obligation Bonds, November Series 2016:
|
|
|
|
|
|
3,100
|
5.000%, 11/01/35
|
11/26 at 100.00
|
BBB–
|
2,909,009
|
|
|
3,000
|
5.000%, 11/01/37
|
11/26 at 100.00
|
BBB–
|
2,800,890
|
|
|
2,400
|
5.000%, 11/01/40
|
11/26 at 100.00
|
BBB–
|
2,225,760
|
|
|
5,795
|
Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29
|
11/27 at 100.00
|
BBB–
|
5,582,903
|
|
|
|
Illinois State, General Obligation Bonds, October Series 2016:
|
|
|
|
|
|
4,900
|
5.000%, 2/01/26
|
No Opt. Call
|
BBB–
|
4,803,372
|
|
|
5,000
|
5.000%, 2/01/27
|
No Opt. Call
|
BBB–
|
4,872,500
|
|
|
27,215
|
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
|
7/23 at 100.00
|
BBB–
|
26,303,570
|
|
|
7,250
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A,
|
1/23 at 100.00
|
A1
|
7,750,685
|
|
|
|
5.000%, 1/01/38
|
|
|
|
|
|
2,755
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A,
|
7/25 at 100.00
|
A1
|
3,082,680
|
|
|
|
5.000%, 1/01/40
|
|
|
|
|
|
560
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust
|
1/23 at 100.00
|
A1
|
714,840
|
|
|
|
2015-XF0051, 17.176%, 1/01/38, 144A (IF)
|
|
|
|
|
|
2,500
|
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation
|
No Opt. Call
|
Aa2
|
2,351,500
|
|
|
|
Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured
|
|
|
|
|
|
|
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois,
|
|
|
|
|
|
|
General Obligation Bonds, Series 2003:
|
|
|
|
|
|
570
|
0.000%, 1/01/21 – FGIC Insured
|
No Opt. Call
|
N/R
|
564,163
|
|
|
745
|
0.000%, 1/01/21 (ETM)
|
No Opt. Call
|
N/R (13)
|
740,999
|
|
|
13,785
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
6/22 at 100.00
|
BB+
|
13,010,697
|
|
|
|
Bonds, Refunding Series 2012A, 5.000%, 6/15/42 – NPFG Insured
|
|
|
|
|
|
2,500
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
6/22 at 100.00
|
BB+
|
2,272,950
|
|
|
|
Bonds, Refunding Series 2012B, 5.000%, 6/15/52
|
|
|
|
|
|
5,400
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
12/25 at 100.00
|
BB+
|
4,909,572
|
|
|
|
Bonds, Refunding Series 2015B, 5.000%, 6/15/52
|
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
|
|
|
|
|
|
Bonds, Refunding Series 2020A:
|
|
|
|
|
|
15,000
|
4.000%, 6/15/50
|
12/29 at 100.00
|
BB+
|
12,619,800
|
|
|
7,945
|
5.000%, 6/15/50
|
12/29 at 100.00
|
BB+
|
7,262,048
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
|
|
|
|
|
|
Bonds, Series 2015A:
|
|
|
|
|
|
23,110
|
0.000%, 12/15/52
|
No Opt. Call
|
BB+
|
3,406,645
|
|
|
2,455
|
5.000%, 6/15/53
|
12/25 at 100.00
|
BB+
|
2,226,169
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
|
|
|
|
|
|
Refunding Bonds, Series 2010A:
|
|
|
|
|
|
2,920
|
5.500%, 6/15/50 (Pre-refunded 6/15/20)
|
6/20 at 100.00
|
BB+ (13)
|
2,934,921
|
|
|
9,080
|
5.500%, 6/15/50
|
6/20 at 100.00
|
Ba1
|
9,122,676
|
|
|
45,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
|
No Opt. Call
|
BB+
|
16,051,500
|
|
|
|
Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/43 – AGM Insured
|
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
|
|
|
|
|
|
|
Expansion Project, Refunding Series 1998A:
|
|
|
|
|
|
145
|
5.500%, 6/15/29 – NPFG Insured (ETM)
|
No Opt. Call
|
Baa2 (13)
|
169,428
|
|
|
2,680
|
5.500%, 6/15/29 – NPFG Insured
|
No Opt. Call
|
BBB
|
2,931,062
|
|
|
10,960
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
|
6/20 at 100.00
|
Ba1
|
11,008,443
|
|
|
|
Expansion Project, Refunding Series 2010B-2, 5.250%, 6/15/50
|
|
|
|
|
|
1,165
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
|
No Opt. Call
|
Baa2
|
1,132,951
|
|
|
|
Expansion Project, Series 1993A, 0.000%, 6/15/21 – FGIC Insured
|
|
|
|
79
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (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:
|
|
|
|
|
|
$ 2,195
|
5.700%, 6/15/24 (Pre-refunded 6/15/22)
|
6/22 at 101.00
|
N/R (13)
|
$ 2,438,118
|
|
|
7,305
|
5.700%, 6/15/24
|
6/22 at 101.00
|
BB+
|
7,803,493
|
|
|
8,400
|
0.000%, 12/15/30 – NPFG Insured
|
No Opt. Call
|
BB+
|
5,597,508
|
|
|
7,940
|
0.000%, 6/15/33 – NPFG Insured
|
No Opt. Call
|
BB+
|
4,617,428
|
|
|
450
|
0.000%, 12/15/34 – NPFG Insured
|
No Opt. Call
|
BB+
|
243,311
|
|
|
12,500
|
0.000%, 6/15/35 – NPFG Insured
|
No Opt. Call
|
BB+
|
6,558,250
|
|
|
10,620
|
0.000%, 12/15/35 – NPFG Insured
|
No Opt. Call
|
BB+
|
5,429,156
|
|
|
11,505
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
BB+
|
5,559,791
|
|
|
65,000
|
0.000%, 12/15/38 – NPFG Insured
|
No Opt. Call
|
BB+
|
28,031,900
|
|
|
38,040
|
0.000%, 6/15/40 – NPFG Insured
|
No Opt. Call
|
BB+
|
15,015,529
|
|
|
3,720
|
0.000%, 6/15/41 – NPFG Insured
|
No Opt. Call
|
BB+
|
1,384,510
|
|
|
|
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
|
500,525
|
|
|
400
|
5.000%, 10/01/26
|
10/22 at 100.00
|
Baa1
|
415,992
|
|
|
780
|
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds,
|
No Opt. Call
|
A
|
812,292
|
|
|
|
Series 2010, 5.250%, 6/01/21
|
|
|
|
|
|
965
|
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,
|
No Opt. Call
|
A2
|
990,968
|
|
|
|
Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured
|
|
|
|
|
|
11,690
|
Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series
|
1/28 at 100.00
|
AA–
|
12,680,727
|
|
|
|
2018A, 5.000%, 1/01/37
|
|
|
|
|
|
3,815
|
Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US
|
8/22 at 100.00
|
Caa2
|
3,186,937
|
|
|
|
Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (AMT)
|
|
|
|
|
|
1,580
|
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013,
|
10/23 at 100.00
|
Baa1
|
1,712,120
|
|
|
|
6.000%, 10/01/32
|
|
|
|
|
|
11,350
|
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation
|
No Opt. Call
|
A2
|
10,067,223
|
|
|
|
Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured
|
|
|
|
|
|
787,175
|
Total Illinois
|
|
|
633,118,897
|
|
|
|
Indiana – 3.8% (2.3% of Total Investments)
|
|
|
|
|
|
|
Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005:
|
|
|
|
|
|
1,950
|
0.000%, 2/01/24
|
No Opt. Call
|
Aa3
|
1,822,158
|
|
|
2,705
|
0.000%, 2/01/25
|
No Opt. Call
|
Aa3
|
2,463,714
|
|
|
4,400
|
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown
|
No Opt. Call
|
Baa2
|
4,176,040
|
|
|
|
Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured
|
|
|
|
|
|
680
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University
|
2/22 at 100.00
|
A–
|
713,599
|
|
|
|
Project, Refunding Series 2012B, 5.000%, 2/01/29
|
|
|
|
|
|
1,050
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For
|
6/20 at 100.00
|
B
|
1,050,567
|
|
|
|
Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39
|
|
|
|
|
|
520
|
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel
|
6/20 at 100.00
|
Caa2
|
464,157
|
|
|
|
Corporation Project, Refunding Series 2010, 6.000%, 12/01/26
|
|
|
|
|
|
1,230
|
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel
|
8/22 at 100.00
|
Caa2
|
1,027,505
|
|
|
|
Corporation Project, Series 2012, 5.750%, 8/01/42 (AMT)
|
|
|
|
|
|
1,815
|
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project,
|
5/23 at 100.00
|
A
|
1,895,749
|
|
|
|
Series 2012A, 5.000%, 5/01/42
|
|
|
|
|
|
9,300
|
Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A,
|
10/23 at 100.00
|
Baa3
|
9,534,546
|
|
|
|
5.000%, 10/01/44
|
|
|
|
|
|
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing
|
|
|
|
|
|
|
Project, Series 2013A:
|
|
|
|
|
|
5,380
|
5.000%, 7/01/44 (AMT)
|
7/23 at 100.00
|
BBB+
|
5,521,171
|
|
|
5,100
|
5.000%, 7/01/48 (AMT)
|
7/23 at 100.00
|
BBB+
|
5,221,125
|
|
|
5,370
|
5.250%, 1/01/51 (AMT)
|
7/23 at 100.00
|
BBB+
|
5,526,858
|
80
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Indiana (continued)
|
|
|
|
|
|
$ 6,700
|
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project,
|
10/21 at 100.00
|
A1
|
$ 6,996,207
|
|
|
|
Series 2011B, 5.000%, 10/01/41
|
|
|
|
|
|
13,000
|
Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project,
|
10/24 at 100.00
|
A+
|
14,586,910
|
|
|
|
First Lien Series 2014A, 5.000%, 10/01/44
|
|
|
|
|
|
5,100
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Airport Authority Project
|
1/30 at 100.00
|
A
|
5,706,747
|
|
|
|
Revenue Bonds, Series 2019I-1, 5.000%, 1/01/44
|
|
|
|
|
|
10,000
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 –
|
No Opt. Call
|
AA–
|
9,062,000
|
|
|
|
AMBAC Insured
|
|
|
|
|
|
1,000
|
Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project,
|
4/24 at 102.00
|
N/R
|
810,990
|
|
|
|
Series 2016, 5.750%, 4/01/36
|
|
|
|
|
|
1,250
|
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project,
|
11/23 at 100.00
|
N/R
|
1,282,775
|
|
|
|
Series 2013, 7.250%, 11/01/43 (AMT)
|
|
|
|
|
|
830
|
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series
|
1/24 at 100.00
|
N/R
|
869,815
|
|
|
|
2013, 7.000%, 1/01/44 (AMT)
|
|
|
|
|
|
77,380
|
Total Indiana
|
|
|
78,732,633
|
|
|
|
Iowa – 1.3% (0.8% of Total Investments)
|
|
|
|
|
|
1,255
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/23 at 100.00
|
B
|
1,258,589
|
|
|
|
Company Project, Series 2013, 5.250%, 12/01/25
|
|
|
|
|
|
1,470
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
5/20 at 104.00
|
B
|
1,494,255
|
|
|
|
Company Project, Series 2016, 5.875%, 12/01/27, 144A
|
|
|
|
|
|
1,710
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/22 at 103.00
|
BB–
|
1,682,247
|
|
|
|
Company Project, Series 2018A, 5.000%, 12/01/50 (Mandatory Put 12/01/33)
|
|
|
|
|
|
1,630
|
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University
|
10/21 at 100.00
|
BBB
|
1,673,375
|
|
|
|
of Dubuque Project, Refunding Series 2011, 6.000%, 10/01/31
|
|
|
|
|
|
1,900
|
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa
|
9/23 at 100.00
|
N/R (13)
|
2,162,637
|
|
|
|
University Project, Series 2012, 5.000%, 9/01/43 (Pre-refunded 9/01/23)
|
|
|
|
|
|
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
|
|
|
|
|
|
6,425
|
5.375%, 6/01/38
|
6/20 at 100.00
|
B–
|
6,484,688
|
|
|
525
|
5.500%, 6/01/42
|
6/20 at 100.00
|
B–
|
529,877
|
|
|
5,045
|
5.625%, 6/01/46
|
6/20 at 100.00
|
B–
|
5,091,868
|
|
|
6,590
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
|
6/20 at 100.00
|
B–
|
6,651,221
|
|
|
|
5.600%, 6/01/34
|
|
|
|
|
|
26,550
|
Total Iowa
|
|
|
27,028,757
|
|
|
|
Kansas – 0.3% (0.2% of Total Investments)
|
|
|
|
|
|
|
Johnson/Miami County Unified School District 230 Spring Hill, Kansas, General Obligation
|
|
|
|
|
|
|
Bonds, Series 2011A:
|
|
|
|
|
|
2,000
|
5.000%, 9/01/26
|
9/21 at 100.00
|
Aa3
|
2,101,480
|
|
|
1,000
|
5.000%, 9/01/27
|
9/21 at 100.00
|
Aa3
|
1,050,740
|
|
|
2,000
|
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health
|
5/22 at 100.00
|
AA
|
2,119,720
|
|
|
|
System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28
|
|
|
|
|
|
1,485
|
Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series
|
12/20 at 100.00
|
A3 (13)
|
1,521,665
|
|
|
|
2012A, 5.000%, 12/01/31 (Pre-refunded 12/01/20)
|
|
|
|
|
|
375
|
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak
|
6/20 at 100.00
|
BBB
|
354,570
|
|
|
|
Park Mall Project, Series 2010, 5.900%, 4/01/32
|
|
|
|
|
|
6,860
|
Total Kansas
|
|
|
7,148,175
|
|
|
|
Kentucky – 2.8% (1.7% 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+
|
5,314,650
|
|
|
435
|
5.500%, 2/01/44
|
2/26 at 100.00
|
BB+
|
458,390
|
|
|
1,000
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro
|
6/20 at 100.00
|
BB+ (13)
|
1,003,900
|
|
|
|
Medical Health System, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20)
|
|
|
|
81
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited) |
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Kentucky (continued)
|
|
|
|
|
|
$ 6,015
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro
|
6/20 at 100.00
|
BB+ (13)
|
$ 6,040,143
|
|
|
|
Medical Health System, Series 2010B, 6.375%, 3/01/40 (Pre-refunded 6/01/20)
|
|
|
|
|
|
|
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
|
404,485
|
|
|
2,250
|
5.750%, 11/15/50
|
11/25 at 100.00
|
N/R
|
1,782,607
|
|
|
|
Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health,
|
|
|
|
|
|
|
Series 2019A-2:
|
|
|
|
|
|
5,000
|
5.000%, 8/01/44
|
8/29 at 100.00
|
BBB+
|
5,345,850
|
|
|
14,410
|
5.000%, 8/01/49
|
8/29 at 100.00
|
BBB+
|
15,317,974
|
|
|
5,070
|
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky
|
7/25 at 100.00
|
Baa2
|
4,829,327
|
|
|
|
Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45
|
|
|
|
|
|
|
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
|
1,249,800
|
|
|
2,295
|
0.000%, 7/01/46 (6)
|
7/31 at 100.00
|
Baa3
|
2,151,999
|
|
|
|
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
|
3,133,900
|
|
|
615
|
6.000%, 7/01/53
|
7/23 at 100.00
|
Baa3
|
629,471
|
|
|
5,400
|
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State
|
6/21 at 100.00
|
A–
|
5,566,752
|
|
|
|
Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29
|
|
|
|
|
|
|
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project,
|
|
|
|
|
|
|
Improvement and Refunding Series 2011:
|
|
|
|
|
|
500
|
6.250%, 3/01/31 (Pre-refunded 3/01/21)
|
3/21 at 100.00
|
Baa2 (13)
|
522,525
|
|
|
4,500
|
6.250%, 3/01/31
|
3/21 at 100.00
|
Baa2
|
4,634,955
|
|
|
215
|
Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community
|
10/22 at 100.00
|
A+
|
222,970
|
|
|
|
Hospital Corporation, Series 2012A, 4.000%, 10/01/29
|
|
|
|
|
|
57,620
|
Total Kentucky
|
|
|
58,609,698
|
|
|
|
Louisiana – 1.6% (1.0% of Total Investments)
|
|
|
|
|
|
2,000
|
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East
|
7/21 at 100.00
|
Caa1
|
2,026,680
|
|
|
|
Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41
|
|
|
|
|
|
5,000
|
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic
|
5/27 at 100.00
|
A3
|
5,391,050
|
|
|
|
Foundation Project, Refunding Series 2017, 5.000%, 5/15/46
|
|
|
|
|
|
6,930
|
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing
|
7/23 at 100.00
|
N/R
|
7,117,664
|
|
|
|
(US) LLC Project, Series 2013, 6.500%, 7/01/36 (AMT), 144A
|
|
|
|
|
|
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries
|
|
|
|
|
|
|
of Our Lady Health System, Refunding Series 2015A:
|
|
|
|
|
|
10
|
5.000%, 7/01/39 (Pre-refunded 7/01/25)
|
7/25 at 100.00
|
N/R (13)
|
12,000
|
|
|
1,450
|
5.000%, 7/01/39
|
7/25 at 100.00
|
A
|
1,567,508
|
|
|
4,425
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
|
5/21 at 100.00
|
A3 (13)
|
4,697,492
|
|
|
|
Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21)
|
|
|
|
|
|
1,060
|
Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter
|
12/23 at 100.00
|
N/R
|
1,077,734
|
|
|
|
Academy Foundation Project, Series 2013A, 8.375%, 12/15/43
|
|
|
|
|
|
2,235
|
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series
|
7/23 at 100.00
|
A2
|
2,340,850
|
|
|
|
2013A, 5.000%, 7/01/36
|
|
|
|
|
|
5,100
|
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal
|
1/25 at 100.00
|
A
|
5,511,315
|
|
|
|
Project, Series 2015B, 5.000%, 1/01/45 (AMT)
|
|
|
|
|
|
2,560
|
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014,
|
6/24 at 100.00
|
BBB+
|
2,832,768
|
|
|
|
5.000%, 6/01/44
|
|
|
|
|
|
30,770
|
Total Louisiana
|
|
|
32,575,061
|
82
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Maine – 0.6% (0.4% of Total Investments)
|
|
|
|
|
|
$ 4,965
|
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine
|
7/26 at 100.00
|
Ba1
|
$ 5,170,650
|
|
|
|
Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/46
|
|
|
|
|
|
2,750
|
Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth
|
7/28 at 100.00
|
A+
|
3,070,072
|
|
|
|
Issue, Series 2018A, 5.000%, 7/01/43
|
|
|
|
|
|
|
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
|
Ba3
|
2,067,160
|
|
|
1,050
|
6.750%, 7/01/41
|
7/21 at 100.00
|
Ba3
|
1,081,721
|
|
|
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A:
|
|
|
|
|
|
300
|
5.000%, 7/01/40
|
7/20 at 100.00
|
A1
|
301,764
|
|
|
950
|
5.000%, 7/01/40
|
7/20 at 100.00
|
N/R
|
956,460
|
|
|
12,015
|
Total Maine
|
|
|
12,647,827
|
|
|
|
Maryland – 0.6% (0.3% of Total Investments)
|
|
|
|
|
|
2,000
|
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt
|
6/20 at 100.00
|
N/R
|
1,200,000
|
|
|
|
Conference Center, Series 2006A, 5.000%, 12/01/31 (4)
|
|
|
|
|
|
7,145
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist
|
1/27 at 100.00
|
Baa3
|
7,418,511
|
|
|
|
Healthcare, Series 2016A, 5.500%, 1/01/46
|
|
|
|
|
|
555
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge
|
5/20 at 100.00
|
A
|
555,100
|
|
|
|
Retirement Community, Series 2007, 4.750%, 7/01/34
|
|
|
|
|
|
2,000
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula
|
7/24 at 100.00
|
A3
|
2,114,020
|
|
|
|
Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45
|
|
|
|
|
|
355
|
Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds,
|
1/26 at 100.00
|
N/R
|
327,384
|
|
|
|
Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46, 144A
|
|
|
|
|
|
12,055
|
Total Maryland
|
|
|
11,615,015
|
|
|
|
Massachusetts – 1.7% (1.0% of Total Investments)
|
|
|
|
|
|
475
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue,
|
7/25 at 100.00
|
BBB
|
496,000
|
|
|
|
Green Bonds, Series 2015D, 5.000%, 7/01/44
|
|
|
|
|
|
1,525
|
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015,
|
1/25 at 100.00
|
Baa2
|
1,527,913
|
|
|
|
4.500%, 1/01/45
|
|
|
|
|
|
20,450
|
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series
|
7/24 at 100.00
|
A
|
20,783,539
|
|
|
|
2016J, 3.500%, 7/01/33 (AMT)
|
|
|
|
|
|
400
|
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series
|
7/21 at 100.00
|
A3
|
412,144
|
|
|
|
2011A, 5.125%, 7/01/41
|
|
|
|
|
|
4,560
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior
|
5/23 at 100.00
|
Aa2
|
4,978,973
|
|
|
|
Series 2013A, 5.000%, 5/15/43
|
|
|
|
|
|
7,175
|
Metropolitan Boston Transit Parking Corporation, Systemwide Parking Revenue Bonds,
|
7/21 at 100.00
|
A+
|
7,441,623
|
|
|
|
Massachusetts, Senior Lien Series 2011, 5.000%, 7/01/41
|
|
|
|
|
|
34,585
|
Total Massachusetts
|
|
|
35,640,192
|
|
|
|
Michigan – 2.3% (1.4% of Total Investments)
|
|
|
|
|
|
|
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds,
|
|
|
|
|
|
|
Refunding Series 2013:
|
|
|
|
|
|
880
|
6.000%, 10/01/33
|
10/23 at 100.00
|
N/R
|
819,368
|
|
|
1,250
|
6.000%, 10/01/43
|
10/23 at 100.00
|
N/R
|
1,082,613
|
|
|
15,000
|
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and
|
No Opt. Call
|
AA
|
18,535,050
|
|
|
|
Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
|
|
|
|
|
|
1,930
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
|
7/22 at 100.00
|
A1
|
2,049,486
|
|
|
|
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
|
|
|
|
|
5
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A,
|
6/20 at 100.00
|
A2
|
5,012
|
|
|
|
4.500%, 7/01/35 – NPFG Insured
|
|
|
|
|
|
3,000
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B,
|
No Opt. Call
|
A2
|
3,828,060
|
|
|
|
5.500%, 7/01/29 – NPFG Insured
|
|
|
|
83
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Michigan (continued)
|
|
|
|
|
|
$ 5
|
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B,
|
6/20 at 100.00
|
A2
|
$ 5,014
|
|
|
|
5.000%, 7/01/36 – FGIC Insured
|
|
|
|
|
|
2,000
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A,
|
7/21 at 100.00
|
A1
|
2,082,620
|
|
|
|
5.250%, 7/01/41
|
|
|
|
|
|
2,000
|
Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson
|
7/24 at 100.00
|
A1
|
2,127,240
|
|
|
|
Healthcare, Series 2014A, 5.000%, 7/01/47
|
|
|
|
|
|
1,500
|
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, WA Foote
|
6/20 at 100.00
|
AA (13)
|
1,504,950
|
|
|
|
Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 (Pre-refunded 6/01/20) –
|
|
|
|
|
|
|
AGM Insured
|
|
|
|
|
|
3,580
|
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A,
|
7/21 at 100.00
|
AA– (13)
|
3,779,155
|
|
|
|
5.500%, 7/01/41 (Pre-refunded 7/01/21)
|
|
|
|
|
|
1,000
|
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &
|
7/24 at 100.00
|
A2
|
1,118,020
|
|
|
|
Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36 –
|
|
|
|
|
|
|
NPFG Insured
|
|
|
|
|
|
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding
|
|
|
|
|
|
|
Series 2011MI:
|
|
|
|
|
|
20
|
5.000%, 12/01/39 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
N/R (13)
|
21,354
|
|
|
4,980
|
5.000%, 12/01/39 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
AA– (13)
|
5,317,246
|
|
|
2,250
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/21 at 100.00
|
AA–
|
2,392,223
|
|
|
|
2011-I-A, 5.375%, 10/15/41
|
|
|
|
|
|
1,525
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue
|
5/20 at 100.00
|
B2
|
1,531,634
|
|
|
|
Bonds, Series 2008A, 6.875%, 6/01/42
|
|
|
|
|
|
2,000
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne
|
12/22 at 100.00
|
A
|
2,127,600
|
|
|
|
County Airport, Series 2012A, 5.000%, 12/01/37
|
|
|
|
|
|
42,925
|
Total Michigan
|
|
|
48,326,645
|
|
|
|
Minnesota – 0.9% (0.5% of Total Investments)
|
|
|
|
|
|
700
|
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy
|
7/24 at 102.00
|
N/R
|
621,215
|
|
|
|
Project, Series 2016A, 5.000%, 7/01/47
|
|
|
|
|
|
1,500
|
Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language
|
8/22 at 102.00
|
BB+
|
1,548,750
|
|
|
|
Academy, Series 2014A, 5.750%, 8/01/44
|
|
|
|
|
|
795
|
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project,
|
7/24 at 102.00
|
N/R
|
769,266
|
|
|
|
Series 2016A, 5.000%, 7/01/36
|
|
|
|
|
|
|
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+
|
779,707
|
|
|
4,000
|
6.000%, 9/01/51
|
9/26 at 100.00
|
BB+
|
4,201,040
|
|
|
5,265
|
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue
|
7/25 at 100.00
|
A
|
5,754,487
|
|
|
|
Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/33
|
|
|
|
|
|
4,250
|
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp
|
6/20 at 100.00
|
N/R
|
4,251,445
|
|
|
|
Project, Series 2007-1, 5.000%, 8/01/36
|
|
|
|
|
|
17,260
|
Total Minnesota
|
|
|
17,925,910
|
|
|
|
Missouri – 3.7% (2.2% of Total Investments)
|
|
|
|
|
|
1,400
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit
|
10/22 at 100.00
|
Aa2
|
1,519,140
|
|
|
|
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44
|
|
|
|
|
|
1,085
|
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities
|
3/23 at 103.00
|
BBB–
|
1,195,920
|
|
|
|
Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33
|
|
|
|
|
|
890
|
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood,
|
6/20 at 100.00
|
A–
|
891,344
|
|
|
|
Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
|
|
|
|
|
|
|
Kansas City Industrial Development Authority, Missouri, Airport Special Obligation
|
|
|
|
|
|
|
Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B:
|
|
|
|
|
|
19,950
|
5.000%, 3/01/46 (AMT)
|
3/29 at 100.00
|
A
|
21,930,835
|
|
|
8,000
|
5.000%, 3/01/54 (AMT)
|
3/29 at 100.00
|
A
|
8,726,640
|
84
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Missouri (continued)
|
|
|
|
|
|
$ 135
|
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward
|
4/26 at 100.00
|
N/R
|
$ 113,625
|
|
|
|
Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016,
|
|
|
|
|
|
|
5.000%, 4/01/46, 144A
|
|
|
|
|
|
12,005
|
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series
|
No Opt. Call
|
A1
|
9,808,085
|
|
|
|
2004B-1, 0.000%, 4/15/29 – AMBAC Insured
|
|
|
|
|
|
650
|
Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue
|
2/28 at 100.00
|
N/R
|
637,163
|
|
|
|
Bonds, Convention Center Hotel Project – TIF Financing, Series 2018B, 5.000%, 2/01/40, 144A
|
|
|
|
|
|
1,000
|
Liberty Public School District 53, Clay County, Missouri, Lease Participation
|
4/22 at 100.00
|
AA–
|
1,065,710
|
|
|
|
Certificates, School Boards Association, Series 2014, 5.000%, 4/01/31
|
|
|
|
|
|
|
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty
|
|
|
|
|
|
|
Commons Project, Series 2015A:
|
|
|
|
|
|
1,560
|
5.125%, 6/01/25, 144A
|
No Opt. Call
|
N/R
|
1,486,540
|
|
|
3,810
|
5.750%, 6/01/35, 144A
|
6/25 at 100.00
|
N/R
|
3,335,198
|
|
|
3,695
|
6.000%, 6/01/46, 144A
|
6/25 at 100.00
|
N/R
|
3,157,156
|
|
|
|
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
|
1,757,157
|
|
|
2,700
|
5.000%, 6/01/33
|
6/23 at 100.00
|
A1
|
2,967,111
|
|
|
665
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue
|
5/23 at 100.00
|
BBB
|
689,332
|
|
|
|
Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33
|
|
|
|
|
|
505
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue
|
10/23 at 100.00
|
A+
|
558,904
|
|
|
|
Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34
|
|
|
|
|
|
|
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
|
52,470
|
|
|
6,930
|
5.000%, 11/15/48
|
11/23 at 100.00
|
A2
|
7,258,135
|
|
|
2,000
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
|
11/24 at 100.00
|
AA–
|
2,171,060
|
|
|
|
Mercy Health, Series 2014F, 5.000%, 11/15/45
|
|
|
|
|
|
2,500
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington
|
11/21 at 100.00
|
AA+ (13)
|
2,664,550
|
|
|
|
University, Series 2011B, 5.000%, 11/15/37 (Pre-refunded 11/15/21)
|
|
|
|
|
|
|
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
|
1,229,380
|
|
|
1,105
|
5.000%, 11/15/46
|
11/25 at 100.00
|
N/R
|
1,043,043
|
|
|
430
|
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship
|
9/23 at 100.00
|
BB+
|
431,823
|
|
|
|
Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43
|
|
|
|
|
|
|
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint
|
|
|
|
|
|
|
Andrew’s Resources for Seniors, Series 2015A:
|
|
|
|
|
|
450
|
5.000%, 12/01/35
|
12/25 at 100.00
|
N/R
|
402,327
|
|
|
130
|
5.125%, 12/01/45
|
12/25 at 100.00
|
N/R
|
109,840
|
|
|
925
|
Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue
|
3/23 at 103.00
|
Ba1
|
1,004,309
|
|
|
|
Bonds, Southeasthealth, Series 2016B, 6.000%, 3/01/37
|
|
|
|
|
|
700
|
The Industrial Development Authority of the City of Saint Louis, Missouri, Development
|
11/26 at 100.00
|
N/R
|
607,278
|
|
|
|
Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47
|
|
|
|
|
|
76,135
|
Total Missouri
|
|
|
76,814,075
|
|
|
|
Nebraska – 0.6% (0.4% of Total Investments)
|
|
|
|
|
|
580
|
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska
|
11/25 at 100.00
|
A
|
622,595
|
|
|
|
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45
|
|
|
|
|
|
|
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
|
A–
|
2,119,352
|
|
|
3,000
|
5.000%, 5/15/36
|
5/24 at 100.00
|
A–
|
3,208,710
|
85
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Nebraska (continued)
|
|
|
|
|
|
|
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska
|
|
|
|
|
|
|
Methodist Health System, Refunding Series 2015:
|
|
|
|
|
|
$ 4,070
|
5.000%, 11/01/45
|
11/25 at 100.00
|
A
|
$ 4,368,901
|
|
|
2,110
|
5.000%, 11/01/48
|
11/25 at 100.00
|
A
|
2,260,380
|
|
|
500
|
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds,
|
11/21 at 100.00
|
A (13)
|
530,925
|
|
|
|
Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
|
|
|
|
|
|
|
(Pre-refunded 11/01/21)
|
|
|
|
|
|
12,190
|
Total Nebraska
|
|
|
13,110,863
|
|
|
|
Nevada – 0.7% (0.4% of Total Investments)
|
|
|
|
|
|
10,000
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series
|
6/21 at 100.00
|
AA+
|
10,347,000
|
|
|
|
2011C, 5.000%, 6/01/38
|
|
|
|
|
|
4,000
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series
|
12/24 at 100.00
|
AA+
|
4,492,240
|
|
|
|
2015, 5.000%, 6/01/39
|
|
|
|
|
|
14,000
|
Total Nevada
|
|
|
14,839,240
|
|
|
|
New Jersey – 5.5% (3.4% of Total Investments)
|
|
|
|
|
|
570
|
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control
|
No Opt. Call
|
Ba1
|
584,461
|
|
|
|
Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (AMT)
|
|
|
|
|
|
1,100
|
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
|
1/24 at 100.00
|
BBB
|
1,111,055
|
|
|
|
Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (AMT)
|
|
|
|
|
|
17,580
|
New Jersey Economic Development Authority, School Facilities Construction Bonds,
|
12/26 at 100.00
|
BBB+
|
18,306,406
|
|
|
|
Refunding Series 2016BBB, 5.500%, 6/15/31
|
|
|
|
|
|
|
New Jersey Economic Development Authority, School Facilities Construction Bonds,
|
|
|
|
|
|
|
Series 2016AAA:
|
|
|
|
|
|
1,000
|
5.000%, 6/15/36
|
12/26 at 100.00
|
BBB+
|
1,007,100
|
|
|
10,000
|
5.000%, 6/15/41
|
12/26 at 100.00
|
BBB+
|
10,001,500
|
|
|
2,000
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series
|
6/27 at 100.00
|
BBB+
|
2,018,540
|
|
|
|
2017DDD, 5.000%, 6/15/35
|
|
|
|
|
|
15,040
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series
|
12/28 at 100.00
|
BBB+
|
14,702,352
|
|
|
|
2018EEE, 5.000%, 6/15/48
|
|
|
|
|
|
3,050
|
New Jersey Economic Development Authority, School Facilities Construction Financing
|
3/21 at 100.00
|
BBB+
|
3,140,982
|
|
|
|
Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/24
|
|
|
|
|
|
|
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 (Pre-refunded 6/01/20)
|
6/20 at 100.00
|
N/R (13)
|
838,223
|
|
|
3,000
|
5.875%, 6/01/42 (Pre-refunded 6/01/20)
|
6/20 at 100.00
|
N/R (13)
|
3,011,850
|
|
|
1,120
|
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University,
|
7/23 at 100.00
|
A–
|
1,183,571
|
|
|
|
Series 2013D, 5.000%, 7/01/33
|
|
|
|
|
|
600
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint
|
7/21 at 100.00
|
BB+
|
616,458
|
|
|
|
Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26
|
|
|
|
|
|
405
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University
|
7/25 at 100.00
|
BB–
|
410,893
|
|
|
|
Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital
|
|
|
|
|
|
|
Appreciation Series 2010A:
|
|
|
|
|
|
3,130
|
0.000%, 12/15/28
|
No Opt. Call
|
BBB+
|
2,283,554
|
|
|
3,000
|
0.000%, 12/15/31
|
No Opt. Call
|
BBB+
|
1,890,630
|
|
|
12,715
|
0.000%, 12/15/33
|
No Opt. Call
|
BBB+
|
7,232,673
|
|
|
610
|
0.000%, 12/15/34
|
No Opt. Call
|
BBB+
|
330,766
|
|
|
2,480
|
0.000%, 12/15/40
|
No Opt. Call
|
BBB+
|
977,740
|
|
|
10,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding
|
No Opt. Call
|
BBB+
|
6,501,800
|
|
|
|
Series 2006C, 0.000%, 12/15/33 – AGM Insured
|
|
|
|
|
|
19,175
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series
|
No Opt. Call
|
BBB+
|
9,847,705
|
|
|
|
2008A, 0.000%, 12/15/35
|
|
|
|
86
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
New Jersey (continued)
|
|
|
|
|
|
$ 15,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series
|
No Opt. Call
|
BBB+
|
$ 6,254,100
|
|
|
|
2009A, 0.000%, 12/15/39
|
|
|
|
|
|
5,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series
|
12/24 at 100.00
|
BBB+
|
5,088,700
|
|
|
|
2009C, 5.250%, 6/15/32
|
|
|
|
|
|
6,305
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series
|
6/25 at 100.00
|
BBB+
|
6,204,814
|
|
|
|
2015AA, 5.000%, 6/15/45
|
|
|
|
|
|
1,595
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed
|
6/28 at 100.00
|
BBB+
|
1,666,009
|
|
|
|
Bonds, Series 2018A, 5.000%, 6/01/46
|
|
|
|
|
|
10,000
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed
|
6/28 at 100.00
|
BB+
|
10,066,600
|
|
|
|
Bonds, Series 2018B, 5.000%, 6/01/46
|
|
|
|
|
|
145,310
|
Total New Jersey
|
|
|
115,278,482
|
|
|
|
New Mexico – 0.5% (0.3% of Total Investments)
|
|
|
|
|
|
1,500
|
New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena
|
7/20 at 100.00
|
BBB– (13)
|
1,511,535
|
|
|
|
Project, Series 2010A, 6.125%, 7/01/40 (Pre-refunded 7/01/20)
|
|
|
|
|
|
4,185
|
New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian
|
8/29 at 100.00
|
Aa3
|
4,877,031
|
|
|
|
Healthcare Services, Series 2019A, 5.000%, 8/01/44
|
|
|
|
|
|
4,180
|
Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross
|
6/20 at 103.00
|
N/R
|
4,002,434
|
|
|
|
Receipts Tax Increment Bonds, Senior Lien Series 2015, 5.750%, 5/01/30, 144A
|
|
|
|
|
|
9,865
|
Total New Mexico
|
|
|
10,391,000
|
|
|
|
New York – 14.0% (8.6% of Total Investments)
|
|
|
|
|
|
1,755
|
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter
|
6/20 at 100.00
|
BB
|
1,687,871
|
|
|
|
Schools, Series 2007A, 5.000%, 4/01/32
|
|
|
|
|
|
|
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
|
B+
|
945,438
|
|
|
12,020
|
0.000%, 7/15/46
|
No Opt. Call
|
B+
|
2,976,272
|
|
|
450
|
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue
|
7/25 at 100.00
|
Baa2
|
501,543
|
|
|
|
Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35
|
|
|
|
|
|
200
|
Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College
|
11/24 at 100.00
|
BB
|
201,036
|
|
|
|
of New York, Series 2014, 5.000%, 11/01/39
|
|
|
|
|
|
3,170
|
Dormitory Authority of the State of New York, Revenue Bonds, New School University,
|
7/25 at 100.00
|
A–
|
3,427,816
|
|
|
|
Series 2015A, 5.000%, 7/01/50
|
|
|
|
|
|
15,270
|
Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of
|
12/26 at 100.00
|
BB–
|
13,453,786
|
|
|
|
Aeronautics & Technology, Series 2016A, 5.500%, 12/01/46, 144A
|
|
|
|
|
|
4,675
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds,
|
3/21 at 100.00
|
AA+
|
4,808,705
|
|
|
|
General Purpose Series 2011C, 5.000%, 3/15/41
|
|
|
|
|
|
81,270
|
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement
|
6/20 at 15.22
|
N/R
|
8,521,972
|
|
|
|
Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50
|
|
|
|
|
|
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012
|
|
|
|
|
|
|
Series 2011A:
|
|
|
|
|
|
270
|
5.250%, 2/15/47 (Pre-refunded 2/15/21)
|
2/21 at 100.00
|
Aa2 (13)
|
279,674
|
|
|
5,890
|
5.250%, 2/15/47
|
2/21 at 100.00
|
AA–
|
6,061,576
|
|
|
800
|
5.750%, 2/15/47
|
2/21 at 100.00
|
AA–
|
826,264
|
|
|
1,300
|
5.750%, 2/15/47 (Pre-refunded 2/15/21)
|
2/21 at 100.00
|
Aa2 (13)
|
1,351,623
|
|
|
3,000
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series
|
9/24 at 100.00
|
A
|
3,355,770
|
|
|
|
2014A, 5.000%, 9/01/39
|
|
|
|
|
|
1,200
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A,
|
5/21 at 100.00
|
A2 (13)
|
1,251,024
|
|
|
|
5.000%, 5/01/36 (Pre-refunded 5/01/21) – AGM Insured
|
|
|
|
|
|
6,000
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A,
|
9/22 at 100.00
|
A
|
6,407,220
|
|
|
|
5.000%, 9/01/42
|
|
|
|
87
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
New York (continued)
|
|
|
|
|
|
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding
|
|
|
|
|
|
|
Green Series 2016B:
|
|
|
|
|
|
$ 4,000
|
5.000%, 11/15/35
|
11/26 at 100.00
|
A–
|
$ 4,010,960
|
|
|
1,000
|
5.000%, 11/15/37
|
11/26 at 100.00
|
A–
|
1,002,740
|
|
|
5,000
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding
|
5/28 at 100.00
|
A–
|
5,022,900
|
|
|
|
Series 2017D, 5.000%, 11/15/32
|
|
|
|
|
|
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds,
|
|
|
|
|
|
|
Series 2011A:
|
|
|
|
|
|
285
|
5.000%, 11/15/41 (Pre-refunded 11/15/21)
|
11/21 at 100.00
|
N/R (13)
|
303,896
|
|
|
465
|
5.000%, 11/15/41 (Pre-refunded 11/15/21)
|
11/21 at 100.00
|
A– (13)
|
495,830
|
|
|
2,500
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series
|
5/23 at 100.00
|
A–
|
2,503,425
|
|
|
|
2013A, 5.000%, 11/15/38
|
|
|
|
|
|
16,290
|
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens
|
6/20 at 100.00
|
BBB
|
16,126,774
|
|
|
|
Baseball Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System
|
|
|
|
|
|
|
Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE:
|
|
|
|
|
|
1,480
|
5.375%, 6/15/43
|
12/20 at 100.00
|
AA+
|
1,513,507
|
|
|
2,895
|
5.375%, 6/15/43 (Pre-refunded 12/15/20)
|
12/20 at 100.00
|
N/R (13)
|
2,978,463
|
|
|
5,000
|
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds,
|
7/28 at 100.00
|
AA
|
5,739,850
|
|
|
|
Fiscal 2019 Subseries S-1, 5.000%, 7/15/45
|
|
|
|
|
|
4,440
|
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds,
|
7/28 at 100.00
|
AA
|
5,209,097
|
|
|
|
Fiscal 2019 Subseries S-3A, 5.000%, 7/15/36
|
|
|
|
|
|
10,000
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds,
|
5/23 at 100.00
|
Aa1
|
10,908,100
|
|
|
|
Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38
|
|
|
|
|
|
10
|
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 –
|
6/20 at 100.00
|
AA
|
10,037
|
|
|
|
NPFG Insured
|
|
|
|
|
|
65,590
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
62,905,401
|
|
|
|
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A
|
|
|
|
|
|
1,700
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
1,691,381
|
|
|
|
Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A
|
|
|
|
|
|
|
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
|
1,935,132
|
|
|
2,000
|
5.750%, 11/15/51
|
11/21 at 100.00
|
A
|
2,089,860
|
|
|
3,000
|
New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38
|
11/21 at 100.00
|
AA
|
3,173,670
|
|
|
5,000
|
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations,
|
1/26 at 100.00
|
A–
|
5,457,450
|
|
|
|
Series 2016A, 5.000%, 1/01/51
|
|
|
|
|
|
|
New York Transportation Development Corporation, New York, Special Facilities Bonds,
|
|
|
|
|
|
|
LaGuardia Airport Terminal B Redevelopment Project, Series 2016A:
|
|
|
|
|
|
1,800
|
4.000%, 7/01/41 (AMT)
|
7/24 at 100.00
|
Baa3
|
1,646,244
|
|
|
10,680
|
5.000%, 7/01/41 (AMT)
|
7/24 at 100.00
|
Baa3
|
10,904,173
|
|
|
16,810
|
5.000%, 7/01/46 (AMT)
|
7/24 at 100.00
|
Baa3
|
17,043,155
|
|
|
29,150
|
5.250%, 1/01/50 (AMT)
|
7/24 at 100.00
|
Baa3
|
29,802,669
|
|
|
|
New York Transportation Development Corporation, New York, Special Facility Revenue
|
|
|
|
|
|
|
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding
|
|
|
|
|
|
|
Series 2016:
|
|
|
|
|
|
6,065
|
5.000%, 8/01/26 (AMT)
|
8/21 at 100.00
|
B
|
5,937,392
|
|
|
12,700
|
5.000%, 8/01/31 (AMT)
|
8/21 at 100.00
|
B
|
12,412,726
|
|
|
2,745
|
New York Transportation Development Corporation, New York, Special Facility Revenue
|
1/28 at 100.00
|
BB+
|
2,755,211
|
|
|
|
Bonds, Delta Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series
|
|
|
|
|
|
|
2018, 5.000%, 1/01/36 (AMT)
|
|
|
|
|
|
10,000
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred
|
4/27 at 100.00
