Investment Company Act file number | 811-23440 |
Registrant’s telephone number, including area code: | (312) 917-7700 |
Date of fiscal year end: | October 31 |
Date of reporting period: | October 31, 2022 |
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Closed-End | 31 October |
Funds | 2022 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
NZF | Nuveen Municipal Credit Income Fund |
NMZ | Nuveen Municipal High Income Opportunity Fund |
NMCO | Nuveen Municipal Credit Opportunities Fund |
NDMO | Nuveen Dynamic Municipal Opportunities Fund |
• | net investment income consisting of regular interest and dividends, |
• | realized capital gains or, |
• | possibly, returns of capital representing in certain cases unrealized capital appreciation. |
NVG** | NZF | NMZ | NMCO | NDMO | |
Effective Leverage* | 44.24% | 44.03% | 42.78% | 43.38% | 28.77% |
Regulatory Leverage* | 41.51% | 41.01% | 24.62% | 42.87% | 28.07% |
* | 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 and reverse repurchase agreements 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. |
** | Percentages do not include preferred shares noticed for redemption as noted on the Statement of Assets and Liabilities. |
Variable Rate | |||
Variable Rate | Remarketed | ||
Preferred* | Preferred** | ||
Shares Issued | Shares Issued at | ||
at Liquidation | at Liquidation | ||
Preference | Preference | Total | |
NVG*** | $160,900,000 | $1,686,600,000 | $1,847,500,000 |
NZF | $1,172,000,000 | $196,000,000 | $1,368,000,000 |
NMZ | $357,000,000 | $ — | $357,000,000 |
NMCO | $350,000,000 | $100,000,000 | $450,000,000 |
NDMO | $240,000,000 | $ — | $240,000,000 |
* | 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. |
*** | Amounts do not include preferred shares noticed for redemption as noted on the Statement of Assets and Liabilities. |
Subsequent to the Close of | |||||||||
Current Reporting Period | the Reporting Period | ||||||||
Outstanding | Outstanding | Average | Outstanding | ||||||
Balance as of | Balance as of | Balance | Balance as of | ||||||
November 1, 2021 | Sales | Purchases | October 31, 2022 | Outstanding | Sales | Purchases | December 22, 2022 | ||
NMZ | $ — | $74,310,000 | $(74,310,000) | $ — | $65,153,760* | $ — | $ — | $ — | |
NDMO | $44,800,000 | $ — | $(44,800,000) | $ — | $44,800,000** | $ — | $ — | $ — |
Subsequent to the Close of | |||||||||
Current Reporting Period | the Reporting Period | ||||||||
Outstanding | Outstanding | Average | Outstanding | ||||||
Balance as of | Balance as of | Balance | Balance as of | ||||||
November 1, 2021 | Draws | Paydowns | October 31, 2022 | Outstanding | Draws | Paydowns | December 22, 2022 | ||
NDMO | $191,900,000 | $ — | $(191,900,000) | $ — | $191,900,000* | $ — | $ — | $ — |
Per Common Share Amounts | ||||
Monthly Distributions (Ex-Dividend Date) | NVG | NZF | NMZ | NMCO |
November 2021 | $0.0675 | $0.0660 | $0.0650 | $0.0620 |
December | 0.0675 | 0.0660 | 0.0650 | 0.0620 |
January | 0.0675 | 0.0660 | 0.0650 | 0.0620 |
February | 0.0675 | 0.0660 | 0.0650 | 0.0620 |
March | 0.0675 | 0.0660 | 0.0650 | 0.0620 |
April | 0.0640 | 0.0585 | 0.0650 | 0.0620 |
May | 0.0640 | 0.0585 | 0.0650 | 0.0620 |
June | 0.0640 | 0.0585 | 0.0650 | 0.0620 |
July | 0.0640 | 0.0585 | 0.0590 | 0.0620 |
August | 0.0640 | 0.0585 | 0.0590 | 0.0620 |
September | 0.0640 | 0.0585 | 0.0590 | 0.0620 |
October 2022 | 0.0545 | 0.0505 | 0.0535 | 0.0575 |
Total Distributions from Net Investment Income | $0.7760 | $0.7315 | $0.7505 | $0.7395 |
Total Distributions from Long Term Capital Gains* | $0.0307 | $ — | $ — | $ — |
Total Distributions | $0.8067 | $0.7315 | $0.7505 | $0.7395 |
Yields | ||||
Market Yield** | 5.93% | 5.60% | 6.52% | 6.64% |
Taxable-Equivalent Yield** | 10.00% | 9.46% | 11.01% | 11.22% |
* | Distribution paid in December 2021. |
** | Market Yield is based on the Fund’s current annualized monthly distribution 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. |
Data as of October 31, 2022 |
Fiscal YTD | Fiscal YTD | ||||||
Percentage of Distributions | Per Share Amounts | ||||||
Net | Net | ||||||
Investment | Realized | Return of | Total | Investment | Realized | Return of | |
Income | Gains | Capital | Distribution | Income | Gains | Capital | |
54.5% | 0.00% | 45.5% | $0.9180 | $0.5002 | $0.0000 | $0.4178 |
Latest | Annualized | Cumulative | |||||
Monthly | Current | Since Inception | Fiscal YTD | Fiscal | |||
Inception | Per Share | Fiscal YTD | Net Asset | Distribution | Return | Distributions | YTD Return |
Date | Distribution | Distribution | Value (NAV) | on NAV | on NAV | on NAV | on NAV |
8/26/2020 | $0.0765 | $0.9180 | $10.34 | 8.87% | (10.31)% | 8.87% | (28.77)% |
NVG* | NMZ** | NMCO | NDMO | |
Maximum aggregate offering | Unlimited | Unlimited | $90,000,000 | $250,000,000 |
NMZ | NMCO | NDMO | |
Common shares sold through shelf offering | 12,811,555 | 1,467,274 | 827,780 |
Weighted average premium to NAV per common share sold | 1.52% | 1.24% | 1.28% |
NVG | NZF | NMZ | NMCO | NDMO | |
Common shares cumulatively repurchased and retired | 202,500 | 47,500 | 0 | 0 | 0 |
Common shares authorized for repurchase | 21,350,000 | 16,535,000 | 10,755,000 | 5,425,000 | 5,945,000 |
NVG | NZF | NMZ | NMCO | NDMO | |
Common share NAV | 12.19 | 12.24 | 9.97 | 11.15 | 10.34 |
Common share price | 11.03 | 10.83 | 9.85 | 10.39 | 9.43 |
Premium/(Discount) to NAV | (9.52)% | (11.52)% | (1.20)% | (6.82)% | (8.80)% |
Average premium/(discount) to NAV | (3.60)% | (5.86)% | 0.48% | (2.34)% | (3.25)% |
NVG | Nuveen AMT-Free Municipal Credit |
Income Fund | |
Performance Overview and Holding Summaries as of October 31, 2022 |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
NVG at Common Share NAV | (25.56)% | (0.80)% | 2.33% |
NVG at Common Share Price | (32.54)% | (0.95)% | 2.07% |
S&P Municipal Bond Index | (11.36)% | 0.50% | 1.77% |
NVG Blended Benchmark | (12.96)% | 1.07% | 2.18% |
Fund Allocation | |
(% of net assets) | |
Long-Term Municipal Bonds | 173.2% |
Common Stocks | 2.1% |
Corporate Bonds | 0.2% |
Other Assets Less Liabilities | 2.6% |
Net Assets Plus Floating Rate Obligations, | |
MFP Shares, net of deferred | |
offering costs & VRDP Shares, | |
net of deferred offering costs | 178.1% |
Floating Rate Obligations | (7.3)% |
MFP Shares, net of deferred | |
offering costs | (23.4)% |
VRDP Shares, net of deferred | |
offering costs | (47.4)% |
Net Assets | 100% |
Portfolio Credit Quality | |
(% of total investment exposure) | |
U.S. Guaranteed | 12.4% |
AAA | 3.0% |
AA | 10.5% |
A | 23.2% |
BBB | 19.0% |
BB or Lower | 11.7% |
N/R (not rated) | 19.0% |
N/A (not applicable) | 1.2% |
Total | 100% |
Portfolio Composition | |
(% of total investments) | |
Tax Obligation/Limited | 18.0% |
Health Care | 15.4% |
U.S. Guaranteed | 12.2% |
Transportation | 10.9% |
Tax Obligation/General | 10.5% |
Education and Civic Organizations | 9.5% |
Utilities | 8.5% |
Common Stocks | 1.2% |
Corporate Bonds | 0.1% |
Other | 13.7% |
Total | 100% |
States and Territories 1 | |
(% of total municipal bonds) | |
Illinois | 14.9% |
California | 8.0% |
Texas | 7.6% |
Colorado | 6.8% |
Ohio | 6.5% |
New York | 4.6% |
New Jersey | 4.0% |
Puerto Rico | 3.8% |
Connecticut | 3.6% |
Pennsylvania | 3.4% |
Florida | 2.5% |
Wisconsin | 2.4% |
Georgia | 2.2% |
District of Columbia | 2.0% |
Massachusetts | 1.8% |
South Carolina | 1.6% |
Indiana | 1.5% |
Missouri | 1.5% |
Alabama | 1.4% |
Other | 19.9% |
Total | 100% |
NZF | Nuveen Municipal Credit Income Fund |
Performance Overview and Holding Summaries as of October 31, 2022 |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
NZF at Common Share NAV | (24.20)% | (0.47)% | 2.38% |
NZF at Common Share Price | (31.77)% | (1.32)% | 1.70% |
S&P Municipal Bond Index | (11.36)% | 0.50% | 1.77% |
NZF Blended Benchmark | (12.96)% | 1.07% | 2.18% |
Fund Allocation | |
(% of net assets) | |
Long-Term Municipal Bonds | 167.5% |
Common Stocks | 5.7% |
Investment Companies | 0.1% |
Variable Rate Senior Loan Interests | 0.0% |
Other Assets Less Liabilities | 4.3% |
Net Assets Plus Borrowings, Floating Rate | |
Obligations, MFP Shares, net of | |
deferred offering costs & VRDP | |
Shares, net of deferred offering costs | 177.6 % |
Borrowings | (2.0)% |
Floating Rate Obligations | (8.3)% |
MFP Shares, net of deferred offering costs | (31.6)% |
VRDP Shares, net of deferred offering costs | (35.7)% |
Net Assets | 100% |
Portfolio Credit Quality | |
(% of total investment exposure) | |
U.S. Guaranteed | 7.3% |
AAA | 0.5% |
AA | 11.6% |
A | 21.5% |
BBB | 21.6% |
BB or Lower | 16.6% |
N/R (not rated) | 17.6% |
N/A (not applicable) | 3.3% |
Total | 100% |
Portfolio Composition | |
(% of total investments) | |
Health Care | 19.3% |
Tax Obligation/Limited | 18.8% |
Transportation | 16.9% |
Tax Obligation/General | 14.4% |
Utilities | 9.2% |
U.S. Guaranteed | 7.1% |
Common Stocks | 3.3% |
Investment Companies | 0.1% |
Variable Rate Senior Loan Interests | 0.0% |
Other | 10.9% |
Total | 100% |
States and Territories 1 | |
(% of total municipal bonds) | |
Illinois | 16.1% |
California | 16.0% |
New York | 9.9% |
Florida | 6.6% |
Texas | 6.5% |
New Jersey | 4.8% |
Puerto Rico | 4.7% |
Colorado | 4.2% |
Pennsylvania | 3.3% |
Ohio | 2.4% |
Wisconsin | 2.4% |
Indiana | 2.0% |
South Carolina | 1.8% |
Other | 19.3% |
Total | 100% |
NMZ | Nuveen Municipal High Income |
Opportunity Fund | |
Performance Overview and Holding Summaries as of October 31, 2022 |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
NMZ at Common Share NAV | (27.13)% | (0.52)% | 3.11% |
NMZ at Common Share Price | (28.88)% | (0.79)% | 2.48% |
S&P Municipal Yield Index | (16.42)% | 1.60% | 3.11% |
Fund Allocation | |
(% of net assets) | |
Long-Term Municipal Bonds | 164.6% |
Common Stocks | 5.8% |
Corporate Bonds | 0.0% |
Variable Rate Senior Loan Interests | 0.0% |
Other Assets Less Liabilities | 2.7% |
Net Assets Plus Floating | |
Rate Obligations,AMTP | |
Shares, net of deferred | |
offering costs | 173.1% |
Floating Rate Obligations | (40.5)% |
AMTP Shares, net of deferred | |
offering costs | (32.6)% |
Net Assets | 100% |
Portfolio Credit Quality | |
(% of total investment exposure) | |
U.S. Guaranteed | 1.4% |
AA | 8.9% |
A | 11.3% |
BBB | 15.7% |
BB or Lower | 11.0% |
N/R (not rated) | 48.3% |
N/A (not applicable) | 3.4% |
Total | 100% |
Portfolio Composition | |
(% of total investments) | |
Tax Obligation/Limited | 28.1% |
Transportation | 13.6% |
Education and Civic Organizations | 13.6% |
Health Care | 12.2% |
Tax Obligation/General | 6.5% |
Housing/Multifamily | 5.8% |
Common Stocks | 3.4% |
Corporate Bonds | 0.0% |
Variable Rate Senior Loan Interests | 0.0% |
Other | 16.8% |
Total | 100% |
States and Territories 1 | |
(% of total municipal bonds) | |
Florida | 12.2% |
Illinois | 11.7% |
California | 10.8% |
Colorado | 8.6% |
Puerto Rico | 6.6% |
New York | 6.2% |
Wisconsin | 5.1% |
Texas | 3.8% |
Ohio | 3.4% |
Kentucky | 3.3% |
Missouri | 2.7% |
Virginia | 2.7% |
Arizona | 2.6% |
New Jersey | 2.5% |
Other | 17.8% |
Total | 100% |
NMCO | Nuveen Municipal Credit Opportunities Fund |
Performance Overview and Holding Summaries as of October 31, 2022 |
Average Annual | ||
Since | ||
1-Year | Inception | |
NMCO at Common Share NAV | (23.88)% | (4.33)% |
NMCO at Common Share Price | (26.91)% | (6.32)% |
S&P Municipal Yield Index | (16.42)% | (1.91)% |
Fund Allocation | |
(% of net assets) | |
Long-Term Municipal Bonds | 164.7% |
Common Stocks | 11.3% |
Corporate Bonds | 0.5% |
Exchange-Traded Funds | 0.3% |
Other Assets Less Liabilities | 0.9% |
Net Assets Plus Borrowings, Floating | |
Rate Obligations & MFP Shares, | |
net of deferred offerings | 177.7% |
Borrowings | (1.3)% |
Floating Rate Obligations | (2.9)% |
MFP Shares, net of deferred offerings | (73.5)% |
Net Assets | 100% |
Portfolio Credit Quality | |
(% of total investment exposure) | |
U.S. Guaranteed | 0.2% |
AA | 2.3% |
A | 1.3% |
BBB | 10.4% |
BB or Lower | 22.0% |
N/R (not rated) | 57.3% |
N/A (not applicable) | 6.5% |
Total | 100% |
Portfolio Composition | |
(% of total investments) | |
Tax Obligation/Limited | 18.8% |
Transportation | 12.9% |
Industrials | 12.5% |
Education and Civic Organizations | 11.1% |
Tax Obligation/General | 10.2% |
Health Care | 7.0% |
Long-Term Care | 6.4% |
Consumer Staples | 6.3% |
Utilities | 5.5% |
Common Stocks | 6.4% |
Corporate Bonds | 0.3% |
Exchange-Traded Funds | 0.1% |
Other | 2.5% |
Total | 100% |
States and Territories 1 | |
(% of total municipal bonds) | |
Florida | 14.3% |
Puerto Rico | 10.3% |
Illinois | 9.2% |
Colorado | 7.5% |
New York | 7.1% |
Ohio | 6.7% |
Wisconsin | 6.2% |
California | 5.1% |
Pennsylvania | 4.6% |
Alabama | 4.0% |
New Jersey | 2.6% |
Arizona | 2.5% |
Other | 19.9% |
Total | 100% |
1 | See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above. |
NDMO | Nuveen Dynamic Municipal Opportunities Fund |
Performance Overview and Holding Summaries as of October 31, 2022 |
Average Annual | ||
Since | ||
1-Year | Inception | |
NDMO at Common Share NAV | (28.77)% | (10.31)% |
NDMO at Common Share Price | (35.09)% | (13.94)% |
S&P Municipal Yield Index | (16.42)% | (8.88)% |
S&P Municipal Bond Index | (11.36)% | (9.11)% |
Fund Allocation | |
(% of net assets) | |
Long-Term Municipal Bonds | 128.7% |
Corporate Bonds | 0.4% |
Other Assets Less Liabilities | 11.3% |
Net Assets Plus Floating | |
Rate Obligations & MFP Shares, | |
net of deferred offering costs | 140.4% |
Floating Rate Obligations | (1.4)% |
MFP Shares, net of deferred offering costs | (39.0)% |
Net Assets | 100% |
Portfolio Credit Quality | |
(% of total investment exposure) | |
U.S. Guaranteed | 0.3% |
AAA | 4.0% |
AA | 14.8% |
A | 12.4% |
BBB | 9.0% |
BB or Lower | 10.4% |
N/R (not rated) | 49.1% |
Total | 100% |
Portfolio Composition | |
(% of total investments) | |
Tax Obligation/Limited | 33.8% |
Transportation | 19.3% |
Education and Civic Organizations | 15.0% |
Tax Obligation/General | 8.9% |
Industrials | 8.3% |
Corporate Bonds | 0.3% |
Other | 14.4% |
Total | 100% |
States and Territories 1 | |
(% of total municipal bonds) | |
Florida | 14.5% |
Colorado | 13.4% |
New York | 11.6% |
California | 10.1% |
Texas | 7.6% |
Illinois | 6.7% |
Arizona | 4.3% |
Puerto Rico | 4.1% |
Ohio | 3.7% |
Arkansas | 2.7% |
Wisconsin | 2.7% |
Other | 18.6% |
Total | 100% |
NVG | NZF | NMZ | ||||
Common and | Common and | Common and | ||||
Preferred | Preferred | Preferred | Preferred | Preferred | Preferred | |
shares voting | Shares voting | shares voting | Shares voting | shares voting | Shares voting | |
together | together | together | together | together | together | |
as a class | as a class | as a class | as a class | as a class | as a class | |
Approval of the Board Members was reached as follows: | ||||||
Judith M. Stockdale | ||||||
For | 151,790,301 | — | 121,200,742 | — | 71,987,784 | — |
Withhold | 5,712,923 | — | 5,088,139 | — | 2,586,113 | — |
Total | 157,503,224 | — | 126,288,881 | — | 74,573,897 | — |
Carole E. Stone | ||||||
For | 151,745,861 | — | 121,227,090 | — | 72,022,161 | — |
Withhold | 5,757,363 | — | 5,061,791 | — | 2,551,736 | — |
Total | 157,503,224 | — | 126,288,881 | — | 74,573,897 | — |
Margaret L. Wolff | ||||||
For | 152,078,701 | — | 121,388,276 | — | 72,043,491 | — |
Withhold | 5,424,523 | — | 4,900,605 | — | 2,530,406 | — |
Total | 157,503,224 | — | 126,288,881 | — | 74,573,897 | — |
William C. Hunter | ||||||
For | — | 456,170 | — | 10,320 | — | 1,870 |
Withhold | — | — | — | — | — | — |
Total | — | 456,170 | — | 10,320 | — | 1,870 |
Albin F. Moschner | ||||||
For | — | 456,170 | — | 10,320 | — | 1,870 |
Withhold | — | — | — | — | — | — |
Total | — | 456,170 | — | 10,320 | — | 1,870 |
NDMO | ||
Common and | ||
Preferred | Preferred | |
shares voting | Shares voting | |
together | together | |
as a class | as a class | |
Approval of the Board Members was reached as follows: | ||
Judith M. Stockdale | ||
For | 48,770,311 | — |
Withhold | 728,834 | — |
Total | 49,499,145 | — |
Carole E. Stone | ||
For | 48,761,838 | — |
Withhold | 737,307 | — |
Total | 49,499,145 | — |
Margaret L. Wolff | ||
For | 48,815,078 | — |
Withhold | 684,067 | — |
Total | 49,499,145 | — |
William C. Hunter | ||
For | — | 2,400 |
Withhold | — | — |
Total | — | 2,400 |
Albin F. Moschner | ||
For | — | 2,400 |
Withhold | — | — |
Total | — | 2,400 |
Nuveen Municipal Credit Income Fund
Nuveen Municipal High Income Opportunity Fund
NVG | Nuveen AMT-Free Municipal Credit |
Income Fund | |
Portfolio of Investments | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
LONG-TERM INVESTMENTS – 175.5% (100.0% of Total Investments) | ||||
MUNICIPAL BONDS – 173.2% (98.7% of Total Investments) | ||||
Alabama – 2.4% (1.4% of Total Investments) | ||||
3,645 | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, | 9/25 at 100.00 | N/R | $ 3,647,442 |
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A | ||||
5,000 | Birmingham-Jefferson Civic Center Authority, Alabama, Special Tax Bonds, Series 2018A, | 7/28 at 100.00 | A– | 4,392,600 |
4.000%, 7/01/43 | ||||
31,730 | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, | No Opt. Call | A2 | 29,870,622 |
5.000%, 9/01/46 | ||||
8,100 | Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, | 4/25 at 100.00 | N/R | 7,698,240 |
Spring Hill College Project, Series 2015, 5.875%, 4/15/45 | ||||
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 | 917,060 |
1,300 | 5.500%, 8/01/35 | 8/26 at 100.00 | N/R | 1,149,785 |
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone | ||||
Bonds, Hunt Refining Project, Refunding Series 2019A: | ||||
3,205 | 4.500%, 5/01/32, 144A 2021 2021 | 5/29 at 100.00 | N/R | 2,722,918 |
4,220 | 5.250%, 5/01/44, 144A | 5/29 at 100.00 | N/R | 3,441,537 |
11,015 | UAB Medicine Finance Authority, Alabama, Revenue Bonds, Series 2019B, 4.000%, 9/01/44 | 9/29 at 100.00 | AA– | 9,538,329 |
69,215 | Total Alabama | 63,378,533 | ||
Alaska – 0.6% (0.3% of Total Investments) | ||||
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | ||||
Bonds, Senior Series 2021A Class 1: | ||||
4,490 | 4.000%, 6/01/41 | 6/31 at 100.00 | A– | 3,827,545 |
8,100 | 4.000%, 6/01/50 | 6/31 at 100.00 | BBB+ | 6,366,033 |
1,220 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | 6/31 at 100.00 | BBB– | 1,132,160 |
Bonds, Series 2021B-1 Class 2, 4.000%, 6/01/50 | ||||
35,615 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | 6/31 at 30.73 | N/R | 3,114,532 |
Bonds, Series 2021B-2 Class 2, 0.000%, 6/01/66 | ||||
49,425 | Total Alaska | 14,440,270 | ||
Arizona – 2.4% (1.4% of Total Investments) | ||||
1,475 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/27 at 100.00 | BB | 1,319,314 |
Basis Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47, 144A | ||||
6,290 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of | 7/29 at 100.00 | BB | 5,355,369 |
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 | 3,254,817 |
Academy Project, Series 2018A, 6.375%, 6/01/39, 144A | ||||
3,142 | Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, | 7/27 at 100.00 | N/R | 2,419,491 |
Series 2017A, 7.000%, 7/01/41, 144A 2021 960240 (4) | ||||
4,885 | Glendale Industrial Development Authority, Arizona, Senior Living Revenue Bonds, Royal | 5/26 at 103.00 | BBB– | 4,073,259 |
Oaks Royal Oaks – Inspirata Pointe Project, Series 2020A, 5.000%, 5/15/56 | ||||
1,350 | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, | 7/31 at 100.00 | BB+ | 936,495 |
Legacy Traditional Schools Projects, Series 2021A, 4.000%, 7/01/56, 144A | ||||
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 | 1,513,560 |
1,975 | 5.000%, 7/01/54, 144A | 7/29 at 100.00 | Ba2 | 1,703,753 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Arizona | ||||
$ 800 | Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Reid | 7/26 at 100.00 | Baa3 | $ 741,504 |
Traditional School Projects, Series 2016, 5.000%, 7/01/47 | ||||
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 | 6,786,300 |
8,755 | 5.500%, 7/01/39 – FGIC Insured | No Opt. Call | AA | 9,867,235 |
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 | 602,398 |
1,025 | 5.000%, 7/01/46, 144A | 7/25 at 100.00 | BB | 927,400 |
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– | 1,057,578 |
1,850 | 5.375%, 7/01/46 | 7/26 at 100.00 | BB– | 1,655,177 |
2,135 | 5.500%, 7/01/51 | 7/26 at 100.00 | BB– | 1,924,211 |
2,920 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/26 at 103.00 | N/R | 2,766,671 |
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 | 886,664 |
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 | 3,065,555 |
San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A | ||||
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+ | 6,850,281 |
2,465 | 5.000%, 12/01/37 | No Opt. Call | BBB+ | 2,432,462 |
2,000 | Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, | 8/23 at 100.00 | A2 | 2,016,460 |
Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33 | ||||
64,562 | Total Arizona | 62,155,954 | ||
Arkansas – 0.3% (0.1% of Total Investments) | ||||
Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas | ||||
Cancer Research Center Project, Series 2006: | ||||
2,635 | 0.000%, 7/01/36 – AMBAC Insured | No Opt. Call | Aa2 | 1,351,597 |
20,480 | 0.000%, 7/01/46 – AMBAC Insured | No Opt. Call | Aa2 | 5,528,371 |
23,115 | Total Arkansas | 6,879,968 | ||
California – 13.9% (7.9% of Total Investments) | ||||
6,135 | Alhambra Unified School District, Los Angeles County, California, General Obligation | No Opt. Call | AA | 4,453,396 |
Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured | ||||
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement | ||||
Project, Series 1997C: | ||||
6,820 | 0.000%, 9/01/35 – AGM Insured, (ETM) | No Opt. Call | AA (5) | 3,987,109 |
5,795 | 0.000%, 9/01/35 – AGM Insured | No Opt. Call | AA | 3,157,985 |
4,100 | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 | 3/26 at 100.00 | Ba3 | 3,728,294 |
3,875 | Bakersfield City School District, Kern County, California, General Obligation Bonds, | 11/31 at 100.00 | Aa3 | 2,383,241 |
Election 2016 Series 2022C, 2.500%, 11/01/46 – BAM Insured | ||||
5,000 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, | 4/23 at 100.00 | A1 (5) | 5,041,000 |
Series 2013S-4, 5.000%, 4/01/38, (Pre-refunded 4/01/23) | ||||
7,325 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 4,404,596 |
Fountains at Emerald Park, Senior Lien Series 2021A-1, 3.000%, 8/01/56, 144A | ||||
2,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit | 8/32 at 100.00 | N/R | 1,214,200 |
at Sausalito Apartments, Series 2021A-1, 3.000%, 2/01/57, 144A | ||||
1,430 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 100.00 | BBB+ | 1,110,567 |
Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
$ 455 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 100.00 | BBB– | $ 421,958 |
Los Angeles County Securitization Corporation, Series 2020B-1, 5.000%, 6/01/49 | ||||
50,460 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 26.72 | N/R | 8,085,206 |
Los Angeles County Securitization Corporation, Series 2020B-2, 0.000%, 6/01/55 | ||||
14,665 | California Educational Facilities Authority, Revenue Bonds, Stanford University Series | No Opt. Call | AAA | 15,588,162 |
2016U-7, 5.000%, 6/01/46, (UB) (6) | ||||
5,000 | California Educational Facilities Authority, Revenue Bonds, Stanford University Series | No Opt. Call | AAA | 5,306,650 |
2019V-1, 5.000%, 5/01/49 | ||||
10,000 | California Educational Facilities Authority, Revenue Bonds, Stanford University Series | No Opt. Call | AAA | 10,606,100 |
2021V-2, 5.000%, 4/01/51, (UB) (6) | ||||
8,300 | California Educational Facilities Authority, Revenue Bonds,Stanford University, | No Opt. Call | AAA | 8,837,585 |
Refunding Series 2014U-6, 5.000%, 5/01/45 (WI/DD, Settling 11/08/22) | ||||
1,600 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health | 7/23 at 100.00 | AA– (5) | 1,619,104 |
System, Series 2013A, 5.000%, 7/01/37, (Pre-refunded 7/01/23) | ||||
6,665 | California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and | 8/25 at 100.00 | AA– | 6,444,055 |
Clinics, Series 2015A, 5.000%, 8/15/54, (UB) (6) | ||||
5,000 | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series | 8/23 at 100.00 | A (5) | 5,076,050 |
2013A, 5.000%, 8/15/52, (Pre-refunded 8/15/23) | ||||
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 | 2,984,942 |
1,000 | 5.000%, 7/01/36, 144A | 7/26 at 100.00 | BB | 936,800 |
555 | 5.000%, 7/01/41, 144A | 7/26 at 100.00 | BB | 501,803 |
195 | 5.000%, 7/01/46, 144A | 7/26 at 100.00 | BB | 170,729 |
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– | 260,003 |
435 | 5.000%, 6/01/46 | 6/26 at 100.00 | BBB– | 407,460 |
3,000 | California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A, | 10/27 at 103.00 | N/R | 2,924,490 |
6.000%, 10/01/50, 144A | ||||
5,425 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San | 1/29 at 100.00 | Baa3 | 4,703,366 |
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– | 1,936,368 |
2017, 5.000%, 10/15/47 | ||||
735 | California School Finance Authority, Charter School Revenue Bonds, Downtown College | 6/26 at 100.00 | N/R | 621,597 |
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 | 665,529 |
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 | 499,662 |
Obligated Group, Series 2017A, 5.125%, 6/01/47, 144A | ||||
80 | California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured | 12/22 at 100.00 | AA– | 80,130 |
5 | California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured | 12/22 at 100.00 | AA– | 5,008 |
12,435 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 12/24 at 100.00 | BB– | 12,098,260 |
Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 | ||||
66,005 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/26 at 100.00 | BB– | 60,029,567 |
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– | 9,478,236 |
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– (5) | 4,053,160 |
Memorial Hospital, Refunding Series 2014B, 4.000%, 7/01/39, (Pre-refunded 7/01/24) |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of | ||||
Charity Health System, Series 2005A: | ||||
$ 50 | 5.750%, 7/01/30 (4),(7) | 1/22 at 100.00 | N/R | $ 50,523 |
146 | 5.750%, 7/01/35 (4),(7) | 1/22 at 100.00 | N/R | 145,808 |
5,000 | Clovis Unified School District, Fresno County, California, General Obligation Bonds, | No Opt. Call | Baa2 (5) | 4,555,400 |
Series 2001A, 0.000%, 8/01/25 – FGIC Insured, (ETM) | ||||
5,330 | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Senior | 8/31 at 100.00 | N/R | 3,208,074 |
Lien Series 2021A-1, 3.000%, 8/01/56, 144A | ||||
3,410 | Coachella Valley Unified School District, Riverside County, California, General | No Opt. Call | A1 | 2,096,161 |
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 | 6,152,931 |
Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured | ||||
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 777 | 5/32 at 100.00 | N/R | 1,463,920 |
Place-Pomona, Senior Lien Series 2021A-1, 3.600%, 5/01/47, 144A | ||||
5,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 6/31 at 100.00 | N/R | 3,564,600 |
Escondido Portfolio, Social Senior Lien Series 2021A-2, 4.000%, 6/01/58, 144A | ||||
4,750 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda | 10/31 at 100.00 | N/R | 3,308,945 |
at Monrovia Station, Social Series 2021A-1, 3.400%, 10/01/46, 144A | ||||
20,985 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 7/32 at 100.00 | N/R | 12,654,165 |
Monterrey Station Apartments, Senior Lien Series 2021A-1, 3.125%, 7/01/56, 144A | ||||
5,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 12/31 at 100.00 | N/R | 2,985,300 |
Pasadena Portfolio Social Bond, Series 2021A-2, 3.000%, 12/01/56 | ||||
2,475 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 4/32 at 100.00 | N/R | 1,507,522 |
Vineyard Gardens Apartments, Senior Lien Series 2021A, 3.250%, 10/01/58, 144A | ||||
12,500 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood | 6/32 at 100.00 | N/R | 8,345,500 |
Creek Apartments, Mezzanine Lien Series 2021A-2, 4.000%, 12/01/58 | ||||
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 (8) | 8/28 at 100.00 | A1 | 2,876,108 |
3,600 | 0.000%, 8/01/34 – AGM Insured (8) | 8/28 at 100.00 | A1 | 3,944,736 |
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 | 2,319,570 |
5,000 | 0.000%, 1/15/35 – AGM Insured | No Opt. Call | BBB | 2,748,600 |
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | ||||
Refunding Series 2013A: | ||||
910 | 0.000%, 1/15/42 (8) | 1/31 at 100.00 | Baa2 | 923,304 |
6,610 | 6.000%, 1/15/49, (Pre-refunded 1/15/24) | 1/24 at 100.00 | Baa2 (5) | 6,830,378 |
4,445 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | 7/29 at 100.00 | Baa2 | 3,160,573 |
Refunding Term Rate Sub-Series 2013B-1, 3.500%, 1/15/53 | ||||
21,290 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 12/31 at 27.75 | N/R | 1,783,250 |
Asset-Backed Bonds, Capital Appreciation Series 2021B-2, 0.000%, 6/01/66 | ||||
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 | 5,224,408 |
5,795 | 0.000%, 11/01/25 – AGM Insured | No Opt. Call | AA | 5,206,865 |
1,090 | Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited | 12/22 at 100.00 | AA | 1,090,926 |
Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured | ||||
7,575 | Mount San Antonio Community College District, Los Angeles County, California, General | 8/35 at 100.00 | AA | 6,301,339 |
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (8) | ||||
3,310 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | BBB+ | 3,773,665 |
Series 2009B, 6.500%, 11/01/39 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
Oceanside Unified School District, San Diego County, California, General Obligation | ||||
Bonds, Capital Appreciation, 2008 Election Series 2009A: | ||||
$ 4,500 | 0.000%, 8/01/26 – AGC Insured | No Opt. Call | AA | $ 3,927,330 |
605 | 0.000%, 8/01/26 – AGC Insured, (ETM) | No Opt. Call | Aa3 (5) | 531,517 |
270 | 0.000%, 8/01/26 – AGC Insured, (ETM) | No Opt. Call | AA (5) | 237,206 |
530 | 0.000%, 8/01/26 – AGC Insured, (ETM) | No Opt. Call | Aa3 (5) | 465,626 |
1,885 | 0.000%, 8/01/28 – AGC Insured | No Opt. Call | AA | 1,519,838 |
225 | 0.000%, 8/01/28 – AGC Insured, (ETM) | No Opt. Call | Aa3 (5) | 183,577 |
110 | 0.000%, 8/01/28 – AGC Insured, (ETM) | No Opt. Call | AA (5) | 89,749 |
3,905 | Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 | 8/25 at 100.00 | N/R | 3,532,424 |
Esencia Village, Series 2015A, 4.250%, 8/15/38 | ||||
Palo Alto, California, Certificates of Participation, Public Safety Building, Series 2021: | ||||
2,560 | 2.000%, 11/01/42 | 11/30 at 100.00 | AA+ | 1,539,661 |
1,940 | 2.125%, 11/01/44 | 11/30 at 100.00 | AA+ | 1,155,289 |
3,700 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, | No Opt. Call | BBB– | 3,300,844 |
Election of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured | ||||
7,935 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%, | 8/29 at 100.00 | BBB– | 8,877,361 |
8/01/38 – AGC Insured | ||||
9,145 | Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community | No Opt. Call | A | 6,464,509 |
Development Project, Series 1999, 0.000%, 8/01/30 – AMBAC Insured | ||||
670 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, | 6/23 at 100.00 | BBB+ (5) | 680,311 |
Series 2013A, 5.750%, 6/01/48, (Pre-refunded 6/01/23) | ||||
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District | ||||
2006-1 Marblehead Coastal, Series 2015: | ||||
480 | 5.000%, 9/01/40 | 9/25 at 100.00 | N/R | 480,207 |
905 | 5.000%, 9/01/46 | 9/25 at 100.00 | N/R | 883,841 |
4,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/23 at 100.00 | A | 3,968,840 |
International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 | ||||
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, (Pre-refunded 1/15/25) | 1/25 at 100.00 | BBB (5) | 2,784,065 |
8,275 | 5.000%, 1/15/50, (Pre-refunded 1/15/25) | 1/25 at 100.00 | BBB (5) | 8,596,318 |
7,210 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | No Opt. Call | Baa2 | 7,143,019 |
Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured | ||||
3,400 | San Mateo County Community College District, California, General Obligation Bonds, | No Opt. Call | AAA | 2,516,136 |
Series 2006C, 0.000%, 9/01/30 – NPFG Insured | ||||
4,340 | San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 | No Opt. Call | AA | 2,527,139 |
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 | A3 | 2,058,756 |
Refunding Series 2015, 0.000%, 8/01/42 | ||||
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration | ||||
and Housing Facility, Series 1994A: | ||||
2,455 | 6.250%, 7/01/24, (ETM) | No Opt. Call | Baa2 (5) | 2,537,758 |
2,455 | 6.250%, 7/01/24 | No Opt. Call | Baa2 | 2,536,555 |
3,500 | Saugus Union School District, Los Angeles County, California, General Obligation Bonds, | No Opt. Call | A+ | 3,409,630 |
Series 2006, 0.000%, 8/01/23 – FGIC Insured | ||||
605 | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities | 9/27 at 100.00 | N/R | 609,761 |
District 16-01, Series 2017, 6.250%, 9/01/47, 144A | ||||
492,081 | Total California | 362,602,206 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado – 11.7% (6.7% of Total Investments) | ||||
$ 4,300 | Aerotropolis Regional Transportation Authority, Colorado, Special Revenue Bonds, Series | 12/26 at 103.00 | N/R | $ 3,068,695 |
2021, 4.375%, 12/01/52 | ||||
850 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax | 9/24 at 103.00 | N/R | 749,615 |
General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/39 | ||||
Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding | ||||
Series 2016A: | ||||
883 | 5.500%, 12/01/36 | 12/22 at 102.00 | N/R | 861,834 |
1,175 | 5.750%, 12/01/46 | 12/22 at 102.00 | N/R | 1,117,261 |
700 | Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited | 12/22 at 103.00 | N/R | 610,764 |
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 | 3,096,621 |
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 | 1,534,689 |
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 | 1,037,058 |
5,465 | 5.000%, 12/01/47, 144A | 12/22 at 103.00 | N/R | 4,647,381 |
1,475 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & | 12/25 at 103.00 | N/R | 1,202,361 |
Improvement Series 2020A, 5.000%, 12/01/51 | ||||
195 | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, | 12/23 at 100.00 | BB (5) | 197,894 |
Refunding Series 2014, 5.000%, 12/01/43, (Pre-refunded 12/01/23) | ||||
1,200 | Clear Creek Station Metropolitan District 2, Adams County, Colorado, Limited Tax General | 12/22 at 103.00 | N/R | 1,037,472 |
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+ | 706,270 |
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+ | 1,178,036 |
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+ | 2,936,582 |
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+ | 1,294,842 |
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 (5) | 2,610,576 |
23,470 | 5.000%, 6/01/47, (Pre-refunded 6/01/27) | 6/27 at 100.00 | N/R (5) | 24,906,599 |
11,520 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 1/23 at 100.00 | BBB+ (5) | 11,556,749 |
Initiatives, Series 2013A, 5.250%, 1/01/45, (Pre-refunded 1/01/23) | ||||
5,755 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 4,487,461 |
Series 2019A-2, 4.000%, 8/01/49 | ||||
4,900 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Living | 12/27 at 103.00 | A– | 3,621,541 |
Communities & Services, Series 2020A, 4.000%, 12/01/50 | ||||
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement | ||||
Communities Inc., Refunding Series 2012B: | ||||
1,640 | 5.000%, 12/01/22, (ETM) | No Opt. Call | A– (5) | 1,642,329 |
2,895 | 5.000%, 12/01/23, (Pre-refunded 12/01/22) | 12/22 at 100.00 | A– (5) | 2,899,111 |
4,200 | 5.000%, 12/01/24, (Pre-refunded 12/01/22) | 12/22 at 100.00 | A– (5) | 4,205,964 |
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 (5) | 773,338 |
1,575 | 5.625%, 6/01/43, (Pre-refunded 6/01/23) | 6/23 at 100.00 | N/R (5) | 1,593,286 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
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 (5) | $ 1,467,161 |
2,000 | 5.000%, 6/01/33, (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (5) | 2,081,080 |
5,870 | 5.000%, 6/01/40, (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (5) | 6,107,970 |
6,920 | 5.000%, 6/01/45, (Pre-refunded 6/01/25) | 6/25 at 100.00 | N/R (5) | 7,200,537 |
2,035 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, | 5/27 at 100.00 | BB+ | 1,802,155 |
Refunding & Improvement Series 2017A, 5.250%, 5/15/47 | ||||
13,610 | Colorado Housing and Finance Authority, Multifamily Project Bonds, Class I Series 2020B, | 10/29 at 100.00 | AAA | 8,842,145 |
2.350%, 10/01/43 | ||||
4,105 | Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax | 12/23 at 103.00 | N/R | 3,660,100 |
General Obligation Bonds, Refunding & Improvement Series 2018, 5.875%, 12/01/46 | ||||
600 | Copperleaf Metropolitan District 4, Arapahoe County, Colorado, Limited Tax General | 3/25 at 103.00 | N/R | 515,406 |
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 | 1,300,298 |
Limited Tax Convertible to Unlimited Tax, Refunding Series 2017A, 5.250%, 12/01/47 | ||||
1,269 | Cornerstar Metropolitan District, Arapahoe County, Colorado, General Obligation Bonds, | 12/22 at 103.00 | N/R | 1,110,705 |
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 | 461,915 |
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 | 10,542,112 |
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 (5) | 520,958 |
Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2017A, 5.375%, | ||||
8/01/47, (Pre-refunded 12/01/22) | ||||
Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado | ||||
Urban Redevelopment Area, Series 2018A: | ||||
2,260 | 5.250%, 12/01/39, 144A | 12/23 at 103.00 | N/R | 2,197,805 |
465 | 5.250%, 12/01/39, 144A | 12/23 at 103.00 | N/R | 450,306 |
11,700 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation | No Opt. Call | A | 4,217,499 |
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 | 34,894,633 |
6,525 | 0.000%, 9/01/26 – NPFG Insured | No Opt. Call | A | 5,586,118 |
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | ||||
17,030 | 0.000%, 9/01/25 – NPFG Insured | No Opt. Call | A | 15,223,969 |
10,005 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 6,368,783 |
43,090 | 0.000%, 9/01/33 – NPFG Insured | No Opt. Call | A | 25,874,252 |
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: | ||||
20,000 | 0.000%, 9/01/27 – NPFG Insured | No Opt. Call | A | 16,366,400 |
1,180 | 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | A | 922,701 |
7,000 | 0.000%, 9/01/34 – NPFG Insured | No Opt. Call | A | 3,963,610 |
5,575 | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue | 9/27 at 103.00 | N/R | 5,143,997 |
Bonds, Series 2022A, 6.750%, 12/01/34, 144A | ||||
590 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series | 12/24 at 100.00 | N/R | 519,578 |
2014, 6.000%, 12/01/38 | ||||
700 | Harmony Technology Park Metropolitan District 2, Fort Collins, Colorado, General | 12/22 at 103.00 | N/R (5) | 721,973 |
Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2017, 5.000%, 9/01/47, | ||||
(Pre-refunded 12/01/22) | ||||
500 | Iron Mountain Metropolitan District 2, Windsor, Weld County, Colorado, Limited Tax | 12/24 at 103.00 | N/R | 439,220 |
General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/39 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
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 | $ 653,843 |
5,355 | 6.000%, 12/15/50 | 12/23 at 100.00 | N/R | 3,499,653 |
500 | Littleton Village Metropolitan District No. 2, Colorado, Limited Tax General Obligation | 12/22 at 101.00 | N/R | 455,885 |
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 | 790,804 |
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 | 3,890,685 |
Series 2016B, 3.500%, 12/01/45 | ||||
North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General | ||||
Obligation Bonds, Refunding Special Revenue & Improvement Series 2017A: | ||||
1,000 | 5.625%, 12/01/37 | 12/22 at 103.00 | N/R | 965,660 |
1,000 | 5.750%, 12/01/47 | 12/22 at 103.00 | N/R | 939,240 |
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 | 3,035,882 |
6,900 | 5.000%, 12/01/49 | 12/24 at 103.00 | N/R | 5,756,808 |
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 | 651,909 |
1,060 | 5.000%, 12/01/46 | 12/26 at 100.00 | Baa3 | 990,856 |
660 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/25 at 100.00 | A | 665,702 |
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 | ||||
1,335 | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax | 3/26 at 103.00 | N/R | 1,141,024 |
General Obligation Bonds, Series 2021A, 5.000%, 12/01/41, 144A | ||||
2,760 | Prairie Center Metropolitan District No. 3, In the City of Brighton, Adams County, | 12/26 at 100.00 | N/R | 2,451,239 |
Colorado, Limited Property Tax Supported Primary Improvements Revenue Bonds, Refunding Series | ||||
2017A, 5.000%, 12/15/41, 144A | ||||
1,500 | Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax | 10/26 at 102.00 | N/R | 1,084,800 |
Supported and Special Revenue Bonds, Series 2021, 4.000%, 12/01/41 | ||||
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 | 1,223,003 |
2,765 | 5.500%, 12/01/47 | 12/23 at 103.00 | N/R | 2,477,385 |
5,050 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit | 1/31 at 100.00 | Baa2 | 3,840,828 |
Partners Eagle P3 Project, Series 2020A, 3.000%, 7/15/37 | ||||
1,320 | Riverwalk Metropolitan District 2, Glendale, Arapahoe County, Colorado, Special Revenue | 3/27 at 103.00 | N/R | 1,046,734 |
Bonds, Series 2022A, 5.000%, 12/01/52 | ||||
930 | SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series | 12/22 at 102.00 | N/R | 810,523 |
2016, 5.000%, 12/01/46 | ||||
1,000 | St. Vrain Lakes Metropolitan District No. 2, Weld County, Colorado, Limited Tax General | 12/22 at 103.00 | N/R | 921,170 |
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 | 893,560 |
570 | 5.000%, 12/01/49 | 12/24 at 103.00 | N/R | 484,711 |
765 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax | 12/25 at 102.00 | N/R | 570,935 |
Supported District 2, Refunding & Improvement Senior Series 2020A, 4.250%, 12/01/50 | ||||
2,765 | Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation | 12/25 at 103.00 | N/R | 2,286,185 |
Limited Tax Bonds, Series 2020, 5.125%, 12/01/50 | ||||
500 | The Village at Dry Creek Metropolitan District No. 2, In the City of Thornton, Adams | 9/24 at 103.00 | N/R | 397,640 |
County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Series 2019, | ||||
4.375%, 12/01/44 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
$ 500 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | $ 333,775 |
General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2, | ||||
0.000%, 12/01/51 (8) | ||||
900 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | 663,705 |
General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/51 | ||||
3,410 | Vauxmont Metropolitan District, Arvada, Colorado, Limited Tax General Obligation and | 12/29 at 100.00 | AA | 3,426,811 |
Special Revenue Bonds, Convertible to Unlimited Tax Refunding Subordinate Series 2020, | ||||
5.000%, 12/01/50 – AGM Insured | ||||
8,260 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited | 12/29 at 103.00 | N/R | 7,182,153 |
Tax Bonds, Series 2022, 6.750%, 12/01/52 | ||||
366,917 | Total Colorado | 305,610,823 | ||
Connecticut – 6.3% (3.6% 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 | 2,393,682 |
1,600 | 5.000%, 7/01/34 – AGM Insured | 7/24 at 100.00 | A2 | 1,630,384 |
2,800 | Bridgeport, Connecticut, General Obligation Bonds, Series 2016D, 5.000%, 8/15/41 – | 8/26 at 100.00 | A2 | 2,890,076 |
AGM Insured | ||||
Bridgeport, Connecticut, General Obligation Bonds, Series 2017A: | ||||
1,470 | 5.000%, 11/01/36 | 11/27 at 100.00 | Baa1 | 1,522,523 |
750 | 5.000%, 11/01/37 | 11/27 at 100.00 | Baa1 | 775,553 |
5,000 | Connecticut Health and Educational Facilities Authority Revenue Bonds, Hartford | 7/25 at 100.00 | A | 4,862,500 |
HealthCare, Series 2015F, 5.000%, 7/01/45 | ||||
2,805 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut | 7/26 at 100.00 | A2 | 2,296,369 |
College, Refunding Series 2016L-1, 4.000%, 7/01/46 | ||||
1,100 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Duncaster, Inc., | 8/24 at 100.00 | BBB | 1,050,764 |