|
AA–
|
11,273,800
|
|
|
|
Series 2017, 5.250%, 10/15/57
|
|
|
|
88
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
New York (continued)
|
|
|
|
|
|
|
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
|
6/20 at 100.00
|
BBB+
|
$ 6,119,888
|
|
|
3,430
|
6.000%, 12/01/36
|
12/20 at 100.00
|
BBB+
|
3,455,176
|
|
|
795
|
6.000%, 12/01/42
|
12/20 at 100.00
|
BBB+
|
801,440
|
|
|
2,500
|
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds,
|
5/25 at 100.00
|
AA–
|
2,811,650
|
|
|
|
Refunding Series 2015A, 5.000%, 11/15/50
|
|
|
|
|
|
375,935
|
Total New York
|
|
|
294,099,587
|
|
|
|
North Carolina – 0.2% (0.1% of Total Investments)
|
|
|
|
|
|
3,300
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed,
|
10/22 at 100.00
|
A2
|
3,465,198
|
|
|
|
Refunding Series 2012A, 5.000%, 10/01/31
|
|
|
|
|
|
|
North Dakota – 2.3% (1.4% of Total Investments)
|
|
|
|
|
|
1,000
|
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center
|
7/21 at 100.00
|
N/R (13)
|
1,046,890
|
|
|
|
Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21)
|
|
|
|
|
|
|
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011:
|
|
|
|
|
|
1,500
|
6.000%, 11/01/28
|
11/21 at 100.00
|
A2
|
1,575,855
|
|
|
2,190
|
6.250%, 11/01/31
|
11/21 at 100.00
|
A2
|
2,298,230
|
|
|
|
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
|
Baa2
|
3,076,560
|
|
|
1,875
|
5.000%, 12/01/32
|
12/21 at 100.00
|
Baa2
|
1,910,606
|
|
|
39,670
|
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series
|
6/28 at 100.00
|
BBB–
|
39,213,795
|
|
|
|
2017C, 5.000%, 6/01/53
|
|
|
|
|
|
49,235
|
Total North Dakota
|
|
|
49,121,936
|
|
|
|
Ohio – 3.4% (2.1% of Total Investments)
|
|
|
|
|
|
800
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners,
|
5/22 at 100.00
|
A+
|
828,000
|
|
|
|
Refunding and Improvement Series 2012A, 5.000%, 5/01/42
|
|
|
|
|
|
8,015
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/30 at 100.00
|
BBB+
|
8,041,209
|
|
|
|
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48
|
|
|
|
|
|
20,305
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/30 at 100.00
|
N/R
|
18,127,492
|
|
|
|
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55
|
|
|
|
|
|
|
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
|
|
|
|
|
|
2,000
|
5.250%, 11/01/29 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
A3 (13)
|
2,044,680
|
|
|
3,000
|
5.750%, 11/01/40 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
A3 (13)
|
3,074,370
|
|
|
3,040
|
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement
|
7/20 at 100.00
|
BBB
|
3,055,808
|
|
|
|
Services, Improvement Series 2010A, 5.625%, 7/01/26
|
|
|
|
|
|
5,800
|
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A,
|
11/21 at 100.00
|
Aa2
|
6,006,712
|
|
|
|
5.000%, 11/15/41
|
|
|
|
|
|
4,615
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series
|
11/21 at 100.00
|
Baa3 (13)
|
4,978,569
|
|
|
|
2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21)
|
|
|
|
|
|
1,000
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
2,500
|
|
|
|
FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (4)
|
|
|
|
|
|
10
|
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, AK Steel Holding
|
2/22 at 100.00
|
CCC
|
8,944
|
|
|
|
Corporation, Refunding Series 2012A, 6.750%, 6/01/24 (AMT)
|
|
|
|
|
|
6,945
|
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series
|
1/30 at 100.00
|
A
|
7,740,133
|
|
|
|
2020A, 5.000%, 1/15/50
|
|
|
|
|
|
2,000
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien
|
2/23 at 100.00
|
A+
|
2,162,640
|
|
|
|
Series 2013A-1, 5.250%, 2/15/33
|
|
|
|
|
|
330
|
Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States
|
11/21 at 100.00
|
Caa2
|
290,420
|
|
|
|
Steel Corporation Project, Refunding Series 2011, 6.600%, 5/01/29
|
|
|
|
89
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Ohio (continued)
|
|
|
|
|
|
$ 3,000
|
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear
|
No Opt. Call
|
N/R
|
$ 7,500
|
|
|
|
Generating Corporation Project, Refunding Series 2008C, 3.950%, 11/01/32 (4)
|
|
|
|
|
|
13,350
|
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
13,450,125
|
|
|
|
Nuclear Generating Corporation Project, Series 2009A, 5.000%, 6/01/33 (Mandatory
|
|
|
|
|
|
|
Put 6/01/22) (4)
|
|
|
|
|
|
2,500
|
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
2,518,750
|
|
|
|
Nuclear Generating Corporation Project, Series 2010B, 5.000%, 6/01/33 (Mandatory
|
|
|
|
|
|
|
Put 6/01/22) (4)
|
|
|
|
|
|
76,710
|
Total Ohio
|
|
|
72,337,852
|
|
|
|
Oklahoma – 2.7% (1.7% of Total Investments)
|
|
|
|
|
|
1,745
|
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise
|
8/21 at 100.00
|
N/R (13)
|
1,888,683
|
|
|
|
Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 (Pre-refunded 8/25/21),
|
|
|
|
|
|
|
144A
|
|
|
|
|
|
3,500
|
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40
|
6/20 at 100.00
|
A1 (13)
|
3,512,075
|
|
|
|
(Pre-refunded 6/01/20)
|
|
|
|
|
|
|
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine
|
|
|
|
|
|
|
Project, Series 2018B:
|
|
|
|
|
|
3,515
|
5.250%, 8/15/43
|
8/28 at 100.00
|
BB+
|
3,655,600
|
|
|
11,870
|
5.250%, 8/15/48
|
8/28 at 100.00
|
BB+
|
12,267,289
|
|
|
4,555
|
5.500%, 8/15/52
|
8/28 at 100.00
|
BB+
|
4,772,365
|
|
|
27,375
|
5.500%, 8/15/57
|
8/28 at 100.00
|
BB+
|
28,496,827
|
|
|
2,055
|
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A,
|
6/23 at 100.00
|
Baa1
|
2,244,101
|
|
|
|
5.375%, 6/01/33 (AMT)
|
|
|
|
|
|
54,615
|
Total Oklahoma
|
|
|
56,836,940
|
|
|
|
Oregon – 0.1% (0.0% of Total Investments)
|
|
|
|
|
|
1,270
|
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project,
|
5/22 at 100.00
|
BBB
|
1,304,366
|
|
|
|
Refunding Series 2014A, 5.000%, 5/01/40
|
|
|
|
|
|
|
Pennsylvania – 4.7% (2.9% of Total Investments)
|
|
|
|
|
|
380
|
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental
|
8/22 at 100.00
|
Caa2
|
317,441
|
|
|
|
Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%,
|
|
|
|
|
|
|
8/01/42 (AMT)
|
|
|
|
|
|
1,355
|
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue
|
5/27 at 100.00
|
Ba3
|
1,309,404
|
|
|
|
Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A
|
|
|
|
|
|
10,650
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
N/R
|
10,729,875
|
|
|
|
Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.000%, 1/01/35 (Mandatory Put
|
|
|
|
|
|
|
7/01/22) (4)
|
|
|
|
|
|
32,785
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
N/R
|
81,963
|
|
|
|
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (4)
|
|
|
|
|
|
23,670
|
Berks County Industrial Development Authority, Pennsylvania, Health System Revenue
|
11/27 at 100.00
|
Baa2
|
23,734,382
|
|
|
|
Bonds, Tower Health Project, Series 2017, 5.000%, 11/01/50
|
|
|
|
|
|
2,950
|
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master
|
6/28 at 100.00
|
A
|
3,327,187
|
|
|
|
Settlement, Series 2018, 5.000%, 6/01/35
|
|
|
|
|
|
2,080
|
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran
|
1/25 at 100.00
|
BBB+
|
2,105,126
|
|
|
|
Social Ministries Project, Series 2015, 5.000%, 1/01/38
|
|
|
|
|
|
6,335
|
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds,
|
2/27 at 100.00
|
Aa3
|
7,083,734
|
|
|
|
Geisinger Health System, Series 2017A-1, 5.000%, 2/15/45
|
|
|
|
|
|
|
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
|
Ba1
|
6,591,979
|
|
|
3,535
|
5.250%, 1/15/45
|
1/25 at 100.00
|
Ba1
|
3,634,758
|
|
|
2,206
|
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue
|
6/20 at 100.00
|
N/R
|
551,431
|
|
|
|
Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 1.250%, 12/31/23
|
|
|
|
90
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Pennsylvania (continued)
|
|
|
|
|
|
$ 602
|
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue
|
No Opt. Call
|
N/R
|
$ 150,456
|
|
|
|
Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23
|
|
|
|
|
|
|
(cash 5.000%, PIK 5.000%)
|
|
|
|
|
|
4,135
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
|
11/24 at 100.00
|
N/R
|
3,792,208
|
|
|
|
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (AMT)
|
|
|
|
|
|
11,750
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue
|
9/25 at 100.00
|
CCC+
|
8,983,110
|
|
|
|
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38
|
|
|
|
|
|
1,085
|
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds,
|
6/26 at 100.00
|
BBB
|
1,106,993
|
|
|
|
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38 (AMT)
|
|
|
|
|
|
600
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
|
7/20 at 100.00
|
N/R (13)
|
604,986
|
|
|
|
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20)
|
|
|
|
|
|
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue
|
|
|
|
|
|
|
Bonds, Subordinate Series 2010A1&2:
|
|
|
|
|
|
315
|
5.500%, 12/01/34 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
N/R (13)
|
322,752
|
|
|
1,435
|
5.500%, 12/01/34 (Pre-refunded 12/01/20)
|
12/20 at 100.00
|
A2 (13)
|
1,470,315
|
|
|
5,140
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue
|
12/21 at 100.00
|
A2 (13)
|
5,492,296
|
|
|
|
Bonds, Subordinate Series 2011B, 5.000%, 12/01/34 (Pre-refunded 12/01/21)
|
|
|
|
|
|
5,660
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1,
|
6/25 at 100.00
|
A+
|
6,144,609
|
|
|
|
5.000%, 12/01/45
|
|
|
|
|
|
3,170
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1,
|
12/25 at 100.00
|
A3
|
3,446,995
|
|
|
|
5.000%, 12/01/46
|
|
|
|
|
|
|
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011:
|
|
|
|
|
|
5,445
|
6.000%, 8/01/36 (Pre-refunded 8/01/20)
|
8/20 at 100.00
|
A– (13)
|
5,515,404
|
|
|
1,425
|
6.500%, 8/01/41 (Pre-refunded 8/01/20)
|
8/20 at 100.00
|
A– (13)
|
1,444,864
|
|
|
|
The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania,
|
|
|
|
|
|
|
Guaranteed Lease Revenue Bonds, Series 2016A:
|
|
|
|
|
|
425
|
5.000%, 11/15/21
|
No Opt. Call
|
BB+
|
422,526
|
|
|
1,255
|
5.000%, 11/15/28
|
5/24 at 100.00
|
BB+
|
1,162,632
|
|
|
134,578
|
Total Pennsylvania
|
|
|
99,527,426
|
|
|
|
Puerto Rico – 3.8% (2.3% of Total Investments)
|
|
|
|
|
|
3,325
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,
|
6/20 at 100.00
|
CC
|
3,308,375
|
|
|
|
6.000%, 7/01/44
|
|
|
|
|
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A:
|
|
|
|
|
|
1,800
|
5.500%, 7/01/28
|
7/22 at 100.00
|
CC
|
1,804,500
|
|
|
6,640
|
5.750%, 7/01/37
|
7/22 at 100.00
|
CC
|
6,557,000
|
|
|
5,425
|
6.000%, 7/01/47
|
7/22 at 100.00
|
CC
|
5,370,750
|
|
|
215
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N,
|
No Opt. Call
|
C
|
236,466
|
|
|
|
5.500%, 7/01/29 – AMBAC Insured
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds,
|
|
|
|
|
|
|
Restructured 2018A-1:
|
|
|
|
|
|
134
|
4.500%, 7/01/34
|
7/25 at 100.00
|
N/R
|
130,856
|
|
|
136
|
4.550%, 7/01/40
|
7/28 at 100.00
|
N/R
|
125,531
|
|
|
64,888
|
5.000%, 7/01/58
|
7/28 at 100.00
|
N/R
|
60,966,818
|
|
|
493
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable
|
7/28 at 100.00
|
N/R
|
428,930
|
|
|
|
Restructured Cofina Project Series 2019A-2, 4.536%, 7/01/53
|
|
|
|
|
|
1,805
|
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit,
|
No Opt. Call
|
N/R
|
338,240
|
|
|
|
Series 2007A Sr. Bond, 0.000%, 8/01/54
|
|
|
|
|
|
84,861
|
Total Puerto Rico
|
|
|
79,267,466
|
|
|
|
Rhode Island – 0.1% (0.1% of Total Investments)
|
|
|
|
|
|
21,570
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed
|
5/20 at 15.05
|
CCC–
|
2,688,701
|
|
|
|
Bonds, Series 2007A, 0.000%, 6/01/52
|
|
|
|
91
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
South Carolina – 2.6% (1.6% of Total Investments)
|
|
|
|
|
|
$ 5,000
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding
|
No Opt. Call
|
A–
|
$ 5,174,100
|
|
|
|
Series 1991, 6.250%, 1/01/21 – FGIC Insured
|
|
|
|
|
|
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
|
|
|
|
|
|
1,220
|
0.000%, 1/01/23 – FGIC Insured
|
No Opt. Call
|
A–
|
1,173,860
|
|
|
21,570
|
0.000%, 1/01/30 – AMBAC Insured
|
No Opt. Call
|
A–
|
17,196,035
|
|
|
5,560
|
0.000%, 1/01/31 – AGC Insured
|
No Opt. Call
|
A3
|
4,336,967
|
|
|
10,000
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding &
|
6/25 at 100.00
|
A–
|
10,465,700
|
|
|
|
Improvement Series 2015A, 5.000%, 12/01/50
|
|
|
|
|
|
6,930
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding
|
12/24 at 100.00
|
A–
|
7,294,033
|
|
|
|
Series 2014C, 5.000%, 12/01/39
|
|
|
|
|
|
9,155
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series
|
6/24 at 100.00
|
A–
|
9,713,455
|
|
|
|
2014A, 5.500%, 12/01/54
|
|
|
|
|
|
59,435
|
Total South Carolina
|
|
|
55,354,150
|
|
|
|
South Dakota – 0.2% (0.1% of Total Investments)
|
|
|
|
|
|
4,455
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health,
|
11/24 at 100.00
|
A2
|
4,730,720
|
|
|
|
Series 2014B, 5.000%, 11/01/44
|
|
|
|
|
|
|
Tennessee – 0.9% (0.6% of Total Investments)
|
|
|
|
|
|
8,890
|
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds,
|
1/23 at 100.00
|
BBB+ (13)
|
9,883,546
|
|
|
|
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23)
|
|
|
|
|
|
4,000
|
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds,
|
8/29 at 100.00
|
BBB+
|
3,895,040
|
|
|
|
CommonSpirit Health, Series 2019A-1, 4.000%, 8/01/44
|
|
|
|
|
|
1,665
|
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds,
|
8/29 at 100.00
|
BBB+
|
1,780,168
|
|
|
|
CommonSpirit Health, Series 2019A-2, 5.000%, 8/01/44
|
|
|
|
|
|
2,395
|
Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds,
|
10/24 at 100.00
|
Baa3
|
2,217,866
|
|
|
|
Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/44
|
|
|
|
|
|
2,540
|
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities
|
6/27 at 100.00
|
N/R
|
1,524,000
|
|
|
|
Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 0.000%,
|
|
|
|
|
|
|
6/15/37, 144A (4)
|
|
|
|
|
|
19,490
|
Total Tennessee
|
|
|
19,300,620
|
|
|
|
Texas – 15.8% (9.7% of Total Investments)
|
|
|
|
|
|
495
|
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside
|
8/21 at 100.00
|
BB+
|
434,115
|
|
|
|
Schools, Series 2016A, 4.375%, 8/15/36
|
|
|
|
|
|
|
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–
|
170,275
|
|
|
130
|
5.000%, 12/01/46
|
12/26 at 100.00
|
BBB–
|
131,758
|
|
|
760
|
5.000%, 12/01/51
|
12/26 at 100.00
|
BBB–
|
768,596
|
|
|
915
|
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public
|
9/23 at 103.00
|
N/R
|
943,704
|
|
|
|
Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45
|
|
|
|
|
|
780
|
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public
|
9/23 at 103.00
|
N/R
|
803,384
|
|
|
|
Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40
|
|
|
|
|
|
|
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
|
3,309,557
|
|
|
3,340
|
5.000%, 12/01/40
|
12/25 at 100.00
|
BB
|
3,368,156
|
|
|
1,045
|
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement
|
3/23 at 103.00
|
N/R
|
1,025,856
|
|
|
|
District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45
|
|
|
|
|
|
1,850
|
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement
|
3/23 at 103.00
|
N/R
|
1,806,987
|
|
|
|
District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015,
|
|
|
|
|
|
|
8.250%, 9/01/40
|
|
|
|
|
|
|
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
|
Baa1 (13)
|
3,361,572
|
|
|
2,700
|
6.250%, 1/01/46 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
Baa1 (13)
|
2,797,119
|
92
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Texas (continued)
|
|
|
|
|
|
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A:
|
|
|
|
|
|
$ 2,000
|
5.000%, 1/01/40
|
7/25 at 100.00
|
Baa1
|
$ 2,124,840
|
|
|
3,625
|
5.000%, 1/01/45
|
7/25 at 100.00
|
Baa1
|
3,837,280
|
|
|
|
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
|
595,210
|
|
|
520
|
6.500%, 9/01/46
|
9/23 at 103.00
|
N/R
|
562,333
|
|
|
4,500
|
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011,
|
1/21 at 100.00
|
AA– (13)
|
4,629,240
|
|
|
|
5.000%, 1/01/36 (Pre-refunded 1/01/21)
|
|
|
|
|
|
4,000
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series
|
11/22 at 100.00
|
A+
|
4,200,400
|
|
|
|
2013C, 5.000%, 11/01/38 (AMT)
|
|
|
|
|
|
2,600
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding &
|
11/21 at 100.00
|
A+
|
2,685,358
|
|
|
|
Improvement Series 2012C, 5.000%, 11/01/45
|
|
|
|
|
|
1,000
|
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy
|
11/22 at 100.00
|
Baa2
|
1,019,150
|
|
|
|
Inc. Project, Series 2012A RMKT, 4.750%, 5/01/38
|
|
|
|
|
|
2,335
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier
|
10/23 at 100.00
|
BBB
|
2,384,735
|
|
|
|
Series 2013A, 5.125%, 10/01/43
|
|
|
|
|
|
17,000
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate
|
10/23 at 100.00
|
AA (13)
|
19,519,910
|
|
|
|
Lien Series 2013B, 5.250%, 10/01/51 (Pre-refunded 10/01/23)
|
|
|
|
|
|
4,410
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate
|
4/28 at 100.00
|
AA
|
5,125,126
|
|
|
|
Lien Series 2018A Tela Supported, 5.000%, 10/01/48
|
|
|
|
|
|
1,140
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender
|
10/23 at 100.00
|
AA
|
1,777,864
|
|
|
|
Option Bond Trust 2015-XF0228, 17.628%, 11/01/44, 144A (IF) (7)
|
|
|
|
|
|
10,000
|
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds,
|
6/20 at 100.00
|
B3
|
9,998,700
|
|
|
|
Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (AMT)
|
|
|
|
|
|
3,480
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,
|
6/25 at 100.00
|
AA
|
3,895,930
|
|
|
|
Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45
|
|
|
|
|
|
|
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
|
119,903
|
|
|
590
|
0.000%, 11/15/42 – AGM Insured
|
11/31 at 59.73
|
A2
|
227,864
|
|
|
1,000
|
0.000%, 11/15/43 – AGM Insured
|
11/31 at 56.93
|
A2
|
366,760
|
|
|
2,000
|
0.000%, 11/15/44 – AGM Insured
|
11/31 at 54.25
|
A2
|
696,640
|
|
|
2,600
|
0.000%, 11/15/45 – AGM Insured
|
11/31 at 51.48
|
A2
|
856,570
|
|
|
4,180
|
0.000%, 11/15/53 – AGM Insured
|
11/31 at 33.96
|
A2
|
884,321
|
|
|
6,170
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H,
|
11/31 at 69.08
|
BB+
|
2,649,645
|
|
|
|
0.000%, 11/15/37 – NPFG Insured
|
|
|
|
|
|
4,565
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3,
|
11/24 at 52.47
|
BB
|
2,027,956
|
|
|
|
0.000%, 11/15/35 – NPFG Insured
|
|
|
|
|
|
40,500
|
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior
|
11/30 at 54.04
|
A2
|
15,613,560
|
|
|
|
Lien Series 2001A, 0.000%, 11/15/40 – NPFG Insured
|
|
|
|
|
|
3,855
|
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series
|
7/22 at 100.00
|
A
|
4,041,852
|
|
|
|
2012A, 5.000%, 7/01/32 (AMT)
|
|
|
|
|
|
235
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc.
|
7/24 at 100.00
|
BB–
|
233,282
|
|
|
|
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (AMT)
|
|
|
|
|
|
10,000
|
Houston, Texas, Combined Utility System Revenue Bonds, First Lien Series 2011D, 5.000%,
|
11/21 at 100.00
|
AA (13)
|
10,650,300
|
|
|
|
11/15/40 (Pre-refunded 11/15/21)
|
|
|
|
|
|
|
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
|
22,715,329
|
|
|
5,000
|
0.000%, 9/01/30 – AMBAC Insured
|
No Opt. Call
|
A
|
3,699,650
|
|
|
5,765
|
0.000%, 9/01/31 – AMBAC Insured
|
No Opt. Call
|
A
|
4,089,576
|
93
|
NZF
|
Nuveen Municipal Credit Income Fund
|
|
|
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Texas (continued)
|
|
|
|
|
|
$ 6,000
|
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series
|
No Opt. Call
|
AA+ (13)
|
$ 7,526,880
|
|
|
|
2001B, 5.500%, 12/01/29 – NPFG Insured (ETM)
|
|
|
|
|
|
7,500
|
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series
|
No Opt. Call
|
A2 (13)
|
10,894,050
|
|
|
|
2002A, 5.750%, 12/01/32 – AGM Insured (ETM)
|
|
|
|
|
|
720
|
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson
|
8/25 at 100.00
|
A–
|
786,002
|
|
|
|
Memorial Hospital Project, Series 2015, 5.000%, 8/15/35
|
|
|
|
|
|
8,000
|
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA
|
6/20 at 100.00
|
A
|
8,021,760
|
|
|
|
Transmission Services Corporation Project, Refunding & Improvement Series 2010, 5.000%, 5/15/40
|
|
|
|
|
|
2,750
|
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA
|
5/25 at 100.00
|
A
|
3,105,355
|
|
|
|
Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40
|
|
|
|
|
|
1,750
|
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds,
|
4/21 at 100.00
|
BBB
|
1,798,072
|
|
|
|
Series 2011A, 7.250%, 4/01/36
|
|
|
|
|
|
2,505
|
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds,
|
No Opt. Call
|
A
|
2,989,667
|
|
|
|
Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (AMT)
|
|
|
|
|
|
8,630
|
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project,
|
10/21 at 105.00
|
BB–
|
8,588,058
|
|
|
|
Senior Lien Series 2018, 4.625%, 10/01/31 (AMT), 144A
|
|
|
|
|
|
15,600
|
Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro
|
1/26 at 102.00
|
N/R
|
7,800,000
|
|
|
|
Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (AMT), 144A (4), (5)
|
|
|
|
|
|
150
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
4/26 at 100.00
|
B
|
125,376
|
|
|
|
Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, LLC-Texas A&M University-Corpus
|
|
|
|
|
|
|
Christi Project, Series 2016A, 5.000%, 4/01/48
|
|
|
|
|
|
565
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue
|
4/26 at 100.00
|
BBB–
|
528,049
|
|
|
|
Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, LLC – Texas A&M University –
|
|
|
|
|
|
|
San Antonio Project,, 5.000%, 4/01/48
|
|
|
|
|
|
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible
|
|
|
|
|
|
|
Capital Appreciation Series 2011C:
|
|
|
|
|
|
6,330
|
0.000%, 9/01/43 (Pre-refunded 9/01/31) (6)
|
9/31 at 100.00
|
N/R (13)
|
8,136,455
|
|
|
9,130
|
0.000%, 9/01/45 (Pre-refunded 9/01/31) (6)
|
9/31 at 100.00
|
N/R (13)
|
12,750,045
|
|
|
|
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
|
2,961,449
|
|
|
7,000
|
6.500%, 1/01/43
|
1/25 at 100.00
|
A+
|
8,155,000
|
|
|
10,000
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D,
|
No Opt. Call
|
A1
|
8,622,800
|
|
|
|
0.000%, 1/01/28 – AGC Insured
|
|
|
|
|
|
|
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+
|
3,034,681
|
|
|
4,880
|
5.000%, 1/01/45
|
1/25 at 100.00
|
A+
|
5,311,099
|
|
|
|
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
|
8,729,576
|
|
|
2,205
|
5.000%, 1/01/34
|
1/25 at 100.00
|
A
|
2,445,389
|
|
|
1,000
|
5.000%, 1/01/35
|
1/25 at 100.00
|
A
|
1,106,230
|
|
|
2,345
|
5.000%, 1/01/38
|
1/25 at 100.00
|
A
|
2,577,882
|
|
|
1,570
|
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series
|
2/24 at 100.00
|
Ba1
|
1,623,820
|
|
|
|
2014A, 5.000%, 2/01/34
|
|
|
|
|
|
3,500
|
Southwest Higher Education Authority Inc., Texas, Revenue Bonds, Southern Methodist
|
10/20 at 100.00
|
AA– (13)
|
3,562,825
|
|
|
|
University, Series 2010, 5.000%, 10/01/41 (Pre-refunded 10/01/20)
|
|
|
|
|
|
|
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 (13)
|
430,716
|
|
|
5,410
|
5.500%, 8/15/45 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
N/R (13)
|
5,482,764
|
|
|
1,680
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds,
|
No Opt. Call
|
A–
|
1,890,571
|
|
|
|
Senior Lien Series 2008D, 6.250%, 12/15/26
|
|
|
|
94
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Texas (continued)
|
|
|
|
|
|
|
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+
|
$ 2,615,625
|
|
|
4,835
|
5.000%, 12/15/28
|
12/22 at 100.00
|
BBB+
|
5,047,208
|
|
|
13,235
|
5.000%, 12/15/29
|
12/22 at 100.00
|
BBB+
|
13,788,223
|
|
|
435
|
5.000%, 12/15/32
|
12/22 at 100.00
|
BBB+
|
449,951
|
|
|
2,000
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue
|
9/23 at 100.00
|
Baa3
|
2,223,100
|
|
|
|
Bonds, NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility, Series 2013, 7.000%,
|
|
|
|
|
|
|
12/31/38 (AMT)
|
|
|
|
|
|
|
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
|
2,008,960
|
|
|
500
|
7.000%, 6/30/40
|
6/20 at 100.00
|
Baa3
|
502,110
|
|
|
5,355
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding
|
8/22 at 100.00
|
A3 (13)
|
5,866,028
|
|
|
|
First Tier Series 2012A, 5.000%, 8/15/41 (Pre-refunded 8/15/22)
|
|
|
|
|
|
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding
|
|
|
|
|
|
|
Second Tier Series 2015C:
|
|
|
|
|
|
4,000
|
5.000%, 8/15/32
|
8/24 at 100.00
|
Baa1
|
4,203,320
|
|
|
1,875
|
5.000%, 8/15/37
|
8/24 at 100.00
|
Baa1
|
1,946,494
|
|
|
|
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier
|
|
|
|
|
|
|
Series 2002A:
|
|
|
|
|
|
300
|
0.000%, 8/15/21 – AMBAC Insured (ETM)
|
No Opt. Call
|
A3 (13)
|
297,063
|
|
|
1,020
|
0.000%, 8/15/21 – AMBAC Insured
|
No Opt. Call
|
A3
|
999,865
|
|
|
3,600
|
0.000%, 8/15/25 – AMBAC Insured
|
No Opt. Call
|
A3
|
3,199,932
|
|
|
5,000
|
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master
|
10/27 at 100.00
|
AAA
|
5,610,550
|
|
|
|
Trust Series 2017A, 4.000%, 10/15/37
|
|
|
|
|
|
3,400
|
Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds,
|
6/20 at 100.00
|
N/R (13)
|
3,400,000
|
|
|
|
Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM)
|
|
|
|
|
|
363,765
|
Total Texas
|
|
|
331,293,363
|
|
|
|
Utah – 0.4% (0.2% of Total Investments)
|
|
|
|
|
|
2,030
|
Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC,
|
12/27 at 100.00
|
N/R
|
1,879,435
|
|
|
|
Senior Series 2017A, 8.000%, 12/01/39 (AMT), 144A
|
|
|
|
|
|
3,000
|
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018A, 5.000%,
|
7/28 at 100.00
|
A2
|
3,287,250
|
|
|
|
7/01/48 (AMT)
|
|
|
|
|
|
810
|
Utah Charter School Finance Authority, Charter School Revenue Bonds, North Davis
|
7/20 at 100.00
|
BBB–
|
813,629
|
|
|
|
Preparatory Academy, Series 2010, 6.375%, 7/15/40
|
|
|
|
|
|
1,555
|
Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High
|
7/20 at 100.00
|
BB
|
1,558,079
|
|
|
|
School, Series 2010A, 6.375%, 7/15/40
|
|
|
|
|
|
7,395
|
Total Utah
|
|
|
7,538,393
|
|
|
|
Virginia – 1.3% (0.8% of Total Investments)
|
|
|
|
|
|
540
|
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds,
|
3/25 at 100.00
|
N/R
|
482,890
|
|
|
|
Series 2015, 5.600%, 3/01/45, 144A
|
|
|
|
|
|
1,800
|
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours
|
11/22 at 100.00
|
N/R (13)
|
1,985,202
|
|
|
|
Health System Obligated Group, Series 2013, 5.000%, 11/01/30 (Pre-refunded 11/01/22)
|
|
|
|
|
|
10,935
|
Metropolitan Washington DC Airports Authority, Virginia, Airport System Revenue Bonds,
|
10/27 at 100.00
|
AA–
|
11,931,506
|
|
|
|
Refunding Series 2017, 5.000%, 10/01/47 (AMT)
|
|
|
|
|
|
1,810
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes
|
1/22 at 100.00
|
BBB–
|
1,803,140
|
|
|
|
LLC Project, Series 2012, 5.000%, 1/01/40 (AMT)
|
|
|
|
|
|
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
|
|
|
|
|
|
|
Crossing, Opco LLC Project, Series 2012:
|
|
|
|
|
|
1,885
|
5.250%, 1/01/32 (AMT)
|
7/22 at 100.00
|
BBB–
|
1,884,849
|
|
|
4,480
|
6.000%, 1/01/37 (AMT)
|
7/22 at 100.00
|
BBB–
|
4,544,602
|
|
|
3,810
|
5.500%, 1/01/42 (AMT)
|
7/22 at 100.00
|
BBB–
|
3,782,949
|
|
|
25,260
|
Total Virginia
|
|
|
26,415,138
|
95
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Washington – 2.3% (1.4% of Total Investments)
|
|
|
|
|
|
$ 1,260
|
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle
|
6/20 at 100.00
|
AAA
|
$ 1,420,322
|
|
|
|
Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured
|
|
|
|
|
|
6,000
|
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station,
|
7/25 at 100.00
|
AA–
|
6,860,340
|
|
|
|
Refunding Series 2015A, 5.000%, 7/01/38 (UB) (7)
|
|
|
|
|
|
10,000
|
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series
|
2/21 at 100.00
|
BBB+ (13)
|
10,315,900
|
|
|
|
2011A, 5.000%, 2/01/41 (Pre-refunded 2/01/21)
|
|
|
|
|
|
6,065
|
Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health
|
7/25 at 100.00
|
Baa1
|
6,119,949
|
|
|
|
Services Association, Refunding Series 2015, 4.000%, 7/01/36
|
|
|
|
|
|
7,190
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
|
1/21 at 100.00
|
A2
|
7,308,707
|
|
|
|
Research Center, Series 2011A, 5.625%, 1/01/35
|
|
|
|
|
|
2,940
|
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical
|
12/20 at 100.00
|
N/R (13)
|
3,020,997
|
|
|
|
Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20)
|
|
|
|
|
|
2,185
|
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital,
|
10/22 at 100.00
|
Aa2
|
2,299,582
|
|
|
|
Series 2012A, 5.000%, 10/01/42
|
|
|
|
|
|
8,780
|
Washington State Convention Center Public Facilities District, Lodging Tax Revenue
|
7/28 at 100.00
|
A–
|
8,952,264
|
|
|
|
Bonds, Series 2018, 5.000%, 7/01/43
|
|
|
|
|
|
1,410
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%,
|
No Opt. Call
|
AA+
|
1,317,405
|
|
|
|
12/01/24 – NPFG Insured
|
|
|
|
|
|
45,830
|
Total Washington
|
|
|
47,615,466
|
|
|
|
West Virginia – 0.7% (0.4% of Total Investments)
|
|
|
|
|
|
2,950
|
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue
|
12/20 at 100.00
|
Baa1
|
2,986,374
|
|
|
|
Bonds, Appalachian Power Company – Amos Project, Series 2010, 5.375%, 12/01/38
|
|
|
|
|
|
5,160
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United
|
6/23 at 100.00
|
A
|
5,460,002
|
|
|
|
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
|
|
|
|
|
|
5,000
|
West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health
|
6/27 at 100.00
|
A
|
5,386,050
|
|
|
|
System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/47
|
|
|
|
|
|
13,110
|
Total West Virginia
|
|
|
13,832,426
|
|
|
|
Wisconsin – 1.5% (0.9% of Total Investments)
|
|
|
|
|
|
1,000
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science
|
5/26 at 100.00
|
N/R
|
933,220
|
|
|
|
Academy Project, Series 2016A, 5.125%, 5/01/36, 144A
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina
|
|
|
|
|
|
|
Charter Educational Foundation Project, Series 2016A:
|
|
|
|
|
|
5,375
|
5.000%, 6/15/36, 144A
|
6/26 at 100.00
|
N/R
|
4,310,159
|
|
|
4,440
|
5.000%, 6/15/46, 144A
|
6/26 at 100.00
|
N/R
|
3,227,569
|
96
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Wisconsin (continued)
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds,
|
|
|
|
|
|
|
Lombard Public Facilities Corporation, First Tier Series 2018A-1:
|
|
|
|
|
|
$ 80
|
0.000%, 1/01/47, 144A
|
No Opt. Call
|
N/R
|
$ 1,656
|
|
|
70
|
0.000%, 1/01/48, 144A
|
No Opt. Call
|
N/R
|
1,421
|
|
|
69
|
0.000%, 1/01/49, 144A
|
No Opt. Call
|
N/R
|
1,364
|
|
|
66
|
0.000%, 1/01/50, 144A
|
No Opt. Call
|
N/R
|
1,263
|
|
|
65
|
0.000%, 1/01/51, 144A
|
No Opt. Call
|
N/R
|
1,215
|
|
|
85
|
0.000%, 1/01/52, 144A
|
No Opt. Call
|
N/R
|
1,511
|
|
|
84
|
0.000%, 1/01/53, 144A
|
No Opt. Call
|
N/R
|
1,457
|
|
|
81
|
0.000%, 1/01/54, 144A
|
No Opt. Call
|
N/R
|
1,364
|
|
|
79
|
0.000%, 1/01/55, 144A
|
No Opt. Call
|
N/R
|
1,300
|
|
|
77
|
0.000%, 1/01/56, 144A
|
No Opt. Call
|
N/R
|
1,246
|
|
|
3,895
|
5.500%, 7/01/56, 144A
|
3/28 at 100.00
|
N/R
|
2,782,016
|
|
|
86
|
0.000%, 1/01/57, 144A
|
No Opt. Call
|
N/R
|
1,336
|
|
|
84
|
0.000%, 1/01/58, 144A
|
No Opt. Call
|
N/R
|
1,265
|
|
|
81
|
0.000%, 1/01/59, 144A
|
No Opt. Call
|
N/R
|
1,203
|
|
|
80
|
0.000%, 1/01/60, 144A
|
No Opt. Call
|
N/R
|
1,135
|
|
|
79
|
0.000%, 1/01/61, 144A
|
No Opt. Call
|
N/R
|
1,081
|
|
|
76
|
0.000%, 1/01/62, 144A
|
No Opt. Call
|
N/R
|
1,019
|
|
|
75
|
0.000%, 1/01/63, 144A
|
No Opt. Call
|
N/R
|
971
|
|
|
73
|
0.000%, 1/01/64, 144A
|
No Opt. Call
|
N/R
|
928
|
|
|
72
|
0.000%, 1/01/65, 144A
|
No Opt. Call
|
N/R
|
878
|
|
|
78
|
0.000%, 1/01/66, 144A
|
No Opt. Call
|
N/R
|
895
|
|
|
935
|
0.000%, 1/01/67, 144A
|
No Opt. Call
|
N/R
|
9,957
|
|
|
1,055
|
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum
|
11/24 at 100.00
|
N/R
|
1,057,500
|
|
|
|
Company Project, Refunding Series 2014, 5.250%, 4/01/30 (AMT)
|
|
|
|
|
|
1,200
|
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum
|
8/26 at 100.00
|
N/R
|
1,011,372
|
|
|
|
Company Project, Refunding Series 2016, 4.000%, 8/01/35 (AMT)
|
|
|
|
|
|
1,000
|
Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project,
|
5/26 at 100.00
|
BBB–
|
914,260
|
|
|
|
Refunding Series 2016C, 4.300%, 11/01/30 (AMT)
|
|
|
|
|
|
1,250
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,
|
2/22 at 100.00
|
A–
|
1,295,775
|
|
|
|
Series 2012B, 5.000%, 2/15/32
|
|
|
|
|
|
|
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
|
2,193,284
|
|
|
2,500
|
5.000%, 6/01/39
|
6/22 at 100.00
|
A3
|
2,585,700
|
|
|
1,120
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson
|
10/22 at 102.00
|
N/R
|
1,128,266
|
|
|
|
Hollow Project Series 2014, 5.250%, 10/01/39
|
|
|
|
|
|
4,000
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds,
|
8/24 at 100.00
|
A+
|
4,313,640
|
|
|
|
ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39
|
|
|
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers
|
|
|
|
|
|
|
Memorial Hospital, Inc., Series 2014A:
|
|
|
|
|
|
1,415
|
5.000%, 7/01/27
|
7/24 at 100.00
|
A
|
1,557,561
|
|
|
1,310
|
5.000%, 7/01/29
|
7/24 at 100.00
|
A
|
1,434,122
|
|
|
3,000
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers
|
7/24 at 100.00
|
A
|
3,173,700
|
|
|
|
Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44
|
|
|
|
|
|
37,140
|
Total Wisconsin
|
|
|
31,952,609
|
|
|
$ 3,728,522
|
Total Municipal Bonds (cost $3,206,981,786)
|
|
|
3,336,067,821
|
|
Shares
|
Description (1)
|
|
|
Value
|
|
|
|
COMMON STOCKS – 1.8% (1.1% of Total Investments)
|
|
|
|
|
|
|
Electric Utilities – 1.8% (1.1% of Total Investments)
|
|
|
|
|
|
1,183,053
|
Energy Harbor Corp (8), (14)
|
|
|
$ 37,266,169
|
|
|
|
Total Common Stocks (cost $37,135,530)
|
|
|
37,266,169
|
97
|
NZF
|
Nuveen Municipal Credit Income Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Shares
|
Description (1), (9)
|
|
|
|
Value
|
|
|
|
INVESTMENT COMPANIES – 0.1% (0.0% of Total Investments)
|
|
|
|
|
|
|
6,266
|
BlackRock MuniHoldings Fund Inc.
|
|
|
|
$ 87,160
|
|
|
26,880
|
BNY Mellon Strategic Municipals Inc.
|
|
|
|
193,267
|
|
|
30,000
|
Invesco Municipal Opportunity Trust
|
|
|
|
338,100
|
|
|
43,020
|
Invesco Trust for Investment Grade Municipals
|
|
|
|
494,730
|
|
|
43,420
|
PIMCO Municipal Income Fund II
|
|
|
|
526,251
|
|
|
|
Total Investment Companies (cost $1,790,280)
|
|
|
|
1,639,508
|
|
Principal
|
|
|
|
|
|
|
|
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings (3)
|
Value
|
|
|
|
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
|
|
|
|
|
|
|
|
Industrials – 0.0% (0.0% of Total Investments)
|
|
|
|
|
|
|
$ 2,910
|
EWM P1 LLC (cash 13.750%, PIK 1.250%) (4), (5)
|
15.000%
|
9/01/28
|
N/R
|
$ 29
|
|
|
2,335
|
EWM P1 LLC (4), (5)
|
15.000%
|
9/01/28
|
N/R
|
23
|
|
|
$ 5,245
|
Total Corporate Bonds (cost $5,104,091)
|
|
|
|
52
|
|
|
|
Total Long-Term Investments (cost $3,251,011,687)
|
|
|
|
3,374,973,550
|
|
Principal
|
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
SHORT-TERM INVESTMENTS – 2.4% (1.5% of Total Investments)
|
|
|
|
|
|
|
|
MUNICIPAL BONDS – 2.4% (1.5% of Total Investments)
|
|
|
|
|
|
|
|
California – 2.4% (1.5% of Total Investments)
|
|
|
|
|
|
|
$ 50,000
|
River Islands Public Financing Authority, California, Special Tax Bonds, Community Facilities
|
|
9/20 at 100.00
|
VMIG1
|
$ 50,000,000
|
|
|
|
District 2015-1, Variable Rate Demand Obligations, Tender Option Bond Trust 2019-MIZ9003,
|
|
|
|
||
|
|
0.380%, 3/01/36 (10)
|
|
|
|
|
|
|
$ 50,000
|
Total Short-Term Investments (cost $50,000,000)
|
|
|
|
50,000,000
|
|
|
|
Total Investments (cost $3,301,011,687) – 163.4%
|
|
|
|
3,424,973,550
|
|
|
|
Floating Rate Obligations – (0.8)%
|
|
|
|
(16,275,000)
|
|
|
|
MuniFund Term Preferred Shares, net of deferred offering costs – (30.5)% (11)
|
|
|
|
(639,992,116)
|
|
|
|
Variable Rate Demand Preferred Shares, net of deferred offering costs – (34.5)% (12)
|
|
|
|
(722,410,648)
|
|
|
|
Other Assets Less Liabilities – 2.4%
|
|
|
|
50,066,325
|
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
|
$ 2,096,362,111
|
|
98
|
(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)
|
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
|
|
(5)
|
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 3 - Investment Valuation and Fair Value Measurements for more information.
|
|
(6)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the
|
|
|
end of the reporting period.
|
|
(7)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(8)
|
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value
|
|
|
Measurements for more information.
|
|
(9)
|
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.
|
|
(10)
|
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as
|
|
|
the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified
|
|
|
market index.
|
|
(11)
|
MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 18.7%.
|
|
(12)
|
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 21.1%.
|
|
(13)
|
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.
|
|
(14)
|
Common Stock received as part of the bankruptcy settlements for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds,
|
|
|
FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy
|
|
|
Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear
|
|
|
Generating Corporation Project, Series 2008C, 3.950%, 11/01/32.
|
|
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 regis-
|
|
|
tration, which are normally those transactions with qualified institutional buyers.
|
|
AMT
|
Alternative Minimum Tax.
|
|
ETM
|
Escrowed to maturity.
|
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association
|
|
|
(SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
|
PIK
|
Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown,
|
|
|
where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.
|
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in
|
|
|
Derivatives for more information.
|
|
|
See accompanying notes to financial statements
|
99
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
LONG-TERM INVESTMENTS – 152.0% (100.0% of Total Investments)
|
|
|
|
|
|
|
MUNICIPAL BONDS – 149.3% (98.2% of Total Investments)
|
|
|
|
|
|
|
Alabama – 2.2% (1.5% of Total Investments)
|
|
|
|
|
|
$ 182
|
Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds,
|
6/20 at 100.00
|
N/R
|
$ 2
|
|
|
|
Big Sky Environmental LLC Project, Refunding Taxable Series 2017C, 1.000%, 9/01/37, 144A (4)
|
|
|
|
|
|
1,000
|
Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds,
|
9/27 at 100.00
|
N/R
|
700,000
|
|
|
|
Big Sky Environmental LLC Project, Series 2017A, 6.750%, 9/01/37, 144A (4)
|
|
|
|
|
|
213
|
Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds,
|
9/27 at 100.00
|
N/R
|
148,646
|
|
|
|
Big Sky Environmental LLC Project, Taxable Series 2017B, 6.750%, 9/01/37, 144A (4)
|
|
|
|
|
|
1,000
|
Alabama Industrial Development Authority, Solid Waste Disposal Revenue Bonds, Pine City
|
6/20 at 100.00
|
B1
|
982,800
|
|
|
|
Fiber Co Project, Series 1993, 6.450%, 12/01/23 (AMT)
|
|
|
|
|
|
2,000
|
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds,
|
9/25 at 100.00
|
N/R
|
2,005,220
|
|
|
|
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A
|
|
|
|
|
|
10,765
|
Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds,
|
10/29 at 100.00
|
Caa2
|
8,928,168
|
|
|
|
United States Steel Corporation Project, Series 2019, 5.750%, 10/01/49 (AMT)
|
|
|
|
|
|
5,000
|
Jefferson County, Alabama, Sewer Revenue Warrants, Capital Appreciation Subordinate Lien
|
10/23 at 105.00
|
BB
|
4,680,850
|
|
|
|
Series 2013F, 0.000%, 10/01/50 (5)
|
|
|
|
|
|
1,000
|
Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013C, 0.000%,
|
10/23 at 105.00
|
BB+
|
956,610
|
|
|
|
10/01/38 – AGM Insured (5)
|
|
|
|
|
|
|
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone
|
|
|
|
|
|
|
Bonds, Hunt Refining Project, Refunding Series 2019A:
|
|
|
|
|
|
2,260
|
4.500%, 5/01/32, 144A
|
5/29 at 100.00
|
N/R
|
2,131,700
|
|
|
1,000
|
5.250%, 5/01/44, 144A
|
5/29 at 100.00
|
N/R
|
994,590
|
|
|
24,420
|
Total Alabama
|
|
|
21,528,586
|
|
|
|
Arizona – 2.8% (1.8% of Total Investments)
|
|
|
|
|
|
5,000
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Pinecrest
|
9/23 at 105.00
|
BB+
|
4,729,700
|
|
|
|
Academy of Nevada-Sloan Canyon Project, Refunding Series 2018A, 6.150%, 9/15/53, 144A
|
|
|
|
|
|
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona
|
|
|
|
|
|
|
Christian University Project, Series 2019A:
|
|
|
|
|
|
400
|
5.500%, 10/01/40, 144A
|
10/26 at 103.00
|
N/R
|
356,772
|
|
|
800
|
5.625%, 10/01/49, 144A
|
10/26 at 103.00
|
N/R
|
693,728
|
|
|
1,000
|
Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus
|
6/28 at 100.00
|
N/R
|
961,720
|
|
|
|
Academy Project, Series 2018A, 6.500%, 6/01/50, 144A
|
|
|
|
|
|
1,000
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
1/30 at 100.00
|
N/R
|
901,820
|
|
|
|
Gateway Academy Project, Series 2019A, 5.750%, 1/01/50, 144A
|
|
|
|
|
|
3,000
|
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University
|
6/22 at 100.00
|
A3
|
3,304,860
|
|
|
|
Project, Tender Option Bond Trust 2016-XF2337, 17.001%, 6/01/42, 144A (IF) (6)
|
|
|
|
|
|
440
|
Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds,
|
7/24 at 101.00
|
N/R
|
357,971
|
|
|
|
Deer Valley Veterans Assisted Living Project, Series 2016A, 5.125%, 7/01/36
|
|
|
|
|
|
1,000
|
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds,
|
5/24 at 100.00
|
N/R
|
1,052,090
|
|
|
|
Desert Heights Charter School, Series 2014, 7.250%, 5/01/44
|
|
|
|
|
|
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
|
|
|
|
|
|
Edkey Charter Schools Project, Refunding Series 2013:
|
|
|
|
|
|
500
|
6.000%, 7/01/33
|
7/20 at 102.00
|
BB–
|
498,185
|
|
|
1,000
|
6.000%, 7/01/48
|
7/20 at 102.00
|
BB–
|
933,030
|
|
|
100
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/20 at 102.00
|
BB–
|
102,180
|
|
|
|
Edkey Charter Schools Project, Series 2014A, 6.875%, 7/01/34
|
|
|
|
100
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Arizona (continued)
|
|
|
|
|
|
|
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–
|
$ 221,279
|
|
|
400
|
5.375%, 7/01/46
|
7/26 at 100.00
|
BB–
|
342,576
|
|
|
475
|
5.500%, 7/01/51
|
7/26 at 100.00
|
BB–
|
407,683
|
|
|
1,000
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/26 at 103.00
|
N/R
|
883,930
|
|
|
|
Edkey Charter Schools Project, Series 2019, 5.875%, 7/01/51, 144A
|
|
|
|
|
|
2,000
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
2/24 at 100.00
|
N/R
|
2,192,500
|
|
|
|
San Tan Montessori School Project, Series 2014A, 9.000%, 2/01/44
|
|
|
|
|
|
365
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
6/28 at 100.00
|
N/R
|
327,697
|
|
|
|
Synergy Public Charter School Project, Series 2020, 5.000%, 6/15/35, 144A
|
|
|
|
|
|
100
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/25 at 100.00
|
N/R
|
81,646
|
|
|
|
The Paideia Academies Project, 2019, 5.125%, 7/01/39
|
|
|
|
|
|
2,500
|
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden
|
1/22 at 100.00
|
B–
|
2,153,225
|
|
|
|
Traditional Schools Project, Series 2012, 7.500%, 1/01/42
|
|
|
|
|
|
885
|
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract
|
3/20 at 100.00
|
BBB–
|
885,195
|
|
|
|
Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.250%, 10/01/22 – ACA Insured
|
|
|
|
|
|
1,295
|
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development
|
5/22 at 100.00
|
BB–
|
1,365,525
|
|
|
|
Bonds, Series 2012A, 9.750%, 5/01/25
|
|
|
|
|
|
2,500
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy
|
No Opt. Call
|
Ba3
|
3,245,500
|
|
|
|
Inc. Prepay Contract Obligations, Series 2007, 5.500%, 12/01/37, 144A
|
|
|
|
|
|
945
|
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West
|
6/20 at 100.00
|
N/R
|
853,864
|
|
|
|
Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (AMT)
|
|
|
|
|
|
26,950
|
Total Arizona
|
|
|
26,852,676
|
|
|
|
Arkansas – 0.2% (0.1% of Total Investments)
|
|
|
|
|
|
2,000
|
Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River
|
9/26 at 103.00
|
B
|
1,755,020
|
|
|
|
Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A
|
|
|
|
|
|
|
California – 17.9% (11.7% of Total Investments)
|
|
|
|
|
|
18,875
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second
|
10/26 at 100.00
|
Baa2
|
20,068,844
|
|
|
|
Subordinate Lien Series 2016B, 5.000%, 10/01/37 (UB) (6)
|
|
|
|
|
|
1,000
|
California Enterprise Development Authority, Recovery Zone Facility Revenue Bonds,
|
4/21 at 100.00
|
N/R
|
1,009,730
|
|
|
|
SunPower Corporation – Headquarters Project, Series 2010, 8.500%, 4/01/31
|
|
|
|
|
|
2,205
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
6/20 at 100.00
|
B–
|
2,205,287
|
|
|
|
Sonoma County Tobacco Securitization Corporation, Series 2005, 5.125%, 6/01/38
|
|
|
|
|
|
|
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford
|
|
|
|
|
|
|
Hospital and Clinics, Tender Option Bond Trust 2016-XF2353:
|
|
|
|
|
|
1,250
|
18.253%, 11/15/40, (Pre-refunded 11/15/21), 144A (IF), (6)
|
11/21 at 100.00
|
AA– (7)
|
1,598,912
|
|
|
1,875
|
19.243%, 11/15/40, (Pre-refunded 11/15/21), 144A (IF), (6)
|
11/21 at 100.00
|
AA– (7)
|
2,426,869
|
|
|
|
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los
|
|
|
|
|
|
|
Angeles, Series 2017A:
|
|
|
|
|
|
5,165
|
5.000%, 8/15/42 (UB) (6)
|
8/27 at 100.00
|
Baa2
|
5,562,240
|
|
|
22,115
|
5.000%, 8/15/47 (UB) (6)
|
8/27 at 100.00
|
Baa2
|
23,502,274
|
|
|
12,500
|
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente
|
11/27 at 100.00
|
AA–
|
13,325,500
|
|
|
|
System, Series 2017A-2, 4.000%, 11/01/44 (UB) (6)
|
|
|
|
|
|
|
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and
|
|
|
|
|
|
|
Clinics, Tender Option Bond Trust 2016-XG0049:
|
|
|
|
|
|
1,000
|
17.595%, 8/15/51, 144A (IF) (6)
|
8/22 at 100.00
|
AA–
|
1,170,000
|
|
|
250
|
17.599%, 8/15/51, 144A (IF) (6)
|
8/22 at 100.00
|
AA–
|
292,513
|
|
|
1,020
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas
|
8/24 at 100.00
|
N/R
|
1,071,949
|
|
|
|
Affordable Housing Inc. Projects, Series 2014B, 5.875%, 8/15/49
|
|
|
|
101
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
California (continued)
|
|
|
|
|
|
$ 500
|
California Municipal Finance Authority, Revenue Bonds, California Baptist University,
|
11/26 at 100.00
|
N/R
|
$ 501,645
|
|
|
|
Series 2016A, 5.000%, 11/01/36, 144A
|
|
|
|
|
|
7,430
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center,
|
7/27 at 100.00
|
BBB–
|
7,400,131
|
|
|
|
Refunding Series 2017B, 4.000%, 7/01/42 (UB), (6)
|
|
|
|
|
|
20,925
|
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien
|
6/28 at 100.00
|
BBB–
|
19,006,178
|
|
|
|
Series 2018A, 4.000%, 12/31/47 (AMT) (UB), (6)
|
|
|
|
|
|
400
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds,
|
No Opt. Call
|
N/R
|
120,000
|
|
|
|
Aemerge Redpak Services Southern California, LLC Project, Subordinate Series 2017, 8.000%,
|
|
|
|
|
|
|
12/01/27 (AMT), 144A (4)
|
|
|
|
|
|
3,795
|
California Public Finance Authority, Revenue Bonds, Verity Health System, Series 2015B,
|
No Opt. Call
|
N/R
|
3,719,100
|
|
|
|
7.250%, 6/10/19 (4)
|
|
|
|
|
|
1,000
|
California School Finance Authority, California, Charter School Revenue Bonds, Alta
|
6/28 at 102.00
|
N/R
|
912,340
|
|
|
|
Public Schools – Obligated Group, Series 2020A, 6.000%, 6/01/59, 144A
|
|
|
|
|
|
1,160
|
California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.020%,
|
6/20 at 100.00
|
AA
|
1,173,966
|
|
|
|
3/01/40 – AGM Insured, 144A (IF), (6)
|
|
|
|
|
|
|
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–
|
808,680
|
|
|
1,000
|
5.500%, 12/01/54
|
12/24 at 100.00
|
BB–
|
1,019,490
|
|
|
6,940
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
6/26 at 100.00
|
BB–
|
6,946,524
|
|
|
|
Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A
|
|
|
|
|
|
500
|
California Statewide Communities Development Authority, Revenue Bonds, Lancer
|
6/26 at 100.00
|
N/R
|
468,855
|
|
|
|
Educational Student Housing Project, Refunding Series 2016A, 5.000%, 6/01/46, 144A
|
|
|
|
|
|
1,000
|
California Statewide Communities Development Authority, Special Tax Bonds, Community
|
9/22 at 100.00
|
N/R
|
1,033,890
|
|
|
|
Facilities District 2012-01, Fancher Creek, Series 2013A, 5.700%, 9/01/43
|
|
|
|
|
|
1,555
|
California Statewide Communities Development Authority, Statewide Community
|
9/21 at 100.00
|
N/R
|
1,451,359
|
|
|
|
Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41
|
|
|
|
|
|
500
|
California Statewide Community Development Authority, Revenue Bonds, California Baptist
|
11/21 at 100.00
|
N/R (7)
|
549,810
|
|
|
|
University, Series 2011A, 7.500%, 11/01/41 (Pre-refunded 11/01/21)
|
|
|
|
|
|
1,500
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of
|
6/20 at 100.00
|
N/R
|
1,261,830
|
|
|
|
Charity Health System, Series 2005A, 5.500%, 7/01/39 (8)
|
|
|
|
|
|
1,800
|
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds,
|
3/20 at 100.00
|
N/R
|
1,800,882
|
|
|
|
Franciscan Mobile Home Park Project, Refunding Third Tier Series 2007C, 6.500%, 12/15/47
|
|
|
|
|
|
2,000
|
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue
|
3/20 at 100.00
|
A+
|
2,004,380
|
|
|
|
Bonds, Franciscan Mobile Home Park, Refunding Series 2007A, 5.000%, 12/15/37
|
|
|
|
|
|
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
|
|
|
|
|
|
Asset-Backed Revenue Bonds, Refunding Series 2015A:
|
|
|
|
|
|
2,000
|
5.000%, 6/01/40 (UB), (6)
|
6/25 at 100.00
|
A+
|
2,221,420
|
|
|
2,000
|
5.000%, 6/01/45 (UB), (6)
|
6/25 at 100.00
|
A+
|
2,205,560
|
|
|
3,500
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
B–
|
3,528,525
|
|
|
|
Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37
|
|
|
|
|
|
5,960
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
5,809,570
|
|
|
|
Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47
|
|
|
|
|
|
5,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
4,873,800
|
|
|
|
Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47
|
|
|
|
|
|
860
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/25 at 100.00
|
A+
|
1,213,383
|
|
|
|
Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038, 16.978%, 6/01/45, 144A (IF), (6)
|
|
|
|
|
|
1,500
|
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond
|
7/21 at 100.00
|
Aaa
|
1,887,315
|
|
|
|
Trust 3253, 21.780%, 7/15/40, 144A (Pre-refunded 7/15/21), (IF), (6)
|
|
|
|
|
|
|
Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area,
|
|
|
|
|
|
|
Series 2005:
|
|
|
|
|
|
1,000
|
5.000%, 8/01/25 – AMBAC Insured
|
6/20 at 100.00
|
N/R
|
1,002,230
|
|
|
1,000
|
5.000%, 8/01/35 – AMBAC Insured
|
6/20 at 100.00
|
N/R
|
929,700
|
102
|
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
|
9/23 at 100.00
|
N/R
|
$ 411,937
|
|
|
|
2013B, 5.250%, 9/01/32
|
|
|
|
|
|
850
|
Los Angeles County, California, Community Development Commission Headquarters Office
|
9/21 at 100.00
|
Aa3
|
997,755
|
|
|
|
Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc.,
|
|
|
|
|
|
|
Tender Option Bond Trust, 18.090%, 9/01/42, 144A (IF), (6)
|
|
|
|
|
|
1,825
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
7/20 at 100.00
|
AA
|
1,840,166
|
|
|
|
Airport, Tender Option Bond Trust 2016-XL0005, 17.531%, 5/15/40, 144A (IF), (6)
|
|
|
|
|
|
1,000
|
Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A,
|
9/21 at 100.00
|
A
|
1,057,230
|
|
|
|
Subordinate Lien Series 2011A, 7.000%, 9/01/31
|
|
|
|
|
|
1,500
|
March Joint Powers Redevelopment Agency, California, Tax Allocation Revenue Bonds, March
|
8/21 at 100.00
|
N/R (7)
|
1,624,485
|
|
|
|
Air Force Base Redevelopment Project, Series 2011A, 7.500%, 8/01/41 (Pre-refunded 8/01/21)
|
|
|
|
|
|
500
|
National City Community Development Commission, California, Tax Allocation Bonds,
|
8/21 at 100.00
|
A (7)
|
538,825
|
|
|
|
National City Redevelopment Project, Series 2011, 7.000%, 8/01/32 (Pre-refunded 8/01/21)
|
|
|
|
|
|
330
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field
|
9/21 at 100.00
|
A- (7)
|
356,374
|
|
|
|
Redevelopment Project, Series 2011, 6.750%, 9/01/40 (Pre-refunded 9/01/21)
|
|
|
|
|
|
200
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series
|
11/20 at 100.00
|
Ba1 (7)
|
204,348
|
|
|
|
2010, 5.250%, 11/01/21 (Pre-refunded 11/01/20)
|
|
|
|
|
|
1,200
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley
|
10/21 at 100.00
|
A
|
1,300,140
|
|
|
|
Project Area, Series 2011B, 6.750%, 10/01/30
|
|
|
|
|
|
|
Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease
|
|
|
|
|
|
|
Program Facilities Projects, Tender Option Bond Trust 2016-XG0100:
|
|
|
|
|
|
750
|
18.142%, 12/01/30 – AMBAC Insured, 144A (IF), (6)
|
No Opt. Call
|
AA–
|
1,596,277
|
|
|
2,015
|
17.932%, 12/01/33 – AMBAC Insured, 144A (IF), (6)
|
No Opt. Call
|
AA–
|
4,680,865
|
|
|
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System,
|
|
|
|
|
|
|
Series 2011:
|
|
|
|
|
|
960
|
8.000%, 12/01/26
|
12/21 at 100.00
|
BB
|
1,044,029
|
|
|
1,000
|
8.000%, 12/01/31
|
12/21 at 100.00
|
BB
|
1,076,310
|
|
|
4,095
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Tax
|
8/21 at 61.78
|
N/R
|
2,399,670
|
|
|
|
Allocation Bonds, Mission Bay South Redevelopment Project, Subordinate Series 2016D, 0.000%,
|
|
|
|
|
|
|
8/01/31, 144A
|
|
|
|
|
|
960
|
Santa Margarita Water District, California, Special Tax Bonds, Community Facilities
|
9/23 at 100.00
|
N/R
|
1,013,184
|
|
|
|
District 2013-1 Village of Sendero, Series 2013, 5.625%, 9/01/43
|
|
|
|
|
|
1,065
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities
|
9/27 at 100.00
|
N/R
|
1,070,613
|
|
|
|
District 16-01, Series 2017, 6.250%, 9/01/47, 144A
|
|
|
|
|
|
1,890
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
5/20 at 100.00
|
B–
|
1,868,737
|
|
|
|
Bonds, Series 2005A-1, 5.500%, 6/01/45
|
|
|
|
|
|
650
|
Twenty-nine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners
|
9/21 at 100.00
|
BBB+ (7)
|
708,831
|
|
|
|
Project Area, Series 2011A, 7.650%, 9/01/42 (Pre-refunded 9/01/21)
|
|
|
|
|
|
1,250
|
University of California, General Revenue Bonds, Tender Option Bond Trust 2016-XL0001,
|
5/23 at 100.00
|
AA
|
1,720,237
|
|
|
|
17.630%, 5/15/39, 144A (IF), (6)
|
|
|
|
|
|
165,310
|
Total California
|
|
|
171,594,694
|
|
|
|
Colorado – 8.1% (5.3% of Total Investments)
|
|
|
|
|
|
500
|
Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax
|
9/24 at 103.00
|
N/R
|
450,270
|
|
|
|
General Obligation Bonds, Subordinate Series 2019B, 7.750%, 12/15/48
|
|
|
|
|
|
3,275
|
Castle Oaks Metropolitan District 3, Castle Rock, Douglas County, Colorado, General
|
12/20 at 103.00
|
N/R
|
2,978,416
|
|
|
|
Obligation Limited Tax Bonds, Refunding Series 2017, 5.000%, 12/01/37
|
|
|
|
|
|
500
|
Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue
|
12/21 at 103.00
|
N/R
|
450,760
|
|
|
|
Bonds, Refunding Subordinate Lien Series 2016B, 8.000%, 6/15/37
|
|
|
|
|
|
750
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
|
3/20 at 100.00
|
BB+
|
751,058
|
|
|
|
Community Leadership Academy Project, Series 2008, 6.250%, 7/01/28
|
|
|
|
|
|
2,180
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
|
10/22 at 100.00
|
N/R
|
2,219,741
|
|
|
|
Mountain Phoenix Community School, Series 2012, 7.000%, 10/01/42
|
|
|
|
103
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Colorado (continued)
|
|
|
|
|
|
$ 560
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
|
7/24 at 100.00
|
BB
|
$ 514,937
|
|
|
|
Skyview Academy Project, Series 2014, 5.375%, 7/01/44, 144A
|
|
|
|
|
|
2,500
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes of
|
2/24 at 100.00
|
N/R
|
2,595,575
|
|
|
|
the Midwest Obligated Group, Series 2013, 8.000%, 8/01/43
|
|
|
|
|
|
1,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes
|
2/26 at 100.00
|
N/R
|
811,320
|
|
|
|
Project, Series 2016, 6.125%, 2/01/46, 144A
|
|
|
|
|
|
4,920
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health,
|
8/29 at 100.00
|
BBB+
|
4,698,699
|
|
|
|
Series 2019A-2, 4.000%, 8/01/49
|
|
|
|
|
|
1,285
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project,
|
12/22 at 100.00
|
A+
|
1,358,181
|
|
|
|
Series 2012, 5.000%, 12/01/32 (UB), (6)
|
|
|
|
|
|
518
|
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project,
|
No Opt. Call
|
N/R
|
5
|
|
|
|
Series 2007, 5.000%, 3/01/20 (4), (8)
|
|
|
|
|
|
|
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project,
|
|
|
|
|
|
|
Series 2017:
|
|
|
|
|
|
5,045
|
0.000%, 4/01/27 (AMT) (4), (8)
|
No Opt. Call
|
N/R
|
855,430
|
|
|
2,224
|
0.000%, 10/01/27 (AMT) (4), (8)
|
No Opt. Call
|
N/R
|
360,911
|
|
|
2,000
|
Compark Business Campus Metropolitan District, Douglas County, Colorado, General
|
12/22 at 100.00
|
N/R (7)
|
2,294,360
|
|
|
|
Obligation Bonds, Series 2012A, 6.750%, 12/01/39 (Pre-refunded 12/01/22)
|
|
|
|
|
|
|
Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds,
|
|
|
|
|
|
|
Series 2007:
|
|
|
|
|
|
1,000
|
5.400%, 12/01/27 (4)
|
6/20 at 100.00
|
N/R
|
800,000
|
|
|
1,500
|
5.450%, 12/01/34
|
6/20 at 100.00
|
N/R
|
1,200,000
|
|
|
1,000
|
Crowfoot Valley Ranch Metropolitan District No 2, Douglas County, Colorado, Limited Tax
|
12/23 at 103.00
|
N/R
|
947,560
|
|
|
|
General Obligation Bonds, Series 2018A, 5.625%, 12/01/38
|
|
|
|
|
|
10,000
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series
|
12/28 at 100.00
|
A
|
10,396,400
|
|
|
|
2018A, 4.000%, 12/01/48 (AMT) (UB), (6)
|
|
|
|
|
|
3,000
|
Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United
|
10/23 at 100.00
|
BB–
|
2,961,960
|
|
|
|
Airlines, Inc. Project, Refunding Series 2017, 5.000%, 10/01/32 (AMT)
|
|
|
|
|
|
500
|
Dinosaur Ridge Metropolitan District, Golden, Jefferson County, Colorado, Special
|
6/24 at 103.00
|
N/R
|
423,040
|
|
|
|
Revenue Refunding and Improvement Bonds, Series 2019A, 5.000%, 6/01/49
|
|
|
|
|
|
2,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%,
|
No Opt. Call
|
A
|
1,617,380
|
|
|
|
9/01/27 – NPFG Insured
|
|
|
|
|
|
708
|
Erie Highlands Metropolitan District No 1 (In the Town of Erie), Weld County, Colorado,
|
12/20 at 103.00
|
N/R
|
663,828
|
|
|
|
General Obligation Limited Tax Bonds, Series 2015B, 7.750%, 12/15/45
|
|
|
|
|
|
|
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
|
993,150
|
|
|
2,080
|
6.000%, 12/01/38
|
12/24 at 100.00
|
N/R
|
1,993,846
|
|
|
500
|
Fourth Street Crossing Business Improvement District, Silverthorne, Summit County, Colorado,
|
6/24 at 103.00
|
N/R
|
435,285
|
|
|
|
Special Revenue and Tax Supported Bonds, Senior Series 2019A, 5.375%, 12/01/49, 144A
|
|
|
|
|
|
1,989
|
Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue
|
6/20 at 100.00
|
N/R
|
1,615,744
|
|
|
|
Bonds, Series 2009A-1, 9.000%, 8/01/39 (4)
|
|
|
|
|
|
2,000
|
Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited
|
12/24 at 100.00
|
N/R
|
1,871,320
|
|
|
|
Tax, Refunding & Improvement Series 2015, 6.125%, 12/01/44
|
|
|
|
|
|
890
|
Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited
|
6/20 at 100.00
|
N/R
|
812,517
|
|
|
|
Tax, Series 2007A, 5.500%, 12/01/37
|
|
|
|
|
|
993
|
Iliff Commons Metropolitan District 2, Aurora, Arapahoe County, Colorado, General
|
12/20 at 103.00
|
N/R (7)
|
1,052,242
|
|
|
|
Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2015, 6.250%, 12/01/44
|
|
|
|
|
|
|
(Pre-refunded 12/01/20)
|
|
|
|
|
|
305
|
Iliff Commons Metropolitan District 2, Aurora, Arapahoe County, Colorado, General Obligation
|
12/21 at 103.00
|
N/R
|
288,606
|
|
|
|
Bonds, Subordinated Limited Tax Convertible to Unlimited Tax Series 2016B, 8.000%, 12/15/46
|
|
|
|
|
|
2,000
|
Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue
|
12/20 at 103.00
|
N/R
|
1,789,100
|
|
|
|
Bonds, Refunding Series 2015, 5.500%, 12/01/45
|
|
|
|
104
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Colorado (continued)
|
|
|
|
|
|
|
Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A:
|
|
|
|
|
|
$ 675
|
5.250%, 12/01/36
|
12/21 at 103.00
|
N/R
|
$ 620,129
|
|
|
1,265
|
5.375%, 12/01/46
|
12/21 at 103.00
|
N/R
|
1,130,075
|
|
|
2,810
|
Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds,
|
6/20 at 100.00
|
N/R
|
2,770,323
|
|
|
|
Series 2007, 6.750%, 1/01/34
|
|
|
|
|
|
500
|
Lanterns Metropolitan District 1, Castle Rock, Douglas County, Colorado, Limited Tax
|
9/24 at 103.00
|
N/R
|
427,915
|
|
|
|
General Obligation Bonds, Series 2019A, 5.000%, 12/01/49
|
|
|
|
|
|
500
|
Larkridge Metropolitan District No 2, In the City of Thornton, Adams County, Colorado,
|
12/23 at 103.00
|
N/R
|
445,335
|
|
|
|
General Obligation, Limited Tax Convertible to Unlimited Tax, Improvement Bonds,
|
|
|
|
|
|
|
Refunding Series 2019, 5.250%, 12/01/48
|
|
|
|
|
|
1,250
|
Lewis Pointe Metropolitan District, Thornton, Colorado, Limited Tax Convertible to
|
12/20 at 100.00
|
N/R
|
1,216,438
|
|
|
|
Unlimited Tax General Obligation Bonds, Series 2015A, 6.000%, 12/01/44
|
|
|
|
|
|
500
|
Leyden Rock Metropolitan District No 10, In the City of Arvada, Colorado, Limited Tax
|
12/21 at 103.00
|
N/R
|
481,815
|
|
|
|
General Obligation Bonds, Refunding and Improvement Series 20016A, 5.000%, 12/01/45
|
|
|
|
|
|
500
|
Leyden Rock Metropolitan District No 10, In the City of Arvada, Colorado, Limited Tax
|
12/21 at 103.00
|
N/R
|
481,380
|
|
|
|
General Obligation Bonds, Refunding and Improvement Series 20016B, 7.250%, 12/15/45
|
|
|
|
|
|
500
|
Midcities Metropolitan District No 2, In the City and County of Broomfield, Colorado,
|
12/21 at 103.00
|
N/R
|
459,760
|
|
|
|
Subordinate Special Revenue Refunding Bonds, Series 2016B, 7.750%, 12/15/46
|
|
|
|
|
|
2,000
|
Murphy Creek Metropolitan District 3, Aurora, Colorado, General Obligation Bonds,
|
6/20 at 100.00
|
N/R
|
2,000,000
|
|
|
|
Refunding & Improvement Series 2006, 6.125%, 12/01/35 (4)
|
|
|
|
|
|
1,535
|
North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax
|
3/25 at 103.00
|
N/R
|
1,311,980
|
|
|
|
General Obligation Bonds, Series 2020, 5.125%, 12/01/49
|
|
|
|
|
|
|
Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds,
|
|
|
|
|
|
|
Series 2019:
|
|
|
|
|
|
1,500
|
5.000%, 12/01/39
|
12/24 at 103.00
|
N/R
|
1,352,235
|
|
|
5,000
|
5.000%, 12/01/49
|
12/24 at 103.00
|
N/R
|
4,256,650
|
|
|
500
|
Palisade Park West Metropolitan District, Broomfield County, Colorado, Limited Tax
|
6/24 at 103.00
|
N/R
|
419,570
|
|
|
|
General Obligation Bonds, Convertible to Unlimited Tax, Series 2019A, 5.125%, 12/01/49
|
|
|
|
|
|
1,000
|
Pinon Pines Metropolitan District No 1, El Paso County, Colorado, General Obligation
|
12/21 at 103.00
|
N/R
|
858,600
|
|
|
|
Limited Tax Bonds, Series 2016, 5.375%, 12/01/46
|
|
|
|
|
|
1,080
|
Promenade at Castle Rock Metropolitan District 1, Colorado, General Obligation Bonds,
|
12/20 at 103.00
|
N/R
|
1,093,489
|
|
|
|
Limited Tax Series 2015A, 5.750%, 12/01/39
|
|
|
|
|
|
|
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
|
1,003,760
|
|
|
1,000
|
6.000%, 1/15/41
|
7/20 at 100.00
|
Baa3
|
1,002,790
|
|
|
500
|
Ritoro Metropolitan District In the Town of Elizabeth, Elbert County, Colorado, Limited
|
6/24 at 103.00
|
N/R
|
420,505
|
|
|
|
Tax , Convertible to Unlimited Tax, General Obligation Bonds, Series 2019A, 5.000%, 12/01/49
|
|
|
|
|
|
500
|
Riverdale Ranch Metropolitan District, Thornton City, Adams County, Colorado, Limited
|
9/24 at 103.00
|
N/R
|
410,620
|
|
|
|
Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49
|
|
|
|
|
|
1,000
|
South Aurora Regional Improvement Authority, Aurora, Colorado, Special Revenue Bonds,
|
12/23 at 103.00
|
N/R
|
912,930
|
|
|
|
Series 2018, 6.250%, 12/01/57
|
|
|
|
|
|
3,000
|
Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax
|
6/20 at 100.00
|
N/R
|
480,000
|
|
|
|
Convertible to Unlimited, Series 2007, 0.000%, 12/01/31 (4)
|
|
|
|
|
|
1,815
|
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax
|
12/20 at 100.00
|
N/R
|
1,817,741
|
|
|
|
Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39
|
|
|
|
|
|
965
|
VDW Metropolitan District 2, Larimer County, Colorado, General Obligation Bonds,
|
12/21 at 103.00
|
N/R
|
970,365
|
|
|
|
Refunding Limited Tax Series 2016B, 7.250%, 12/15/45
|
|
|
|
|
|
1,000
|
Velocity Metropolitan District No 3, In the City of Aurora, Colorado, Limited Tax
|
12/23 at 103.00
|
N/R
|
958,500
|
|
|
|
General Obligation Bonds, Series 2019, 5.375%, 12/01/39
|
|
|
|
|
|
705
|
Windsor Highlands Metropolitan District 9, Windsor, Larimer County, Colorado, Limited
|
9/24 at 103.00
|
N/R
|
591,770
|
|
|
|
Tax Supported Revenue Bonds, Series 2019, 5.000%, 12/01/49
|
|
|
|
|
|
91,322
|
Total Colorado
|
|
|
78,096,316
|
105
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Connecticut – 0.1% (0.1% of Total Investments)
|
|
|
|
|
|
$ 500
|
Great Pond Improvement District, Connecticut, Special Obligation Revenue Bonds, Great
|
10/26 at 102.00
|
N/R
|
$ 412,880
|
|
|
|
Pond Phase 1 Project, Series 20019, 4.750%, 10/01/48, 144A
|
|
|
|
|
|
6,235
|
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate
|
No Opt. Call
|
N/R
|
405,249
|
|
|
|
Series 2013A, 6.050%, 7/01/31 (cash 4.000%, PIK 2.050%) (4)
|
|
|
|
|
|
6,735
|
Total Connecticut
|
|
|
818,129
|
|
|
|
Delaware – 0.3% (0.2% of Total Investments)
|
|
|
|
|
|
2,500
|
Delaware Economic Development Authority, Revenue Bonds, Odyssey Charter School Inc.
|
3/25 at 100.00
|
N/R
|
2,561,125
|
|
|
|
Project, Series 2015A, 7.000%, 9/01/45, 144A
|
|
|
|
|
|
|
District of Columbia – 0.5% (0.3% of Total Investments)
|
|
|
|
|
|
135
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed
|
No Opt. Call
|
Baa1
|
139,435
|
|
|
|
Bonds, Series 2001, 6.500%, 5/15/33
|
|
|
|
|
|
605
|
District of Columbia, Revenue Bonds, Cesar Chavez Public Charter Schools for Public
|
11/20 at 100.00
|
B–
|
606,028
|
|
|
|
Policy, Series 2011, 7.500%, 11/15/31
|
|
|
|
|
|
2,500
|
District of Columbia, Revenue Bonds, Howard University, Tender Option Bond Trust
|
4/21 at 100.00
|
Ba2
|
2,492,775
|
|
|
|
2016-XG0094, 22.361%, 10/01/37, 144A (IF), (6)
|
|
|
|
|
|
250
|
District of Columbia, Revenue Bonds, KIPP DC Issue, Series 2013A, 6.000%, 7/01/33
|
7/23 at 100.00
|
N/R (7)
|
290,290
|
|
|
|
(Pre-refunded 7/01/23)
|
|
|
|
|
|
2,000
|
District of Columbia, Revenue Bonds, Saint Paul on Fourth Street, Inc., Series 2019A,
|
5/30 at 100.00
|
N/R
|
1,511,820
|
|
|
|
5.250%, 5/15/55, 144A
|
|
|
|
|
|
5,490
|
Total District of Columbia
|
|
|
5,040,348
|
|
|
|
Florida – 14.5% (9.5% of Total Investments)
|
|
|
|
|
|
500
|
Academical Village Community Development District, Davie, Florida, Special Assessment
|
5/30 at 100.00
|
N/R
|
428,646
|
|
|
|
Revenue Bonds, Series 2020, 4.000%, 5/01/51
|
|
|
|
|
|
1,500
|
Alachua County Health Facilities Authority, Florida, Health Faculties Revenue Bonds,
|
11/21 at 100.00
|
N/R
|
994,335
|
|
|
|
Terraces at Bonita Springs Project, Series 2011A, 8.125%, 11/15/46
|
|
|
|
|
|
1,775
|
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds,
|
5/22 at 100.00
|
N/R
|
1,859,845
|
|
|
|
Series 2012, 6.700%, 5/01/42
|
|
|
|
|
|
1,735
|
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds,
|
5/25 at 100.00
|
N/R
|
1,644,884
|
|
|
|
Series 2015, 5.375%, 5/01/45
|
|
|
|
|
|
995
|
Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special
|
11/25 at 100.00
|
N/R
|
1,009,199
|
|
|
|
Assessment Bonds, Series 2015, 5.250%, 11/01/46
|
|
|
|
|
|
905
|
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds,
|
No Opt. Call
|
N/R
|
1,006,885
|
|
|
|
Phase 1 Project, Series 2013A, 6.125%, 11/01/33
|
|
|
|
|
|
1,750
|
Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds,
|
5/23 at 100.00
|
N/R
|
1,756,965
|
|
|
|
Refunding Series 2013, 5.125%, 5/01/43
|
|
|
|
|
|
700
|
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000,
|
6/20 at 100.00
|
Caa3
|
696,808
|
|
|
|
7.500%, 11/01/20 (AMT)
|
|
|
|
|
|
1,435
|
Capital Projects Finance Authority, Student Housing Revenue Bonds, Florida, Capital Projects
|
6/20 at 100.00
|
Baa2
|
1,424,252
|
|
|
|
Loan Program, Series 2001F-1, 5.000%, 10/01/31 – NPFG Insured
|
|
|
|
|
|
2,595
|
Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center,
|
6/28 at 100.00
|
N/R
|
2,641,710
|
|
|
|
Orlando Project, Series 2018, 7.500%, 6/01/48, 144A
|
|
|
|
|
|
830
|
Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series
|
6/26 at 100.00
|
N/R
|
739,762
|
|
|
|
2019A, 5.000%, 6/15/39, 144A
|
|
|
|
|
|
1,000
|
Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens of Palm Coast Project,
|
4/24 at 103.00
|
N/R
|
703,650
|
|
|
|
Series 2017A, 7.000%, 10/01/49, 144A
|
|
|
|
|
|
1,000
|
Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior
|
8/24 at 103.00
|
N/R
|
679,710
|
|
|
|
Housing, Inc. Project, Series 2017, 5.875%, 8/01/52, 144A
|
|
|
|
|
|
955
|
Celebration Pointe Community Development District 1, Alachua County, Florida, Special
|
5/24 at 100.00
|
N/R
|
956,528
|
|
|
|
Assessment Revenue Bonds, Series 2014, 5.125%, 5/01/45
|
|
|
|
|
|
500
|
Charlotte County Industrial Development Authority, Florida, Utility System Revenue
|
10/27 at 100.00
|
N/R
|
530,100
|
|
|
|
Bonds, Town & Country Utilities Project, Series 2019, 5.000%, 10/01/49 (AMT), 144A
|
|
|
|
106
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Florida (continued)
|
|
|
|
|
|
$ 2,000
|
Collier County Industrial Development Authority, Florida, Continuing Care Community
|
5/24 at 100.00
|
N/R
|
$ 1,600,000
|
|
|
|
Revenue Bonds, Arlington of Naples Project, Series 2014A, 0.000%, 5/15/35, 144A (4)
|
|
|
|
|
|
865
|
Cordoba Ranch Community Development District, Hillsborough County, Florida, Special
|
6/20 at 100.00
|
N/R
|
832,606
|
|
|
|
Assessment Revenue Bonds, Series 2006, 5.550%, 5/01/37
|
|
|
|
|
|
1,000
|
Cross Creek North Community Development District, Clay County, Florida, Special
|
11/29 at 100.00
|
N/R
|
1,016,260
|
|
|
|
Assessment Bonds, Series 2018, 5.375%, 11/01/50, 144A
|
|
|
|
|
|
2,665
|
Currents Community Development District, Collier County, Florida, Bond Anticipation
|
10/20 at 100.00
|
N/R
|
2,666,599
|
|
|
|
Note, Series 2019, 4.500%, 11/01/20
|
|
|
|
|
|
700
|
Fishhawk Community Development District IV, Hillsborough County, Florida, Special
|
5/23 at 100.00
|
N/R
|
758,128
|
|
|
|
Assessment Revenue Bonds, Series 2013A, 7.000%, 5/01/33
|
|
|
|
|
|
1,850
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown
|
7/24 at 100.00
|
N/R
|
1,880,007
|
|
|
|
Doral Charter Elementary School Project, Series 2014A, 6.500%, 7/01/44
|
|
|
|
|
|
1,000
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown
|
7/27 at 100.00
|
N/R
|
897,940
|
|
|
|
Doral Charter Elementary School Project, Series 2017A, 5.750%, 7/01/44, 144A
|
|
|
|
|
|
565
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida
|
7/26 at 100.00
|
N/R
|
470,063
|
|
|
|
Charter Foundation Inc. Projects, Series 2016A, 5.000%, 7/15/46, 144A
|
|
|
|
|
|
1,000
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Miami
|
6/24 at 100.00
|
N/R
|
862,690
|
|
|
|
Arts Charter School Projects, Series 2014, 6.000%, 6/15/44, 144A
|
|
|
|
|
|
655
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin
|
1/27 at 100.00
|
N/R
|
548,903
|
|
|
|
Academies of Pasco County Inc., Series 2020A, 5.000%, 1/01/50, 144A
|
|
|
|
|
|
1,000
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds,
|
9/20 at 100.00
|
B+
|
1,004,080
|
|
|
|
Renaissance Charter School, Inc. Projects, Series 2010A, 6.000%, 9/15/40
|
|
|
|
|
|
2,000
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds,
|
6/21 at 100.00
|
B+
|
2,149,180
|
|
|
|
Renaissance Charter School, Inc. Projects, Series 2011A, 7.625%, 6/15/41
|
|
|
|
|
|
4,000
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds,
|
6/23 at 100.00
|
N/R
|
4,406,640
|
|
|
|
Renaissance Charter School, Inc. Projects, Series 2013A, 8.500%, 6/15/44
|
|
|
|
|
|
|
Florida Development Finance Corporation, Florida, Surface Transportation Facility
|
|
|
|
|
|
|
Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A:
|
|
|
|
|
|
7,505
|
5.000%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A
|
7/20 at 105.00
|
N/R
|
6,368,218
|
|
|
6,405
|
6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A
|
7/20 at 104.00
|
N/R
|
5,592,526
|
|
|
31,170
|
6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A
|
7/20 at 105.00
|
N/R
|
26,711,443
|
|
|
|
FRERC Community Development District, Ocoee, Florida, Special Assessment Bonds,
|
|
|
|
|
|
|
Series 2020:
|
|
|
|
|
|
2,750
|
5.375%, 11/01/40
|
11/29 at 100.00
|
N/R
|
2,545,785
|
|
|
2,000
|
5.500%, 11/01/50
|
11/29 at 100.00
|
N/R
|
1,833,200
|
|
|
2,500
|
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special
|
11/22 at 100.00
|
N/R
|
2,581,500
|
|
|
|
Assessment Bonds, Doral Breeze Project Series 2012, 5.500%, 11/01/32
|
|
|
|
|
|
1,000
|
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special
|
5/24 at 100.00
|
N/R
|
1,076,490
|
|
|
|
Assessment Improvement Bonds, Assessment Area Two Project, Refunding Series 2014A-2,
|
|
|
|
|
|
|
6.500%, 5/01/39
|
|
|
|
|
|
200
|
Gulfstream Polo Community Development District, Palm Beach County, Florida, Special
|
11/29 at 100.00
|
N/R
|
186,844
|
|
|
|
Assessment Bonds, Phase 2 Project, Series 2019, 4.375%, 11/01/49
|
|
|
|
|
|
1,920
|
Harmony Community Development District, Florida, Capital Improvement Revenue Bonds,
|
5/24 at 100.00
|
N/R
|
1,938,547
|
|
|
|
Special Assessment, Refunding Series 2014, 5.250%, 5/01/32
|
|
|
|
|
|
200
|
Hawkstone Community Development District, Florida, Special Assessment Revenue Bonds,
|
11/29 at 100.00
|
N/R
|
178,488
|
|
|
|
Assessment Area 2, Series 2019, 4.000%, 11/01/39
|
|
|
|
|
|
1,000
|
Lakes by the Bay South Community Development District, Florida, Special Assessment
|
11/22 at 100.00
|
N/R
|
1,038,760
|
|
|
|
Bonds, Series 2012, 5.750%, 11/01/42
|
|
|
|
|
|
625
|
Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Lakewood
|
5/25 at 100.00
|
N/R
|
625,681
|
|
|
|
Centre North Project, Series 2015, 4.875%, 5/01/45
|
|
|
|
|
|
2,000
|
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee
|
6/20 at 100.00
|
BB–
|
1,790,420
|
|
|
|
County Community Charter Schools, Series 2007A, 5.375%, 6/15/37
|
|
|
|
107
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Florida (continued)
|
|
|
|
|
|
$ 630