Series 2014A, 5.000%, 8/01/44 | ||||
5,570 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield | 7/26 at 100.00 | A– | 5,640,015 |
University, Series 2016Q-1, 5.000%, 7/01/46 | ||||
500 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford | 7/24 at 100.00 | A | 490,470 |
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 | 508,964 |
740 | 5.000%, 9/01/53, 144A | 9/26 at 100.00 | BB | 620,275 |
3,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home | 10/24 at 104.00 | BB | 2,583,180 |
Issue, Series 2019A-1, 5.000%, 10/01/54, 144A | ||||
1,915 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex | 7/25 at 100.00 | A3 | 1,901,633 |
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 (5) | 1,130,670 |
Academy, Series 2013B, 4.000%, 7/01/34, (Pre-refunded 7/01/23) | ||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health | ||||
Series 2019A: | ||||
1,100 | 4.000%, 7/01/41 | 7/29 at 100.00 | Baa2 | 889,405 |
3,370 | 4.000%, 7/01/49 | 7/29 at 100.00 | Baa2 | 2,539,969 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac | ||||
University, Refunding Series 2015L: | ||||
9,180 | 4.125%, 7/01/41 | 7/25 at 100.00 | A– | 8,107,133 |
7,030 | 5.000%, 7/01/45 | 7/25 at 100.00 | A– | 7,029,930 |
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac | ||||
University, Series 2016M: | ||||
500 | 5.000%, 7/01/34 | 7/26 at 100.00 | A– | 510,560 |
1,250 | 5.000%, 7/01/36 | 7/26 at 100.00 | A– | 1,268,675 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Connecticut | ||||
$ 6,145 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart | 7/27 at 100.00 | A3 | $ 6,161,100 |
University, Series 2017I-1, 5.000%, 7/01/42 | ||||
4,025 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford | 7/26 at 100.00 | BBB+ | 3,194,361 |
Hospital, Series 2016K, 4.000%, 7/01/46 | ||||
2,250 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of | 7/28 at 100.00 | BBB– | 2,057,737 |
New Haven, Series 2018K-1, 5.000%, 7/01/38 | ||||
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– | 2,654,474 |
2,740 | 5.000%, 7/01/33 | 7/24 at 100.00 | AA– | 2,783,813 |
900 | 5.000%, 7/01/34 | 7/24 at 100.00 | AA– | 912,438 |
5,580 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut | 11/23 at 100.00 | A+ (5) | 5,676,088 |
State University System, Series 2013N, 5.000%, 11/01/31, (Pre-refunded 11/01/23) | ||||
Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, | ||||
Series 2013A: | ||||
2,665 | 5.000%, 1/01/32 | 1/23 at 100.00 | N/R | 2,673,102 |
625 | 5.000%, 1/01/32, (Pre-refunded 1/01/23) | 1/23 at 100.00 | N/R (5) | 626,900 |
1,875 | 5.000%, 1/01/32 | 1/23 at 100.00 | N/R | 1,879,181 |
840 | 5.000%, 1/01/38 | 1/23 at 100.00 | Aa3 | 842,554 |
785 | 5.000%, 1/01/38, (Pre-refunded 1/01/23) | 1/23 at 100.00 | N/R (5) | 787,386 |
3,500 | Connecticut State, General Obligation Bonds, Series 2014F, 5.000%, 11/15/34 | 11/24 at 100.00 | A+ | 3,580,465 |
2,630 | Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/34 | 11/25 at 100.00 | A+ | 2,715,501 |
3,750 | Connecticut State, General Obligation Bonds, Series 2017A, 5.000%, 4/15/35 | 4/27 at 100.00 | A+ | 3,894,225 |
Connecticut State, General Obligation Bonds, Series 2018A: | ||||
3,500 | 5.000%, 4/15/35, (UB) (6) | 4/28 at 100.00 | A | 3,661,700 |
5,000 | 5.000%, 4/15/38, (UB) (6) | 4/28 at 100.00 | A | 5,180,900 |
3,855 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes | 10/23 at 100.00 | AA– | 3,898,407 |
Series 2013A, 5.000%, 10/01/33 | ||||
1,380 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes | 8/25 at 100.00 | AA– | 1,422,394 |
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 | AA– | 5,513,855 |
1,075 | 5.000%, 9/01/34 | 9/26 at 100.00 | AA– | 1,114,474 |
3,500 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, | 9/24 at 100.00 | AA– | 3,573,080 |
Series 2014A, 5.000%, 9/01/33 | ||||
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater | ||||
System Revenue Bonds, Refunding Series 2014B: | ||||
500 | 5.000%, 8/15/30, (Pre-refunded 8/15/24) | 8/24 at 100.00 | A1 (5) | 515,260 |
1,000 | 5.000%, 8/15/31, (Pre-refunded 8/15/24) | 8/24 at 100.00 | A1 (5) | 1,030,520 |
55 | Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater | 12/22 at 100.00 | A1 | 55,030 |
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 – BAM | 8/24 at 100.00 | AA | 227,527 |
Insured | ||||
2,315 | Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation | 4/27 at 100.00 | N/R | 2,153,621 |
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– (5) | 10,353,908 |
Refunding Green Bond Series 2014A, 5.000%, 11/01/42, (Pre-refunded 11/01/24) | ||||
2,285 | Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Series | 7/28 at 100.00 | Aa3 | 2,401,329 |
2018, 5.000%, 7/15/36 | ||||
870 | Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28 – | 12/22 at 100.00 | A1 | 871,157 |
AGC Insured |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Connecticut | ||||
Milford, Connecticut, General Obligation Bonds, Series 2018: | ||||
$ 1,055 | 4.000%, 11/01/36 | 11/24 at 100.00 | AA+ | $ 1,051,666 |
1,055 | 4.000%, 11/01/37 | 11/24 at 100.00 | AA+ | 1,046,022 |
1,550 | New Haven, Connecticut, General Obligation Bonds, Refunding Series 2016A, 5.000%, | 8/26 at 100.00 | BBB | 1,602,948 |
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 (5) | 1,013,575 |
(Pre-refunded 8/01/24) – AGM Insured | ||||
New Haven, Connecticut, General Obligation Bonds, Series 2015: | ||||
790 | 5.000%, 9/01/32 – AGM Insured | 9/25 at 100.00 | BBB | 817,144 |
1,620 | 5.000%, 9/01/33 – AGM Insured | 9/25 at 100.00 | BBB | 1,670,512 |
500 | 5.000%, 9/01/35 – AGM Insured | 9/25 at 100.00 | BBB | 512,990 |
New Haven, Connecticut, General Obligation Bonds, Series 2017A: | ||||
1,045 | 5.000%, 8/01/35 | 8/27 at 100.00 | BBB | 1,075,347 |
1,425 | 5.000%, 8/01/36 | 8/27 at 100.00 | BBB | 1,464,672 |
900 | North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24 | No Opt. Call | Aa1 | 926,703 |
795 | South Central Connecticut Regional Water Authority Water System Revenue Bonds, Thirtieth | 8/24 at 100.00 | AA– (5) | 818,747 |
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– | 2,573,141 |
2,220 | 5.000%, 8/01/37 | 8/26 at 100.00 | AA– | 2,285,779 |
500 | Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series | 8/23 at 100.00 | Aa2 | 504,575 |
2013A, 5.250%, 8/15/43 | ||||
250 | Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series | 4/29 at 100.00 | AA+ | 237,142 |
2019, 4.000%, 4/01/38 | ||||
1,285 | Steel Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue | 4/30 at 100.00 | N/R | 958,957 |
Bonds, Steelpointe Harbor Project, Series 2021, 4.000%, 4/01/51 | ||||
600 | Stratford, Connecticut, General Obligation Bonds, Series 2014, 5.000%, 12/15/32, | 12/22 at 100.00 | A2 (5) | 601,302 |
(Pre-refunded 12/15/22) | ||||
1,500 | Stratford, Connecticut, General Obligation Bonds, Series 2017, 4.000%, 1/01/39 – | 1/27 at 100.00 | A2 | 1,356,840 |
BAM Insured | ||||
1,000 | Town of Hamden, Connecticut, General Obligation Bonds, Refunding Series 2018A, 5.000%, | 8/28 at 100.00 | BBB | 1,047,990 |
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+ | 2,521,575 |
760 | University of Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 2/15/31 | 2/24 at 100.00 | A+ | 773,361 |
2,250 | University of Connecticut, General Obligation Bonds, Series 2015A, 5.000%, 3/15/31 | 3/26 at 100.00 | A+ | 2,346,907 |
Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015: | ||||
445 | 5.000%, 8/01/30 – BAM Insured | 8/25 at 100.00 | AA– | 461,389 |
390 | 5.000%, 8/01/31 – BAM Insured | 8/25 at 100.00 | AA– | 403,689 |
610 | 5.000%, 8/01/32 – BAM Insured | 8/25 at 100.00 | AA– | 630,447 |
445 | 5.000%, 8/01/33 – BAM Insured | 8/25 at 100.00 | AA– | 459,138 |
445 | 5.000%, 8/01/34 – BAM Insured | 8/25 at 100.00 | AA– | 458,582 |
165,170 | Total Connecticut | 162,676,357 | ||
Delaware – 0.1% (0.1% of Total Investments) | ||||
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– | 2,116,029 |
1,000 | 5.000%, 7/01/58 | 1/28 at 100.00 | BB– | 798,470 |
3,585 | Total Delaware | 2,914,499 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
District of Columbia – 3.5% (2.0% of Total Investments) | ||||
$ 3,780 | District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard | 11/22 at 100.00 | BB– | $ 3,470,796 |
Properties LLC Issue, Series 2013, 5.000%, 10/01/45 | ||||
1,100 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | No Opt. Call | A– | 1,119,030 |
Bonds, Series 2001, 6.500%, 5/15/33 | ||||
186,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | 12/22 at 23.49 | N/R | 36,041,220 |
Bonds, Series 2006A, 0.000%, 6/15/46 | ||||
1,500 | District of Columbia, Washington, D.C., Revenue Bonds, Ingleside at Rock Creek Project, | 7/24 at 103.00 | N/R | 1,269,780 |
Series 2017A, 5.000%, 7/01/42 | ||||
3,000 | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | 10/28 at 100.00 | A | 3,033,210 |
Dulles Metrorail & Capital Improvement Projects, Refunding First Senior Lien Series 2019A, | ||||
5.000%, 10/01/44 | ||||
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | ||||
Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A: | ||||
1,030 | 4.000%, 10/01/52 – AGM Insured | 10/31 at 100.00 | A1 | 844,579 |
17,615 | 2.750%, 10/01/53 – AGM Insured | 10/31 at 100.00 | A1 | 10,590,667 |
20,125 | 3.000%, 10/01/53 – AGM Insured | 10/31 at 100.00 | A1 | 12,428,596 |
11,000 | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | 10/26 at 100.00 | A3 (5) | 12,235,740 |
Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009C, 6.500%, | ||||
10/01/41, (Pre-refunded 10/01/26) – AGC Insured | ||||
10,000 | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | 10/28 at 100.00 | Baa1 | 10,859,300 |
Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 | ||||
255,150 | Total District of Columbia | 91,892,918 | ||
Florida – 4.3% (2.5% of Total Investments) | ||||
990 | Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue | 5/26 at 100.00 | N/R | 929,293 |
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 | 848,160 |
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 | 1,254,241 |
1,045 | 6.200%, 8/15/48, 144A | 8/28 at 100.00 | N/R | 990,932 |
Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2021: | ||||
1,290 | 4.000%, 8/15/51, 144A | 8/28 at 100.00 | N/R | 878,696 |
1,250 | 4.250%, 8/15/61, 144A | 8/28 at 100.00 | N/R | 834,438 |
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 | 1,041,155 |
1,470 | 5.500%, 7/01/47, 144A | 7/27 at 100.00 | Ba1 | 1,401,292 |
3,788 | Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center, | 6/28 at 100.00 | N/R | 795,486 |
Orlando Project, Series 2018, 7.500%, 6/01/48, 144A 2018 1 (4) | ||||
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 | 5,577,797 |
1,885 | 5.250%, 6/15/47, 144A | 6/27 at 100.00 | N/R | 1,651,675 |
880 | Capital Trust Agency, Florida, Revenue Bonds, Viera Charter School Project, Series | 10/27 at 100.00 | Ba2 | 811,043 |
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 | 626,955 |
2019A, 5.000%, 10/15/49, 144A | ||||
4,670 | City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 | 9/25 at 100.00 | AA– | 4,818,786 |
1,025 | Cityplace Community Development District, Florida, Special Assessment and Revenue | No Opt. Call | A | 1,046,453 |
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 | N/R (5) | 1,520,670 |
University, Refunding Series 2013, 6.125%, 11/01/43, (Pre-refunded 11/01/23) |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Florida | ||||
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 | $ 233,261 |
305 | 5.600%, 11/01/46 | 11/28 at 100.00 | N/R | 293,764 |
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University | ||||
Project, Series 2013A: | ||||
3,445 | 6.000%, 4/01/42, (Pre-refunded 4/01/23) | 4/23 at 100.00 | Baa1 (5) | 3,484,445 |
1,720 | 5.625%, 4/01/43, (Pre-refunded 4/01/23) | 4/23 at 100.00 | Baa1 (5) | 1,737,200 |
Downtown Doral Community Development District, Florida, Special Assessment Bonds, | ||||
Series 2015: | ||||
280 | 5.250%, 5/01/35 | 5/26 at 100.00 | N/R | 272,479 |
315 | 5.300%, 5/01/36 | 5/26 at 100.00 | N/R | 308,171 |
475 | 5.500%, 5/01/45 | 5/26 at 100.00 | N/R | 454,703 |
655 | 5.500%, 5/01/46 | 5/26 at 100.00 | N/R | 625,597 |
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 | 249,163 |
665 | 6.125%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 635,427 |
415 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical | 6/26 at 100.00 | N/R | 405,501 |
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 | 2,294,440 |
3,735 | 5.750%, 7/01/47, 144A | 7/27 at 101.00 | N/R | 3,470,375 |
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida | ||||
Charter Foundation Inc. Projects, Series 2016A: | ||||
2,075 | 4.750%, 7/15/36, 144A | 7/26 at 100.00 | N/R | 1,876,257 |
1,335 | 5.000%, 7/15/46, 144A | 7/26 at 100.00 | N/R | 1,167,177 |
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater | ||||
Academy Projects, Series 2020A: | ||||
4,330 | 5.000%, 6/15/50 | 6/27 at 100.00 | BBB | 3,890,635 |
3,405 | 5.000%, 6/15/55 | 6/27 at 100.00 | BBB | 3,015,025 |
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 | 3,136,752 |
3,450 | 6.125%, 6/15/46, 144A | 6/25 at 100.00 | N/R | 3,490,779 |
550 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 6/24 at 100.00 | N/R | 555,043 |
Renaissance Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44, 144A | ||||
4,380 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest | 6/27 at 100.00 | N/R | 3,698,998 |
Charter Foundation Inc Projects, Series 2017A, 6.125%, 6/15/47, 144A | ||||
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The | ||||
Florida Charter Educational Foundation Inc. Projects, Series 2016A: | ||||
1,485 | 6.250%, 6/15/36, 144A | 6/26 at 100.00 | N/R | 1,532,268 |
4,350 | 6.375%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 4,457,271 |
5,490 | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Social Series | 1/30 at 100.00 | Aaa | 3,022,794 |
2021-1, 2.150%, 7/01/51 | ||||
1,435 | Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special | 5/26 at 100.00 | N/R | 1,353,836 |
Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 | ||||
2,215 | Jacksonville, Florida, Educational Facilities Revenue Bonds, Jacksonville University | 6/28 at 100.00 | N/R | 1,775,987 |
Project, Series 2018B, 5.000%, 6/01/53, 144A | ||||
625 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Del Webb | 5/27 at 100.00 | N/R | 598,262 |
Project, Series 2017, 5.000%, 5/01/37, 144A | ||||
4,130 | Martin County Health Facilities Authority, Florida, Hospital Revenue Bonds, Martin | 11/24 at 100.00 | N/R (5) | 4,268,231 |
Memorial Medical Center, Series 2015, 5.000%, 11/15/45, (Pre-refunded 11/15/24) |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Florida | ||||
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 | $ 997,488 |
1,920 | 6.000%, 7/01/47, 144A | 7/27 at 100.00 | N/R | 1,703,942 |
5,965 | Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, | 10/24 at 100.00 | BBB+ | 5,963,628 |
5.000%, 10/01/43 | ||||
2,130 | Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami | 7/27 at 100.00 | BB+ | 1,715,055 |
Jewish Health System Inc. Project, Series 2017, 5.125%, 7/01/46 | ||||
5,000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series | 7/24 at 100.00 | BBB+ | 4,850,300 |
2014A, 5.000%, 7/01/44 | ||||
4,785 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement | 8/26 at 100.00 | N/R | 4,787,680 |
Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35 | ||||
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & | ||||
Improvement Series 2019A-1: | ||||
2,890 | 5.000%, 10/01/49 | 10/29 at 100.00 | BBB– | 2,624,178 |
3,345 | 4.000%, 10/01/54 | 10/29 at 100.00 | BBB– | 2,454,996 |
2,000 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Jupiter | 11/32 at 100.00 | BBB– | 1,832,280 |
Medical Center, Series 2022, 5.000%, 11/01/47 | ||||
825 | Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 | 11/26 at 100.00 | N/R | 752,986 |
Project, Series 2016, 5.000%, 11/01/46 | ||||
220 | Seminole County Industrial Development Authority, Florida, Educational Facilities | 6/31 at 100.00 | Ba1 | 154,618 |
Revenue Bonds, Galileo Schools for Gifted Learning, Series 2021A, 4.000%, 6/15/51, 144A | ||||
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue | ||||
Bonds, Assessment Area 2, Series 2016: | ||||
170 | 4.750%, 11/01/28 | 11/27 at 100.00 | N/R | 168,253 |
375 | 5.375%, 11/01/36 | 11/27 at 100.00 | N/R | 366,176 |
910 | South Fork III Community Development District, Florida, Special Assessment Revenue | 5/27 at 100.00 | N/R | 895,531 |
Bonds, Refunding Series 2016, 5.375%, 5/01/37 | ||||
355 | Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s | 12/22 at 100.00 | N/R (5) | 365,441 |
Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured, (ETM) | ||||
1,000 | Tampa, Florida, Revenue Bonds, H. Lee Moffitt Cancer Center and Research Institute, | 7/30 at 100.00 | A– | 950,240 |
Series 2020B, 5.000%, 7/01/50 | ||||
5,015 | Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson | 6/25 at 100.00 | A– | 5,027,889 |
University Inc. Project, Series 2015, 5.000%, 6/01/40 | ||||
125,123 | Total Florida | 112,941,594 | ||
Georgia – 3.9% (2.2% of Total Investments) | ||||
15,870 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia | 5/31 at 100.00 | A1 | 9,479,468 |
Transmission Corporation Vogtle Project, Series 2012, 2.750%, 1/01/52 | ||||
5,775 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe | 2/28 at 100.00 | BBB | 4,650,550 |
Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45 | ||||
11,255 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe | 2/28 at 100.00 | BBB | 9,063,539 |
Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 | ||||
5,535 | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/32 at 100.00 | A2 | 4,342,595 |
Wellstar Health System, Inc. Project, Series 2022A, 4.000%, 4/01/52 | ||||
10,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. | 7/29 at 100.00 | A1 | 8,061,300 |
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 (5) | 16,043,007 |
Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54, | ||||
(Pre-refunded 2/15/25) | ||||
Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2018A: | ||||
2,680 | 3.950%, 12/01/43 | 6/27 at 100.00 | AAA | 2,585,986 |
4,085 | 4.000%, 12/01/48 | 6/27 at 100.00 | AAA | 3,967,025 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Georgia | ||||
$ 1,300 | Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for | 6/27 at 100.00 | N/R | $ 1,258,725 |
Classical Education, Series 2017, 5.750%, 6/15/37, 144A | ||||
7,000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2022C, 4.000%, | 5/27 at 100.81 | BBB– | 6,467,510 |
8/01/52, (Mandatory Put 11/01/27), 144A | ||||
4,000 | Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life | 11/27 at 100.00 | Ba3 | 3,490,080 |
University, Inc. Project, Refunding Series 2017A, 5.000%, 11/01/47, 144A | ||||
10,000 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, | 7/25 at 100.00 | Baa1 | 9,231,500 |
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 | Baa1 | 8,164,321 |
4,000 | 5.000%, 1/01/59 | 7/28 at 100.00 | Baa1 | 3,696,480 |
10,090 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, | 10/25 at 100.00 | Baa1 | 10,064,977 |
Series 2015, 5.000%, 10/01/40 | ||||
115,575 | Total Georgia | 100,567,063 | ||
Guam – 0.5% (0.3% of Total Investments) | ||||
1,500 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, | 11/25 at 100.00 | BB | 1,393,470 |
5.000%,11/15/39 | ||||
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 | Baa2 | 1,345,907 |
890 | 5.000%, 7/01/40 | 7/27 at 100.00 | Baa2 | 891,005 |
3,695 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/23 at 100.00 | Baa2 (5) | 3,750,425 |
2013, 5.500%, 7/01/43, (Pre-refunded 7/01/23) | ||||
235 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/26 at 100.00 | Baa2 | 228,352 |
2016, 5.000%, 1/01/46 | ||||
4,770 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series | 7/30 at 100.00 | Baa2 | 4,528,018 |
2020A, 5.000%, 1/01/50 | ||||
12,425 | Total Guam | 12,137,177 | ||
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 | 1,226,955 |
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 | 5,032,950 |
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 | 170,554 |
University, Series 2013A, 6.875%, 7/01/43, 144A | ||||
5,075 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health | 7/25 at 100.00 | A1 | 4,432,150 |
Systems, Series 2015A, 4.000%, 7/01/40 | ||||
11,745 | Total Hawaii | 10,862,609 | ||
Idaho – 1.0% (0.6% of Total Investments) | ||||
Idaho Health Facilities Authority, Revenue Bonds, Kootenai Health Project, Series 2014: | ||||
3,300 | 4.375%, 7/01/34 | 7/24 at 100.00 | A | 3,213,606 |
12,495 | 4.750%, 7/01/44 | 7/24 at 100.00 | A | 11,921,480 |
1,250 | Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, | 9/26 at 100.00 | BB+ | 1,194,650 |
Refunding Series 2016, 5.000%, 9/01/37 | ||||
Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep | ||||
Meridian North LLC, Series 2020A: | ||||
500 | 5.000%, 7/01/40, 144A | 7/25 at 100.00 | N/R | 396,890 |
1,415 | 5.250%, 7/01/55, 144A | 7/25 at 100.00 | N/R | 1,054,302 |
12,055 | Spring Valley Community Infrastructure District 1, Eagle, Idaho, Special Assessment | 12/26 at 103.00 | N/R | 8,206,923 |
Bonds, Series 2021, 3.750%, 9/01/51, 144A | ||||
31,015 | Total Idaho | 25,987,851 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Illinois – 25.8% (14.7% of Total Investments) | ||||
$ 675 | Bolingbrook, Will and DuPage Counties, Illinois, General Obligation Bonds, Refunding | 7/23 at 100.00 | A2 (5) | $ 682,924 |
Series 2013A, 5.000%, 1/01/25, (Pre-refunded 7/01/23) | ||||
67,135 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 68,353,500 |
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– | 918,610 |
Series 2017, 5.000%, 4/01/46 | ||||
5,245 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues | 12/22 at 100.00 | Ba3 | 4,653,102 |
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 | 8,975,904 |
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 | 5,473,930 |
4,940 | 5.000%, 12/01/46 | 12/27 at 100.00 | BB | 4,309,014 |
6,055 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/28 at 100.00 | BB | 5,273,784 |
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 | 40,644,053 |
Series 2016A, 7.000%, 12/01/44 | ||||
14,805 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/26 at 100.00 | BB | 15,295,342 |
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 | 20,799,858 |
Series 2017A, 7.000%, 12/01/46, 144A | ||||
1,410 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated | No Opt. Call | BB | 938,961 |
Tax Revenues, Series 1998B-1, 0.000%, 12/01/30 – NPFG Insured | ||||
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien | ||||
Series 2020A: | ||||
1,405 | 4.000%, 12/01/50 | 12/29 at 100.00 | A+ | 1,087,990 |
2,285 | 5.000%, 12/01/55 | 12/29 at 100.00 | A+ | 2,126,718 |
12,215 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, | 12/24 at 100.00 | AA | 12,277,052 |
5.250%, 12/01/49 | ||||
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, | ||||
Refunding Senior Lien Series 2022B: | ||||
2,615 | 4.500%, 1/01/56 | 1/31 at 100.00 | A+ | 2,241,264 |
5,000 | 5.250%, 1/01/56 | 1/31 at 100.00 | A+ | 4,896,450 |
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | ||||
1,500 | 0.000%, 1/01/31 – NPFG Insured | No Opt. Call | BBB– | 1,015,050 |
32,670 | 0.000%, 1/01/32 – FGIC Insured | No Opt. Call | BBB– | 20,795,435 |
12,360 | 0.000%, 1/01/37 – FGIC Insured | No Opt. Call | BBB– | 5,805,863 |
2,500 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, | 1/24 at 100.00 | Ba1 | 2,451,625 |
5.250%, 1/01/33 | ||||
17,605 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, | 1/27 at 100.00 | BBB– | 17,936,150 |
6.000%, 1/01/38 | ||||
2,605 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 | 1/26 at 100.00 | BBB– | 2,466,857 |
3,000 | Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, | 1/25 at 100.00 | A– | 2,895,120 |
5.000%, 1/01/39 | ||||
10,000 | Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago | 12/23 at 100.00 | BBB | 9,565,700 |
City Colleges, Series 2013, 5.250%, 12/01/43 | ||||
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural | ||||
History, Series 2002.RMKT: | ||||
2,500 | 4.450%, 11/01/36 | 11/25 at 102.00 | A2 | 2,485,925 |
3,400 | 5.500%, 11/01/36 | 11/23 at 100.00 | A | 3,476,432 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Illinois | ||||
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 | $ 1,729,104 |
115 | 6.000%, 12/01/45, 144A | 12/25 at 100.00 | N/R | 116,927 |
Illinois Finance Authority, Health Services Facility Lease Revenue Bonds, Provident | ||||
Group – UIC Surgery Center, LLC – University of Illinois Health Services Facility Project, | ||||
Series 2020: | ||||
3,835 | 4.000%, 10/01/50 | 10/30 at 100.00 | BBB+ | 2,943,286 |
5,190 | 4.000%, 10/01/55 | 10/30 at 100.00 | BBB+ | 3,850,980 |
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, | ||||
Series 2016C: | ||||
1,755 | 4.000%, 2/15/41, (Pre-refunded 2/15/27) | 2/27 at 100.00 | N/R (5) | 1,785,081 |
37,620 | 4.000%, 2/15/41 | 2/27 at 100.00 | Aa2 | 32,578,920 |
80 | 4.000%, 2/15/41, (Pre-refunded 2/15/27) | 2/27 at 100.00 | N/R (5) | 81,371 |
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: | ||||
1,485 | 5.000%, 9/01/34, (Pre-refunded 9/01/24) | 9/24 at 100.00 | AA+ (5) | 1,525,986 |
19,025 | 5.000%, 9/01/42, (Pre-refunded 9/01/24) | 9/24 at 100.00 | AA+ (5) | 19,550,090 |
4,000 | Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A, | 11/26 at 103.00 | N/R | 3,095,000 |
5.000%, 11/01/49 | ||||
10,000 | Illinois Finance Authority, Revenue Bonds, Northshore – Edward-Elmhurst Health Credit | 8/32 at 100.00 | N/R | 9,947,100 |
Group, Series 2022A, 5.000%, 8/15/47, (UB) (6) | ||||
12,000 | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, | 11/25 at 100.00 | A3 | 11,543,160 |
5.000%, 11/15/45 | ||||
1,435 | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series | 7/23 at 100.00 | A– | 1,454,932 |
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+ | 973,630 |
1,000 | 5.000%, 8/01/46 | 8/27 at 100.00 | BBB+ | 954,300 |
1,000 | 5.000%, 8/01/47 | 8/27 at 100.00 | BBB+ | 951,280 |
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 | A3 | 560,437 |
6,140 | 5.000%, 8/15/44 | 8/25 at 100.00 | A3 | 5,955,616 |
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A: | ||||
2,235 | 5.000%, 10/01/46, (UB) | 10/25 at 100.00 | AA– | 2,290,182 |
17,765 | 5.000%, 10/01/46, (Pre-refunded 10/01/25), (UB) | 10/25 at 100.00 | N/R (5) | 18,566,024 |
5,670 | Illinois Housing Development Authority, Multifamily Housing Revenue Bonds, Series 2021C, | 7/30 at 100.00 | Aaa | 3,478,035 |
2.850%, 7/01/56 | ||||
3,665 | Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, | 6/24 at 100.00 | BB+ | 3,727,378 |
5.250%, 6/15/31 – AGM Insured | ||||
Illinois State, General Obligation Bonds, December Series 2017A: | ||||
11,800 | 5.000%, 12/01/38 | 12/27 at 100.00 | BBB– | 11,285,284 |
1,330 | 5.000%, 12/01/39 | 12/27 at 100.00 | BBB– | 1,257,887 |
Illinois State, General Obligation Bonds, February Series 2014: | ||||
3,275 | 5.000%, 2/01/24 | No Opt. Call | BBB– | 3,302,969 |
1,575 | 5.250%, 2/01/34 | 2/24 at 100.00 | BBB– | 1,575,661 |
7,500 | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB– | 7,123,050 |
5,200 | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/29 | 1/26 at 100.00 | BBB– | 5,205,044 |
Illinois State, General Obligation Bonds, May Series 2014: | ||||
510 | 5.000%, 5/01/36 | 5/24 at 100.00 | BBB– | 494,221 |
1,915 | 5.000%, 5/01/39 | 5/24 at 100.00 | BBB– | 1,817,086 |
4,460 | Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 | 5/30 at 100.00 | BBB– | 4,483,638 |
13,200 | Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/41 | 11/26 at 100.00 | BBB– | 12,249,996 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Illinois | ||||
$ 31,485 | Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 | 11/27 at 100.00 | BBB– | $ 31,512,077 |
2,040 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 | No Opt. Call | BBB– | 2,048,017 |
5,000 | Illinois State, General Obligation Bonds, November Series 2019B, 4.000%, 11/01/35 | 11/29 at 100.00 | BBB– | 4,305,750 |
5,000 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 | 2/27 at 100.00 | BBB– | 5,006,050 |
Illinois State, General Obligation Bonds, Series 2013: | ||||
2,000 | 5.250%, 7/01/31 | 7/23 at 100.00 | BBB– | 2,002,560 |
4,140 | 5.500%, 7/01/38 | 7/23 at 100.00 | BBB– | 4,143,767 |
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A: | ||||
5,000 | 5.000%, 1/01/35 | 1/23 at 100.00 | A1 | 5,010,150 |
5,590 | 5.000%, 1/01/38 | 1/23 at 100.00 | A1 | 5,599,000 |
18,920 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, | 7/25 at 100.00 | A1 | 19,219,882 |
5.000%, 1/01/40 | ||||
20,470 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2019A, | 7/29 at 100.00 | A1 | 20,662,418 |
5.000%, 1/01/44 | ||||
540 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/25 at 100.00 | BB+ | 492,356 |
Bonds, Refunding Series 2015B, 5.000%, 6/15/52 | ||||
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | ||||
Bonds, Refunding Series 2020A: | ||||
18,325 | 4.000%, 6/15/50 | 12/29 at 100.00 | BB+ | 13,850,218 |
7,290 | 5.000%, 6/15/50 | 12/29 at 100.00 | BB+ | 6,682,160 |
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | ||||
Bonds, Refunding Series 2022A: | ||||
2,910 | 4.000%, 12/15/42 | 12/31 at 100.00 | BB+ | 2,360,388 |
4,500 | 4.000%, 6/15/52 | 12/31 at 100.00 | BB+ | 3,356,550 |
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | ||||
Bonds, Series 2015A: | ||||
2,890 | 0.000%, 12/15/52 | No Opt. Call | BB+ | 461,533 |
5,185 | 5.000%, 6/15/53 | 12/25 at 100.00 | BB+ | 4,721,565 |
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+ | 7,814,250 |
43,200 | 0.000%, 6/15/45 – AGM Insured | No Opt. Call | BB+ | 12,667,968 |
10,000 | 0.000%, 6/15/46 – AGM Insured | No Opt. Call | BB+ | 2,762,600 |
8,750 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | Baa2 | 6,699,262 |
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+ | 16,464,584 |
20,045 | 0.000%, 12/15/35 – AGM Insured | No Opt. Call | BB+ | 10,478,323 |
9,010 | 0.000%, 6/15/37 – NPFG Insured | No Opt. Call | BB+ | 4,003,414 |
465 | Morton Grove, Illinois, Tax Increment Revenue Bonds, Sawmill Station Redevelopment | 1/26 at 100.00 | N/R | 398,724 |
Project, Senior Lien Series 2019, 5.000%, 1/01/39 | ||||
1,842 | Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, | 3/24 at 100.00 | AA | 1,860,862 |
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 | A1 | 2,971,982 |
Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured | ||||
7,025 | Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial | 11/23 at 100.00 | N/R (5) | 7,304,384 |
Group, Inc., Series 2013, 7.625%, 11/01/48, (Pre-refunded 11/01/23) | ||||
4,000 | Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, | No Opt. Call | Baa2 | 3,540,560 |
Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured | ||||
12,125 | Springfield, Illinois, Electric Revenue Bonds, Refunding Senior Lien Series 2015, | 3/25 at 100.00 | A2 | 12,388,355 |
5.000%, 3/01/40 – AGM Insured |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Illinois | ||||
Will County Community Unit School District 201-U Crete-Monee, Illinois, General | ||||
Obligation Bonds, Capital Appreciation Series 2004: | ||||
$ 165 | 0.000%, 11/01/22 – NPFG Insured, (ETM) | No Opt. Call | N/R (5) | $ 165,000 |
780 | 0.000%, 11/01/22 – NPFG Insured, (ETM) | No Opt. Call | Baa2 (5) | 780,000 |
6,415 | Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital | No Opt. Call | Aa3 | 5,929,834 |
Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured | ||||
784,482 | Total Illinois | 671,960,811 | ||
Indiana – 2.6% (1.5% of Total Investments) | ||||
2,650 | Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown | No Opt. Call | Baa2 | 2,536,262 |
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 | 12,057,045 |
Project, Series 2014, 5.000%, 10/01/44 | ||||
10,425 | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, | 5/23 at 100.00 | A (5) | 10,518,199 |
Series 2012A, 5.000%, 5/01/42, (Pre-refunded 5/01/23) | ||||
17,970 | Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, | 10/24 at 100.00 | A+ | 18,256,622 |
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– | 8,847,400 |
20,000 | 0.000%, 2/01/28 – AMBAC Insured | No Opt. Call | AA– | 16,245,400 |
73,090 | Total Indiana | 68,460,928 | ||
Iowa – 1.5% (0.9% of Total Investments) | ||||
10,000 | Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, | 2/23 at 100.00 | A1 (5) | 10,057,200 |
Series 2013A, 5.250%, 2/15/44, (Pre-refunded 2/15/23) | ||||
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | ||||
Company Project, Refunding Series 2022: | ||||
10,045 | 5.000%, 12/01/50 | 12/29 at 103.00 | BBB– | 8,712,933 |
10,860 | 5.000%, 12/01/50, (Mandatory Put 12/01/42) | 12/29 at 103.00 | BBB– | 9,682,993 |
5,700 | Iowa Finance Authority, Senior Housing Revenue Bonds, PHS Council Bluffs, Inc. Project, | 8/23 at 102.00 | N/R | 4,212,927 |
Series 2018, 5.250%, 8/01/55 | ||||
36,850 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Class 2 | 6/31 at 25.58 | N/R | 3,296,970 |
Capital Appreciation Senior Lien Series 2021B-2, 0.000%, 6/01/65 | ||||
4,315 | Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Bonds, Senior Lien | 6/31 at 100.00 | BBB | 3,942,313 |
Series Class 2 Series 2021B-1, 4.000%, 6/01/49 | ||||
77,770 | Total Iowa | 39,905,336 | ||
Kansas – 0.4% (0.2% of Total Investments) | ||||
1,000 | Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc, Series | 5/27 at 100.00 | BB+ | 909,140 |
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: | ||||
3,390 | 5.000%, 9/01/27 | 9/25 at 100.00 | N/R | 3,114,461 |
2,380 | 5.750%, 9/01/32 | 9/25 at 100.00 | N/R | 2,087,641 |
2,575 | 6.000%, 9/01/35 | 9/25 at 100.00 | N/R | 2,243,185 |
2,500 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation | 3/29 at 103.00 | N/R | 2,259,850 |
Bonds, Village East Project Areas 2B 3 and 5, Series 2022, 5.750%, 9/01/39, 144A | ||||
11,845 | Total Kansas | 10,614,277 | ||
Kentucky – 2.2% (1.3% of Total Investments) | ||||
5,915 | Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series | 2/26 at 100.00 | BB+ | 5,883,591 |
2016, 5.500%, 2/01/44 | ||||
10,000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro | 6/27 at 100.00 | BBB– | 9,881,000 |
Health, Refunding Series 2017A, 5.000%, 6/01/37 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Kentucky | ||||
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 | $ 4,244,630 |
17,615 | 5.000%, 1/01/45 | 7/25 at 100.00 | Baa2 | 16,367,330 |
Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown | ||||
Crossing Project, Convertible Capital Appreciation First Tier Series 2013C: | ||||
4,360 | 0.000%, 7/01/43 (8) | 7/31 at 100.00 | Baa2 | 4,633,198 |
8,510 | 0.000%, 7/01/46 (8) | 7/31 at 100.00 | Baa2 | 9,056,597 |
Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown | ||||
Crossing Project, First Tier Series 2013A: | ||||
2,390 | 5.750%, 7/01/49, (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (5) | 2,420,258 |
480 | 6.000%, 7/01/53, (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (5) | 486,792 |
5,000 | Louisville and Jefferson County Metropolitan Government, Kentucky, Hospital Revenue | 5/32 at 100.00 | BBB+ | 4,599,050 |
Bonds, UofL Health Project, Series 2022A, 5.000%, 5/15/52 | ||||
58,615 | Total Kentucky | 57,572,446 | ||
Louisiana – 1.4% (0.8% of Total Investments) | ||||
2,525 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala | 7/23 at 100.00 | N/R | 2,531,565 |
Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 | ||||
10,845 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation | 5/30 at 100.00 | A3 | 8,550,090 |
Project, Series 2020A, 4.000%, 5/15/49 | ||||
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries | ||||
of Our Lady Health System, Series 1998A: | ||||
5,290 | 5.750%, 7/01/25, (UB) | No Opt. Call | A2 | 5,454,043 |
135 | 5.750%, 7/01/25, (ETM), (UB) | No Opt. Call | A2 (5) | 143,371 |
11,000 | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, | 10/33 at 100.00 | BBB | 9,714,100 |
Refunding Series 2017, 0.000%, 10/01/46 (8) | ||||
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | ||||
Series 2015: | ||||
1,045 | 4.250%, 5/15/40 | 5/25 at 100.00 | A3 | 950,929 |
5,000 | 5.000%, 5/15/47 | 5/25 at 100.00 | A3 | 4,904,950 |
1,000 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, | 6/24 at 100.00 | A (5) | 1,013,760 |
6/01/34, (Pre-refunded 6/01/24) | ||||
3,275 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | 6/30 at 100.00 | BB– | 3,447,527 |
2010A, 6.350%, 10/01/40, 144A | ||||
40,115 | Total Louisiana | 36,710,335 | ||
Maine – 1.9% (1.1% of Total Investments) | ||||
7,530 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/23 at 100.00 | Ba1 (5) | 7,613,433 |
Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43, (Pre-refunded 7/01/23) | ||||
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 | 4,431,449 |
10,265 | 4.000%, 7/01/46 | 7/26 at 100.00 | Ba1 | 7,960,200 |
10,000 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth | 7/24 at 100.00 | A+ (5) | 10,244,600 |
Issue, Series 2015, 5.000%, 7/01/39, (Pre-refunded 7/01/24) 2022 2022 | ||||
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineHealth | ||||
Issue, Series 2020A: | ||||
2,705 | 4.000%, 7/01/45 | 7/30 at 100.00 | A+ | 2,283,507 |
5,000 | 4.000%, 7/01/50 | 7/30 at 100.00 | A+ | 3,993,350 |
4,500 | Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2021A, | 5/30 at 100.00 | AA+ | 2,411,730 |
2.200%, 11/15/51 | ||||
8,885 | Maine State Housing Authority, Multifamily Mortgage Purchase Bonds, Series 2022A, | 11/30 at 100.00 | AA+ | 5,627,048 |
2.600%, 11/15/46 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Maine | ||||
$ 7,695 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Series 2020D, | 5/29 at 100.00 | AA+ | $ 5,194,125 |
2.800%, 11/15/45 | ||||
915 | Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Social Series | 11/30 at 100.00 | AA+ | 547,801 |
2021C, 2.300%, 11/15/46 | ||||
62,945 | Total Maine | 50,307,243 | ||
Maryland – 2.3% (1.3% of Total Investments) | ||||
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: | ||||
1,280 | 5.000%, 9/01/33 | 9/27 at 100.00 | CCC | 1,180,442 |
3,050 | 5.000%, 9/01/39 | 9/27 at 100.00 | CCC | 2,620,773 |
3,025 | 5.000%, 9/01/46 | 9/27 at 100.00 | CCC | 2,513,291 |
1,000 | Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series | 2/26 at 100.00 | N/R | 872,090 |
2017A, 4.375%, 2/15/39, 144A | ||||
Maryland Community Development Administration Department of Housing and Community | ||||
Development, Residential Revenue Bonds, Series 2021C: | ||||
6,600 | 2.450%, 9/01/41 | 9/30 at 100.00 | AA+ | 4,515,984 |
12,000 | 2.550%, 9/01/44 | 9/30 at 100.00 | Aa1 | 7,911,360 |
7,975 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist | 1/32 at 100.00 | Baa3 | 6,097,127 |
HealthCare Issue, Series 2021B, 4.000%, 1/01/51 | ||||
13,315 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist | 1/27 at 100.00 | Baa3 | 13,055,491 |
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+ | 9,808,900 |
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 (5) | 1,539,135 |
Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45, (Pre-refunded 7/01/24) | ||||
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 | 1,931,580 |
2,300 | 5.000%, 7/01/46, 144A | 1/26 at 100.00 | N/R | 2,222,145 |
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B: | ||||
1,335 | 4.250%, 11/01/37 | 11/24 at 103.00 | B– | 1,063,074 |
1,250 | 4.500%, 11/01/43 | 11/24 at 103.00 | B– | 986,262 |
2,650 | 5.000%, 11/01/47 | 11/24 at 103.00 | B– | 2,198,917 |
69,280 | Total Maryland | 58,516,571 | ||
Massachusetts – 3.1% (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 | B– | 1,992,505 |
6,195 | 5.500%, 7/01/44 | 7/24 at 100.00 | B– | 5,196,056 |
Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the | ||||
Charles, Inc. Issue, Series 2017: | ||||
8,200 | 4.125%, 10/01/42, 144A | 11/22 at 105.00 | BB+ | 7,534,488 |
3,000 | 5.000%, 10/01/57, 144A | 11/22 at 105.00 | BB+ | 3,012,810 |
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: | ||||
3,220 | 4.500%, 1/01/45 | 1/25 at 100.00 | Baa2 | 2,814,827 |
2,950 | 5.000%, 1/01/45 | 1/25 at 100.00 | Baa2 | 2,802,884 |
4,035 | Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, | 10/26 at 100.00 | Baa2 | 3,118,450 |
4.000%, 10/01/46 | ||||
16,280 | Massachusetts Development Finance Agency, Revenue Bonds, Massachusetts Institute of | No Opt. Call | AAA | 17,171,167 |
Technology, Series 2020P, 5.000%, 7/01/50 | ||||
900 | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center | 7/30 at 100.00 | BB+ | 776,052 |
Issue, Series 2020G, 5.000%, 7/15/46, 144A | ||||
6,000 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, | No Opt. Call | AA– | 6,958,980 |
Series 2002A, 5.750%, 1/01/42 – AMBAC Insured |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Massachusetts | ||||
$ 7,405 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts | No Opt. Call | AAA | $ 8,670,663 |
Institute of Technology, Series 2002K, 5.500%, 7/01/32, (UB) (6) | ||||
2,800 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2014D, 3.875%, 12/01/39 | 6/24 at 100.00 | AA– | 2,451,316 |
Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2021A-1: | ||||
3,340 | 2.375%, 12/01/46 | 6/30 at 100.00 | AA | 2,029,050 |
3,600 | 2.450%, 12/01/51 | 6/30 at 100.00 | AA | 2,052,756 |
8,310 | 2.550%, 12/01/56 | 6/30 at 100.00 | AA | 4,650,941 |
4,500 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series | 6/30 at 100.00 | AA+ | 2,788,605 |
2020-220, 2.300%, 12/01/44 | ||||
4,560 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 5/23 at 100.00 | Aa2 (5) | 4,605,098 |
Series 2013A, 5.000%, 5/15/43, (Pre-refunded 5/15/23) | ||||
3,345 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2021B, | 4/31 at 100.00 | AA | 1,759,503 |
2.000%, 4/01/50 | ||||
425 | Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, | 12/22 at 100.00 | AAA | 425,795 |
Subordinate Series 1999A, 5.750%, 8/01/29 | ||||
91,310 | Total Massachusetts | 80,811,946 | ||
Michigan – 2.1% (1.2% of Total Investments) | ||||
5,060 | Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and | No Opt. Call | AA | 5,475,173 |
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 | 3,572,459 |
Development Project, Series 2018A, 5.000%, 7/01/48 – AGM Insured | ||||
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding | ||||
Series 2015: | ||||
4,495 | 4.000%, 11/15/35 | 5/25 at 100.00 | A | 4,119,308 |
2,510 | 4.000%, 11/15/36 | 5/25 at 100.00 | A | 2,298,809 |
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, | ||||
Refunding Series 2016MI: | ||||
5,805 | 5.000%, 12/01/45 | 6/26 at 100.00 | AA– | 5,666,841 |
145 | 5.000%, 12/01/45, (Pre-refunded 6/01/26) | 6/26 at 100.00 | N/R (5) | 152,942 |
2,705 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco | 12/30 at 100.00 | BBB | 2,594,879 |
Receipts Senior Current Interest Series 2020A-2, 5.000%, 6/01/40 | ||||
1,000 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco | 12/30 at 100.00 | BBB+ | 765,290 |
Receipts, Series 2020A-CL-1, 4.000%, 6/01/49 | ||||
Michigan Housing Development Authority, Single Family Mortgage Revenue Bonds, Social | ||||
Series 2021A: | ||||
21,675 | 2.350%, 12/01/46 | 12/30 at 100.00 | Aa2 | 13,200,292 |
8,280 | 2.500%, 6/01/52 | 12/30 at 100.00 | Aa2 | 4,849,844 |
10,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series | 10/31 at 100.00 | AA– | 5,806,800 |
2020-I, 2.625%, 10/15/56 | ||||
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– | 3,532,818 |
3,600 | 5.000%, 12/01/45 | 12/25 at 100.00 | A– | 3,528,540 |
72,490 | Total Michigan | 55,563,995 | ||
Minnesota – 2.2% (1.3% 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+ | 125,504 |
440 | 4.000%, 8/01/41 | 8/26 at 100.00 | BB+ | 334,884 |
2,000 | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Prairie Seeds Academy | 3/25 at 100.00 | BB– | 1,829,380 |
Project, Refunding Series 2015A, 5.000%, 3/01/34 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Minnesota | ||||
$ 1,720 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, | 7/25 at 100.00 | BB+ | $ 1,624,334 |
Series 2015A, 5.500%, 7/01/50 | ||||