|
Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue
|
12/22 at 105.00
|
N/R
|
$ 515,082
|
|
|
|
Bonds, Preserve Project, Series 2017A, 5.750%, 12/01/52, 144A
|
|
|
|
|
|
1,000
|
Magic Place Community Development District, Osceola County, Florida, Special Assessment
|
5/30 at 100.00
|
N/R
|
853,330
|
|
|
|
Revenue Bonds, Series 2019, 4.500%, 5/01/51
|
|
|
|
|
|
12,190
|
Miami Beach, Florida, Resort Tax Revenue Bonds, Series 2015, 5.000%, 9/01/45 (UB), (6)
|
9/25 at 100.00
|
AA–
|
14,004,238
|
|
|
750
|
Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue
|
7/27 at 100.00
|
N/R
|
666,758
|
|
|
|
Bonds, South Florida Autism Charter School Project, Series 2017, 6.000%, 7/01/47, 144A
|
|
|
|
|
|
2,085
|
Miami World Center Community Development District, Miami-Dade County, Florida, Special
|
11/27 at 100.00
|
N/R
|
2,131,600
|
|
|
|
Assessment Bonds, Series 2017, 5.250%, 11/01/49
|
|
|
|
|
|
1,750
|
Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op
|
9/25 at 100.00
|
N/R
|
1,656,305
|
|
|
|
Charter Schools Project, Series 2015A, 6.000%, 9/15/45, 144A
|
|
|
|
|
|
1,250
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Tender Option Bond
|
10/20 at 100.00
|
Aa3
|
1,339,762
|
|
|
|
Trust 2016-XG0030, 17.325%, 10/01/39 – AGM Insured, 144A (IF)
|
|
|
|
|
|
505
|
Mirada Community Development District, Pasco County, Florida, Bond Anticipation Note,
|
11/20 at 100.00
|
N/R
|
505,439
|
|
|
|
Assessment Area 3, Series 2019, 4.500%, 5/01/24
|
|
|
|
|
|
400
|
North Park Isle Community Development District, Plant City, Florida, Special Assessment
|
5/29 at 100.00
|
N/R
|
367,136
|
|
|
|
Revenue Bonds, Assessment Area 1, Series 2019, 4.750%, 5/01/50
|
|
|
|
|
|
930
|
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement
|
8/26 at 100.00
|
N/R
|
976,370
|
|
|
|
Bonds, Development Unit 53, Series 2015, 5.500%, 8/01/46
|
|
|
|
|
|
|
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
|
642,531
|
|
|
3,110
|
7.500%, 6/01/49
|
6/22 at 102.00
|
N/R
|
3,213,936
|
|
|
500
|
Palm Beach County, Florida, Revenue Bonds, Provident Group – PBAU Properties LLC – Palm
|
4/29 at 100.00
|
Ba1
|
440,840
|
|
|
|
Beach Atlantic University Housing Project, Series 2019A, 5.000%, 4/01/51, 144A
|
|
|
|
|
|
3,385
|
Pine Island Community Development District, Florida, Special Assessment Bonds, Bella
|
6/20 at 100.00
|
N/R
|
3,387,437
|
|
|
|
Collina, Series 2004, 5.750%, 5/01/35
|
|
|
|
|
|
1,605
|
Reunion West Community Development District, Florida, Special Assessment Bonds, Series
|
5/22 at 100.00
|
N/R
|
1,658,575
|
|
|
|
2004A-1, 6.250%, 5/01/36
|
|
|
|
|
|
2,500
|
Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series
|
11/27 at 100.00
|
N/R
|
2,706,500
|
|
|
|
2016, 6.000%, 11/01/47
|
|
|
|
|
|
990
|
Shingle Creek Community Development District, Osceola County, Florida, Special
|
11/25 at 100.00
|
N/R
|
1,000,286
|
|
|
|
Assessment Revenue Bonds, Series 2015, 5.400%, 11/01/45
|
|
|
|
|
|
1,540
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
|
5/22 at 100.00
|
N/R
|
1,125,540
|
|
|
|
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (5)
|
|
|
|
|
|
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note,
|
|
|
|
|
|
|
Series 2007-3:
|
|
|
|
|
|
120
|
6.375%, 5/01/20 (4)
|
No Opt. Call
|
N/R
|
1
|
|
|
1,360
|
6.650%, 5/01/40 (4)
|
6/20 at 100.00
|
N/R
|
14
|
|
|
2,845
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note,
|
6/20 at 100.00
|
N/R
|
28
|
|
|
|
Series 2007A-2, 5.250%, 5/01/39 (4)
|
|
|
|
|
|
3,740
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding
|
6/20 at 100.00
|
N/R
|
3,232,519
|
|
|
|
Series 2015-1, 0.000%, 5/01/40 (5)
|
|
|
|
|
|
2,300
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding
|
6/20 at 100.00
|
N/R
|
1,524,923
|
|
|
|
Series 2015-2, 0.000%, 5/01/40 (5)
|
|
|
|
|
|
2,505
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding
|
6/20 at 100.00
|
N/R
|
25
|
|
|
|
Series 2015-3, 6.610%, 5/01/40 (4)
|
|
|
|
|
|
1,980
|
Twin Creeks North Community Development District, Florida, Special Assessment Bonds,
|
11/31 at 100.00
|
N/R
|
2,044,310
|
|
|
|
Master Infrastructure Improvements, Series 2016A-1, 6.375%, 11/01/47
|
|
|
|
|
|
3,700
|
Twin Creeks North Community Development District, Florida, Special Assessment Bonds,
|
11/31 at 100.00
|
N/R
|
3,820,176
|
|
|
|
Master Infrastructure Improvements, Series 2016A-2, 6.375%, 11/01/47
|
|
|
|
108
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Florida (continued)
|
|
|
|
|
|
$ 500
|
Two Lakes Community Development District, Hialeah, Florida, Special Assessment Bonds,
|
12/29 at 100.00
|
N/R
|
$ 445,790
|
|
|
|
Expansion Area Project, Series 2019, 4.000%, 12/15/49
|
|
|
|
|
|
1,000
|
Venetian Parc Community Development District, Miami-Dade County, Florida, Special
|
11/28 at 100.00
|
N/R
|
1,226,980
|
|
|
|
Assessment Bonds, Area One Project, Series 2013, 6.500%, 11/01/43
|
|
|
|
|
|
975
|
Waterset North Community Development District, Hillsborough County, Florida, Special
|
11/24 at 100.00
|
N/R
|
996,743
|
|
|
|
Assessment Revenue Bonds, Series 2014, 5.500%, 11/01/45
|
|
|
|
|
|
153,515
|
Total Florida
|
|
|
139,117,451
|
|
|
|
Georgia – 0.8% (0.5% of Total Investments)
|
|
|
|
|
|
1,000
|
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds,
|
11/23 at 100.00
|
BBB
|
1,023,780
|
|
|
|
Testletree Village Apartments, Series 2013A, 5.000%, 11/01/48
|
|
|
|
|
|
1,250
|
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta
|
6/20 at 100.00
|
BB
|
1,257,225
|
|
|
|
Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
|
|
|
|
|
|
1,880
|
Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten
|
10/23 at 100.00
|
N/R
|
1,932,546
|
|
|
|
Academy Project, Series 2013A, 7.125%, 10/01/43
|
|
|
|
|
|
1,000
|
Fulton County Development Authority, Georgia, Revenue Bonds, Amana Academy Project,
|
4/23 at 100.00
|
N/R
|
991,690
|
|
|
|
Series 2013A, 6.500%, 4/01/43
|
|
|
|
|
|
|
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:
|
|
|
|
|
|
288
|
5.500%, 7/15/23 (Pre-refunded 7/15/21)
|
7/21 at 100.00
|
N/R (7)
|
299,230
|
|
|
767
|
5.500%, 7/15/30 (Pre-refunded 7/15/21)
|
7/21 at 100.00
|
N/R (7)
|
810,267
|
|
|
841
|
5.500%, 1/15/36 (Pre-refunded 7/15/21)
|
7/21 at 100.00
|
N/R (7)
|
889,532
|
|
|
7,026
|
Total Georgia
|
|
|
7,204,270
|
|
|
|
Guam – 0.0% (0.0% of Total Investments)
|
|
|
|
|
|
330
|
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%,
|
10/23 at 100.00
|
Baa2
|
331,469
|
|
|
|
10/01/43 (AMT)
|
|
|
|
|
|
|
Idaho – 0.1% (0.0% of Total Investments)
|
|
|
|
|
|
500
|
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project,
|
3/22 at 100.00
|
A–
|
550,955
|
|
|
|
Tender Option Bond Trust 2016-XG0066, 16.397%, 3/01/47, 144A (IF), (6)
|
|
|
|
|
|
|
Illinois – 27.7% (18.2% of Total Investments)
|
|
|
|
|
|
550
|
Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005, 6.250%, 1/01/24
|
6/20 at 100.00
|
N/R
|
507,790
|
|
|
10,670
|
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds,
|
4/27 at 100.00
|
A
|
11,048,998
|
|
|
|
Series 2016, 6.000%, 4/01/46 (UB), (6)
|
|
|
|
|
|
1,500
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/24 at 100.00
|
BB–
|
1,446,000
|
|
|
|
Project Series 2015C, 5.250%, 12/01/39
|
|
|
|
|
|
1,000
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/20 at 100.00
|
B1
|
998,110
|
|
|
|
Refunding Series 2010F, 5.000%, 12/01/31
|
|
|
|
|
|
15,385
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/25 at 100.00
|
BB–
|
16,583,184
|
|
|
|
Series 2016A, 7.000%, 12/01/44
|
|
|
|
|
|
2,025
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/26 at 100.00
|
BB–
|
2,147,593
|
|
|
|
Series 2016B, 6.500%, 12/01/46
|
|
|
|
|
|
9,910
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/27 at 100.00
|
BB–
|
10,889,009
|
|
|
|
Series 2017A, 7.000%, 12/01/46, 144A
|
|
|
|
|
|
3,000
|
Chicago Greater Metropolitan Water Reclamation District, Illinois, General Obligation
|
12/24 at 100.00
|
AA+
|
3,258,630
|
|
|
|
Bonds, Capital Improvement, Green 2014 Series 2015A, 5.000%, 12/01/44 (UB), (6)
|
|
|
|
|
|
7,500
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011,
|
12/21 at 100.00
|
A3
|
7,871,700
|
|
|
|
5.250%, 12/01/40 (UB), (6)
|
|
|
|
|
|
1,413
|
Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State
|
5/20 at 100.00
|
N/R
|
1,340,181
|
|
|
|
Redevelopment Project, Series 2012, 6.100%, 1/15/29
|
|
|
|
|
|
2,274
|
Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue
|
6/20 at 100.00
|
N/R
|
1,578,327
|
|
|
|
Bonds, Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 (4)
|
|
|
|
|
|
5,000
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport,
|
1/29 at 100.00
|
A
|
5,076,200
|
|
|
|
Refunding Senior Lien Series 2018A, 4.000%, 1/01/43 (AMT) (UB), (6)
|
|
|
|
109
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Illinois (continued)
|
|
|
|
|
|
$ 30,500
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior
|
1/29 at 100.00
|
A
|
$ 33,894,650
|
|
|
|
Lien Series 2018B, 5.000%, 1/01/48 (UB), (6)
|
|
|
|
|
|
2,000
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A,
|
1/24 at 100.00
|
Ba1
|
2,016,680
|
|
|
|
5.250%, 1/01/30
|
|
|
|
|
|
9,400
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A,
|
1/27 at 100.00
|
BBB–
|
9,785,682
|
|
|
|
6.000%, 1/01/38
|
|
|
|
|
|
1,000
|
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D,
|
1/25 at 100.00
|
Ba1
|
1,011,700
|
|
|
|
5.500%, 1/01/37
|
|
|
|
|
|
130
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38
|
1/26 at 100.00
|
BBB–
|
125,883
|
|
|
|
Chicago, Illinois, General Obligation Bonds, Series 2019A:
|
|
|
|
|
|
7,500
|
5.000%, 1/01/44 (UB), (6)
|
1/29 at 100.00
|
BBB–
|
7,030,425
|
|
|
8,000
|
5.500%, 1/01/49 (UB), (6)
|
1/29 at 100.00
|
BBB–
|
7,938,080
|
|
|
1,500
|
Chicago, Illinois, General Obligation Bonds, Variable Rate Demand Series 2007F,
|
1/25 at 100.00
|
Ba1
|
1,505,790
|
|
|
|
5.500%, 1/01/42
|
|
|
|
|
|
4,000
|
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International
|
10/20 at 100.00
|
B1
|
3,973,520
|
|
|
|
Corporation Project, Series 2010, 6.750%, 10/15/40
|
|
|
|
|
|
5,000
|
Illinois Finance Authority Revenue Bonds, Ness Healthcare NFP, Series 2016A, 6.375%,
|
11/26 at 100.00
|
N/R
|
3,606,300
|
|
|
|
11/01/46, 144A
|
|
|
|
|
|
1,000
|
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International
|
10/20 at 100.00
|
B1
|
993,380
|
|
|
|
Corporation Project, Series 2010, 6.750%, 10/15/40
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Ascension Health/Presence Health Network,
|
|
|
|
|
|
|
Series 2016C:
|
|
|
|
|
|
25
|
4.000%, 2/15/41 (Pre-refunded 2/15/27) (UB)
|
2/27 at 100.00
|
N/R (7)
|
29,563
|
|
|
495
|
4.000%, 2/15/41 (Pre-refunded 2/15/27) (UB)
|
2/27 at 100.00
|
N/R (7)
|
585,342
|
|
|
10,655
|
4.000%, 2/15/41 (UB)
|
2/27 at 100.00
|
Aa2
|
11,049,342
|
|
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A,
|
10/22 at 100.00
|
BBB–
|
1,022,190
|
|
|
|
6.000%, 10/01/48
|
|
|
|
|
|
5,000
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series
|
1/28 at 100.00
|
Aa2
|
5,185,200
|
|
|
|
2017A, 4.000%, 7/15/47 (UB), (6)
|
|
|
|
|
|
2,000
|
Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2018B, 6.125%,
|
10/28 at 100.50
|
N/R
|
2,052,980
|
|
|
|
4/01/58, 144A
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond
|
|
|
|
|
|
|
Trust 2015-XF0121:
|
|
|
|
|
|
1,685
|
21.194%, 8/15/41, 144A (IF), (6)
|
8/21 at 100.00
|
A2
|
1,999,033
|
|
|
250
|
21.209%, 8/15/41, 144A (IF), (6)
|
8/21 at 100.00
|
A2
|
296,628
|
|
|
5,000
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center,
|
2/27 at 100.00
|
A1
|
5,225,950
|
|
|
|
Series 2016B, 4.000%, 8/15/41 (UB), (6)
|
|
|
|
|
|
|
Illinois State, General Obligation Bonds, November Series 2016:
|
|
|
|
|
|
1,000
|
5.000%, 11/01/35
|
11/26 at 100.00
|
BBB–
|
938,390
|
|
|
1,000
|
5.000%, 11/01/37
|
11/26 at 100.00
|
BBB–
|
933,630
|
|
|
9,945
|
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 (UB), (6)
|
No Opt. Call
|
BBB–
|
9,646,849
|
|
|
630
|
Illinois State, General Obligation Bonds, Series 2012A, 5.000%, 3/01/36
|
3/22 at 100.00
|
BBB–
|
590,619
|
|
|
5,445
|
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation
|
6/26 at 100.00
|
BBB
|
5,057,044
|
|
|
|
September Series 2016C, 4.000%, 6/15/31 (UB), (6)
|
|
|
|
|
|
2,000
|
Lombard Public Facilities Corporation, Illinois, Conference Center and Hotel Revenue
|
3/28 at 100.00
|
N/R
|
1,820,000
|
|
|
|
Bonds, First Tier Series 2005A-2, 5.500%, 1/01/36, 144A
|
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
|
|
|
|
|
|
Bonds, Refunding Series 2020A:
|
|
|
|
|
|
16,000
|
4.000%, 6/15/50
|
12/29 at 100.00
|
BB+
|
13,461,120
|
|
|
45,550
|
4.000%, 6/15/50 (UB), (6)
|
12/29 at 100.00
|
BB+
|
38,322,126
|
|
|
800
|
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds,
|
6/21 at 100.00
|
N/R (7)
|
844,792
|
|
|
|
Series 2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21)
|
|
|
|
110
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Illinois (continued)
|
|
|
|
|
|
$ 870
|
Rantoul, Champaign County, Illinois, Tax Increment Revenue Bonds, Evans Road Series
|
12/23 at 100.00
|
N/R
|
$ 824,786
|
|
|
|
2013B, 7.000%, 12/01/33
|
|
|
|
|
|
|
Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series 2018C:
|
|
|
|
|
|
9,875
|
5.000%, 1/01/36 (UB), (6)
|
1/29 at 100.00
|
AA–
|
10,844,133
|
|
|
17,750
|
5.250%, 1/01/48 (UB), (6)
|
1/29 at 100.00
|
AA–
|
19,307,385
|
|
|
1,000
|
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial
|
11/23 at 100.00
|
N/R (7)
|
1,208,120
|
|
|
|
Group, Inc., Series 2013, 7.125%, 11/01/43 (Pre-refunded 11/01/23)
|
|
|
|
|
|
895
|
Yorkville United City Business District, Illinois, Storm Water and Water Improvement
|
5/20 at 100.00
|
N/R
|
366,950
|
|
|
|
Project Revenue Bonds, Series 2007, 4.800%, 1/01/26 (4)
|
|
|
|
|
|
269,127
|
Total Illinois
|
|
|
266,239,984
|
|
|
|
Indiana – 1.5% (1.0% of Total Investments)
|
|
|
|
|
|
3,160
|
Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A,
|
3/20 at 100.00
|
N/R
|
3,180,256
|
|
|
|
6.650%, 7/15/24
|
|
|
|
|
|
1,000
|
Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender
|
No Opt. Call
|
AA
|
2,158,670
|
|
|
|
Option Bond Trust 2016-XL0019, 17.986%, 4/01/30, 144A (IF), (6)
|
|
|
|
|
|
1,250
|
Indiana Bond Bank, Special Program Gas Revenue Bonds, JP Morgan Ventures Energy
|
No Opt. Call
|
A2
|
1,327,775
|
|
|
|
Corporation Guaranteed, Tender Option Bond Trust 2015-XF0115, 17.292%, 10/15/20,
|
|
|
|
|
|
|
144A (IF), (6)
|
|
|
|
|
|
1,000
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Discovery Charter
|
12/25 at 100.00
|
BB–
|
1,026,100
|
|
|
|
School Project, Series 2015A, 7.250%, 12/01/45
|
|
|
|
|
|
2,000
|
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel
|
8/22 at 100.00
|
Caa2
|
1,670,740
|
|
|
|
Corporation Project, Series 2012, 5.750%, 8/01/42 (AMT)
|
|
|
|
|
|
500
|
Indiana Finance Authority, Hospital Revenue Bonds, King’s Daughters’ Hospital and Health
|
8/20 at 100.00
|
Baa2
|
502,065
|
|
|
|
Services, Series 2010, 5.500%, 8/15/45
|
|
|
|
|
|
1,290
|
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group Revenue Bonds,
|
12/20 at 100.00
|
AA–
|
1,418,897
|
|
|
|
Tender Option Bond Trust 2015-XF0106, 17.228%, 12/01/37, 144A (IF), (6)
|
|
|
|
|
|
910
|
Saint Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village
|
6/20 at 100.00
|
N/R
|
911,420
|
|
|
|
Apartments, Series 2005A, 7.500%, 7/01/35
|
|
|
|
|
|
1,000
|
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project,
|
11/23 at 100.00
|
N/R
|
1,026,220
|
|
|
|
Series 2013, 7.250%, 11/01/43 (AMT)
|
|
|
|
|
|
1,375
|
Terre Haute, Indiana, Economic Development Solid Waste Facility Revenue Bonds, Pyrolyx
|
No Opt. Call
|
N/R
|
1,217,287
|
|
|
|
USA Indiana, LLC Project, Series 2017A, 7.250%, 12/01/28 (AMT)
|
|
|
|
|
|
13,485
|
Total Indiana
|
|
|
14,439,430
|
|
|
|
Iowa – 0.7% (0.5% of Total Investments)
|
|
|
|
|
|
1,030
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc.
|
8/22 at 100.00
|
Ba3
|
1,020,153
|
|
|
|
Project, Series 2012, 4.750%, 8/01/42
|
|
|
|
|
|
2,000
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/23 at 100.00
|
B
|
2,005,720
|
|
|
|
Company Project, Series 2013, 5.250%, 12/01/25
|
|
|
|
|
|
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
|
|
|
|
|
|
1,000
|
5.375%, 6/01/38
|
6/20 at 100.00
|
B–
|
1,009,290
|
|
|
2,900
|
5.625%, 6/01/46
|
6/20 at 100.00
|
B–
|
2,926,941
|
|
|
6,930
|
Total Iowa
|
|
|
6,962,104
|
|
|
|
Kansas – 0.7% (0.5% of Total Investments)
|
|
|
|
|
|
5,305
|
University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health
|
9/25 at 100.00
|
AA–
|
5,977,621
|
|
|
|
System, Refunding & Improvement Series 2015, 5.000%, 9/01/45 (UB), (6)
|
|
|
|
|
|
1,000
|
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation
|
9/25 at 100.00
|
N/R
|
834,530
|
|
|
|
Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32
|
|
|
|
|
|
6,305
|
Total Kansas
|
|
|
6,812,151
|
111
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Kentucky – 6.2% (4.1% of Total Investments)
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro
|
|
|
|
|
|
|
Health, Refunding Series 2017A:
|
|
|
|
|
|
$ 5,450
|
5.000%, 6/01/41
|
6/27 at 100.00
|
BB+
|
$ 5,767,244
|
|
|
3,300
|
5.000%, 6/01/45
|
6/27 at 100.00
|
BB+
|
3,457,542
|
|
|
12,665
|
5.000%, 6/01/45 (UB), (6)
|
6/27 at 100.00
|
BB+
|
13,269,627
|
|
|
500
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro
|
6/20 at 100.00
|
BB+ (7)
|
501,950
|
|
|
|
Medical Health System, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20)
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation
|
|
|
|
|
|
|
Kentucky Information Highway Project, Senior Series 2015A:
|
|
|
|
|
|
11,000
|
5.000%, 7/01/37 (UB)
|
7/25 at 100.00
|
Baa2
|
11,019,690
|
|
|
9,295
|
5.000%, 7/01/40 (UB)
|
7/25 at 100.00
|
Baa2
|
9,204,746
|
|
|
16,800
|
5.000%, 1/01/45 (UB)
|
7/25 at 100.00
|
Baa2
|
16,002,504
|
|
|
59,010
|
Total Kentucky
|
|
|
59,223,303
|
|
|
|
Louisiana – 1.2% (0.8% of Total Investments)
|
|
|
|
|
|
2,130
|
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala
|
7/23 at 100.00
|
N/R
|
2,160,310
|
|
|
|
Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36
|
|
|
|
|
|
500
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
|
11/20 at 100.00
|
BBB–
|
500,030
|
|
|
|
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
|
|
|
|
|
|
|
Revenue Bonds, Woman’s Hospital Foundation Project, Tender Option Bonds Trust 2016-XF2336:
|
|
|
|
|
|
750
|
20.503%, 10/01/40 (Pre-refunded 10/01/20), 144A (IF), (6)
|
10/20 at 100.00
|
A2 (7)
|
808,253
|
|
|
750
|
20.515%, 10/01/40 (Pre-refunded 10/01/20), 144A (IF), (6)
|
10/20 at 100.00
|
A2 (7)
|
808,282
|
|
|
500
|
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles College
|
6/27 at 100.00
|
N/R
|
406,525
|
|
|
|
Prep Project, Series 2019A, 5.000%, 6/01/58, 144A
|
|
|
|
|
|
500
|
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Young Audiences Charter
|
4/27 at 100.00
|
N/R
|
396,045
|
|
|
|
School, Series 2019A, 5.000%, 4/01/57, 144A
|
|
|
|
|
|
1,000
|
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing
|
7/23 at 100.00
|
N/R
|
1,027,080
|
|
|
|
(US) LLC Project, Series 2013, 6.500%, 7/01/36 (AMT), 144A
|
|
|
|
|
|
1,705
|
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy
|
12/21 at 100.00
|
N/R
|
1,779,662
|
|
|
|
Foundation Project, Series 2011A, 7.750%, 12/15/31
|
|
|
|
|
|
2,000
|
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project,
|
No Opt. Call
|
BBB
|
1,769,320
|
|
|
|
Refunding Series 2017, 0.000%, 10/01/33 (5)
|
|
|
|
|
|
2,110
|
Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter
|
12/23 at 100.00
|
N/R
|
2,185,538
|
|
|
|
Academy Foundation Project, Series 2013A, 8.125%, 12/15/33
|
|
|
|
|
|
2,000
|
Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds,
|
No Opt. Call
|
N/R
|
20
|
|
|
|
Louisiana Pellets Inc. Project, Series 2015, 7.000%, 7/01/24 (AMT), 144A (4)
|
|
|
|
|
|
13,945
|
Total Louisiana
|
|
|
11,841,065
|
|
|
|
Maryland – 0.7% (0.5% of Total Investments)
|
|
|
|
|
|
3,000
|
Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine
|
9/20 at 100.00
|
BB–
|
3,014,400
|
|
|
|
Terminals Inc. Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25
|
|
|
|
|
|
4,000
|
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt
|
6/20 at 100.00
|
N/R
|
2,400,000
|
|
|
|
Conference Center, Series 2006A, 5.000%, 12/01/31 (4)
|
|
|
|
|
|
2,500
|
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt
|
6/20 at 100.00
|
N/R
|
1,500,000
|
|
|
|
Conference Center, Series 2006B, 5.250%, 12/01/31 (4)
|
|
|
|
|
|
9,500
|
Total Maryland
|
|
|
6,914,400
|
|
|
|
Massachusetts – 2.0% (1.3% of Total Investments)
|
|
|
|
|
|
3,750
|
Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series
|
7/29 at 100.00
|
A–
|
4,070,813
|
|
|
|
2019A, 5.000%, 7/01/49
|
|
|
|
|
|
5,735
|
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K,
|
7/26 at 100.00
|
A
|
5,946,106
|
|
|
|
Series 2017B, 4.250%, 7/01/46 (AMT) (UB), (6)
|
|
|
|
|
|
5,000
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016A, 5.000%,
|
3/24 at 100.00
|
AA
|
5,523,900
|
|
|
|
3/01/46 (UB), (6)
|
|
|
|
112
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Massachusetts (continued)
|
|
|
|
|
|
$ 2,985
|
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016E, 4.000%,
|
4/25 at 100.00
|
AA
|
$ 3,288,575
|
|
|
|
4/01/33 (UB), (6)
|
|
|
|
|
|
17,470
|
Total Massachusetts
|
|
|
18,829,394
|
|
|
|
Michigan – 1.9% (1.2% of Total Investments)
|
|
|
|
|
|
|
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds,
|
|
|
|
|
|
|
Series 1998A:
|
|
|
|
|
|
10
|
5.500%, 5/01/21 – ACA Insured
|
6/20 at 100.00
|
B–
|
10,012
|
|
|
170
|
5.500%, 5/01/21
|
6/20 at 100.00
|
B–
|
165,876
|
|
|
88
|
Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/22
|
6/20 at 100.00
|
N/R
|
87,569
|
|
|
900
|
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope
|
4/21 at 100.00
|
B
|
727,335
|
|
|
|
Academy Project, Series 2011, 8.125%, 4/01/41
|
|
|
|
|
|
1,240
|
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Voyageur
|
7/27 at 100.00
|
N/R
|
894,226
|
|
|
|
Academy Project, Refunding Series 2017 Private Placement of 2017, 5.900%, 7/15/46, 144A
|
|
|
|
|
|
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2015A:
|
|
|
|
|
|
2,225
|
4.350%, 10/01/45 (UB), (6)
|
10/24 at 100.00
|
AA
|
2,320,386
|
|
|
4,500
|
4.600%, 4/01/52 (UB), (6)
|
10/24 at 100.00
|
AA
|
4,724,820
|
|
|
1,565
|
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American
|
6/20 at 100.00
|
N/R
|
1,531,274
|
|
|
|
Montessori Academy, Series 2007, 6.500%, 12/01/37
|
|
|
|
|
|
1,000
|
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds,
|
6/20 at 100.00
|
BBB–
|
1,001,030
|
|
|
|
Chandler Park Academy Project, Series 2008, 6.500%, 11/01/35
|
|
|
|
|
|
1,000
|
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds,
|
6/20 at 100.00
|
BBB–
|
971,480
|
|
|
|
Richfield Public School Academy, Series 2007, 5.000%, 9/01/36
|
|
|
|
|
|
775
|
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds,
|
6/20 at 100.00
|
N/R
|
711,233
|
|
|
|
David Ellis Academy-West Charter School Project, Series 2007, 5.875%, 6/01/37
|
|
|
|
|
|
825
|
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Thermal LLC Project,
|
12/23 at 100.00
|
N/R
|
861,093
|
|
|
|
Series 2018, 7.000%, 12/01/30 (AMT), 144A
|
|
|
|
|
|
100,000
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue
|
6/33 at 11.41
|
N/R
|
3,465,000
|
|
|
|
Bonds, Capital Appreciation Turbo Term Series 2008C, 0.000%, 6/01/58
|
|
|
|
|
|
500
|
Summit Academy, Michigan, Revenue Bonds, Public School Academy Series 2005,
|
6/20 at 100.00
|
B+
|
489,660
|
|
|
|
6.375%, 11/01/35
|
|
|
|
|
|
114,798
|
Total Michigan
|
|
|
17,960,994
|
|
|
|
Minnesota – 0.7% (0.4% of Total Investments)
|
|
|
|
|
|
665
|
Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy
|
7/25 at 100.00
|
N/R
|
650,244
|
|
|
|
Project, Series 2015A, 5.500%, 7/01/35
|
|
|
|
|
|
1,000
|
Columbus, Minnesota, Charter School Lease Revenue Bonds, New Millennium Academy Project,
|
7/25 at 100.00
|
B–
|
778,420
|
|
|
|
Series 2015A, 6.000%, 7/01/45
|
|
|
|
|
|
505
|
Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of
|
7/26 at 100.00
|
N/R
|
431,108
|
|
|
|
Performing Arts Project, Series 2016A, 5.000%, 7/01/47
|
|
|
|
|
|
100
|
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep
|
7/30 at 100.00
|
N/R
|
83,022
|
|
|
|
Project, Series 2020A, 5.000%, 7/01/55
|
|
|
|
|
|
2,000
|
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue
|
7/26 at 100.00
|
N/R
|
1,986,220
|
|
|
|
Bonds, Community School of Excellence, Series 2016A, 5.750%, 7/01/47, 144A
|
|
|
|
|
|
3,000
|
Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint
|
10/22 at 100.00
|
Ba1
|
2,703,900
|
|
|
|
Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A
|
|
|
|
|
|
7,270
|
Total Minnesota
|
|
|
6,632,914
|
|
|
|
Mississippi – 0.1% (0.1% of Total Investments)
|
|
|
|
|
|
500
|
Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, King
|
10/26 at 100.00
|
N/R
|
378,580
|
|
|
|
Edward Mixed-Use Project, Refunding Series 2019A, 4.250%, 10/15/49 (Mandatory Put
|
|
|
|
|
|
|
10/15/39), 144A
|
|
|
|
|
|
596
|
Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care
|
6/20 at 100.00
|
N/R
|
529,564
|
|
|
|
Apartments, Series 2004-2, 6.125%, 9/01/34 (AMT)
|
|
|
|
|
|
1,096
|
Total Mississippi
|
|
|
908,144
|
113
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Missouri – 1.8% (1.2% of Total Investments)
|
|
|
|
|
|
$ 890
|
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood,
|
6/20 at 100.00
|
A–
|
$ 891,344
|
|
|
|
Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
|
|
|
|
|
|
655
|
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward
|
4/26 at 100.00
|
N/R
|
551,294
|
|
|
|
Parkway Center Community Improvement District, Senior Refunding & Improvement Series
|
|
|
|
|
|
|
2016, 5.000%, 4/01/46, 144A
|
|
|
|
|
|
2,000
|
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty
|
6/25 at 100.00
|
N/R
|
1,773,820
|
|
|
|
Commons Project, Subordinate Lien Series 2015B, 8.500%, 6/15/46, 144A
|
|
|
|
|
|
10,000
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
|
11/27 at 100.00
|
AA–
|
10,620,500
|
|
|
|
Mercy Health, Series 2017C, 4.000%, 11/15/49 (UB), (6)
|
|
|
|
|
|
1,100
|
Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project,
|
6/20 at 100.00
|
N/R
|
957,363
|
|
|
|
Series 2007A, 5.350%, 6/15/32
|
|
|
|
|
|
805
|
Saint Louis Land Clearance for Redevelopment Authority, Missouri, Tax-Exempt Recovery
|
9/20 at 100.00
|
N/R (7)
|
820,883
|
|
|
|
Zone Facilities Improvement, Special Revenue Bonds, Kiel Opera House Project, Series 2010B,
|
|
|
|
|
|
|
7.000%, 9/01/35 (Pre-refunded 9/01/20)
|
|
|
|
|
|
1,353
|
Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square
|
9/20 at 100.00
|
N/R
|
1,279,586
|
|
|
|
Redevelopment Project, Series 2008A, 6.300%, 8/22/26
|
|
|
|
|
|
732
|
Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment
|
No Opt. Call
|
N/R
|
256,200
|
|
|
|
Projects, Series 2007A, 6.000%, 12/31/26
|
|
|
|
|
|
17,535
|
Total Missouri
|
|
|
17,150,990
|
|
|
|
Nevada – 1.3% (0.8% of Total Investments)
|
|
|
|
|
|
1,000
|
City of Henderson, Nevada, Local Improvement District No T-20 Rainbow Canyon, Local
|
9/28 at 100.00
|
N/R
|
988,600
|
|
|
|
Improvement Bonds, Series 2018, 5.375%, 9/01/48
|
|
|
|
|
|
2,000
|
Director of Nevada State Department of Business & Industry, Environmental Improvement
|
8/29 at 100.00
|
N/R
|
1,699,060
|
|
|
|
Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, 5.750%, 2/15/38 (AMT), 144A
|
|
|
|
|
|
10,000
|
Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue
|
7/28 at 100.00
|
A+
|
8,844,700
|
|
|
|
Bonds, Series 2018B, 4.000%, 7/01/49 (UB), (6)
|
|
|
|
|
|
575
|
North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 64 Valley
|
12/28 at 100.00
|
N/R
|
510,560
|
|
|
|
Vista, Series 2019, 4.625%, 6/01/49
|
|
|
|
|
|
13,575
|
Total Nevada
|
|
|
12,042,920
|
|
|
|
New Jersey – 5.3% (3.5% of Total Investments)
|
|
|
|
|
|
2,500
|
New Jersey Economic Development Authority, Lease Revenue Bonds, State Government
|
12/27 at 100.00
|
BBB+
|
2,446,400
|
|
|
|
Buildings-Health Department & Taxation Division Office Project, Series 2018A, 5.000%,
|
|
|
|
|
|
|
6/15/47 (UB), (6)
|
|
|
|
|
|
5,000
|
New Jersey Economic Development Authority, Lease Revenue Bonds, State Government
|
12/27 at 100.00
|
BBB+
|
4,892,800
|
|
|
|
Buildings-Juvenile Justice Commission Facilities Project, Series 2018C, 5.000%, 6/15/47 (UB), (6)
|
|
|
|
|
|
9,500
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series
|
6/27 at 100.00
|
BBB+
|
9,466,560
|
|
|
|
2017DDD, 5.000%, 6/15/42 (UB), (6)
|
|
|
|
|
|
4,100
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental
|
8/22 at 101.00
|
BB–
|
4,066,872
|
|
|
|
Airlines Inc., Series 1999, 5.250%, 9/15/29 (AMT)
|
|
|
|
|
|
2,080
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental
|
3/24 at 101.00
|
BB–
|
2,085,491
|
|
|
|
Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (AMT)
|
|
|
|
|
|
1,000
|
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident
|
6/20 at 100.00
|
N/R (7)
|
1,003,950
|
|
|
|
Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series
|
|
|
|
|
|
|
2010A, 5.875%, 6/01/42 (Pre-refunded 6/01/20)
|
|
|
|
|
|
5,200
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint
|
6/20 at 100.00
|
BB+
|
5,199,480
|
|
|
|
Peters University Hospital, Series 2007, 5.750%, 7/01/37
|
|
|
|
|
|
40,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding
|
No Opt. Call
|
BBB+
|
19,904,400
|
|
|
|
Series 2006C, 0.000%, 12/15/36 – AMBAC Insured (UB), (6)
|
|
|
|
|
|
2,200
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed
|
6/28 at 100.00
|
BB+
|
2,214,652
|
|
|
|
Bonds, Series 2018B, 5.000%, 6/01/46
|
|
|
|
|
|
71,580
|
Total New Jersey
|
|
|
51,280,605
|
114
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
New Mexico – 0.5% (0.4% of Total Investments)
|
|
|
|
|
|
$ 320
|
Mariposa East Public Improvement District, New Mexico, Revenue Bonds, Capital
|
9/20 at 56.67
|
N/R
|
$ 147,200
|
|
|
|
Appreciation Taxable Series 2015D, 0.000%, 3/01/32
|
|
|
|
|
|
50
|
Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds,
|
9/25 at 100.00
|
N/R
|
45,734
|
|
|
|
Series 2015A, 5.900%, 9/01/32
|
|
|
|
|
|
230
|
Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds,
|
9/25 at 100.00
|
N/R
|
210,374
|
|
|
|
Series 2015B, 5.900%, 9/01/32
|
|
|
|
|
|
395
|
Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds,
|
No Opt. Call
|
N/R
|
353,758
|
|
|
|
Series 2015C, 5.900%, 9/01/32
|
|
|
|
|
|
1,210
|
Mesa Del Sol Public Improvement District 1, Albuquerque, New Mexico, Special Levy
|
10/23 at 100.00
|
N/R
|
1,183,259
|
|
|
|
Revenue Bonds, Series 2013, 7.250%, 10/01/43
|
|
|
|
|
|
965
|
New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena
|
7/20 at 100.00
|
BBB– (7)
|
972,112
|
|
|
|
Project, Series 2010A, 5.875%, 7/01/30 (Pre-refunded 7/01/20)
|
|
|
|
|
|
1,020
|
Volterra Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue
|
10/24 at 100.00
|
N/R
|
957,545
|
|
|
|
Bonds, Series 2014, 6.750%, 10/01/33
|
|
|
|
|
|
1,452
|
Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross
|
6/20 at 103.00
|
N/R
|
1,328,987
|
|
|
|
Receipts Tax Increment Bonds, Senior Lien Series 2015, 6.000%, 5/01/40, 144A
|
|
|
|
|
|
5,642
|
Total New Mexico
|
|
|
5,198,969
|
|
|
|
New York – 9.4% (6.2% of Total Investments)
|
|
|
|
|
|
4,000
|
Build New York City Resource Corporation, New York, Revenue Bonds, Albert Einstein
|
9/25 at 100.00
|
N/R
|
4,168,040
|
|
|
|
College of Medicine, Inc., Series 2015, 5.500%, 9/01/45, 144A
|
|
|
|
|
|
10,000
|
Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group,
|
3/30 at 100.00
|
A2
|
8,941,700
|
|
|
|
Series 2020A, 3.000%, 9/01/50 – AGM Insured (UB), (6)
|
|
|
|
|
|
200
|
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical
|
6/27 at 100.00
|
BBB–
|
217,692
|
|
|
|
Center Obligated Group, Series 2017, 5.000%, 12/01/36, 144A
|
|
|
|
|
|
1,000
|
Madison County Capital Resource Corporation, New York, Revenue Bonds, Cazenovia College
|
6/22 at 100.00
|
N/R
|
973,620
|
|
|
|
Project, Series 2019A, 5.500%, 9/01/22
|
|
|
|
|
|
10,000
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series
|
11/26 at 100.00
|
A–
|
10,027,400
|
|
|
|
2016C-1, 5.000%, 11/15/56 (UB), (6)
|
|
|
|
|
|
14,260
|
New York City Housing Development Corporation, New York, Multifamily Housing Revenue
|
9/26 at 100.00
|
Aa2
|
14,772,647
|
|
|
|
Bonds, Sustainable Neighborhood Series 2018K, 4.125%, 11/01/53 (UB), (6)
|
|
|
|
|
|
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds,
|
|
|
|
|
|
|
Bronx Parking Development Company, LLC Project, Series 2007:
|
|
|
|
|
|
1,500
|
3.163%, 10/01/37 (4)
|
6/20 at 100.00
|
N/R
|
1,155,000
|
|
|
5,000
|
3.231%, 10/01/46 (4)
|
6/20 at 100.00
|
N/R
|
3,850,000
|
|
|
395
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds,
|
6/20 at 100.00
|
N/R
|
366,181
|
|
|
|
Special Needs Facilities Pooled Program, Series 2008A-1, 5.800%, 7/01/23
|
|
|
|
|
|
7,075
|
New York City, New York, General Obligation Bonds, Fiscal 2017 Series A-1, 5.000%,
|
8/26 at 100.00
|
AA
|
8,161,366
|
|
|
|
8/01/38 (UB), (6)
|
|
|
|
|
|
500
|
New York Liberty Development Corporation, Liberty Revenue Bonds, Secured by Port
|
12/21 at 100.00
|
AA–
|
590,270
|
|
|
|
Authority Consolidated Bonds, Tender Option Bonds Trust 2016-XG0062, 17.485%,
|
|
|
|
|
|
|
12/15/41, 144A (IF), (6)
|
|
|
|
|
|
3,000
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
2,877,210
|
|
|
|
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A
|
|
|
|
|
|
3,250
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
3,233,522
|
|
|
|
Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A
|
|
|
|
|
|
6,000
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
6,376,440
|
|
|
|
Center Project, Class 3 Series 2014, 7.250%, 11/15/44, 144A
|
|
|
|
|
|
4,000
|
New York Transportation Development Corporation, New York, Special Facility Revenue
|
8/21 at 100.00
|
B
|
3,909,520
|
|
|
|
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series
|
|
|
|
|
|
|
2016, 5.000%, 8/01/31 (AMT)
|
|
|
|
|
|
4,985
|
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport
|
7/24 at 100.00
|
A2
|
5,286,094
|
|
|
|
Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 – AGM Insured (AMT) (UB), (6)
|
|
|
|
115
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
New York (continued)
|
|
|
|
|
|
$ 3,265
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred
|
4/27 at 100.00
|
AA–
|
$ 3,630,386
|
|
|
|
Series 2017, 5.000%, 4/15/57 (UB), (6)
|
|
|
|
|
|
530
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
BBB+
|
534,293
|
|
|
|
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
|
|
|
|
|
805
|
Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue
|
6/20 at 100.00
|
N/R
|
811,384
|
|
|
|
Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (AMT)
|
|
|
|
|
|
9,975
|
Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester
|
11/25 at 100.00
|
BBB–
|
10,419,586
|
|
|
|
Medical Center Obligated Group Project, Refunding Series 2016, 5.000%, 11/01/46 (UB), (6)
|
|
|
|
|
|
89,740
|
Total New York
|
|
|
90,302,351
|
|
|
|
North Carolina – 0.1% (0.1% of Total Investments)
|
|
|
|
|
|
940
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
|
1/21 at 100.00
|
AA–
|
1,010,378
|
|
|
|
Carolinas HealthCare System, Tender Option Bond Trust 2016-XF2222, 18.244%, 1/15/42, 144A (IF)
|
|
|
|
|
|
|
North Dakota – 0.1% (0.1% of Total Investments)
|
|
|
|
|
|
2,000
|
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC
|
9/23 at 100.00
|
N/R
|
880,000
|
|
|
|
Project, Series 2013, 7.750%, 9/01/38 (4)
|
|
|
|
|
|
|
Ohio – 6.3% (4.2% of Total Investments)
|
|
|
|
|
|
82,120
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/30 at 22.36
|
N/R
|
8,692,402
|
|
|
|
Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2,
|
|
|
|
|
|
|
0.000%, 6/01/57
|
|
|
|
|
|
26,045
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/30 at 100.00
|
N/R
|
23,251,934
|
|
|
|
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55
|
|
|
|
|
|
5,455
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/22 at 100.00
|
Caa3 (7)
|
6,070,324
|
|
|
|
Revenue Bonds, Senior Lien Series 2007A-3, 6.250%, 6/01/37 (Pre-refunded 6/01/22)
|
|
|
|
|
|
1,500
|
Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center
|
12/22 at 100.00
|
N/R
|
1,315,455
|
|
|
|
Project, Liberty Community Authority, Series 2014C, 6.000%, 12/01/43
|
|
|
|
|
|
340
|
Evans Farm New Community Authority, Ohio, Community Development Charge Revenue Bonds,
|
6/29 at 100.00
|
N/R
|
239,737
|
|
|
|
Evans Farm Mixed-Use Project, Series 2020, 4.000%, 12/01/46
|
|
|
|
|
|
1,270
|
Medina County Port Authority, Ohio, Development Revenue Bond, Fiber Network Project,
|
12/20 at 100.00
|
AA–
|
1,296,886
|
|
|
|
Series 2010B, 6.000%, 12/01/30
|
|
|
|
|
|
11,160
|
Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network
|
8/26 at 100.00
|
A2
|
11,145,827
|
|
|
|
Obligated Group, Series 2016, 4.000%, 8/01/47 (UB), (6)
|
|
|
|
|
|
2,800
|
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds,
|
No Opt. Call
|
N/R
|
7,000
|
|
|
|
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (4)
|
|
|
|
|
|
3,310
|
Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG
|
7/29 at 100.00
|
B3
|
3,107,196
|
|
|
|
Vanadium Project, Series 2019, 5.000%, 7/01/49 (AMT), 144A
|
|
|
|
|
|
365
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
913
|
|
|
|
FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (4)
|
|
|
|
|
|
4,750
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
11,875
|
|
|
|
FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (4)
|
|
|
|
|
|
3,085
|
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
7,712
|
|
|
|
Generating Corporation Project, Refunding Series 2006A, 3.000%, 5/15/20 (4)
|
|
|
|
|
|
3,000
|
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear
|
No Opt. Call
|
N/R
|
7,500
|
|
|
|
Generating Corporation Project, Refunding Series 2005B, 4.000%, 1/01/34 (4)
|
|
|
|
|
|
255
|
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear
|
No Opt. Call
|
N/R
|
638
|
|
|
|
Generating Corporation Project, Refunding Series 2008B, 3.625%, 10/01/33 (4)
|
|
|
|
|
|
1,015
|
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear
|
No Opt. Call
|
N/R
|
2,538
|
|
|
|
Generating Corporation Project, Refunding Series 2008C, 3.950%, 11/01/32 (4)
|
|
|
|
|
|
2,725
|
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear
|
No Opt. Call
|
N/R
|
6,812
|
|
|
|
Generating Corporation Project, Refunding Series 2010A, 3.750%, 7/01/33 (4)
|
|
|
|
|
|
3,000
|
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
3,022,500
|
|
|
|
Nuclear Generating Corporation Project, Series 2010B, 5.000%, 6/01/33 (Mandatory Put
|
|
|
|
|
|
|
6/01/22) (4)
|
|
|
|
116
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Ohio (continued)
|
|
|
|
|
|
$ 1,000
|
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment
|
11/30 at 100.00
|
N/R
|
$ 752,560
|
|
|
|
Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood,
|
|
|
|
|
|
|
Senior Lien Series 2019A, 5.000%, 11/01/51
|
|
|
|
|
|
2,000
|
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education
|
3/25 at 100.00
|
N/R
|
1,984,500
|
|
|
|
Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015,
|
|
|
|
|
|
|
6.000%, 3/01/45
|
|
|
|
|
|
155,195
|
Total Ohio
|
|
|
60,924,309
|
|
|
|
Oklahoma – 2.3% (1.5% of Total Investments)
|
|
|
|
|
|
1,745
|
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise
|
8/21 at 100.00
|
N/R (7)
|
1,888,683
|
|
|
|
Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 (Pre-refunded
|
|
|
|
|
|
|
8/25/21), 144A
|
|
|
|
|
|
3,000
|
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine
|
8/28 at 100.00
|
BB+
|
3,122,940
|
|
|
|
Project, Series 2018B, 5.500%, 8/15/57
|
|
|
|
|
|
15,000
|
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc.,
|
6/23 at 100.00
|
N/R
|
14,758,050
|
|
|
|
Refunding Series 2000B, 5.500%, 6/01/35 (AMT)
|
|
|
|
|
|
2,000
|
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc.,
|
6/23 at 100.00
|
N/R
|
1,967,060
|
|
|
|
Refunding Series 2001B, 5.500%, 12/01/35 (AMT)
|
|
|
|
|
|
21,745
|
Total Oklahoma
|
|
|
21,736,733
|
|
|
|
Oregon – 0.1% (0.1% of Total Investments)
|
|
|
|
|
|
|
Clackamas and Washington Counties School District 3JT, Oregon, General Obligation Bonds,
|
|
|
|
|
|
|
Series 2020A:
|
|
|
|
|
|
1,750
|
0.000%, 6/15/49
|
6/30 at 57.54
|
Aa1
|
633,553
|
|
|
2,000
|
0.000%, 6/15/50
|
6/30 at 55.67
|
Aa1
|
696,800
|
|
|
3,750
|
Total Oregon
|
|
|
1,330,353
|
|
|
|
Pennsylvania – 0.9% (0.6% of Total Investments)
|
|
|
|
|
|
1,250
|
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue
|
5/28 at 100.00
|
N/R
|
1,224,675
|
|
|
|
Bonds, City Center Project, Subordinate Lien, Series 2018, 5.125%, 5/01/32, 144A
|
|
|
|
|
|
2,500
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
N/R
|
6,250
|
|
|
|
Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.500%, 4/01/41 (4)
|
|
|
|
|
|
2,715
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
N/R
|
6,787
|
|
|
|
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (4)
|
|
|
|
|
|
290
|
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University
|
10/29 at 100.00
|
BB+
|
262,337
|
|
|
|
Project, Series 2020, 5.000%, 10/01/49
|
|
|
|
|
|
185
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage
|
8/20 at 100.00
|
N/R
|
193,530
|
|
|
|
Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 2017-XF2454,
|
|
|
|
|
|
|
18.973%, 8/01/38, 144A (IF), (6)
|
|
|
|
|
|
5
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
|
No Opt. Call
|
N/R
|
13
|
|
|
|
Shippingport Project, First Energy Guarantor, Series 2006A, 2.550%, 11/01/41 (4)
|
|
|
|
|
|
4,250
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue
|
9/25 at 100.00
|
CCC+
|
3,249,210
|
|
|
|
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38
|
|
|
|
|
|
2,500
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Nueva
|
1/23 at 100.00
|
N/R
|
2,649,800
|
|
|
|
Esperanza, Inc. – Esperanza Academy Charter School, Series 2013, 8.000%, 1/01/33
|
|
|
|
|
|
510
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital
|
7/22 at 100.00
|
Ba1
|
529,579
|
|
|
|
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/36
|
|
|
|
|
|
180
|
The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania,
|
5/24 at 100.00
|
BB+
|
166,752
|
|
|
|
Guaranteed Lease Revenue Bonds, Series 2016A, 5.000%, 11/15/28
|
|
|
|
|
|
14,385
|
Total Pennsylvania
|
|
|
8,288,933
|
|
|
|
Puerto Rico – 7.4% (4.8% of Total Investments)
|
|
|
|
|
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A:
|
|
|
|
|
|
5,260
|
6.000%, 7/01/38
|
6/20 at 100.00
|
CC
|
5,233,700
|
|
|
3,125
|
6.000%, 7/01/44
|
6/20 at 100.00
|
CC
|
3,109,375
|
117
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Puerto Rico (continued)
|
|
|
|
|
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A:
|
|
|
|
|
|
$ 5,460
|
5.250%, 7/01/42
|
7/22 at 100.00
|
CC
|
$ 5,146,050
|
|
|
1,000
|
6.000%, 7/01/47
|
7/22 at 100.00
|
CC
|
990,000
|
|
|
8,625
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Federally Taxable Build
|
7/20 at 100.00
|
D
|
5,164,219
|
|
|
|
America Bonds, Series 2010YY, 4.050%, 7/01/40 (4)
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A:
|
|
|
|
|
|
4,835
|
3.957%, 7/01/42 (4)
|
7/22 at 100.00
|
D
|
2,882,869
|
|
|
185
|
3.961%, 7/01/42 (4)
|
7/22 at 100.00
|
D
|
110,306
|
|
|
2,000
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 3.999%,
|
No Opt. Call
|
D
|
1,197,500
|
|
|
|
7/01/20 (4)
|
|
|
|
|
|
1,025
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 5.000%,
|
6/20 at 100.00
|
D
|
611,156
|
|
|
|
7/01/37 (4)
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA:
|
|
|
|
|
|
5,690
|
3.978%, 7/01/22 (4)
|
7/20 at 100.00
|
D
|
3,392,662
|
|
|
1,186
|
3.978%, 7/01/28 (4)
|
7/20 at 100.00
|
D
|
707,152
|
|
|
890
|
3.978%, 7/01/29 (4)
|
7/20 at 100.00
|
D
|
530,663
|
|
|
658
|
3.978%, 7/01/31 (4)
|
7/20 at 100.00
|
D
|
392,333
|
|
|
405
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC, 3.957%,
|
7/20 at 100.00
|
D
|
241,481
|
|
|
|
7/01/28 (4)
|
|
|
|
|
|
1,350
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX,
|
7/20 at 100.00
|
D
|
804,937
|
|
|
|
3.978%, 7/01/40 (4)
|
|
|
|
|
|
3,000
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ, 3.978%,
|
7/20 at 100.00
|
D
|
1,788,750
|
|
|
|
7/01/25 (4)
|
|
|
|
|
|
1,000
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A, 4.102%, 7/01/36 (4)
|
7/23 at 100.00
|
D
|
613,750
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW:
|
|
|
|
|
|
360
|
3.988%, 7/01/22 (4)
|
6/20 at 100.00
|
D
|
215,100
|
|
|
710
|
3.988%, 7/01/23 (4)
|
6/20 at 100.00
|
D
|
424,225
|
|
|
375
|
3.978%, 7/01/33 (4)
|
6/20 at 100.00
|
D
|
223,594
|
|
|
5,500
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Taxable Build America Bond
|
7/20 at 100.00
|
D
|
3,286,250
|
|
|
|
Series 2010EE, 4.044%, 7/01/32 (4)
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:
|
|
|
|
|
|
70,000
|
0.000%, 7/01/46
|
7/28 at 41.38
|
N/R
|
16,445,100
|
|
|
46,600
|
0.000%, 7/01/51
|
7/28 at 30.01
|
N/R
|
8,155,000
|
|
|
5,000
|
4.750%, 7/01/53
|
7/28 at 100.00
|
N/R
|
4,536,250
|
|
|
2,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable
|
7/28 at 100.00
|
N/R
|
1,809,320
|
|
|
|
Restructured Cofina Project Series 2019A-2, 4.784%, 7/01/58
|
|
|
|
|
|
4,500
|
Puerto Rico, General Obligation Bonds, Public Improvement, Series 2014A, 3.180%,
|
7/20 at 100.00
|
D
|
2,621,250
|
|
|
|
7/01/35 (4)
|
|
|
|
|
|
180,739
|
Total Puerto Rico
|
|
|
70,632,992
|
|
|
|
Rhode Island – 0.2% (0.2% of Total Investments)
|
|
|
|
|
|
18,260
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed
|
5/20 at 15.05
|
CCC–
|
2,276,109
|
|
|
|
Bonds, Series 2007A, 0.000%, 6/01/52
|
|
|
|
|
|
|
South Carolina – 2.1% (1.4% of Total Investments)
|
|
|
|
|
|
4,000
|
Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement
|
6/20 at 100.00
|
N/R
|
840,000
|
|
|
|
District, Series 2007A, 7.750%, 11/01/39 (4)
|
|
|
|
|
|
3,477
|
Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement
|
No Opt. Call
|
N/R
|
730,170
|
|
|
|
District, Series 2007B, 7.700%, 11/01/20 (4)
|
|
|
|
|
|
400
|
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds,
|
1/30 at 100.00
|
N/R
|
317,260
|
|
|
|
Hilton Head Christian Academy, Series 2020, 5.000%, 1/01/55, 144A
|
|
|
|
|
|
990
|
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds,
|
11/24 at 100.00
|
N/R
|
1,057,409
|
|
|
|
Midland Valley Preparatory School Project, Series 2014, 7.750%, 11/15/45, 144A
|
|
|
|
|
|
1,000
|
South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue
|
12/29 at 100.00
|
Baa3
|
1,032,170
|
|
|
|
Bonds, Lowcountry Leadership Charter School Project, Series 2019A, 5.000%, 12/01/49, 144A
|
|
|
|
118
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
South Carolina (continued)
|
|
|
|
|
|
$ 1,250
|
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto
|
8/21 at 100.00
|
AA (7)
|
$ 1,336,375
|
|
|
|
Health, Refunding Series 2011A, 6.500%, 8/01/39 (Pre-refunded 8/01/21) – AGM Insured
|
|
|
|
|
|
3,000
|
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding
|
12/26 at 100.00
|
A–
|
3,183,000
|
|
|
|
Series 2016B, 5.000%, 12/01/46 (UB), (6)
|
|
|
|
|
|
11,615
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series
|
6/24 at 100.00
|
A–
|
12,060,435
|
|
|
|
2014A, 5.000%, 12/01/49 (UB), (6)
|
|
|
|
|
|
25,732
|
Total South Carolina
|
|
|
20,556,819
|
|
|
|
Tennessee – 3.5% (2.3% of Total Investments)
|
|
|
|
|
|
3,000
|
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds,
|
7/20 at 100.00
|
Baa1 (7)
|
3,027,150
|
|
|
|
Mountain States Health Alliance, Refunding Series 2010A, 6.500%, 7/01/38 (Pre-refunded 7/01/20)
|
|
|
|
|
|
1,000
|
Memphis/Shelby County Economic Development Growth Engine Industrial Development Board,
|
7/27 at 100.00
|
N/R
|
938,700
|
|
|
|
Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.625%, 1/01/46
|
|
|
|
|
|
|
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities
|
|
|
|
|
|
|
Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A:
|
|
|
|
|
|
11,095
|
5.000%, 7/01/40 (UB)
|
7/26 at 100.00
|
Aa3
|
12,075,243
|
|
|
5,240
|
5.000%, 7/01/46 (UB), (6)
|
7/26 at 100.00
|
Aa3
|
5,651,340
|
|
|
5,000
|
The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue
|
6/27 at 100.00
|
N/R
|
4,405,300
|
|
|
|
Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%,
|
|
|
|
|
|
|
6/01/47, 144A
|
|
|
|
|
|
6,024
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B,
|
No Opt. Call
|
BBB
|
6,674,110
|
|
|
|
5.625%, 9/01/26
|
|
|
|
|
|
930
|
Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue
|
6/20 at 100.00
|
N/R
|
701,583
|
|
|
|
Bonds, Rutland Place Inc. Project, Series 2015A, 5.500%, 1/01/46
|
|
|
|
|
|
32,289
|
Total Tennessee
|
|
|
33,473,426
|
|
|
|
Texas – 4.6% (3.0% of Total Investments)
|
|
|
|
|
|
500
|
Celina, Texas, Special Assessment Revenue Bonds, Celina Sutton Fields II Public
|
9/29 at 100.00
|
N/R
|
465,865
|
|
|
|
Improvement District Neighborhood Improvement Areas 2-3 Project, Series 2019, 4.250%,
|
|
|
|
|
|
|
9/01/49, 144A
|
|
|
|
|
|
1,000
|
Celina, Texas, Special Assessment Revenue Bonds, Creeks of Legacy Public Improvement
|
9/22 at 103.00
|
N/R
|
1,009,120
|
|
|
|
District Phase 1 Project, Series 2014, 7.000%, 9/01/40
|
|
|
|
|
|
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:
|
|
|
|
|
|
250
|
6.000%, 1/01/41 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
Baa1 (7)
|
258,583
|
|
|
1,000
|
6.750%, 1/01/41 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
Baa2 (7)
|
1,039,040
|
|
|
4,165
|
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A,
|
12/25 at 100.00
|
Aa2
|
4,696,246
|
|
|
|
5.000%, 12/01/48 (UB), (6)
|
|
|
|
|
|
|
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System,
|
|
|
|
|
|
|
Series 2013A:
|
|
|
|
|
|
390
|
6.625%, 9/01/31
|
9/23 at 100.00
|
N/R
|
420,603
|
|
|
1,000
|
6.375%, 9/01/42
|
9/23 at 100.00
|
N/R
|
1,053,060
|
|
|
165
|
Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public
|
8/27 at 100.00
|
N/R
|
160,938
|
|
|
|
Improvement District 1 Phase 2B, 2C & 3A1, Series 2019, 4.250%, 8/15/49, 144A
|
|
|
|
|
|
1,500
|
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy
|
11/22 at 100.00
|
Baa2
|
1,528,725
|
|
|
|
Inc. Project, Series 2012A RMKT, 4.750%, 5/01/38
|
|
|
|
|
|
1,000
|
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds,
|
6/20 at 100.00
|
B3
|
999,870
|
|
|
|
Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (AMT)
|
|
|
|
|
|
125
|
Haslett, Texas, Special Assessment Revenue Bonds, Haslet Public Improvement District 5
|
9/29 at 100.00
|
N/R
|
118,945
|
|
|
|
Improvement Area 1 Project, Series 2019, 4.375%, 9/01/49, 144A
|
|
|
|
|
|
805
|
Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series
|
6/20 at 100.00
|
N/R
|
713,979
|
|
|
|
2006A, 6.000%, 2/15/36
|
|
|
|
|
|
1,000
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines
|
7/21 at 100.00
|
BB–
|
1,017,860
|
|
|
|
Inc. – Terminal Improvement Project, Refunding Series 2011, 6.625%, 7/15/38 (AMT)
|
|
|
|
119
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Texas (continued)
|
|
|
|
|
|
$ 3,355
|
Jefferson County Industrial Development Corporation, Texas, Hurricane Ike Disaster Area
|
7/22 at 100.00
|
N/R (7)
|
$ 3,776,589
|
|
|
|
Revenue Bonds, Port of Beaumont Petroleum Transload Terminal, LLC Project, Series 2012,
|
|
|
|
|
|
|
8.250%, 7/01/32 (Pre-refunded 7/01/22)
|
|
|
|
|
|
|
Mesquite, Texas, Special Assessment Bonds, Iron Horse Public Improvement District
|
|
|
|
|
|
|
Project, Series 2019:
|
|
|
|
|
|
300
|
5.750%, 9/15/39, 144A
|
9/29 at 100.00
|
N/R
|
301,701
|
|
|
500
|
6.000%, 9/15/49, 144A
|
9/29 at 100.00
|
N/R
|
502,445
|
|
|
2,000
|
Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro
|
1/26 at 102.00
|
N/R
|
1,000,000
|
|
|
|
Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (AMT), 144A (4), (8)
|
|
|
|
|
|
1,000
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
4/24 at 100.00
|
B–
|
822,310
|
|
|
|
Revenue Bonds, CHF-Collegiate Housing Corpus Christi I, LLC-Texas A&M University-Corpus
|
|
|
|
|
|
|
Christi Project, Series 2014A, 5.000%, 4/01/44
|
|
|
|
|
|
1,000
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
4/26 at 100.00
|
BBB–
|
934,600
|
|
|
|
Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, LLC – Texas A&M
|
|
|
|
|
|
|
University - San Antonio Project,, 5.000%, 4/01/48
|
|
|
|
|
|
1,000
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
4/24 at 100.00
|
Baa3
|
922,200
|
|
|
|
Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project,
|
|
|
|
|
|
|
Series 2014A, 5.000%, 4/01/44
|
|
|
|
|
|
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
|
|
|
|
|
|
Revenue Bonds, NCCD – College Station Properties LLC – Texas A&M University Project,
|
|
|
|
|
|
|
Series 2015A:
|
|
|
|
|
|
1,250
|
5.000%, 7/01/35
|
7/25 at 100.00
|
CCC
|
1,020,412
|
|
|
2,445
|
5.000%, 7/01/47
|
7/25 at 100.00
|
CCC
|
1,910,352
|
|
|
2,250
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond
|
9/21 at 100.00
|
N/R (7)
|
2,810,002
|
|
|
|
Trust 2016-XG0036, 19.331%, 9/01/41, (Pre-refunded 9/01/21), 144A (IF)
|
|
|
|
|
|
440
|
Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility
|
1/22 at 103.00
|
N/R
|
327,479
|
|
|
|
Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2020, 4.000%, 1/01/50 (AMT), 144A
|
|
|
|
|
|
205
|
Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement
|
9/29 at 100.00
|
N/R
|
191,767
|
|
|
|
District 2 Phase 1 Project, Series 2019, 4.750%, 9/01/49, 144A
|
|
|
|
|
|
185
|
Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement
|
9/29 at 100.00
|
N/R
|
175,497
|
|
|
|
District 2 Phase 2-6 Major Improvement Project, Series 2019, 5.500%, 9/01/39, 144A
|
|
|
|
|
|
2,000
|
Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue
|
12/21 at 100.00
|
N/R
|
1,325,000
|
|
|
|
Bonds, Eden Home Inc., Series 2012, 0.000%, 12/15/32 (4)
|
|
|
|
|
|
165
|
Rowlett, Texas, Special Assessment Revenue Bonds, Bayside Public Improvement District
|
3/24 at 102.00
|
N/R
|
140,507
|
|
|
|
North Improvement Area, Series 2016, 5.750%, 9/15/36
|
|
|
|
|
|
5,000
|
Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds,
|
9/27 at 100.00
|
AA+
|
5,338,150
|
|
|
|
Series 2018A, 4.250%, 9/01/48 (UB), (6)
|
|
|
|
|
|
|
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
|
1,004,480
|
|
|
4,500
|
7.000%, 6/30/40
|
6/20 at 100.00
|
Baa3
|
4,518,990
|
|
|
785
|
Texas Public Finance Authority Charter School Finance Corporation, Charter School
|
6/20 at 100.00
|
BB–
|
785,997
|
|
|
|
Revenue Bonds, School of Excellence Education Project, Series 2004A, 7.000%, 12/01/34
|
|
|
|
|
|
2,050
|
Texas State Affordable Housing Corporation Multifamily Housing Revenue Bonds, Peoples El
|
1/34 at 100.00
|
N/R
|
1,958,441
|
|
|
|
Shaddai Village and St James Manor Apartments Project, Series 2016, 4.850%, 12/01/56, 144A
|
|
|
|
|
|
|
Travis County Health Facilities Development Corporation, Texas, Revenue Bonds,
|
|
|
|
|
|
|
Westminster Manor, Series 2010:
|
|
|
|
|
|
30
|
7.000%, 11/01/30
|
11/20 at 100.00
|
BBB+
|
30,494
|
|
|
440
|
7.000%, 11/01/30 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
N/R (7)
|
453,248
|
|
|
44,800
|
Total Texas
|
|
|
43,733,495
|
|
|
|
Utah – 0.4% (0.3% of Total Investments)
|
|
|
|
|
|
1,690
|
Utah Charter School Finance Authority, Charter School Revenue Bonds, North Davis
|
7/20 at 100.00
|
BBB–
|
1,697,571
|
|
|
|
Preparatory Academy, Series 2010, 6.375%, 7/15/40
|
|
|
|
120
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Utah (continued)
|
|
|
|
|
|
$ 1,980
|
Utah Charter School Finance Authority, Charter School Revenue Bonds, Summit Academy
|
5/21 at 100.00
|
N/R (7)
|
$ 2,129,411
|
|
|
|
High School, Series 2011A, 8.125%, 5/15/31 (Pre-refunded 5/15/21)
|
|
|
|
|
|
3,670
|
Total Utah
|
|
|
3,826,982
|
|
|
|
Vermont – 0.5% (0.3% of Total Investments)
|
|
|
|
|
|
3,400
|
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, University of
|
6/26 at 100.00
|
A3
|
3,669,620
|
|
|
|
Vermont Medical Center Project, Green Series 2016B, 5.000%, 12/01/46 (UB), (6)
|
|
|
|
|
|
1,155
|
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law
|
1/21 at 100.00
|
N/R (7)
|
1,195,760
|
|
|
|
School Project, Series 2011A, 6.250%, 1/01/41 (Pre-refunded 1/01/21)
|
|
|
|
|
|
4,555
|
Total Vermont
|
|
|
4,865,380
|
|
|
|
Virgin Islands – 0.9% (0.6% of Total Investments)
|
|
|
|
|
|
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding
|
|
|
|
|
|
|
Series 2014C:
|
|
|
|
|
|
1,000
|
5.000%, 10/01/30
|
10/24 at 100.00
|
N/R
|
893,860
|
|
|
5,000
|
5.000%, 10/01/39
|
10/24 at 100.00
|
N/R
|
4,310,950
|
|
|
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo
|
6/20 at 100.00
|
Caa3
|
943,460
|
|
|
|
Project, Series 2009A, 6.750%, 10/01/37
|
|
|
|
|
|
2,820
|
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, BANS Series
|
No Opt. Call
|
N/R
|
2,813,852
|
|
|
|
2018B, 7.000%, 7/01/20, 144A
|
|
|
|
|
|
9,820
|
Total Virgin Islands
|
|
|
8,962,122
|
|
|
|
Virginia – 2.0% (1.3% of Total Investments)
|
|
|
|
|
|
762
|
Celebrate Virginia North Community Development Authority, Special Assessment Revenue
|
No Opt. Call
|
N/R
|
457,200
|
|
|
|
Bonds, Series 2003B, 4.125%, 3/01/21 (4)
|
|
|
|
|
|
5,000
|
Industrial Development Authority of the City of Newport News, Virginia, Health System
|
7/27 at 100.00
|
N/R
|
5,315,350
|
|
|
|
Revenue Bonds, Riverside Health System, Series 2017A, 5.000%, 7/01/46, 144A
|
|
|
|
|
|
1,000
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed
|
5/20 at 100.00
|
B–
|
945,930
|
|
|
|
Bonds, Series 2007B1, 5.000%, 6/01/47
|
|
|
|
|
|
7,000
|
Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds,
|
7/34 at 100.00
|
N/R
|
6,138,090
|
|
|
|
Provident Resource Group – Rixey Student Housing Project, Series 2019A, 5.500%, 7/01/54, 144A
|
|
|
|
|
|
7,000
|
Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds,
|
No Opt. Call
|
N/R
|
6,558,370
|
|
|
|
Provident Resource Group – Rixey Student Housing Project, Series 2019B, 7.500%, 7/01/52, 144A
|
|
|
|
|
|
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
|
|
|
|
|
|
|
Crossing, Opco LLC Project, Series 2012:
|
|
|
|
|
|
80
|
6.000%, 1/01/37 (AMT)
|
7/22 at 100.00
|
BBB–
|
81,154
|
|
|
130
|
5.500%, 1/01/42 (AMT)
|
7/22 at 100.00
|
BBB–
|
129,077
|
|
|
20,972
|
Total Virginia
|
|
|
19,625,171
|
|
|
|
Washington – 2.4% (1.6% of Total Investments)
|
|
|
|
|
|
1,000
|
King County Public Hospital District 4, Washington, Hospital Revenue Bonds, Snoqualmie
|
12/25 at 100.00
|
N/R
|
1,042,420
|
|
|
|
Valley Hospital, Series 2015A, 6.250%, 12/01/45
|
|
|
|
|
|
1,000
|
Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing
|
6/20 at 100.00
|
N/R
|
1,000,100
|
|
|
|
Revenue Bonds, Series 2007, 5.600%, 6/01/37 (AMT)
|
|
|
|
|
|
1,300
|
Port of Seattle Industrial Development Corporation, Washington, Special Facilities
|
4/23 at 100.00
|
BB
|
1,309,750
|
|
|
|
Revenue Refunding Bonds, Delta Air Lines, Inc. Project, Series 2012, 5.000%, 4/01/30 (AMT)
|
|
|
|
|
|
195
|
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds,
|
5/20 at 100.00
|
N/R
|
178,647
|
|
|
|
Series 2013, 5.750%, 4/01/43
|
|
|
|
|
|
3,065
|
Washington Economic Development Finance Authority, Environmental Facilities Revenue
|
1/28 at 100.00
|
N/R
|
2,698,917
|
|
|
|
Bonds, Columbia Pulp I, LLC Project, Series 2017A, 7.500%, 1/01/32 (AMT), 144A
|
|
|
|
|
|
545
|
Washington Economic Development Finance Authority, Environmental Facilities Revenue
|
1/28 at 100.00
|
N/R
|
470,237
|
|
|
|
Bonds, Columbia Pulp I, LLC Project, Series 2018, 7.250%, 1/01/32 (AMT), 144A
|
|
|
|
|
|
1,565
|
Washington Economic Development Finance Authority, Environmental Facilities Revenue
|
1/28 at 100.00
|
N/R
|
1,378,076
|
|
|
|
Bonds, Columbia Pulp I, LLC Project, Series 2019A, 7.500%, 1/01/32 (AMT), 144A
|
|
|
|
121
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Washington (continued)
|
|
|
|
|
|
$ 7,330
|
Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical
|
8/27 at 100.00
|
BBB–
|
$ 6,784,355
|
|
|
|
Center, Series 2017, 4.000%, 8/15/42 (UB)
|
|
|
|
|
|
8,525
|
Washington State Higher Education Facilities Authority Revenue Bonds, Gonzaga University
|
10/29 at 100.00
|
A2
|
7,229,712
|
|
|
|
Project, Series 2019A, 3.000%, 4/01/49 (UB), (6)
|
|
|
|
|
|
1,000
|
Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Mirabella
|
10/22 at 100.00
|
N/R
|
1,008,280
|
|
|
|
Project, Series 2012A, 6.750%, 10/01/47, 144A
|
|
|
|
|
|
25,525
|
Total Washington
|
|
|
23,100,494
|
|
|
|
West Virginia – 0.3% (0.2% of Total Investments)
|
|
|
|
|
|
1,374
|
Berkeley, Hardy and Jefferson Counties, West Virginia, as Joint Issuers, Commercial
|
12/23 at 100.00
|
N/R
|
1,375,649
|
|
|
|
Development Revenue Bonds, Scattered Site Housing Projects, Series 2010, 5.750%, 12/01/44
|
|
|
|
|
|
1,125
|
Monongalia County Commission, West Virginia, Special District Excise Tax Revenue,
|
6/27 at 100.00
|
N/R
|
1,106,595
|
|
|
|
University Town Centre Economic Opportunity Development District, Refunding & Improvement
|
|
|
|
|
|
|
Series 2017A, 5.750%, 6/01/43, 144A
|
|
|
|
|
|
2,499
|
Total West Virginia
|
|
|
2,482,244
|
|
|
|
Wisconsin – 6.0% (3.9% of Total Investments)
|
|
|
|
|
|
2,000
|
Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, General Revenue
|
12/27 at 100.00
|
N/R
|
1,780,180
|
|
|
|
Bonds, Refunding Series 2017, 6.750%, 6/01/32
|
|
|
|
|
|
5,000
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina
|
6/26 at 100.00
|
N/R
|
3,634,650
|
|
|
|
Charter Educational Foundation Project, Series 2016A, 5.000%, 6/15/46, 144A
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds,
|
|
|
|
|
|
|
Lombard Public Facilities Corporation, First Tier Series 2018A-1:
|
|
|
|
|
|
13
|
0.000%, 1/01/47, 144A
|
No Opt. Call
|
N/R
|
261
|
|
|
11
|
0.000%, 1/01/48, 144A
|
No Opt. Call
|
N/R
|
224
|
|
|
11
|
0.000%, 1/01/49, 144A
|
No Opt. Call
|
N/R
|
215
|
|
|
10
|
0.000%, 1/01/50, 144A
|
No Opt. Call
|
N/R
|
199
|
|
|
10
|
0.000%, 1/01/51, 144A
|
No Opt. Call
|
N/R
|
192
|
|
|
13
|
0.000%, 1/01/52, 144A
|
No Opt. Call
|
N/R
|
239
|
|
|
13
|
0.000%, 1/01/53, 144A
|
No Opt. Call
|
N/R
|
230
|
|
|
13
|
0.000%, 1/01/54, 144A
|
No Opt. Call
|
N/R
|
215
|
|
|
12
|
0.000%, 1/01/55, 144A
|
No Opt. Call
|
N/R
|
205
|
|
|
12
|
0.000%, 1/01/56, 144A
|
No Opt. Call
|
N/R
|
197
|
|
|
615
|
5.500%, 7/01/56, 144A
|
3/28 at 100.00
|
N/R
|
439,159
|
|
|
14
|
0.000%, 1/01/57, 144A
|
No Opt. Call
|
N/R
|
211
|
|
|
13
|
0.000%, 1/01/58, 144A
|
No Opt. Call
|
N/R
|
200
|
|
|
13
|
0.000%, 1/01/59, 144A
|
No Opt. Call
|
N/R
|
190
|
|
|
13
|
0.000%, 1/01/60, 144A
|
No Opt. Call
|
N/R
|
179
|
|
|
12
|
0.000%, 1/01/61, 144A
|
No Opt. Call
|
N/R
|
171
|
|
|
12
|
0.000%, 1/01/62, 144A
|
No Opt. Call
|
N/R
|
161
|
|
|
12
|
0.000%, 1/01/63, 144A
|
No Opt. Call
|
N/R
|
153
|
|
|
12
|
0.000%, 1/01/64, 144A
|
No Opt. Call
|
N/R
|
146
|
|
|
11
|
0.000%, 1/01/65, 144A
|
No Opt. Call
|
N/R
|
139
|
|
|
12
|
0.000%, 1/01/66, 144A
|
No Opt. Call
|
N/R
|
141
|
|
|
148
|
0.000%, 1/01/67, 144A
|
No Opt. Call
|
N/R
|
1,572
|
|
|
|
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds,
|
|
|
|
|
|
|
Lombard Public Facilities Corporation, Second Tier Series 2018B:
|
|
|
|
|
|
24
|
0.000%, 1/01/46, 144A
|
No Opt. Call
|
N/R
|
522
|
|
|
24
|
0.000%, 1/01/47, 144A
|
No Opt. Call
|
N/R
|
493
|
|
|
24
|
0.000%, 1/01/48, 144A
|
No Opt. Call
|
N/R
|
481
|
|
|
23
|
0.000%, 1/01/49, 144A
|
No Opt. Call
|
N/R
|
466
|
|
|
23
|
0.000%, 1/01/50, 144A
|
No Opt. Call
|
N/R
|
439
|
|
|
25
|
0.000%, 1/01/51, 144A
|
No Opt. Call
|
N/R
|
471
|
|
|
652
|
3.750%, 7/01/51, 144A
|
3/28 at 100.00
|
N/R
|
413,623
|
|
|
25
|
0.000%, 1/01/52, 144A
|
No Opt. Call
|
N/R
|
447
|
|
|
25
|
0.000%, 1/01/53, 144A
|
No Opt. Call
|
N/R
|
431
|
|
|
25
|
0.000%, 1/01/54, 144A
|
No Opt. Call
|
N/R
|
415
|
|
|
24
|
0.000%, 1/01/55, 144A
|
No Opt. Call
|
N/R
|
398
|
122
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Wisconsin (continued)
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds,
|
|
|
|
|
|
|
Lombard Public Facilities Corporation, Second Tier Series 2018B (continued):
|
|
|
|
|
|
$ 24
|
0.000%, 1/01/56, 144A
|
No Opt. Call
|
N/R
|
$ 384
|
|
|
24
|
0.000%, 1/01/57, 144A
|
No Opt. Call
|
N/R
|
370
|
|
|
23
|
0.000%, 1/01/58, 144A
|
No Opt. Call
|
N/R
|
354
|
|
|
23
|
0.000%, 1/01/59, 144A
|
No Opt. Call
|
N/R
|
343
|
|
|
23
|
0.000%, 1/01/60, 144A
|
No Opt. Call
|
N/R
|
328
|
|
|
23
|
0.000%, 1/01/61, 144A
|
No Opt. Call
|
N/R
|
313
|
|
|
23
|
0.000%, 1/01/62, 144A
|
No Opt. Call
|
N/R
|
301
|
|
|
22
|
0.000%, 1/01/63, 144A
|
No Opt. Call
|
N/R
|
289
|
|
|
22
|
0.000%, 1/01/64, 144A
|
No Opt. Call
|
N/R
|
280
|
|
|
22
|
0.000%, 1/01/65, 144A
|
No Opt. Call
|
N/R
|
267
|
|
|
22
|
0.000%, 1/01/66, 144A
|
No Opt. Call
|
N/R
|
249
|
|
|
281
|
0.000%, 1/01/67, 144A
|
No Opt. Call
|
N/R
|
2,992
|
|
|
4,700
|
Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public
|
3/27 at 100.00
|
N/R
|
4,032,882
|
|
|
|
Improvement District Project, Series 2017, 7.000%, 3/01/47, 144A
|
|
|
|
|
|
2,000
|
Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie
|
10/29 at 100.00
|
N/R
|
1,633,020
|
|
|
|
College, Series 2019A, 5.875%, 10/01/54, 144A
|
|
|
|
|
|
830
|
Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood
|
12/22 at 100.00
|
N/R (7)
|
944,822
|
|
|
|
Classical Preparatory School in Albuquerque, New Mexico, Series 2012A, 6.250%, 12/01/42
|
|
|
|
|
|
|
(Pre-refunded 12/01/22)
|
|
|
|
|
|
335
|
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum
|
8/26 at 100.00
|
N/R
|
282,341
|
|
|
|
Company Project, Refunding Series 2016, 4.000%, 8/01/35 (AMT)
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American
|
|
|
|
|
|
|
Dream @ Meadowlands Project, Series 2017A:
|
|
|
|
|
|
1,665
|
6.250%, 8/01/27, 144A
|
No Opt. Call
|
N/R
|
1,549,199
|
|
|
1,000
|
6.750%, 8/01/31, 144A
|
No Opt. Call
|
N/R
|
922,880
|
|
|
|
Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American
|
|
|
|
|
|
|
Dream @ Meadowlands Project, Series 2017:
|
|
|
|
|
|
2,000
|
6.750%, 12/01/42, 144A
|
12/27 at 100.00
|
N/R
|
1,850,020
|
|
|
17,335
|
7.000%, 12/01/50, 144A
|
12/27 at 100.00
|
N/R
|
16,260,403
|
|
|
400
|
Public Finance Authority of Wisconsin, Retirement Facility Revenue Bonds, Shalom Park
|
No Opt. Call
|
N/R
|
221,488
|
|
|
|
Development Project, Series 2019, 0.000%, 12/31/24, 144A
|
|
|
|
|
|
3,500
|
Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Gulf Coast Zoo, Series
|
9/28 at 100.00
|
N/R
|
2,948,330
|
|
|
|
2018A, 6.500%, 9/01/48
|
|
|
|
|
|
500
|
Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center,
|
10/27 at 100.00
|
N/R
|
542,010
|
|
|
|
Senior Series 2017A, 7.000%, 10/01/47, 144A
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center,
|
|
|
|
|
|
|
Senior Series 2018A:
|
|
|
|
|
|
2,415
|
6.950%, 7/01/38, 144A
|
7/28 at 100.00
|
N/R
|
2,460,982
|
|
|
4,585
|
7.000%, 7/01/48, 144A
|
7/28 at 100.00
|
N/R
|
4,671,932
|
|
|
1,060
|
Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health
|
4/25 at 100.00
|
BB
|
1,070,038
|
|
|
|
Sciences, Series 2015, 5.875%, 4/01/45
|
|
|
|
|
|
1,000
|
Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community of
|
6/22 at 104.00
|
N/R
|
893,480
|
|
|
|
Cary North Carolina, Series 2016, 6.000%, 6/01/49, 144A
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment
|
|
|
|
|
|
|
Center, Series 2018A-1:
|
|
|
|
|
|
1,000
|
6.125%, 1/01/33, 144A
|
1/28 at 100.00
|
N/R
|
1,001,520
|
|
|
1,000
|
6.250%, 1/01/38, 144A
|
1/28 at 100.00
|
N/R
|
985,830
|
|
|
3,500
|
6.375%, 1/01/48, 144A
|
1/28 at 100.00
|
N/R
|
3,368,715
|
|
|
91
|
Public Finance Authority, Wisconsin, Revenue Bonds, Minnesota College of Osteopathic
|
12/28 at 100.00
|
N/R
|
86,729
|
|
|
|
Medicine, Senior Series 2019A-1, 0.000%, 12/01/48, 144A (4)
|
|
|
|
|
|
5,000
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds,
|
5/26 at 100.00
|
Aa2
|
5,166,000
|
|
|
|
Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 (UB), (6)
|
|
|
|
|
|
63,347
|
Total Wisconsin
|
|
|
57,176,706
|
|
|
$ 1,833,329
|
Total Municipal Bonds (cost $1,512,149,068)
|
|
|
1,433,073,403
|
123
|
NMZ
|
Nuveen Municipal High Income Opportunity Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Shares
|
Description (1)
|
|
|
|
Value
|
|
|
|
COMMON STOCKS – 2.7% (1.8% of Total Investments)
|
|
|
|
|
|
|
|
Airlines – 0.3% (0.2% of Total Investments)
|
|
|
|
|
|
|
227,514
|
American Airlines Group Inc. (9)
|
|
|
|
$ 2,732,443
|
|
|
|
Electric Utilities – 2.4% (1.6% of Total Investments)
|
|
|
|
|
|
|
746,938
|
Energy Harbor Corp (10), (12)
|
|
|
|
23,528,547
|
|
|
|
Total Common Stocks (cost $24,452,127)
|
|
|
|
26,260,990
|
|
Principal
|
|
|
|
|
|
|
|
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings (3)
|
Value
|
|
|
|
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
|
|
|
|
|
|
|
|
Industrials – 0.0% (0.0% of Total Investments)
|
|
|
|
|
|
|
$ 373
|
EWM P1 LLC (cash 13.750%, PIK 1.250%) (4), (8)
|
15.000%
|
9/01/28
|
N/R
|
$ 4
|
|
|
299
|
EWM P1 LLC (4), (8)
|
15.000%
|
9/01/28
|
N/R
|
3
|
|
|
672
|
Total Industrials
|
|
|
|
7
|
|
|
|
Real Estate – 0.0% (0.0% of Total Investments)
|
|
|
|
|
|
|
300
|
Zilkha Biomass Selma LLC (4), (8)
|
5.000%
|
8/01/28
|
N/R
|
300,000
|
|
|
3,170
|
Zilkha Biomass Selma LLC (4), (8)
|
10.000%
|
8/01/38
|
N/R
|
63,717
|
|
|
3,470
|
Total Real Estate
|
|
|
|
363,717
|
|
|
$ 4,142
|
Total Corporate Bonds (cost $4,124,393)
|
|
|
|
363,724
|
|
|
|
Total Long-Term Investments (cost $1,540,725,588)
|
|
|
|
1,459,698,117
|
|
|
|
Floating Rate Obligations – (45.0)%
|
|
|
|
(432,451,000)
|
|
|
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (9.1)% (11)
|
|
|
(86,874,270)
|
||
|
|
Other Assets Less Liabilities – 2.1%
|
|
|
|
19,851,085
|
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
|
$ 960,223,932
|
|
124
|
(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)
|
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
|
|
(5)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the
|
|
|
end of the reporting period.
|
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(7)
|
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.
|
|
(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 3 - Investment Valuation and Fair Value Measurements for more information.
|
|
(9)
|
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.
|
|
(10)
|
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value
|
|
|
Measurements for more information.
|
|
(11)
|
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 6.0%.
|
|
(12)
|
Common Stock received as part of the bankruptcy settlements for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds,
|
|
|
FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding
|
|
|
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35, Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds,
|
|
|
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy
|
|
|
Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy
|
|
|
Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear
|
|
|
Generating Corporation Project, Series 2005B, 4.000%, 1/01/34, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear
|
|
|
Generating Corporation Project, Series 2006A, 3.000%, 5/15/20, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear
|
|
|
Generating Corporation Project, Series 2008B, 3.625%, 10/01/33, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear
|
|
|
Generating Corporation Project, Series 2008C, 3.950%, 11/01/32, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear
|
|
|
Generating Corporation Project, Series 2010A, 3.750%, 7/01/33, Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport
|
|
|
Project, First Energy Guarantor, Series 2006A, 2.550%, 11/01/41.
|
|
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 regis-
|
|
|
tration, which are normally those transactions with qualified institutional buyers.
|
|
AMT
|
Alternative Minimum Tax.
|
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association
|
|
|
(SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
|
PIK
|
Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown,
|
|
|
where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.
|
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in
|
|
|
Derivatives for more information.