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | ||||
Essentia Health Obligated Group, Series 2018A: | ||||
9,250 | 4.250%, 2/15/43 | 2/28 at 100.00 | A– | 8,192,170 |
27,325 | 4.250%, 2/15/48 | 2/28 at 100.00 | A– | 23,504,418 |
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy | ||||
Project, Series 2022A: | ||||
340 | 5.250%, 6/01/42 | 6/32 at 100.00 | N/R | 306,493 |
215 | 5.500%, 6/01/57 | 6/32 at 100.00 | N/R | 190,881 |
1,400 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, | 7/32 at 100.00 | N/R | 1,206,982 |
Series 2022A, 5.500%, 7/01/52 | ||||
2,405 | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, | 1/32 at 100.00 | A+ | 2,021,330 |
Subordinate Lien Series 2022A, 4.250%, 1/01/52 | ||||
2,275 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020E, | 7/29 at 100.00 | AA+ | 1,618,162 |
2.700%, 7/01/44 | ||||
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I: | ||||
2,255 | 2.150%, 7/01/45 | 1/30 at 100.00 | AA+ | 1,423,852 |
3,625 | 2.200%, 1/01/51 | 1/30 at 100.00 | AA+ | 2,207,770 |
5,610 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2021H, | 1/31 at 100.00 | Aa1 | 3,936,481 |
2.550%, 1/01/46 | ||||
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 | 319,962 |
605 | 5.000%, 4/01/46 | 4/26 at 100.00 | N/R | 421,020 |
2,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue | 7/25 at 100.00 | A | 1,874,180 |
Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 | ||||
90 | Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue | 4/23 at 100.00 | N/R | 87,841 |
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: | ||||
2,785 | 5.000%, 11/15/40, (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R (5) | 2,904,087 |
3,190 | 5.000%, 11/15/44, (Pre-refunded 11/15/25) | 11/25 at 100.00 | N/R (5) | 3,326,404 |
68,090 | Total Minnesota | 57,456,135 | ||
Mississippi – 0.2% (0.1% of Total Investments) | ||||
3,720 | Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System | No Opt. Call | A2 (5) | 3,803,849 |
Project, Series 2005, 5.250%, 7/01/24 – AGM Insured, (ETM) | ||||
1,000 | Mississippi Home Corporation, Single Family Mortgage Revenue Bonds, Series 2021A, | 6/30 at 100.00 | Aaa | 616,060 |
2.125%, 12/01/44 | ||||
4,720 | Total Mississippi | 4,419,909 | ||
Missouri – 2.6% (1.5% of Total Investments) | ||||
2,600 | Chesterfield Valley Transportation Development District, Missouri, Transportation Sales | 5/23 at 100.00 | A– | 2,408,510 |
Tax Revenue Bonds, Series 2015, 3.625%, 5/15/31 | ||||
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 | 352,364 |
1,520 | 5.000%, 4/01/46, 144A | 4/26 at 100.00 | N/R | 1,235,061 |
15,000 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, | No Opt. Call | A2 | 12,238,800 |
Improvement Series 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 | 3,426,337 |
Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/50 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Missouri | ||||
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 | $ 1,386,787 |
1,055 | 6.000%, 6/01/46, 144A | 6/25 at 100.00 | N/R | 903,787 |
2,460 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 5/23 at 100.00 | BBB | 2,486,814 |
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 | 1,432,884 |
2,000 | 5.000%, 5/01/45 | 11/23 at 100.00 | BBB | 2,032,460 |
7,040 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/23 at 100.00 | A2 | 7,069,920 |
CoxHealth, Series 2013A, 5.000%, 11/15/48 | ||||
2,250 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 12/22 at 100.00 | A1 | 2,250,675 |
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: | ||||
5,055 | 4.000%, 2/15/44 | 2/29 at 100.00 | A1 | 4,303,979 |
10,095 | 4.000%, 2/15/49 | 2/29 at 100.00 | A1 | 8,349,675 |
405 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/23 at 100.00 | BB+ | 392,899 |
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: | ||||
1,650 | 5.000%, 12/01/35 | 12/25 at 100.00 | N/R | 1,554,597 |
455 | 5.125%, 12/01/45 | 12/25 at 100.00 | N/R | 409,241 |
4,125 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, | No Opt. Call | A– | 4,468,860 |
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 | 10,461,178 |
Park Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured | ||||
78,790 | Total Missouri | 67,164,828 | ||
Montana – 0.1% (0.0% 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 | 1,069,038 |
375 | 5.250%, 5/15/47 | 5/25 at 102.00 | N/R | 317,479 |
1,550 | Total Montana | 1,386,517 | ||
Nebraska – 0.7% (0.4% of Total Investments) | ||||
1,330 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska | 11/25 at 100.00 | A | 1,294,968 |
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 | 1,931,745 |
1,865 | 5.000%, 11/01/48 | 11/25 at 100.00 | A | 1,797,114 |
7,760 | Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series | 3/29 at 100.00 | AA+ | 5,594,494 |
2020A, 2.700%, 9/01/43 | ||||
6,800 | Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional | 2/27 at 100.00 | BB+ | 6,661,688 |
West Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/01/37 | ||||
19,845 | Total Nebraska | 17,280,009 | ||
Nevada – 1.2% (0.7% of Total Investments) | ||||
410 | Director of the State of Nevada Department of Business and Industry, Charter School | 12/25 at 100.00 | BB | 384,080 |
Lease Revenue Bonds, Somerset Academy, Series 2018A, 5.000%, 12/15/38, 144A | ||||
Henderson, Nevada, Local Improvement Bonds, Local Improvement District T-21 Black | ||||
Mountain Ranch, Series 2022: | ||||
750 | 3.500%, 9/01/45 | 9/31 at 100.00 | N/R | 502,065 |
500 | 4.000%, 9/01/51 | 9/31 at 100.00 | N/R | 363,075 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Missouri | ||||
$ 23,505 | Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue | 7/28 at 100.00 | A | $ 18,991,570 |
Bonds, Series 2018B, 4.000%, 7/01/49 | ||||
2,150 | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Refunding Series | 7/27 at 100.00 | A | 2,007,885 |
2017B, 4.000%, 7/01/36 | ||||
1,000 | Las Vegas, Nevada, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement | 11/22 at 100.00 | N/R | 855,360 |
District, Series 2016, 4.375%, 6/15/35, 144A | ||||
500 | Neveda State Director of the Department of Business and Industry, Charter School Revenue | 7/25 at 100.00 | BB+ | 458,890 |
Bonds, Doral Academy of Nevada, Series 2017A, 5.000%, 7/15/37, 144A | ||||
3,950 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno | 12/28 at 100.00 | A3 | 3,305,676 |
Transportation Rail Access Corridor Project, Series 2018A, 4.000%, 6/01/43 | ||||
3,500 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, | 7/38 at 31.26 | N/R | 360,010 |
ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018C, 0.000%, 7/01/58, 144A | ||||
3,210 | Tahoe-Douglas Visitors Authority, Nevada, Stateline Revenue Bonds, Series 2020, | 7/30 at 100.00 | N/R | 2,888,133 |
5.000%, 7/01/51 | ||||
39,475 | Total Nevada | 30,116,744 | ||
New Hampshire – 1.2% (0.6% of Total Investments) | ||||
16,085 | National Finance Authority, New Hampshire, Hospital Facilities Revenue Bonds, Saint | 5/31 at 100.00 | AA | 13,462,823 |
Elizabeth Medical Center, Inc., Series 2021A, 4.000%, 5/01/51 | ||||
12,045 | National Finance Authority, New Hampshire, Municipal Certificates Series 2022-1 Class A, | No Opt. Call | BBB | 10,881,007 |
4.375%, 9/20/36 2022 1 | ||||
5,000 | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta | 7/23 at 100.00 | B | 4,154,500 |
Project, Refunding Series 2018B, 4.625%, 11/01/42, 144A | ||||
1,185 | National Finance Authority, New Hampshire, Resource Recovery Revenue Bonds, Covanta | 7/25 at 100.00 | B | 874,613 |
Project, Refunding Series 2020A, 3.625%, 7/01/43, (Mandatory Put 7/02/40), 144A | ||||
500 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Kendal at | 10/26 at 100.00 | BBB+ | 486,705 |
Hanover, Series 2016, 5.000%, 10/01/40 | ||||
34,815 | Total New Hampshire | 29,859,648 | ||
New Jersey – 6.9% (3.9% of Total Investments) | ||||
New Jersey Economic Development Authority, School Facilities Construction Bonds, | ||||
Refunding Series 2016BBB: | ||||
34,310 | 5.500%, 6/15/29, (Pre-refunded 12/15/26) | 12/26 at 100.00 | BBB (5) | 37,233,212 |
2,110 | 5.500%, 6/15/30, (Pre-refunded 12/15/26) | 12/26 at 100.00 | BBB (5) | 2,289,772 |
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 | 7,045,655 |
5,045 | 5.500%, 9/01/28 – NPFG Insured | No Opt. Call | BBB | 5,431,144 |
New Jersey Economic Development Authority, School Facilities Construction Bonds, | ||||
Series 2015WW: | ||||
11,335 | 5.250%, 6/15/40 | 6/25 at 100.00 | BBB | 11,372,519 |
655 | 5.250%, 6/15/40, (Pre-refunded 6/15/25) | 6/25 at 100.00 | N/R (5) | 688,359 |
3,310 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, | 7/24 at 100.00 | AA– | 3,261,542 |
Refunding Series 2014A, 5.000%, 7/01/44 | ||||
2,035 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | No Opt. Call | BBB | 1,710,458 |
Appreciation Series 2010A, 0.000%, 12/15/26 | ||||
20,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding | No Opt. Call | BBB+ | 11,649,600 |
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 | 19,290,304 |
2014AA, 5.000%, 6/15/44 | ||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: | ||||
13,690 | 4.750%, 6/15/38 | 6/25 at 100.00 | BBB | 13,136,102 |
8,355 | 5.000%, 6/15/45 | 6/25 at 100.00 | BBB | 8,028,988 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New Jersey | ||||
$ 5,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | BBB | $ 5,007,050 |
2019AA, 5.250%, 6/15/43 | ||||
6,630 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/30 at 100.00 | BBB | 6,318,788 |
2020AA, 5.000%, 6/15/50 | ||||
33,200 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, | No Opt. Call | A2 | 34,890,212 |
1/01/26 – AGM Insured | ||||
1,150 | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, | 5/23 at 100.00 | A+ (5) | 1,160,568 |
5/01/43, (Pre-refunded 5/01/23) | ||||
5,000 | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, | 11/30 at 100.00 | Baa2 | 3,949,250 |
Series 2020A, 4.000%, 11/01/50 | ||||
3,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BBB+ | 2,909,130 |
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+ | 3,135,359 |
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 | 1,391,526 |
Bonds, Series 2005, 5.250%, 1/01/26 – AGM Insured | ||||
186,440 | Total New Jersey | 179,899,538 | ||
New Mexico – 0.2% (0.1% of Total Investments) | ||||
3,345 | New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 | 7/30 at 100.00 | Aaa | 2,121,232 |
Series 2021C, 2.250%, 7/01/46 | ||||
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+ | 547,671 |
1,200 | 5.000%, 5/15/49 | 5/26 at 103.00 | BB+ | 948,456 |
1,000 | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross | 5/29 at 103.00 | N/R | 787,840 |
Receipts Tax Increment Bonds, Senior Lien Series 2022, 4.250%, 5/01/40, 144A | ||||
6,215 | Total New Mexico | 4,405,199 | ||
New York – 8.0% (4.5% of Total Investments) | ||||
14,650 | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of | 9/25 at 100.00 | N/R | 14,515,367 |
Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A | ||||
9,320 | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | 12/30 at 100.00 | N/R | 6,673,586 |
School, Series 2020A-1, 5.500%, 6/01/55, 144A | ||||
7,390 | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | 12/30 at 100.00 | N/R | 5,356,789 |
School, Series 2020B-1, 5.000%, 6/01/55, 144A | ||||
14,215 | Dormitory Authority of the State of New York, General Revenue Bonds, Northwell Health | 5/32 at 100.00 | A3 | 12,162,354 |
Obligated Group, Series 2022A, 4.250%, 5/01/52, (UB) (6) | ||||
1,535 | Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School | No Opt. Call | Baa2 | 1,566,360 |
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 | 10,260,951 |
2017A, 5.000%, 10/01/47, (UB) (6) | ||||
4,070 | Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at | 7/25 at 100.00 | A– | 4,083,024 |
Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/45 | ||||
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– | 2,428,677 |
5,600 | 5.000%, 12/01/45, 144A | 6/25 at 100.00 | BBB– | 4,879,168 |
2,095 | Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health | 12/32 at 100.00 | BBB+ | 1,964,523 |
Project, Series 2022A, 5.250%, 12/01/52 | ||||
2,120 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/30 at 100.00 | N/R | 1,964,138 |
Academy Charter School Project, Refunding Series 2020B, 5.570%, 2/01/41 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New York | ||||
$ 2,695 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/27 at 100.00 | N/R | $ 2,719,605 |
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 | 3,067,470 |
Academy Charter School Project, Series 2018A, 6.760%, 2/01/48 | ||||
1,270 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/30 at 100.00 | N/R | 1,160,793 |
Academy Charter School Project, Series 2020A, 5.730%, 2/01/50 | ||||
Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | ||||
Academy Charter School Project, Series 2021A: | ||||
1,210 | 4.450%, 2/01/41 | 2/30 at 100.00 | A2 | 911,009 |
2,130 | 4.600%, 2/01/51 | 2/30 at 100.00 | A2 | 1,498,093 |
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | ||||
Climate Bond Certified Series 2020C-1: | ||||
2,790 | 5.000%, 11/15/50 | 5/30 at 100.00 | BBB+ | 2,525,369 |
3,155 | 5.250%, 11/15/55 | 5/30 at 100.00 | BBB+ | 2,971,442 |
8,390 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 11/30 at 100.00 | BBB+ | 6,463,656 |
Climate Bond Certified Series 2020D-2, 4.000%, 11/15/48 | ||||
5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 11/30 at 100.00 | BBB+ | 3,829,550 |
Climate Bond Certified Series 2020D-3, 4.000%, 11/15/49 | ||||
2,210 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | No Opt. Call | BBB+ | 2,257,206 |
Green Climate Certified Series 2017C-1, 5.000%, 11/15/24 | ||||
7,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | 11/30 at 100.00 | BBB+ | 5,920,125 |
Green Climate Certified Series 2020E, 4.000%, 11/15/45 | ||||
3,585 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann’s | 1/26 at 103.00 | N/R | 2,707,894 |
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 | A– | 1,013,510 |
Health Services of Long Island Obligated Group Project, Series 2014, 5.000%, 7/01/31 | ||||
7,285 | Nassau County, New York, General Obligation Bonds, General Improvement Series 2022A, | 4/32 at 100.00 | A | 6,393,826 |
4.000%, 4/01/41 | ||||
15,000 | New York City Housing Development Corporation, New York, Sustainable Impact Revenue | 2/28 at 100.00 | Aa2 | 9,140,850 |
Bonds, Williamsburg Housing Preservation LP, Series 2020A, 2.800%, 2/01/50 | ||||
11,570 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/25 at 100.00 | AA+ | 11,774,789 |
General Resolution Revenue Bonds, Fiscal 2016 Series BB-1, 5.000%, 6/15/46, (UB) (6) | ||||
5 | New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, | 12/22 at 100.00 | AA– | 5,008 |
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 | 25,141,139 |
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | ||||
15,940 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 7 World Trade | 3/30 at 100.00 | Aaa | 10,967,995 |
Center Project, Refunding Green Series 2022A-CL2, 3.125%, 9/15/50 | ||||
2,560 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Bank of | 3/29 at 100.00 | Baa2 | 2,080,230 |
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 | 2,280,425 |
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 | 5,385,640 |
3.750%, 10/01/43 | ||||
1,000 | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding | 9/32 at 100.00 | AA+ | 836,550 |
Group 1 Series 2022A, 4.000%, 3/15/50 | ||||
15,000 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | 9/30 at 100.00 | Aa2 | 12,684,300 |
General Purpose, Series 2020A, 4.000%, 3/15/49 | ||||
5,000 | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & | 11/32 at 100.00 | Aa3 | 4,065,750 |
Tunnels, Series 2022A, 4.000%, 11/15/52 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New York | ||||
$ 10,010 | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & | 11/32 at 100.00 | AA+ | $ 8,141,233 |
Tunnels, TBTA Capital Lockbox-City Sales Tax, Series 2022A, 4.000%, 5/15/57 | ||||
7,110 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 6,080,259 |
246,390 | Total New York | 207,878,653 | ||
North Carolina – 0.1% (0.1% of Total Investments) | ||||
2,150 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue | 7/27 at 100.00 | N/R | 1,778,932 |
Bonds, Aldersgate United Retirement Community Inc., Refunding Series 2017A, 5.000%, 7/01/47 | ||||
1,000 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, | 7/26 at 100.00 | Baa3 | 909,480 |
5.000%, 7/01/54 | ||||
3,150 | Total North Carolina | 2,688,412 | ||
North Dakota – 1.9% (1.1% of Total Investments) | ||||
9,950 | Cass County, North Dakota, Health Care Facilities Revenue Bonds, Essential Health | 2/28 at 100.00 | A– | 8,566,453 |
Obligated Group, Series 2018B, 4.250%, 2/15/48 | ||||
4,525 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/27 at 100.00 | BBB– | 4,224,268 |
Obligated Group, Series 2017A, 5.000%, 12/01/42 | ||||
1,000 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/31 at 100.00 | BBB– | 693,120 |
Obligated Group, Series 2021, 3.000%, 12/01/46 – AGM Insured | ||||
1,000 | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley | 12/26 at 100.00 | N/R | 863,760 |
Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 | ||||
3,820 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Series 2020B, | 1/30 at 100.00 | Aa1 | 2,595,690 |
2.500%, 7/01/44 | ||||
1,000 | North Dakota Housing Finance Agency, Home Mortgage Finance Program Bonds, Social Series | 1/32 at 100.00 | Aa1 | 847,850 |
2022F, 4.250%, 1/01/47 | ||||
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– | 8,596,100 |
28,050 | 5.000%, 6/01/53 | 6/28 at 100.00 | BBB– | 22,092,741 |
2,535 | Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC | 9/23 at 100.00 | N/R | 1,267,500 |
Project, Series 2013, 7.750%, 9/01/38 (4) | ||||
61,880 | Total North Dakota | 49,747,482 | ||
Ohio – 11.2% (6.4% of Total Investments) | ||||
9,495 | $280,000,000, Count of Washington, Ohio, Hospital Facilities Revenue Bonds, Series 2022, | 12/32 at 100.00 | N/R | 8,465,837 |
(Memorial Health System Obligated Group), 6.750%, 12/01/52 | ||||
2,000 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities | 11/30 at 100.00 | BBB+ | 1,341,480 |
Revenue Bonds, Summa Health Obligated Group, Refunding Series 2020, 3.000%, 11/15/40 | ||||
70,220 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | 7,018,489 |
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: | ||||
42,960 | 3.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 27,955,361 |
14,060 | 4.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 11,148,736 |
50,910 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 42,910,003 |
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 | ||||
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 | 2,504,755 |
3,200 | 5.250%, 11/01/47 | 11/27 at 100.00 | N/R | 2,722,912 |
3,345 | Cleveland Heights-University Heights City School District, Ohio, General Obligation | 6/23 at 100.00 | A1 (5) | 3,380,624 |
Bonds, School Improvement Series 2014, 5.000%, 12/01/51, (Pre-refunded 6/01/23) | ||||
5,000 | County of Lucas, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, | 11/28 at 100.00 | Baa3 | 3,466,900 |
Series 2018A, 5.250%, 11/15/48 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Ohio | ||||
$ 37,150 | Cuyahoga County, Ohio, Certificates of Participation, Convention Hotel Project, Series | 6/24 at 100.00 | A1 | $ 34,400,900 |
2014, 4.375%, 12/01/44, (UB) (6) | ||||
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+ | 930,404 |
1,750 | 4.000%, 9/01/45 | 9/29 at 100.00 | BB+ | 1,321,810 |
2,000 | 5.000%, 9/01/49 | 9/29 at 100.00 | BB+ | 1,645,840 |
6,840 | Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, | 12/29 at 100.00 | BBB– | 6,159,352 |
Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51 | ||||
3,985 | Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, | 12/27 at 100.00 | AA– | 2,997,358 |
3.250%, 12/01/42 | ||||
37,375 | JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien | 1/23 at 100.00 | Aa3 (5) | 37,488,620 |
Series 2013A, 5.000%, 1/01/38, (Pre-refunded 1/01/23) | ||||
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 | 4,700,353 |
6,000 | 5.250%, 12/01/31 – AGM Insured | No Opt. Call | A2 | 6,574,980 |
12,000 | Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System | 2/23 at 100.00 | Ba2 | 10,169,160 |
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 | 10,625 |
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/23 | ||||
1,050 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 1,313 |
FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 | ||||
2,020 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 2,525 |
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 | 1,250 |
FirstEnergy Nuclear Generation Project, Refunding Series 2005B, 3.125%, 1/01/34 (4) | ||||
25,880 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 23,925,801 |
FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.750%, 6/01/33, (Mandatory | ||||
Put 6/01/22) | ||||
490 | Ohio Higher Educational Facility Commission, Senior Hospital Parking Revenue Bonds, | 1/30 at 100.00 | A3 | 460,850 |
University Circle Incorporated 2020 Project, Series 2020, 5.000%, 1/15/50 | ||||
1,240 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission | 2/31 at 100.00 | A+ | 1,340,899 |
Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-3, 0.000%, 2/15/36 (8) | ||||
4,995 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission | 2/23 at 100.00 | A+ (5) | 5,021,473 |
Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.000%, 2/15/48, | ||||
(Pre-refunded 2/15/23) | ||||
1,610 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 2,013 |
Generating Corporation Project, Refunding Series 2010C, 4.000%, 6/01/33 | ||||
1,130 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 1,412 |
Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (4) | ||||
20,505 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 18,956,667 |
Nuclear Generating Corporation Project, Series 2009A, 4.750%, 6/01/33, (Mandatory | ||||
Put 6/01/22) | ||||
20,480 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 18,933,555 |
Nuclear Generating Corporation Project, Series 2010B, 4.750%, 6/01/33, (Mandatory | ||||
Put 6/01/22) | ||||
3,000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment | 11/30 at 100.00 | N/R | 2,185,470 |
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– | 1,097,212 |
870 | 6.000%, 12/01/42 | 12/22 at 100.00 | BB– | 871,914 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Ohio | ||||
$ 1,330 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education | 3/25 at 100.00 | N/R | $ 1,268,607 |
Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, | ||||
6.000%, 3/01/45 | ||||
411,780 | Total Ohio | 291,385,460 | ||
Oklahoma – 0.9% (0.5% of Total Investments) | ||||
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | ||||
Project, Series 2018B: | ||||
1,000 | 5.500%, 8/15/52 | 8/28 at 100.00 | BB+ | 819,300 |
23,475 | 5.500%, 8/15/57 | 8/28 at 100.00 | BB+ | 18,843,148 |
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | ||||
Project, Taxable Series 2022: | ||||
1,150 | 5.500%, 8/15/41 | 8/32 at 100.00 | N/R | 1,017,888 |
1,390 | 5.500%, 8/15/44 | 8/32 at 100.00 | N/R | 1,206,979 |
2,340 | Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, | 11/25 at 102.00 | BBB– | 2,231,751 |
Montereau, Inc Project, Refunding Series 2017, 5.250%, 11/15/45 | ||||
29,355 | Total Oklahoma | 24,119,066 | ||
Oregon – 0.1% (0.0% of Total Investments) | ||||
Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., | ||||
Series 2020A: | ||||
500 | 5.125%, 11/15/40 | 11/25 at 102.00 | N/R | 440,630 |
220 | 5.250%, 11/15/50 | 11/25 at 102.00 | N/R | 185,718 |
315 | 5.375%, 11/15/55 | 11/25 at 102.00 | N/R | 266,685 |
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 | 933,080 |
800 | 5.500%, 10/01/49 | 10/24 at 100.00 | N/R | 744,848 |
2,835 | Total Oregon | 2,570,961 | ||
Pennsylvania – 5.9% (3.4% of Total Investments) | ||||
14,805 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny | 4/28 at 100.00 | A | 12,120,705 |
Health Network Obligated Group Issue, Series 2018A, 4.000%, 4/01/44 | ||||
2,540 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/27 at 100.00 | Ba3 | 2,178,583 |
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 | 4.375%, 1/01/35, (Mandatory Put 7/01/22) | No Opt. Call | N/R | 13,201,119 |
3,145 | 3.500%, 4/01/41 (4) | No Opt. Call | N/R | 3,931 |
1,245 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 1,556 |
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 | 1,550 |
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (4) | ||||
9,365 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | 4/31 at 100.00 | N/R | 6,740,178 |
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 | ||||
20,970 | Berks County Industrial Development Authority, Pennsylvania, Health System Revenue | 11/27 at 100.00 | B+ | 13,980,699 |
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– | 2,416,603 |
6,420 | 5.125%, 3/15/46 | 3/27 at 100.00 | BBB– | 6,194,016 |
10,850 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | 6/28 at 100.00 | A1 | 9,894,441 |
Settlement, Series 2018, 4.000%, 6/01/39 – AGM Insured, (UB) (6) |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Pennsylvania | ||||
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran | ||||
Social Ministries Project, Series 2015: | ||||
$ 170 | 5.000%, 1/01/29, (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (5) | $ 176,020 |
435 | 5.000%, 1/01/29 | 1/25 at 100.00 | BBB+ | 438,606 |
395 | 5.000%, 1/01/29, (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (5) | 408,987 |
3,000 | Dubois Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Penn Highlands | 1/28 at 100.00 | A– | 2,899,350 |
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– | 1,117,437 |
Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45 | ||||
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown | ||||
Concession, Series 2013A: | ||||
815 | 5.125%, 12/01/47, (Pre-refunded 12/01/23) | 12/23 at 100.00 | N/R (5) | 831,642 |
695 | 5.125%, 12/01/47 | 12/23 at 100.00 | A | 676,597 |
1,750 | McCandless Industrial Development Authority, Pennsylvania, La Roche University Revenue | 12/32 at 100.00 | N/R | 1,656,568 |
Bonds, Series A and B of 2022, 6.750%, 12/01/46 | ||||
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue | ||||
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A: | ||||
11,030 | 5.250%, 1/15/45, (Pre-refunded 1/15/25) | 1/25 at 100.00 | Ba1 (5) | 11,456,751 |
1,200 | 5.250%, 1/15/46, (Pre-refunded 1/15/25) | 1/25 at 100.00 | Ba1 (5) | 1,246,428 |
10,765 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue | 9/25 at 100.00 | CCC | 8,854,213 |
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 0.000%, 12/01/38 (4) | ||||
3,500 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 4/29 at 100.00 | AA+ | 2,537,220 |
2019-131A, 3.100%, 10/01/44 | ||||
3,415 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series | 10/30 at 100.00 | AA+ | 2,006,927 |
2021-135A, 2.500%, 10/01/50 | ||||
13,550 | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Series 2018A, | 12/28 at 100.00 | Aa3 | 13,744,984 |
5.250%, 12/01/44 | ||||
3,705 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, | 6/25 at 100.00 | A+ | 3,690,958 |
12/01/45 | ||||
11,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, | 6/26 at 100.00 | A2 | 11,998,580 |
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 | 14,505,750 |
5.000%, 12/01/45 | ||||
5,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2019A, | 12/29 at 100.00 | A3 | 4,039,050 |
4.000%, 12/01/49 | ||||
5,290 | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, | 1/23 at 100.00 | Baa3 | 4,932,766 |
Series 2012B, 4.000%, 1/01/33 | ||||
178,190 | Total Pennsylvania | 153,952,215 | ||
Puerto Rico – 6.6% (3.8% of Total Investments) | ||||
4,934 | Cofina Class 2 Trust Tax-Exempt Class 2047, Puerto Rico. Unit Exchanged From Cusip | No Opt. Call | N/R | 1,720,996 |
74529JAN5, 0.000%, 8/01/47 | ||||
9,761 | Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit Exchanged From Cusip | No Opt. Call | N/R | 2,426,079 |
74529JAP0, 0.000%, 8/01/54 | ||||
10,280 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien | 7/32 at 100.00 | N/R | 9,291,372 |
Forward Delivery Series 2022A, 5.000%, 7/01/37, 144A | ||||
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien | ||||
Series 2020A: | ||||
2,000 | 5.000%, 7/01/30, 144A | No Opt. Call | N/R | 1,916,280 |
2,000 | 5.000%, 7/01/35, 144A | 7/30 at 100.00 | N/R | 1,838,280 |
19,925 | 5.000%, 7/01/47, 144A | 7/30 at 100.00 | N/R | 17,076,323 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Puerto Rico | ||||
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien | ||||
Series 2021B: | ||||
$ 5,000 | 5.000%, 7/01/33, 144A | 7/31 at 100.00 | N/R | $ 4,669,650 |
7,510 | 4.000%, 7/01/42, 144A | 7/31 at 100.00 | N/R | 5,752,960 |
8,070 | 4.000%, 7/01/47, 144A | 7/31 at 100.00 | N/R | 5,889,648 |
600 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, | 12/22 at 100.00 | Baa2 | 593,832 |
5.000%, 7/01/29 – NPFG Insured | ||||
425 | Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, | No Opt. Call | AA+ | 431,333 |
5.125%, 6/01/24 – AMBAC Insured | ||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||
3,014 | 0.000%, 7/01/31 | 7/28 at 91.88 | N/R | 1,843,091 |
9,828 | 0.000%, 7/01/33 | 7/28 at 86.06 | N/R | 5,283,729 |
260 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 236,377 |
13,001 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 2,831,618 |
27,086 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 4,215,394 |
21,716 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 18,166,303 |
7,395 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 6,359,552 |
723 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured | 7/28 at 100.00 | N/R | 583,034 |
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: | ||||
8,040 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 6,763,248 |
27,258 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 22,929,429 |
14,530 | 4.784%, 7/01/58 | 7/28 at 100.00 | N/R | 12,033,165 |
Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1: | ||||
3,564 | 5.625%, 7/01/29 | No Opt. Call | N/R | 3,590,516 |
2,581 | 5.750%, 7/01/31 | No Opt. Call | N/R | 2,601,777 |
18,062 | 0.000%, 7/01/33 | 7/31 at 89.94 | N/R | 9,206,743 |
9,550 | 4.000%, 7/01/33 | 7/31 at 103.00 | N/R | 8,101,454 |
7,598 | 4.000%, 7/01/35 | 7/31 at 103.00 | N/R | 6,227,321 |
10,194 | 4.000%, 7/01/37 | 7/31 at 103.00 | N/R | 8,133,589 |
1,834 | 4.000%, 7/01/41 | 7/31 at 103.00 | N/R | 1,399,544 |
151 | 4.000%, 7/01/46 | 7/31 at 103.00 | N/R | 109,996 |
256,890 | Total Puerto Rico | 172,222,633 | ||
Rhode Island – 1.9% (1.1% of Total Investments) | ||||
1,000 | Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New | 9/23 at 100.00 | N/R (5) | 1,022,520 |
England Health System, Series 2013A, 6.000%, 9/01/33, (Pre-refunded 9/01/23) | ||||
3,425 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond | 4/29 at 100.00 | AA+ | 2,632,318 |
Program, 2019 Series 71, 3.100%, 10/01/44 | ||||
10,445 | Rhode Island Housing & Mortgage Finance Corporation, Homeownership Opportunity Bond | 4/31 at 100.00 | AA+ | 7,184,280 |
Program, 2022 Series 76A, 2.550%, 10/01/42 | ||||
295,135 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 11/22 at 17.44 | CCC– | 39,660,241 |
Bonds, Series 2007A, 0.000%, 6/01/52 | ||||
310,005 | Total Rhode Island | 50,499,359 | ||
South Carolina – 2.7% (1.5% of Total Investments) | ||||
7,600 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, | No Opt. Call | A– | 5,348,044 |
0.000%, 1/01/31 – AMBAC Insured | ||||
2,000 | South Carolina Housing Finance and Development Authority, Mortgage Revenue Bonds, Series | 7/31 at 100.00 | Aaa | 1,730,880 |
2022B, 4.350%, 7/01/47 | ||||
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– | 753,038 |
1,165 | 4.000%, 4/01/54 | 4/26 at 103.00 | BBB– | 772,406 |
1,630 | 5.000%, 4/01/54 | 4/26 at 103.00 | BBB– | 1,352,998 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
South Carolina | ||||
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 | $ 345,663 |
1,000 | 5.000%, 1/01/55, 144A | 1/30 at 100.00 | N/R | 774,490 |
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 | 856,310 |
750 | 5.000%, 5/01/42 | 5/23 at 104.00 | N/R | 608,843 |
11,455 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 6/25 at 100.00 | A– | 11,026,583 |
Improvement Series 2015A, 5.000%, 12/01/50 (6) | ||||
34,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 6/25 at 100.00 | A– | 32,728,400 |
Improvement Series 2015A, 5.000%, 12/01/50, (UB) (6) | ||||
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | ||||
Improvement Series 2020A: | ||||
7,565 | 3.000%, 12/01/41 – BAM Insured | 12/30 at 100.00 | A3 | 5,542,649 |
5,085 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 12/24 at 100.00 | A– | 4,911,347 |
Series 2014C, 5.000%, 12/01/46 | ||||
5,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 6/32 at 100.00 | A3 | 3,948,400 |
Series 2022A, 4.000%, 12/01/55 | ||||
79,545 | Total South Carolina | 70,700,051 | ||
South Dakota – 1.2% (0.7% of Total Investments) | ||||
15,050 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, | 7/27 at 100.00 | A1 | 14,659,453 |
Refunding Series 2017, 5.000%, 7/01/46 | ||||
10,980 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument | 9/30 at 100.00 | A1 | 9,077,495 |
Health, Inc., Series 2020A, 4.000%, 9/01/50 | ||||
3,765 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Regional | 9/27 at 100.00 | A1 | 3,738,080 |
Health, Refunding Series 2017, 5.000%, 9/01/40 | ||||
6,000 | South Dakota Housing Development Authority, Homeownership Mortgage Revenue Bonds, Series | 11/30 at 100.00 | AAA | 4,174,500 |
2022B, 2.500%, 11/01/42 | ||||
35,795 | Total South Dakota | 31,649,528 | ||
Tennessee – 0.8% (0.5% of Total Investments) | ||||
12,895 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 1/23 at 100.00 | BBB+ (5) | 12,935,104 |
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 | 1,801,604 |
Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/39 | ||||
1,500 | Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue | 2/29 at 100.00 | A | 1,237,425 |
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 | 1,895,433 |
Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.500%, 7/01/37 | ||||
875 | Tennessee Housing Development Agency, Residential Finance Program Bonds, Series 2020-3A, | 7/29 at 100.00 | AA+ | 594,475 |
2.550%, 1/01/45 | ||||
10,000 | The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue | 6/27 at 100.00 | N/R | 2,700,000 |
Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, | ||||
6/01/47, 144A (4) | ||||
29,765 | Total Tennessee | 21,164,041 | ||
Texas – 13.1% (7.5% of Total Investments) | ||||
3,465 | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public | 9/23 at 103.00 | N/R | 3,536,067 |
Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 | ||||
2,910 | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public | 9/23 at 103.00 | N/R | 2,955,978 |
Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Texas | ||||
$ 5,480 | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, | 11/25 at 100.00 | Aa3 | $ 5,564,940 |
11/15/45, (UB) (6) | ||||
2,500 | Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage | 12/25 at 100.00 | BB | 2,190,150 |
Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 12/01/45 | ||||
2,225 | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement | 3/23 at 103.00 | N/R | 2,257,819 |
District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 | ||||
3,960 | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement | 3/23 at 103.00 | N/R | 4,036,111 |
District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, | ||||
8.250%, 9/01/40 | ||||
360 | Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District | 9/24 at 100.00 | N/R | 362,592 |
Neighborhood Improvement Area 1 Project, Series 2015, 6.250%, 9/01/45 | ||||
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020A: | ||||
3,000 | 5.000%, 1/01/44 | 1/30 at 100.00 | Baa1 | 2,907,600 |
3,940 | 5.000%, 1/01/49 | 1/30 at 100.00 | Baa1 | 3,742,842 |
3,335 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020E, | 1/30 at 100.00 | Baa1 | 3,206,202 |
5.000%, 1/01/45 | ||||
13,685 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, | 7/25 at 100.00 | Baa1 (5) | 14,274,002 |
5.000%, 1/01/45, (Pre-refunded 7/01/25) | ||||
6,375 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016, | 1/26 at 100.00 | Baa1 | 4,903,013 |
3.375%, 1/01/41 | ||||
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– | 657,586 |
685 | 4.400%, 12/01/47 | 12/22 at 100.00 | BBB– | 571,126 |
4,000 | Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift | 6/25 at 100.00 | BBB– | 3,736,360 |
Education Charter School, Series 2015A, 5.000%, 12/01/45 | ||||
Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, | ||||
Improvement Area 1 Project, Series 2016: | ||||
455 | 5.750%, 9/01/28 | 9/23 at 103.00 | N/R | 462,430 |
725 | 6.500%, 9/01/46 | 9/23 at 103.00 | N/R | 738,898 |
2,520 | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series | 9/23 at 100.00 | N/R (5) | 2,582,143 |
2013A, 6.375%, 9/01/42, (Pre-refunded 9/01/23) | ||||
400 | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series | 9/24 at 100.00 | BBB– | 385,772 |
2014A, 5.250%, 9/01/44 | ||||
1,255 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy | 12/22 at 100.00 | Baa2 | 1,151,651 |
Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 | ||||
8,920 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy | 12/22 at 100.00 | Baa2 | 7,921,584 |
Inc. Project, Series 2012B, 4.750%, 11/01/42 | ||||
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 (5) | 20,361,200 |
10,000 | 5.000%, 4/01/53, (Pre-refunded 10/01/23), (UB) (6) | 10/23 at 100.00 | AA (5) | 10,158,300 |
5,470 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender | |||
Option Bond Trust 2015-XF0228: 11.840%, 11/01/44, (Pre-refunded 10/01/23), 144A, (IF) (6) | 10/23 at 100.00 | AA (5) | 5,816,579 | |
4,255 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 6/25 at 100.00 | AA | 4,187,473 |
Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 | ||||
4,080 | Harris County, Texas, General Obligation Toll Road Revenue Bonds, Tender Option Bond | No Opt. Call | AAA | 5,672,954 |
Trust 2015-XF0074, 9.786%, 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 | 1,396,380 |
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 | BBB | 6,007,440 |
Series 2014A, 5.000%, 11/15/53 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Texas | ||||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3: | ||||
$ 14,055 | 0.000%, 11/15/34 – NPFG Insured | 11/24 at 55.69 | BB | $ 7,021,597 |
1,940 | 0.000%, 11/15/34, (Pre-refunded 11/15/24) – NPFG Insured | 11/24 at 55.69 | Baa2 (5) | 1,005,366 |
Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee | ||||
Revenue Bonds, Senior Lien Series 2022A: | ||||
2,295 | 0.000%, 12/01/42 | 12/31 at 68.27 | BBB– | 733,275 |
3,000 | 0.000%, 12/01/43 | 12/31 at 65.48 | BBB– | 893,460 |
3,000 | 0.000%, 12/01/44 | 12/31 at 62.57 | BBB– | 835,680 |
4,000 | 0.000%, 12/01/45 | 12/31 at 59.85 | BBB– | 1,044,120 |
7,165 | 0.000%, 12/01/46 | 12/31 at 57.36 | BBB– | 1,750,051 |
7,580 | 0.000%, 12/01/47 | 12/31 at 55.10 | BBB– | 1,741,884 |
7,095 | 0.000%, 12/01/48 | 12/31 at 52.91 | BBB– | 1,541,460 |
7,550 | 0.000%, 12/01/49 | 12/31 at 50.78 | BBB– | 1,538,992 |
5,140 | 0.000%, 12/01/50 | 12/31 at 48.73 | BBB– | 981,072 |
4,000 | 0.000%, 12/01/51 | 12/31 at 46.73 | BBB– | 716,840 |
5,000 | Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, | 8/25 at 100.00 | AAA | 4,415,600 |
Inc., Refunding Series 2015, 4.000%, 8/15/44 | ||||
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and | ||||
Entertainment Project, Series 2001B: | ||||
4,090 | 0.000%, 9/01/26 – AMBAC Insured | No Opt. Call | A2 | 3,509,384 |
4,865 | 0.000%, 9/01/27 – AGM Insured | No Opt. Call | A2 | 4,001,900 |
4,715 | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015, | 9/24 at 100.00 | A | 4,725,373 |
5.000%, 9/01/40 | ||||
17,000 | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series | No Opt. Call | A2 (5) | 20,109,130 |
2002A, 5.750%, 12/01/32 – AGM Insured, (ETM) | ||||
940 | Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson | 8/25 at 100.00 | A– | 953,104 |
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 | 1,000,500 |
Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 | ||||
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: | ||||
3,095 | 5.750%, 12/01/33 | 12/25 at 100.00 | B1 | 3,060,986 |
3,125 | 6.125%, 12/01/38 | 12/25 at 100.00 | B1 | 3,110,875 |
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– | 1,786,988 |
1,785 | 5.000%, 9/15/48 | 9/25 at 100.00 | BBB– | 1,642,093 |
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– | 1,802,503 |
6,015 | 5.000%, 11/01/51 | 11/23 at 103.00 | BBB– | 4,512,273 |
745 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility | 1/25 at 100.00 | N/R | 611,265 |
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 | N/R (5) | 220,324 |
Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University- | ||||
Corpus Christi Project, Series 2016A, 5.000%, 4/01/48, (Pre-refunded 4/01/26) | ||||
4,530 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | A2 | 4,440,306 |
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 | N/R (5) | 858,966 |
Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M | ||||
University – San Antonio Project, Series 2016A, 5.000%, 4/01/48, (Pre-refunded 4/01/26) |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Texas | ||||
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | ||||
Revenue Bonds, CHF-Collegiate Housing Foundation – Stephenville II, L.L.C. – Tarleton | ||||
State University Project, Series 2014A: | ||||
$ 1,000 | 5.000%, 4/01/34, (Pre-refunded 4/01/24) | 4/24 at 100.00 | N/R (5) | $ 1,021,740 |
2,200 | 5.000%, 4/01/39, (Pre-refunded 4/01/24) | 4/24 at 100.00 | N/R (5) | 2,247,828 |
1,600 | 5.000%, 4/01/46, (Pre-refunded 4/01/24) | 4/24 at 100.00 | N/R (5) | 1,634,784 |
5,540 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | N/R (5) | 5,660,440 |
Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston | ||||
Project, Series 2014A, 5.000%, 4/01/39, (Pre-refunded 4/01/24) | ||||
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) (8) | 9/31 at 100.00 | N/R (5) | 3,068,865 |
3,910 | 6.750%, 9/01/45, (Pre-refunded 9/01/31) | 9/31 at 100.00 | N/R (5) | 4,831,235 |
6,155 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, | 1/23 at 100.00 | A+ (5) | 6,173,711 |
5.000%, 1/01/40, (Pre-refunded 1/01/23) | ||||
2,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series | 1/25 at 100.00 | A | 2,014,560 |
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 | 613,977 |
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 | 829,550 |
Edward’s University Project, Series 2016, 4.000%, 6/01/41 | ||||
1,870 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 9/23 at 100.00 | A3 (5) | 1,903,136 |
Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43, | ||||
(Pre-refunded 9/01/23) | ||||
12,640 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | 5/26 at 100.00 | AA– | 12,389,728 |
Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 | ||||
20,530 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 7/32 at 100.00 | A+ | 16,392,179 |
Christus Health, Series 2022A, 4.000%, 7/01/53 | ||||
3,955 | Texas City Industrial Development Corporation, Texas, Industrial Development Revenue | 2/25 at 100.00 | Baa2 | 3,101,986 |
Bonds, NRG Energy, inc. Project, Fixed Rate Series 2012, 4.125%, 12/01/45 | ||||
2,635 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, | 9/27 at 100.00 | AA+ | 2,596,529 |
Series 2018A, 4.250%, 9/01/43 | ||||
Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, | ||||
Series 2021A: | ||||
7,175 | 2.250%, 9/01/46 | 3/30 at 100.00 | AA+ | 4,252,551 |
6,925 | 2.350%, 9/01/51 | 3/30 at 100.00 | AA+ | 3,906,323 |
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue | ||||
Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Refunding Series 2020A: | ||||