|
|
|
See accompanying notes to financial statements
|
125
|
NMCO
|
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
LONG-TERM INVESTMENTS – 174.5% (100.0% of Total Investments)
|
|
|
|
|
|
|
MUNICIPAL BONDS – 161.8% (92.7% of Total Investments)
|
|
|
|
|
|
|
Alabama – 6.4% (3.7% of Total Investments)
|
|
|
|
|
|
$ 41,950
|
Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds,
|
10/29 at 100.00
|
Caa2
|
$ 34,792,071
|
|
|
|
United States Steel Corporation Project, Series 2019, 5.750%, 10/01/49 (AMT)
|
|
|
|
|
|
|
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone
|
|
|
|
|
|
|
Bonds, Hunt Refining Project, Refunding Series 2019A:
|
|
|
|
|
|
500
|
4.500%, 5/01/32, 144A
|
5/29 at 100.00
|
N/R
|
471,615
|
|
|
3,500
|
5.250%, 5/01/44, 144A
|
5/29 at 100.00
|
N/R
|
3,481,065
|
|
|
45,950
|
Total Alabama
|
|
|
38,744,751
|
|
|
|
Alaska – 0.9% (0.5% of Total Investments)
|
|
|
|
|
|
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed
|
|
|
|
|
|
|
Bonds, Series 2006A:
|
|
|
|
|
|
1,510
|
5.000%, 6/01/32
|
5/20 at 100.00
|
B3
|
1,513,186
|
|
|
3,745
|
5.000%, 6/01/46
|
5/20 at 100.00
|
B3
|
3,719,497
|
|
|
5,255
|
Total Alaska
|
|
|
5,232,683
|
|
|
|
Arizona – 4.9% (2.8% of Total Investments)
|
|
|
|
|
|
4,000
|
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/24 at 101.00
|
N/R
|
3,557,240
|
|
|
|
Leman Academy of Excellence, East Tucson & Central Tucson Projects, Series 2019A, 5.000%,
|
|
|
|
|
|
|
7/01/49, 144A
|
|
|
|
|
|
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of
|
|
|
|
|
|
|
Math & Science Projects, Series 2019:
|
|
|
|
|
|
1,860
|
5.000%, 7/01/49, 144A
|
7/29 at 100.00
|
BB
|
1,654,117
|
|
|
1,500
|
5.000%, 7/01/54, 144A
|
7/29 at 100.00
|
BB
|
1,290,765
|
|
|
340
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest
|
7/28 at 100.00
|
BB+
|
280,055
|
|
|
|
Academy-Cadence Campus Project, Series 2020A, 4.000%, 7/15/40, 144A
|
|
|
|
|
|
1,000
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
1/30 at 100.00
|
N/R
|
901,820
|
|
|
|
Gateway Academy Project, Series 2019A, 5.750%, 1/01/50, 144A
|
|
|
|
|
|
|
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,
|
|
|
|
|
|
|
Legacy Traditional Schools Projects, Taxable Series 2019B:
|
|
|
|
|
|
2,000
|
5.000%, 7/01/39, 144A
|
7/29 at 100.00
|
Ba2
|
1,932,180
|
|
|
5,355
|
5.000%, 7/01/49, 144A
|
7/29 at 100.00
|
Ba2
|
4,967,833
|
|
|
1,525
|
5.000%, 7/01/54, 144A
|
7/29 at 100.00
|
Ba2
|
1,399,233
|
|
|
600
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/25 at 100.00
|
BB
|
573,534
|
|
|
|
Basis Schools, Inc. Projects, Series 2016A, 5.000%, 7/01/35, 144A
|
|
|
|
|
|
2,700
|
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Guam Facilities
|
2/24 at 100.00
|
B+
|
2,609,091
|
|
|
|
Foundation, Inc. Project, Series 2014, 5.375%, 2/01/41
|
|
|
|
|
|
3,540
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
6/22 at 100.00
|
N/R
|
2,823,575
|
|
|
|
American Leadership Academy Project, Series 2017, 5.000%, 6/15/52, 144A
|
|
|
|
|
|
500
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
6/25 at 100.00
|
N/R
|
398,810
|
|
|
|
American Leadership Academy Project, Series 2019, 5.000%, 6/15/52, 144A
|
|
|
|
|
|
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
|
|
|
|
|
|
Edkey Charter Schools Project, Refunding Series 2013:
|
|
|
|
|
|
1,005
|
6.000%, 7/01/43
|
7/20 at 102.00
|
BB–
|
951,846
|
|
|
1,000
|
6.000%, 7/01/48
|
7/20 at 102.00
|
BB–
|
933,030
|
|
|
1,000
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/26 at 103.00
|
N/R
|
883,930
|
|
|
|
Edkey Charter Schools Project, Series 2019, 5.875%, 7/01/51, 144A
|
|
|
|
|
|
50
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/26 at 100.00
|
N/R
|
43,027
|
|
|
|
Imagine East Mesa Charter Schools Project, Series 2019, 5.000%, 7/01/49, 144A
|
|
|
|
|
|
380
|
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
6/28 at 100.00
|
N/R
|
320,165
|
|
|
|
Synergy Public Charter School Project, Series 2020, 5.250%, 6/15/50, 144A
|
|
|
|
126
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Arizona (continued)
|
|
|
|
|
|
|
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU
|
|
|
|
|
|
|
Project, Series 2017A:
|
|
|
|
|
|
$ 2,205
|
6.000%, 10/01/37, 144A
|
10/27 at 100.00
|
N/R
|
$ 2,115,279
|
|
|
2,350
|
6.125%, 10/01/52, 144A
|
10/27 at 100.00
|
N/R
|
2,201,315
|
|
|
32,910
|
Total Arizona
|
|
|
29,836,845
|
|
|
|
Arkansas – 3.9% (2.3% of Total Investments)
|
|
|
|
|
|
27,050
|
Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River
|
9/26 at 103.00
|
B
|
23,736,645
|
|
|
|
Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A
|
|
|
|
|
|
|
California – 7.0% (4.0% of Total Investments)
|
|
|
|
|
|
2,615
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
5/20 at 100.00
|
B2
|
2,615,288
|
|
|
|
Los Angeles County Securitization Corporation, Series 2006A, 5.450%, 6/01/28
|
|
|
|
|
|
2,500
|
California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines,
|
No Opt. Call
|
BB–
|
2,443,400
|
|
|
|
Inc. Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT)
|
|
|
|
|
|
|
California School Finance Authority, California, Charter School Revenue Bonds, Encore
|
|
|
|
|
|
|
Education Obligated Group, Series 2016A:
|
|
|
|
|
|
4,020
|
5.000%, 6/01/42, 144A
|
6/26 at 100.00
|
N/R
|
3,443,894
|
|
|
4,380
|
5.000%, 6/01/52, 144A
|
6/26 at 100.00
|
N/R
|
3,573,992
|
|
|
|
California School Finance Authority, Charter School Revenue Bonds, Arts in Action
|
|
|
|
|
|
|
Charter Schools – Obligated Group, Series 2020A:
|
|
|
|
|
|
1,410
|
5.000%, 6/01/50, 144A
|
6/27 at 100.00
|
N/R
|
1,306,830
|
|
|
700
|
5.000%, 6/01/59, 144A
|
6/27 at 100.00
|
N/R
|
633,633
|
|
|
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
|
|
|
|
|
|
Linda University Medical Center, Series 2014A:
|
|
|
|
|
|
1,720
|
5.250%, 12/01/44
|
12/24 at 100.00
|
BB–
|
1,738,662
|
|
|
2,065
|
5.500%, 12/01/54
|
12/24 at 100.00
|
BB–
|
2,105,247
|
|
|
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
|
|
|
|
|
|
Linda University Medical Center, Series 2016A:
|
|
|
|
|
|
1,480
|
5.000%, 12/01/41, 144A
|
6/26 at 100.00
|
BB–
|
1,477,972
|
|
|
10,090
|
5.250%, 12/01/56, 144A
|
6/26 at 100.00
|
BB–
|
10,099,484
|
|
|
1,095
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
6/28 at 100.00
|
BB–
|
1,111,272
|
|
|
|
Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A
|
|
|
|
|
|
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of
|
|
|
|
|
|
|
Charity Health System, Series 2005A:
|
|
|
|
|
|
3,160
|
5.750%, 7/01/24 (4)
|
6/20 at 100.00
|
N/R
|
2,658,255
|
|
|
40
|
5.750%, 7/01/30 (4)
|
6/20 at 100.00
|
N/R
|
33,649
|
|
|
1,515
|
5.750%, 7/01/35 (4)
|
6/20 at 100.00
|
N/R
|
1,274,448
|
|
|
2,480
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of
|
6/20 at 100.00
|
N/R
|
2,086,226
|
|
|
|
Charity Health System, Series 2005G, 5.500%, 7/01/22 (4)
|
|
|
|
|
|
1,130
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of
|
6/20 at 100.00
|
N/R
|
950,579
|
|
|
|
Charity Health System, Series 2005H, 5.750%, 7/01/25 (4)
|
|
|
|
|
|
25,000
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled
|
5/20 at 20.14
|
N/R
|
4,621,750
|
|
|
|
Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46
|
|
|
|
|
|
65,400
|
Total California
|
|
|
42,174,581
|
|
|
|
Colorado – 8.9% (5.1% of Total Investments)
|
|
|
|
|
|
1,000
|
Broadway Station Metropolitan District 3, Denver City and County, Colorado, General
|
6/24 at 103.00
|
N/R
|
835,040
|
|
|
|
Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A, 5.000%, 12/01/49
|
|
|
|
|
|
1,000
|
Broadway Station Metropolitan District 3, Denver City and County, Colorado, General
|
6/24 at 79.97
|
N/R
|
508,790
|
|
|
|
Obligation Limited Tax Bonds, Subordinate Convertible to Senior Capital Appreciation Series
|
|
|
|
|
|
|
2019B, 7.500%, 12/01/49
|
|
|
|
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
|
|
|
|
|
|
|
Loveland Classical Schools Project, Series 2016:
|
|
|
|
|
|
530
|
3.750%, 7/01/26, 144A
|
No Opt. Call
|
BB
|
494,161
|
|
|
500
|
5.000%, 7/01/36, 144A
|
7/26 at 100.00
|
BB
|
461,560
|
127
|
NMCO
|
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Colorado (continued)
|
|
|
|
|
|
$ 7,920
|
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain
|
10/27 at 100.00
|
Ba1
|
$ 6,898,241
|
|
|
|
Classical Academy Project, Refunding Series 2019, 5.000%, 10/01/59, 144A
|
|
|
|
|
|
12,485
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health,
|
8/29 at 100.00
|
BBB+
|
10,838,853
|
|
|
|
Series 2019A-2, 3.250%, 8/01/49
|
|
|
|
|
|
1,000
|
Copper Ridge Metropolitan District, Colorado Springs, Colorado, Tax Increment and Sales
|
12/24 at 103.00
|
N/R
|
879,580
|
|
|
|
Tax Supported Revenue Bonds, Series 2019, 5.000%, 12/01/39
|
|
|
|
|
|
|
Denver International Business Center Metropolitan District 1, Colorado, General
|
|
|
|
|
|
|
Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2010:
|
|
|
|
|
|
345
|
5.000%, 12/01/30
|
12/20 at 100.00
|
BBB–
|
348,012
|
|
|
215
|
5.375%, 12/01/35
|
12/20 at 100.00
|
BBB–
|
216,825
|
|
|
14,000
|
Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation
|
3/25 at 93.28
|
N/R
|
7,527,800
|
|
|
|
Bonds, Convertible Capital Appreciation Series 2020A-2, 0.000%, 12/01/49 (5)
|
|
|
|
|
|
5,000
|
Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation
|
3/25 at 103.00
|
N/R
|
4,201,200
|
|
|
|
Bonds, Series 2020A-1, 5.000%, 12/01/49
|
|
|
|
|
|
1,075
|
Indy Oak Tod Metropolitan District, Lakewood, Jefferson County, Colorado, Limited Tax
|
6/25 at 103.00
|
N/R
|
1,056,209
|
|
|
|
General Obligation Bonds, Convertible to Unlimited Tax Series 2020A, 5.500%, 12/01/50, 144A
|
|
|
|
|
|
500
|
Iron Mountain Metropolitan District 2, Windsor, Weld County, Colorado, Limited Tax
|
12/24 at 103.00
|
N/R
|
418,515
|
|
|
|
General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/49
|
|
|
|
|
|
500
|
Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds,
|
12/25 at 100.00
|
N/R
|
477,660
|
|
|
|
Refunding Series 2016, 4.000%, 12/01/26
|
|
|
|
|
|
515
|
North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax
|
3/25 at 103.00
|
N/R
|
440,176
|
|
|
|
General Obligation Bonds, Series 2020, 5.125%, 12/01/49
|
|
|
|
|
|
|
Painted Prairie Public Improvement Authority, Aurora, Colorado, Special Revenue Bonds,
|
|
|
|
|
|
|
Series 2019:
|
|
|
|
|
|
5,000
|
5.000%, 12/01/39
|
12/24 at 103.00
|
N/R
|
4,507,450
|
|
|
5,000
|
5.000%, 12/01/49
|
12/24 at 103.00
|
N/R
|
4,256,650
|
|
|
1,000
|
Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation
|
12/24 at 103.00
|
N/R
|
844,880
|
|
|
|
Limited Tax Bonds, Subordinate Series 2019, 7.250%, 12/15/49
|
|
|
|
|
|
705
|
Penrith Park Metropolitan District, Adams County, Colorado, General Obligation Limited
|
12/24 at 103.00
|
N/R
|
590,677
|
|
|
|
Tax Bonds, Series 2019A, 5.000%, 12/01/49
|
|
|
|
|
|
1,200
|
Sky Ranch Community Authority Board, Arapahoe County, Colorado, Limited Tax Supported
|
12/24 at 102.00
|
N/R
|
1,023,048
|
|
|
|
District 1 Revenue Bonds, Senior Series 2019A, 5.000%, 12/01/49
|
|
|
|
|
|
880
|
Sky Ranch Community Authority Board, Arapahoe County, Colorado, Limited Tax Supported
|
12/24 at 102.00
|
N/R
|
761,341
|
|
|
|
District 1 Revenue Bonds, Subordinate Series 2019B, 7.625%, 12/15/49
|
|
|
|
|
|
500
|
STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General
|
12/24 at 103.00
|
N/R
|
440,590
|
|
|
|
Obligation and Special Revenue Bonds, Refunding & improvement Series 2019A,
|
|
|
|
|
|
|
5.000%, 12/01/49
|
|
|
|
|
|
760
|
Talon Pointe Metropolitan District, Adams County, Colorado, Limited Tax General
|
12/25 at 103.00
|
N/R
|
649,640
|
|
|
|
Obligation Bonds, Convertible to Unlimited Tax Refunding & Improvement Series 2019A,
|
|
|
|
|
|
|
5.250%, 12/01/51
|
|
|
|
|
|
|
Thompson Crossing Metropolitan District 4, Johnstown, Larimer County, Colorado, General
|
|
|
|
|
|
|
Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding & Improvement Series 2019:
|
|
|
|
|
|
1,400
|
5.000%, 12/01/39
|
9/24 at 103.00
|
N/R
|
1,374,240
|
|
|
2,125
|
5.000%, 12/01/49
|
9/24 at 103.00
|
N/R
|
1,933,155
|
|
|
1,000
|
Ward TOD Metropolitan District 1, Wheat Ridge, Jefferson County, Colorado, Limited Tax
|
12/24 at 103.00
|
N/R
|
833,150
|
|
|
|
General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49
|
|
|
|
|
|
1,000
|
Willow Bend Metropolitan District, City of Thornton, Adams County, Colorado, Limited Tax
|
9/24 at 103.00
|
N/R
|
869,730
|
|
|
|
General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49
|
|
|
|
|
|
67,155
|
Total Colorado
|
|
|
53,687,173
|
|
|
|
Connecticut – 0.1% (0.1% of Total Investments)
|
|
|
|
|
|
12,190
|
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate
|
No Opt. Call
|
N/R
|
792,349
|
|
|
|
Series 2013A, 6.050%, 7/01/31 (cash 4.000%, PIK 2.050%) (6)
|
|
|
|
|
|
|
Delaware – 0.3% (0.1% of Total Investments)
|
|
|
|
|
|
1,500
|
Delaware Economic Development Authority, Exempt Facility Revenue Bonds, Indian River
|
10/20 at 100.00
|
Baa2
|
1,495,485
|
|
|
|
Power LLC Project, Series 2010, 5.375%, 10/01/45
|
|
|
|
128
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
District of Columbia – 2.7% (1.5% of Total Investments)
|
|
|
|
|
|
$ 87,000
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed
|
6/20 at 20.14
|
N/R
|
$ 14,602,950
|
|
|
|
Bonds, Series 2006A, 0.000%, 6/15/46
|
|
|
|
|
|
2,000
|
District of Columbia, Revenue Bonds, Saint Paul on Fourth Street, Inc., Series 2019A,
|
5/30 at 100.00
|
N/R
|
1,511,820
|
|
|
|
5.250%, 5/15/55, 144A
|
|
|
|
|
|
89,000
|
Total District of Columbia
|
|
|
16,114,770
|
|
|
|
Florida – 20.0% (11.5% of Total Investments)
|
|
|
|
|
|
|
Academical Village Community Development District, Davie, Florida, Special Assessment
|
|
|
|
|
|
|
Revenue Bonds, Series 2020:
|
|
|
|
|
|
2,000
|
3.625%, 5/01/40
|
5/30 at 100.00
|
N/R
|
1,720,920
|
|
|
1,125
|
4.000%, 5/01/51
|
5/30 at 100.00
|
N/R
|
964,451
|
|
|
|
Cape Coral Health Facilities Authority, Florida, Senior Housing Revenue Bonds, Gulf Care
|
|
|
|
|
|
|
Inc. Project, Series 2015:
|
|
|
|
|
|
4,370
|
5.875%, 7/01/40, 144A
|
7/25 at 100.00
|
N/R
|
3,458,462
|
|
|
2,500
|
6.000%, 7/01/45, 144A
|
7/25 at 100.00
|
N/R
|
1,950,450
|
|
|
|
Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, Franklin
|
|
|
|
|
|
|
Academy Projects, Series 2020:
|
|
|
|
|
|
140
|
5.000%, 12/15/35, 144A
|
7/26 at 100.00
|
N/R
|
132,020
|
|
|
100
|
5.000%, 12/15/50, 144A
|
7/26 at 100.00
|
N/R
|
86,055
|
|
|
100
|
Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Imagine School at
|
12/30 at 100.00
|
Ba1
|
85,975
|
|
|
|
Land O’Lakes Project, Series 2020A, 5.000%, 12/15/49, 144A
|
|
|
|
|
|
1,950
|
Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Pineapple Cove
|
1/29 at 100.00
|
N/R
|
1,771,536
|
|
|
|
Classical Academy, Series 2019A, 5.125%, 7/01/39, 144A
|
|
|
|
|
|
1,000
|
Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens Senior Living Community
|
4/22 at 103.00
|
N/R
|
726,320
|
|
|
|
Project, Series 2015A, 7.000%, 4/01/49
|
|
|
|
|
|
|
Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior
|
|
|
|
|
|
|
Housing, Inc. Project, Series 2017:
|
|
|
|
|
|
1,490
|
5.625%, 8/01/37, 144A
|
8/24 at 103.00
|
N/R
|
1,100,395
|
|
|
3,735
|
5.875%, 8/01/52, 144A
|
8/24 at 103.00
|
N/R
|
2,538,717
|
|
|
500
|
Currents Community Development District, Collier County, Florida, Bond Anticipation
|
10/20 at 100.00
|
N/R
|
500,300
|
|
|
|
Note, Series 2019, 4.500%, 11/01/20
|
|
|
|
|
|
170
|
Cypress Preserve Community Development District, Pasco County, Florida, Special
|
11/29 at 100.00
|
N/R
|
143,572
|
|
|
|
Assessment Bonds, Assessment Area 2, Series 2019, 4.125%, 11/01/50
|
|
|
|
|
|
|
Epperson North Community Development District, Florida, Capital Improvement Revenue
|
|
|
|
|
|
|
Bonds, Assessment Area 1, Series 2018A-1:
|
|
|
|
|
|
1,000
|
5.500%, 11/01/39, 144A
|
11/29 at 100.00
|
N/R
|
1,043,250
|
|
|
1,000
|
5.750%, 11/01/49, 144A
|
11/29 at 100.00
|
N/R
|
1,047,890
|
|
|
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Miami
|
|
|
|
|
|
|
Arts Charter School Projects, Series 2014:
|
|
|
|
|
|
165
|
5.000%, 6/15/24, 144A
|
No Opt. Call
|
N/R
|
157,783
|
|
|
2,500
|
5.875%, 6/15/34, 144A
|
6/24 at 100.00
|
N/R
|
2,229,350
|
|
|
5,100
|
6.000%, 6/15/44, 144A
|
6/24 at 100.00
|
N/R
|
4,399,719
|
|
|
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin
|
|
|
|
|
|
|
Academies of Pasco County Inc., Series 2020A:
|
|
|
|
|
|
2,435
|
5.000%, 1/01/40, 144A
|
1/27 at 100.00
|
N/R
|
2,166,225
|
|
|
500
|
5.000%, 1/01/50, 144A
|
1/27 at 100.00
|
N/R
|
419,010
|
|
|
500
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds,
|
6/23 at 100.00
|
N/R
|
550,830
|
|
|
|
Renaissance Charter School, Inc. Projects, Series 2013A, 8.500%, 6/15/44
|
|
|
|
|
|
1,575
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest
|
6/27 at 100.00
|
N/R
|
1,503,637
|
|
|
|
Charter Foundation Inc. Projects, Series 2017A, 6.000%, 6/15/37, 144A
|
|
|
|
|
|
|
Florida Development Finance Corporation, Florida, Surface Transportation Facility
|
|
|
|
|
|
|
Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A:
|
|
|
|
|
|
47,815
|
5.000%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A
|
7/20 at 105.00
|
N/R
|
40,572,462
|
|
|
11,795
|
6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A
|
7/20 at 104.00
|
N/R
|
10,298,804
|
|
|
3,200
|
6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A
|
7/20 at 105.00
|
N/R
|
2,742,272
|
|
|
7,000
|
Florida Development Finance Corporation, Student Housing Revenue Bonds, Midtown Campus
|
12/23 at 105.00
|
N/R
|
6,424,670
|
|
|
|
Properties LLC Project, Series 2019, 6.875%, 12/01/38, 144A
|
|
|
|
129
|
NMCO
|
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Florida (continued)
|
|
|
|
|
|
|
Greater Orlando Aviation Authority, Florida, Special Purpose Airport Facilities Revenue
|
|
|
|
|
|
|
Bonds, JetBlue Airways Corporation, Series 2013:
|
|
|
|
|
|
$ 2,500
|
5.000%, 11/15/26 (AMT)
|
5/23 at 100.00
|
N/R
|
$ 2,471,200
|
|
|
1,240
|
5.000%, 11/15/36 (AMT)
|
5/23 at 100.00
|
N/R
|
1,215,411
|
|
|
1,640
|
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee
|
6/20 at 100.00
|
BB–
|
1,601,903
|
|
|
|
County Community Charter Schools, Series 2007A, 5.250%, 6/15/27
|
|
|
|
|
|
|
Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue
|
|
|
|
|
|
|
Bonds, Preserve Project, Series 2017A:
|
|
|
|
|
|
1,000
|
5.375%, 12/01/32, 144A
|
12/22 at 105.00
|
N/R
|
877,700
|
|
|
1,100
|
5.625%, 12/01/37, 144A
|
12/22 at 105.00
|
N/R
|
940,423
|
|
|
1,300
|
5.750%, 12/01/52, 144A
|
12/22 at 105.00
|
N/R
|
1,062,867
|
|
|
690
|
LT Ranch Community Development District, Sarasota County, Florida, Capital Improvement
|
5/30 at 100.00
|
N/R
|
622,842
|
|
|
|
Revenue Bonds, Series 2019, 4.000%, 5/01/40
|
|
|
|
|
|
|
Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami
|
|
|
|
|
|
|
Jewish Health System Inc. Project, Series 2017:
|
|
|
|
|
|
1,260
|
5.000%, 7/01/26
|
No Opt. Call
|
BBB–
|
1,142,580
|
|
|
1,000
|
5.000%, 7/01/27
|
No Opt. Call
|
BBB–
|
891,380
|
|
|
1,410
|
Miami World Center Community Development District, Miami-Dade County, Florida, Special
|
11/27 at 100.00
|
N/R
|
1,452,272
|
|
|
|
Assessment Bonds, Series 2017, 5.125%, 11/01/39
|
|
|
|
|
|
4,935
|
North Springs Improvement District, Browaard County, Florida, Special Assessment Bonds,
|
5/28 at 100.00
|
N/R
|
5,066,271
|
|
|
|
Area C, Series 2017, 5.000%, 5/01/38
|
|
|
|
|
|
|
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding &
|
|
|
|
|
|
|
Improvement Capital Appreciation Series 2019A-2:
|
|
|
|
|
|
6,175
|
0.000%, 10/01/46
|
10/29 at 54.89
|
BBB–
|
2,439,557
|
|
|
500
|
0.000%, 10/01/54
|
10/29 at 40.38
|
BBB–
|
141,305
|
|
|
100
|
Parker Road Community Development District, Florida, Capital Improvement Revenue Bonds,
|
5/30 at 100.00
|
N/R
|
84,645
|
|
|
|
Refunding Series 2020, 3.875%, 5/01/40
|
|
|
|
|
|
125
|
Portico Community Development District, Lee County, Florida, Special Assessment,
|
5/30 at 100.00
|
N/R
|
110,946
|
|
|
|
Refunding Improvement Series 2020-1, 3.500%, 5/01/37
|
|
|
|
|
|
|
Seminole County Industrial Development Authority, Florida, Retirement Facility Revenue
|
|
|
|
|
|
|
Bonds, Legacy Pointe At UCF Project, Series 2019A:
|
|
|
|
|
|
3,970
|
5.500%, 11/15/49
|
11/26 at 103.00
|
N/R
|
2,972,021
|
|
|
2,440
|
5.750%, 11/15/54
|
11/26 at 103.00
|
N/R
|
1,842,005
|
|
|
2,550
|
Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds,
|
5/29 at 100.00
|
N/R
|
2,328,864
|
|
|
|
Series 2019A-1, 4.750%, 5/01/50
|
|
|
|
|
|
1,575
|
Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds,
|
No Opt. Call
|
N/R
|
1,486,737
|
|
|
|
Series 2019A-2, 4.750%, 5/01/29
|
|
|
|
|
|
1,975
|
Twin Creeks North Community Development District, Florida, Special Assessment Bonds,
|
11/31 at 100.00
|
N/R
|
2,039,148
|
|
|
|
Master Infrastructure Improvements, Series 2016A-1, 6.375%, 11/01/47
|
|
|
|
|
|
500
|
West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Unit of
|
No Opt. Call
|
N/R
|
479,380
|
|
|
|
Development 1, Series 2017, 4.000%, 5/01/27
|
|
|
|
|
|
900
|
Westside Community Development District, Florida, Special Assessment Revenue Bonds,
|
5/29 at 100.00
|
N/R
|
848,061
|
|
|
|
Refunding Series 2019, 4.125%, 5/01/38, 144A
|
|
|
|
|
|
142,650
|
Total Florida
|
|
|
120,852,593
|
|
|
|
Georgia – 4.9% (2.8% of Total Investments)
|
|
|
|
|
|
|
Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds,
|
|
|
|
|
|
|
Georgia Proton Treatment Center Project, Current Interest Series 2017A-1:
|
|
|
|
|
|
1,250
|
6.500%, 1/01/29
|
1/28 at 100.00
|
N/R
|
1,308,275
|
|
|
5,030
|
6.750%, 1/01/35
|
1/28 at 100.00
|
N/R
|
5,163,748
|
|
|
16,765
|
7.000%, 1/01/40
|
1/28 at 100.00
|
N/R
|
17,250,850
|
|
|
4,825
|
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta
|
6/20 at 100.00
|
BB
|
4,852,888
|
|
|
|
Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
|
|
|
|
130
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Georgia (continued)
|
|
|
|
|
|
$ 441
|
Georgia Local Governments, Certificates of Participation, Georgia Municipal Association,
|
No Opt. Call
|
Baa2
|
$ 487,989
|
|
|
|
Series 1998A, 4.750%, 6/01/28 – NPFG Insured
|
|
|
|
|
|
850
|
White County Development Authority, Georgia, Revenue Bonds Truett McConnell University,
|
10/26 at 103.00
|
N/R
|
703,332
|
|
|
|
Series 2019, 5.125%, 10/01/39
|
|
|
|
|
|
29,161
|
Total Georgia
|
|
|
29,767,082
|
|
|
|
Guam – 0.8% (0.5% of Total Investments)
|
|
|
|
|
|
980
|
Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 5.750%, 11/01/21
|
5/21 at 100.00
|
BB
|
981,215
|
|
|
4,425
|
Guam Government, General Obligation Bonds, Series 2019, 5.000%, 11/15/31 (AMT)
|
5/29 at 100.00
|
BB–
|
4,124,366
|
|
|
5,405
|
Total Guam
|
|
|
5,105,581
|
|
|
|
Hawaii – 0.8% (0.5% of Total Investments)
|
|
|
|
|
|
1,150
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade
|
1/25 at 100.00
|
Ba3
|
832,059
|
|
|
|
University of Honolulu, Series 2015A, 5.000%, 1/01/45, 144A
|
|
|
|
|
|
4,090
|
Hawaii State Department of Transportation, Special Facility Revenue Bonds, Continental
|
6/20 at 100.00
|
BB–
|
4,090,000
|
|
|
|
Airlines Inc., Series 1997, 5.625%, 11/15/27 (AMT)
|
|
|
|
|
|
5,240
|
Total Hawaii
|
|
|
4,922,059
|
|
|
|
Illinois – 17.0% (9.7% of Total Investments)
|
|
|
|
|
|
1,305
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/20 at 100.00
|
B1
|
1,302,534
|
|
|
|
Refunding Series 2010F, 5.000%, 12/01/31
|
|
|
|
|
|
3,575
|
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35
|
1/21 at 100.00
|
Ba1
|
3,554,193
|
|
|
2,800
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38
|
1/26 at 100.00
|
BBB–
|
2,711,324
|
|
|
|
Chicago, Illinois, General Obligation Bonds, Series 2019A:
|
|
|
|
|
|
5,000
|
5.500%, 1/01/35
|
1/29 at 100.00
|
BBB–
|
5,131,600
|
|
|
4,485
|
5.000%, 1/01/44
|
1/29 at 100.00
|
BBB–
|
4,204,194
|
|
|
4,475
|
5.500%, 1/01/49
|
1/29 at 100.00
|
BBB–
|
4,440,363
|
|
|
1,020
|
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International
|
10/20 at 100.00
|
B1
|
1,013,248
|
|
|
|
Corporation Project, Series 2010, 6.750%, 10/15/40
|
|
|
|
|
|
350
|
Evergreen Park, Cook County, Illinois, Sales Tax Revenue Bonds, Evergreen Plaza
|
12/29 at 100.00
|
N/R
|
280,984
|
|
|
|
Development Project, Senior Lien Series 2019A, 4.375%, 12/01/36, 144A
|
|
|
|
|
|
9,900
|
Illinois Finance Authority, Revenue Bonds, Admiral at the Lake Project, Refunding Series
|
5/24 at 103.00
|
N/R
|
7,885,845
|
|
|
|
2017, 5.250%, 5/15/54
|
|
|
|
|
|
5,000
|
Illinois Finance Authority, Student Housing Revenue Bonds, CHF-Collegiate Housing
|
7/25 at 100.00
|
B–
|
4,021,900
|
|
|
|
Foundation – Cook LLC Northeastern Illinois University Project, Series 2015A, 5.000%, 7/01/47
|
|
|
|
|
|
1,000
|
Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/34
|
6/26 at 100.00
|
BBB–
|
890,450
|
|
|
4,840
|
Illinois State, General Obligation Bonds, May Series 2018A, 5.000%, 5/01/32
|
5/28 at 100.00
|
BBB–
|
4,629,508
|
|
|
|
Illinois State, General Obligation Bonds, November Series 2017D:
|
|
|
|
|
|
4,600
|
5.000%, 11/01/28
|
11/27 at 100.00
|
BBB–
|
4,445,578
|
|
|
10,000
|
5.000%, 11/01/28 (UB) (7)
|
11/27 at 100.00
|
BBB–
|
9,664,300
|
|
|
|
Illinois State, General Obligation Bonds, November Series 2019C:
|
|
|
|
|
|
15,000
|
4.000%, 11/01/43
|
11/29 at 100.00
|
BBB–
|
12,755,700
|
|
|
4,000
|
4.000%, 11/01/44
|
11/29 at 100.00
|
BBB–
|
3,388,560
|
|
|
3,700
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
6/22 at 100.00
|
BB+
|
3,492,171
|
|
|
|
Bonds, Refunding Series 2012A, 5.000%, 6/15/42 – NPFG Insured
|
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
|
|
|
|
|
|
Bonds, Refunding Series 2012B:
|
|
|
|
|
|
3,135
|
0.000%, 12/15/50
|
No Opt. Call
|
BB+
|
518,184
|
|
|
2,500
|
0.000%, 12/15/51
|
No Opt. Call
|
BB+
|
389,625
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
|
|
|
|
|
|
Bonds, Refunding Series 2020A:
|
|
|
|
|
|
6,025
|
4.000%, 6/15/50
|
12/29 at 100.00
|
BB+
|
5,068,953
|
|
|
7,935
|
5.000%, 6/15/50
|
12/29 at 100.00
|
BB+
|
7,252,907
|
131
|
NMCO
|
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Illinois (continued)
|
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
|
|
|
|
|
|
Bonds, Series 2017A:
|
|
|
|
|
|
$ 22,000
|
0.000%, 12/15/56 – BAM Insured
|
No Opt. Call
|
AA
|
$ 3,831,520
|
|
|
22,500
|
0.000%, 12/15/56 – AGM Insured
|
No Opt. Call
|
A2
|
3,918,600
|
|
|
4,565
|
5.000%, 6/15/57
|
12/27 at 100.00
|
BB+
|
4,111,376
|
|
|
10,000
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
No Opt. Call
|
BB+
|
1,741,600
|
|
|
|
Bonds, Series 2017B, 0.000%, 12/15/56 – AGM Insured
|
|
|
|
|
|
500
|
Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment
|
1/26 at 100.00
|
N/R
|
417,185
|
|
|
|
Project, Senior Lien Series 2019, 5.000%, 1/01/39
|
|
|
|
|
|
|
Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Second
|
|
|
|
|
|
|
Lien Series 2020A:
|
|
|
|
|
|
150
|
4.000%, 1/01/38
|
1/30 at 100.00
|
AA–
|
144,983
|
|
|
120
|
4.000%, 1/01/39
|
1/30 at 100.00
|
AA–
|
115,237
|
|
|
1,000
|
Yorkville United City Business District, Illinois, Storm Water and Water Improvement
|
5/20 at 100.00
|
N/R
|
410,000
|
|
|
|
Project Revenue Bonds, Series 2007, 4.800%, 1/01/26 (6)
|
|
|
|
|
|
1,000
|
Yorkville, Illinois, Special Tax Bonds, Special Service Area 2006-113 Cannoball &
|
6/20 at 100.00
|
N/R
|
982,360
|
|
|
|
Beecher, Series 2007, 5.750%, 3/01/28
|
|
|
|
|
|
162,480
|
Total Illinois
|
|
|
102,714,982
|
|
|
|
Indiana – 0.9% (0.5% of Total Investments)
|
|
|
|
|
|
3,105
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Earlham College,
|
10/23 at 100.00
|
N/R
|
3,103,634
|
|
|
|
Refunding Series 2013, 5.000%, 10/01/32
|
|
|
|
|
|
2,325
|
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series
|
1/24 at 100.00
|
N/R
|
2,436,530
|
|
|
|
2013, 7.000%, 1/01/44 (AMT)
|
|
|
|
|
|
5,430
|
Total Indiana
|
|
|
5,540,164
|
|
|
|
Iowa – 3.2% (1.8% of Total Investments)
|
|
|
|
|
|
8,540
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc.
|
8/22 at 100.00
|
Ba3
|
8,458,358
|
|
|
|
Project, Series 2012, 4.750%, 8/01/42
|
|
|
|
|
|
1,320
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/23 at 100.00
|
B
|
1,323,775
|
|
|
|
Company Project, Series 2013, 5.250%, 12/01/25
|
|
|
|
|
|
4,125
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/22 at 103.00
|
BB–
|
4,058,051
|
|
|
|
Company Project, Series 2018A, 5.000%, 12/01/50 (Mandatory Put 12/01/33)
|
|
|
|
|
|
1,500
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,
|
6/20 at 100.00
|
B–
|
1,513,935
|
|
|
|
5.375%, 6/01/38
|
|
|
|
|
|
4,125
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
|
6/20 at 100.00
|
B–
|
4,163,321
|
|
|
|
5.600%, 6/01/34
|
|
|
|
|
|
19,610
|
Total Iowa
|
|
|
19,517,440
|
|
|
|
Kansas – 0.5% (0.3% of Total Investments)
|
|
|
|
|
|
1,950
|
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak
|
6/20 at 100.00
|
BBB
|
1,843,764
|
|
|
|
Park Mall Project, Series 2010, 5.900%, 4/01/32
|
|
|
|
|
|
1,365
|
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation
|
9/25 at 100.00
|
N/R
|
1,139,133
|
|
|
|
Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32
|
|
|
|
|
|
3,315
|
Total Kansas
|
|
|
2,982,897
|
|
|
|
Louisiana – 2.2% (1.3% of Total Investments)
|
|
|
|
|
|
160
|
Lakeshore Villages Master Community Development District, Louisiana, Special Assessment
|
6/30 at 100.00
|
N/R
|
144,371
|
|
|
|
Revenue Bonds, Series 2019, 4.125%, 6/01/39, 144A
|
|
|
|
|
|
7,140
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
|
11/29 at 100.00
|
N/R
|
5,356,571
|
|
|
|
Louisiana, Revenue Bonds, Jefferson Parish GOMESA Project, Series 2019, 4.000%, 11/01/44, 144A
|
|
|
|
|
|
375
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
|
12/22 at 105.00
|
BB+
|
309,315
|
|
|
|
Multifamily Housing Revenue Bonds, Cove at Nola Apartments, Series 2017A, 4.000%, 12/01/27
|
|
|
|
132
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Louisiana (continued)
|
|
|
|
|
|
$ 4,350
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
|
11/20 at 100.00
|
BBB–
|
$ 4,350,261
|
|
|
|
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-2, 6.500%, 11/01/35
|
|
|
|
|
|
260
|
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles College
|
6/27 at 100.00
|
N/R
|
211,393
|
|
|
|
Prep Project, Series 2019A, 5.000%, 6/01/58, 144A
|
|
|
|
|
|
975
|
Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation
|
No Opt. Call
|
BBB–
|
874,468
|
|
|
|
Project, Refunding Series 2017A-1, 2.000%, 6/01/37 (Mandatory Put 4/01/23)
|
|
|
|
|
|
2,485
|
Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation
|
No Opt. Call
|
BBB–
|
2,186,502
|
|
|
|
Project, Refunding Series 2017A-2, 2.100%, 6/01/37 (Mandatory Put 7/01/24)
|
|
|
|
|
|
15,745
|
Total Louisiana
|
|
|
13,432,881
|
|
|
|
Maryland – 0.5% (0.3% of Total Investments)
|
|
|
|
|
|
1,000
|
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017,
|
9/27 at 100.00
|
BB
|
865,550
|
|
|
|
5.000%, 9/01/39
|
|
|
|
|
|
2,000
|
Maryland Economic Development Corporation, Private Activity Revenue Bonds FCP, Purple
|
11/21 at 100.00
|
BBB–
|
1,972,300
|
|
|
|
Line Light Rail Project, Green Bonds, Series 2016B, 5.000%, 9/30/26 (AMT)
|
|
|
|
|
|
3,000
|
Total Maryland
|
|
|
2,837,850
|
|
|
|
Massachusetts – 2.1% (1.2% of Total Investments)
|
|
|
|
|
|
|
Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue,
|
|
|
|
|
|
|
Series 2017:
|
|
|
|
|
|
3,900
|
5.000%, 7/01/42
|
7/27 at 100.00
|
BB
|
3,705,663
|
|
|
9,500
|
5.000%, 7/01/47
|
7/27 at 100.00
|
BB
|
9,081,905
|
|
|
13,400
|
Total Massachusetts
|
|
|
12,787,568
|
|
|
|
Michigan – 5.3% (3.0% of Total Investments)
|
|
|
|
|
|
40
|
Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Refunding
|
11/27 at 102.00
|
BB
|
35,039
|
|
|
|
Series 2019, 5.000%, 11/01/44
|
|
|
|
|
|
918,130
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue
|
6/33 at 11.41
|
N/R
|
31,813,205
|
|
|
|
Bonds, Capital Appreciation Turbo Term Series 2008C, 0.000%, 6/01/58
|
|
|
|
|
|
918,170
|
Total Michigan
|
|
|
31,848,244
|
|
|
|
Minnesota – 0.5% (0.3% of Total Investments)
|
|
|
|
|
|
500
|
Bethel, Minnesota Charter School Lease Revenue Bonds, Partnership Academy Project,
|
7/26 at 102.00
|
N/R
|
417,155
|
|
|
|
Series 2018A, 5.000%, 7/01/53
|
|
|
|
|
|
1,300
|
Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlons Leadership Academy
|
7/25 at 100.00
|
N/R
|
1,296,347
|
|
|
|
Project, Series 2015A, 5.750%, 7/01/46
|
|
|
|
|
|
440
|
Columbia Heights, Minnesota, Charter School Lease Revenue Bonds, Prodeo Academy Project,
|
7/27 at 102.00
|
N/R
|
361,658
|
|
|
|
Series 2019A, 5.000%, 7/01/54
|
|
|
|
|
|
130
|
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Friendship Academy of the
|
12/27 at 100.00
|
N/R
|
113,125
|
|
|
|
Arts Project, Series 2019A, 5.250%, 12/01/52, 144A
|
|
|
|
|
|
30
|
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep
|
7/30 at 100.00
|
N/R
|
26,676
|
|
|
|
Project, Series 2020A, 5.000%, 7/01/40
|
|
|
|
|
|
1,000
|
Scanlon, Minnesota, Health Care Facilities Revenue Bonds, Duluth Health Services
|
3/25 at 101.00
|
N/R
|
726,670
|
|
|
|
Project, Refunding Series 2020, 3.950%, 3/01/50
|
|
|
|
|
|
3,400
|
Total Minnesota
|
|
|
2,941,631
|
|
|
|
Missouri – 0.1% (0.0% of Total Investments)
|
|
|
|
|
|
315
|
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series
|
8/26 at 100.00
|
Ba1
|
295,659
|
|
|
|
2016, 4.000%, 8/01/38
|
|
|
|
|
|
|
Nevada – 2.2% (1.3% of Total Investments)
|
|
|
|
|
|
6,985
|
Director of Nevada State Department of Business & Industry, Environmental Improvement
|
8/28 at 100.00
|
N/R
|
6,762,877
|
|
|
|
Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2018, 6.950%, 2/15/38
|
|
|
|
|
|
|
(AMT), 144A
|
|
|
|
133
|
NMCO
|
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Nevada (continued)
|
|
|
|
|
|
$ 340
|
Director of Nevada State Department of Business & Industry, Environmental Improvement
|
12/27 at 100.00
|
N/R
|
$ 315,030
|
|
|
|
Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, 6.250%, 12/15/37 (AMT), 144A
|
|
|
|
|
|
2,750
|
Director of Nevada State Department of Business & Industry, Environmental Improvement
|
8/29 at 100.00
|
N/R
|
2,336,208
|
|
|
|
Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, 5.750%, 2/15/38 (AMT), 144A
|
|
|
|
|
|
38,500
|
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds,
|
7/38 at 31.26
|
N/R
|
4,128,740
|
|
|
|
ReTrac-Reno Transpiration Rail Access Corridor Project, Series 2018C, 0.000%, 7/01/58, 144A
|
|
|
|
|
|
48,575
|
Total Nevada
|
|
|
13,542,855
|
|
|
|
New Hampshire – 0.1% (0.0% of Total Investments)
|
|
|
|
|
|
470
|
National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta
|
7/23 at 100.00
|
B–
|
432,353
|
|
|
|
Project, Refunding Series 2018C, 4.875%, 11/01/42 (AMT), 144A
|
|
|
|
|
|
|
New Jersey – 4.6% (2.6% of Total Investments)
|
|
|
|
|
|
4,000
|
New Jersey Economic Development Authority Revenue Bonds, Black Horse EHT Urban Renewal
|
10/27 at 102.00
|
N/R
|
3,073,400
|
|
|
|
LLC Project, Series 2019A, 5.000%, 10/01/39, 144A
|
|
|
|
|
|
5,475
|
New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal
|
1/28 at 102.00
|
N/R
|
4,180,217
|
|
|
|
LLC Project, Series 2020, 5.000%, 1/01/40, 144A
|
|
|
|
|
|
7,500
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental
|
9/22 at 100.00
|
BB–
|
7,302,225
|
|
|
|
Airlines Inc., Refunding Series 2012, 5.750%, 9/15/27 (AMT)
|
|
|
|
|
|
2,500
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental
|
8/22 at 101.00
|
BB–
|
2,479,800
|
|
|
|
Airlines Inc., Series 1999, 5.250%, 9/15/29 (AMT)
|
|
|
|
|
|
15,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series
|
No Opt. Call
|
BBB+
|
6,254,100
|
|
|
|
2009A, 0.000%, 12/15/39 (UB)
|
|
|
|
|
|
5,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series
|
12/28 at 100.00
|
BBB+
|
4,444,650
|
|
|
|
2019BB, 4.000%, 6/15/50
|
|
|
|
|
|
39,475
|
Total New Jersey
|
|
|
27,734,392
|
|
|
|
New Mexico – 1.5% (0.9% of Total Investments)
|
|
|
|
|
|
9,500
|
New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian
|
8/29 at 100.00
|
Aa3
|
9,055,590
|
|
|
|
Healthcare Services, Series 2019A, 3.000%, 8/01/48 (7)
|
|
|
|
|
|
|
New York – 9.7% (5.5% of Total Investments)
|
|
|
|
|
|
950
|
Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College
|
11/24 at 100.00
|
BB
|
974,026
|
|
|
|
of New York, Series 2014, 5.250%, 11/01/34
|
|
|
|
|
|
450
|
Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group,
|
8/28 at 100.00
|
Baa3
|
443,367
|
|
|
|
Series 2018A, 4.000%, 8/01/38
|
|
|
|
|
|
36,150
|
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement
|
6/20 at 4.96
|
N/R
|
1,252,236
|
|
|
|
Asset-Backed Bonds, Series 2006A, 0.000%, 6/01/60
|
|
|
|
|
|
12,500
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
11,988,375
|
|
|
|
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A
|
|
|
|
|
|
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
|
|
|
|
|
|
Center Project, Class 2 Series 2014:
|
|
|
|
|
|
3,235
|
5.150%, 11/15/34, 144A
|
11/24 at 100.00
|
N/R
|
3,218,599
|
|
|
11,960
|
5.375%, 11/15/40, 144A
|
11/24 at 100.00
|
N/R
|
11,806,075
|
|
|
|
New York Transportation Development Corporation, New York, Special Facility Revenue
|
|
|
|
|
|
|
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding
|
|
|
|
|
|
|
Series 2016:
|
|
|
|
|
|
2,410
|
5.000%, 8/01/21 (AMT)
|
No Opt. Call
|
B
|
2,397,950
|
|
|
8,170
|
5.000%, 8/01/26 (AMT)
|
8/21 at 100.00
|
B
|
7,998,103
|
|
|
3,000
|
5.000%, 8/01/31 (AMT)
|
8/21 at 100.00
|
B
|
2,932,140
|
|
|
1,000
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
BBB+
|
1,007,340
|
|
|
|
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/36
|
|
|
|
|
|
2,950
|
Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel
|
1/26 at 100.00
|
Ba3
|
2,625,175
|
|
|
|
Center Project, Refunding Series 2016A, 5.000%, 1/01/32 (AMT)
|
|
|
|
|
|
12,700
|
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48
|
6/27 at 100.00
|
N/R
|
11,644,122
|
|
|
95,475
|
Total New York
|
|
|
58,287,508
|
134
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Ohio – 13.2% (7.5% of Total Investments)
|
|
|
|
|
|
$ 89,235
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/30 at 22.36
|
N/R
|
$ 9,445,525
|
|
|
|
Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2,
|
|
|
|
|
|
|
0.000%, 6/01/57
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
|
|
|
|
|
|
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1:
|
|
|
|
|
|
325
|
3.000%, 6/01/48
|
6/30 at 100.00
|
BBB+
|
270,468
|
|
|
3,935
|
4.000%, 6/01/48
|
6/30 at 100.00
|
BBB+
|
3,947,867
|
|
|
26,225
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/30 at 100.00
|
N/R
|
23,412,631
|
|
|
|
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55
|
|
|
|
|
|
|
Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center
|
|
|
|
|
|
|
Project, Liberty Community Authority, Series 2014C:
|
|
|
|
|
|
655
|
5.000%, 12/01/24
|
12/22 at 100.00
|
N/R
|
639,201
|
|
|
1,000
|
5.750%, 12/01/34
|
12/22 at 100.00
|
N/R
|
899,520
|
|
|
1,000
|
6.000%, 12/01/43
|
12/22 at 100.00
|
N/R
|
876,970
|
|
|
7,610
|
Cleveland, Ohio, Airport Special Revenue Bonds, Continental Airlines Inc. Project,
|
6/20 at 100.00
|
BB–
|
7,508,559
|
|
|
|
Series 1998, 5.375%, 9/15/27 (AMT)
|
|
|
|
|
|
|
Evans Farm New Community Authority, Ohio, Community Development Charge Revenue Bonds,
|
|
|
|
|
|
|
Evans Farm Mixed-Use Project, Series 2020:
|
|
|
|
|
|
2,170
|
3.750%, 12/01/38
|
6/29 at 100.00
|
N/R
|
1,619,601
|
|
|
140
|
4.000%, 12/01/46
|
6/29 at 100.00
|
N/R
|
98,715
|
|
|
5,000
|
Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds,
|
12/29 at 100.00
|
BBB–
|
3,715,450
|
|
|
|
Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51
|
|
|
|
|
|
940
|
Hilliard Hickory Chase Community Authority, Ohio, Infustructure Improvement Revenue
|
12/29 at 100.00
|
N/R
|
835,810
|
|
|
|
Bonds, Hickory Chase Project, Senior Series 2019A, 5.000%, 12/01/40, 144A
|
|
|
|
|
|
5,020
|
Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds,
|
No Opt. Call
|
N/R
|
12,550
|
|
|
|
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (6)
|
|
|
|
|
|
14,950
|
Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG
|
7/29 at 100.00
|
B3
|
14,034,013
|
|
|
|
Vanadium Project, Series 2019, 5.000%, 7/01/49 (AMT), 144A
|
|
|
|
|
|
2,085
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
5,213
|
|
|
|
FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 (6)
|
|
|
|
|
|
4,140
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
10,350
|
|
|
|
FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (6)
|
|
|
|
|
|
2,895
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
2,916,713
|
|
|
|
FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 5.000%, 6/01/33 (Mandatory
|
|
|
|
|
|
|
Put 6/01/22) (6)
|
|
|
|
|
|
2,470
|
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
6,175
|
|
|
|
Generating Corporation Project, Refunding Series 2006A, 3.000%, 5/15/20 (6)
|
|
|
|
|
|
2,000
|
Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear
|
No Opt. Call
|
N/R
|
5,000
|
|
|
|
Generating Corporation Project, Refunding Series 2010C, 4.000%, 6/01/33 (6)
|
|
|
|
|
|
2,510
|
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
6,275
|
|
|
|
Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (6)
|
|
|
|
|
|
6,455
|
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
6,503,413
|
|
|
|
Nuclear Generating Corporation Project, Series 2009A, 5.000%, 6/01/33 (Mandatory
|
|
|
|
|
|
|
Put 6/01/22) (6)
|
|
|
|
|
|
2,015
|
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy
|
No Opt. Call
|
N/R
|
2,030,113
|
|
|
|
Nuclear Generating Corporation Project, Series 2010B, 5.000%, 6/01/33 (Mandatory
|
|
|
|
|
|
|
Put 6/01/22) (6)
|
|
|
|
|
|
1,000
|
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment
|
11/30 at 100.00
|
N/R
|
752,560
|
|
|
|
Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood,
|
|
|
|
|
|
|
Senior Lien Series 2019A, 5.000%, 11/01/51
|
|
|
|
|
|
183,775
|
Total Ohio
|
|
|
79,552,692
|
135
|
NMCO
|
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Oklahoma – 1.0% (0.6% of Total Investments)
|
|
|
|
|
|
$ 2,475
|
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc.,
|
6/23 at 100.00
|
N/R
|
$ 2,435,078
|
|
|
|
Refunding Series 2000B, 5.500%, 6/01/35 (AMT)
|
|
|
|
|
|
3,475
|
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc.,
|
6/25 at 100.00
|
B
|
3,409,323
|
|
|
|
Refunding Series 2015, 5.000%, 6/01/35 (AMT) (Mandatory Put 6/01/25)
|
|
|
|
|
|
5,950
|
Total Oklahoma
|
|
|
5,844,401
|
|
|
|
Oregon – 0.0% (0.0% of Total Investments)
|
|
|
|
|
|
100
|
Oregon Facilities Authority, Revenue Bonds, Metro East Web Academy Project, Series
|
6/27 at 102.00
|
N/R
|
83,676
|
|
|
|
2019A, 5.000%, 6/15/49, 144A
|
|
|
|
|
|
|
Pennsylvania – 5.2% (3.0% of Total Investments)
|
|
|
|
|
|
600
|
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental
|
12/21 at 100.00
|
Caa2
|
535,554
|
|
|
|
Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011,
|
|
|
|
|
|
|
6.750%, 12/01/27
|
|
|
|
|
|
1,125
|
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental
|
8/22 at 100.00
|
Caa2
|
939,791
|
|
|
|
Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%,
|
|
|
|
|
|
|
8/01/42 (AMT)
|
|
|
|
|
|
|
Allegheny County Industrial Development Authority, Pennsylvania, Environmental
|
|
|
|
|
|
|
Improvement Revenue Bonds, United States Steel Corp, Refunding Series 2019:
|
|
|
|
|
|
5,970
|
4.875%, 11/01/24
|
No Opt. Call
|
Caa2
|
5,329,180
|
|
|
4,745
|
5.125%, 5/01/30
|
No Opt. Call
|
Caa2
|
3,926,915
|
|
|
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
|
|
|
|
|
|
Bonds, FirstEnergy Generation Project, Refunding Series 2006A:
|
|
|
|
|
|
3,300
|
3.000%, 1/01/35 (Mandatory Put 7/01/22) (6)
|
No Opt. Call
|
N/R
|
3,324,750
|
|
|
560
|
3.500%, 4/01/41 (6)
|
No Opt. Call
|
N/R
|
1,400
|
|
|
1,440
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
N/R
|
3,600
|
|
|
|
Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (6)
|
|
|
|
|
|
5,355
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
N/R
|
13,387
|
|
|
|
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (6)
|
|
|
|
|
|
1,280
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
N/R
|
1,276,800
|
|
|
|
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.000%, 10/01/47 (Mandatory
|
|
|
|
|
|
|
Put 4/01/21) (6)
|
|
|
|
|
|
2,565
|
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University
|
10/29 at 100.00
|
BB+
|
2,320,325
|
|
|
|
Project, Series 2020, 5.000%, 10/01/49
|
|
|
|
|
|
1,000
|
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds,
|
12/25 at 100.00
|
N/R
|
957,170
|
|
|
|
Simpson Senior Services Project, Series 2015A, 5.000%, 12/01/30
|
|
|
|
|
|
|
Chester County Industrial Development Authority, Pennsylvania, Revenue Bonds, Collegium
|
|
|
|
|
|
|
Charter School Project, Series 2017A:
|
|
|
|
|
|
1,825
|
5.125%, 10/15/37
|
4/27 at 100.00
|
BB
|
1,687,048
|
|
|
3,250
|
5.250%, 10/15/47
|
4/27 at 100.00
|
BB
|
2,903,842
|
|
|
|
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Asbury Pennsylvania
|
|
|
|
|
|
|
Obligated Group, Refunding Series 2019:
|
|
|
|
|
|
2,160
|
5.000%, 1/01/39
|
1/25 at 104.00
|
N/R
|
1,879,870
|
|
|
1,240
|
5.000%, 1/01/45
|
1/25 at 104.00
|
N/R
|
1,046,275
|
|
|
5,245
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue
|
9/25 at 100.00
|
CCC+
|
4,009,907
|
|
|
|
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38
|
|
|
|
|
|
1,025
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the
|
11/25 at 100.00
|
Baa1
|
1,033,067
|
|
|
|
Sciences in Philadelphia, Series 2015A, 5.000%, 11/01/27
|
|
|
|
|
|
42,685
|
Total Pennsylvania
|
|
|
31,188,881
|
|
|
|
Puerto Rico – 8.7% (5.0% of Total Investments)
|
|
|
|
|
|
9,040
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,
|
6/20 at 100.00
|
CC
|
8,994,800
|
|
|
|
6.000%, 7/01/38
|
|
|
|
136
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Puerto Rico (continued)
|
|
|
|
|
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A:
|
|
|
|
|
|
$ 405
|
5.000%, 7/01/21
|
No Opt. Call
|
CC
|
$ 403,988
|
|
|
2,415
|
5.000%, 7/01/33
|
7/22 at 100.00
|
CC
|
2,300,287
|
|
|
885
|
6.000%, 7/01/47
|
7/22 at 100.00
|
CC
|
876,150
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A:
|
|
|
|
|
|
2,070
|
3.957%, 7/01/29 (6)
|
7/22 at 100.00
|
D
|
1,234,238
|
|
|
1,000
|
3.961%, 7/01/42 (6)
|
7/22 at 100.00
|
D
|
596,250
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT:
|
|
|
|
|
|
25
|
3.957%, 7/01/21 (6)
|
6/20 at 100.00
|
D
|
14,906
|
|
|
3,750
|
3.957%, 7/01/26 (6)
|
6/20 at 100.00
|
D
|
2,235,937
|
|
|
3,795
|
3.957%, 7/01/32 (6)
|
6/20 at 100.00
|
D
|
2,262,769
|
|
|
1,860
|
5.000%, 7/01/37 (6)
|
6/20 at 100.00
|
D
|
1,109,025
|
|
|
1,750
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%,
|
No Opt. Call
|
D
|
1,770,282
|
|
|
|
7/01/32 – NPFG Insured
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA:
|
|
|
|
|
|
1,124
|
3.978%, 7/01/28 (6)
|
7/20 at 100.00
|
D
|
670,185
|
|
|
468
|
3.978%, 7/01/29 (6)
|
7/20 at 100.00
|
D
|
279,045
|
|
|
346
|
3.978%, 7/01/31 (6)
|
7/20 at 100.00
|
D
|
206,303
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC:
|
|
|
|
|
|
2,995
|
3.957%, 7/01/28 (6)
|
7/20 at 100.00
|
D
|
1,785,769
|
|
|
500
|
3.978%, 7/01/28 (6)
|
7/20 at 100.00
|
D
|
298,125
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX:
|
|
|
|
|
|
100
|
3.978%, 7/01/27 (6)
|
7/20 at 100.00
|
D
|
59,625
|
|
|
4,000
|
3.978%, 7/01/35 (6)
|
6/20 at 100.00
|
D
|
2,385,000
|
|
|
3,800
|
3.978%, 7/01/40 (6)
|
7/20 at 100.00
|
D
|
2,265,750
|
|
|
400
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ,
|
7/20 at 100.00
|
D
|
238,500
|
|
|
|
3.978%, 7/01/24 (6)
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A:
|
|
|
|
|
|
5,000
|
4.123%, 7/01/33 (6)
|
7/23 at 100.00
|
D
|
3,068,750
|
|
|
10,000
|
4.102%, 7/01/36 (6)
|
7/23 at 100.00
|
D
|
6,137,500
|
|
|
1,000
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2016A-4-RSA-1,
|
No Opt. Call
|
N/R
|
681,250
|
|
|
|
4.371%, 7/01/19 (6)
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW:
|
|
|
|
|
|
190
|
3.988%, 7/01/22 (6)
|
6/20 at 100.00
|
D
|
113,525
|
|
|
373
|
3.988%, 7/01/23 (6)
|
6/20 at 100.00
|
D
|
222,868
|
|
|
25
|
3.978%, 7/01/33 (6)
|
6/20 at 100.00
|
D
|
14,906
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:
|
|
|
|
|
|
20,000
|
0.000%, 7/01/46
|
7/28 at 41.38
|
N/R
|
4,698,611
|
|
|
32,817
|
0.000%, 7/01/51
|
7/28 at 30.01
|
N/R
|
5,743,034
|
|
|
–(12)
|
5.000%, 7/01/58
|
7/28 at 100.00
|
N/R
|
73
|
|
|
2,500
|
Puerto Rico, General Obligation Bonds, Public Improvement, Series 2014A, 3.180%, 7/01/35 (6)
|
7/20 at 100.00
|
D
|
1,456,250
|
|
|
500
|
University of Puerto Rico, University System Revenue Bonds, Series 2006Q,
|
6/20 at 100.00
|
C
|
491,875
|
|
|
|
5.000%, 6/01/24
|
|
|
|
|
|
113,133
|
Total Puerto Rico
|
|
|
52,615,576
|
|
|
|
South Carolina – 0.1% (0.1% of Total Investments)
|
|
|
|
|
|
430
|
Berkeley County, South Carolina, Special Assessment Revenue Bonds, Nexton Improvement
|
11/29 at 100.00
|
N/R
|
326,925
|
|
|
|
District, Series 2019, 4.375%, 11/01/49
|
|
|
|
|
|
400
|
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds,
|
1/30 at 100.00
|
N/R
|
317,260
|
|
|
|
Hilton Head Christian Academy, Series 2020, 5.000%, 1/01/55, 144A
|
|
|
|
|
|
830
|
Total South Carolina
|
|
|
644,185
|
137
|
NMCO
|
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Tennessee – 1.9% (1.1% of Total Investments)
|
|
|
|
|
|
$ 1,000
|
Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle
|
No Opt. Call
|
N/R
|
$ 476,330
|
|
|
|
Project, Capital Appreciation Series 2016B, 0.000%, 12/01/31, 144A
|
|
|
|
|
|
4,000
|
Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle
|
12/26 at 100.00
|
N/R
|
3,304,120
|
|
|
|
Project, Series 2016A, 5.125%, 12/01/42, 144A
|
|
|
|
|
|
2,000
|
Knox County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Bonds,
|
11/24 at 100.00
|
N/R
|
1,793,740
|
|
|
|
Provision Center for Proton Therapy Project, Series 2014, 5.250%, 5/01/25, 144A
|
|
|
|
|
|
1,000
|
Memphis/Shelby County Economic Development Growth Engine Industrial Development Board,
|
7/27 at 100.00
|
N/R
|
938,700
|
|
|
|
Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A,
|
|
|
|
|
|
|
5.625%, 1/01/46
|
|
|
|
|
|
5,965
|
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena Project,
|
6/20 at 51.17
|
N/R
|
2,421,074
|
|
|
|
Junior Subordinate Lien Series 2002D, 0.000%, 10/01/31
|
|
|
|
|
|
3,285
|
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena Project,
|
6/20 at 44.14
|
N/R
|
1,092,066
|
|
|
|
Junior Subordinate Lien Series 2002E, 0.000%, 4/01/34
|
|
|
|
|
|
1,500
|
The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue
|
No Opt. Call
|
N/R
|
1,336,545
|
|
|
|
Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 6.500%,
|
|
|
|
|
|
|
6/01/27, 144A
|
|
|
|
|
|
18,750
|
Total Tennessee
|
|
|
11,362,575
|
|
|
|
Texas – 2.9% (1.7% of Total Investments)
|
|
|
|
|
|
4,665
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines
|
7/21 at 100.00
|
BB–
|
4,741,646
|
|
|
|
Inc. – Terminal Improvement Project, Refunding Series 2011, 6.500%, 7/15/30 (AMT)
|
|
|
|
|
|
6,245
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc.