5,810 | 4.000%, 12/31/36 | 12/30 at 100.00 | BBB– | 5,113,730 |
2,735 | 4.000%, 6/30/37 | 12/30 at 100.00 | BBB– | 2,391,730 |
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 | 5,533,066 |
10,000 | 0.000%, 8/15/37 | 8/24 at 56.94 | A3 | 4,596,600 |
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | ||||
Second Tier Series 2015C: | ||||
5,230 | 5.000%, 8/15/37 | 8/24 at 100.00 | Baa1 | 5,265,407 |
31,810 | 5.000%, 8/15/42 | 8/24 at 100.00 | Baa1 | 31,918,154 |
7,500 | Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll | 2/29 at 100.00 | Baa3 | 6,862,575 |
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 | 3,956,568 |
2002A, 0.000%, 8/15/25 – AMBAC Insured | ||||
970 | Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue | 5/23 at 100.00 | AA– | 978,032 |
Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured | ||||
417,825 | Total Texas | 341,565,543 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Utah – 0.3% (0.2% of Total Investments) | ||||
Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds, | ||||
Series 2021A: | ||||
$ 510 | 3.750%, 3/01/41, 144A | 9/26 at 103.00 | N/R | $ 371,872 |
1,095 | 4.000%, 3/01/51, 144A | 9/26 at 103.00 | N/R | 750,557 |
5,085 | Downtown East Streetcar Sewer Public Infrastructure District, South Salt Lake, Salt Lake | 9/27 at 103.00 | N/R | 4,605,891 |
County, Utah, Limited Tax General Obligation Bonds, Series 2022A, 6.000%, 3/01/53, 144A | ||||
3,360 | MIDA Military Installation Development Authority Golf and Equestrian Center Public | 12/26 at 103.00 | N/R | 2,341,651 |
Infrastructure District, Utah, Limited Tax and Tax Allocation Revenue Bonds, Series 2021, | ||||
4.625%, 6/01/57, 144A | ||||
500 | Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, | 2/26 at 103.00 | N/R | 356,345 |
Series 2021A, 4.375%, 2/01/51, 144A | ||||
10,550 | Total Utah | 8,426,316 | ||
Vermont – 0.1% (0.0% of Total Investments) | ||||
1,835 | Vermont Economic Development Authority, Mortgage Revenue Bonds, Wake Robin Corporation | 5/28 at 103.00 | N/R | 1,288,188 |
Project, Series 2021A, 4.000%, 5/01/45 | ||||
Virgin Islands – 0.2% (0.1% of Total Investments) | ||||
1,790 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding | 12/22 at 100.00 | A2 | 1,797,607 |
Series 2012A, 5.000%, 10/01/32 – AGM Insured | ||||
4,715 | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds, WICO | 10/29 at 104.00 | N/R | 4,374,860 |
Financing, Series 2022A, 6.375%, 4/01/52, 144A | ||||
6,505 | Total Virgin Islands | 6,172,467 | ||
Virginia – 0.6% (0.3% of Total Investments) | ||||
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, | ||||
Series 2015: | ||||
1,200 | 5.300%, 3/01/35, (Pre-refunded 3/01/25), 144A | 3/25 at 100.00 | N/R (5) | 1,243,044 |
1,085 | 5.600%, 3/01/45, (Pre-refunded 3/01/25), 144A | 3/25 at 100.00 | N/R (5) | 1,134,476 |
5,500 | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton | 7/30 at 100.00 | AA | 5,653,230 |
Roads Transportation Fund, Senior Lien Series 2020A, 5.000%, 7/01/60 | ||||
James City County Economic Development Authority, Virginia, Residential Care Facility | ||||
Revenue Bonds, Williamsburg Landing Inc., Refunding Series 2021A: | ||||
1,115 | 4.000%, 12/01/40 | 12/27 at 103.00 | N/R | 862,664 |
2,690 | 4.000%, 12/01/50 | 12/27 at 103.00 | N/R | 1,863,740 |
2,000 | Peninsula Town Center Community Development Authority, Virginia, Special Obligation | 9/27 at 100.00 | N/R | 1,707,020 |
Bonds, Refunding Series 2018, 5.000%, 9/01/45, 144A | ||||
1,000 | Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount | 7/25 at 100.00 | Ba2 | 973,770 |
University Project, Green Series 2015B, 5.250%, 7/01/35, 144A | ||||
2,005 | Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue | 4/28 at 112.76 | N/R | 1,906,334 |
Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, | ||||
8.375%, 4/01/41, 144A | ||||
16,595 | Total Virginia | 15,344,278 | ||
Washington – 1.9% (1.1% of Total Investments) | ||||
5,000 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, | 7/25 at 100.00 | AA– | 5,145,600 |
Refunding Series 2015A, 5.000%, 7/01/38, (UB) (6) | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & | ||||
Services, Tender Option Bond Trust 2015-XF0148: | ||||
1,030 | 17.922%, 10/01/44, 144A, (IF) | 10/24 at 100.00 | A+ | 947,425 |
220 | 17.922%, 10/01/44, 144A, (IF) | 10/24 at 100.00 | N/R | 202,362 |
19,830 | Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center | 9/30 at 100.00 | A2 | 18,777,622 |
Alliance, Series 2020, 5.000%, 9/01/55 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Washington | ||||
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 | $ 4,286,806 |
3,650 | 5.000%, 1/01/51, 144A | 1/25 at 102.00 | BB | 2,789,659 |
21,510 | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, | No Opt. Call | AA+ | 17,274,251 |
0.000%, 6/01/28 – NPFG Insured, (UB) (6) | ||||
56,690 | Total Washington | 49,423,725 | ||
West Virginia – 1.7% (0.9% of Total Investments) | ||||
1,900 | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, | 6/27 at 100.00 | N/R | 1,864,451 |
University Town Centre Economic Opportunity Development District, Refunding & Improvement | ||||
Series 2017A, 5.500%, 6/01/37, 144A | ||||
465 | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, | 6/31 at 100.00 | N/R | 384,783 |
University Town Centre Economic Opportunity Development District, Refunding & Improvement | ||||
Series 2021A, 4.125%, 6/01/43, 144A | ||||
40,950 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/23 at 100.00 | A (5) | 41,467,198 |
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44, | ||||
(Pre-refunded 6/01/23) | ||||
43,315 | Total West Virginia | 43,716,432 | ||
Wisconsin – 4.1% (2.3% 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 | 1,595,930 |
305 | 5.125%, 2/01/46, 144A | 2/26 at 100.00 | N/R | 264,539 |
1,715 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community | 6/26 at 100.00 | N/R | 1,400,469 |
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 | 425,855 |
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 | 1,296,524 |
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 | 5,251,920 |
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 | 961,100 |
1,790 | 5.625%, 6/15/47, 144A | 6/27 at 100.00 | N/R | 1,656,520 |
15,205 | Public Finance Authority of Wisconsin, Health Care System Revenue Bonds, Cone Health, | 10/32 at 100.00 | N/R | 12,547,774 |
Series 2022A, 4.000%, 10/01/52, (UB) (6) | ||||
35,100 | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American | 12/27 at 100.00 | N/R | 28,803,060 |
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 | 1,310,717 |
Senior Series 2017A, 7.000%, 10/01/47, 144A (4) | ||||
Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., | ||||
Series 2017A: | ||||
1,235 | 5.000%, 12/01/27 | No Opt. Call | BBB– | 1,241,496 |
1,815 | 5.200%, 12/01/37 | 12/27 at 100.00 | BBB– | 1,827,269 |
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 | 1,171,040 |
4,765 | 5.000%, 4/01/50, 144A | 4/30 at 100.00 | BB | 3,988,067 |
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– | 3,795,295 |
1,575 | 5.000%, 6/15/48, 144A | 6/26 at 100.00 | BBB– | 1,390,993 |
NVG | Nuveen AMT-Free Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Wisconsin | ||||
$ 2,500 | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, | 5/26 at 100.00 | Baa3 | $ 2,371,900 |
Refunding Series 2016C, 4.050%, 11/01/30 | ||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, | ||||
Inc., Series 2012: | ||||
11,000 | 5.000%, 6/01/32 | 12/22 at 100.00 | A3 | 11,001,760 |
1,500 | 5.000%, 6/01/39 | 12/22 at 100.00 | A3 | 1,474,290 |
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, PHW Muskego, Inc. | ||||
Project, Series 2021: | ||||
2,405 | 4.000%, 10/01/51 | 10/28 at 102.00 | N/R | 1,685,159 |
3,845 | 4.000%, 10/01/61 | 10/28 at 102.00 | N/R | 2,527,165 |
1,450 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rocket Education | 6/26 at 100.00 | N/R | 1,316,672 |
Obligated Group, Series 2017C, 5.250%, 6/01/40, 144A | ||||
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, American | 8/24 at 103.00 | N/R | 819,350 |
Baptist Homes of the Midwest Obligated Group, Refunding Series 2017, 5.000%, 8/01/37 | ||||
2,505 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Aurora | 4/23 at 100.00 | Aa3 (5) | 2,526,869 |
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 | 12/22 at 102.00 | N/R | 858,030 |
1,500 | 5.500%, 10/01/49 | 12/22 at 102.00 | N/R | 1,286,760 |
2,275 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Oakwood | 1/27 at 103.00 | N/R | 1,527,754 |
Lutheran Senior Ministries, Series 2021, 4.000%, 1/01/57 | ||||
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers | 7/24 at 100.00 | A | 1,004,550 |
Memorial Hospital, Inc., Series 2014A, 5.000%, 7/01/34 | ||||
1,850 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint | 11/26 at 103.00 | N/R | 1,433,602 |
Camillus Health System Inc, Series 2019A, 5.000%, 11/01/54 | ||||
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Three | 8/23 at 100.00 | BBB+ (5) | 1,013,810 |
Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/33, | ||||
(Pre-refunded 8/15/23) | ||||
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 | 2,053,385 |
1,775 | 5.250%, 12/01/49 | 12/22 at 102.00 | N/R | 1,432,727 |
Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, | ||||
Series 2019A: | ||||
2,800 | 3.150%, 11/01/44 | 11/28 at 100.00 | Aa3 | 2,153,592 |
3,000 | 3.200%, 11/01/49 | 11/28 at 100.00 | Aa3 | 2,202,090 |
126,255 | Total Wisconsin | 107,618,033 | ||
$ 5,892,135 | Total Municipal Bonds (cost $4,993,929,692) | 4,509,593,080 | ||
Shares | Description (1) | Value | ||
COMMON STOCKS – 2.1% (1.2% of Total Investments) | ||||
Independent Power And Renewable Electricity Producers – 2.1% (1.2% of Total Investments) | ||||
676,308 | Energy Harbor Corp (9), (10) | $ 54,408,979 | ||
Total Common Stocks (cost $15,015,822) | 54,408,979 |
Principal | |||||
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value |
CORPORATE BONDS – 0.2% (0.1% of Total Investments) | |||||
Independent Power and Renewable Electricity Producers – 0.2% (0.1% of Total Investments) | |||||
$ | Talen Energy Corp | 0.000% | 8/31/23 | N/R | $ 4,403,777 |
$ 15,589 | Total Corporate Bonds (cost $ –) | 4,403,777 | |||
Total Long-Term Investments (cost $5,008,945,514) | 4,568,405,836 | ||||
Floating Rate Obligations – (7.3)% | (189,620,000) | ||||
MuniFund Preferred Shares, net of deferred offering costs – (23.4)%(11) | (608,669,769) | ||||
Variable Rate Demand Preferred Shares, net of deferred offering costs – (47.4)%(12) | (1,233,766,379) | ||||
Other Assets Less Liabilities – 2.6% | 67,417,068 | ||||
Net Assets Applicable to Common Shares – 100% | $ 2,603,766,756 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(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. Ratings are not covered by the report of independent registered public accounting firm. |
(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) | 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. |
(6) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(7) | For fair value measurement disclosure purposes, investment classified as Level 3. |
(8) | 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. |
(9) | Common Stock received as part of the bankruptcy settlements during February 2020 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. |
(10) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(11) | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 13.3%. |
(12) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 27.0%. |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
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. |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
LONG-TERM INVESTMENTS – 173.3% (100.0% of Total Investments) | ||||
MUNICIPAL BONDS – 167.5% (96.6% of Total Investments) | ||||
Alabama – 0.9% (0.5% of Total Investments) | ||||
$ 8,585 | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, | 9/25 at 100.00 | N/R | $ 8,590,752 |
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A | ||||
2,115 | Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, | 12/22 at 100.00 | N/R (4) | 2,249,472 |
Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital, | ||||
Series 1995, 5.000%, 11/01/25, (ETM) | ||||
2,280 | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, | 5/26 at 100.00 | N/R | 2,251,295 |
Series 2016B, 5.000%, 11/15/46 | ||||
2,720 | Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, | 5/26 at 100.00 | N/R | 2,689,481 |
Series 2016C, 5.000%, 11/15/46 | ||||
340 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | 10/29 at 100.00 | B– | 343,451 |
United States Steel Corporation Project, Series 2019, 5.750%, 10/01/49, (AMT) | ||||
1,350 | Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%, | 10/23 at 102.00 | BB+ | 1,377,729 |
10/01/48 – AGM Insured | ||||
17,390 | Total Alabama | 17,502,180 | ||
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 | 1,005,090 |
2,950 | 5.000%, 1/01/33, (AMT) | 7/25 at 100.00 | Baa2 | 2,957,168 |
2,900 | 5.000%, 1/01/34, (AMT) | 7/25 at 100.00 | Baa2 | 2,912,383 |
6,850 | Total Alaska | 6,874,641 | ||
Arizona – 1.7% (1.0% of Total Investments) | ||||
2,820 | Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals | 12/24 at 100.00 | A2 | 2,820,169 |
Project, Refunding Series 2014A, 5.000%, 12/01/42 | ||||
2,131 | Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, | 7/27 at 100.00 | N/R | 1,640,888 |
Series 2017A, 7.000%, 7/01/41, 144A 2021 960240 (5) | ||||
3,185 | Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, | 7/25 at 100.00 | N/R | 2,980,905 |
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 | 1,740,130 |
HonorHealth, Series 2019A, 5.000%, 9/01/42 | ||||
10,000 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien | 7/27 at 100.00 | A+ | 9,659,700 |
Series 2017A, 5.000%, 7/01/47, (AMT) | ||||
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa | ||||
Project, Series 2012: | ||||
400 | 5.000%, 7/01/27, (AMT) | 12/22 at 100.00 | A1 | 400,208 |
950 | 5.000%, 7/01/32, (AMT) | 12/22 at 100.00 | A1 | 950,190 |
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– | 1,601,495 |
2,140 | 5.500%, 7/01/51 | 7/26 at 100.00 | BB– | 1,928,718 |
595 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 2/24 at 100.00 | N/R | 596,119 |
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 | 2,070,506 |
San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A | ||||
35 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/25 at 100.00 | N/R | 30,367 |
The Paideia Academies Project, 2019, 5.125%, 7/01/39 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Arizona | ||||
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy | ||||
Inc Prepay Contract Obligations, Series 2007: | ||||
$ 50 | 5.000%, 12/01/32 | No Opt. Call | BBB+ | $ 50,222 |
7,235 | 5.000%, 12/01/37 | No Opt. Call | BBB+ | 7,139,498 |
35,141 | Total Arizona | 33,609,115 | ||
Arkansas – 0.8% (0.4% of Total Investments) | ||||
10,055 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue | 9/25 at 105.00 | BB– | 9,097,462 |
Bonds, United States Steel Corporation, Green Series 2022, 5.450%, 9/01/52, (AMT), 144A | ||||
6,000 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/26 at 103.00 | B– | 4,706,640 |
Steel Project, Series 2019, 4.500%, 9/01/49, (AMT), 144A | ||||
2,000 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/27 at 103.00 | B– | 1,636,420 |
Steel Project, Series 2020A, 4.750%, 9/01/49, (AMT), 144A | ||||
18,055 | Total Arkansas | 15,440,522 | ||
California – 26.8% (15.5% of Total Investments) | ||||
2,000 | ABC Unified School District, Los Angeles County, California, General Obligation Bonds, | No Opt. Call | AA– | 1,951,520 |
Series 2000B, 0.000%, 8/01/23 – FGIC Insured (8) | ||||
4,225 | Alameda Unified School District, Alameda County, California, General Obligation Bonds, | No Opt. Call | AA | 3,370,240 |
Series 2005B, 0.000%, 8/01/28 – AGM Insured (8) | ||||
535 | Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 | 3/26 at 100.00 | Ba3 | 486,497 |
1,900 | Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, | 11/25 at 100.00 | N/R | 1,914,744 |
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 | A | 2,649,407 |
6,410 | 0.000%, 8/01/34 – FGIC Insured | No Opt. Call | A | 3,745,363 |
1,510 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 2/30 at 100.00 | N/R | 1,252,349 |
Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A | ||||
1,515 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/29 at 100.00 | N/R | 1,258,329 |
Verdant at Green Valley Apartments, Series 2019A, 5.000%, 8/01/49, 144A | ||||
1,295 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 11/22 at 100.00 | N/R | 1,190,480 |
Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/36 | ||||
60 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 100.00 | BBB+ | 46,597 |
Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49 | ||||
22,650 | California Health Facilities Financing Authority, Revenue Bonds, City of Hope National | 11/26 at 100.00 | A+ | 21,656,344 |
Medical Center, Series 2019, 5.000%, 11/15/49, (UB) | ||||
3,500 | California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, | 4/30 at 100.00 | BBB+ | 2,806,020 |
Series 2020A, 4.000%, 4/01/45 | ||||
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health | ||||
System, Series 2013A: | ||||
3,840 | 5.000%, 7/01/33, (Pre-refunded 7/01/23) | 7/23 at 100.00 | AA– (4) | 3,885,850 |
710 | 5.000%, 7/01/37, (Pre-refunded 7/01/23) | 7/23 at 100.00 | AA– (4) | 718,477 |
825 | California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa | 7/25 at 100.00 | BB+ | 789,030 |
Academy Project, Series 2015, 5.375%, 7/01/45, 144A | ||||
34,780 | California Municipal Finance Authority, Revenue Bonds, Community Health System, Series | 2/32 at 100.00 | A1 | 29,374,840 |
2021A, 4.000%, 2/01/51 – AGM Insured | ||||
4,000 | California Municipal Finance Authority, Revenue Bonds, HumanGood California Obligated | 10/28 at 103.00 | A– | 2,609,120 |
Group, Series 2021., 3.000%, 10/01/49, (UB) (8) | ||||
22,130 | California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, | No Opt. Call | B+ | 20,552,352 |
Inc. Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29, (AMT) |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
$ 1,795 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San | 1/29 at 100.00 | Baa3 | $ 1,556,229 |
Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%, | ||||
11/21/45, 144A | ||||
2,000 | California School Finance Authority, Charter School Revenue Bonds, Downtown College | 6/26 at 100.00 | N/R | 1,655,000 |
Prep – 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+ | 2,009,180 |
California, Various Projects Series 2013A, 5.000%, 3/01/38 (8) | ||||
California Statewide Communities Development Authority, California, Revenue Bonds, Loma | ||||
Linda University Medical Center, Series 2014A: | ||||
2,500 | 5.250%, 12/01/44 | 12/24 at 100.00 | BB– | 2,476,650 |
11,712 | 5.500%, 12/01/54 | 12/24 at 100.00 | BB– | 11,394,839 |
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– | 2,061,922 |
4,730 | 5.000%, 12/01/46, 144A | 6/26 at 100.00 | BB– | 4,139,980 |
33,550 | 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB– | 30,512,719 |
17,205 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/28 at 100.00 | BB– | 16,098,030 |
Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A | ||||
2,760 | California Statewide Community Development Authority, Certificates of Participation, | 1/28 at 100.00 | BBB+ | 2,378,430 |
Methodist Hospital of Southern California, Series 2018, 4.250%, 1/01/43 | ||||
33 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 1/22 at 100.00 | N/R | 32,914 |
Charity Health System, Series 2005A, 5.500%, 7/01/39 (5),(6) | ||||
22 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 1/22 at 100.00 | N/R | 22,217 |
Charity Health System, Series 2005H, 5.750%, 7/01/25 (5),(6) | ||||
9,955 | Capistrano Unified School District, Orange County, California, Special Tax Bonds, | No Opt. Call | Baa2 | 6,628,238 |
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: | ||||
1,865 | 5.000%, 8/01/38, (Pre-refunded 8/01/23) | 8/23 at 100.00 | N/R (4) | 1,890,588 |
1,135 | 5.000%, 8/01/38, (Pre-refunded 8/01/23) | 8/23 at 100.00 | AA (4) | 1,150,992 |
3,795 | Colton Joint Unified School District, San Bernardino County, California, General | No Opt. Call | A+ | 1,923,648 |
Obligation Bonds, Series 2006C, 0.000%, 2/01/37 – FGIC Insured | ||||
6,050 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 10/31 at 100.00 | N/R | 4,159,738 |
Altana Glendale, Series 2021A-1, 3.500%, 10/01/46, 144A | ||||
6,215 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 10/31 at 100.00 | N/R | 4,287,480 |
Altana Glendale, Series 2021A-2, 4.000%, 10/01/56, 144A | ||||
CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | ||||
Monterrey Station Apartments, Senior Lien Series 2021A-1: | ||||
2,330 | 3.000%, 7/01/43, 144A | 7/32 at 100.00 | N/R | 1,598,054 |
10,145 | 3.125%, 7/01/56, 144A | 7/32 at 100.00 | N/R | 6,117,536 |
6,005 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 6/31 at 100.00 | N/R | 4,072,111 |
Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-1, 3.000%, 6/01/47, 144A | ||||
21,855 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 6/31 at 100.00 | N/R | 13,170,260 |
Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-2, 3.125%, 6/01/57, 144A | ||||
15,120 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood | 6/32 at 100.00 | N/R | 9,155,160 |
Creek Apartments, Senior Lien Series 2021A-1, 3.000%, 12/01/49 | ||||
1,320 | Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015, | 9/25 at 100.00 | N/R | 1,320,224 |
5.000%, 9/01/40 | ||||
5,000 | Escondido Union School District, San Diego County, California, General Obligation Bonds, | 8/27 at 100.00 | Aa2 | 4,404,050 |
Election 2014 Series 2018B, 4.000%, 8/01/47 | ||||
2,510 | Folsom Cordova Unified School District, Sacramento County, California, General | No Opt. Call | AA– | 1,981,846 |
Obligation Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%, | ||||
10/01/28 – NPFG Insured |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
$ 3,360 | Folsom Cordova Unified School District, Sacramento County, California, General | No Opt. Call | AA– | $ 2,782,954 |
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 | 2,181,919 |
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 (7) | No Opt. Call | Baa2 | 2,898,840 |
1,560 | 5.750%, 1/15/46, (Pre-refunded 1/15/24) | 1/24 at 100.00 | Baa2 (4) | 1,608,001 |
3,560 | 6.000%, 1/15/49, (Pre-refunded 1/15/24) | 1/24 at 100.00 | Baa2 (4) | 3,678,691 |
4,505 | Foothill-De Anza Community College District, Santa Clara County, California, Election of | No Opt. Call | AAA | 3,335,367 |
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 | 5,194,322 |
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+ | 1,492,689 |
0.000%, 8/01/32 – FGIC Insured | ||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | ||||
Asset-Backed Revenue Bonds, Refunding Series 2015A: | ||||
8,495 | 5.000%, 6/01/45, (Pre-refunded 6/01/25) (8) | 6/25 at 100.00 | A+ (4) | 8,867,251 |
3,170 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | No Opt. Call | Aa3 (4) | 2,791,502 |
Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured, (ETM) | ||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | ||||
Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038: | ||||
2,445 | 11.135%, 6/01/40, (Pre-refunded 6/01/25), 144A, (IF) (8) | 6/25 at 100.00 | Aa1 (4) | 2,873,046 |
1,250 | 11.143%, 6/01/40, 144A, (IF) (8) | 6/25 at 100.00 | A+ | 1,469,025 |
15,000 | Grossmont Healthcare District, California, General Obligation Bonds, Refunding Series | 7/25 at 100.00 | Aa2 | 13,467,900 |
2015D, 4.000%, 7/15/40 | ||||
3,190 | Hillsborough City School District, San Mateo County, California, General Obligation | No Opt. Call | AAA | 2,678,069 |
Bonds, Series 2006B, 0.000%, 9/01/27 | ||||
5,000 | Huntington Beach Union High School District, Orange County, California, General | No Opt. Call | Aa2 | 3,498,800 |
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– | 1,661,925 |
Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured | ||||
225 | Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, | No Opt. Call | A– | 213,786 |
Series 2007B, 3.396%, 11/15/27 (3-Month LIBOR*0.67% reference rate + 1.450% spread) (9) | ||||
12,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/25 at 100.00 | AA– | 12,001,800 |
Airport, Senior Lien Series 2015D, 5.000%, 5/15/41, (AMT), (UB) (WI/DD, Settling 11/10/22 | ||||
2,155 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 11/31 at 100.00 | N/R | 2,160,409 |
Airport, Senior Series 2022H, 5.000%, 5/15/42, (AMT) | ||||
5,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 11/31 at 100.00 | AA– | 4,160,250 |
Airport, Subordinate Lien Series 2021D, 4.000%, 5/15/46, (AMT) | ||||
9,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/32 at 100.00 | AA– | 7,379,460 |
Airport, Subordinate Lien Series 2022A, 4.000%, 5/15/49, (AMT) | ||||
2,000 | Martinez Unified School District, Contra Costa County, California, General Obligation | 8/24 at 100.00 | AA (4) | 2,092,000 |
Bonds, Series 2011, 5.875%, 8/01/31, (Pre-refunded 8/01/24) | ||||
1,000 | Mendocino-Lake Community College District, Mendocino and Lake Counties, California, | 8/26 at 100.00 | A1 (4) | 1,083,850 |
General Obligation Bonds, Election 2006, Series 2011B, 5.600%, 8/01/31, (Pre-refunded | ||||
8/01/26) – AGM Insured | ||||
10,000 | Milpitas Municipal Financing Authority, California, Wastewater Revenue Bonds, Series | 11/29 at 100.00 | AA+ | 8,641,200 |
2019, 4.000%, 11/01/49 | ||||
2,335 | Morongo Band of Mission Indians, California, Enterprise Revenue Bonds, Series 2018A, | 10/28 at 100.00 | BBB– | 2,260,513 |
5.000%, 10/01/42, 144A |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
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 (7) | 2/28 at 100.00 | AA | $ 1,083,086 |
2,320 | 0.000%, 8/01/43 (7) | 8/35 at 100.00 | AA | 1,929,915 |
5,420 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | BBB+ | 6,179,234 |
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+ | 3,163,239 |
2,200 | 6.500%, 11/01/39 | No Opt. Call | BBB+ | 2,508,176 |
North Orange County Community College District, California, General Obligation Bonds, | ||||
Election of 2002 Series 2003B: | ||||
7,735 | 0.000%, 8/01/25 – FGIC Insured | No Opt. Call | AA+ | 6,977,202 |
4,180 | 0.000%, 8/01/26 – FGIC Insured | No Opt. Call | AA+ | 3,622,639 |
10,885 | Norwalk La Mirada Unified School District, Los Angeles County, California, General | No Opt. Call | A+ | 9,802,704 |
Obligation Bonds, Election 2002 Series 2005B, 0.000%, 8/01/25 – FGIC Insured | ||||
10,000 | Oxnard Union High School District, Ventura County, California, General Obligation Bonds, | 8/30 at 100.00 | Aa2 | 8,899,100 |
Election 2018 Series 2022C, 4.000%, 8/01/47 | ||||
6,000 | Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, | No Opt. Call | BBB– | 5,589,720 |
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– | 13,541,867 |
Appreciation, Election 2004 Series 2010A, 6.750%, 8/01/40 | ||||
5,000 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%, | 8/29 at 100.00 | BBB– | 5,593,800 |
8/01/38 – AGC Insured | ||||
1,750 | Paramount Unified School District, Los Angeles County, California, General Obligation | No Opt. Call | Aa3 | 1,701,630 |
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+ (4) | 9,375,641 |
Revenue Bonds, Series 1989A, 7.600%, 1/01/23, (AMT), (ETM) | ||||
3,200 | Redlands Unified School District, San Bernardino County, California, General Obligation | No Opt. Call | A2 | 2,645,568 |
Bonds, Series 2003, 0.000%, 7/01/27 – AGM Insured | ||||
205 | Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, | 6/23 at 100.00 | BBB+ (4) | 208,155 |
Series 2013A, 5.750%, 6/01/44, (Pre-refunded 6/01/23) | ||||
2,755 | Sacramento City Unified School District, Sacramento County, California, General | No Opt. Call | BBB+ | 2,497,518 |
Obligation Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured | ||||
165 | San Clemente, California, Special Tax Revenue Bonds, Community Facilities District | 9/25 at 100.00 | N/R | 165,071 |
2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40 | ||||
2,750 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, | 7/27 at 100.00 | A– | 2,627,130 |
Subordinate Series 2017A, 5.000%, 7/01/47, (AMT) | ||||
2,360 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, | 7/31 at 100.00 | A2 | 2,241,174 |
Subordinate Series 2021B, 5.000%, 7/01/51, (AMT) | ||||
9,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/24 at 100.00 | N/R | 8,743,680 |
International Airport, Second Series 2014A, 5.000%, 5/01/44, (AMT) | ||||
San Francisco Airports Commission, California, Revenue Bonds, San Francisco | ||||
International Airport, Second Series 2018D: | ||||
13,015 | 5.000%, 5/01/43, (AMT) | 5/28 at 100.00 | A | 12,702,900 |
33,485 | 5.000%, 5/01/48, (AMT), (UB) | 5/28 at 100.00 | A | 32,141,247 |
1,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/29 at 100.00 | A | 971,520 |
International Airport, Second Series 2019A, 5.000%, 5/01/44, (AMT) | ||||
18,185 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/29 at 100.00 | A | 17,547,979 |
International Airport, Second Series 2019E, 5.000%, 5/01/45, (AMT) | ||||
5,000 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Refunding | 1/32 at 100.00 | BBB | 4,127,600 |
Senior Lien Toll Road Revenue Bonds, Series 2021A, 4.000%, 1/15/50 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
$ 2,700 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | 1/25 at 100.00 | BBB– | $ 2,705,211 |
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, (Pre-refunded 1/15/25) | 1/25 at 100.00 | BBB (4) | 6,887,443 |
3,160 | 5.000%, 1/15/50, (Pre-refunded 1/15/25) | 1/25 at 100.00 | BBB (4) | 3,282,703 |
7,205 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | No Opt. Call | Baa2 | 7,138,066 |
Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured | ||||
5,760 | San Ysidro School District, San Diego County, California, General Obligation Bonds, | 8/25 at 34.92 | A3 | 1,767,686 |
Refunding Series 2015, 0.000%, 8/01/45 | ||||
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 | 12/22 at 47.29 | N/R | 3,530,850 |
37,555 | 0.000%, 6/01/47 | 12/22 at 25.23 | N/R | 7,813,318 |
1,820 | Southwestern Community College District, San Diego County, California, General | 8/27 at 100.00 | AA– | 1,628,445 |
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– | 1,495,458 |
Obligation Bonds, Election 2000 Series 2003D, 0.000%, 8/01/27 – FGIC Insured | ||||
4,005 | Wiseburn School District, Los Angeles County, California, General Obligation Bonds, | 8/31 at 100.00 | AA | 3,846,001 |
Series 2011B, 0.000%, 8/01/36 – AGM Insured (7) | ||||
652,457 | Total California | 543,611,839 | ||
Colorado – 7.0% (4.1% of Total Investments) | ||||
1,500 | Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series | 12/25 at 100.00 | A1 | 1,552,080 |
2015, 5.000%, 12/01/35 – BAM Insured | ||||
1,206 | Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding | 12/22 at 102.00 | N/R | 1,177,092 |
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 | 717,030 |
2,320 | 6.125%, 12/01/47 | 12/22 at 103.00 | N/R | 2,106,792 |
685 | Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General | 12/22 at 103.00 | N/R | 622,048 |
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: | ||||
770 | 5.000%, 12/01/37, 144A | 12/22 at 103.00 | N/R | 700,469 |
2,210 | 5.000%, 12/01/47, 144A | 12/22 at 103.00 | N/R | 1,879,362 |
625 | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, | 12/23 at 100.00 | BBB– (4) | 642,044 |
Refunding Series 2013A, 6.000%, 12/01/38, (Pre-refunded 12/01/23) | ||||
938 | Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue | 12/25 at 100.00 | N/R | 852,736 |
Bonds, Refunding Senior Lien Series 2015A, 5.000%, 6/01/37 | ||||
Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017: | ||||
750 | 4.000%, 12/31/30, (AMT) | 12/27 at 100.00 | A– | 720,833 |
250 | 4.000%, 6/30/31, (AMT) | 12/27 at 100.00 | A– | 239,352 |
9,335 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 1/23 at 100.00 | BBB+ (4) | 9,364,779 |
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+ | 1,979,440 |
Colorado Project, Series 2013A, 5.000%, 12/01/36 | ||||
2,820 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 2,412,933 |
Series 2019A-1, 4.000%, 8/01/38 |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | ||||
Series 2019A-2: | ||||
$ 5,500 | 5.000%, 8/01/34 | 8/29 at 100.00 | Baa1 | $ 5,557,035 |
6,000 | 5.000%, 8/01/37 | 8/29 at 100.00 | BBB+ | 6,021,240 |
3,335 | 5.000%, 8/01/38 | 8/29 at 100.00 | BBB+ | 3,338,702 |
4,000 | 5.000%, 8/01/39 | 8/29 at 100.00 | BBB+ | 3,979,680 |
12,575 | 5.000%, 8/01/44 | 8/29 at 100.00 | BBB+ | 12,009,125 |
15,000 | 4.000%, 8/01/49 (8) | 8/29 at 100.00 | BBB+ | 11,696,250 |
820 | 4.000%, 8/01/49, (UB) (8) | 8/29 at 100.00 | BBB+ | 639,395 |
8,300 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 11/32 at 100.00 | N/R | 8,220,569 |
Series 2022A, 5.250%, 11/01/52, (UB) (8) | ||||
2,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, | 12/22 at 100.00 | A+ | 1,717,240 |
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 (4) | 591,792 |
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 (4) | 3,803,174 |
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 | 1,876,860 |
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 | 2,278,440 |
5.000%, 11/15/38 | ||||
2,200 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, | 11/22 at 100.00 | A+ (4) | 2,203,322 |
11/15/32, (Pre-refunded 11/15/22) | ||||
3,870 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series | 11/23 at 100.00 | A | 3,834,396 |
2013B, 5.000%, 11/15/43 | ||||
Denver Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, 9th and Colorado | ||||
Urban Redevelopment Area, Series 2018A: | ||||
385 | 5.250%, 12/01/39, 144A | 12/23 at 103.00 | N/R | 372,834 |
1,280 | 5.250%, 12/01/39, 144A | 12/23 at 103.00 | N/R | 1,244,774 |
10,000 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation | No Opt. Call | A | 3,604,700 |
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 | 7,572,293 |
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 | 5,634,036 |
11,100 | 0.000%, 9/01/31 – NPFG Insured | No Opt. Call | A | 7,467,636 |
10,000 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 6,365,600 |
4,000 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, | 9/26 at 52.09 | A | 1,670,840 |
0.000%, 9/01/39 – NPFG Insured | ||||
Eaton Area Park and Recreation District, Colorado, General Obligation Limited Tax Bonds, | ||||
Series 2015: | ||||
475 | 5.500%, 12/01/30, (Pre-refunded 12/01/22) | 12/22 at 100.00 | N/R (4) | 475,883 |
180 | 5.250%, 12/01/34, (Pre-refunded 12/01/22) | 12/22 at 100.00 | N/R (4) | 180,299 |
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 | 1,062,405 |
1,000 | 6.000%, 12/01/38 | 12/24 at 100.00 | N/R | 880,640 |
825 | North Range Metropolitan District 2, Adams County, Colorado , Limited Tax General | 12/22 at 103.00 | N/R | 774,873 |
Obligation Bonds, Refunding Special Revenue & Improvement 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 | 3,871,199 |
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 | 1,886,157 |
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 | ||||
500 | Parker Automotive Metropolitan District (In the Town of Parker, Colorado), General | 12/26 at 100.00 | N/R | 436,245 |
Obligation Bonds, Refunding Series 2016, 5.000%, 12/01/45 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado | ||||
Springs Utilities, Series 2008: | ||||
$ 475 | 6.250%, 11/15/28 | No Opt. Call | A– | $ 496,394 |
4,030 | 6.500%, 11/15/38 | No Opt. Call | A– | 4,553,094 |
972 | Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General | 12/26 at 100.00 | N/R | 831,906 |
Obligation Bonds, Refunding Series 2016A, 5.000%, 12/01/45 | ||||
55 | Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding | 12/26 at 100.00 | N/R | 50,711 |
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 | 97,129 |
Refunding Series 2016, 5.250%, 12/01/40 | ||||
167,461 | Total Colorado | 142,263,858 | ||
Connecticut – 0.3% (0.1% of Total Investments) | ||||
6,345 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield | 7/32 at 100.00 | A– | 4,968,389 |
University, Series 2022U, 4.000%, 7/01/52 | ||||
District of Columbia – 1.0% (0.6% of Total Investments) | ||||
5,000 | District of Columbia, Income Tax Secured Revenue Bonds, Series 2019A, 4.000%, 3/01/39 | 9/29 at 100.00 | N/R | 4,737,450 |
10,000 | District of Columbia, Income Tax Secured Revenue Bonds, Series 2022A, 5.000%, 7/01/39 | 7/32 at 100.00 | Aa1 | 10,765,700 |
10,000 | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | No Opt. Call | Baa1 | 4,592,500 |
Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B, 0.000%, | ||||
10/01/37 – AGC Insured | ||||
25,000 | Total District of Columbia | 20,095,650 | ||
Florida – 11.0% (6.4% of Total Investments) | ||||
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 | 998,317 |
865 | 5.000%, 9/01/45 | 9/23 at 100.00 | BBB | 852,475 |
625 | Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, | 11/27 at 100.00 | N/R | 611,656 |
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 | 624,222 |
Bonds, Series 2016, 4.700%, 5/01/36 | ||||
1,000 | Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, | 5/27 at 100.00 | N/R | 936,680 |
Assessment Area 2 Project, Series 2016, 4.500%, 5/01/34 | ||||
Brevard County Health Facilities Authority, Florida, Hospital Revenue Bonds, Health | ||||
First Obligated Group, Series 2022A: | ||||
3,315 | 5.000%, 4/01/41 | 4/32 at 100.00 | N/R | 3,274,524 |
3,000 | 5.000%, 4/01/47 | 4/32 at 100.00 | A | 2,890,500 |
1,480 | Brwoard County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC | 4/23 at 100.00 | AA (4) | 1,490,419 |
Project, Series 2013A, 5.000%, 4/01/33, (Pre-refunded 4/01/23) – AGM Insured, (AMT) | ||||
4,390 | Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments | 7/25 at 100.00 | CCC+ | 3,165,497 |
Project, Series 2015A, 5.000%, 7/01/50 | ||||
325 | Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series | 6/26 at 100.00 | N/R | 292,354 |
2019A, 5.000%, 6/15/39, 144A | ||||
150 | Charlotte County Industrial Development Authority, Florida, Utility System Revenue | 10/27 at 100.00 | N/R | 126,965 |
Bonds, Town & Country Utilities Project, Series 2019, 5.000%, 10/01/49, (AMT), 144A | ||||
2,000 | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria | 6/23 at 100.00 | BBB– | 1,979,080 |
University, Refunding Series 2013A, 5.625%, 6/01/33 | ||||
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 | 116,630 |
155 | 5.600%, 11/01/46 | 11/28 at 100.00 | N/R | 149,290 |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Florida | ||||
Downtown Doral Community Development District, Florida, Special Assessment Bonds, | ||||
Series 2015: | ||||
$ 555 | 5.250%, 5/01/35 | 5/26 at 100.00 | N/R | $ 540,093 |
615 | 5.300%, 5/01/36 | 5/26 at 100.00 | N/R | 601,667 |
955 | 5.500%, 5/01/45 | 5/26 at 100.00 | N/R | 914,193 |
1,305 | 5.500%, 5/01/46 | 5/26 at 100.00 | N/R | 1,246,418 |
Escambia County Health Facilities Authority, Florida, Health Care Facilities Revenue | ||||
Bonds, Baptist Health Care Corporation Obligated, Series 2020A: | ||||
5,675 | 4.000%, 8/15/45, (UB) (8) | 2/30 at 100.00 | Baa2 | 4,474,000 |
12,505 | 4.000%, 8/15/45 (8) | 2/30 at 100.00 | Baa2 | 9,858,567 |
6,515 | 4.000%, 8/15/50 | 2/30 at 100.00 | Baa2 | 4,954,071 |
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 | 1,077,179 |
3,385 | 5.750%, 7/01/47, 144A | 7/27 at 101.00 | N/R | 3,145,173 |
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida | ||||
Charter Foundation Inc. Projects, Series 2016A: | ||||
1,420 | 4.750%, 7/15/36, 144A | 7/26 at 100.00 | N/R | 1,283,992 |
1,465 | 5.000%, 7/15/46, 144A | 7/26 at 100.00 | N/R | 1,280,835 |
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 | 862,170 |
6,785 | 5.125%, 7/01/46 | 7/26 at 100.00 | N/R | 5,436,210 |
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 | 913,617 |
560 | 6.125%, 6/15/46, 144A | 6/25 at 100.00 | N/R | 566,619 |
120 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 9/27 at 100.00 | N/R | 107,308 |
Renaissance Charter School, Inc. Projects, Series 2020C, 5.000%, 9/15/40, 144A | ||||
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, The | ||||
Florida Charter Educational Foundation Inc. Projects, Series 2016A: | ||||
1,015 | 6.250%, 6/15/36, 144A | 6/26 at 100.00 | N/R | 1,047,307 |
2,475 | 6.375%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 2,536,034 |
14,500 | Florida Development Finance Corporation, Florida, Surface Transportation Facility | 1/24 at 107.00 | N/R | 12,278,600 |
Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, | ||||
1/01/49, (AMT), 144A | ||||
Florida Development Finance Corporation, Florida, Surface Transportation Facility | ||||
Revenue Bonds, Virgin Trains USA Passenger Rail Project, Series 2019A: | ||||
19,155 | 6.250%, 1/01/49, (AMT), (Mandatory Put 1/01/24), 144A | 12/22 at 102.00 | N/R | 18,244,180 |
10,000 | 6.375%, 1/01/49, (AMT), (Mandatory Put 1/01/26), 144A | 12/22 at 103.00 | N/R | 9,011,500 |
14,210 | 6.500%, 1/01/49, (AMT), (Mandatory Put 1/01/29), 144A | 12/22 at 103.00 | N/R | 12,520,431 |
25,000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail | 12/22 at 102.00 | N/R | 24,472,750 |
Expansion Project, Series 2022A, 7.250%, 7/01/57, (AMT), (Mandatory Put 10/03/23), 144A | ||||
320 | Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special | 5/26 at 100.00 | N/R | 301,901 |
Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 | ||||
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2019A: | ||||
5,000 | 4.000%, 10/01/39, (AMT) | 10/29 at 100.00 | AA– | 4,415,450 |
4,230 | 4.000%, 10/01/49, (AMT) | 10/29 at 100.00 | A+ | 3,463,270 |
4,500 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, | 10/27 at 100.00 | A | 4,370,085 |
Priority Subordinated Series 2017A, 5.000%, 10/01/42, (AMT) | ||||
14,375 | Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, | 6/26 at 100.00 | A– | 14,407,775 |
Refunding & Improvement Series 2016, 5.000%, 6/01/36 | ||||
6,845 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/31 at 100.00 | Aa3 | 5,539,590 |
Airport, Alternative Minimum Tax Refunding Subordinate Lien Series 2022A, 4.000%, | ||||
10/01/52, (AMT) |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Florida | ||||
$ 12,410 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/28 at 100.00 | A+ | $ 11,975,402 |
Airport, Series 2018E, 5.000%, 10/01/48, (AMT) | ||||
1,750 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/24 at 100.00 | A (4) | 1,793,803 |
Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40, (Pre-refunded 10/01/24), (AMT) | ||||
7,665 | Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2019A, 5.000%, | 10/29 at 100.00 | A– | 7,276,691 |
10/01/49, (AMT) | ||||
2,140 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement | 8/26 at 100.00 | N/R | 2,141,198 |
Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35 | ||||
6,495 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando | 4/32 at 100.00 | A2 | 5,055,123 |
Health Obligated Group, Inc., Series 2022, 4.000%, 10/01/52 | ||||
7,500 | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando | 4/29 at 100.00 | A2 | 7,143,600 |
Health, Inc., Series 2019A, 5.000%, 10/01/47 | ||||
2,335 | Orlando, Florida, Capital Improvement Special Revenue Bonds, Series 2014B, | 10/24 at 100.00 | Aa2 | 2,383,895 |
5.000%, 10/01/46 | ||||
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & | ||||
Improvement Capital Appreciation Series 2019A-2: | ||||
1,000 | 0.000%, 10/01/44 | 10/29 at 59.08 | BBB– | 258,920 |
4,200 | 0.000%, 10/01/47 | 10/29 at 52.89 | BBB– | 891,282 |
1,250 | 0.000%, 10/01/48 | 10/29 at 50.96 | BBB– | 248,462 |
1,000 | 0.000%, 10/01/49 | 10/29 at 49.08 | BBB– | 186,300 |
2,000 | 0.000%, 10/01/50 | 10/29 at 47.17 | BBB– | 349,200 |
7,475 | 0.000%, 10/01/52 | 10/29 at 43.62 | BBB– | 1,145,245 |
2,300 | 0.000%, 10/01/54 | 10/29 at 40.38 | BBB– | 310,845 |
500 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Jupiter | 11/32 at 100.00 | BBB– | 455,020 |