|
No Opt. Call
|
BB–
|
6,224,329
|
|
|
|
Terminal Improvement Project, Refunding Series 2015C, 5.000%, 7/15/20 (AMT)
|
|
|
|
|
|
650
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc.
|
7/24 at 100.00
|
BB–
|
645,248
|
|
|
|
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (AMT)
|
|
|
|
|
|
250
|
Leander, Texas, Special Assessment Revenue Bonds, Deerbrooke Public Improvement District
|
9/26 at 100.00
|
N/R
|
217,573
|
|
|
|
Southern Improvement Area Project, Series 2017, 4.750%, 9/01/37, 144A
|
|
|
|
|
|
200
|
Manor, Texas, Special Assessment Revenue Bonds, Lagos Public Improvement District Major
|
9/30 at 100.00
|
N/R
|
195,124
|
|
|
|
Improvement Area Project, Series 2020, 4.625%, 9/15/49, 144A
|
|
|
|
|
|
520
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue
|
8/24 at 100.00
|
N/R
|
467,054
|
|
|
|
Bonds, Beta Academy, Series 2019A, 5.000%, 8/15/49, 144A
|
|
|
|
|
|
400
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
4/24 at 100.00
|
Baa3
|
404,104
|
|
|
|
Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project,
|
|
|
|
|
|
|
Series 2014A, 5.000%, 4/01/29
|
|
|
|
|
|
2,100
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
No Opt. Call
|
CCC
|
1,936,788
|
|
|
|
Revenue Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, Series
|
|
|
|
|
|
|
2015B, 4.375%, 7/01/21
|
|
|
|
|
|
110
|
North Richland Hills, Texas, Special Assessment Revenue Bonds, City Point Public
|
9/30 at 100.00
|
N/R
|
105,164
|
|
|
|
Improvement District Zone B Project, Series 2019, 5.375%, 9/01/50, 144A
|
|
|
|
|
|
500
|
Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility
|
1/22 at 103.00
|
N/R
|
372,135
|
|
|
|
Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2020, 4.000%, 1/01/50 (AMT), 144A
|
|
|
|
|
|
145
|
Royse City, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Public
|
9/27 at 100.00
|
N/R
|
147,881
|
|
|
|
improvement District Improvement Area 2 Project, Series 2019, 4.750%, 9/15/49, 144A
|
|
|
|
|
|
2,000
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue
|
6/20 at 100.00
|
Baa3
|
2,008,440
|
|
|
|
Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010,
|
|
|
|
|
|
|
7.000%, 6/30/40
|
|
|
|
|
|
17,785
|
Total Texas
|
|
|
17,465,486
|
|
|
|
Utah – 0.1% (0.1% of Total Investments)
|
|
|
|
|
|
1,000
|
Utah Charter School Finance Authority, Charter School Revenue Bonds, Leadership Learning
|
6/27 at 102.00
|
N/R
|
862,610
|
|
|
|
Academy Project, Series 2019A, 5.000%, 6/15/50, 144A
|
|
|
|
138
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Virgin Islands – 4.9% (2.8% of Total Investments)
|
|
|
|
|
|
$ 710
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding
|
10/22 at 100.00
|
N/R
|
$ 628,733
|
|
|
|
Series 2012A, 5.000%, 10/01/32
|
|
|
|
|
|
16,000
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding
|
10/24 at 100.00
|
N/R
|
14,301,760
|
|
|
|
Series 2014C, 5.000%, 10/01/30
|
|
|
|
|
|
700
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital
|
No Opt. Call
|
N/R
|
662,886
|
|
|
|
Series 2014A, 5.000%, 10/01/24
|
|
|
|
|
|
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds,
|
10/20 at 100.00
|
Caa3
|
925,350
|
|
|
|
Subordinate Lien Series 2010B, 5.250%, 10/01/29
|
|
|
|
|
|
13,725
|
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo
|
6/20 at 100.00
|
Caa3
|
13,104,905
|
|
|
|
Project, Series 2009A, 6.625%, 10/01/29
|
|
|
|
|
|
32,135
|
Total Virgin Islands
|
|
|
29,623,634
|
|
|
|
Virginia – 2.0% (1.2% of Total Investments)
|
|
|
|
|
|
3,530
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
10/29 at 100.00
|
Baa2
|
3,454,423
|
|
|
|
Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B,
|
|
|
|
|
|
|
4.000%, 10/01/44
|
|
|
|
|
|
|
Roanoke Economic Development Authority, Virginia Residential Care Facility Revenue
|
|
|
|
|
|
|
Bonds, Richfield Living, Series 2020:
|
|
|
|
|
|
5,870
|
5.000%, 9/01/50
|
9/27 at 103.00
|
N/R
|
4,815,748
|
|
|
4,840
|
5.125%, 9/01/55
|
9/27 at 103.00
|
N/R
|
4,014,296
|
|
|
14,240
|
Total Virginia
|
|
|
12,284,467
|
|
|
|
Washington – 0.2% (0.1% of Total Investments)
|
|
|
|
|
|
1,125
|
Port of Seattle Industrial Development Corporation, Washington, Special Facilities
|
4/23 at 100.00
|
BB
|
1,133,438
|
|
|
|
Revenue Refunding Bonds, Delta Air Lines, Inc. Project, Series 2012, 5.000%, 4/01/30 (AMT)
|
|
|
|
|
|
|
West Virginia – 0.6% (0.3% of Total Investments)
|
|
|
|
|
|
|
Monongalia County Commission, West Virginia, Special District Excise Tax Revenue,
|
|
|
|
|
|
|
University Town Centre Economic Opportunity Development District, Refunding & Improvement
|
|
|
|
|
|
|
Series 2017A:
|
|
|
|
|
|
3,000
|
5.500%, 6/01/37, 144A
|
6/27 at 100.00
|
N/R
|
2,944,530
|
|
|
625
|
5.750%, 6/01/43, 144A
|
6/27 at 100.00
|
N/R
|
614,775
|
|
|
3,625
|
Total West Virginia
|
|
|
3,559,305
|
|
|
|
Wisconsin – 9.0% (5.1% of Total Investments)
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, 21st Century Public
|
|
|
|
|
|
|
Academy Project, Series 2020A:
|
|
|
|
|
|
750
|
5.000%, 6/01/40, 144A
|
6/28 at 102.00
|
N/R
|
654,413
|
|
|
1,340
|
5.000%, 6/01/49, 144A
|
6/28 at 102.00
|
N/R
|
1,099,805
|
|
|
365
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community
|
6/26 at 100.00
|
N/R
|
305,417
|
|
|
|
School Bonds, North Carolina, Series 2019A, 5.000%, 6/15/49, 144A
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina
|
|
|
|
|
|
|
Charter Educational Foundation Project, Series 2016A:
|
|
|
|
|
|
3,000
|
5.000%, 6/15/36, 144A
|
6/26 at 100.00
|
N/R
|
2,405,670
|
|
|
4,000
|
5.000%, 6/15/46, 144A
|
6/26 at 100.00
|
N/R
|
2,907,720
|
|
|
2,000
|
Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie
|
10/29 at 100.00
|
N/R
|
1,633,020
|
|
|
|
College, Series 2019A, 5.875%, 10/01/54, 144A
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American
|
|
|
|
|
|
|
Dream @ Meadowlands Project, Series 2017A:
|
|
|
|
|
|
9,565
|
6.250%, 8/01/27, 144A
|
No Opt. Call
|
N/R
|
8,899,754
|
|
|
2,750
|
6.750%, 8/01/31, 144A
|
No Opt. Call
|
N/R
|
2,537,920
|
|
|
|
Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American
|
|
|
|
|
|
|
Dream @ Meadowlands Project, Series 2017:
|
|
|
|
|
|
555
|
6.500%, 12/01/37, 144A
|
12/27 at 100.00
|
N/R
|
512,415
|
|
|
11,955
|
7.000%, 12/01/50, 144A
|
12/27 at 100.00
|
N/R
|
11,213,910
|
139
|
NMCO
|
Nuveen Municipal Credit Opportunities Fund
Portfolio of Investments (continued)
April 30, 2020 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Wisconsin (continued)
|
|
|
|
|
|
$ 215
|
Public Finance Authority of Wisconsin, Retirement Facility Revenue Bonds, Shalom Park
|
No Opt. Call
|
N/R
|
$ 119,050
|
|
|
|
Development Project, Series 2019, 0.000%, 12/31/24, 144A
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc.,
|
|
|
|
|
|
|
Series 2017A:
|
|
|
|
|
|
285
|
5.000%, 12/01/27
|
No Opt. Call
|
BBB–
|
309,065
|
|
|
1,765
|
5.200%, 12/01/37
|
12/27 at 100.00
|
BBB–
|
1,793,875
|
|
|
2,000
|
Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center,
|
7/28 at 100.00
|
N/R
|
2,037,920
|
|
|
|
Senior Series 2018A, 7.000%, 7/01/48, 144A
|
|
|
|
|
|
635
|
Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health
|
4/30 at 100.00
|
BB
|
563,950
|
|
|
|
Sciences, Series 2020, 5.000%, 4/01/50, 144A
|
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment
|
|
|
|
|
|
|
Center, Series 2018A-1:
|
|
|
|
|
|
2,500
|
6.125%, 1/01/33, 144A
|
1/28 at 100.00
|
N/R
|
2,503,800
|
|
|
12,500
|
6.375%, 1/01/48, 144A
|
1/28 at 100.00
|
N/R
|
12,031,125
|
|
|
3,000
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint
|
11/26 at 103.00
|
N/R
|
2,490,000
|
|
|
|
Camillus Health System Inc., Series 2019A, 5.000%, 11/01/54
|
|
|
|
|
|
59,180
|
Total Wisconsin
|
|
|
54,018,829
|
|
|
$ 2,361,539
|
Total Municipal Bonds (cost $1,097,269,017)
|
|
|
976,654,366
|
|
Shares
|
Description (1), (8)
|
|
|
Value
|
|
|
|
EXCHANGE-TRADED FUNDS – 5.7% (3.3% of Total Investments)
|
|
|
|
|
|
632
|
VanEck Vectors High-Yield Municipal Index ETF
|
|
|
$ 34,602,000
|
|
|
|
Total Exchange-Traded Funds (cost $40,684,447)
|
|
|
34,602,000
|
|
|
|
|||||
|
Shares
|
Description (1)
|
|
|
Value
|
|
|
|
COMMON STOCKS – 4.5% (2.5% of Total Investments)
|
|
|
|
|
|
|
Electric Utilities – 4.5% (2.5% of Total Investments)
|
|
|
|
|
|
854,666
|
Energy Harbor Corp (9), (13)
|
|
|
$ 26,921,979
|
|
|
|
Total Common Stocks (cost $21,914,890)
|
|
|
26,921,979
|
|
|
|
Total Long-Term Investments (cost $1,159,868,354)
|
|
|
1,038,178,345
|
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
SHORT-TERM INVESTMENTS – 2.5% (1.5% of Total Investments)
|
|
|
|
|
|
|
MUNICIPAL BONDS – 2.5% (1.5% of Total Investments)
|
|
|
|
|
|
|
Illinois – 0.1% (0.1% of Total Investments)
|
|
|
|
|
|
$ 1,000
|
Yorkville United City, Kendall County, Illinois, Sales Tax Revenue Bonds, Variable Rate Demand
|
5/20 at 100.00
|
N/R
|
$ 830,000
|
|
|
|
Obligations, Kendall Marketplace Project, Series 2007, 6.000%, 1/01/26 (6), (10)
|
|
|
|
|
|
|
New York – 2.4% (1.4% of Total Investments)
|
|
|
|
|
|
14,450
|
Dormitory Authority of the State of New York, Revenue Bonds, Variable Rate Demand Obligations,
|
4/20 at 100.00
|
VMIG1
|
14,450,000
|
|
|
|
Rockefeller University, Series 2002A-2, 0.200%, 7/01/32 (Mandatory Put 5/07/20), (10)
|
|
|
|
|
|
|
Total Short-Term Investments (cost $15,280,000)
|
|
|
15,280,000
|
|
|
|
Total Investments (cost $1,175,148,354)
|
|
|
1,053,458,345
|
|
|
|
Floating Rate Obligations – (2.2)%
|
|
|
(13,132,000)
|
|
|
|
MuniFund Term Preferred Shares, net of deferred offering costs – (74.3)% (11)
|
|
|
(448,891,324)
|
|
|
|
Other Assets Less Liabilities – 2.0%
|
|
|
12,205,987
|
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 603,641,008
|
140
|
(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)
|
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 3 - Investment Valuation and Fair Value Measurements for more information.
|
|
(5)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the
|
|
|
end of the reporting period.
|
|
(6)
|
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
|
|
(7)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(8)
|
A copy of the most recent financial statements for these exchange-traded funds can be obtained directly from the Securities and Exchange Commission on its website at
|
|
|
http://www.sec.gov.
|
|
(9)
|
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value
|
|
|
Measurements for more information.
|
|
(10)
|
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as
|
|
|
the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified
|
|
|
market index.
|
|
(11)
|
MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 42.6%.
|
|
(12)
|
Principal Amount rounds to less than $1,000.
|
|
(13)
|
Common Stock received as part of the bankruptcy settlements for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds,
|
|
|
FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
|
|
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41, Beaver County Industrial Development Authority, Pennsylvania, Pollution Control
|
|
|
Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35, Beaver County Industrial Development Authority, Pennsylvania, Pollution
|
|
|
Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35, Ohio Air Quality Development Authority, Ohio, Air Quality
|
|
|
Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20, Ohio Air Quality Development Authority, Ohio, Pollution Control
|
|
|
Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23, Ohio Air Quality Development Authority, Ohio, Pollution Control
|
|
|
Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds,
|
|
|
FirstEnergy Nuclear Generating Corporation Project, Series 2006A, 3.000%, 5/15/20, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds,
|
|
|
FirstEnergy Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33, Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds,
|
|
|
FirstEnergy Nuclear Generating Corporation Project, Series 2010C, 4.000%, 6/01/33.
|
|
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 regis-
|
|
|
tration, which are normally those transactions with qualified institutional buyers.
|
|
AMT
|
Alternative Minimum Tax.
|
|
ETF
|
Exchange-Traded Fund.
|
|
PIK
|
Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown,
|
|
|
where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period
|
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in
|
|
|
Derivatives for more information.
|
|
|
See accompanying notes to financial statements
|
141
April 30, 2020 (Unaudited)
|
|
NVG
|
NZF
|
NMZ
|
NMCO
|
||||||||||||
|
Assets
|
||||||||||||||||
|
Long-term investments, at value (cost $5,119,176,279, $3,251,011,687,
|
||||||||||||||||
|
$1,540,725,588 and $1,159,868,354, respectively)
|
$
|
5,305,444,859
|
$
|
3,374,973,550
|
$
|
1,459,698,117
|
$
|
1,038,178,345
|
||||||||
|
Short-term investments, at value (cost approximates value)
|
14,300,000
|
50,000,000
|
—
|
15,280,000
|
||||||||||||
|
Cash
|
19,453,249
|
—
|
674,640
|
—
|
||||||||||||
|
Receivable for:
|
||||||||||||||||
|
Dividends and interest
|
74,051,933
|
48,851,444
|
28,123,829
|
16,319,677
|
||||||||||||
|
Investments sold
|
11,871,613
|
13,681,558
|
1,880,927
|
30,938,866
|
||||||||||||
|
Deferred offering costs
|
—
|
—
|
291,150
|
—
|
||||||||||||
|
Other assets
|
1,903,590
|
813,866
|
102,086
|
83,518
|
||||||||||||
|
Total assets
|
5,427,025,244
|
3,488,320,418
|
1,490,770,749
|
1,100,800,406
|
||||||||||||
|
Liabilities
|
||||||||||||||||
|
Cash overdraft
|
—
|
1,788,752
|
—
|
13,177,457
|
||||||||||||
|
Floating rate obligations
|
191,570,000
|
16,275,000
|
432,451,000
|
13,132,000
|
||||||||||||
|
Payable for:
|
||||||||||||||||
|
Dividends
|
13,217,071
|
8,425,179
|
4,651,744
|
2,728,232
|
||||||||||||
|
Interest
|
2,455,655
|
226,860
|
5,280,763
|
533,351
|
||||||||||||
|
Investments purchased – regular settlement
|
6,496,092
|
—
|
—
|
17,762,093
|
||||||||||||
|
Investments purchased – when-issued/delayed-delivery settlement
|
3,930,958
|
—
|
—
|
—
|
||||||||||||
|
Offering costs
|
26,001
|
—
|
—
|
25,000
|
||||||||||||
|
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of
|
||||||||||||||||
|
deferred offering costs (liquidation preference $112,000,000, $—,
|
||||||||||||||||
|
$87,000,000 and $—, respectively)
|
111,907,742
|
—
|
86,874,270
|
—
|
||||||||||||
|
MuniFund Term Preferred (“MFP”) Shares, net of deferred offering
|
||||||||||||||||
|
costs (liquidation preference $405,400,000, $641,000,000,
|
||||||||||||||||
|
$— and $450,000,000, respectively)
|
403,883,992
|
639,992,116
|
—
|
448,891,324
|
||||||||||||
|
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred
|
||||||||||||||||
|
offering costs (liquidation preference $1,411,600,000, $727,000,000,
|
||||||||||||||||
|
$— and $—, respectively)
|
1,407,966,653
|
722,410,648
|
—
|
—
|
||||||||||||
|
Accrued expenses:
|
||||||||||||||||
|
Management fees
|
2,703,977
|
1,749,814
|
779,196
|
780,237
|
||||||||||||
|
Trustees fees
|
1,041,440
|
685,221
|
109,077
|
10,533
|
||||||||||||
|
Shelf offering costs
|
—
|
—
|
239,161
|
—
|
||||||||||||
|
Other
|
603,112
|
404,717
|
161,606
|
119,171
|
||||||||||||
|
Total liabilities
|
2,145,802,693
|
1,391,958,307
|
530,546,817
|
497,159,398
|
||||||||||||
|
Net assets applicable to common shares
|
$
|
3,281,222,551
|
$
|
2,096,362,111
|
$
|
960,223,932
|
$
|
603,641,008
|
||||||||
|
Common shares outstanding
|
213,370,544
|
142,125,906
|
79,401,198
|
53,268,524
|
||||||||||||
|
Net asset value (“NAV”) per common share outstanding
|
$
|
15.38
|
$
|
14.75
|
$
|
12.09
|
$
|
11.33
|
||||||||
|
Net assets applicable to common shares consist of:
|
||||||||||||||||
|
Common shares, $0.01 par value per share
|
$
|
2,133,705
|
$
|
1,421,259
|
$
|
794,012
|
$
|
532,685
|
||||||||
|
Paid-in surplus
|
3,074,494,338
|
2,007,784,437
|
1,030,286,447
|
798,477,294
|
||||||||||||
|
Total distributable earnings
|
204,594,508
|
87,156,415
|
(70,856,527
|
)
|
(195,368,971
|
)
|
||||||||||
|
Net assets applicable to common shares
|
$
|
3,281,222,551
|
$
|
2,096,362,111
|
$
|
960,223,932
|
$
|
603,641,008
|
||||||||
|
Authorized shares:
|
||||||||||||||||
|
Common
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
||||||||||||
|
Preferred
|
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
||||||||||||
See accompanying notes to financial statements.
142
Six Months Ended April 30, 2020 (Unaudited)
|
|
NVG
|
NZF
|
NMZ
|
NMCO
|
||||||||||||
|
Investment Income
|
$
|
123,255,827
|
$
|
81,013,580
|
$
|
33,123,447
|
$
|
25,588,935
|
||||||||
|
Expenses
|
||||||||||||||||
|
Management fees
|
16,495,157
|
11,070,468
|
5,010,935
|
4,744,522
|
||||||||||||
|
Interest expense and amortization of offering costs
|
17,750,902
|
14,337,988
|
4,822,143
|
3,862,181
|
||||||||||||
|
Liquidity fees
|
5,079,244
|
756,915
|
—
|
343,745
|
||||||||||||
|
Remarketing fees
|
839,565
|
49,817
|
—
|
45,000
|
||||||||||||
|
Custodian fees
|
270,011
|
195,262
|
78,332
|
39,081
|
||||||||||||
|
Trustees fees
|
63,021
|
41,956
|
12,947
|
12,372
|
||||||||||||
|
Professional fees
|
154,881
|
101,822
|
43,170
|
43,873
|
||||||||||||
|
Shareholder reporting expenses
|
143,864
|
94,725
|
44,681
|
15,930
|
||||||||||||
|
Shareholder servicing agent fees
|
46,029
|
24,456
|
7,321
|
64
|
||||||||||||
|
Stock exchange listing fees
|
28,416
|
19,938
|
9,531
|
4,433
|
||||||||||||
|
Investor relations expenses
|
147,544
|
98,996
|
30,703
|
32,836
|
||||||||||||
|
Merger expenses
|
415,822
|
—
|
—
|
—
|
||||||||||||
|
Other
|
151,824
|
151,184
|
36,849
|
14,577
|
||||||||||||
|
Total expenses
|
41,586,280
|
26,943,527
|
10,096,612
|
9,158,614
|
||||||||||||
|
Net investment income (loss)
|
81,669,547
|
54,070,053
|
23,026,835
|
16,430,321
|
||||||||||||
|
Realized and Unrealized Gain (Loss)
|
||||||||||||||||
|
Net realized gain (loss) from investments
|
19,518,893
|
(14,327,925
|
)
|
4,067,423
|
(72,326,195
|
)
|
||||||||||
|
Change in net unrealized appreciation (depreciation) of investments
|
(390,188,024
|
)
|
(253,606,865
|
)
|
(155,298,335
|
)
|
(123,828,688
|
)
|
||||||||
|
Net realized and unrealized gain (loss)
|
(370,669,131
|
)
|
(267,934,790
|
)
|
(151,230,912
|
)
|
(196,154,883
|
)
|
||||||||
|
Net increase (decrease) in net assets applicable to
|
||||||||||||||||
|
common shares from operations
|
$
|
(288,999,584
|
)
|
$
|
(213,864,737
|
)
|
$
|
(128,204,077
|
)
|
$
|
(179,724,562
|
)
|
||||
See accompanying notes to financial statements.
143
(Unaudited)
|
|
NVG
|
NZF
|
||||||||||||||
|
|
Six Months
|
Six Months
|
||||||||||||||
|
|
Ended
|
Year Ended
|
Ended
|
Year Ended
|
||||||||||||
|
|
4/30/20
|
10/31/19
|
4/30/20
|
10/31/19
|
||||||||||||
|
Operations
|
||||||||||||||||
|
Net investment income (loss)
|
$
|
81,669,547
|
$
|
160,212,808
|
$
|
54,070,053
|
$
|
106,791,813
|
||||||||
|
Net realized gain (loss) from:
|
||||||||||||||||
|
Investments
|
19,518,893
|
8,920,660
|
(14,327,925
|
)
|
12,807,388
|
|||||||||||
|
Swaps
|
—
|
(80,409
|
)
|
—
|
—
|
|||||||||||
|
Change in net unrealized appreciation (depreciation) of:
|
||||||||||||||||
|
Investments
|
(390,188,024
|
)
|
339,640,998
|
(253,606,865
|
)
|
215,305,771
|
||||||||||
|
Swaps
|
—
|
(1,924,823
|
)
|
—
|
—
|
|||||||||||
|
Net increase (decrease) in net assets applicable to common shares
|
||||||||||||||||
|
from operations
|
(288,999,584
|
)
|
506,769,234
|
(213,864,737
|
)
|
334,904,972
|
||||||||||
|
Distributions to Common Shareholders
|
||||||||||||||||
|
Dividends
|
(91,547,339
|
)
|
(164,776,774
|
)
|
(53,794,655
|
)
|
(112,563,715
|
)
|
||||||||
|
Decrease in net assets applicable to common shares from
|
||||||||||||||||
|
distributions to common shareholders
|
(91,547,339
|
)
|
(164,776,774
|
)
|
(53,794,655
|
)
|
(112,563,715
|
)
|
||||||||
|
Capital Share Transactions
|
||||||||||||||||
|
Common shares:
|
||||||||||||||||
|
Proceeds from sale of shares, net of offering costs
|
—
|
—
|
—
|
—
|
||||||||||||
|
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
—
|
—
|
||||||||||||
|
Net proceeds from shares issued to shareholders
|
||||||||||||||||
|
due to reinvestment of distributions
|
—
|
—
|
—
|
—
|
||||||||||||
|
Issued in the Merger
|
184,807,196
|
—
|
—
|
—
|
||||||||||||
|
Net increase (decrease) in net assets applicable to common shares
|
||||||||||||||||
|
from capital share transactions
|
184,807,196
|
—
|
—
|
—
|
||||||||||||
|
Net increase (decrease) in net assets applicable to common shares
|
(195,739,727
|
)
|
341,992,460
|
(267,659,392
|
)
|
222,341,257
|
||||||||||
|
Net assets applicable to common shares at the beginning of period
|
3,476,962,278
|
3,134,969,818
|
2,364,021,503
|
2,141,680,246
|
||||||||||||
|
Net assets applicable to common shares at the end of period
|
$
|
3,281,222,551
|
$
|
3,476,962,278
|
$
|
2,096,362,111
|
$
|
2,364,021,503
|
||||||||
See accompanying notes to financial statements.
144
|
|
NMZ
|
NMCO
|
||||||||||||||
|
|
For the period 9/16/19
|
|||||||||||||||
|
|
Six Months
|
Six Months
|
(commencement
|
|||||||||||||
|
|
Ended
|
Year Ended
|
Ended
|
of operations)
|
||||||||||||
|
|
4/30/20
|
10/31/19
|
4/30/20
|
through 10/31/19
|
||||||||||||
|
Operations
|
||||||||||||||||
|
Net investment income (loss)
|
$
|
23,026,835
|
$
|
49,736,206
|
$
|
16,430,321
|
$
|
2,339,067
|
||||||||
|
Net realized gain (loss) from:
|
||||||||||||||||
|
Investments
|
4,067,423
|
2,231,652
|
(72,326,195
|
)
|
(282,042
|
)
|
||||||||||
|
Swaps
|
—
|
—
|
—
|
—
|
||||||||||||
|
Change in net unrealized appreciation (depreciation) of:
|
||||||||||||||||
|
Investments
|
(155,298,335
|
)
|
74,265,476
|
(123,828,688
|
)
|
2,138,679
|
||||||||||
|
Swaps
|
—
|
—
|
—
|
—
|
||||||||||||
|
Net increase (decrease) in net assets applicable to common shares
|
||||||||||||||||
|
from operations
|
(128,204,077
|
)
|
126,233,334
|
(179,724,562
|
)
|
4,195,704
|
||||||||||
|
Distributions to Common Shareholders
|
||||||||||||||||
|
Dividends
|
(27,107,744
|
)
|
(45,460,832
|
)
|
(19,840,113
|
)
|
—
|
|||||||||
|
Decrease in net assets applicable to common shares from
|
||||||||||||||||
|
distributions to common shareholders
|
(27,107,744
|
)
|
(45,460,832
|
)
|
(19,840,113
|
)
|
—
|
|||||||||
|
Capital Share Transactions
|
||||||||||||||||
|
Common shares:
|
||||||||||||||||
|
Proceeds from sale of shares, net of offering costs
|
—
|
—
|
—
|
798,750,000
|
||||||||||||
|
Proceeds from shelf offering, net of offering costs
|
146,197,383
|
69,515,572
|
—
|
—
|
||||||||||||
|
Net proceeds from shares issued to shareholders
|
||||||||||||||||
|
due to reinvestment of distributions
|
269,943
|
341,504
|
159,974
|
—
|
||||||||||||
|
Issued in the Merger
|
—
|
—
|
—
|
—
|
||||||||||||
|
Net increase (decrease) in net assets applicable to common shares
|
||||||||||||||||
|
from capital share transactions
|
146,467,326
|
69,857,076
|
159,974
|
798,750,000
|
||||||||||||
|
Net increase (decrease) in net assets applicable to common shares
|
(8,844,495
|
)
|
150,629,578
|
(199,404,701
|
)
|
802,945,704
|
||||||||||
|
Net assets applicable to common shares at the beginning of period
|
969,068,427
|
818,438,849
|
803,045,709
|
100,005
|
||||||||||||
|
Net assets applicable to common shares at the end of period
|
$
|
960,223,932
|
$
|
969,068,427
|
$
|
603,641,008
|
$
|
803,045,709
|
||||||||
See accompanying notes to financial statements.
145
Six Months Ended April 30, 2020 (Unaudited)
|
|
NVG
|
NZF
|
NMZ
|
NMCO
|
||||||||||||
|
Cash Flows from Operating Activities:
|
||||||||||||||||
|
Net Increase (Decrease) in Net Assets Applicable to Common Shares
|
||||||||||||||||
|
from Operations
|
$
|
(288,999,584
|
)
|
$
|
(213,864,737
|
)
|
$
|
(128,204,077
|
)
|
$
|
(179,724,562
|
)
|
||||
|
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
|
(549,378,047
|
)
|
(460,451,374
|
)
|
(313,621,279
|
)
|
(1,075,323,020
|
)
|
||||||||
|
Proceeds from sales and maturities of investments
|
574,134,551
|
525,083,093
|
82,381,119
|
574,688,712
|
||||||||||||
|
Proceeds from (Purchases of) short-term investments, net
|
(14,300,000
|
)
|
(50,000,000
|
)
|
17,885,000
|
79,040,000
|
||||||||||
|
Payment-in-kind distributions
|
—
|
129,183
|
18,047
|
4,638
|
||||||||||||
|
Taxes paid
|
(338,678
|
)
|
(114,404
|
)
|
(22,477
|
)
|
—
|
|||||||||
|
Amortization (Accretion) of premiums and discounts, net
|
(6,408,058
|
)
|
(6,592,977
|
)
|
(120,741
|
)
|
(2,072,084
|
)
|
||||||||
|
Amortization of deferred offering costs
|
79,516
|
132,945
|
7,999
|
27,464
|
||||||||||||
|
(Increase) Decrease in:
|
||||||||||||||||
|
Receivable for dividends and interest
|
8,218,580
|
3,570,056
|
(3,108,108
|
)
|
(8,876,889
|
)
|
||||||||||
|
Receivable for investments sold
|
22,260,830
|
(2,578,625
|
)
|
14,258,545
|
(30,918,866
|
)
|
||||||||||
|
Other assets
|
53,524
|
(41,786
|
)
|
(3,169
|
)
|
(82,820
|
)
|
|||||||||
|
Increase (Decrease) in:
|
||||||||||||||||
|
Payable for interest
|
1,194,791
|
41,704
|
2,596,743
|
487,938
|
||||||||||||
|
Payable for investments purchased – regular settlement
|
(7,958,135
|
)
|
(68,182
|
)
|
(534,245
|
)
|
5,072,073
|
|||||||||
|
Payable for investments purchased – when-issued/delayed
|
||||||||||||||||
|
delivery settlement
|
3,930,958
|
—
|
—
|
—
|
||||||||||||
|
Payable for offering costs
|
—
|
—
|
—
|
25,000
|
||||||||||||
|
Accrued management fees
|
(102,044
|
)
|
(180,410
|
)
|
(9,700
|
)
|
195,921
|
|||||||||
|
Accrued Trustees fees
|
78,605
|
38,605
|
5,809
|
6,104
|
||||||||||||
|
Accrued other expenses
|
(467,425
|
)
|
(8,441
|
)
|
4,951
|
43,005
|
||||||||||
|
Net realized (gain) loss from:
|
||||||||||||||||
|
Investments
|
(19,518,893
|
)
|
14,327,925
|
(4,067,423
|
)
|
72,326,195
|
||||||||||
|
Paydowns
|
—
|
—
|
4,427,419
|
—
|
||||||||||||
|
Change in net unrealized (appreciation) depreciation of investments
|
390,188,024
|
253,606,865
|
155,298,335
|
123,828,688
|
||||||||||||
|
Net cash provided by (used in) operating activities
|
112,668,515
|
63,029,440
|
(172,807,252
|
)
|
(441,252,503
|
)
|
||||||||||
|
Cash Flows from Financing Activities:
|
||||||||||||||||
|
Proceeds from borrowings
|
129,400,000
|
162,606,792
|
23,200,000
|
—
|
||||||||||||
|
Repayments of borrowings
|
(129,400,000
|
)
|
(162,606,792
|
)
|
(23,200,000
|
)
|
—
|
|||||||||
|
Proceeds from MFP Shares issued, at liquidation preference
|
—
|
—
|
—
|
450,000,000
|
||||||||||||
|
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
149,878,709
|
—
|
||||||||||||
|
(Payments for) deferred offering costs
|
—
|
—
|
—
|
(1,136,140
|
)
|
|||||||||||
|
Increase (Decrease) in:
|
||||||||||||||||
|
Cash overdraft
|
(7,772,606
|
)
|
(1,425,427
|
)
|
—
|
13,177,457
|
||||||||||
|
Accrued shelf offering costs
|
—
|
—
|
239,161
|
—
|
||||||||||||
|
Proceeds from floating rate obligations
|
215,000
|
—
|
49,089,000
|
43,857,000
|
||||||||||||
|
Repayments of floating rate obligations
|
—
|
(7,345,000
|
)
|
—
|
(59,225,000
|
)
|
||||||||||
|
Cash distribution paid to common shareholders
|
(90,836,800
|
)
|
(54,259,013
|
)
|
(26,163,856
|
)
|
(16,951,907
|
)
|
||||||||
|
Net cash provided by (used in) financing activities
|
(98,394,406
|
)
|
(63,029,440
|
)
|
173,043,014
|
429,721,410
|
||||||||||
|
Net Increase (Decrease) in Cash
|
14,274,109
|
—
|
235,762
|
(11,531,093
|
)
|
|||||||||||
|
Cash at the beginning of period
|
—
|
—
|
438,878
|
11,531,093
|
||||||||||||
|
Cash acquired in connection with the Merger
|
5,179,140
|
—
|
—
|
—
|
||||||||||||
|
Cash at the end of period
|
$
|
19,453,249
|
$
|
—
|
$
|
674,640
|
$
|
—
|
||||||||
|
Supplemental Disclosure of Cash Flow Information
|
NVG
|
NZF
|
NMZ
|
NMCO
|
||||||||||||
|
Cash paid for interest (excluding amortization of offering costs)
|
$
|
16,377,272
|
$
|
14,163,338
|
$
|
2,217,401
|
$
|
3,346,779
|
||||||||
|
Non-cash financing activities not included herein consists of
|
||||||||||||||||
|
reinvestments of common share distributions
|
—
|
—
|
269,943
|
159,974
|
||||||||||||
See accompanying notes to financial statements.
146
THIS PAGE INTENTIONALLY LEFT BLANK
147
|
Selected data for a common share outstanding throughout each period:
|
|
|
|
|
||||||
|
|
Less Distributions to
|
|||||||||||||||||||||||||||||||||||||||
|
|
Investment Operations
|
Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||
|
|
Discount
|
|||||||||||||||||||||||||||||||||||||||
|
|
From
|
Per
|
||||||||||||||||||||||||||||||||||||||
|
|
Beginning
|
Net
|
Net
|
From
|
Accumulated |
Share
|
||||||||||||||||||||||||||||||||||
|
|
Common
|
Investment |
Realized/
|
Net
|
Net
|
Repurchased
|
Ending
|
|||||||||||||||||||||||||||||||||
|
|
Share
|
Income
|
Unrealized
|
Investment
|
Realized
|
and
|
Ending
|
Share
|
||||||||||||||||||||||||||||||||
|
|
NAV
|
(Loss)
|
Gain (Loss) |
Total
|
Income
|
Gains
|
Total
|
Retired
|
NAV
|
Price
|
||||||||||||||||||||||||||||||
|
NVG
|
||||||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||||||||
|
2020(e)
|
$
|
17.17
|
$
|
0.38
|
$
|
(1.74
|
)
|
$
|
(1.36
|
)
|
$
|
(0.40
|
)
|
$
|
(0.03
|
)
|
$
|
(0.43
|
)
|
$
|
—
|
$
|
15.38
|
$
|
13.94
|
|||||||||||||||
|
2019
|
15.48
|
0.79
|
1.72
|
2.51
|
(0.79
|
)
|
(0.03
|
)
|
(0.82
|
)
|
—
|
17.17
|
16.45
|
|||||||||||||||||||||||||||
|
2018
|
16.39
|
0.81
|
(0.88
|
)
|
(0.07
|
)
|
(0.84
|
)
|
—
|
(0.84
|
)
|
—
|
15.48
|
13.40
|
||||||||||||||||||||||||||
|
2017
|
16.64
|
0.84
|
(0.19
|
)
|
0.65
|
(0.87
|
)
|
(0.03
|
)
|
(0.90
|
)
|
—
|
16.39
|
15.17
|
||||||||||||||||||||||||||
|
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
|
|||||||||||||||||||||||||
|
NZF
|
||||||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||||||||
|
2020(e)
|
16.63
|
0.38
|
(1.88
|
)
|
(1.50
|
)
|
(0.38
|
)
|
—
|
(0.38
|
)
|
—
|
14.75
|
13.14
|
||||||||||||||||||||||||||
|
2019
|
15.07
|
0.75
|
1.60
|
2.35
|
(0.79
|
)
|
—
|
(0.79
|
)
|
—
|
16.63
|
16.03
|
||||||||||||||||||||||||||||
|
2018
|
16.03
|
0.81
|
(0.94
|
)
|
(0.13
|
)
|
(0.83
|
)
|
—
|
(0.83
|
)
|
—
|
15.07
|
13.29
|
||||||||||||||||||||||||||
|
2017
|
16.34
|
0.87
|
(0.29
|
)
|
0.58
|
(0.89
|
)
|
—
|
*
|
(0.89
|
)
|
—
|
16.03
|
15.01
|
||||||||||||||||||||||||||
|
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
|
|||||||||||||||||||||||||||
|
(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.
|
148
|
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)
|
||||||||||||||||||||||||||||
|
Based
|
Ending
|
|||||||||||||||||||||||||||||
|
Based
|
on
|
Net
|
Net
|
Net
|
Portfolio
|
|||||||||||||||||||||||||
|
on
|
Share
|
Assets
|
Investment
|
Investment
|
Turnover
|
|||||||||||||||||||||||||
|
NAV(a)
|
Price(a)
|
(000
|
)
|
Expenses
|
Income (Loss)
|
Expenses
|
Income (Loss)
|
Rate(c)
|
||||||||||||||||||||||
|
(8.10
|
)%
|
(12.94
|
)%
|
$
|
3,281,223
|
2.33
|
%**
|
4.58
|
%**
|
N/A
|
N/A
|
10
|
%
|
|||||||||||||||||
|
16.52
|
29.47
|
3,476,962
|
2.49
|
4.82
|
N/A
|
N/A
|
6
|
|||||||||||||||||||||||
|
(0.50
|
)
|
(6.49
|
)
|
3,134,970
|
2.40
|
5.02
|
N/A
|
N/A
|
15
|
|||||||||||||||||||||
|
4.25
|
7.10
|
3,319,775
|
2.05
|
5.26
|
2.04
|
%(d)
|
5.27
|
%(d)
|
18
|
|||||||||||||||||||||
|
9.40
|
13.46
|
3,370,157
|
1.81
|
4.87
|
1.75(d
|
)
|
4.93(d
|
)
|
21
|
|||||||||||||||||||||
|
4.04
|
5.53
|
427,104
|
1.50
|
4.81
|
N/A
|
N/A
|
26
|
|||||||||||||||||||||||
|
(9.21
|
)
|
(15.99
|
)
|
2,096,362
|
2.33
|
**
|
4.67
|
**
|
N/A
|
N/A
|
13
|
|||||||||||||||||||
|
15.90
|
27.08
|
2,364,022
|
2.60
|
4.68
|
N/A
|
N/A
|
12
|
|||||||||||||||||||||||
|
(0.85
|
)
|
(6.21
|
)
|
2,141,680
|
2.43
|
5.17
|
N/A
|
N/A
|
25
|
|||||||||||||||||||||
|
3.88
|
7.61
|
2,278,904
|
2.12
|
5.58
|
2.11(d
|
)
|
5.59(d
|
)
|
21
|
|||||||||||||||||||||
|
9.36
|
13.26
|
2,321,756
|
1.86
|
5.03
|
1.81(d
|
)
|
5.08(d
|
)
|
20
|
|||||||||||||||||||||
|
4.57
|
6.21
|
571,790
|
1.48
|
5.24
|
N/A
|
N/A
|
26
|
|||||||||||||||||||||||
|
(b)
|
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
|
|
• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund 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 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:
|
|
NVG
|
|
NZF
|
|
|
|
Year Ended 10/31:
|
Year Ended 10/31:
|
|||
|
2020(e)
|
1.33%**
|
2020(e)
|
1.31%**
|
|
|
2019
|
1.47
|
2019
|
1.55
|
|
|
2018
|
1.37
|
2018
|
1.38
|
|
|
2017
|
1.02
|
2017
|
1.09
|
|
|
2016
|
0.78
|
2016
|
0.84
|
|
|
2015
|
0.46
|
2015
|
0.46
|
|
|
(c)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
|
|
(d)
|
During the fiscal years ended October 31, 2017 and October 31, 2016, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its reorganization.
|
|
(e)
|
For the six months ended April 30, 2020.
|
|
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.
149
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:
|
||||||||||||||||||||||||||||||||||||||||||||
|
2020(e)
|
$
|
14.04
|
$
|
0.28
|
$
|
(1.90
|
)
|
$
|
(1.62
|
)
|
$
|
(0.36
|
)
|
$
|
—
|
$
|
(0.36
|
)
|
$
|
0.03
|
$
|
—
|
*
|
$
|
12.09
|
$
|
12.00
|
|||||||||||||||||
|
2019
|
12.77
|
0.76
|
1.20
|
1.96
|
(0.70
|
)
|
—
|
(0.70
|
)
|
0.01
|
—
|
14.04
|
14.22
|
|||||||||||||||||||||||||||||||
|
2018
|
13.47
|
0.82
|
(0.78
|
)
|
0.04
|
(0.74
|
)
|
—
|
(0.74
|
)
|
—
|
*
|
—
|
12.77
|
11.76
|
|||||||||||||||||||||||||||||
|
2017
|
13.68
|
0.80
|
(0.22
|
)
|
0.58
|
(0.81
|
)
|
—
|
(0.81
|
)
|
0.02
|
—
|
13.47
|
13.53
|
||||||||||||||||||||||||||||||
|
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
|
||||||||||||||||||||||||||||||
|
NMCO
|
||||||||||||||||||||||||||||||||||||||||||||
|
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||||||||||||
|
2020(e)
|
15.08
|
0.31
|
(3.69
|
)
|
(3.38
|
)
|
(0.37
|
)
|
—
|
(0.37
|
)
|
—
|
—
|
11.33
|
11.07
|
|||||||||||||||||||||||||||||
|
2019(d)
|
15.00
|
0.04
|
0.04
|
0.08
|
—
|
—
|
—
|
—
|
—
|
15.08
|
15.39
|
|||||||||||||||||||||||||||||||||
|
(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.
|
150
|
Common Share Supplemental Data/
|
||||||||||||||||||||||
|
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
|
Common Share
|
||||||||||||||||||||||
|
Total Returns
|
Ratios to Average Net Assets(b)
|
|||||||||||||||||||||
|
Based
|
Ending
|
|||||||||||||||||||||
|
Based
|
on
|
Net
|
Net
|
Portfolio
|
||||||||||||||||||
|
on
|
Share
|
Assets
|
Investment
|
Turnover
|
||||||||||||||||||
|
NAV(a)
|
Price(a)
|
(000
|
)
|
Expenses
|
Income (Loss)
|
Rate(c)
|
||||||||||||||||
|
(11.22
|
)%
|
(13.37
|
)%
|
$960,224
|
1.95
|
%**
|
4.45
|
%**
|
6
|
%
|
||||||||||||
|
15.75
|
27.45
|
969,068
|
2.20
|
5.67
|
15
|
|||||||||||||||||
|
0.25
|
(7.93
|
)
|
818,439
|
1.95
|
6.17
|
11
|
||||||||||||||||
|
4.73
|
8.04
|
853,745
|
1.54
|
6.14
|
10
|
|||||||||||||||||
|
6.91
|
3.34
|
788,577
|
1.28
|
6.27
|
11
|
|||||||||||||||||
|
6.54
|
11.49
|
684,109
|
1.25
|
6.64
|
9
|
|||||||||||||||||
|
(22.83
|
)
|
(26.11
|
)
|
603,641
|
2.39
|
**
|
4.30
|
**
|
59
|
|||||||||||||
|
0.53
|
2.60
|
803,046
|
1.01
|
**
|
2.58
|
**
|
8
|
|||||||||||||||
|
(b)
|
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
|
|
• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund 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 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:
|
|
NMZ
|
NMCO
|
|||
|
Year Ended 10/31:
|
Year Ended 10/31:
|
|||
|
2020(e)
|
0.93%**
|
2020(e)
|
1.11%**
|
|
|
2019
|
1.16
|
2019(d)
|
0.05**
|
|
|
2018
|
0.91
|
|
|
|
|
2017
|
0.49
|
|
|
|
|
2016
|
0.24
|
|
|
|
|
2015
|
0.17
|
|
|
|
|
(c)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
|
|
(d)
|
For the period September 16, 2019 (commencement of operations) through October 31, 2019.
|
|
(e)
|
For the six months ended April 30, 2020.
|
|
*
|
Rounds to less than $0.01 per share.
|
|
**
|
Annualized.
|
See accompanying notes to financial statements.
151
Financial Highlights (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
AMTP, iMTP,
|
|
|
|
|
|
|
|
|
|
|
|
|
MFP, VMTP
|
|
|
|
|
|
|
|
|
|
|
|
|
and /or
|
|
|
|
|
|
|
|
|
|
|
|
|
VRDP Shares
|
|
|
AMTP Shares
|
iMTP Shares
|
MFP Shares
|
VMTP Shares
|
VRDP Shares
|
at the End
|
|||||
|
|
at the End of Period
|
at the End of Period
|
at the End of Period
|
at the End of Period
|
at the End of Period
|
of the Period
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
Asset
|
|
|
Aggregate
|
Aggregate
|
Aggregate |
Aggregate
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Coverage
|
|
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Per $1
|
|
|
Outstanding
|
Per $100,000 |
Outstanding
|
Per $5,000
|
Outstanding
|
Per $100,000 |
Outstanding | Per $100,000 |
Outstanding
|
Per $100,000 |
Liquidation
|
|
|
(000)
|
Share
|
(000)
|
Share
|
(000)
|
Share(a)
|
(000)
|
Share
|
(000)
|
Share
|
Preference
|
|
NVG
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 10/31:
|
|
|
|
|
|
|
|
|
|
|
|
|
2020(b)
|
$112,000
|
$270,100
|
$ —
|
$ —
|
$405,400
|
$270,100
|
$ —
|
$ —
|
$1,411,600
|
$270,100
|
$2.70
|
|
2019
|
—
|
—
|
—
|
—
|
405,400
|
291,357
|
—
|
—
|
1,411,600
|
291,357
|
2.91
|
|
2018
|
—
|
—
|
—
|
—
|
405,400
|
272,535
|
—
|
—
|
1,411,600
|
272,535
|
2.73
|
|
2017
|
—
|
—
|
—
|
—
|
—
|
—
|
240,400
|
300,955
|
1,411,600
|
300,955
|
3.01
|
|
2016
|
—
|
—
|
—
|
—
|
—
|
—
|
240,400
|
304,005
|
1,411,600
|
304,005
|
3.04
|
|
2015
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
179,000
|
338,606
|
—
|
|
NZF
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 10/31:
|
|
|
|
|
|
|
|
|
|
|
|
|
2020(b)
|
—
|
—
|
—
|
—
|
641,000
|
253,243
|
—
|
—
|
727,000
|
253,243
|
2.53
|
|
2019
|
—
|
—
|
—
|
—
|
641,000
|
272,809
|
—
|
—
|
727,000
|
272,809
|
2.73
|
|
2018
|
—
|
—
|
—
|
—
|
641,000
|
256,556
|
—
|
—
|
727,000
|
256,556
|
2.57
|
|
2017
|
—
|
—
|
—
|
—
|
150,000
|
287,873
|
336,000
|
287,873
|
727,000
|
287,873
|
2.88
|
|
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
|
|
(a)
|
NVG’s Series B MFP Shares have a $1,000 liquidation preference per share, while all other MFP Shares have a $100,000 liquidation preference per share. The asset coverage per $1,000 share for NVG’s Series B MFP Shares were as follows:
|
|
|
Asset
|
|
|
Coverage
|
|
|
Per $1,000
|
|
NVG
|
Share
|
|
Series B
|
|
|
Year Ended 10/31:
|
|
|
2020(b)
|
$2,701
|
|
2019
|
2,914
|
|
2018
|
—
|
|
2017
|
—
|
|
2016
|
—
|
|
2015
|
—
|
See accompanying notes to financial statements.
152
|
|
AMTP Shares
|
MFP Shares
|
VMTP Shares
|
|||
|
|
at the End of Period
|
at the End of Period
|
at the End of Period
|
|||
|
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
|
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Amount
|
Coverage
|
|
|
Outstanding
|
Per $100,000
|
Outstanding
|
Per $100,000
|
Outstanding
|
Per $100,000
|
|
|
(000)
|
Share
|
(000)
|
Share
|
(000)
|
Share
|
|
NMZ
|
|
|
|
|
|
|
|
Year Ended 10/31:
|
|
|
|
|
|
|
|
2020(b)
|
$87,000
|
$1,203,706
|
$ —
|
$ —
|
$ —
|
$ —
|
|
2019
|
87,000
|
1,213,872
|
—
|
—
|
—
|
—
|
|
2018
|
87,000
|
1,040,734
|
—
|
—
|
—
|
—
|
|
2017
|
—
|
—
|
—
|
—
|
87,000
|
1,081,317
|
|
2016
|
—
|
—
|
—
|
—
|
87,000
|
1,006,411
|
|
2015
|
—
|
—
|
—
|
—
|
87,000
|
886,333
|
|
NMCO
|
|
|
|
|
|
|
|
Year Ended 10/31:
|
|
|
|
|
|
|
|
2020(b)
|
—
|
—
|
450,000
|
234,142
|
—
|
—
|
|
2019(c)
|
—
|
—
|
—
|
—
|
—
|
—
|
|
(b)
|
For the six months ended April 30, 2020.
|
|
(c)
|
For the period September 16, 2019 (commencement of operations) through October 31, 2019.
|
See accompanying notes to financial statements.
153
Notes to
1. General Information
Fund Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
|
•
|
Nuveen AMT-Free Municipal Credit Income Fund (NVG)
|
|
•
|
Nuveen Municipal Credit Income Fund (NZF)
|
|
•
|
Nuveen Municipal High Income Opportunity Fund (NMZ)
|
|
•
|
Nuveen Municipal Credit Opportunities Fund (NMCO)
|
The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified closed-end management investment companies. NVG, NZF, NMZ and NMCO were organized as
Massachusetts business trusts on July 12, 1999, March 21, 2001, October 8, 2003 and April 18, 2019, respectively.
The end of the reporting period for the Funds is April 30, 2020, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2020 (the “current fiscal period”).
Investment Adviser and Sub-Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity
Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ 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.
Fund Merger
Effective prior to the opening of business on November 18, 2019, Nuveen Connecticut Quality Municipal Income Fund (NTC) (the “Target Fund”) was merged into NVG (the “Acquiring Fund”) (the
“Merger”).
For accounting and performance reporting purposes, the Acquiring Fund is the survivor.
Upon the closing of the Merger, the Target Fund transferred its assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund and the assumption by the Acquiring
Fund of the liabilities of the Target Fund. The Target Fund was then liquidated, dissolved and terminated in accordance with its Declaration of Trust. Shareholders of the Target Fund became shareholders of the Acquiring Fund. Holders of common
shares of the Target Fund received newly issued common shares of the Acquiring Fund, the aggregate net asset value (“NAV”) of which is equal to the aggregate NAV of the common shares of the Target Fund held immediately prior to the Merger
(including for this purpose fractional Acquiring Fund shares to which shareholders were entitled). Holders of preferred shares of the Target Fund receive on a one-for-one basis newly issued preferred shares of the Acquiring Fund, in exchange for
preferred shares of the Target Fund held immediately prior to the Merger. Details of the Merger are further described in Note 9 – Fund Merger.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter
ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. There have been no comparable
recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have on the Funds’ financial performance. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of
business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
154
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of
estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification 946, Financial Services—Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes
includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting
policies consistently followed by the Funds.
Compensation
The Funds pay 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 Funds 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.
Distributions to Common Shareholders
Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which
may differ from U.S. GAAP.
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.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification
method. Investment income is comprised of interest income, which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment income also reflects payment-in-kind
(“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Investment income also reflects dividend income, which is recorded on the ex-dividend date.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and 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 4 – Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has 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. During the current fiscal
period, ASU 2017-08 became effective for the Funds and it did not have a material impact on the Funds’ financial statements.
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued ASU 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13
modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management
has early implemented this guidance and it did not have a material impact on the Funds’ financial statements.
155
Notes to Financial Statements (Unaudited) (continued)
Reference Rate Reform
In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide
relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial
Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without
additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, but is currently assessing the impact of the
ASU’s adoption to the Funds’ financial statements and various filings.
3. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
The Funds’ investments in securities are recorded at their estimated fair value. 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 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, credit spreads, 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.
Investments in investment companies are valued at their respective NAV’s 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.
Exchange-traded funds 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.
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.
156
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*
|
$
|
—
|
$
|
5,279,233,561
|
$
|
5,017,878
|
***
|
$
|
5,284,251,439
|
|||||||
|
Common Stocks**
|
—
|
21,193,420
|
****
|
—
|
21,193,420
|
|||||||||||
|
Short-Term Investments:
|
||||||||||||||||
|
Municipal Bonds*
|
—
|
14,300,000
|
—
|
14,300,000
|
||||||||||||
|
Total
|
$
|
—
|
$
|
5,314,726,981
|
$
|
5,017,878
|
$
|
5,319,744,859
|
||||||||
|
NZF
|
||||||||||||||||
|
Long-Term Investments:
|
||||||||||||||||
|
Municipal Bonds*
|
$
|
—
|
$
|
3,326,858,778
|
$
|
9,209,043
|
***
|
$
|
3,336,067,821
|
|||||||
|
Common Stocks**
|
—
|
37,266,169
|
****
|
—
|
37,266,169
|
|||||||||||
|
Investment Companies
|
1,639,508
|
—
|
—
|
1,639,508
|
||||||||||||
|
Corporate Bonds**
|
—
|
—
|
52
|
***
|
52
|
|||||||||||
|
Short-Term Investments:
|
||||||||||||||||
|
Municipal Bonds*
|
—
|
50,000,000
|
—
|
50,000,000
|
||||||||||||
|
Total
|
$
|
1,639,508
|
$
|
3,414,124,947
|
$
|
9,209,095
|
$
|
3,424,973,550
|
||||||||
|
NMZ
|
||||||||||||||||
|
Long-Term Investments:
|
||||||||||||||||
|
Municipal Bonds*
|
$
|
—
|
$
|
1,429,595,227
|
$
|
3,478,176
|
***
|
$
|
1,433,073,403
|
|||||||
|
Common Stocks**
|
2,732,443
|
23,528,547
|
****
|
—
|
26,260,990
|
|||||||||||
|
Corporate Bonds**
|
—
|
—
|
363,724
|
***
|
363,724
|
|||||||||||
|
Total
|
$
|
2,732,443
|
$
|
1,453,123,774
|
$
|
3,841,900
|
$
|
1,459,698,117
|
||||||||
|
NMCO
|
||||||||||||||||
|
Long-Term Investments:
|
||||||||||||||||
|
Municipal Bonds*
|
$
|
—
|
$
|
969,651,209
|
$
|
7,003,157
|
***
|
$
|
976,654,366
|
|||||||
|
Exchange-Traded Funds
|
34,602,000
|
—
|
—
|
34,602,000
|
||||||||||||
|
Common Stocks**
|
—
|
26,921,979
|
****
|
—
|
26,921,979
|
|||||||||||
|
Short-Term Investments:
|
||||||||||||||||
|
Municipal Bonds*
|
—
|
15,280,000
|
—
|
15,280,000
|
||||||||||||
|
Total
|
$
|
34,602,000
|
$
|
1,011,853,188
|
$
|
7,003,157
|
$
|
1,053,458,345
|
||||||||
* Refer to the Fund’s Portfolio of Investments for state classifications.
** Refer to the Fund’s Portfolio of Investments for industry classifications.
*** Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.
**** Refer to the Fund’s Portfolio of Investments for securities classified as Level 2.
The following is a reconciliation of the Funds’ Level 3 investments held at the beginning and end of the measurement period:
|
|
NVG
|
NZF
|
||||||||||
|
|
Level 3
|
Level 3
|
||||||||||
|
|
Municipal
|
Municipal
|
Corporate
|
|||||||||
|
|
Bonds
|
Bonds
|
Bonds
|
|||||||||
|
Balance at the beginning of period
|
$
|
—
|
$
|
7,800,000
|
$
|
—
|
||||||
|
Gains (losses):
|
||||||||||||
|
Net realized gains (losses)
|
—
|
—
|
—
|
|||||||||
|
Change in net unrealized appreciation (depreciation)
|
—
|
—
|
(902,899
|
)
|
||||||||
|
Purchases at cost
|
—
|
—
|
902,951
|
|||||||||
|
Sales at proceeds
|
—
|
—
|
—
|
|||||||||
|
Net discounts (premiums)
|
—
|
—
|
—
|
|||||||||
|
Transfers into
|
5,017,878
|
1,409,043
|
—
|
|||||||||
|
Transfers (out of)
|
—
|
—
|
—
|
|||||||||
|
Balance at the end of period
|
$
|
5,017,878
|
$
|
9,209,043
|
$
|
52
|
||||||
|
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held
|
||||||||||||
|
as of period end
|
$
|
(918,306
|
)
|
$
|
(241,962
|
)
|
$
|
(902,899
|
)
|
|||
157
Notes to Financial Statements (Unaudited) (continued)
|
|
NMZ
|
NMCO
|
||||||||||
|
|
Level 3
|
Level 3
|
||||||||||
|
|
Municipal
|
Corporate
|
Municipal
|
|||||||||
|
|
Bonds
|
Bonds
|
Bonds
|
|||||||||
|
Balance at the beginning of period
|
$
|
2,023,787
|
$
|
—
|
$
|
—
|
||||||
|
Gains (losses):
|
||||||||||||
|
Net realized gains (losses)
|
—
|
—
|
—
|
|||||||||
|
Change in net unrealized appreciation (depreciation)
|
192,559
|
(115,781
|
)
|
—
|
||||||||
|
Purchases at cost
|
—
|
115,788
|
—
|
|||||||||
|
Sales at proceeds
|
—
|
—
|
—
|
|||||||||
|
Net discounts (premiums)
|
—
|
—
|
—
|
|||||||||
|
Transfers into
|
1,261,830
|
363,717
|
7,003,157
|
|||||||||
|
Transfers (out of)
|
—
|
—
|
—
|
|||||||||
|
Balance at the end of period
|
$
|
3,478,176
|
$
|
363,724
|
$
|
7,003,157
|
||||||
|
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held
|
||||||||||||
|
as of period end
|
$
|
(15,491
|
)
|
$
|
(3,525,544
|
)
|
$
|
(1,281,407
|
)
|
|||
As of the measurement date, Municipal Bonds and Corporate Bonds categorized as Level 3 are fair valued utilizing a recovery estimate based on non-public information, except Colorado Energy LLC
held in NMZ which is priced at placeholder value of $0.001 given the remote chance for recovery.
The table below presents the transfers in and out of the three valuation levels for the Funds as of the end of the reporting period when compared to the valuation levels at the end of the previous
fiscal year. Changes in valuation inputs or methodologies may result in transfers into or out of an assigned level within the fair value hierarchy. Transfers in or out of levels are generally due to the availability of publicly available
information and to the significance or extent the Adviser determines that the valuation inputs or methodologies may impact the valuation of those securities.
|
|
Level 1
|
Level 2
|
Level 3
|
|||||||||||||||||||||
|
|
Transfers In
|
(Transfers Out)
|
Transfers In
|
(Transfers Out)
|
Transfers In
|
(Transfers Out)
|
||||||||||||||||||
|
NVG
|
||||||||||||||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
(5,017,878
|
)
|
$
|
5,017,878
|
$
|
—
|
|||||||||||
|
NZF
|
||||||||||||||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
(1,409,043
|
)
|
$
|
1,409,043
|
$
|
—
|
|||||||||||
|
NMZ
|
||||||||||||||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
(1,261,830
|
)
|
$
|
1,261,830
|
$
|
—
|
|||||||||||
|
Corporate Bonds
|
—
|
—
|
—
|
(363,717
|
)
|
363,717
|
—
|
|||||||||||||||||
|
NMCO
|
||||||||||||||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
(7,003,157
|
)
|
$
|
7,003,157
|
$
|
—
|
|||||||||||
4. 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.
158
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. Earnings due
from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Receivable for interest” and “Payable for interest” on the Statement of Assets and Liabilities,
respectively.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) –
Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or
any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the
Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are
capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
|
Floating Rate Obligations Outstanding
|
NVG
|
NZF
|
NMZ
|
NMCO
|
||||||||||||
|
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
191,570,000
|
$
|
16,275,000
|
$
|
432,451,000
|
$
|
13,132,000
|
||||||||
|
Floating rate obligations: externally-deposited Inverse Floaters
|
71,775,000
|
11,095,000
|
98,020,000
|
—
|
||||||||||||
|
Total
|
$
|
263,345,000
|
$
|
27,370,000
|
$
|
530,471,000
|
$
|
13,132,000
|
||||||||
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
|
NMCO
|
||||||||||||
|
Average floating rate obligations outstanding
|
$
|
191,533,379
|
$
|
17,526,071
|
$
|
398,118,637
|
$
|
34,662,747
|
||||||||
|
Average annual interest rate and fees
|
1.88
|
%
|
1.93
|
%
|
1.95
|
%
|
2.17
|
%
|
||||||||
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 is 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.
159
Notes to Financial Statements (Unaudited) (continued)
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, NMZ had outstanding borrowings under such liquidity facilities in the amount of $3,621,228, which are recognized as a component of
“Floating rate obligations” on the Statement of Assets and Liabilities. There were no loans outstanding under such facilities for other Funds as of the end of the reporting period.
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
|
NMCO
|
||||||||||||
|
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
|
$
|
183,825,000
|
$
|
8,775,000
|
$
|
402,011,000
|
$
|
13,132,000
|
||||||||
|
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
|
59,420,000
|
9,420,000
|
98,020,000
|
—
|
||||||||||||
|
Total
|
$
|
243,245,000
|
$
|
18,195,000
|
$
|
500,031,000
|
$
|
13,132,000
|
||||||||
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.
Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
|
|
NVG
|
NZF
|
NMZ
|
NMCO
|
||||||||||||
|
Purchases
|
$
|
549,378,047
|
$
|
460,451,374
|
$
|
313,621,279
|
$
|
1,075,323,020
|
||||||||
|
Sales and maturities
|
574,134,551
|
525,083,093
|
82,381,119
|
574,688,712
|
||||||||||||
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income
is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. 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. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
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 other 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.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
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,
160
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.
5. 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 a 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
|
||||||
|
|
4/30/20
|
10/31/19
|
||||||
|
Additional authorized common shares
|
19,500,000
|
15,700,000
|
*
|
|||||
|
Common shares sold
|
10,350,366
|
4,928,383
|
||||||
|
Offering proceeds, net of offering costs
|
146,197,383
|
$
|
69,515,572
|
|||||
* Represents additional authorized common shares for the period April 11, 2019 through October 31, 2019.
Costs incurred by the Fund in connection with its initial shelf registration are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and
Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining
one year after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of “Other expenses” on the Statement of
Operations.
Common Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:
|
|
NVG
|
|||||||
|
|
Six Months
|
Year
|
||||||
|
|
Ended
|
Ended
|
||||||
|
|
4/30/20
|
10/31/19
|
||||||
|
Common shares:
|
||||||||
|
Issued in the Merger
|
10,817,649
|
—
|
||||||
|
|
NMZ
|
|||||||
|
|
Six Months
|
Year
|
||||||
|
|
Ended
|
Ended
|
||||||
|
|
4/30/20
|
10/31/19
|
||||||
|
Common shares:
|
||||||||
|
Issued to shareholders due to reinvestment of distributions
|
18,929
|
24,585
|
||||||
|
Sold through shelf offering
|
10,350,366
|
4,928,383
|
||||||
|
Weighted average common share:
|
||||||||
|
Premium to NAV per shelf offering share sold
|
1.44
|
%
|
1.26
|
%
|
||||
161
Notes to Financial Statements (Unaudited) (continued)
|
|
NMCO*
|
|||||||
|
|
For the
|
|||||||
|
|
period 9/16/19
|
|||||||
|
|
(commencement
|
|||||||
|
|
Six Months
|
of operations)
|
||||||
|
|
Ended
|
through
|
||||||
|
|
4/30/20
|
10/31/19
|
||||||
|
Common shares:
|
||||||||
|
Issued to shareholders due to reinvestment of distributions
|
11,857
|
—
|
||||||
|
Sold
|
—
|
53,250,000
|
||||||
* Prior to the commencement of operations, the Adviser purchased 6,667 shares, which are still held as of the end of the reporting period.
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
The following Funds have issued and have outstanding Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private
placement and are not publicly available.
The details of each Fund’s AMTP Shares outstanding as of the end of the reporting period, were as follows:
|
|
|
|
|
Liquidation
|
|
|
|
|
|
Preference,
|
|
|
|
Shares
|
Liquidation
|
Net of Deferred
|
|
Fund
|
Series
|
Outstanding
|
Preference
|
Offering Costs
|
|
NVG
|
2028*
|
1,120
|
$112,000,000
|
$111,907,742
|
|
NMZ
|
2028
|
870
|
$87,000,000
|
$86,874,270
|
* AMTP Shares issued in connection with the Merger.
Each Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. AMTP Shares are subject to
optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance (“Premium Expiration Date”), and at
the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount which is initially
established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should
the majority owner and the Fund fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.
In addition, the Funds may be obligated to redeem a certain amount of the AMTP Shares if the Funds 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 AMTP Shares are as follows:
|
|
Notice
|
|
Term
|
Premium
|
|
Fund
|
Period
|
Series
|
Redemption Date
|
Expiration Date
|
|
NVG
|
540-day
|
2028
|
December 1, 2028**
|
February 13, 2019
|
|
NMZ
|
360-day
|
2028
|
March 1, 2028**
|
August 31, 2018
|
** Subject to early termination by either the Fund or the holder.
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
|
|
NVG***
|
NMZ
|
|
Average liquidation preference of AMTP Shares outstanding
|
$112,000,000
|
$87,000,000
|
|
Annualized dividend rate
|
2.21%
|
2.21%
|
*** For the period November 18, 2019 (Merger date) through April 30, 2020.
AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their
liquidation preference so long as the fixed “spread” on the AMTP Shares remains roughly in line with the
162
“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 the fair value of
AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a
component of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of “Interest payable” on the Statement of
Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Costs incurred in connection each Fund’s offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as components of “Adjustable
Rate MuniFund Term Preferred (“AMTP”) 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.
MuniFund Preferred Shares
The following Funds have issued and have outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 ($1,000 for NVG’s Series B) liquidation preference per share. These MFP Shares were issued
via private placement and are not publically available.
The Funds are obligated to redeem their MFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Funds. MFP Shares are initially
issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Funds. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a
subsequent date, the Fund may establish additional mode structures with the MFP Share.
|
•
|
Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, market value of the MFP Shares is expected to approximate its liquidation preference.
Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the share- holder requesting
tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
Each Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations .
|
|
•
|
Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the
end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially. |
|
•
|
Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference.
While in this mode, Shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the
shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is
designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider
after six months of continuous, unsuccessful remarketing.
|
For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred
offering costs” on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on “Interest payable” on the
Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
163
Notes to Financial Statements (Unaudited) (continued)
Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP shares if the Fund fails
to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid
dividends.
NMCO incurred offering costs of $1,136,140 in connection with its offering of MFP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares. These
offering costs are recognized as a component of “MuniFund Preferred (“MFP”) 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.
As of the end of the reporting period, NVG, NZF and NMCO had $403,883,992, $639,992,116 and $448,891,324 of MFP Shares at liquidation preference, net of deferred offering costs, respectively.
Further details of each Fund’s MFP Shares outstanding as of the end of the reporting period, were as follows:
|
|
|
|
|
|
|
Mode
|
|
|
|
Shares
|
Liquidation
|
Term
|
|
Termination
|
|
Fund
|
Series
|
Outstanding
|
Preference
|
Redemption Date
|
Mode
|
Date
|
|
NVG
|
A
|
2,054
|
$205,400,000
|
January 3, 2028
|
VRM
|
January 3, 2028*
|
|
|
B
|
200,000
|
200,000,000
|
March 1, 2029
|
VRRM
|
N/A
|
|
NZF
|
A
|
1,500
|
$150,000,000
|
May 1, 2047
|
VRM
|
May 5, 2021
|
|
|
B
|
1,550
|
155,000,000
|
February 3, 2048
|
VRM
|
February 3, 2048*
|
|
|
C
|
3,360
|
336,000,000
|
June 1, 2048
|
VRM
|
June 21, 2023
|
|
NMCO
|
A
|
1,000
|
$100,000,000
|
October 1, 2031
|
VRDM
|
N/A
|
|
|
B
|
2,250
|
225,000,000
|
October 1, 2031
|
VRM
|
December 28, 2022
|
|
|
C
|
1,250
|
125,000,000
|
October 1, 2031
|
VRM
|
October 1, 2031*
|
* Subject to earlier termination by either the Fund or the holder.
The average liquidation preference of MFP Shares outstanding and annualized dividend rate for the Funds during the current fiscal period were as follows:
|
|
NVG
|
NZF
|
NMCO**
|
|
Average liquidation preference of MFP Shares outstanding
|
$405,400,000
|
$641,000,000
|
$325,771,605
|
|
Annualized dividend rate
|
1.85%
|
2.22%
|
2.38%
|
** For the period November 21, 2019 (first issuance of shares) through April 30, 2020.
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, NVG and NZF had $1,407,966,653 and $722,410,648 of VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of
the Funds’ VRDP Shares outstanding as of the end of the reporting period, were as follows:
|
|
|
Shares
|
Remarketing
|
Liquidation
|
|
|
Fund
|
Series
|
Outstanding
|
Fee*
|
Preference
|
Maturity
|
|
NVG
|
1
|
1,790
|
0.08%
|
$179,000,000
|
December 1, 2043
|
|
|
2
|
3,854
|
0.10
|
$385,400,000
|
December 1, 2040
|
|
|
4
|
1,800
|
0.08
|
$180,000,000
|
June 1, 2046
|
|
|
5
|
3,405
|
0.10
|
$340,500,000
|
December 1, 2040
|
|
|
6
|
3,267
|
0.10
|
$326,700,000
|
December 1, 2040
|
|
NZF
|
1
|
2,688
|
N/A
|
$268,800,000
|
March 1, 2040
|
|
|
2
|
2,622
|
N/A
|
$262,200,000
|
March 1, 2040
|
|
|
3
|
1,960
|
0.05
|
$196,000,000
|
June 1, 2040
|
* Remarketing fees as a percentage of aggregate principal amount of all VRDP Shares outstanding of each series.
N/A Not applicable. Series is considered to be Special Rate VRDP and therefore does not pay a remarketing fee.
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 on the
aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
164
NZF’s Series 1 and Series 2 VRDP Shares are considered to be Special Rate VRDP, which are sold to institutional investors. The special rate period will expire on March 1, 2040 for the Fund’s
Series 1 and 2 VRDP Shares, but is subject to earlier termination by either the Fund or the holder. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events,
or be supported by a liquidity provider and are not subject to remarketing fees or liquidity fees. During the special rate period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial
special rate period, Special Rate Period VRDP Shares may transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by designated liquidity provider, or the Board may approve a subsequent special rate
period.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP
Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in
order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to
maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
|
|
NVG
|
NZF
|
|
Average liquidation preference of VRDP Shares outstanding
|
$1,411,600,000
|
$727,000,000
|
|
Annualized dividend rate
|
1.48%
|
1.91%
|
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “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.
Transactions in AMTP Shares for the Funds, where applicable, were as follows:
|
|
Six Months Ended
|
||
|
|
April 30, 2020
|
||
|
NVG
|
Series
|
Shares
|
Amount
|
|
AMTP Shares issued in connection with the Merger
|
2028
|
1,120
|
$112,000,000
|
Transactions in MFP Shares for the Funds, where applicable, were as follows:
|
|
Year Ended
|
||
|
|
October 31, 2019
|
||
|
NVG
|
Series
|
Shares
|
Amount
|
|
MFP Shares issued
|
B
|
200,000
|
$ 200,000,000
|
|
MFP Shares redeemed
|
A
|
(2,000)
|
(200,000,000)
|
|
Net increase (decrease)
|
|
198,000
|
$ —
|
|
|
Six Months Ended
|
||
|
|
April 30, 2020
|
||
|
NMCO
|
Series
|
Shares
|
Amount
|
|
MFP Shares issued
|
A
|
1,000
|
$100,000,000
|
|
|
B
|
2,250
|
225,000,000
|
|
|
C
|
1,250
|
125,000,000
|
|
Total
|
|
4,500
|
$450,000,000
|
165
Notes to Financial Statements (Unaudited) (continued)
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.
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.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of April 30, 2020.
|
|
NVG
|
NZF
|
NMZ
|
NMCO
|
||||||||||||
|
Tax cost of investments
|
$
|
4,936,146,214
|
$
|
3,280,118,921
|
$
|
1,104,379,491
|
$
|
1,161,567,623
|
||||||||
|
Gross unrealized:
|
||||||||||||||||
|
Appreciation
|
$
|
319,820,506
|
$
|
204,726,151
|
$
|
49,252,692
|
$
|
8,751,511
|
||||||||
|
Depreciation
|
(127,790,587
|
)
|
(76,146,462
|
)
|
(126,386,488
|
)
|
(129,992,833
|
)
|
||||||||
|
Net unrealized appreciation (depreciation) of investments
|
$
|
192,029,919
|
$
|
128,579,689
|
$
|
(77,133,796
|
)
|
$
|
(121,241,322
|
)
|
||||||
Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, taxable market discount, and distribution reallocations, resulted in reclassifications among the Funds’
components of common share net assets as of October 31, 2019, the Funds’ last tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2019, the Funds’ last tax year end, were as follows:
|
|
NVG
|
NZF
|
NMZ
|
NMCO
|
||||||||||||
|
Undistributed net tax-exempt income1
|
$
|
805,374
|
$
|
—
|
$
|
8,938,892
|
$
|
2,103,978
|
||||||||
|
Undistributed net ordinary income2
|
895,120
|
544,785
|
1,823,345
|
36,108
|
||||||||||||
|
Undistributed net long-term capital gains
|
7,412,763
|
—
|
—
|
—
|
||||||||||||
1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1,
2019 and paid on November 1, 2019.
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, 2019 was designated for purposes of the dividends paid deduction as follows:
|
|
NVG
|
NZF
|
NMZ
|
NMCO3
|
||||||||||||
|
Distributions from net tax-exempt income
|
$
|
190,221,672
|
$
|
143,023,900
|
$
|
45,872,276
|
$
|
—
|
||||||||
|
Distributions from net ordinary income2
|
2,107,685
|
2,380,321
|
1,266,915
|
—
|
||||||||||||
|
Distributions from net long-term capital gains
|
5,573,838
|
—
|
—
|
—
|
||||||||||||
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3 For the period September 16, 2019 (commencement of operations) through October 31, 2019.
166
As of October 31, 2019, the Funds’ last tax year end, the following Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital
gains, if any. The capital losses are not subject to expiration.
|
|
NZF4
|
NMZ
|
NMCO
|
|
Not subject to expiration:
|
|
|
|
|
Short-term
|
$18,798,593
|
$574,436
|
$279,799
|
|
Long-term
|
—
|
344,148
|
—
|
|
Total
|
$18,798,593
|
$918,584
|
$279,799
|
4 A portion of NZF’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code
and related regulations.
During the Funds’ last tax year ended October 31, 2019, the following Funds utilized capital loss carryforwards as follows:
|
|
NZF
|
NMZ
|
|
Utilized capital loss carryforwards
|
$12,251,952
|
$2,259,147
|
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 Rate
|
|
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 Rate
|
|
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
|
|
|
NMCO
|
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|
For the first $125 million
|
0.7500%
|
|
For the next $125 million
|
0.7375
|
|
For the next $250 million
|
0.7250
|
|
For the next $500 million
|
0.7125
|
|
For the next $1 billion
|
0.7000
|
|
For the next $3 billion
|
0.6750
|
|
For managed assets over $5 billion
|
0.6625
|
167
Notes to Financial Statements (Unaudited) (continued)
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 Eligible Asset Breakpoint Level*
|
Effective Complex-Level Fee Rate at Breakpoint Level
|
|
$55 billion
|
0.2000%
|
|
$56 billion
|
0.1996
|
|
$57 billion
|
0.1989
|
|
$60 billion
|
0.1961
|
|
$63 billion
|
0.1931
|
|
$66 billion
|
0.1900
|
|
$71 billion
|
0.1851
|
|
$76 billion
|
0.1806
|
|
$80 billion
|
0.1773
|
|
$91 billion
|
0.1691
|
|
$125 billion
|
0.1599
|
|
$200 billion
|
0.1505
|
|
$250 billion
|
0.1469
|
|
$300 billion
|
0.1445
|
* For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the
funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that
has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The
complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds
or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include
certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of April 30, 2020, the complex-level fee for each Fund was 0.1593%.
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser (“Affiliated Entity”) under specified conditions outlined in procedures
adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser),
common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.
During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures as follows:
|
Cross-Trades
|
NVG
|
NZF
|
NMZ
|
NMCO
|
|
Purchases
|
$31,100,000
|
$17,702,380
|
$39,020,000
|
$ 87,875,958
|
|
Sales
|
31,100,000
|
45,362,763
|
—
|
114,648,724
|
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.65 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. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a
multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to
those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2020 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 1.00% per annum or (b) the Fed Funds rate plus 1.00% 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.
168
During the current fiscal period, the following Funds utilized this facility. Each Fund’s maximum outstanding balance during the utilization period was as follows:
|
|
NVG
|
NZF
|
NMZ
|
|
Maximum outstanding balance
|
$75,100,000
|
$52,200,000
|
$23,200,000
|
During each Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
|
|
NVG
|
NZF
|
NMZ
|
|
Utilization period (days outstanding)
|
30
|
62
|
1
|
|
Average daily balance outstanding
|
$23,020,000
|
$14,338,929
|
$23,200,000
|
|
Average annual interest rate
|
2.75%
|
2.57%
|
1.86%
|
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
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 the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
9. Fund Merger
The Merger as previously described in Note 1 — General Information was structured to qualify as a tax-free merger under the Internal Revenue Code for federal income tax purposes, and the Target
Fund’s shareholders recognized no gain or loss for federal income tax purposes as a result. Prior to the closing of the Merger, the Target Fund distributed all of its net investment income and capital gains, if any. Such a distribution may be
taxable to the Target Fund’s shareholders for federal income tax purposes.
169
Notes to Financial Statements (Unaudited) (continued)
Investments
The cost, fair value and net unrealized appreciation (depreciation) of the investments (including investments in derivatives) of the Target Fund as of the date of the Merger, were as follows:
|
|
NTC
|
|
Cost of investments
|
$278,923,665
|
|
Fair value of investments
|
294,696,476
|
|
Net unrealized appreciation (depreciation) of investments
|
15,772,811
|
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund were
carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Common Shares
The common shares outstanding, net assets applicable to common shares and NAV per common share outstanding immediately before and after the Merger were as follows:
|
Target Fund – Prior to Merger
|
NTC
|
|
Common shares outstanding
|
14,328,976
|
|
Net assets applicable to common shares
|
$184,807,196
|
|
NAV per common share outstanding
|
$ 12.90
|
|
Acquiring Fund – Prior to Merger
|
NVG
|
|
Common shares outstanding
|
202,552,895
|
|
Net assets applicable to common shares
|
$3,460,366,031
|
|
NAV per common share outstanding
|
$ 17.08
|
|
Acquiring Fund – Post Merger
|
NVG
|
|
Common shares outstanding
|
213,370,544
|
|
Net assets applicable to common shares
|
$3,645,173,227
|
|
NAV per common share outstanding
|
$ 17.08
|
Pro Forma Results of Operations
The beginning of the Target Fund’s current fiscal period was June 1, 2019. Assuming the Merger had been completed on November 1, 2019, the beginning of the Acquiring Fund’s current fiscal period,
the pro forma results of operations for the current fiscal period, are as follows:
|
Acquiring Fund – Pro Forma Results from Operations
|
NVG
|
|
Net investment income (loss)
|
$ 81,945,091
|
|
Net realized and unrealized gains (losses)
|
(370,274,566)
|
|
Change in net assets resulting from operations
|
(288,329,475)
|
Because the combined investment portfolios for the Merger have been managed as a single integrated portfolio since the Merger was completed, it is not practicable to separate the amounts of
revenue and earnings of the Target Fund that have been included in the Statement of Operations for the Acquiring Fund since the Merger was consummated.
Cost and Expenses
In connection with the Merger, the Acquiring Fund incurred certain associated costs and expenses. Such amounts were included as components of “Accrued other expenses” on the Statement of Assets
and Liabilities and “Merger expenses” on the Statement of Operations.
10. Subsequent Events
Variable Rate Demand Preferred Shares
On June 14, 2020 and June 15, 2020, NVG’s Series 1 VRDP Shares and Series 4 VRDP Shares remarketing fees changed from 0.08% to 0.10%, respectively.
170
Committed Line of Credit
During June 2020, the Participating Funds renewed the standby credit facility through June 2021. In conjunction with this renewal the commitment amount decreased from $2.65 billion to $2.405
billion and the interest rate increased from LIBOR plus 1.00% to LIBOR plus 1.25%. The Participating Funds also incurred a 0.10% upfront fee. All other terms remain unchanged.
171
|
Board of Trustees
|
|
|
|
|
|
|
|
Jack B. Evans
|
William C. Hunter
|
Albin F. Moschner
|
John K. Nelson
|
Judith M. Stockdale
|
Carole E. Stone
|
|
|
Terence J. Toth
|
Margaret L. Wolff
|
Robert L. Young
|
|
|
|
|
|
|
||||||
|
Investment Adviser
|
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
|
|
ComputerShare Trust
|
|
|
Chicago, IL 60606
|
One Lincoln Street
|
|
200 East
|
|
Company, N.A.
|
|
|
|
Boston, MA 02111
|
|
Randolph Street
|
150 Royall Street
|
||
|
|
|
|
Chicago, IL 60601
|
Canton, MA 02021
|
||
|
|
|
|
|
|
(800) 257-8787
|
|
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 as an exhibit to
its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request,
by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge,
upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
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
NVG, NZF and NMZ intend to repurchase, through their open-market share repurchase program, shares of their 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.
172
|
■
|
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 cumula- tive 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.
|
|
■
|
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.
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Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
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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 4/11/16 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 perform- ance 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.
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173
Glossary of Terms Used in this Report (continued)
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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.
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Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local govern- ments 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.
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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.
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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.
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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.
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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 management fees.
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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 resid- ual 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.
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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.
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174
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 professional or call us at (800) 257-8787.
175
Nuveen:
Serving Investors for Generations
Since 1898, financial professionals and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today,
we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in
solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management,
analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial professional, or call us at (800) 257-8787. Please read the
information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which
contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
ESA-C-0420D 1210958-INV-B-06/21
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.
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(a)
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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)).
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(b)
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There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the
period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
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ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
File the exhibits listed below as part of this Form.
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(a)(1)
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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.
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(a)(3)
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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.
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(a)(4)
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Change in the registrant’s independent public accountant. Not applicable.
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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 7, 2020
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 7, 2020
By (Signature and Title) /s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)
Date: July 7, 2020