Medical Center, Series 2022, 5.000%, 11/01/52 | ||||
1,950 | Palm Beach County, Florida, Revenue Bonds, Provident Group – PBAU Properties LLC – Palm | 4/29 at 100.00 | Ba1 | 1,701,902 |
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 | 497,427 |
Project, Series 2016, 5.000%, 11/01/46 | ||||
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue | ||||
Bonds, Assessment Area 2, Series 2016: | ||||
130 | 4.750%, 11/01/28 | 11/27 at 100.00 | N/R | 128,664 |
265 | 5.375%, 11/01/36 | 11/27 at 100.00 | N/R | 258,764 |
10,075 | South Broward Hospital District, Florida, Hospital Revenue Bonds, South Broward Hospital | 5/26 at 100.00 | Aa3 | 8,625,812 |
District Obligated Group, Refunding Series 2016A, 4.000%, 5/01/44 | ||||
365 | South Village Community Development District, Clay County, Florida, Capital Improvement | 5/26 at 100.00 | A | 313,188 |
Revenue Bonds, Refunding Series 2016A1, 3.625%, 5/01/35 | ||||
South Village Community Development District, Clay County, Florida, Capital Improvement | ||||
Revenue Bonds, Refunding Series 2016A2: | ||||
100 | 4.350%, 5/01/26 | No Opt. Call | N/R | 98,603 |
100 | 4.875%, 5/01/35 | 5/26 at 100.00 | N/R | 95,761 |
1,350 | Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central | 1/24 at 100.00 | A– | 1,356,507 |
Florida Health Alliance Projects, Series 2014A, 5.125%, 7/01/34 | ||||
720 | Tampa, Florida, Revenue Bonds, H. Lee Moffitt Cancer Center and Research Institute, | 7/30 at 100.00 | A– | 587,333 |
Series 2020B, 4.000%, 7/01/45 | ||||
395 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 12/22 at 100.00 | N/R | 344,013 |
Series 2015-2, 0.000%, 5/01/40 (7) | ||||
430 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 12/22 at 100.00 | N/R | 4 |
Series 2015-3, 6.610%, 5/01/40 (5) | ||||
300 | Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, | 11/27 at 100.00 | N/R | 292,320 |
Series 2016A-1, 5.375%, 11/01/37 | ||||
262,340 | Total Florida | 223,294,878 |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Georgia – 1.6% (0.9% of Total Investments) | ||||
$ 2,725 | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium | 7/25 at 100.00 | A | $ 2,785,822 |
Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 | ||||
285 | Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, | 1/28 at 100.00 | N/R | 151,050 |
Georgia Proton Treatment Center Project, Current Interest Series 2017A-1, 6.500%, 1/01/29 (5) | ||||
1,545 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, | No Opt. Call | AA– | 1,545,000 |
11/01/22 – FGIC Insured | ||||
19,265 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. | 7/29 at 100.00 | A1 | 15,530,094 |
Project, Series 2019A, 4.000%, 7/01/49 | ||||
2,000 | Georgia Ports Authority, Revenue Bonds, Series 2022, 4.000%, 7/01/52 | 7/32 at 100.00 | AA | 1,684,400 |
840 | Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for | 6/27 at 100.00 | N/R | 784,644 |
Classical Education, Series 2017, 5.875%, 6/15/47, 144A | ||||
260 | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, | No Opt. Call | A– | 270,080 |
5.500%, 9/15/26 | ||||
1,070 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A, | 5/29 at 100.00 | A3 | 1,004,441 |
5.000%, 5/15/43 | ||||
3,000 | Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life | 11/27 at 100.00 | Ba3 | 2,617,560 |
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 | 2,577,328 |
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 | Baa1 | 3,701,832 |
Series 2015A, 5.000%, 7/01/60 | ||||
37,750 | Total Georgia | 32,652,251 | ||
Guam – 0.9% (0.5% of Total Investments) | ||||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||
195 | 5.000%, 11/15/33 | 11/25 at 100.00 | BB | 189,817 |
1,805 | 5.000%, 11/15/39 | 11/25 at 100.00 | BB | 1,676,809 |
1,310 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, | 7/23 at 100.00 | Baa2 (4) | 1,329,650 |
Series 2013, 5.500%, 7/01/43, (Pre-refunded 7/01/23) | ||||
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: | ||||
2,500 | 5.000%, 12/01/28, (UB) (8) | 12/26 at 100.00 | BB | 2,500,050 |
1,750 | 5.000%, 12/01/30, (UB) (8) | 12/26 at 100.00 | BB | 1,740,148 |
2,500 | 5.000%, 12/01/32, (UB) (8) | 12/26 at 100.00 | BB | 2,452,800 |
1,750 | 5.000%, 12/01/34, (UB) (8) | 12/26 at 100.00 | BB | 1,683,027 |
6,000 | 5.000%, 12/01/46, (UB) (8) | 12/26 at 100.00 | BB | 5,316,240 |
1,000 | Guam Power Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/37 | 10/27 at 100.00 | BBB | 1,009,210 |
18,810 | Total Guam | 17,897,751 | ||
Hawaii – 0.3% (0.2% of Total Investments) | ||||
3,000 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | A1 | 3,019,770 |
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 | 1,179,195 |
University, Series 2013A, 6.625%, 7/01/33, 144A | ||||
2,320 | Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/41, (AMT) | 7/25 at 100.00 | A+ | 2,264,111 |
6,495 | Total Hawaii | 6,463,076 | ||
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+ | 1,122,971 |
Refunding Series 2016, 5.000%, 9/01/37 | ||||
595 | Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights | 12/22 at 100.00 | A3 | 595,381 |
Mitigation Series 2012A, 5.000%, 9/01/32 | ||||
1,770 | Total Idaho | 1,718,352 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Illinois – 26.9% (15.5% of Total Investments) | ||||
$ 330 | CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, | No Opt. Call | N/R | $ 329,472 |
4.000%, 6/15/23, (Mandatory Put 12/15/22), 144A | ||||
55,000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 55,998,250 |
Series 2016, 6.000%, 4/01/46 | ||||
2,255 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/24 at 100.00 | BB | 2,160,606 |
Project Series 2015C, 5.250%, 12/01/35 | ||||
8,500 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/22 at 100.00 | Ba3 | 8,152,435 |
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 | 8,975,904 |
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 | 1,913,112 |
51,780 | 7.000%, 12/01/44 | 12/25 at 100.00 | BB | 54,094,566 |
1,335 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/26 at 100.00 | BB | 1,379,215 |
Series 2016B, 6.500%, 12/01/46 | ||||
6,210 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | 6,595,206 |
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 | 371,826 |
12/01/26 – NPFG Insured | ||||
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated | ||||
Tax Revenues, Series 1998B-1: | ||||
1,000 | 0.000%, 12/01/22 – FGIC Insured | No Opt. Call | BB | 997,060 |
1,715 | 0.000%, 12/01/26 – NPFG Insured | No Opt. Call | BB | 1,417,070 |
1,000 | 0.000%, 12/01/27 – NPFG Insured | No Opt. Call | BB | 784,740 |
1,765 | 0.000%, 12/01/30 – NPFG Insured | No Opt. Call | BB | 1,175,367 |
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 | 2,028,553 |
8,565 | 0.000%, 12/01/31 – NPFG Insured | No Opt. Call | BB | 5,366,144 |
2,140 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Second Lien | 12/29 at 100.00 | A+ | 1,991,762 |
Series 2020A, 5.000%, 12/01/55 | ||||
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | ||||
25,755 | 0.000%, 1/01/29 – NPFG Insured | No Opt. Call | BBB– | 19,435,753 |
8,765 | 0.000%, 1/01/34 – FGIC Insured | No Opt. Call | BBB– | 4,976,767 |
17,310 | 0.000%, 1/01/37 – FGIC Insured | No Opt. Call | BBB– | 8,131,026 |
Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B: | ||||
670 | 5.500%, 1/01/31 | 1/25 at 100.00 | Ba1 | 670,000 |
1,000 | 5.500%, 1/01/33 | 1/25 at 100.00 | Ba1 | 991,760 |
2,695 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.000%, 1/01/35 | 1/24 at 100.00 | Ba1 | 2,558,013 |
13,205 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 | 1/27 at 100.00 | BBB– | 13,453,386 |
2,000 | Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, | 1/25 at 100.00 | Ba1 | 1,954,260 |
5.500%, 1/01/40 | ||||
Chicago, Illinois, General Obligation Bonds, Refunding Series 2007E: | ||||
10,115 | 5.500%, 1/01/35 | 1/25 at 100.00 | Ba1 | 9,989,473 |
5,890 | 5.500%, 1/01/42 | 1/25 at 100.00 | Ba1 | 5,746,696 |
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: | ||||
3,470 | 5.000%, 1/01/24 | No Opt. Call | BBB– | 3,482,145 |
350 | 5.000%, 1/01/29 | 1/26 at 100.00 | BBB– | 346,364 |
765 | 5.000%, 1/01/35 | 1/26 at 100.00 | BBB– | 735,922 |
770 | 5.000%, 1/01/38 | 1/26 at 100.00 | BBB– | 729,167 |
1,610 | Chicago, Illinois, General Obligation Bonds, Series 1999, 0.000%, 1/01/30 | No Opt. Call | A2 | 1,177,731 |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Illinois | ||||
Chicago, Illinois, General Obligation Bonds, Series 2015A: | ||||
$ 1,150 | 5.500%, 1/01/33 | 1/25 at 100.00 | BBB– | $ 1,140,524 |
1,000 | 5.500%, 1/01/35 | 1/25 at 100.00 | BBB– | 987,590 |
9,800 | 5.500%, 1/01/39 | 1/25 at 100.00 | BBB– | 9,583,714 |
10,125 | Chicago, Illinois, General Obligation Bonds, Series 2019A, 5.000%, 1/01/44, (UB) | 1/29 at 100.00 | BBB– | 9,305,888 |
405 | DuPage County, Illinois, Revenue Bonds, Morton Arboretum Project, Green Series 2020, | 5/30 at 100.00 | A1 | 271,350 |
3.000%, 5/15/47 | ||||
800 | Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools | 12/25 at 100.00 | N/R | 812,848 |
Belmont School Project, Series 2015A, 5.500%, 12/01/30, 144A | ||||
2,675 | Illinois Finance Authority, Revenue Bonds, Columbia College Chicago, Series 2015A, | 12/25 at 100.00 | BBB+ | 2,707,876 |
5.000%, 12/01/37 | ||||
845 | Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding | 9/26 at 100.00 | Baa2 | 798,711 |
Series 2016, 5.000%, 9/01/46 | ||||
20,000 | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Series | 1/28 at 100.00 | Aa2 | 20,103,200 |
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– | 420,345 |
905 | 6.000%, 7/01/43 | 7/23 at 100.00 | A– | 917,571 |
1,050 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, | 8/25 at 100.00 | A3 | 1,018,468 |
Refunding Series 2015C, 5.000%, 8/15/44 | ||||
Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A: | ||||
2,700 | 5.000%, 10/01/46, (Pre-refunded 10/01/25), (UB) | 10/25 at 100.00 | N/R (4) | 2,821,743 |
300 | 5.000%, 10/01/46, (UB) | 10/25 at 100.00 | AA– | 307,407 |
Illinois State, General Obligation Bonds, April Series 2014: | ||||
6,165 | 5.000%, 4/01/38 | 4/24 at 100.00 | BBB– | 5,909,276 |
5,000 | 5.000%, 4/01/39 | 4/24 at 100.00 | BBB– | 4,751,000 |
Illinois State, General Obligation Bonds, February Series 2014: | ||||
4,100 | 5.250%, 2/01/31 | 2/24 at 100.00 | BBB– | 4,106,970 |
2,200 | 5.250%, 2/01/32 | 2/24 at 100.00 | BBB– | 2,204,356 |
2,435 | 5.250%, 2/01/33 | 2/24 at 100.00 | BBB– | 2,438,068 |
6,000 | 5.000%, 2/01/39 | 2/24 at 100.00 | BBB– | 5,698,440 |
1,785 | Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 | 5/30 at 100.00 | BBB– | 1,794,460 |
Illinois State, General Obligation Bonds, November Series 2016: | ||||
3,100 | 5.000%, 11/01/35 | 11/26 at 100.00 | BBB– | 3,010,534 |
3,000 | 5.000%, 11/01/37 | 11/26 at 100.00 | BBB– | 2,890,620 |
2,400 | 5.000%, 11/01/40 | 11/26 at 100.00 | BBB– | 2,249,976 |
5,795 | Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 | 11/27 at 100.00 | BBB– | 5,799,984 |
3,800 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 (8) | No Opt. Call | BBB– | 3,814,934 |
20,830 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27, (UB) (8) | No Opt. Call | BBB– | 20,911,862 |
1,380 | Illinois State, General Obligation Bonds, November Series 2019B, 4.000%, 11/01/34 | 11/29 at 100.00 | BBB– | 1,201,290 |
5,000 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 | No Opt. Call | BBB– | 5,033,800 |
5,350 | Illinois State, General Obligation Bonds, Refunding April Series 2019B, 5.125%, 9/01/26 | No Opt. Call | BBB– | 5,412,595 |
27,215 | Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 | 7/23 at 100.00 | BBB– | 27,239,766 |
7,250 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, | 1/23 at 100.00 | A1 | 7,261,672 |
5.000%, 1/01/38 (8) | ||||
2,755 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, | 7/25 at 100.00 | A1 | 2,798,667 |
5.000%, 1/01/40 | ||||
560 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust | 1/23 at 100.00 | A1 | 563,629 |
2015-XF0052, 11.016%, 1/01/38, 144A, (IF) | ||||
2,500 | Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation | No Opt. Call | Aa2 | 2,406,350 |
Bonds, Series 2006, 0.000%, 12/01/23 – NPFG Insured |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Illinois | ||||
$ 5,400 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/25 at 100.00 | BB+ | $ 4,923,558 |
Bonds, Refunding Series 2015B, 5.000%, 6/15/52 | ||||
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | ||||
Bonds, Refunding Series 2020A: | ||||
10,000 | 4.000%, 6/15/50 | 12/29 at 100.00 | BB+ | 7,558,100 |
13,000 | 5.000%, 6/15/50 | 12/29 at 100.00 | BB+ | 11,916,060 |
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | ||||
Bonds, Series 2015A: | ||||
23,110 | 0.000%, 12/15/52 | No Opt. Call | BB+ | 3,690,667 |
2,455 | 5.000%, 6/15/53 | 12/25 at 100.00 | BB+ | 2,235,572 |
1,945 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/27 at 100.00 | BB+ | 1,761,800 |
Bonds, Series 2017A, 5.000%, 6/15/57 | ||||
8,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | No Opt. Call | BB+ | 1,221,760 |
Bonds, Series 2017B, 0.000%, 12/15/56 – AGM Insured | ||||
45,000 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | BB+ | 14,934,150 |
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: | ||||
2,680 | 5.500%, 6/15/29 – NPFG Insured | No Opt. Call | BB+ | 2,807,193 |
145 | 5.500%, 6/15/29, (Pre-refunded 6/15/25) – NPFG Insured, (ETM) | No Opt. Call | Baa2 (4) | 151,000 |
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | ||||
Expansion Project, Series 2002A: | ||||
8,400 | 0.000%, 12/15/30 – NPFG Insured | No Opt. Call | BB+ | 5,617,080 |
7,940 | 0.000%, 6/15/33 – NPFG Insured | No Opt. Call | BB+ | 4,560,260 |
450 | 0.000%, 12/15/34 – NPFG Insured | No Opt. Call | BB+ | 234,059 |
12,500 | 0.000%, 6/15/35 – NPFG Insured | No Opt. Call | BB+ | 6,301,750 |
10,620 | 0.000%, 12/15/35 – NPFG Insured | No Opt. Call | BB+ | 5,194,454 |
11,505 | 0.000%, 12/15/36 – NPFG Insured | No Opt. Call | BB+ | 5,286,317 |
65,000 | 0.000%, 12/15/38 – NPFG Insured | No Opt. Call | BB+ | 26,273,650 |
38,040 | 0.000%, 6/15/40 – NPFG Insured | No Opt. Call | BB+ | 13,770,860 |
3,720 | 0.000%, 6/15/41 – NPFG Insured | No Opt. Call | BB+ | 1,261,601 |
Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series 2018A: | ||||
6,935 | 5.000%, 1/01/37 | 1/28 at 100.00 | AA– | 7,020,578 |
4,755 | 5.000%, 1/01/40 | 1/28 at 100.00 | N/R | 4,769,503 |
4,005 | Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US | 12/22 at 100.00 | B– | 3,858,257 |
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 | 1,611,252 |
6.000%, 10/01/32 | ||||
11,350 | Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation | No Opt. Call | A2 | 10,846,287 |
Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured | ||||
718,525 | Total Illinois | 544,611,003 | ||
Indiana – 3.4% (2.0% of Total Investments) | ||||
Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005: | ||||
1,950 | 0.000%, 2/01/24 (8) | No Opt. Call | Aa3 | 1,855,269 |
2,705 | 0.000%, 2/01/25 | No Opt. Call | Aa3 | 2,465,364 |
4,400 | Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown | No Opt. Call | Baa2 | 4,211,152 |
Point Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured | ||||
2,000 | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, | 6/30 at 100.00 | N/R | 1,617,060 |
Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.875%, | ||||
6/01/55, 144A | ||||
1,230 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | 12/22 at 100.00 | B– | 1,184,933 |
Corporation Project, Series 2012, 5.750%, 8/01/42, (AMT) |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Indiana | ||||
$ 1,815 | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, | 5/23 at 100.00 | A (4) | $ 1,831,226 |
Series 2012A, 5.000%, 5/01/42, (Pre-refunded 5/01/23) | ||||
9,300 | Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A, | 10/23 at 100.00 | N/R (4) | 9,443,034 |
5.000%, 10/01/44, (Pre-refunded 10/01/23) | ||||
Indiana Finance Authority, Provate Activity Bonds, Ohio River Bridges East End Crossing | ||||
Project, Series 2013A: | ||||
1,500 | 5.000%, 7/01/35, (Pre-refunded 7/01/23), (AMT) | 7/23 at 100.00 | BBB+ (4) | 1,508,265 |
5,380 | 5.000%, 7/01/44, (Pre-refunded 7/01/23), (AMT) | 7/23 at 100.00 | BBB+ (4) | 5,409,644 |
5,100 | 5.000%, 7/01/48, (Pre-refunded 7/01/23), (AMT) | 7/23 at 100.00 | BBB+ (4) | 5,128,101 |
5,370 | 5.250%, 1/01/51, (Pre-refunded 7/01/23), (AMT) | 7/23 at 100.00 | BBB+ (4) | 5,408,288 |
13,000 | Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, | 10/24 at 100.00 | A+ | 13,207,350 |
First Lien Series 2014A, 5.000%, 10/01/44 | ||||
4,375 | Indianapolis Local Public Improvement Bond Bank, Indiana, Community Justice Campus | 2/29 at 100.00 | Aa1 | 3,555,738 |
Bonds, Courthouse & Jail Project, Series 2019A, 3.840%, 2/01/54, (UB) (8) | ||||
10,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, | No Opt. Call | AA– | 8,847,400 |
2/01/26 – AMBAC Insured | ||||
1,000 | Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, | 4/24 at 102.00 | N/R | 841,540 |
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 | 1,265,737 |
Series 2013, 7.250%, 11/01/43, (AMT) | ||||
1,230 | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series | 1/24 at 100.00 | N/R | 1,258,474 |
2013, 7.000%, 1/01/44, (AMT) | ||||
71,605 | Total Indiana | 69,038,575 | ||
Iowa – 1.0% (0.6% of Total Investments) | ||||
21,525 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/29 at 103.00 | BBB– | 18,670,570 |
Company Project, Refunding Series 2022, 5.000%, 12/01/50 | ||||
1,900 | Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa | 9/23 at 100.00 | N/R (4) | 1,928,310 |
University Project, Series 2012, 5.000%, 9/01/43, (Pre-refunded 9/01/23) | ||||
23,425 | Total Iowa | 20,598,880 | ||
Kansas – 0.7% (0.4% of Total Investments) | ||||
2,085 | Overland Park Development Corporation, Kansas, Revenue Bonds, Convention Center Hotel, | 3/29 at 100.00 | BB– | 1,792,746 |
Refunding & improvement Series 2019, 5.000%, 3/01/44 | ||||
3,565 | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at | 12/22 at 100.00 | N/R | 1,534,233 |
Lionsgate Project, Series 2012, 6.000%, 12/15/32 | ||||
10,000 | University of Kansas Hospital Authority, Health Facilities Revenue Bonds, University of | 3/27 at 100.00 | AA– | 9,728,900 |
Kansas Health System, Series 2017A, 5.000%, 3/01/47 | ||||
1,130 | Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35 | 7/25 at 100.00 | A1 | 1,158,871 |
16,780 | Total Kansas | 14,214,750 | ||
Kentucky – 1.5% (0.9% 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+ | 5,038,850 |
435 | 5.500%, 2/01/44 | 2/26 at 100.00 | BB+ | 432,690 |
1,000 | Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, | 8/23 at 100.00 | A2 (4) | 1,017,500 |
Series 2013, 5.700%, 8/01/39, (Pre-refunded 8/01/23) – AGM Insured | ||||
2,355 | Henderson, Kentucky, Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2022A, | 1/32 at 100.00 | N/R | 1,932,772 |
4.700%, 1/01/52, (AMT) |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Kentucky | ||||
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 | $ 418,050 |
2,250 | 5.750%, 11/15/50 | 11/25 at 100.00 | N/R | 1,836,180 |
6,000 | Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 5,730,000 |
Series 2019A-2, 5.000%, 8/01/44 | ||||
7,070 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | 7/25 at 100.00 | Baa2 | 6,569,232 |
Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 | ||||
Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown | ||||
Crossing Project, Convertible Capital Appreciation First Tier Series 2013C: | ||||
1,335 | 0.000%, 7/01/43 (7) | 7/31 at 100.00 | Baa2 | 1,418,651 |
2,295 | 0.000%, 7/01/46 (7) | 7/31 at 100.00 | Baa2 | 2,442,408 |
Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown | ||||
Crossing Project, First Tier Series 2013A: | ||||
3,080 | 5.750%, 7/01/49, (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (4) | 3,118,993 |
615 | 6.000%, 7/01/53, (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 (4) | 623,702 |
215 | Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community | 12/22 at 100.00 | A+ | 214,568 |
Hospital Corporation, Series 2012A, 4.000%, 10/01/29 | ||||
32,150 | Total Kentucky | 30,793,596 | ||
Louisiana – 2.8% (1.6% of Total Investments) | ||||
500 | Jefferson Parish Economic Development and Port District, Louisiana, Kenner Discovery | 6/28 at 100.00 | N/R | 460,890 |
Health Sciences Academy Project, Series 2018A, 5.625%, 6/15/48, 144A | ||||
2,000 | Louisiana Local Government Environmental Facilities and Community Development Authority, | 2/24 at 100.00 | A+ (4) | 2,027,620 |
Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien | ||||
Series 2014A, 4.375%, 2/01/39, (Pre-refunded 2/01/24) | ||||
1,215 | Louisiana Local Government Environmental Facilities and Community Development Authority, | 10/25 at 100.00 | A2 | 1,260,550 |
Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative | ||||
Student Facilities Inc. Project, Refunding Series 2015, 5.000%, 10/01/33 – AGM Insured | ||||
5,000 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation | 5/27 at 100.00 | A3 | 5,002,950 |
Project, Refunding Series 2017, 5.000%, 5/15/42 | ||||
18,730 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation | 5/30 at 100.00 | A3 | 14,766,545 |
Project, Series 2020A, 4.000%, 5/15/49 | ||||
6,125 | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing | 7/23 at 100.00 | N/R | 6,164,568 |
(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: | ||||
1,450 | 5.000%, 7/01/39 | 7/25 at 100.00 | A | 1,433,021 |
10 | 5.000%, 7/01/39, (Pre-refunded 7/01/25) | 7/25 at 100.00 | N/R (4) | 10,430 |
1,000 | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries | 7/27 at 100.00 | A | 967,310 |
of Our Lady Health System, Series 2017A, 5.000%, 7/01/47 | ||||
1,000 | Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship | 7/26 at 100.00 | A3 | 953,940 |
Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, | ||||
5.000%, 7/01/56 | ||||
3,305 | Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series | 5/23 at 100.00 | BBB+ | 2,880,737 |
2008, 4.250%, 12/01/38 | ||||
1,980 | Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy | 12/22 at 100.00 | N/R | 1,983,426 |
Foundation Project, Series 2011A, 7.750%, 12/15/31 | ||||
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, | ||||
Refunding Series 2017: | ||||
1,775 | 0.000%, 10/01/36 (7) | 10/33 at 100.00 | BBB | 1,654,069 |
3,000 | 0.000%, 10/01/46 (7) | 10/33 at 100.00 | BBB | 2,649,300 |
7,000 | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, | 5/25 at 100.00 | A3 | 6,866,930 |
Series 2015, 5.000%, 5/15/47 |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Louisiana | ||||
$ 1,060 | Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter | 12/23 at 100.00 | N/R | $ 1,069,063 |
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 | 2,247,605 |
2013A, 5.000%, 7/01/36 | ||||
1,000 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/27 at 100.00 | A– | 944,120 |
Project, Series 2017B, 5.000%, 1/01/48, (AMT) | ||||
2,560 | New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, | 6/24 at 100.00 | A (4) | 2,625,715 |
6/01/44, (Pre-refunded 6/01/24) | ||||
330 | Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation | No Opt. Call | BBB– | 326,888 |
Project, Refunding Series 2017A-1, 2.000%, 6/01/37, (Mandatory Put 4/01/23) | ||||
61,275 | Total Louisiana | 56,295,677 | ||
Maine – 0.4% (0.2% of Total Investments) | ||||
4,965 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/26 at 100.00 | Ba1 | 4,495,609 |
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+ | 2,710,977 |
Issue, Series 2018A, 5.000%, 7/01/43 | ||||
7,715 | Total Maine | 7,206,586 | ||
Maryland – 0.5% (0.3% of Total Investments) | ||||
2,000 | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt | 12/22 at 100.00 | N/R | 1,200,000 |
Conference Center, Series 2006A, 5.000%, 12/01/31 (5) | ||||
7,145 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist | 1/27 at 100.00 | Baa3 | 7,005,744 |
Healthcare, Series 2016A, 5.500%, 1/01/46 | ||||
2,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula | 7/24 at 100.00 | A3 (4) | 2,052,180 |
Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45, (Pre-refunded 7/01/24) | ||||
355 | Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, | 1/26 at 100.00 | N/R | 342,983 |
Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46, 144A | ||||
11,500 | Total Maryland | 10,600,907 | ||
Massachusetts – 0.9% (0.5% of Total Investments) | ||||
475 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | 7/25 at 100.00 | BBB | 453,084 |
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 | 1,333,109 |
4.500%, 1/01/45 | ||||
1,800 | Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, | 10/26 at 100.00 | Baa2 | 1,756,602 |
5.000%, 10/01/34 | ||||
11,435 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue J, | 7/24 at 100.00 | A | 10,417,971 |
Series 2016, 3.500%, 7/01/33, (AMT) | ||||
4,560 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 5/23 at 100.00 | Aa2 (4) | 4,605,098 |
Series 2013A, 5.000%, 5/15/43, (Pre-refunded 5/15/23) | ||||
19,795 | Total Massachusetts | 18,565,864 | ||
Michigan – 1.3% (0.7% of Total Investments) | ||||
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, | ||||
Refunding Series 2013: | ||||
750 | 6.000%, 10/01/33 | 10/23 at 100.00 | N/R | 692,828 |
1,250 | 6.000%, 10/01/43 | 10/23 at 100.00 | N/R | 1,074,600 |
13,835 | Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and | No Opt. Call | AA | 14,970,162 |
Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured, (UB) | ||||
5 | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, | 12/22 at 100.00 | A2 | 5,001 |
4.500%, 7/01/35 – NPFG Insured | ||||
3,000 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, | No Opt. Call | A2 | 3,210,090 |
5.500%, 7/01/29 – NPFG Insured |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Michigan | ||||
$ 5 | Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, | 12/22 at 100.00 | A2 | $ 5,007 |
5.000%, 7/01/36 – FGIC Insured | ||||
10 | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A, 5.000%, | 12/22 at 100.00 | A1 | 10,016 |
7/01/34 – NPFG Insured | ||||
2,000 | Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson | 7/24 at 100.00 | A1 | 1,913,280 |
Healthcare, Series 2014A, 5.000%, 7/01/47 | ||||
1,000 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/24 at 100.00 | A2 | 1,011,520 |
Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, | ||||
7/01/36 – NPFG Insured | ||||
1,350 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco | 12/30 at 100.00 | BBB | 1,295,041 |
Receipts Senior Current Interest Series 2020A-2, 5.000%, 6/01/40 | ||||
2,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/22 at 100.00 | A– | 2,000,000 |
County Airport, Series 2012A, 5.000%, 12/01/37 | ||||
25,205 | Total Michigan | 26,187,545 | ||
Minnesota – 1.0% (0.6% of Total Investments) | ||||
700 | City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy | 7/24 at 102.00 | N/R | 598,430 |
Project,Series 2016A, 5.000%, 7/01/47 | ||||
1,500 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language | 12/22 at 102.00 | BB+ | 1,463,505 |
Academy, Series 2014A, 5.750%, 8/01/44 | ||||
800 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, | 7/32 at 100.00 | N/R | 689,704 |
Series 2022A, 5.500%, 7/01/52 | ||||
3,435 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series | 5/29 at 100.00 | A2 | 3,372,621 |
2019, 5.000%, 5/01/48 | ||||
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+ | 714,645 |
4,000 | 6.000%, 9/01/51 | 9/26 at 100.00 | BB+ | 3,897,960 |
6,000 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue | 7/25 at 100.00 | A | 6,092,400 |
Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/32 | ||||
4,055 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp | 12/22 at 100.00 | N/R | 4,042,713 |
Project, Series 2007-1, 5.000%, 8/01/36 | ||||
21,240 | Total Minnesota | 20,871,978 | ||
Missouri – 2.7% (1.5% of Total Investments) | ||||
690 | Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson | 11/25 at 100.00 | N/R | 602,784 |
Shoppes Redevelopment Project, Refunding Series 2017A, 3.900%, 11/01/29 | ||||
960 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities | 3/23 at 103.00 | Ba1 | 994,618 |
Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33 | ||||
55 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities | 3/27 at 100.00 | Ba1 | 54,303 |
Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36 | ||||
Kansas City Industrial Development Authority, Missouri, Airport Special Obligation | ||||
Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B: | ||||
10,090 | 5.000%, 3/01/46, (AMT) | 3/29 at 100.00 | A– | 9,646,040 |
7,360 | 5.000%, 3/01/54, (AMT) | 3/29 at 100.00 | A– | 6,891,536 |
135 | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward | 4/26 at 100.00 | N/R | 109,693 |
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, | No Opt. Call | A2 | 9,425,005 |
Improvement Series 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 | 475,000 |
Bonds, Convention Center Hotel Project – TIF Financing, Series 2018B, 5.000%, 2/01/40, 144A |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Missouri | ||||
$ 1,000 | Liberty Public School District 53, Clay County, Missouri, Lease Participation | 12/22 at 100.00 | AA– | $ 1,001,190 |
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: | ||||
945 | 5.125%, 6/01/25, 144A | No Opt. Call | N/R | 914,306 |
3,810 | 5.750%, 6/01/35, 144A | 6/25 at 100.00 | N/R | 3,354,705 |
3,695 | 6.000%, 6/01/46, 144A | 6/25 at 100.00 | N/R | 3,165,396 |
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 | 1,605,184 |
2,700 | 5.000%, 6/01/33 | 6/23 at 100.00 | A1 | 2,722,869 |
665 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 5/23 at 100.00 | BBB | 671,431 |
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+ | 508,454 |
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 | 50,248 |
6,930 | 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 6,959,453 |
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 | 1,163,450 |
1,105 | 5.000%, 11/15/46 | 11/25 at 100.00 | N/R | 977,925 |
430 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/23 at 100.00 | BB+ | 417,152 |
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 | 423,981 |
130 | 5.125%, 12/01/45 | 12/25 at 100.00 | N/R | 116,926 |
865 | Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue | 3/23 at 103.00 | Ba1 | 895,612 |
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 | 518,203 |
Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, | ||||
4.750%, 11/15/47 | ||||
58,790 | Total Missouri | 53,665,464 | ||
Montana – 0.1% (0.1% of Total Investments) | ||||
Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell | ||||
Regional Medical Center, Series 2018B: | ||||
1,255 | 5.000%, 7/01/29 | 7/28 at 100.00 | BBB | 1,287,969 |
1,235 | 5.000%, 7/01/30 | 7/28 at 100.00 | BBB | 1,265,220 |
2,490 | Total Montana | 2,553,189 | ||
Nebraska – 0.8% (0.5% of Total Investments) | ||||
5,835 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding | No Opt. Call | BBB+ | 5,590,397 |
Crossover Series 2017A, 5.000%, 9/01/42 | ||||
580 | Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska | 11/25 at 100.00 | A | 564,723 |
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– | 1,951,867 |
3,000 | 5.000%, 5/15/36 | 5/24 at 100.00 | A– | 3,003,120 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Nebraska | ||||
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 | $ 3,962,796 |
2,110 | 5.000%, 11/01/48 | 11/25 at 100.00 | A | 2,033,196 |
17,525 | Total Nebraska | 17,106,099 | ||
Nevada – 0.4% (0.2% of Total Investments) | ||||
4,410 | Clark County, Nevada, General Obligation Bonds, Stadium Improvement, Limited Tax | 6/28 at 100.00 | AA+ | 4,496,127 |
Additionally Secured by Pledged Revenues, Series 2018A, 5.000%, 5/01/48 (8) | ||||
4,000 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series | 12/24 at 100.00 | AA | 4,082,360 |
2015, 5.000%, 6/01/39 | ||||
8,410 | Total Nevada | 8,578,487 | ||
New Jersey – 8.0% (4.6% of Total Investments) | ||||
310 | Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control | No Opt. Call | Ba1 (4) | 312,973 |
Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24, (AMT), (ETM) | ||||
2,500 | New Jersey Economic Development Authority, Lease Revenue Bonds, State Government | 12/27 at 100.00 | BBB | 2,428,400 |
Buildings-Health Department & Taxation Division Office Project, Series 2018A, 5.000%, 6/15/42 | ||||
1,100 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge | 1/24 at 100.00 | BBB+ | 1,049,444 |
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 (4) | 19,077,816 |
Refunding Series 2016BBB, 5.500%, 6/15/31, (Pre-refunded 12/15/26) | ||||
New Jersey Economic Development Authority, School Facilities Construction Bonds, | ||||
Series 2015WW: | ||||
40 | 5.250%, 6/15/40, (Pre-refunded 6/15/25), (UB) | 6/25 at 100.00 | N/R (4) | 42,037 |
755 | 5.250%, 6/15/40, (UB) | 6/25 at 100.00 | BBB | 757,499 |
New Jersey Economic Development Authority, School Facilities Construction Bonds, | ||||
Series 2016AAA: | ||||
1,000 | 5.000%, 6/15/36 | 12/26 at 100.00 | BBB | 1,000,330 |
10,000 | 5.000%, 6/15/41 | 12/26 at 100.00 | BBB | 9,794,600 |
New Jersey Economic Development Authority, School Facilities Construction Bonds, | ||||
Series 2017DDD: | ||||
2,000 | 5.000%, 6/15/35 | 6/27 at 100.00 | BBB | 2,007,940 |
2,175 | 5.000%, 6/15/42 | 6/27 at 100.00 | BBB | 2,112,708 |
15,040 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | 12/28 at 100.00 | BBB | 14,393,581 |
2018EEE, 5.000%, 6/15/48 | ||||
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | ||||
Airlines Inc., Series 1999: | ||||
275 | 5.125%, 9/15/23, (AMT) | 12/22 at 101.00 | B+ | 274,623 |
1,650 | 5.250%, 9/15/29, (AMT) | 12/22 at 101.00 | B+ | 1,623,930 |
2,155 | New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark | 10/27 at 100.00 | Baa3 | 2,101,815 |
Container Terminal LLC Project, Refunding Series 2017, 5.000%, 10/01/37, (AMT) | ||||
1,120 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, | 7/23 at 100.00 | BBB+ (4) | 1,133,518 |
Series 2013D, 5.000%, 7/01/33, (Pre-refunded 7/01/23) | ||||
5,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas | 7/31 at 100.00 | Aa3 | 3,246,500 |
Health Obligated Group, Series 2021A, 3.000%, 7/01/51 | ||||
405 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University | 7/25 at 100.00 | BB– | 390,214 |
Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured | ||||
9,640 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Valley Health | 7/29 at 100.00 | A | 6,123,328 |
System Obligated Group, Series 2019, 3.000%, 7/01/49, (UB) (8) | ||||
5,600 | New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A, 4.000%, 6/01/32 | No Opt. Call | BBB+ | 5,565,616 |
2,900 | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series | 12/31 at 100.00 | BBB+ | 2,468,509 |
2022BB, 4.000%, 6/15/41 |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New Jersey | ||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | ||||
Appreciation Series 2010A: | ||||
$ 3,130 | 0.000%, 12/15/28 | No Opt. Call | BBB | $ 2,389,693 |
3,000 | 0.000%, 12/15/31 | No Opt. Call | BBB | 1,950,300 |
12,715 | 0.000%, 12/15/33 | No Opt. Call | BBB | 7,334,266 |
610 | 0.000%, 12/15/34 | No Opt. Call | BBB | 329,107 |
2,480 | 0.000%, 12/15/40 | No Opt. Call | BBB | 913,136 |
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding | ||||
Series 2006C: | ||||
10,000 | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | BBB+ | 5,824,800 |
20,000 | 0.000%, 12/15/36 – AMBAC Insured, (UB) (8) | No Opt. Call | BBB | 9,709,000 |
19,175 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | BBB | 9,733,038 |
2008A, 0.000%, 12/15/35 | ||||
15,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | BBB | 5,900,850 |
2009A, 0.000%, 12/15/39 | ||||
5,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/24 at 100.00 | BBB | 5,065,000 |
2009C, 5.250%, 6/15/32 | ||||
6,305 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/25 at 100.00 | BBB | 6,058,979 |
2015AA, 5.000%, 6/15/45 | ||||
15,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | BBB | 15,119,550 |
2018A, 5.000%, 12/15/34, (UB) (8) | ||||
6,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | BBB | 4,963,920 |
2019BB, 4.000%, 6/15/44 | ||||
1,595 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BBB+ | 1,535,092 |
Bonds, Series 2018A, 5.000%, 6/01/46 | ||||
10,755 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 9,888,792 |
Bonds, Series 2018B, 5.000%, 6/01/46 | ||||
212,010 | Total New Jersey | 162,620,904 | ||
New Mexico – 0.2% (0.1% of Total Investments) | ||||
4,185 | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian | 8/29 at 100.00 | Aa3 | 4,219,945 |
Healthcare Services, Series 2019A, 5.000%, 8/01/44 | ||||
New York – 16.5% (9.5% of Total Investments) | ||||
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 | Ba1 | 857,310 |
12,020 | 0.000%, 7/15/46 | No Opt. Call | Ba1 | 2,632,861 |
450 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue | 7/25 at 100.00 | BBB | 408,145 |
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 | 176,342 |
of New York, Series 2014, 5.000%, 11/01/39 | ||||
490 | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of | 9/25 at 100.00 | N/R | 485,497 |
Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A | ||||
Dormitory Authority of the State of New York, Revenue Bonds, New School University, | ||||
Series 2015A: | ||||
2,950 | 5.000%, 7/01/50 | 7/25 at 100.00 | BBB+ | 2,815,509 |
220 | 5.000%, 7/01/50, (Pre-refunded 7/01/25) | 7/25 at 100.00 | N/R (4) | 229,183 |
15,270 | Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of | 12/26 at 100.00 | BB– | 13,575,641 |
Aeronautics & Technology, Series 2016A, 5.500%, 12/01/46, 144A | ||||
5,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 3/32 at 100.00 | AA+ | 4,267,250 |
General Purpose, Bidding Group 5 Series 2021E, 4.000%, 3/15/48 | ||||
5,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 2/30 at 100.00 | N/R | 4,522,050 |
General Purpose, Series 2019D, 4.000%, 2/15/40 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New York | ||||
$ 81,270 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | 12/22 at 17.80 | N/R | $ 7,074,554 |
Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50, 144A | ||||
350 | Jefferson County Civic Facility Development Corporation, New York, Revenue Bonds, | 11/27 at 100.00 | BB | 266,276 |
Samaritan Medical Center Project, Series 2017A, 4.000%, 11/01/42 | ||||
3,000 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series | 9/24 at 100.00 | A | 3,045,990 |
2014A, 5.000%, 9/01/39 | ||||
6,280 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 5/30 at 100.00 | BBB+ | 5,914,630 |
Climate Bond Certified Series 2020C-1, 5.250%, 11/15/55 | ||||
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | ||||
Green Series 2016B: | ||||
4,210 | 5.000%, 11/15/34 | 11/26 at 100.00 | BBB+ | 4,152,912 |
3,320 | 5.000%, 11/15/37 | 11/26 at 100.00 | BBB+ | 3,217,578 |
1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | 11/25 at 100.00 | BBB+ | 980,780 |
Series 2015F, 5.000%, 11/15/35 | ||||
5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | 5/28 at 100.00 | BBB+ | 5,007,200 |
Series 2017D, 5.000%, 11/15/32 | ||||
2,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 5/23 at 100.00 | BBB+ | 2,415,200 |
2013A, 5.000%, 11/15/38 | ||||
2,775 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 11/23 at 100.00 | BBB+ | 2,679,928 |
2013D, 5.000%, 11/15/38 | ||||
1,000 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John | 12/22 at 100.00 | A– | 1,001,310 |
Fisher College, Series 2011, 6.000%, 6/01/34 | ||||
6,895 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/29 at 100.00 | AA+ | 6,202,811 |
General Resolution Revenue Bonds, Fiscal 2019 Series FF-2, 4.000%, 6/15/41 | ||||
10,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 12/29 at 100.00 | Aa1 | 9,110,200 |
General Resolution Revenue Bonds, Fiscal 2020 Series AA, 4.000%, 6/15/40 | ||||
9,750 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 12/29 at 100.00 | AA+ | 8,301,248 |
General Resolution Revenue Bonds, Fiscal 2020 Series CC-1, 4.000%, 6/15/49 | ||||
3,965 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/30 at 100.00 | AA+ | 3,360,893 |
General Resolution Revenue Bonds, Fiscal 2020 Series DD-1, 4.000%, 6/15/50 | ||||
2,035 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/30 at 100.00 | AA+ | 1,811,679 |
General Resolution Revenue Bonds, Fiscal 2020 Series EE, 4.000%, 6/15/42 | ||||
5,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/30 at 100.00 | AA+ | 4,238,200 |
General Resolution Revenue Bonds, Fiscal 2020 Series GG-1, 4.000%, 6/15/50 | ||||
8,530 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 12/30 at 100.00 | AA+ | 7,230,369 |
General Resolution Revenue Bonds, Fiscal 2021 Series AA-1, 4.000%, 6/15/50 | ||||
10,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/31 at 100.00 | Aa1 | 8,439,600 |
General Resolution Revenue Bonds, Fiscal 2022 Series AA-1, 4.000%, 6/15/51 | ||||
5,000 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, | 7/28 at 100.00 | Aa3 | 5,078,550 |
Fiscal 2019 Subseries S-1, 5.000%, 7/15/43 | ||||
4,440 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, | 7/28 at 100.00 | Aa3 | 4,601,838 |
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 | 10,062,300 |
Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 | ||||
10,000 | New York City, New York, Educational Construction Fund Revenue Bonds, Series 2021B, | 4/31 at 100.00 | AA– | 10,128,900 |
5.000%, 4/01/46 | ||||
5,750 | New York City, New York, General Obligation Bonds, Fiscal 2018 Series E-1, 5.000%, | 3/28 at 100.00 | AA– | 5,851,602 |
3/01/40 | ||||
1,500 | New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 4.000%, 8/01/36 | 8/30 at 100.00 | AA– | 1,402,845 |
2,860 | New York City, New York, General Obligation Bonds, Fiscal 2022 Series A-1, 5.000%, 8/01/47 | 8/31 at 100.00 | AA– | 2,921,347 |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New York | ||||
$ 45,260 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | $ 39,765,436 |
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | ||||
5,700 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 5,443,785 |
Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A | ||||
5,000 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, | 1/26 at 100.00 | A– | 4,978,450 |
Series 2016A, 5.000%, 1/01/46 | ||||
8,265 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | 9/30 at 100.00 | Aa1 | 8,433,110 |
General Purpose, Series 2020C, 5.000%, 3/15/47 | ||||
80,510 | New York Transportation Development Corporation, New York, Special Facilities Bonds, | 7/24 at 100.00 | Baa3 | 75,676,180 |
LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.250%, 1/01/50, (AMT) | ||||
New York Transportation Development Corporation, New York, Special Facility Revenue | ||||
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding | ||||
Series 2016: | ||||
2,100 | 5.000%, 8/01/26, (AMT) | 11/22 at 100.00 | B– | 2,092,041 |
16,200 | 5.000%, 8/01/31, (AMT) | 11/22 at 100.00 | B– | 15,917,472 |
4,175 | New York Transportation Development Corporation, New York, Special Facility Revenue | 8/30 at 100.00 | B– | 4,145,399 |
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, | ||||
5.250%, 8/01/31, (AMT) | ||||
5,350 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta | 1/28 at 100.00 | BB+ | 5,281,253 |
Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, 5.000%, | ||||
1/01/31, (AMT) | ||||
2,100 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta | 10/30 at 100.00 | BB+ | 1,981,203 |
Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, 5.000%, | ||||
10/01/40, (AMT) | ||||
10,325 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred | 11/26 at 100.00 | N/R | 10,542,548 |
Ninety-Eighth Series 2016, 5.250%, 11/15/56 | ||||
14,500 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | 6/31 at 27.72 | N/R | 1,210,315 |
Asset-Backed Bonds, Series 2021B-2, 0.000%, 6/01/66 | ||||
2,500 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, | 5/25 at 100.00 | AA– | 2,532,875 |
Refunding Series 2015A, 5.000%, 11/15/50 | ||||
2,150 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 1,838,615 |
455,565 | Total New York | 334,307,210 | ||
North Carolina – 0.3% (0.2% of Total Investments) | ||||
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien | ||||
Series 2019: | ||||
5,000 | 5.000%, 1/01/49 | 1/30 at 100.00 | BBB | 4,624,200 |
1,000 | 4.000%, 1/01/55 | 1/30 at 100.00 | BBB | 751,310 |
875 | 4.000%, 1/01/55 – AGM Insured | 1/30 at 100.00 | BBB | 710,552 |
6,875 | Total North Carolina | 6,086,062 | ||
North Dakota – 2.4% (1.4% of Total Investments) | ||||
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | ||||
Obligated Group, Series 2021: | ||||
2,000 | 3.000%, 12/01/39 – AGM Insured | 12/31 at 100.00 | BBB– | 1,525,880 |
1,075 | 4.000%, 12/01/46 | 12/31 at 100.00 | BBB– | 823,332 |
1,750 | 3.000%, 12/01/51 – AGM Insured | 12/31 at 100.00 | BBB– | 1,152,375 |
1,425 | 4.000%, 12/01/51 | 12/31 at 100.00 | BBB– | 1,062,067 |
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, | ||||
Series 2017C: | ||||
5,000 | 5.000%, 6/01/48 | 6/28 at 100.00 | BBB– | 4,003,400 |
49,705 | 5.000%, 6/01/53 | 6/28 at 100.00 | BBB– | 39,148,652 |
60,955 | Total North Dakota | 47,715,706 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Ohio – 4.0% (2.3% of Total Investments) | ||||
$ 8,375 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | $ 837,081 |
Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, | ||||
0.000%, 6/01/57 | ||||
13,015 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | BBB+ | 10,320,114 |
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 | ||||
2,755 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 2,322,079 |
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 | ||||
310 | Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, | 12/29 at 100.00 | BBB– | 279,152 |
Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51 | ||||
10,000 | Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series | 5/25 at 100.00 | Aa2 | 9,964,200 |
2015, 5.000%, 5/15/40, (UB) (8) | ||||
2,845 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 2,459,759 |
FirstEnergy Generation Corporation Project, Refunding Series 2009D, 3.375%, 8/01/29, | ||||
(Mandatory Put 9/15/21) | ||||
6,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 7,500 |
FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (5) | ||||
1,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 1,250 |
FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (5) | ||||
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2021A: | ||||
7,045 | 4.000%, 1/15/46 | 7/31 at 100.00 | A2 | 5,652,767 |
2,000 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission | 2/23 at 100.00 | A+ | 2,012,000 |
Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.250%, 2/15/33 | ||||
3,000 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 3,750 |
Generating Corporation Project, Refunding Series 2008C, 3.950%, 11/01/32 (5) | ||||
27,880 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 25,774,781 |
Nuclear Generating Corporation Project, Series 2009A, 4.750%, 6/01/33, (Mandatory Put 6/01/22) | ||||
22,820 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 21,096,862 |
Nuclear Generating Corporation Project, Series 2010B, 4.750%, 6/01/33, (Mandatory Put 6/01/22) | ||||
107,045 | Total Ohio | 80,731,295 | ||
Oklahoma – 2.5% (1.4% of Total Investments) | ||||
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | ||||
Project, Series 2018B: | ||||
12,690 | 5.250%, 8/15/43 | 8/28 at 100.00 | BB+ | 10,653,636 |
9,715 | 5.250%, 8/15/48 | 8/28 at 100.00 | BB+ | 7,785,212 |
18,235 | 5.500%, 8/15/52 | 8/28 at 100.00 | BB+ | 14,939,936 |
15,570 | 5.500%, 8/15/57 | 8/28 at 100.00 | BB+ | 12,497,883 |
1,550 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | 8/32 at 100.00 | N/R | 1,371,936 |
Project, Taxable Series 2022, 5.500%, 8/15/41 | ||||
2,055 | Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, | 6/23 at 100.00 | Baa1 (4) | 2,078,304 |
5.375%, 6/01/33, (Pre-refunded 6/01/23), (AMT) | ||||
1,500 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., | 6/25 at 100.00 | B– | 1,494,915 |
Refunding Series 2015, 5.000%, 6/01/35, (AMT), (Mandatory Put 6/01/25) | ||||
61,315 | Total Oklahoma | 50,821,822 | ||
Oregon – 0.4% (0.2% of Total Investments) | ||||
7,330 | Port of Portland, Oregon, International Airport Revenue Bonds, Series 2020-27A, 5.000%, | 7/30 at 100.00 | AA– | 7,128,425 |
7/01/45, (AMT) | ||||
Pennsylvania – 5.5% (3.1% of Total Investments) | ||||
380 | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental | 12/22 at 100.00 | B– | 366,077 |
Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, | ||||
8/01/42, (AMT) |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Pennsylvania | ||||
$ 1,355 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/27 at 100.00 | Ba3 | $ 1,162,197 |
Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A | ||||
11,700 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 11,670,048 |
Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 4.375%, 1/01/35, (Mandatory | ||||
Put 7/01/22) | ||||
34,785 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 43,481 |
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (5) | ||||
2,030 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | 4/31 at 100.00 | N/R | 1,461,032 |
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 | ||||
Berks County Industrial Development Authority, Pennsylvania, Health System Revenue | ||||
Bonds, Tower Health Project, Series 2017: | ||||
16,975 | 5.000%, 11/01/47 | 11/27 at 100.00 | B+ | 11,573,216 |
6,695 | 5.000%, 11/01/50 | 11/27 at 100.00 | B+ | 4,463,556 |
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | ||||
Settlement, Series 2018: | ||||
4,000 | 5.000%, 6/01/32, (UB) (8) | 6/28 at 100.00 | A | 4,142,720 |
2,260 | 5.000%, 6/01/33, (UB) (8) | 6/28 at 100.00 | A | 2,333,405 |
2,405 | 5.000%, 6/01/34 (8) | 6/28 at 100.00 | A | 2,470,945 |
1,275 | 5.000%, 6/01/34, (UB) (8) | 6/28 at 100.00 | A | 1,309,960 |
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran | ||||
Social Ministries Project, Series 2015: | ||||
1,030 | 5.000%, 1/01/38 | 1/25 at 100.00 | BBB+ | 1,030,968 |
845 | 5.000%, 1/01/38, (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (4) | 874,922 |
205 | 5.000%, 1/01/38, (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (4) | 212,259 |
15,000 | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, | 2/27 at 100.00 | A1 | 12,723,750 |
Geisinger Health System, Series 2017A-1, 4.000%, 2/15/47 | ||||
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, | ||||
Geisinger Health System, Series 2020A: | ||||
8,710 | 4.000%, 4/01/39 | 4/30 at 100.00 | A1 | 7,833,861 |
5,085 | 4.000%, 4/01/50 | 4/30 at 100.00 | A1 | 4,258,332 |
5,000 | 5.000%, 4/01/50 | 4/30 at 100.00 | A1 | 4,871,650 |
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue | ||||
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A: | ||||
6,190 | 5.250%, 1/15/36, (Pre-refunded 1/15/25) | 1/25 at 100.00 | Ba1 (4) | 6,429,491 |
3,535 | 5.250%, 1/15/45, (Pre-refunded 1/15/25) | 1/25 at 100.00 | Ba1 (4) | 3,671,769 |
2,206 | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue | 12/22 at 100.00 | N/R | 397,030 |
Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 0.900%, 12/31/23 | ||||
893 | Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue | No Opt. Call | N/R | 160,790 |
Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 0.900%, 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 | 3,918,036 |
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 | 9,664,375 |
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 0.000%, 12/01/38 (5) | ||||
1,085 | Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, | 6/26 at 100.00 | BBB | 1,032,996 |
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38, (AMT) | ||||
130 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University | 7/26 at 100.00 | Baa3 | 125,818 |
Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, | ||||
Series 2016A, 5.000%, 7/01/31 | ||||
1,000 | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of | No Opt. Call | A2 | 1,054,720 |
Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Pennsylvania | ||||
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation | ||||
Series 2009E: | ||||
$ 3,530 | 6.000%, 12/01/30 | 12/27 at 100.00 | A3 | $ 3,915,688 |
2,000 | 6.375%, 12/01/38 | 12/27 at 100.00 | A3 | 2,214,500 |
4,000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, | 5/27 at 100.00 | BBB | 3,852,480 |
University of the Sciences in Philadelphia, Series 2017, 5.000%, 11/01/47, (UB) (8) | ||||
1,255 | The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, | 5/24 at 100.00 | BB+ | 1,175,885 |
Guaranteed Lease Revenue Bonds, Series 2016A, 5.000%, 11/15/28 | ||||
161,444 | Total Pennsylvania | 110,415,957 | ||
Puerto Rico – 8.0% (4.6% of Total Investments) | ||||
75,000 | Children’s Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Series 2008A, | 12/22 at 7.59 | N/R | 4,116,750 |
0.000%, 5/15/57 | ||||
1,804 | Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico. Unit Exchanged From Cusip | No Opt. Call | N/R | 448,539 |
74529JAP0, 0.000%, 8/01/54 | ||||
1,595 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien | 7/32 at 100.00 | N/R | 1,441,609 |
Forward Delivery Series 2022A, 5.000%, 7/01/37, 144A | ||||
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien | ||||
Series 2020A: | ||||
16,000 | 5.000%, 7/01/35, 144A | 7/30 at 100.00 | N/R | 14,706,240 |
5,255 | 5.000%, 7/01/47, 144A | 7/30 at 100.00 | N/R | 4,503,693 |
250 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series | No Opt. Call | N/R | 243,872 |
2021A, 5.000%, 7/01/28, 144A | ||||
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien | ||||
Series 2021B: | ||||
8,180 | 5.000%, 7/01/33, 144A | 7/31 at 100.00 | N/R | 7,639,548 |
2,745 | 5.000%, 7/01/37, 144A | 7/31 at 100.00 | N/R | 2,481,013 |
5,785 | 4.000%, 7/01/42, 144A | 7/31 at 100.00 | N/R | 4,431,541 |
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N: | ||||
1,000 | 9.645%, 7/01/27 – AMBAC Insured (12MTA reference rate + 1.120% spread) (9) | No Opt. Call | N/R | 939,420 |
215 | 5.500%, 7/01/29 – AMBAC Insured | No Opt. Call | N/R | 213,269 |
1,000 | 5.250%, 7/01/36 – AGC Insured | No Opt. Call | A3 | 969,960 |
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||
46,230 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 7,194,775 |
103,479 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 88,989,872 |
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | ||||
Restructured Cofina Project Series 2019A-2: | ||||
2,000 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 1,682,400 |
493 | 4.536%, 7/01/53 | 7/28 at 100.00 | N/R | 397,560 |
Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1: | ||||
2,640 | 4.000%, 7/01/37 | 7/31 at 103.00 | N/R | 2,106,403 |
8,008 | 4.000%, 7/01/41 | 7/31 at 103.00 | N/R | 6,110,879 |
16,902 | 4.000%, 7/01/46 | 7/31 at 103.00 | N/R | 12,312,262 |
298,581 | Total Puerto Rico | 160,929,605 | ||
Rhode Island – 0.1% (0.1% of Total Investments) | ||||
21,570 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 11/22 at 17.44 | CCC– | 2,898,577 |
Bonds, Series 2007A, 0.000%, 6/01/52 | ||||
South Carolina – 3.1% (1.8% of Total Investments) | ||||
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– | 1,212,717 |
21,570 | 0.000%, 1/01/30 – AMBAC Insured | No Opt. Call | A– | 15,956,623 |
5,560 | 0.000%, 1/01/31 – AGC Insured | No Opt. Call | A3 | 3,959,665 |
7,500 | South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding | 12/26 at 100.00 | A– | 7,243,875 |
Series 2016B, 5.000%, 12/01/46, (UB) (8) |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
South Carolina | ||||
$ 10,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 6/25 at 100.00 | A– | $ 9,626,000 |
Improvement Series 2015A, 5.000%, 12/01/50 | ||||
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | ||||
Series 2022A: | ||||
5,970 | 4.000%, 12/01/43 | 6/32 at 100.00 | A– | 5,010,382 |
10,295 | 5.000%, 12/01/55 | 6/32 at 100.00 | N/R | 9,824,107 |
9,155 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 6/24 at 100.00 | A– | 9,170,380 |
2014A, 5.500%, 12/01/54 | ||||
71,270 | Total South Carolina | 62,003,749 | ||
South Dakota – 0.2% (0.1% of Total Investments) | ||||
4,455 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, | 11/25 at 100.00 | A+ | 4,206,456 |
Series 2015, 5.000%, 11/01/45 | ||||
Tennessee – 0.8% (0.5% of Total Investments) | ||||
1,000 | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle | 12/26 at 100.00 | N/R | 896,700 |
Project, Series 2016A, 5.125%, 12/01/42, 144A | ||||
8,890 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 1/23 at 100.00 | BBB+ (4) | 8,917,648 |
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+ | 3,230,080 |
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+ | 1,590,075 |
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 | 2,277,980 |
Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/44 | ||||
155 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, | No Opt. Call | Baa2 | 155,616 |
5.000%, 2/01/24 | ||||
18,105 | Total Tennessee | 17,068,099 | ||
Texas – 10.9% (6.3% of Total Investments) | ||||
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– | 161,520 |
130 | 5.000%, 12/01/46 | 12/26 at 100.00 | BBB– | 120,865 |
760 | 5.000%, 12/01/51 | 12/26 at 100.00 | BBB– | 696,426 |
870 | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public | 9/23 at 103.00 | N/R | 887,844 |
Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 | ||||
730 | Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public | 9/23 at 103.00 | N/R | 741,534 |
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 | 3,107,130 |
3,340 | 5.000%, 12/01/40 | 12/25 at 100.00 | BB | 3,017,823 |
980 | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement | 3/23 at 103.00 | N/R | 994,455 |
District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 | ||||
1,735 | Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement | 3/23 at 103.00 | N/R | 1,768,347 |
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 2015A: | ||||
2,000 | 5.000%, 1/01/40, (Pre-refunded 7/01/25) | 7/25 at 100.00 | Baa1 (4) | 2,086,080 |
3,625 | 5.000%, 1/01/45, (Pre-refunded 7/01/25) | 7/25 at 100.00 | Baa1 (4) | 3,781,020 |
Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, | ||||
Improvement Area 1 Project, Series 2016: | ||||
515 | 6.250%, 9/01/35 | 9/23 at 103.00 | N/R | 524,924 |
490 | 6.500%, 9/01/46 | 9/23 at 103.00 | N/R | 499,393 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Texas | ||||
$ 1,000 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy | 12/22 at 100.00 | Baa2 | $ 917,650 |
Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 | ||||
150 | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy | 12/22 at 100.00 | Baa2 | 133,210 |
Inc. Project, Series 2012B, 4.750%, 11/01/42 | ||||
2,335 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier | 10/23 at 100.00 | BBB | 2,294,768 |
Series 2013A, 5.125%, 10/01/43 | ||||
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | ||||
Lien Series 2013B: | ||||
17,000 | 5.250%, 10/01/51, (Pre-refunded 10/01/23) | 10/23 at 100.00 | AA (4) | 17,307,020 |
1,140 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender | 10/23 at 100.00 | AA (4) | 1,212,230 |
Option Bond Trust 2015-XF0228, 11.840%, 11/01/44, (Pre-refunded 10/01/23), 144A, (IF) (8) | ||||
10,000 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, | 12/22 at 100.00 | B3 | 9,998,800 |
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 | 3,424,772 |
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 | 105,941 |
590 | 0.000%, 11/15/42 – AGM Insured | 11/31 at 59.73 | A2 | 197,980 |
1,000 | 0.000%, 11/15/43 – AGM Insured | 11/31 at 56.93 | A2 | 314,740 |
2,000 | 0.000%, 11/15/44 – AGM Insured | 11/31 at 54.25 | A2 | 591,940 |
2,600 | 0.000%, 11/15/45 – AGM Insured | 11/31 at 51.48 | A2 | 723,996 |
4,180 | 0.000%, 11/15/53 – AGM Insured | 11/31 at 33.96 | A2 | 725,188 |
6,170 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, | 11/31 at 69.08 | BB+ | 2,622,929 |
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 | 2,147,330 |
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 | 14,262,075 |
Lien Series 2001A, 0.000%, 11/15/40 – NPFG Insured | ||||
2,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc. | 7/25 at 100.00 | B | 1,886,540 |
Terminal Improvement Project, Refunding Series 2015B-1, 5.000%, 7/15/35, (AMT) | ||||
235 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | 7/24 at 100.00 | B | 231,973 |
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29, (AMT) | ||||
2,845 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | No Opt. Call | B– | 2,829,609 |
Terminal E Project, Refunding Series 2020A, 5.000%, 7/01/27, (AMT) | ||||
335 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | 7/29 at 100.00 | B– | 258,158 |
Terminal E Project, Series 2021A, 4.000%, 7/01/41, (AMT) | ||||
3,750 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | No Opt. Call | B– | 3,729,563 |
Terminal Improvements Project, Refunding Series 2020B-2, 5.000%, 7/15/27, (AMT) | ||||
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 | 22,107,620 |
5,000 | 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | A | 3,555,500 |
5,765 | 0.000%, 9/01/31 – AMBAC Insured | No Opt. Call | A | 3,885,149 |
6,000 | Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series | No Opt. Call | AA+ (4) | 6,548,880 |
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 (4) | 8,871,675 |
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– | 724,097 |
Memorial Hospital Project, Series 2015, 5.000%, 8/15/35 | ||||
2,750 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA | 5/25 at 100.00 | A | 2,785,118 |
Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Texas | ||||
$ 2,505 | Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, | No Opt. Call | A | $ 2,632,580 |
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, | 11/22 at 104.00 | BB– | 8,137,917 |
Senior Lien Series 2018, 4.625%, 10/01/31, (AMT), 144A | ||||
15,329 | Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro | 1/26 at 102.00 | N/R | 306,574 |
Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45, (AMT), 144A 2045 2045 (5) | ||||
150 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/26 at 100.00 | N/R (4) | 157,374 |
Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus | ||||
Christi Project, Series 2016A, 5.000%, 4/01/48, (Pre-refunded 4/01/26) | ||||
565 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/26 at 100.00 | N/R (4) | 591,849 |
Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M | ||||
University – San Antonio Project, Series 2016A, 5.000%, 4/01/48, (Pre-refunded 4/01/26) | ||||
825 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 7/25 at 100.00 | CCC | 701,250 |
Revenue Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, Series | ||||
2015A, 5.000%, 7/01/47 (5) | ||||
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) (7) | 9/31 at 100.00 | N/R (4) | 7,500,354 |
9,130 | 6.750%, 9/01/45, (Pre-refunded 9/01/31) | 9/31 at 100.00 | N/R (4) | 11,281,119 |
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital | ||||
Appreciation Series 2008I: | ||||
2,555 | 6.200%, 1/01/42, (Pre-refunded 1/01/25) – AGC Insured | 1/25 at 100.00 | A1 (4) | 2,704,570 |
7,000 | 6.500%, 1/01/43, (Pre-refunded 1/01/25) | 1/25 at 100.00 | A+ (4) | 7,445,690 |
10,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, | No Opt. Call | A1 | 7,983,000 |
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, (Pre-refunded 1/01/23) | 1/23 at 100.00 | A+ (4) | 2,878,725 |
4,880 | 5.000%, 1/01/45 | 1/25 at 100.00 | A+ | 4,929,678 |
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 | 8,025,846 |
2,205 | 5.000%, 1/01/34 | 1/25 at 100.00 | A | 2,246,278 |
1,000 | 5.000%, 1/01/35 | 1/25 at 100.00 | A | 1,014,710 |
2,345 | 5.000%, 1/01/38 | 1/25 at 100.00 | A | 2,362,071 |
1,570 | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series | 2/24 at 100.00 | Ba1 | 1,582,843 |
2014A, 5.000%, 2/01/34 | ||||
1,000 | Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue | 12/22 at 100.00 | N/R | 610,000 |
Bonds, Eden Home Inc., Series 2012, 4.087%, 12/15/47 (5) | ||||
1,120 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, | 9/27 at 100.00 | AA+ | 1,103,648 |
Series 2018A, 4.250%, 9/01/48 (8) | ||||
1,305 | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, | No Opt. Call | A– | 1,352,019 |
Senior Lien Series 2008D, 6.250%, 12/15/26 | ||||
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue | ||||
Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016: | ||||
1,275 | 5.000%, 12/31/50, (AMT) | 12/25 at 100.00 | Baa3 | 1,191,742 |
805 | 5.000%, 12/31/55, (AMT) | 12/25 at 100.00 | Baa3 | 738,813 |
2,000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue | 9/23 at 100.00 | Baa3 | 2,042,100 |
Bonds, NTE Mobility Partners Segments 3 LLC Segments 3A & 3B Facility, Series 2013, | ||||
7.000%, 12/31/38, (AMT) | ||||
3,600 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series | No Opt. Call | A3 | 3,237,192 |
2002A, 0.000%, 8/15/25 – AMBAC Insured | ||||
5,000 | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master | 10/27 at 100.00 | AAA | 4,853,800 |
Trust Series 2017A, 4.000%, 10/15/37 | ||||
1,200 | Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, | 11/22 at 100.00 | N/R (4) | 1,201,176 |
Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22, (ETM) | ||||
283,734 | Total Texas | 221,594,730 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Utah – 0.1% (0.1% of Total Investments) | ||||
$ 2,005 | Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC, | 12/27 at 100.00 | N/R | $ 1,981,960 |
Senior Series 2017A, 8.000%, 12/01/39, (AMT), 144A | ||||
Virginia – 0.9% (0.5% of Total Investments) | ||||
540 | Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, | 3/25 at 100.00 | N/R (4) | 564,624 |
Series 2015, 5.600%, 3/01/45, (Pre-refunded 3/01/25), 144A | ||||
2,000 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed | 11/22 at 100.00 | B– | 1,744,500 |
Bonds, Series 2007B1, 5.000%, 6/01/47 | ||||
18,655 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform | 6/27 at 100.00 | Baa3 | 16,827,183 |
66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56, (AMT) | ||||
21,195 | Total Virginia | 19,136,307 | ||
Washington – 2.0% (1.2% of Total Investments) | ||||
1,100 | Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle | 12/22 at 100.00 | AAA | 1,117,655 |
Excise Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured (8) | ||||
6,000 | Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, | 7/25 at 100.00 | AA– | 6,174,720 |
Refunding Series 2015A, 5.000%, 7/01/38, (UB) (8) | ||||
3,155 | Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley | 12/26 at 100.00 | Baa2 | 3,238,071 |
Hospital, Refunding & Improvement Series 2016, 5.000%, 12/01/27 | ||||
135 | Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, | 11/22 at 100.00 | N/R | 121,265 |
Series 2013, 5.750%, 4/01/43 | ||||
6,065 | Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health | 7/25 at 100.00 | Baa1 | 5,279,219 |
Services Association, Refunding Series 2015, 4.000%, 7/01/36 | ||||
10,500 | Washington Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, | 2/28 at 100.00 | AA– | 9,128,070 |
Series 2017B, 4.000%, 8/15/41 | ||||
1,760 | Washington Health Care Facilities Authority, Revenue Bonds, Overlake Hospital Medical | 1/28 at 100.00 | A | 1,726,454 |
Center, Series 2017A, 5.000%, 7/01/42 | ||||
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center | ||||
Alliance, Series 2020: | ||||
2,000 | 4.000%, 9/01/45 | 9/30 at 100.00 | A2 | 1,663,120 |
3,300 | 5.000%, 9/01/55 | 9/30 at 100.00 | A2 | 3,124,869 |
9,435 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue | 7/31 at 100.00 | BB+ | 7,461,104 |
Bonds, Refunding Subordinate Series 2021B. Exchange Purchase, 4.000%, 7/01/43 | ||||
1,410 | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, | No Opt. Call | AA+ | 1,308,917 |
12/01/24 – NPFG Insured | ||||
44,860 | Total Washington | 40,343,464 | ||
West Virginia – 0.5% (0.3% of Total Investments) | ||||
5,160 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/23 at 100.00 | A (4) | 5,225,171 |
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44, | ||||
(Pre-refunded 6/01/23) | ||||
5,000 | West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health | 6/27 at 100.00 | A | 4,731,300 |
System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/47 | ||||
10,160 | Total West Virginia | 9,956,471 | ||
Wisconsin – 4.0% (2.3% of Total Investments) | ||||
25 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community | 6/24 at 100.00 | N/R | 22,430 |
School, North Carolina, Series 2017A, 5.000%, 6/15/37, 144A | ||||
1,000 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science | 5/26 at 100.00 | N/R | 876,030 |
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: | ||||
5,545 | 5.000%, 6/15/36, 144A | 6/26 at 100.00 | N/R | 4,542,797 |
4,430 | 5.000%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 3,243,690 |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Wisconsin | ||||
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 (5) | No Opt. Call | N/R | $ 1,549 |
70 | 0.000%, 1/01/48, 144A (5) | No Opt. Call | N/R | 1,289 |
69 | 0.000%, 1/01/49, 144A (5) | No Opt. Call | N/R | 1,202 |
66 | 0.000%, 1/01/50, 144A (5) | No Opt. Call | N/R | 1,084 |
65 | 0.000%, 1/01/51, 144A (5) | No Opt. Call | N/R | 1,014 |
85 | 0.000%, 1/01/52, 144A (5) | No Opt. Call | N/R | 1,229 |
84 | 0.000%, 1/01/53, 144A (5) | No Opt. Call | N/R | 1,154 |
81 | 0.000%, 1/01/54, 144A (5) | No Opt. Call | N/R | 1,054 |
79 | 0.000%, 1/01/55, 144A (5) | No Opt. Call | N/R | 979 |
78 | 0.000%, 1/01/56, 144A (5) | No Opt. Call | N/R | 914 |
4,225 | 0.000%, 7/01/56, 144A (5) | 3/28 at 100.00 | N/R | 2,352,899 |
86 | 0.000%, 1/01/57, 144A (5) | No Opt. Call | N/R | 956 |
84 | 0.000%, 1/01/58, 144A (5) | No Opt. Call | N/R | 884 |
81 | 0.000%, 1/01/59, 144A (5) | No Opt. Call | N/R | 820 |
80 | 0.000%, 1/01/60, 144A (5) | No Opt. Call | N/R | 756 |
79 | 0.000%, 1/01/61, 144A (5) | No Opt. Call | N/R | 704 |
76 | 0.000%, 1/01/62, 144A (5) | No Opt. Call | N/R | 648 |
75 | 0.000%, 1/01/63, 144A (5) | No Opt. Call | N/R | 603 |
73 | 0.000%, 1/01/64, 144A (5) | No Opt. Call | N/R | 563 |
72 | 0.000%, 1/01/65, 144A (5) | No Opt. Call | N/R | 521 |
78 | 0.000%, 1/01/66, 144A (5) | No Opt. Call | N/R | 520 |
935 | 0.000%, 1/01/67, 144A (5) | No Opt. Call | N/R | 5,675 |
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, | ||||
Lombard Public Facilities Corporation, Second Tier Series 2018B: | ||||
69 | 0.000%, 1/01/46, 144A (5) | No Opt. Call | N/R | 1,445 |
68 | 0.000%, 1/01/47, 144A (5) | No Opt. Call | N/R | 1,327 |
68 | 0.000%, 1/01/48, 144A (5) | No Opt. Call | N/R | 1,254 |
67 | 0.000%, 1/01/49, 144A (5) | No Opt. Call | N/R | 1,180 |
67 | 0.000%, 1/01/50, 144A (5) | No Opt. Call | N/R | 1,084 |
73 | 0.000%, 1/01/51, 144A (5) | No Opt. Call | N/R | 1,130 |
1,874 | 1.000%, 7/01/51, 144A (5) | 3/28 at 100.00 | N/R | 861,735 |
72 | 0.000%, 1/01/52, 144A (5) | No Opt. Call | N/R | 1,047 |
71 | 0.000%, 1/01/53, 144A (5) | No Opt. Call | N/R | 983 |
71 | 0.000%, 1/01/54, 144A (5) | No Opt. Call | N/R | 922 |
70 | 0.000%, 1/01/55, 144A (5) | No Opt. Call | N/R | 862 |
69 | 0.000%, 1/01/56, 144A (5) | No Opt. Call | N/R | 812 |
68 | 0.000%, 1/01/57, 144A (5) | No Opt. Call | N/R | 761 |
67 | 0.000%, 1/01/58, 144A (5) | No Opt. Call | N/R | 711 |
67 | 0.000%, 1/01/59, 144A (5) | No Opt. Call | N/R | 673 |
67 | 0.000%, 1/01/60, 144A (5) | No Opt. Call | N/R | 629 |
66 | 0.000%, 1/01/61, 144A (5) | No Opt. Call | N/R | 585 |
65 | 0.000%, 1/01/62, 144A (5) | No Opt. Call | N/R | 550 |
64 | 0.000%, 1/01/63, 144A (5) | No Opt. Call | N/R | 516 |
64 | 0.000%, 1/01/64, 144A (5) | No Opt. Call | N/R | 489 |
63 | 0.000%, 1/01/65, 144A (5) | No Opt. Call | N/R | 456 |
62 | 0.000%, 1/01/66, 144A (5) | No Opt. Call | N/R | 416 |
808 | 0.000%, 1/01/67, 144A (5) | No Opt. Call | N/R | 4,906 |
1,200 | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum | 8/26 at 100.00 | N/R | 981,636 |
Company Project, Refunding Series 2016, 4.000%, 8/01/35, (AMT) | ||||
1,690 | Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American | No Opt. Call | N/R | 1,377,147 |
Dream @ Meadowlands Project, Series 2017A, 3.125%, 8/01/27, 144A (5) | ||||
1,350 | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American | 12/27 at 100.00 | N/R | 1,107,810 |
Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A | ||||
160 | Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., | 12/27 at 100.00 | BBB– | 161,082 |
Series 2017A, 5.200%, 12/01/37 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Wisconsin | ||||
$ 2,905 | Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing | 7/25 at 100.00 | BBB– | $ 2,725,587 |
Foundation – Cullowhee LLC – Western California University Project, Series 2015A, | ||||
5.000%, 7/01/35 | ||||
1,000 | Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, | 5/26 at 100.00 | Baa3 | 965,180 |
Refunding Series 2016C, 4.300%, 11/01/30 | ||||
1,000 | Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A, | No Opt. Call | A2 | 665,930 |
0.000%, 12/15/31 | ||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., | ||||
Series 2012: | ||||
2,105 | 5.000%, 6/01/32 | 12/22 at 100.00 | A3 | 2,105,337 |
2,500 | 5.000%, 6/01/39 | 12/22 at 100.00 | A3 | 2,457,150 |
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | ||||
Ascension Health Alliance Senior Credit Group, Series 2016A: | ||||
10,000 | 5.000%, 11/15/35 | 5/26 at 100.00 | Aa2 | 10,160,400 |
5,000 | 5.000%, 11/15/36 | 5/26 at 100.00 | Aa2 | 5,077,300 |
3,000 | 5.000%, 11/15/39, (UB) (8) | 5/26 at 100.00 | Aa2 | 3,032,400 |
13,080 | 4.000%, 11/15/46 | 5/26 at 100.00 | AA+ | 10,627,892 |
1,120 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson | 12/22 at 102.00 | N/R | 976,506 |
Hollow Project. Series 2014, 5.250%, 10/01/39 | ||||
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | ||||
Gundersen Health System, Refunding Series 2021A: | ||||
14,950 | 3.000%, 10/15/38 | 10/31 at 100.00 | AA– | 11,259,294 |
5,535 | 3.000%, 10/15/39 | 10/31 at 100.00 | AA– | 4,088,483 |
25 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Monroe | 8/25 at 100.00 | N/R (4) | 26,054 |
Clinic Inc., Refunding Series 2016, 5.000%, 2/15/28, (Pre-refunded 8/15/25) | ||||
4,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 8/24 at 100.00 | A+ | 3,993,120 |
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 | 1,437,909 |
1,310 | 5.000%, 7/01/29 | 7/24 at 100.00 | A | 1,326,204 |
3,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers | 7/24 at 100.00 | A | 2,868,990 |
Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44 | ||||
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Three | ||||
Pillars Senior Living Communities, Refunding Series 2013: | ||||
1,005 | 5.000%, 8/15/43, (Pre-refunded 8/15/23) | 8/23 at 100.00 | BBB+ (4) | 1,018,879 |
85 | 5.000%, 8/15/43, (Pre-refunded 8/15/23) | 8/23 at 100.00 | A (4) | 86,174 |
99,236 | Total Wisconsin | 80,472,901 | ||
$ 4,304,189 | Total Municipal Bonds (cost $3,597,882,193) | 3,391,920,747 | ||
Shares | Description (1) | Value | ||
COMMON STOCKS – 5.7% (3.3% of Total Investments) | ||||
Independent Power And Renewable Electricity Producers – 5.7% (3.3% of Total Investments) | ||||
1,447,870 | Energy Harbor Corp (10),(11) | $ 116,481,142 | ||
Total Common Stocks (cost $41,247,164) | 116,481,142 |
NZF | Nuveen Municipal Credit Income Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Shares | Description (1) | Value | |||||
INVESTMENT COMPANIES – 0.1% (0.1% of Total Investments) | |||||||
6,266 | BlackRock MuniHoldings Fund Inc | $ 67,297 | |||||
26,880 | BNY Mellon Strategic Municipals Inc | 161,280 | |||||
30,000 | Invesco Municipal Opportunity Trust | 263,700 | |||||
43,020 | Invesco Trust for Investment Grade Municipals | 389,761 | |||||
43,420 | PIMCO Municipal Income Fund II | 384,701 | |||||
Total Investment Companies (cost $1,790,280) | 1,266,739 | ||||||
Principal | Reference | ||||||
Amount (000) | Description (1) | Coupon(12) | Rate (12) | Spread (12) | Maturity (13) | Ratings (3) | Value |
VARIABLE RATE SENIOR LOAN INTERESTS – | |||||||
0.0% (0.0% of Total Investments) (12) | |||||||
Hotels, Restaurants & Leisure – 0.0% (0.0% of | |||||||
Total Investments) | |||||||
366 | Lombard Starwood Westin Hotel Conference Center and | 7.500% | N/A | N/A | 12/31/23 | N/R | $ 365,735 |
Hotel Project Revenue Bonds(cash 7.500%, | |||||||
PIK 7.500%)(14) | |||||||
$ 366 | Total Variable Rate Senior Loan Interests (cost $365,735) | 365,735 | |||||
Total Long-Term Investments (cost $3,641,285,372) | 3,510,034,363 | ||||||
Borrowings – (2.0)% (15) | (40,000,000) | ||||||
Floating Rate Obligations – (8.3)% | (168,959,000) | ||||||
MuniFund Preferred Shares, net of deferred offering costs – (31.6)%(16) | (640,083,278) | ||||||
Variable Rate Demand Preferred Shares, net of deferred offering costs – (35.7)%(17) | (722,987,135) | ||||||
Other Assets Less Liabilities – 4.3% | 87,131,539 | ||||||
Net Assets Applicable to Common Shares – 100% | $ 2,025,136,489 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(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. Ratings are not covered by the report of independent registered public accounting firm. |
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
(5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
(6) | For fair value measurement disclosure purposes, investment classified as Level 3. |
(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) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(9) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. |
(10) | Common Stock received as part of the bankruptcy settlements during February 2020 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. |
(11) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(12) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period. |
(13) | Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown. |
(14) | Senior loan received as part of the bondholder funding agreement during March 2022 for Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1, 0.000%, 7/01/56, 144A. |
(15) | Borrowings as a percentage of Total Investments is 1.1%. |
(16) | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 18.2%. |
(17) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 20.6%. |
12MTA | Federal Reserve U.S. 12-Month Cumulative Treasury Average 1-Year CMT. |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
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. |
LIBOR | London Inter-Bank Offered Rate |
N/A | Not Applicable. |
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. |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
NMZ | Nuveen Municipal High Income |
Opportunity Fund | |
Portfolio of Investments | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
LONG-TERM INVESTMENTS – 170.4% (100.0% of Total Investments) | ||||
MUNICIPAL BONDS – 164.6% (96.6% of Total Investments) | ||||
Alabama – 2.3% (1.3% of Total Investments) | ||||
$ 182 | Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, | 12/22 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) | ||||
2,000 | Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, | 9/25 at 100.00 | N/R | 2,001,340 |
University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A | ||||
785 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | No Opt. Call | B– | 852,738 |
United States Steel Corporation Project, Green Series 2020, 6.375%, 11/01/50, (AMT), | ||||
(Mandatory Put 11/01/30) | ||||
10,765 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | 10/29 at 100.00 | B– | 10,874,265 |
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 | 5,060,800 |
Series 2013F, 7.900%, 10/01/50 | ||||
1,000 | Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013C, 6.500%, | 10/23 at 105.00 | BB+ | 1,011,410 |
10/01/38 – AGM Insured | ||||
250 | MidCity Improvement District, Alabama, Special Assessment Revenue Bonds, Series 2022, | 11/32 at 100.00 | N/R | 181,472 |
4.750%, 11/01/49 | ||||
1,985 | Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020, | 11/29 at 100.00 | N/R | 1,415,444 |
4.000%, 11/01/45, 144A | ||||
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone | ||||
Bonds, Hunt Refining Project, Refunding Series 2019A: | ||||
265 | 4.500%, 5/01/32, 144A | 5/29 at 100.00 | N/R | 225,095 |
2,950 | 5.250%, 5/01/44, 144A | 5/29 at 100.00 | N/R | 2,405,813 |
26,395 | Total Alabama | 24,877,025 | ||
Arizona – 4.2% (2.5% of Total Investments) | ||||
460 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/30 at 100.00 | BBB | 399,027 |
KIPP Nashville Project, Series 2022A, 5.000%, 7/01/62 | ||||
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 | 330,028 |
800 | 5.625%, 10/01/49, 144A | 10/26 at 103.00 | N/R | 630,560 |
1,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Ball Charter | 7/31 at 100.00 | BBB– | 754,990 |
Schools Project, Series 2022, 4.000%, 7/01/51 | ||||
10,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage | 7/28 at 103.00 | N/R | 6,856,100 |
Academy – Gateway and Laveen Projects, Series 2021B, 5.000%, 7/01/51, 144A | ||||
10,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage | 7/28 at 103.00 | N/R | 6,947,500 |
Academy – Gateway and Laveen Projects, Taxable Series 2021A, 5.000%, 7/01/51, 144A | ||||
1,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage | No Opt. Call | N/R | 902,770 |
Academy – Gateway and Laveen Projects, Taxable Series 2021C, 6.000%, 7/01/29, 144A | ||||
5,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest | 9/23 at 105.00 | BB+ | 5,070,700 |
Academy of Nevada Sloan Canyon Campus Project, Series 2020A-2, 6.150%, 9/15/53, 144A | ||||
2,765 | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group | 12/31 at 100.00 | BB | 1,842,541 |
Falcon Properties LLC, Project, Senior Series 2022A-1, 4.150%, 12/01/57, 144A |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Arizona | ||||
$ 2,590 | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group | 12/31 at 100.00 | N/R | $ 1,860,967 |
Falcon Properties LLC, Project, Subordinate Series 2022B, 5.750%, 12/15/57, 144A | ||||
1,000 | Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus | 6/28 at 100.00 | N/R | 986,050 |
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 | 773,600 |
Gateway Academy Project, Series 2019A, 5.750%, 1/01/50, 144A | ||||
1,000 | Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, | 5/24 at 100.00 | N/R | 1,018,210 |
Desert Heights Charter School, Series 2014, 7.250%, 5/01/44 | ||||
3,000 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/26 at 103.00 | N/R | 2,513,820 |
Edkey Charter Schools Project, Refunding Series 2020, 5.000%, 7/01/49, 144A | ||||
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– | 229,298 |
400 | 5.375%, 7/01/46 | 7/26 at 100.00 | BB– | 357,876 |
475 | 5.500%, 7/01/51 | 7/26 at 100.00 | BB– | 428,103 |
1,000 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/26 at 103.00 | N/R | 947,490 |
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 | 2,074,160 |
San Tan Montessori School Project, Series 2014A, 9.000%, 2/01/44 | ||||
330 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 6/28 at 100.00 | N/R | 280,935 |
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 | 86,764 |
The Paideia Academies Project, 2019, 5.125%, 7/01/39 | ||||
7,500 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy | No Opt. Call | Ba3 | 7,751,625 |
Inc Prepay Contract Obligations, Series 2007, 5.500%, 12/01/37, 144A | ||||
2,000 | Sierra Vista Industrial Development Authority, Arizona, Economic Development Revenue | 10/29 at 103.00 | N/R | 1,159,700 |
Bonds, Convertible Capital Appreciation Revenue Bonds, Series 2021A, 0.000%, 10/01/56 (5) | ||||
2,000 | Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue | 6/29 at 103.00 | N/R | 1,790,180 |
Bonds, AmeriSchools Academy Project, Series 2022, 6.000%, 6/15/57, 144A | ||||
56,065 | Total Arizona | 45,992,994 | ||
Arkansas – 0.6% (0.4% of Total Investments) | ||||
2,010 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue | 9/25 at 105.00 | BB– | 1,818,588 |
Bonds, United States Steel Corporation, Green Series 2022, 5.450%, 9/01/52, (AMT), 144A | ||||
4,000 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/26 at 103.00 | B– | 3,137,760 |
Steel Project, Series 2019, 4.500%, 9/01/49, (AMT), 144A | ||||
2,500 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/27 at 103.00 | B– | 2,045,525 |
Steel Project, Series 2020A, 4.750%, 9/01/49, (AMT), 144A | ||||
8,510 | Total Arkansas | 7,001,873 | ||
California – 17.8% (10.5% of Total Investments) | ||||
16,390 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second | 10/37 at 100.00 | BBB | 7,260,114 |
Subordinate Lien Series 2022C, 5.450%, 10/01/52 – AGM Insured | ||||
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Senior | ||||
Lien Series 2022A: | ||||
4,000 | 5.300%, 10/01/47 | 10/37 at 100.00 | A– | 1,793,080 |
18,905 | 5.350%, 10/01/48 | 10/37 at 100.00 | A3 | 8,504,792 |
4,585 | 5.375%, 10/01/49 | 10/37 at 100.00 | A– | 2,042,709 |
3,055 | 5.400%, 10/01/50 | 10/37 at 100.00 | A3 | 1,347,622 |
3,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 2,075,310 |
Creekwood, Series 2021A, 4.000%, 2/01/56, 144A | ||||
2,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/32 at 100.00 | N/R | 1,235,640 |
Exchange at Bayfront Apartments, Junior Series 2021A-2, 4.000%, 8/01/51, 144A |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
$ 1,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | $ 675,650 |
Glendale Properties, Junior Series 2021A-2, 4.000%, 8/01/47, 144A | ||||
2,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, K | 8/32 at 100.00 | N/R | 1,301,480 |
Street Flats, Series 2021A-2, 4.000%, 8/01/50, 144A | ||||
3,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Mira | 8/31 at 100.00 | N/R | 2,090,970 |
Vista Hills Apartments, Series 2021A, 4.000%, 2/01/56, 144A | ||||
1,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 2/30 at 100.00 | N/R | 829,370 |
Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A | ||||
5,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 2/31 at 100.00 | N/R | 3,472,250 |
Stoneridge Apartments, Series 2021A, 4.000%, 2/01/56, 144A | ||||
3,335 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit | 8/32 at 100.00 | N/R | 2,024,678 |
at Sausalito Apartments, Series 2021A-1, 3.000%, 2/01/57, 144A | ||||
1,600 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit | 8/32 at 100.00 | N/R | 1,096,800 |
at Sausalito Apartments, Series 2021A-2, 4.000%, 2/01/50, 144A | ||||
500 | California Enterprise Development Authority, Charter School Revenue Bonds, Norton | 7/27 at 100.00 | N/R | 304,180 |
Science & Language Academy Project, Series 2021, 4.000%, 7/01/61, 144A | ||||
2,250 | California Enterprise Development Authority, Charter School Revenue Bonds, Norton | 7/27 at 102.00 | N/R | 1,927,125 |
Science and Language Academy Project, Series 2020, 6.250%, 7/01/58, 144A | ||||
10,450 | California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Health | 8/31 at 100.00 | AA– | 9,081,468 |
System, Series 2021A, 4.000%, 8/15/48 (8) | ||||
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los | ||||
Angeles, Series 2017A: | ||||
5,165 | 5.000%, 8/15/42, (UB) (8) | 8/27 at 100.00 | Baa2 | 4,942,647 |
22,115 | 5.000%, 8/15/47, (UB) (8) | 8/27 at 100.00 | Baa2 | 21,007,702 |
5,000 | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente | 11/27 at 100.00 | AA– | 4,369,000 |
System, Series 2017A-2, 4.000%, 11/01/44, (UB) | ||||
1,020 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas | 8/24 at 100.00 | N/R | 969,184 |
Affordable Housing Inc Projects, Series 2014B, 5.875%, 8/15/49 | ||||
500 | California Municipal Finance Authority, Revenue Bonds, California Baptist University, | 11/26 at 100.00 | N/R | 498,005 |
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– | 6,143,570 |
Refunding Series 2017B, 4.000%, 7/01/42, (UB) (8) | ||||
20,925 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien | 6/28 at 100.00 | BBB– | 16,137,360 |
Series 2018A, 4.000%, 12/31/47, (AMT), (UB) (8) | ||||
2,165 | California Municipal Finance Authority, Special Tax Revenue Bonds, Community Facilities | 9/29 at 103.00 | N/R | 2,039,408 |
District 2020-6, County of Placer-PV400, Series 2022, 5.250%, 9/01/52 | ||||
1,130 | California Municipal Financing Authority, Certificates of Participation, Palomar Health, | 11/32 at 100.00 | N/R | 1,119,163 |
Series 2022A, 5.250%, 11/01/52 – AGM Insured (WI/DD, Settling 11/15/22) | ||||
400 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, | No Opt. Call | N/R | 24,000 |
Aemerge Redpak Services Southern California, LLC Project, Subordinate Series 2017, 8.000%, | ||||
12/01/27, (AMT), 144A (4) | ||||
1,000 | California Public Finance Authority, Charter School Lease Revenue Bonds, California | 7/28 at 100.00 | N/R | 761,370 |
Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A | ||||
1,000 | California School Finance Authority, California, Charter School Revenue Bonds, Alta | 6/28 at 102.00 | N/R | 872,110 |
Public Schools – Obligated Group, Series 2020A, 6.000%, 6/01/59, 144A | ||||
1,000 | California School Finance Authority, California, Charter School Revenue Bonds, Girls | 6/31 at 100.00 | N/R | 625,860 |
Athletic Leadership School Los Angeles Project, Series 2021A, 4.000%, 6/01/61, 144A | ||||
2,000 | California School Finance Authority, Charter School Revenue Bonds, Russell Westbrook Why | 6/27 at 100.00 | N/R | 1,301,840 |
Not Academy Obligated Group, Series 2021A, 4.000%, 6/01/61, 144A | ||||
1,000 | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep | 6/28 at 100.00 | N/R | 692,120 |
Public Schools Obligated Group, Series 2020A, 5.000%, 6/01/60, 144A |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
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– | $ 792,528 |
1,000 | 5.500%, 12/01/54 | 12/24 at 100.00 | BB– | 972,920 |
6,940 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/26 at 100.00 | BB– | 6,311,722 |
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 | 431,670 |
Educational Student Housing Project, Refunding Series 2016A, 5.000%, 6/01/46, 144A | ||||
785 | California Statewide Communities Development Authority, Statewide Community | 11/22 at 100.00 | N/R | 710,135 |
Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41 | ||||
995 | California Statewide Communities Development Authority, Statewide Community | 9/31 at 100.00 | N/R | 740,977 |
Infrastructure Program Revenue Bonds, Series 2021A, 4.000%, 9/02/51 | ||||
49 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 1/22 at 100.00 | N/R | 49,371 |
Charity Health System, Series 2005A, 5.500%, 7/01/39 (4),(6) | ||||
1,300 | CMFA Special Finance Agency I, California, Essential Housing Revenue Bonds, The Mix at | 4/31 at 100.00 | N/R | 978,874 |
Center City, Subordinate Series 2021B, 8.000%, 4/01/56, 144A | ||||
995 | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Junior | 8/31 at 100.00 | N/R | 664,670 |
Lien Series 2021A-2, 4.000%, 8/01/47, 144A | ||||
2,000 | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Senior | 8/31 at 100.00 | N/R | 1,203,780 |
Lien Series 2021A-1, 3.000%, 8/01/56, 144A | ||||
2,000 | CMFA Special Finance Agency, California, Essential Housing Revenue Bonds, Latitude 33, | 12/31 at 100.00 | N/R | 1,423,400 |
Senior Series 2021A-2, 4.000%, 12/01/45, 144A | ||||
300 | Corona, California, Special Tax Bonds, Community Facilities District 2018-2 Sierra | 9/29 at 103.00 | N/R | 280,152 |
Bella, Series 2022A, 5.000%, 9/01/42 | ||||
1,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 10/31 at 100.00 | N/R | 678,510 |
Acacia on Santa Rosa Creek, Mezzanine Lien Series 2021B, 4.000%, 10/01/46, 144A | ||||
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 10/31 at 100.00 | N/R | 1,496,880 |
Acacia on Santa Rosa Creek, Senior Lien Series 2021A, 4.000%, 10/01/56, 144A | ||||
25,385 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 10/31 at 100.00 | N/R | 17,512,096 |
Altana Glendale, Series 2021A-2, 4.000%, 10/01/56, 144A | ||||
3,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 2/32 at 100.00 | N/R | 1,914,480 |
Dublin Mezzanine Lien Series 2021B, 4.000%, 2/01/57, 144A | ||||
2,500 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 2/32 at 100.00 | N/R | 1,493,525 |
Dublin Social Senior Lien Series 2021A-2, 3.000%, 2/01/57, 144A | ||||
5,800 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 3,589,620 |
Jefferson-Anaheim Series 2021A-2, 3.125%, 8/01/56, 144A | ||||
1,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda | 10/31 at 100.00 | N/R | 696,620 |
at Monrovia Station, Social Series 2021A-1, 3.400%, 10/01/46, 144A | ||||
1,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda | 10/31 at 100.00 | N/R | 679,420 |
at Monrovia Station, Social Series 2021A-2, 4.000%, 10/01/56, 144A | ||||
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 7/32 at 100.00 | N/R | 1,211,160 |
Monterrey Station Apartments, Series 2021B, 4.000%, 7/01/58, 144A | ||||
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 3/32 at 100.00 | N/R | 1,270,300 |
Orange City Portfolio, Mezzanine Lien Series 2021B, 4.000%, 3/01/57, 144A | ||||
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 6/31 at 100.00 | N/R | 1,276,460 |
Westgate Phase 1-Pasadena Apartments, Mezzanine Lien Series 2021B, 4.000%, 6/01/57, 144A | ||||
535 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 6/31 at 100.00 | N/R | 322,402 |
Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-2, 3.125%, 6/01/57, 144A | ||||
5,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood | 6/32 at 100.00 | N/R | 3,338,200 |
Creek Apartments, Mezzanine Lien Series 2021A-2, 4.000%, 12/01/58 | ||||
2,145 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood | 6/32 at 100.00 | N/R | 1,273,336 |
Creek Apartments, Mezzanine Lien Series 2021B, 4.000%, 12/01/59 |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
$ 3,430 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood | 6/32 at 100.00 | N/R | $ 2,076,865 |
Creek Apartments, Senior Lien Series 2021A-1, 3.000%, 12/01/49 | ||||
1,750 | Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, | 12/22 at 100.00 | N/R | 1,637,247 |
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 | 12/22 at 100.00 | A+ | 1,992,260 |
Bonds, Franciscan Mobile Home Park, Refunding Series 2007A, 5.000%, 12/15/37 | ||||
2,000 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | 6/25 at 100.00 | A+ (7) | 2,087,640 |
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45, | ||||
(Pre-refunded 6/01/25), (UB) | ||||
77,855 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 12/31 at 27.75 | N/R | 6,521,135 |
Asset-Backed Bonds, Capital Appreciation Series 2021B-2, 0.000%, 6/01/66 | ||||
860 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset- | |||
Backed Bonds, Tender Option Bond Trust 2015-XF1038:11.141%, 6/01/45, 144A, (IF) (8) | 6/25 at 100.00 | A+ | 1,010,655 | |
390 | Lee Lake Public Financing Authority, California, Junior Lien Revenue Bonds, Series | 9/23 at 100.00 | N/R | 392,558 |
2013B, 5.250%, 9/01/32 | ||||
1,000 | Los Angeles County Community Facilities District 2021-01, California, Special Tax Bond, | 9/29 at 103.00 | N/R | 905,140 |
Valencia-Facilities Improvement Area 1, Series 2022, 5.000%, 9/01/52 | ||||
8,000 | Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, | 12/30 at 100.00 | AA | 5,516,400 |
LACMA Building for the Permanent Collection Project, Green Series 2020A, 3.000%, | ||||
12/01/50, (UB) (8) | ||||
1,000 | Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, | 12/22 at 100.00 | A | 1,002,730 |
Subordinate Lien Series 2011A, 7.000%, 9/01/31 | ||||
535 | Menifee Union School District, Riverside County, California, Special Tax Bonds, | 9/28 at 103.00 | N/R | 417,107 |
Community Facilities District 2011-1, Improvement Area 6, Series 2021, 4.000%, 9/01/50 | ||||
Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease | ||||
Program Facilities Projects, Tender Option Bond Trust 2016-XG0100: | ||||
750 | 12.653%, 12/01/30 – AMBAC Insured, 144A, (IF) (8) | No Opt. Call | AA– | 1,059,840 |
2,015 | 12.977%, 12/01/33 – AMBAC Insured, 144A, (IF) (8) | No Opt. Call | AA– | 2,994,955 |
4,095 | San Francisco City and County Redevelopment Agency Successor Agency, California, Tax | 12/22 at 65.87 | N/R | 2,701,390 |
Allocation Bonds, Mission Bay South Redevelopment Project, Subordinate Series 2016D, 0.000%, | ||||
8/01/31, 144A | ||||
1,500 | San Francisco City and County, California, Special Tax Bonds, Community Facilities | 9/27 at 103.00 | N/R | 1,164,795 |
District 2016-1 Treasure Island Improvement Area 1, Series 2021, 4.000%, 9/01/51 | ||||
960 | Santa Margarita Water District, California, Special Tax Bonds, Community Facilities | 9/23 at 100.00 | N/R | 964,426 |
District 2013-1 Village of Sendero, Series 2013, 5.625%, 9/01/43 | ||||
1,055 | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities | 9/27 at 100.00 | N/R | 1,063,303 |
District 16-01, Series 2017, 6.250%, 9/01/47, 144A | ||||
1,250 | University of California, General Revenue Bonds, Tender Option Bond Trust 2016-XL0001, | 5/23 at 100.00 | AA | 1,301,612 |
11.520%, 5/15/39, 144A, (IF) (8) | ||||
337,394 | Total California | 194,689,843 | ||
Colorado – 14.1% (8.3% of Total Investments) | ||||
500 | Alpine Mountain Ranch Metropolitan District, Routt County, Colorado, Special Assessment | 9/26 at 103.00 | N/R | 368,165 |
Revenue Bonds, Special Improvement District 2, Series 2021, 4.000%, 12/01/40 | ||||
885 | Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, | 9/26 at 103.00 | N/R | 740,099 |
Junior Lien Series Series 2021B, 5.500%, 12/15/37 | ||||
1,089 | Aspen Street Metropolitan District, Broomfield County and City, Colorado, Limited Tax | 6/26 at 103.00 | N/R | 816,750 |
General Obligation Bonds, Series 2021A-3, 5.125%, 12/01/50 | ||||
12,000 | Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue | 12/28 at 103.00 | N/R | 10,077,840 |
Bonds, Refunding & Improvement Series 2021A, 5.750%, 12/01/51 | ||||
500 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax | 9/24 at 103.00 | N/R | 430,755 |
General Obligation Bonds, Subordinate Series 2019B, 7.750%, 12/15/48 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
$ 1,500 | Belford North Metropolitan District, Douglas County, Colorado, General Obligation | 12/25 at 103.00 | N/R | $ 1,233,600 |
Limited Tax Bonds, Series 2020A, 5.500%, 12/01/50 | ||||
1,000 | Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation | 3/26 at 103.00 | N/R | 801,470 |
Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A, 5.000%, 12/01/51 | ||||
500 | Berthoud-Heritage Metropolitan District 10, Larimer County, Colorado, Limited Tax | 12/26 at 103.00 | N/R | 373,465 |
General Obligation Bonds, Senior Series 2022A, 4.750%, 12/01/52 | ||||
2,000 | Bradley Heights Metropolitan District 2, Colorado Springs, El Paso County, Colorado, | 9/26 at 103.00 | N/R | 1,403,640 |
General Obligation Limited Tax Bonds, Series 2021A-3, 4.750%, 12/01/51 | ||||
1,000 | Broadway Station Metropolitan District 3, Denver City and County, Colorado, General | 6/24 at 103.00 | N/R | 759,540 |
Obligation Limited Tax Bonds, Convertible to Unlimited Series 2019A, 5.000%, 12/01/49 | ||||
740 | Broomfield Village Metropolitan District 2, In the City and County of Broomfield, Colorado, | 12/24 at 103.00 | N/R | 609,079 |
General Obligation Limited Tax and Revenue Bonds,Series 2021A-2, 5.000%, 12/01/49, 144A | ||||
3,000 | Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General | 12/22 at 100.00 | N/R | 1,930,560 |
Obligation and Special Revenue Bonds, Junior Subordinate Series 2016, 7.000%, 12/15/57 | ||||
500 | Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue | 12/22 at 103.00 | N/R | 453,480 |
Bonds, Refunding Subordinate Lien Series 2016B, 8.000%, 6/15/37 | ||||
1,000 | Cielo Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation | 6/26 at 103.00 | N/R | 773,810 |
Bonds, Series 2021(3), 5.250%, 12/01/50 | ||||
600 | Clear Creek Transit Metropolitan District 2, Adams County, Colorado, Revenue Supported | 12/26 at 103.00 | N/R | 509,382 |
Limited Tax General Obligation Bonds, Series 2021A, 5.000%, 12/01/41 | ||||
540 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 12/22 at 100.00 | BB+ | 540,713 |
Community Leadership Academy Project, Series 2008, 6.250%, 7/01/28 | ||||
2,055 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 12/22 at 100.00 | N/R | 2,055,904 |
Mountain Phoenix Community School, Series 2012, 7.000%, 10/01/42 | ||||
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | ||||
New Summit Charter Academy Project, Series 2021A: | ||||
100 | 4.000%, 7/01/41, 144A | 7/31 at 100.00 | N/R | 76,875 |
100 | 4.000%, 7/01/51, 144A | 7/31 at 100.00 | N/R | 69,856 |
560 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 7/24 at 100.00 | BB | 524,255 |
Skyview Academy Project, Series 2014, 5.375%, 7/01/44, 144A | ||||
720 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village | 12/30 at 100.00 | N/R | 547,207 |
Academy – Northglenn Project, Series 2020, 5.000%, 12/01/55, 144A | ||||
2,500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes of | 2/24 at 100.00 | N/R | 2,528,625 |
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 | 815,880 |
Project, Series 2016, 6.125%, 2/01/46, 144A | ||||
3,144 | Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited | 9/25 at 103.00 | N/R | 2,669,916 |
Tax General Obligation Bonds, Series 2020, 6.500%, 12/01/50 | ||||
2,000 | Compark Business Campus Metropolitan District, Douglas County, Colorado, General | 12/22 at 100.00 | N/R (7) | 2,005,360 |
Obligation Bonds, Series 2012A, 6.750%, 12/01/39, (Pre-refunded 12/01/22) | ||||
500 | Conestoga Metropolitan District 2, Ault, Weld County, Colorado, Limited Tax General | 9/26 at 103.00 | N/R | 404,755 |
Obligation Bonds, Refunding & Improvement Series 2021A-3, 5.250%, 12/01/51 | ||||
500 | Copperleaf Metropolitan District 3, Arapahoe County, Colorado, Limited Tax General | 9/26 at 103.00 | N/R | 419,510 |
Obligation Bonds, Subordinate Series 2021B, 5.500%, 12/15/36 | ||||
750 | Copperleaf Metropolitan District 4, Arapahoe County, Colorado, Limited Tax General | 3/25 at 103.00 | N/R | 644,257 |
Obligation Bonds, Convertible to Unlimited Tax Series 2020A, 5.000%, 12/01/49 | ||||
1,000 | Crowfoot Valley Ranch Metropolitan District No. 2, Douglas County, Colorado, Limited | 12/23 at 103.00 | N/R | 946,730 |
Tax General Obligation Bonds, Series 2018A, 5.625%, 12/01/38 | ||||
1,000 | Dacono Urban Renewal Authority, Weld County, Colorado, Tax Increment Revenue Bonds, | 12/25 at 103.00 | N/R | 888,580 |
Series 2020, 6.250%, 12/01/39 | ||||
10,000 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series | 12/28 at 100.00 | A | 8,102,800 |
2018A, 4.000%, 12/01/48, (AMT), (UB) (8) |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
$ 3,000 | Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United | 10/23 at 100.00 | B | $ 2,891,910 |
Airlines, Inc. Project, Refunding Series 2017, 5.000%, 10/01/32, (AMT) | ||||
490 | Dinosaur Ridge Metropolitan District, Golden, Jefferson County, Colorado, Special | 6/24 at 103.00 | N/R | 411,061 |
Revenue Refunding and Improvement Bonds, Series 2019A, 5.000%, 6/01/49 | ||||
1,030 | E-86 Metropolitan District, Elizabeth, Elbert County, Colorado, General Obligation | 6/26 at 103.00 | N/R | 776,702 |
Limited Tax Cash Flow Bonds, Series 2021A-3, 5.125%, 12/01/51 | ||||
2,000 | Elbert and Highway 86 Commercial Metropolitan District, Elbert County, Colorado, Special | 6/26 at 103.00 | N/R | 1,533,980 |
Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2021A, 5.000%, | ||||
12/01/51, 144A | ||||
1,000 | Erie Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, Series 2021, | 9/26 at 103.00 | N/R | 776,330 |
4.000%, 12/01/38 | ||||
4,150 | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue | 9/27 at 103.00 | N/R | 3,829,163 |
Bonds, Series 2022A, 6.750%, 12/01/34, 144A | ||||
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 | 944,360 |
2,080 | 6.000%, 12/01/38 | 12/24 at 100.00 | N/R | 1,831,731 |
1,000 | Four Corners Business Improvement District, Erie, Boulder County, Colorado, Limited Tax | 9/27 at 103.00 | N/R | 845,080 |
Supported Revenue Bonds, Series 2022, 6.000%, 12/01/52 | ||||
Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, | ||||
Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A: | ||||
8,380 | 5.500%, 12/01/42 | 12/30 at 102.00 | N/R | 7,711,025 |
1,000 | 5.750%, 12/01/52 | 12/30 at 102.00 | N/R | 900,180 |
2,260 | Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, | 12/30 at 102.00 | N/R | 2,125,982 |
Special Revenue and Tax Supported Bonds, Subordinate Series 2022B, 8.125%, 12/15/52 | ||||
Future Legends Sports Park Business Improvement District, Colorado, Limited Tax General Obligation | ||||
Bonds, Series 2022A and Subordinate Limited Tax General Obligation Bonds, Series 2022B: | ||||
3,000 | 6.000%, 12/01/52 | 9/27 at 103.00 | N/R | 2,680,080 |
1,000 | 8.500%, 12/15/52 | 9/27 at 103.00 | N/R | 920,410 |
3,000 | Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General | 6/25 at 103.00 | N/R | 2,367,510 |
Obligation Bonds, Series 2020A, 5.500%, 6/01/50, 144A | ||||
500 | Glen Metropolitan District 3, El Paso County, Colorado, General Obligation Limited Tax | 12/26 at 103.00 | N/R | 346,195 |
Bonds, Series 2021, 4.250%, 12/01/51, 144A | ||||
Grand Junction Dos Rios General Improvement District, Grand Junction, Mesa County, | ||||
Colorado, Special Revenue Bonds, Series 2021: | ||||
500 | 4.500%, 12/01/41 | 12/26 at 103.00 | N/R | 381,595 |
500 | 4.750%, 12/01/51 | 12/26 at 103.00 | N/R | 361,605 |
Grandview Reserve Metropolitan District, El Paso County, Colorado, Limited Tax General | ||||
Obligation Senior Bonds, Series 2022A and Limited Tax General Obligation Subordinate Bonds, | ||||
Series 2022B(3): | ||||
750 | 6.250%, 12/01/52 | 9/27 at 103.00 | N/R | 652,920 |
1,000 | 9.000%, 12/15/52 | 9/27 at 103.00 | N/R | 906,070 |
1,000 | Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue | 12/25 at 102.00 | N/R | 811,010 |
Bonds, Refunding Series 2020, 4.750%, 12/01/50 | ||||
2,000 | Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited | 12/24 at 100.00 | N/R | 1,923,900 |
Tax, Refunding & Improvement Series 2015, 6.125%, 12/01/44 | ||||
540 | Highlands Metropolitan District 1, Broomfield City and County, colorado, Limited Tax | 3/26 at 103.00 | N/R | 456,559 |
General Obligation Bonds, Convertible to Unlimited Tax Series 2021, 5.000%, 12/01/41 | ||||
810 | Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special | 12/23 at 103.00 | N/R | 720,568 |
Revenue Bonds, Subordinate Series 2020B, 5.750%, 12/15/50 | ||||
1,000 | Johnstown Village Metropolitan District 2, Weld County, own of Johnstown, Colorado, | 9/25 at 103.00 | N/R | 808,560 |
General Obligation Limited Tax Bonds, Series 2020A, 5.000%, 12/01/50 | ||||
1,700 | Jones District Community Authority Board, Centennial, Colorado, Special Revenue | 12/25 at 103.00 | N/R | 1,273,011 |
Convertible Capital Appreciation Bonds, Series 2020A, 5.750%, 12/01/50 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
$ 1,000 | Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | $ 811,680 |
Obligation Bonds, Series 2020A, 5.125%, 12/01/50 | ||||
2,550 | Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, | 12/22 at 100.00 | N/R | 2,406,716 |
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 | 424,530 |
General Obligation Bonds, Series 2019A, 5.000%, 12/01/49 | ||||
500 | Lanterns Metropolitan District 2, Castle Rock, Douglas County, Colorado, Limited Tax | 9/26 at 103.00 | N/R | 347,435 |
General Obligation Bonds, Series 2021A-3, 4.500%, 12/01/50 | ||||
Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special | ||||
Revenue Bonds, Series 2021A: | ||||
500 | 5.000%, 12/01/41 | 6/26 at 103.00 | N/R | 423,115 |
500 | 5.000%, 4/15/51 | 6/26 at 103.00 | N/R | 392,570 |
1,000 | Meadowbrook Heights Metropolitan District, Jefferson County, Colorado, General | 9/26 at 103.00 | N/R | 735,660 |
Obligation Limited Tax Bonds, Series 2021A(3), 4.875%, 12/01/51 | ||||
500 | Mountain Brook Metropolitan District, Longmont, Boulder County, Colorado, Limited Tax | 12/26 at 103.00 | N/R | 361,470 |
General Obligation Bonds, Series 2021, 4.750%, 12/01/51 | ||||
2,000 | Murphy Creek Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, | 12/22 at 100.00 | N/R | 2,000,000 |
Refunding & Improvement Series 2006, 6.125%, 12/01/35 (4) | ||||
500 | Murphy Creek Metropolitan District 5 (In the City of Aurora, Arapahoe County, Colorado), | 9/27 at 103.00 | N/R | 446,680 |
General Obligation Limited Tax Bonds, Series 2022A and Subordinate General Obligation Limited | ||||
Tax Bonds, Series 2022B(3), 6.000%, 12/01/52 | ||||
500 | North Pine Vistas Metropolitan District 3, Castle Pines, Douglas County, Colorado, Limited | 12/26 at 103.00 | N/R | 384,910 |
Tax General Obligation Bonds, Subordinate Series 2021B, 4.625%, 12/15/51 – AGM Insured | ||||
1,000 | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 808,170 |
Obligation Bonds, Series 2020A-3, 5.250%, 12/01/50 | ||||
1,535 | North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax | 3/25 at 103.00 | N/R | 1,300,237 |
General Obligation Bonds, Series 2020, 5.125%, 12/01/49 | ||||
1,000 | Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax | 12/25 at 103.00 | N/R | 802,810 |
General Obligation Bonds, Series 2020A, 5.000%, 12/01/50 | ||||
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 | 1,347,285 |
5,000 | 5.000%, 12/01/49 | 12/24 at 103.00 | N/R | 4,171,600 |
500 | Palisade Park West Metropolitan District, Broomfield County, Colorado, Limited Tax | 6/24 at 103.00 | N/R | 426,395 |
General Obligation Bonds, Convertible to Unlimited Tax, Series 2019A, 5.125%, 12/01/49 | ||||
500 | Parkdale Community Authority, Erie, Colorado, Limited Tax Supported Revenue Bonds, | 9/25 at 103.00 | N/R | 411,475 |
District 1, Series 2020A, 5.250%, 12/01/50 | ||||
550 | Patriot Park Metropolitan District 2, Colorado Springs, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 398,536 |
Obligation Bonds, Series 2021, 4.300%, 12/01/50 | ||||
500 | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax | 3/26 at 103.00 | N/R | 427,350 |
General Obligation Bonds, Series 2021A, 5.000%, 12/01/41, 144A | ||||
4,690 | Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series | 6/29 at 103.00 | N/R | 4,218,045 |
2022, 6.500%, 12/01/34 | ||||
500 | Prairie Corner Metropolitan District, Adams County, Colorado, Limited Tax General | 12/26 at 103.00 | N/R | 367,160 |
Obligation Bonds, Series 2021, 4.875%, 12/01/51, 144A | ||||
1,000 | Prairie Song Metropolitan District 4, Windsor, Colorado, Limited Tax General Obligation | 12/28 at 103.00 | N/R | 814,720 |
Bonds, Series 2021, 6.000%, 12/01/51, 144A | ||||
1,000 | Pueblo Urban Renewal Authority, Colorado, Tax Increment Revenue Bonds, EVRAZ Project, | 12/30 at 100.00 | N/R | 772,480 |
Series 2021A, 4.750%, 12/01/45, 144A | ||||
500 | Raindance Metropolitan District 1, Acting by and through its Water Activity Enterprise | 12/25 at 103.00 | N/R | 413,775 |
In the Town of Windsor, Weld County, Colorado, Non-Potable Water Enterprise Revenue | ||||
Bonds, Series 2020, 5.250%, 12/01/50 |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
$ 1,000 | Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax | 10/26 at 102.00 | N/R | $ 645,820 |
Supported and Special Revenue Bonds, Series 2021, 4.000%, 12/01/51 | ||||
2,000 | Reagan Ranch Metropolitan District 1, Colorado Springs, Colorado, General Obligation | 12/26 at 103.00 | N/R | 1,550,020 |
Bonds, Limited Tax Series 2021-3, 5.375%, 12/01/51 | ||||
1,000 | Remuda Ranch Metropolitan District, Douglas County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 820,720 |
Obligation Bonds, Series 2020A, 5.000%, 12/01/50 | ||||
750 | Reunion Metropolitan District, Acting By and Through its Water Activity Enterprise, | 6/26 at 103.00 | N/R | 510,817 |
Adams County, Colorado, Special Revenue Bonds, Series 2021, 3.625%, 12/01/44 | ||||
500 | Ritoro Metropolitan District In the Town of Elizabeth, Elbert County, Colorado, Limited Tax, | 6/24 at 103.00 | N/R | 426,935 |
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 | 418,400 |
Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49 | ||||
570 | Riverview Metropolitan District, Steamboat Springs, Routt County, Colorado, General | 6/26 at 103.00 | N/R | 447,399 |
Obligation Limited Tax Bonds, Convertible to Unlimited Tax Refunding Series 2021, | ||||
5.000%, 12/01/51 | ||||
1,000 | Riverwalk Metropolitan District 2, Glendale, Arapahoe County, Colorado, Special Revenue | 3/27 at 103.00 | N/R | 792,980 |
Bonds, Series 2022A, 5.000%, 12/01/52 | ||||
2,000 | RRC Metropolitan District 2, Jefferson County, Colorado, Limited Tax General Obligation | 12/26 at 103.00 | N/R | 1,545,520 |
Bonds, Series 2021, 5.250%, 12/01/51 | ||||
2,000 | Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General | 12/29 at 103.00 | N/R | 1,843,220 |
Obligation Limited Tax Bonds, Series 2022A, 6.750%, 12/01/52 | ||||
Siena Lake Metropolitan District, Gypsum, Colorado, General Obligation Limited Tax | ||||
Bonds, Series 2021: | ||||
1,000 | 3.750%, 12/01/41 | 9/26 at 103.00 | N/R | 707,630 |
2,000 | 4.000%, 12/01/51 | 9/26 at 103.00 | N/R | 1,374,520 |
1,025 | Silver Leaf Metropolitan District, Jefferson County, Colorado, General Obligation | 6/26 at 103.00 | N/R | 802,524 |
Limited Tax Bonds, Series 2021A-3, 5.250%, 12/01/50 | ||||
1,000 | South Aurora Regional Improvement Authority, Aurora, Colorado, Special Revenue Bonds, | 12/23 at 103.00 | N/R | 872,610 |
Series 2018, 6.250%, 12/01/57 | ||||
2,790 | Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation | 12/25 at 103.00 | N/R | 2,306,856 |
Limited Tax Bonds, Series 2020, 5.125%, 12/01/50 | ||||
3,000 | Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax | 12/22 at 100.00 | N/R | 480,000 |
Convertible to Unlimited, Series 2007, 0.000%, 12/01/31 (4) | ||||
685 | Three Springs Metropolitan District 1, Durango, La Plata County, Colorado, Limited Tax | 12/25 at 103.00 | N/R | 572,859 |
General Obligation Bonds, Refunding Subordinate Series 2020B, 7.125%, 12/15/50 | ||||
Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | ||||
General Obligation Limited Bonds, Series 2021A-1: | ||||
1,000 | 5.000%, 12/01/41 | 3/26 at 103.00 | N/R | 829,530 |
3,000 | 5.000%, 12/01/51 | 3/26 at 103.00 | N/R | 2,212,350 |
1,000 | Tree Farm Metropolitan District, Eagle County, Colorado, General Obligation Limited Tax | 12/26 at 103.00 | N/R | 686,610 |
Bonds, Series 2021, 4.750%, 12/01/50, 144A | ||||
1,000 | Velocity Metropolitan District 3, In the City of Aurora, Colorado, Limited Tax General | 12/23 at 103.00 | N/R | 932,980 |
Obligation Bonds, Series 2019, 5.375%, 12/01/39 | ||||
1,500 | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General | 12/23 at 81.31 | N/R | 969,450 |
Obligation Bonds, Convertible Capital Appreciation Series 2020A-2, 6.000%, 12/01/50 | ||||
1,570 | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General | 12/23 at 103.00 | N/R | 1,325,551 |
Obligation Bonds, Series 2020A-1, 5.375%, 12/01/50 | ||||
1,000 | Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, | 3/26 at 103.00 | N/R | 810,650 |
Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021, | ||||
5.000%, 12/01/51 | ||||
500 | Village East Community Metropolitan District, Frederick, Weld County, Colorado, Limited | 9/25 at 103.00 | N/R | 417,530 |
Tax General Obligation Bonds, Series 2020A, 5.250%, 12/01/50 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
$ 1,100 | Village Metropolitan District In the Town of Avon, Eagle County, Colorado, Special | 12/25 at 103.00 | N/R | $ 987,965 |
Revenue and Limited Property Tax Bonds, Refunding & Improvement Series 2020, 5.000%, 12/01/40 | ||||
3,000 | Villages at Johnstown Metropolitan District 7, Johnstown, Colorado, Limited Tax General | 6/27 at 103.00 | N/R | 2,822,370 |
Obligation Bonds, Series 2022A(3), 6.250%, 12/01/52 | ||||
1,000 | Waterfront at Foster Lake Metropolitan District 2, Weld County, Colorado, Special | No Opt. Call | N/R | 885,890 |
Revenue Bonds, Series 2022, 4.625%, 12/01/28 | ||||
750 | Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General | 3/27 at 103.00 | N/R | 636,338 |
Obligation Bonds, Series 2022A, 5.000%, 12/01/41 | ||||
1,500 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited | 12/29 at 103.00 | N/R | 1,304,265 |
Tax Bonds, Series 2022, 6.750%, 12/01/52 | ||||
1,000 | Westgate Metropolitan District, Colorado Springs, El Paso County, Colorado, General | 3/27 at 103.00 | N/R | 784,250 |
Obligation Limited Tax Bonds, Series 2022, 5.125%, 12/01/51 | ||||
2,000 | Westwood Metropolitan District, Thornton, Adams County, Colorado, Limited Tax General | 9/26 at 103.00 | N/R | 1,380,920 |
Obligation Bonds, Senior Series 2021A, 4.000%, 12/01/51, 144A | ||||
2,390 | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue | 9/26 at 97.28 | N/R | 1,144,882 |
Bonds, Convertible Capital Appreciation Series 2021A-2, 4.625%, 12/01/51, 144A | ||||
14,000 | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue | 9/26 at 103.00 | N/R | 8,737,120 |
Bonds, Series 2021A-1, 4.125%, 12/01/51, 144A | ||||
705 | Windsor Highlands Metropolitan District 9, Windsor, Larimer County, Colorado, Limited | 9/24 at 103.00 | N/R | 587,371 |
Tax Supported Revenue Bonds, Series 2019, 5.000%, 12/01/49 | ||||
1,000 | Winsome Metropolitan District No. 3, El Paso County, Colorado, General Obligation | 9/26 at 103.00 | N/R | 759,080 |
Limited Tax Bonds, Series 2021A, 5.125%, 12/01/50, 144A | ||||
830 | Woodmen Heights Metropolitan District 2, El Paso County, Colorado, General Obligation | 12/25 at 103.00 | N/R | 750,046 |
Limited Tax Bonds, Taxable Converting to Tax-Exempt Refunding Subordinate Series 2020B-1, | ||||
6.250%, 12/15/40 | ||||
190,463 | Total Colorado | 154,209,137 | ||
Connecticut – 0.2% (0.1% of Total Investments) | ||||
2,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford | 7/32 at 100.00 | BBB+ | 1,668,460 |
Hospital, Forward Delivery Series 2022M, 4.000%, 7/01/41 | ||||
500 | Great Pond Improvement District, Connecticut, Special Obligation Revenue Bonds, Great | 10/26 at 102.00 | N/R | 412,635 |
Pond Phase 1 Project, Series 20019, 4.750%, 10/01/48, 144A | ||||
Steel Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue | ||||
Bonds, Steelpointe Harbor Project, Series 2021: | ||||
110 | 4.000%, 4/01/41 | 4/30 at 100.00 | N/R | 88,951 |
410 | 4.000%, 4/01/51 | 4/30 at 100.00 | N/R | 305,971 |
3,020 | Total Connecticut | 2,476,017 | ||
Delaware – 0.2% (0.1% of Total Investments) | ||||
2,500 | Delaware Economic Development Authority, Revenue Bonds, Odyssey Charter School Inc. | 3/25 at 100.00 | N/R | 2,563,700 |
Project, Series 2015A, 7.000%, 9/01/45, 144A | ||||
District of Columbia – 3.3% (1.9% of Total Investments) | ||||
30 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | No Opt. Call | A– | 30,519 |
Bonds, Series 2001, 6.500%, 5/15/33 | ||||
2,000 | District of Columbia, Revenue Bonds, Saint Paul on Fouth Street, Inc., Series 2019A, | 5/30 at 100.00 | N/R | 1,379,540 |
5.250%, 5/15/55, 144A | ||||
1,800 | District of Columbia, Tax Increment Revenue Bonds, Union Market Infrastructure Project, | 6/28 at 100.00 | N/R | 1,019,124 |
Series 2021A, 4.250%, 6/01/46, 144A | ||||
250 | District of Columbia, Washington, D.C., Revenue Bonds, KIPP DC Issue, Series 2013A, | 7/23 at 100.00 | N/R (7) | 254,365 |
6.000%, 7/01/33, (Pre-refunded 7/01/23) | ||||
9,750 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/31 at 100.00 | A1 | 7,994,805 |
Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A, | ||||
4.000%, 10/01/52 – AGM Insured (8) |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
District of Columbia | ||||
$ 30,640 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, | 10/31 at 100.00 | A1 | $ 25,124,187 |
Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2022A, | ||||
4.000%, 10/01/52 – AGM Insured, (UB) (8) | ||||
44,470 | Total District of Columbia | 35,802,540 | ||
Florida – 20.1% (11.8% of Total Investments) | ||||
350 | Abbott Square Community Development District, Zephyrhills, Florida, Special Assessment | 6/32 at 100.00 | N/R | 327,201 |
Revenue Bonds, 2022 Project Series 2022, 5.500%, 6/15/52 | ||||
500 | Academical Village Community Development District, Davie, Florida, Special Assessment | 5/30 at 100.00 | N/R | 377,300 |
Revenue Bonds, Series 2020, 4.000%, 5/01/51 | ||||
1,645 | Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, | 11/29 at 103.00 | N/R | 1,071,783 |
Terraces at Bonita Springs Project, Refunding Series 2022A, 5.000%, 11/15/61, 144A | ||||
250 | Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, | No Opt. Call | N/R | 212,277 |
Terraces at Bonita Springs Project, Taxable Refunding Series 2022B, 6.500%, 11/15/33, 144A | ||||
17,970 | Alachua County Health Facilities Authority, Florida, Health Facilties Revenue Bonds, | 12/29 at 100.00 | A3 | 14,516,346 |
Shands Teaching Hospital & Clinics, Inc. at the University of Florida Project, Series 2019A, | ||||
4.000%, 12/01/49, (UB) (8) | ||||
1,680 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/25 at 100.00 | N/R | 1,580,846 |
2015 Assessment Project, Series 2015, 5.375%, 5/01/45 | ||||
2,245 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 1,694,077 |
Ave Maria National Project, Series 2021, 4.000%, 5/01/51 | ||||
500 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/32 at 100.00 | N/R | 374,435 |
Phase 3 Master Improvements Project, Series 2021, 4.000%, 5/01/52, 144A | ||||
1,020 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special | 5/31 at 100.00 | N/R | 761,267 |
Assessment Bonds, 2021 Project Series 2021, 4.000%, 5/01/52, 144A | ||||
1,100 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special | 5/32 at 100.00 | N/R | 984,830 |
Assessment Bonds, 2022 Project Series 2022, 5.000%, 5/01/53 | ||||
995 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special | 11/25 at 100.00 | N/R | 934,464 |
Assessment Bonds, Series 2015, 5.250%, 11/01/46 | ||||
1,000 | Balm Grove Community Development District, Florida, Special Assessment Bonds, 2022 | 11/32 at 100.00 | N/R | 764,530 |
Project, Series 2022, 4.125%, 11/01/51 | ||||
905 | Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, | No Opt. Call | N/R | 937,779 |
Phase 1 Project, Series 2013A, 6.125%, 11/01/33 | ||||
1,635 | Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds, | 5/23 at 100.00 | N/R | 1,628,509 |
Refunding Series 2013, 5.125%, 5/01/43 | ||||
1,000 | Brightwater Community Development District, Florida, Capital Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 749,850 |
Assessment Area 1 Project, Series 2021, 4.000%, 5/01/52 | ||||
500 | Buckhead Trails Community Development District, Manatee County Florida, Special | 5/37 at 100.00 | N/R | 458,985 |
Assessment Bonds, 2022 Project Series 2022, 5.750%, 5/01/52, 144A | ||||
Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, AcadeMir Charter | ||||
Schools, Series 2021A: | ||||
285 | 4.000%, 7/01/41, 144A | 7/31 at 100.00 | Ba2 | 209,079 |
545 | 4.000%, 7/01/51, 144A | 7/31 at 100.00 | Ba2 | 359,553 |
445 | 4.000%, 7/01/56, 144A | 7/31 at 100.00 | Ba2 | 285,979 |
1,000 | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Legends Academy, | 12/28 at 100.00 | N/R | 708,460 |
Series 2021A, 5.000%, 12/01/56, 144A | ||||
2,500 | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, LLT Academy South | 6/25 at 105.00 | N/R | 2,032,250 |
Bay Project, Series 2020A, 6.000%, 6/15/55, 144A | ||||
Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2021: | ||||
500 | 4.000%, 8/15/51, 144A | 8/28 at 100.00 | N/R | 340,580 |
1,000 | 4.200%, 8/15/56, 144A | 8/28 at 100.00 | N/R | 681,790 |
1,000 | 4.250%, 8/15/61, 144A | 8/28 at 100.00 | N/R | 667,550 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Florida | ||||
$ 6,000 | Capital Trust Agency, Florida, Revenue Bonds, Educational Growth Fund, LLC, Charter | 7/31 at 100.00 | N/R | $ 5,016,180 |
School Portfolio Projects, Series 2021A-1, 5.000%, 7/01/56, 144A | ||||
2,273 | Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center, | 6/28 at 100.00 | N/R | 477,292 |
Orlando Project, Series 2018, 7.500%, 6/01/48, 144A 2018 1 (4) | ||||
830 | Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series | 6/26 at 100.00 | N/R | 746,627 |
2019A, 5.000%, 6/15/39, 144A | ||||
1,000 | Capital Trust Agency, Florida, Revenue Bonds, St. Johns Classical Academy, Refunding | 6/30 at 100.00 | N/R | 653,760 |
Series 2021A, 4.000%, 6/15/56, 144A | ||||
1,000 | Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens of Palm Coast Project, | 4/24 at 103.00 | N/R | 570,000 |
Series 2017A, 7.000%, 10/01/49, 144A (4) | ||||
1,000 | Capital Trust Agency, Florida, Senior Living Facilities Revenue Bonds, Elim Senior | 8/24 at 103.00 | N/R | 670,540 |
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 | 890,442 |
Assessment Revenue Bonds, Series 2014, 5.125%, 5/01/45 | ||||
450 | Celebration Pointe Community Development District 1, Alachua County, Florida, Special | 5/31 at 100.00 | N/R | 335,691 |
Assessment Revenue Bonds, Series 2021, 4.000%, 5/01/53 | ||||
1,000 | Charlotte County Industrial Development Authority, Florida, Utility System Revenue | 10/27 at 100.00 | N/R | 846,430 |
Bonds, Town & Country Utilities Project, Series 2019, 5.000%, 10/01/49, (AMT), 144A | ||||
1,000 | Charlotte County Industrial Development Authority, Florida, Utility System Revenue | 10/31 at 100.00 | N/R | 671,540 |
Bonds, Town & Country Utilities Project, Series 2021A, 4.000%, 10/01/51, (AMT), 144A | ||||
215 | Coddington Community Development District, Manatee County, Florida, Capital | 5/32 at 100.00 | N/R | 212,960 |
Improvement Revenue Bonds, Series 2022, 5.750%, 5/01/42, 144A | ||||
2,000 | Collier County Industrial Development Authority, Florida, Continuing Care Community | 5/24 at 100.00 | N/R | 1,280,000 |
Revenue Bonds, Arlington of Naples Project, Series 2014A, 0.000%, 5/15/35, 144A (4) | ||||
995 | Cross Creek North Community Development District, Clay County, Florida, Special | 11/29 at 100.00 | N/R | 942,454 |
Assessment Bonds, Series 2018, 5.375%, 11/01/50, 144A | ||||
1,000 | Cross Creek North Community Development District, Clay County, Florida, Special | 5/32 at 100.00 | N/R | 819,020 |
Assessment Bonds, Series 2022, 4.500%, 5/01/52 | ||||
1,000 | Crystal Cay Community Development District, Florida, Special Assessment Bonds, 2021 | 5/31 at 100.00 | N/R | 754,600 |
Project, Series 2021, 4.000%, 5/01/51 | ||||
1,605 | Cypress Mill Community Development District, Hillsborough County, Florida, Special | 6/30 at 100.00 | N/R | 1,327,495 |
Assessment Bonds, Assessment Area 2, Series 2020, 4.000%, 6/15/40 | ||||
525 | East Nassau Stewardship District, Florida, Special Assessment Revenue Bonds, Series | 5/31 at 100.00 | N/R | 395,194 |
2021, 4.000%, 5/01/51 | ||||
750 | Eden Hills Community Development District, Lake Alfred, Florida, Special Assessment | 5/32 at 100.00 | N/R | 575,257 |
Revenue Bonds, Series 2022, 4.125%, 5/01/52 | ||||
600 | Fishhawk Community Development District IV, Hillsborough County, Florida, Special | 5/23 at 100.00 | N/R | 606,156 |
Assessment Revenue Bonds, Series 2013A, 7.000%, 5/01/33 | ||||
1,245 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Creative | 6/29 at 102.00 | N/R | 1,021,037 |
Inspiration Journey School of St. Cloud, Series 2021A, 5.000%, 6/15/41, 144A | ||||
1,850 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown | 7/24 at 100.00 | N/R | 1,852,941 |
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 | 885,870 |
Doral Charter Elementary School Project, Series 2017A, 5.750%, 7/01/44, 144A | ||||
2,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Dreamers | 1/28 at 101.00 | N/R | 1,415,940 |
Academy Project, Series 2022A, 6.000%, 1/15/57, 144A | ||||
565 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida | 7/26 at 100.00 | N/R | 493,974 |
Charter Foundation Inc. Projects, Series 2016A, 5.000%, 7/15/46, 144A | ||||
5,855 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Imagine | 12/29 at 100.00 | Baa3 | 4,245,753 |
School at Broward Project, Series 2021A, 4.000%, 12/15/56, 144A | ||||
1,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Miami | 6/24 at 100.00 | N/R | 815,930 |
Arts Charter School Projects, Series 2014, 6.000%, 6/15/44, 144A |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Florida | ||||
$ 655 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin | 1/27 at 100.00 | N/R | $ 549,303 |
Academies of Pasco County Inc., Series 2020A, 5.000%, 1/01/50, 144A | ||||
5,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 6/23 at 100.00 | N/R (7) | 5,156,850 |
Renaissance Charter School, Inc. Projects, Series 2013A, 8.500%, 6/15/44, (Pre-refunded 6/15/23) | ||||
120 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 9/27 at 100.00 | N/R | 101,280 |
Renaissance Charter School, Inc. Projects, Series 2020C, 5.000%, 9/15/50, 144A | ||||
19,360 | Florida Development Finance Corporation, Florida, Surface Transportation Facility | 1/24 at 107.00 | N/R | 16,394,048 |
Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, | ||||
1/01/49, (AMT), 144A | ||||
Florida Development Finance Corporation, Florida, Surface Transportation Facility | ||||
Revenue Bonds, Virgin Trains USA Passenger Rail Project, Series 2019A: | ||||
5,590 | 6.250%, 1/01/49, (AMT), (Mandatory Put 1/01/24), 144A | 12/22 at 102.00 | N/R | 5,324,195 |
31,170 | 6.375%, 1/01/49, (AMT), (Mandatory Put 1/01/26), 144A | 12/22 at 103.00 | N/R | 28,088,846 |
6,485 | 6.500%, 1/01/49, (AMT), (Mandatory Put 1/01/29), 144A | 12/22 at 103.00 | N/R | 5,713,933 |
25,000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail | 12/22 at 102.00 | N/R | 24,472,750 |
Expansion Project, Series 2022A, 7.250%, 7/01/57, (AMT), (Mandatory Put 10/03/23), 144A | ||||
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 | 2,538,277 |
2,000 | 5.500%, 11/01/50 | 11/29 at 100.00 | N/R | 1,798,760 |
1,000 | Gracewater Sarasota Community Development District, Sarasota County, Florida, Capital | 5/31 at 100.00 | N/R | 751,230 |
Improvement Revenue Bonds, Series 2021, 4.000%, 5/01/52, 144A | ||||
1,000 | Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special | 5/24 at 100.00 | N/R | 1,015,900 |
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 | 163,650 |
Assessment Bonds, Phase 2 Project, Series 2019, 4.375%, 11/01/49 | ||||
1,000 | Hammock Reserve Community Development District, Haines City, Florida, Special Assessment | 5/32 at 100.00 | N/R | 868,030 |
Revenue Bonds, Area 3 Project, Series 2022, 5.000%, 5/01/52, 144A | ||||
1,865 | Harmony Community Development District, Florida, Capital Improvement Revenue Bonds, | 5/24 at 100.00 | N/R | 1,853,847 |
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 | 170,086 |
Assessment Area 2, Series 2019, 4.000%, 11/01/39 | ||||
265 | Lakes of Sarasota Community Development District, Florida, Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 204,108 |
Capital Phase 1 Project 2021A-1, 4.100%, 5/01/51 | ||||
500 | Lakes of Sarasota Community Development District, Florida, Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 396,995 |
Capital Phase 1 Project 2021B-1, 4.300%, 5/01/51 | ||||
610 | Lakewood Park Community Development District, Florida, Special Assessment Revenue Bonds, | 5/31 at 100.00 | N/R | 456,018 |
Assessment Area 1, Series 2021, 4.000%, 5/01/52 | ||||
625 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Lakewood | 5/25 at 100.00 | N/R | 564,788 |
Centre North Project, Series 2015, 4.875%, 5/01/45 | ||||
2,000 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee | 12/22 at 100.00 | BB– | 1,913,040 |
County Community Charter Schools, Series 2007A, 5.375%, 6/15/37 | ||||
1,630 | Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue | 12/22 at 105.00 | N/R | 1,103,559 |
Bonds, Preserve Project, Series 2017A, 5.750%, 12/01/52, 144A | ||||
750 | Leomas Landing Community Development District, Florida, Capital Improvement Revenue | 5/31 at 100.00 | N/R | 562,043 |
Bonds, Assessment Area 2, Series 2021, 4.000%, 5/01/52 | ||||
1,000 | Magic Place Community Development District, Osceola County, Florida, Special Assessment | 5/30 at 100.00 | N/R | 828,290 |
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) (8) | 9/25 at 100.00 | AA– | 12,404,666 |
750 | Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue | 7/27 at 100.00 | N/R | 665,603 |
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 | 1,951,643 |
Assessment Bonds, Series 2017, 5.250%, 11/01/49 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Florida | ||||
$ 1,750 | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op | 9/25 at 100.00 | N/R | $ 1,664,338 |
Charter Schools Project, Series 2015A, 6.000%, 9/15/45, 144A | ||||
1,000 | Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Doral | 1/28 at 100.00 | BBB– | 883,980 |
Academy, Seres 2018, 5.000%, 1/15/48 | ||||
505 | Mirada Community Development District, Pasco County, Florida, Bond Anticipation Note, | 12/22 at 100.00 | N/R | 504,243 |
Assessment Area 3, Series 2019, 4.500%, 5/01/24 | ||||
500 | Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, | 5/32 at 100.00 | N/R | 477,110 |
Series 2022, 5.750%, 5/01/53, 144A | ||||
400 | North Park Isle Community Development District, Plant City, Florida, Special Assessment | 5/29 at 100.00 | N/R | 345,588 |
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 | 905,997 |
Bonds, Development Unit 53, Series 2015, 5.500%, 8/01/46 | ||||
1,000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement | 8/31 at 100.00 | N/R | 754,920 |
Bonds, Development Unit 53, Series 2021, 4.000%, 8/01/51 | ||||
9,305 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist | 8/29 at 100.00 | A1 | 7,635,218 |
Health Systems of South Florida Obligated Group, Series 2019, 4.000%, 8/15/49, (UB) (8) | ||||
250 | Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Bonds, Jupiter | 11/32 at 100.00 | BBB– | 227,510 |
Medical Center, Series 2022, 5.000%, 11/01/52 | ||||
1,355 | Palm Beach County, Florida, Revenue Bonds, Provident Group – LU Properties LLC Lynn | 6/31 at 100.00 | N/R | 1,132,739 |
University Housing Project, Series 2021A, 5.000%, 6/01/57, 144A | ||||
500 | Palm Beach County, Florida, Revenue Bonds, Provident Group – PBAU Properties LLC – Palm | 4/29 at 100.00 | Ba1 | 403,325 |
Beach Atlantic University Housing Project, Series 2019A, 5.000%, 4/01/51, 144A | ||||
250 | Palm Coast Park Community Development District, Florida, Special Assessment Revenue | 5/32 at 100.00 | N/R | 226,285 |
Bonds, Sawmill Branch Phase 2 Flager, Series 2022, 5.125%, 5/01/51 | ||||
500 | Portico Community Development District, Lee County, Florida, Special Assessment, | 5/30 at 100.00 | N/R | 379,640 |
Improvement Series 2020-2, 4.000%, 5/01/50 | ||||
1,370 | Reunion East Community Development District, Osceola County, Florida, Special Assessment | 5/31 at 100.00 | N/R | 1,000,223 |
Bonds, Series 2021, 3.150%, 5/01/41 | ||||
910 | Rivers Edge II Community Development District, Florida, Capital Improvement Revenue | 5/31 at 100.00 | N/R | 686,031 |
Bonds, Series 2021, 4.000%, 5/01/51 | ||||
2,500 | Rolling Oaks Community Development District, Florida, Special Assessment Bonds, Series | 11/27 at 100.00 | N/R | 2,544,150 |
2016, 6.000%, 11/01/47 | ||||
1,000 | Saddle Creek Preserve of Polk County Community Development District, Florida, Special | 6/30 at 100.00 | N/R | 760,050 |
Assessment Bonds, Series 2020, 4.000%, 6/15/50 | ||||
1,000 | Saint Johns County Housing Authority, Florida, Multifamily Mortgage Revenue Bonds, | 11/31 at 100.00 | N/R | 628,990 |
Victoria Crossing, Series 2021A, 3.920%, 4/01/59, (Mandatory Put 4/01/39), 144A | ||||
Sawyers Landing Community Development District, Florida, Special Assessment Revenue | ||||
Bonds, Series 2021: | ||||
1,000 | 4.125%, 5/01/41, 144A | 5/31 at 100.00 | N/R | 831,090 |
1,000 | 4.250%, 5/01/53, 144A | 5/31 at 100.00 | N/R | 780,690 |
610 | Seminole County Industrial Development Authority, Florida, Educational Facilities | 6/31 at 100.00 | Ba1 | 428,714 |
Revenue Bonds, Galileo Schools for Gifted Learning, Series 2021A, 4.000%, 6/15/51, 144A | ||||
500 | Shingle Creek at Branson Community Development District, Osceola County, Florida, | 6/31 at 100.00 | N/R | 379,910 |
Special Assessment Revenue Bonds, Series 2021, 4.000%, 6/15/51 | ||||
990 | Shingle Creek Community Development District, Osceola County, Florida, Special | 11/25 at 100.00 | N/R | 959,706 |
Assessment Revenue Bonds, Series 2015, 5.400%, 11/01/45 | ||||
835 | Southern Grove Community Development District 5, Port Saint Lucie, Florida, Special | 5/31 at 100.00 | N/R | 642,583 |
Assessment Bonds, Community Infrastructure Series 2021, 4.000%, 5/01/48 | ||||
615 | Summit View Community Development District, Dade City, Florida, Special Assessment | No Opt. Call | N/R | 510,881 |
Revenue Bonds, Series 2021B, 5.000%, 5/01/41 | ||||
1,000 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, | 9/23 at 100.00 | N/R | 878,570 |
South Assessment Area Series 2021B, 4.625%, 5/01/36, 144A |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Florida | ||||
$ 2,300 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 12/22 at 100.00 | N/R | $ 2,003,116 |
Series 2015-2, 0.000%, 5/01/40 (5) | ||||
2,505 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 12/22 at 100.00 | N/R | 25 |
Series 2015-3, 6.610%, 5/01/40 (4) | ||||
1,230 | Touchstone Community Development District, Hillsborough County, Florida, Special | 12/29 at 100.00 | N/R | 1,021,822 |
Assessment Bonds, 2019 Project, Series 2019, 4.000%, 12/15/40 | ||||
400 | Tradition Community Development District 9, Port Saint Lucie, Florida, Special | 5/31 at 100.00 | N/R | 299,548 |
Assessment Bonds, Series 2021, 4.000%, 5/01/52 | ||||
Turtle Run Community Development District, Florida, Special Assessment Benefit Tax | ||||
Bonds, Series 2017-2: | ||||
1,000 | 5.000%, 5/01/37 | 5/28 at 100.00 | A2 | 971,000 |
2,020 | 5.000%, 5/01/47 | 5/28 at 100.00 | A2 | 1,843,593 |
1,680 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, | 11/31 at 100.00 | N/R | 1,660,327 |
Master Infrastructure Improvements, Series 2016A-1, 6.375%, 11/01/47 | ||||
3,470 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, | 11/31 at 100.00 | N/R | 3,429,366 |
Master Infrastructure Improvements, Series 2016A-2, 6.375%, 11/01/47 | ||||
500 | Two Lakes Community Development District, Hialeah, Florida, Special Assessment Bonds, | 12/29 at 100.00 | N/R | 386,050 |
Expansion Area Project, Series 2019, 4.000%, 12/15/49 | ||||
505 | Union Park East Community Development District, Florida, Capital Improvement Revenue | 5/31 at 100.00 | N/R | 379,967 |
Bonds, Assessment Area 3 Series 2021, 4.000%, 5/01/51, 144A | ||||
1,000 | V-Dana Community Development District, Lee County, Florida,Special Assessment Bonds, | 5/31 at 100.00 | N/R | 748,250 |
Area 1 – 2021 Project, Series 2021, 4.000%, 5/01/52 | ||||
1,000 | Venetian Parc Community Development District, Miami-Dade County, Florida, Special | 11/28 at 100.00 | N/R | 1,073,520 |
Assessment Bonds, Area One Project, Series 2013, 6.500%, 11/01/43 | ||||
500 | Verano 3 Community Development District, Florida, Special Assessment Bonds, Phase 2 | 11/32 at 100.00 | N/R | 503,235 |
Assessment Area, Series 2022, 6.625%, 11/01/52 (WI/DD, Settling 11/15/22) | ||||
975 | Waterset North Community Development District, Hillsborough County, Florida, Special | 11/24 at 100.00 | N/R | 935,698 |
Assessment Revenue Bonds, Series 2014, 5.500%, 11/01/45 | ||||
500 | Westside Haines City Community Development District, Florida, Special Assessment Bonds, | 5/31 at 100.00 | N/R | 375,615 |
Area 1 Project, Series 2021, 4.000%, 5/01/52 | ||||
255,243 | Total Florida | 219,398,154 | ||
Georgia – 0.3% (0.2% of Total Investments) | ||||
1,000 | Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, | 11/23 at 100.00 | BB+ | 730,130 |
Testletree Village Apartments, Series 2013A, 5.000%, 11/01/48 | ||||
1,880 | Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten | 10/23 at 100.00 | N/R | 1,884,174 |
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 (7) | 1,012,650 |
Series 2013A, 6.500%, 4/01/43, (Pre-refunded 4/01/23) | ||||
3,880 | Total Georgia | 3,626,954 | ||
Guam – 0.0% (0.0% of Total Investments) | ||||
Guam A.B. Won Pat International Airport Authority, Revenue Bonds, Series 2013C: | ||||
160 | 6.375%, 10/01/43, (AMT) | 10/23 at 100.00 | Baa2 | 163,739 |
170 | 6.375%, 10/01/43, (Pre-refunded 10/01/23), (AMT) | 10/23 at 100.00 | Baa2 (7) | 173,973 |
330 | Total Guam | 337,712 | ||
Idaho – 0.6% (0.4% of Total Investments) | ||||
7,400 | Idaho Falls Auditorium District, Idaho, Certifications of Participation, Annual | 5/26 at 102.00 | N/R | 4,912,638 |
Appropriation Series 2021, 5.250%, 5/15/51, 144A | ||||
1,000 | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Doral Academy | 7/26 at 103.00 | N/R | 740,270 |
of Idaho, Series 2021A, 5.000%, 7/15/56, 144A |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Idaho | ||||
$ 565 | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep | 7/25 at 100.00 | N/R | $ 420,976 |
Meridian North LLC, Series 2020A, 5.250%, 7/01/55, 144A | ||||
1,000 | Idaho Housing and Finance Association, Nonprofit Facilities Revenue Bonds, Gem Prep | 11/25 at 100.00 | N/R | 619,460 |
Meridian South Charter School Project, Series 2021, 4.000%, 5/01/56, 144A | ||||
9,965 | Total Idaho | 6,693,344 | ||
Illinois – 19.2% (11.3% of Total Investments) | ||||
405 | Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005, 6.250%, 1/01/24 2020 2020 | 12/22 at 100.00 | N/R | 390,591 |
10,670 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 10,863,661 |
Series 2016, 6.000%, 4/01/46, (UB) (8) | ||||
1,500 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/24 at 100.00 | BB | 1,390,560 |
Project Series 2015C, 5.250%, 12/01/39 | ||||
2,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | 1,744,540 |
Refunding Series 2017H, 5.000%, 12/01/46 | ||||
4,575 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/23 at 100.00 | BB | 4,027,601 |
Refunding Series 2018D, 5.000%, 12/01/46 | ||||
15,385 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/25 at 100.00 | BB | 16,072,709 |
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 | 2,092,068 |
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 | 10,524,717 |
Series 2017A, 7.000%, 12/01/46, 144A | ||||
1,197 | Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State | 11/22 at 100.00 | N/R | 1,165,909 |
Redevelopment Project, Series 2012, 6.100%, 1/15/29 | ||||
1,940 | Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue | 12/22 at 100.00 | N/R | 1,779,308 |
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 | 4,156,100 |
Refunding Senior Lien Series 2018A, 4.000%, 1/01/43, (UB) (8) | ||||
30,500 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior | 1/29 at 100.00 | A | 29,653,625 |
Lien Series 2018B, 5.000%, 1/01/48, (UB) (8) | ||||
2,000 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, | 1/24 at 100.00 | Ba1 | 1,981,060 |
5.250%, 1/01/30 | ||||
9,400 | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, | 1/27 at 100.00 | BBB– | 9,576,814 |
1/01/38, (UB) (WI/DD Settling 11/03/22) | ||||
1,000 | Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, | 1/25 at 100.00 | Ba1 | 983,790 |
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– | 123,106 |
Chicago, Illinois, General Obligation Bonds, Series 2019A: | ||||
11,000 | 5.000%, 1/01/44, (UB) | 1/29 at 100.00 | BBB– | 10,110,100 |
8,000 | 5.500%, 1/01/49, (UB) | 1/29 at 100.00 | BBB– | 7,752,320 |
1,500 | Chicago, Illinois, General Obligation Bonds, VAribale Rate Demand Series 2007F, | 1/25 at 100.00 | Ba1 | 1,463,505 |
5.500%, 1/01/42 | ||||
5,000 | Illinois Finance Authority Revenue Bonds, Ness Healthcare NFP, Series 2016A, 6.375%, | 11/26 at 100.00 | N/R | 3,115,500 |
11/01/46, 144A (4) | ||||
Illinois Finance Authority, Charter School Revenue Bonds, Art in Motion AIM Project, | ||||
Series 2021A: | ||||
1,000 | 5.000%, 7/01/51, 144A | 7/31 at 100.00 | N/R | 703,400 |
1,000 | 5.000%, 7/01/56, 144A | 7/31 at 100.00 | N/R | 682,030 |
250 | Illinois Finance Authority, Revenue Bonds, Acero Charter Schools, Inc., Series 2021, | 10/31 at 100.00 | BB+ | 188,537 |
4.000%, 10/01/42, 144A |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Illinois | ||||
Illinois Finance Authority, Revenue Bonds, Ascension Health/fkaPresence Health Network, | ||||
Series 2016C: | ||||
$ 10,655 | 4.000%, 2/15/41, (UB) | 2/27 at 100.00 | Aa2 | $ 9,227,230 |
495 | 4.000%, 2/15/41, (Pre-refunded 2/15/27), (UB) | 2/27 at 100.00 | N/R (7) | 503,484 |
25 | 4.000%, 2/15/41, (Pre-refunded 2/15/27), (UB) | 2/27 at 100.00 | N/R (7) | 25,429 |
Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022: | ||||
550 | 5.000%, 3/01/36 | 9/32 at 100.00 | BBB– | 516,708 |
600 | 5.000%, 3/01/38 | 9/32 at 100.00 | BBB– | 556,290 |
700 | 5.000%, 3/01/40 | 9/32 at 100.00 | BBB– | 638,470 |
2,000 | Illinois Finance Authority, Revenue Bonds, Roosevelt University, Series 2018B, 6.125%, | 10/28 at 100.50 | N/R | 1,814,920 |
4/01/58, 144A | ||||
5,000 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, | 2/27 at 100.00 | A1 | 4,391,550 |
Series 2016B, 4.000%, 8/15/41, (UB) (8) | ||||
7,955 | Illinois State, General Obligation Bonds, June Series 2022A, 5.500%, 3/01/47, (UB) (8) | 3/32 at 100.00 | BBB+ | 7,701,872 |
1,715 | Illinois State, General Obligation Bonds, May Series 2020, 5.750%, 5/01/45 | 5/30 at 100.00 | BBB– | 1,720,351 |
Illinois State, General Obligation Bonds, November Series 2016: | ||||
1,000 | 5.000%, 11/01/35 | 11/26 at 100.00 | BBB– | 971,140 |
1,000 | 5.000%, 11/01/37 | 11/26 at 100.00 | BBB– | 963,540 |
5,000 | Illinois State, General Obligation Bonds, October Series 2020C, 4.250%, 10/01/45 | 10/30 at 100.00 | BBB+ | 3,997,100 |
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | ||||
Bonds, Refunding Series 2020A: | ||||
7,075 | 4.000%, 6/15/50 – BAM Insured | 12/29 at 100.00 | AA | 5,365,963 |
12,215 | 5.000%, 6/15/50 | 12/29 at 100.00 | BB+ | 11,196,513 |
4,695 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | No Opt. Call | BB+ | 851,157 |
Bonds, Series 2012B, 0.000%, 12/15/50 | ||||
5,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/27 at 100.00 | BB+ | 4,529,050 |
Bonds, Series 2017A, 5.000%, 6/15/57 | ||||
35,635 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | No Opt. Call | BB+ | 5,007,074 |
Bonds, Series 2017B, 0.000%, 12/15/54 | ||||
750 | Rantoul, Champaign County, Illinois, Tax Increment Revenue Bonds, Evans Road Series | 12/23 at 100.00 | N/R | 727,515 |
2013B, 7.000%, 12/01/33 | ||||
17,750 | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series | 1/29 at 100.00 | AA– | 17,870,700 |
2018C, 5.250%, 1/01/48, (UB) (8) | ||||
9,875 | Sales Tax Securitization Corporation, Illinois, Sales Tax Securitization Bonds, Series | 1/29 at 100.00 | AA– | 10,017,003 |
2018C, 5.000%, 1/01/36, (UB) (8) | ||||
895 | Yorkville United City Business District, Illinois, Storm Water and Water Improvement | 11/22 at 100.00 | N/R | 384,850 |
Project Revenue Bonds, Series 2007, 4.800%, 1/01/26 (4) | ||||
255,972 | Total Illinois | 209,519,460 | ||
Indiana – 1.3% (0.8% of Total Investments) | ||||
1,280 | Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A, | 12/22 at 100.00 | N/R | 1,284,518 |
6.650%, 7/15/24 | ||||
1,000 | Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender | No Opt. Call | AA | 1,322,970 |
Option Bond Trust 2016-XL0019, 12.254%, 4/01/30 – AMBAC Insured, 144A, (IF) (8) | ||||
1,000 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Discovery Charter | 12/25 at 100.00 | BB– | 1,023,070 |
School Project, Series 2015A, 7.250%, 12/01/45 | ||||
7,725 | Indiana Finance Authority, Educational Facilities Revenue Bonds, University of | 9/32 at 100.00 | BBB– | 6,552,731 |
Evansville Project, Series 2022A, 5.250%, 9/01/57, (UB) (8) | ||||
2,000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | 12/22 at 100.00 | B– | 1,926,720 |
Corporation Project, Series 2012, 5.750%, 8/01/42, (AMT) | ||||
830 | Saint Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village | 12/22 at 100.00 | N/R | 831,287 |
Apartments, Series 2005A, 7.500%, 7/01/35 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Indiana | ||||
$ 1,000 | Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, | 11/23 at 100.00 | N/R | $ 1,012,590 |
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 | 443,891 |
USA Indiana, LLC Project, Series 2017A, 7.250%, 12/01/28, (AMT) (4),(6) | ||||
16,210 | Total Indiana | 14,397,777 | ||
Iowa – 1.5% (0.9% of Total Investments) | ||||
1,030 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. | 12/22 at 100.00 | Ba2 | 896,079 |
Project, Series 2012, 4.750%, 8/01/42 | ||||
17,940 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/29 at 103.00 | BBB– | 15,560,977 |
Company Project, Refunding Series 2022, 5.000%, 12/01/50, (UB) (8) | ||||
18,970 | Total Iowa | 16,457,056 | ||
Kansas – 0.1% (0.1% of Total Investments) | ||||
1,000 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation | 9/25 at 100.00 | N/R | 877,160 |
Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32 | ||||
Kentucky – 5.4% (3.2% of Total Investments) | ||||
1,385 | Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone’s | 12/30 at 100.00 | N/R | 1,155,935 |
Ridge Project, Series 2020, 6.000%, 12/01/40 | ||||
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 | BBB– | 5,066,702 |
3,300 | 5.000%, 6/01/45 (8) | 6/27 at 100.00 | BBB– | 2,969,208 |
12,665 | 5.000%, 6/01/45, (UB) (8) | 6/27 at 100.00 | BBB– | 11,395,460 |
1,000 | Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue | 7/29 at 102.00 | N/R | 763,430 |
Bonds, Christian Care Communities, Inc. Obligated Group, Series 2021, 5.125%, 7/01/55 | ||||
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | ||||
Information Highway Project, Senior Series 2015A: | ||||
11,000 | 5.000%, 7/01/37, (UB) (8) | 7/25 at 100.00 | Baa2 | 10,745,900 |
9,295 | 5.000%, 7/01/40, (UB) (8) | 7/25 at 100.00 | Baa2 | 8,862,225 |
16,800 | 5.000%, 1/01/45 | 7/25 at 100.00 | Baa2 | 15,610,056 |
1,000 | Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series | 12/30 at 100.00 | N/R | 736,890 |
2020B, 5.500%, 12/01/60 | ||||
1,000 | Union Kentucky, Special Obligation Revenue Bonds, Union Promenade Project, Series 2022B, | 12/32 at 100.00 | N/R | 872,090 |
5.500%, 12/01/52, 144A | ||||
1,000 | Union, Kentucky, Special Obligation Revenue Bonds, Union Promenade Project, Series | 12/32 at 100.00 | N/R | 875,350 |
2022D, 5.750%, 12/01/52, 144A | ||||
63,895 | Total Kentucky | 59,053,246 | ||
Louisiana – 1.2% (0.7% of Total Investments) | ||||
1,875 | Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala | 7/23 at 100.00 | N/R | 1,879,875 |
Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 | ||||
500 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles College Prep | 6/27 at 100.00 | N/R | 366,430 |
Project, Series 2019A, 5.000%, 6/01/58, 144A | ||||
1,405 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Mentorship STEAM Academy, | 6/31 at 100.00 | N/R | 1,043,213 |
Series 2021A, 5.000%, 6/01/51, 144A | ||||
500 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Young Audiences Charter | 4/27 at 100.00 | N/R | 380,340 |
School, Series 2019A, 5.000%, 4/01/57, 144A | ||||
1,765 | Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing | 7/23 at 100.00 | N/R | 1,776,402 |
(US) LLC Project, Series 2013, 6.500%, 7/01/36, (AMT), 144A | ||||
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Encore Academy Project, | ||||
Series 2021A: | ||||
250 | 5.000%, 6/01/41, 144A | 6/31 at 100.00 | N/R | 200,218 |
250 | 5.000%, 6/01/51, 144A | 6/31 at 100.00 | N/R | 185,865 |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Louisiana | ||||
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Jefferson Rise Charter | ||||
School Project, Series 2022A: | ||||
$ 500 | 6.250%, 6/01/52, 144A | 6/31 at 100.00 | N/R | $ 447,140 |
1,000 | 6.375%, 6/01/62, 144A | 6/31 at 100.00 | N/R | 881,780 |
200 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lincoln Preparatory | 6/31 at 100.00 | N/R | 178,648 |
School Project, Series 2022A, 6.500%, 6/01/62, 144A | ||||
1,465 | Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy | 12/22 at 100.00 | N/R | 1,467,534 |
Foundation Project, Series 2011A, 7.750%, 12/15/31 | ||||
2,000 | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, | No Opt. Call | BBB | 1,889,400 |
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 | 2,130,340 |
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) | ||||
540 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | 6/30 at 100.00 | BB– | 568,447 |
2010, 6.350%, 7/01/40, 144A | ||||
16,360 | Total Louisiana | 13,395,652 | ||
Maryland – 0.8% (0.5% of Total Investments) | ||||
1,595 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, | 9/27 at 100.00 | CCC | 1,332,670 |
5.000%, 9/01/42 | ||||
4,000 | Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt | 12/22 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 | 12/22 at 100.00 | N/R | 1,500,000 |
Conference Center, Series 2006B, 5.250%, 12/01/31 (4) | ||||
1,000 | Maryland Economic Development Corporation, Special Obligation Bonds, Port Covington | 9/30 at 100.00 | N/R | 745,330 |
Project, Series 2020, 4.000%, 9/01/50 | ||||
5,000 | Maryland Stadium Authority, Lease Revenue Bonds, Built To Learn, Series 2021, | 6/31 at 100.00 | A+ | 3,004,950 |
2.750%, 6/01/51 (8) | ||||
14,095 | Total Maryland | 8,982,950 | ||
Massachusetts – 0.6% (0.4% of Total Investments) | ||||
1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Springfield College, Green | 6/30 at 100.00 | BBB | 753,600 |
Series 2021A, 4.000%, 6/01/56 | ||||
5,735 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, | 7/26 at 100.00 | A | 5,192,584 |
Series 2017B, 4.250%, 7/01/46, (AMT), (UB) (8) | ||||
1,200 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue M, | 7/31 at 100.00 | BBB | 719,904 |
Subordinate Series 2021C, 3.000%, 7/01/51, (AMT) | ||||
7,935 | Total Massachusetts | 6,666,088 | ||
Michigan – 2.8% (1.6% of Total Investments) | ||||
5,000 | Detroit, Wayne County, Michigan, General Obligation Bonds, Financial Recovery Series | 12/22 at 100.00 | N/R | 3,460,550 |
2014B-1, 4.000%, 4/01/44 | ||||
1,945 | Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Aquinas | 5/31 at 100.00 | N/R | 1,691,761 |
College Project, Refunding Series 2021, 5.000%, 5/01/36 | ||||
3,450 | Michigan Finance Authority, Hospital Revenue Bonds, Beaumont-Spectrum Consolidation, | 4/32 at 100.00 | Aa3 | 3,044,418 |
Fixed Refunding Series 2022, 4.000%, 4/15/42, (UB) (8) | ||||
1,000 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, | 8/31 at 100.00 | BB | 864,730 |
Hanley International Academy, Inc. Project, Refunding Series 2021, 5.000%, 9/01/40 | ||||
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope | ||||
Academy Project, Refunding Series 2021: | ||||
185 | 4.400%, 4/01/31, 144A | 4/28 at 100.00 | N/R | 152,311 |
315 | 4.900%, 4/01/41, 144A | 4/28 at 100.00 | N/R | 224,557 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Michigan | ||||
$ 1,225 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, | 7/27 at 100.00 | N/R | $ 951,225 |
Voyageur Academy Project, Refunding Series 2017. Private Placement of 2017, 5.900%, | ||||
7/15/46, 144A | ||||
28,335 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2006 Sold Tobacco | No Opt. Call | BBB– | 5,708,369 |
Receipts, Taxable Series 2020B, 0.000%, 6/01/45 | ||||
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2015A: | ||||
2,225 | 4.350%, 10/01/45, (UB) (8) | 10/24 at 100.00 | AA | 1,928,830 |
4,500 | 4.600%, 4/01/52, (UB) (8) | 10/24 at 100.00 | AA | 3,981,780 |
1,465 | Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American | 12/22 at 100.00 | N/R | 1,394,695 |
Montessori Academy, Series 2007, 6.500%, 12/01/37 | ||||
1,000 | Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, | 12/22 at 100.00 | BBB– | 1,000,020 |
Chandler Park Academy Project, Series 2008, 6.500%, 11/01/35 | ||||
100,000 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue | 6/33 at 11.41 | N/R | 3,957,000 |
Bonds, Capital Appreciation Turbo Term Series 2008C, 0.000%, 6/01/58 | ||||
1,000 | Summit Academy North, Michigan, Revenue Bonds, Public School Academy, Refunding Series | 11/28 at 103.00 | BB | 776,980 |
2021, 4.000%, 11/01/41 | ||||
500 | Summit Academy, Michigan, Revenue Bonds, Public School Academy Series 2005, | 12/22 at 100.00 | B+ | 463,960 |
6.375%, 11/01/35 | ||||
535 | Universal Academy, Michigan, Public School Academy Bonds, Refunding Series 2021, | 12/28 at 103.00 | BBB– | 493,361 |
4.000%, 12/01/31 | ||||
152,680 | Total Michigan | 30,094,547 | ||
Minnesota – 1.1% (0.6% of Total Investments) | ||||
2,000 | Bethel, Minnesota, Charter School Lease Revenue Bonds, Level Up Academy, Series 2021A, | 6/29 at 102.00 | N/R | 1,348,640 |
5.000%, 6/15/56 | ||||
665 | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy | 7/25 at 100.00 | N/R | 577,007 |
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 | 790,380 |
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 | 401,526 |
Performing Arts Project, Series 2016A, 5.000%, 7/01/47 | ||||
1,190 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Cyber Village Academy | 6/32 at 100.00 | N/R | 1,056,506 |
Project, Series 2022A, 5.500%, 6/01/57 | ||||
100 | Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Northeast College Prep | 7/30 at 100.00 | N/R | 77,243 |
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 | 1,809,860 |
Bonds, Community School of Excellence, Series 2016A, 5.750%, 7/01/47, 144A | ||||
1,000 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 9/30 at 100.00 | BB+ | 825,500 |
Bonds, Hmong College Prep Academy Project, Refunding Series 2020A, 5.000%, 9/01/55 | ||||
1,225 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 6/29 at 102.00 | N/R | 789,610 |
Bonds, Math & Science Academy Charter School Project, Series 2021A, 4.000%, 6/01/51, 144A | ||||
3,000 | Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint | 12/22 at 100.00 | BBB– | 2,718,870 |
Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37, (AMT), 144A | ||||
Woodbury, Minnesota, Charter School Lease Revenue Bonds, Woodbury Leadership Academy, | ||||
Series 2021A: | ||||
850 | 4.000%, 7/01/41 | 7/28 at 103.00 | BB– | 648,720 |
575 | 4.000%, 7/01/56 | 7/28 at 103.00 | BB– | 386,354 |
14,110 | Total Minnesota | 11,430,216 | ||
Mississippi – 0.1% (0.0% of Total Investments) | ||||
500 | Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, King | 10/26 at 100.00 | N/R | 358,960 |
Edward Mixed-Use Project, Refunding Series 2019A, 4.250%, 10/15/49, (Mandatory | ||||
Put 10/15/39), 144A |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Mississippi | ||||
$ 535 | Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care | 12/22 at 100.00 | N/R | $ 454,361 |
Apartments, Series 2004-2, 6.125%, 9/01/34, (AMT) 2021 04-2 | ||||
1,035 | Total Mississippi | 813,321 | ||
Missouri – 4.4% (2.6% of Total Investments) | ||||
655 | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward | 4/26 at 100.00 | N/R | 532,214 |
Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, | ||||
5.000%, 4/01/46, 144A | ||||
9,740 | Kansas City, Missouri, Special Obligation Bonds, Main Streetcar Expansion Project Series | 9/32 at 100.00 | AA– | 8,381,270 |
2022C, 4.000%, 9/01/46, (UB) (8) | ||||
2,000 | Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty | 6/25 at 100.00 | N/R | 1,745,700 |
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 | A+ | 8,255,000 |
Mercy Health, Series 2017C, 4.000%, 11/15/49, (UB) (8) | ||||
15,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 6/30 at 100.00 | A+ | 12,137,850 |
Mercy Health, Series 2020, 4.000%, 6/01/53, (UB) (8) | ||||
Missouri Southern State University, Auxiliary Enterprise System Revenue Bonds, Series 2021: | ||||
1,000 | 4.000%, 10/01/34 | 10/31 at 100.00 | N/R | 846,650 |
1,000 | 4.000%, 10/01/44 | 10/31 at 100.00 | N/R | 744,030 |
490 | North Outer Forty Transportation Development District, Chesterfield, Missouri, | No Opt. Call | N/R | 328,006 |
Transportation Development Revenue Notes, Refunding Series 2021A, 4.000%, 12/01/46 2021 2021 | ||||
Saint Louis County, Missouri, Special Obligation Bonds, Community Center Projects, Series 2022A: | ||||
8,050 | 4.000%, 12/01/40, (UB) (8) | 12/30 at 100.00 | AA | 7,192,514 |
8,970 | 4.000%, 12/01/41, (UB) (8) | 12/30 at 100.00 | AA | 7,926,609 |
1,351 | Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square | 3/23 at 100.00 | N/R | 418,810 |
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 | 51,240 |
Projects, Series 2007A, 3.300%, 12/31/26 (4) | ||||
58,988 | Total Missouri | 48,559,893 | ||
Nevada – 1.2% (0.7% of Total Investments) | ||||
2,000 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 2/31 at 100.00 | N/R | 1,674,800 |
Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020, 6.750%, 2/15/38, 144A | ||||
1,000 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 12/27 at 100.00 | N/R | 862,860 |
Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017, 6.250%, 12/15/37, (AMT), 144A | ||||
2,000 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 8/29 at 100.00 | N/R | 1,521,280 |
Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, 5.750%, 2/15/38, (AMT), 144A | ||||
940 | Henderson, Nevada, Local Improvement District No. T-20 Rainbow Canyon, Local Improvement | 9/28 at 100.00 | N/R | 892,173 |
Bonds, Series 2018, 5.375%, 9/01/48 | ||||
10,000 | Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue | 7/28 at 100.00 | A | 8,079,800 |
Bonds, Series 2018B, 4.000%, 7/01/49, (UB) (8) | ||||
550 | North Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 64 Valley | 12/28 at 100.00 | N/R | 468,748 |
Vista, Series 2019, 4.625%, 6/01/49 | ||||
16,490 | Total Nevada | 13,499,661 | ||
New Jersey – 4.0% (2.4% of Total Investments) | ||||
2,500 | New Jersey Economic Development Authority, Lease Revenue Bonds, State Government | 12/27 at 100.00 | BBB | 2,395,050 |
Buildings-Health Department & Taxation Division Office Project, Series 2018A, 5.000%, | ||||
6/15/47, (UB) (8) | ||||
5,000 | New Jersey Economic Development Authority, Lease Revenue Bonds, State Government | 12/27 at 100.00 | BBB | 4,790,100 |
Buildings-Juvenile Justice Commission Facilities Project, Series 2018C, 5.000%, 6/15/47, (UB) (8) | ||||
9,500 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | 6/27 at 100.00 | BBB | 9,227,920 |
2017DDD, 5.000%, 6/15/42, (UB) (8) |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New Jersey | ||||
$ 4,100 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | 12/22 at 101.00 | B+ | $ 4,035,220 |
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 | B+ | 2,052,939 |
Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30, (AMT) | ||||
40,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding | No Opt. Call | BBB | 19,418,000 |
Series 2006C, 0.000%, 12/15/36 – AMBAC Insured, (UB) (8) | ||||
2,200 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 2,022,812 |
Bonds, Series 2018B, 5.000%, 6/01/46 | ||||
65,380 | Total New Jersey | 43,942,041 | ||
New Mexico – 0.4% (0.2% of Total Investments) | ||||
265 | Mariposa East Public Improvement District, New Mexico, Revenue Bonds, Capital | 3/23 at 64.12 | N/R | 117,822 |
Appreciation Taxable Series 2015D, 0.000%, 3/01/32 | ||||
45 | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, | 9/25 at 100.00 | N/R | 40,570 |
Series 2015A, 5.900%, 9/01/32 | ||||
185 | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, | 9/25 at 100.00 | N/R | 169,214 |
Series 2015B, 5.900%, 9/01/32 | ||||
330 | Mariposa East Public Improvement District, New Mexico, Special Levy Revenue Bonds, | No Opt. Call | N/R | 292,225 |
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 | 1,109,292 |
Revenue Bonds, Series 2013, 7.250%, 10/01/43 | ||||
1,020 | Volterra Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue | 10/24 at 100.00 | N/R | 949,232 |
Bonds, Series 2014, 6.750%, 10/01/33 | ||||
500 | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross | 5/29 at 103.00 | N/R | 393,920 |
Receipts Tax Increment Bonds, Senior Lien Series 2022, 4.250%, 5/01/40, 144A | ||||
1,500 | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross | 11/23 at 103.00 | N/R | 1,285,530 |
Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A | ||||
5,055 | Total New Mexico | 4,357,805 | ||
New York – 10.2% (6.0% of Total Investments) | ||||
610 | Build New York City Resource Corporation, New York, Revenue Bonds, New World Preparatory | 6/31 at 100.00 | N/R | 468,565 |
Charter School Project, Series 2021A, 4.000%, 6/15/41 | ||||
2,350 | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of | 9/25 at 100.00 | N/R | 2,328,403 |
Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A | ||||
Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | ||||
School, Series 2020A-1: | ||||
5,000 | 5.250%, 6/01/40, 144A | 12/30 at 100.00 | N/R | 3,830,200 |
2,000 | 5.500%, 6/01/55, 144A | 12/30 at 100.00 | N/R | 1,432,100 |
Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | ||||
School, Series 2020C-1: | ||||
1,000 | 5.000%, 6/01/40, 144A | 12/30 at 100.00 | N/R | 803,780 |
2,000 | 5.000%, 6/01/55, 144A | 12/30 at 100.00 | N/R | 1,449,740 |
1,000 | Build Resource Corporation, New York, Revenue Bonds, Shefa School, Series 2021A | 6/31 at 100.00 | N/R | 871,310 |
5.000%, 6/15/51, 144A | ||||
9,000 | Dormitory Authority of the State of New York, General Revenue Bonds, Northwell Health | 5/32 at 100.00 | A– | 7,946,730 |
Obligated Group, Series 2022A, 4.250%, 5/01/52 – AGM Insured, (UB) (8) | ||||
3,220 | Dormitory Authority of the State of New York, General Revenue Bonds, Yeshiva University, | 7/32 at 100.00 | BBB– | 2,972,382 |
Series 2022A, 5.000%, 7/15/50 | ||||
10,000 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, | 3/30 at 100.00 | A2 | 6,458,600 |
Series 2020A, 3.000%, 9/01/50 – AGM Insured, (UB) (8) | ||||
200 | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical | 6/27 at 100.00 | BBB– | 190,558 |
Center Obligated Group, Series 2017, 5.000%, 12/01/36, 144A | ||||
4,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 3/32 at 100.00 | AA+ | 3,397,960 |
General Purpose Series 2022A, 4.000%, 3/15/49, (UB) (8) |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New York | ||||
$ 2,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 3/32 at 100.00 | AA+ | $ 1,698,980 |
General Purpose, Bidding Group 5 Series 2021E, 4.000%, 3/15/49 | ||||
1,000 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/30 at 100.00 | N/R | 914,010 |
Academy Charter School Project, Series 2020A, 5.730%, 2/01/50 | ||||
Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | ||||
Academy Charter School Project, Series 2021A: | ||||
2,360 | 4.050%, 2/01/31 | 2/30 at 100.00 | A2 | 2,001,894 |
1,000 | 4.600%, 2/01/51 | 2/30 at 100.00 | A2 | 703,330 |
1,000 | Madison County Capital Resource Corporation, New York, Revenue Bonds, Cazenovia College | 9/22 at 100.00 | N/R | 900,000 |
Project, Series 2019A, 5.500%, 9/01/23 (4) | ||||
10,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 5/30 at 100.00 | BBB+ | 9,418,200 |
Climate Bond Certified Series 2020C-1, 5.250%, 11/15/55, (UB) (8) | ||||
1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 11/30 at 100.00 | BBB+ | 939,830 |
Climate Bond Certified Series 2020D-1, 5.000%, 11/15/43, (UB) (8) | ||||
1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 11/30 at 100.00 | BBB+ | 765,910 |
Climate Bond Certified Series 2020D-3, 4.000%, 11/15/49, (UB) (8) | ||||
11,850 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue | 9/26 at 100.00 | Aa2 | 9,171,545 |
Bonds, Sustainable Neighborhood Series 2018K, 4.125%, 11/01/53, (UB) (8) | ||||
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, | ||||
Bronx Parking Development Company, LLC Project, Series 2007: | ||||
1,500 | 0.000%, 10/01/37 (4) | 12/22 at 100.00 | N/R | 1,200,000 |
5,000 | 0.000%, 10/01/46 (4) | 12/22 at 100.00 | N/R | 4,000,000 |
170 | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, | 12/22 at 100.00 | N/R | 165,320 |
Special Needs Facilities Pooled Program, Series 2008A-1, 5.800%, 7/01/23, 144A | ||||
2,000 | New York Counties Tobacco Trust IV, Tobacco Settlement Pass-Through Bonds, Turbo Term | 11/22 at 100.00 | B– | 1,706,500 |
Series 2005A, 5.000%, 6/01/42 | ||||
1,000 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 878,600 |
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 | 3,103,913 |
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 | 6,001,920 |
Center Project, Class 3 Series 2014, 7.250%, 11/15/44, 144A | ||||
2,000 | New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Series | 9/31 at 100.00 | AA+ | 1,351,260 |
2021A, 3.000%, 3/15/50 | ||||
10,000 | New York Transportation Development Corporation, New York, Special Facility Revenue | 11/22 at 100.00 | B– | 9,825,600 |
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series | ||||
2016, 5.000%, 8/01/31, (AMT) | ||||
3,070 | New York Transportation Development Corporation, New York, Special Facility Revenue | 8/30 at 100.00 | B– | 2,989,750 |
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, | ||||
5.375%, 8/01/36, (AMT) | ||||
1,000 | New York Transportation Development Corporation, New York, Special Facility Revenue | No Opt. Call | B | 862,170 |
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2021, | ||||
3.000%, 8/01/31, (AMT) | ||||
1,000 | Niagara Area Development Corporation, New York, Revenue Bonds; Catholic Health System, | 7/32 at 100.00 | N/R | 702,860 |
Inc, Series 2022, 4.500%, 7/01/52 | ||||
5,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred | 8/32 at 100.00 | A+ | 4,664,000 |
Thirty Series 2022, 4.625%, 8/01/52, (AMT), (UB) (8) | ||||
385 | Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue | 12/22 at 100.00 | N/R | 385,085 |
Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23, (AMT) | ||||
855 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | 6/31 at 27.72 | N/R | 71,367 |
Asset-Backed Bonds, Series 2021B-2, 0.000%, 6/01/66 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New York | ||||
Westchester County Local Development Corporation, New York, Revenue Bond, Purchase | ||||
Senior Learning Community, Inc. Project, Accd Inv Series 2021A: | ||||
$ 5,000 | 4.500%, 7/01/56, 144A | 7/27 at 104.00 | N/R | $ 3,293,350 |
2,775 | 5.000%, 7/01/56, 144A | 7/27 at 104.00 | N/R | 2,043,343 |
9,975 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester | 11/25 at 100.00 | BBB– | 9,028,273 |
Medical Center Obligated Group Project, Refunding Series 2016, 5.000%, 11/01/46, (UB) (8) | ||||
250 | Western Regional Off-Track Betting Corporation, New York, Tax Exempt Revenue Bonds, | 6/31 at 100.00 | N/R | 179,732 |
Additional Secured General Obligation Series 2021, 4.125%, 12/01/41, 144A | ||||
131,820 | Total New York | 111,117,070 | ||
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 | 1,000,000 |
Project, Series 2013, 7.750%, 9/01/38 (4) | ||||
Ohio – 5.6% (3.3% of Total Investments) | ||||
137,120 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | 13,705,144 |
Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, | ||||
0.000%, 6/01/57 | ||||
10,195 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 8,592,958 |
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 | ||||
1,500 | Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center | 12/22 at 100.00 | N/R (7) | 1,503,105 |
Project, Liberty Community Authority, Series 2014C, 6.000%, 12/01/43, (Pre-refunded 12/01/22) | ||||
250 | Cleveland-Cuyahoga County Port Authority, Ohio, Tax Increment Financing Revenue Bonds, | 12/29 at 100.00 | BB | 182,565 |
Flats East Bank Project, Refunding Senior Series 2021A, 4.000%, 12/01/55, 144A | ||||
340 | Evans Farm New Community Authority, Ohio, Community Development Charge Revenue Bonds, | 6/29 at 100.00 | N/R | 247,217 |
Evans Farm Mixed-Use Project, Series 2020, 4.000%, 12/01/46 | ||||
1,000 | Jefferson County Port Authority, Ohio, Economic Development Revenue Bonds, JSW Steel | 12/31 at 100.00 | Ba2 | 648,980 |
USA Ohio, Inc. Project, Series 2021, 3.500%, 12/01/51, (AMT) | ||||
11,160 | Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network | 8/26 at 100.00 | A2 | 9,152,986 |
Obligated Group, Series 2016, 4.000%, 8/01/47, (UB) (8) | ||||
2,800 | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, | No Opt. Call | N/R | 3,500 |
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/23 | ||||
3,310 | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG | 7/29 at 100.00 | B– | 2,794,832 |
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 | 456 |
FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 | ||||
1,300 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 1,123,967 |
FirstEnergy Generation Corporation Project, Refunding Series 2009D, 3.375%, 8/01/29, | ||||
(Mandatory Put 9/15/21) | ||||
4,750 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 5,937 |
FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (4) | ||||
1,000 | Ohio Higher Educational Facility Commission, Senior Hospital Parking Revenue Bonds, | 1/30 at 100.00 | A3 | 940,510 |
University Circle Incorporated 2020 Project, Series 2020, 5.000%, 1/15/50 | ||||
3,085 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy | No Opt. Call | N/R | 3,856 |
Generating Corporation Project, Refunding Series 2006A, 3.000%, 5/15/49 (4) | ||||
3,000 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 3,750 |
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 | 319 |
Generating Corporation Project, Refunding Series 2008B, 3.625%, 10/01/33 | ||||
1,015 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 1,269 |
Generating Corporation Project, Refunding Series 2008C, 3.950%, 11/01/32 (4) |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Ohio | ||||
$ 2,725 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | $ 3,406 |
Generating Corporation Project, Refunding Series 2010A, 3.750%, 7/01/33 (4) | ||||
11,300 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 10,446,737 |
Nuclear Generating Corporation Project, Series 2010B, 4.750%, 6/01/33, (Mandatory Put 6/01/22) | ||||
1,000 | Port of Greater Cincinnati Development Authority, Ohio, Public Improvement TOT Revenue | 12/28 at 100.00 | N/R | 722,310 |
Bonds, Series 2021, 4.250%, 12/01/50, 144A | ||||
1,000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment | 11/30 at 100.00 | N/R | 728,490 |
Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, | ||||
Senior Lien Series 2019A, 5.000%, 11/01/51 | ||||
8,500 | Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series | 12/27 at 103.00 | N/R | 6,826,520 |
2020A, 7.000%, 12/01/42, (AMT), 144A | ||||
2,000 | Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series | 12/24 at 105.00 | N/R | 1,959,640 |
2020B, 10.000%, 12/01/25, (AMT), 144A | ||||
2,000 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education | 3/25 at 100.00 | N/R | 1,907,680 |
Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, | ||||
6.000%, 3/01/45 | ||||
210,970 | Total Ohio | 61,506,134 | ||
Oklahoma – 1.8% (1.1% of Total Investments) | ||||
1,200 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | 8/32 at 100.00 | N/R | 1,041,996 |
Project, Taxable Series 2022, 5.500%, 8/15/44 | ||||
1,000 | Tulsa Authority for Economic Opportunity, Tulsa County, Oklahoma, Tax Apportionment | 12/31 at 100.00 | N/R | 770,400 |
Revenue Bonds, Santa Fe Square Project, Series 2021, 4.375%, 12/01/41, 144A | ||||
495 | Tulsa Authority for Economic Opportunity, Tulsa County, Oklahoma, Tax Apportionment | 12/31 at 100.00 | N/R | 359,915 |
Revenue Bonds, Vast Bank Project, Series 2021, 4.000%, 12/01/43, 144A | ||||
15,000 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., | 6/23 at 100.00 | N/R | 14,916,600 |
Refunding Series 2000B, 5.500%, 6/01/35, (AMT) | ||||
2,600 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., | 6/23 at 100.00 | N/R | 2,604,524 |
Refunding Series 2001B, 5.500%, 12/01/35, (AMT) | ||||
20,295 | Total Oklahoma | 19,693,435 | ||
Oregon – 0.1% (0.0% 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 | 419,598 |
2,000 | 0.000%, 6/15/50 | 6/30 at 55.67 | Aa1 | 453,440 |
3,750 | Total Oregon | 873,038 | ||
Pennsylvania – 2.2% (1.3% of Total Investments) | ||||
2,280 | Allentown Commercial and Industrial Development Authority, Pennsylvania, Revenue Bonds, | 6/29 at 103.00 | N/R | 1,777,875 |
Arts Academy Charter Middle School Foundation Project, Series 2022A, 5.000%, 6/15/57, 144A | ||||
955 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/31 at 100.00 | N/R | 900,727 |
Bonds, 615 Waterfront Project, Senior Series 2021, 6.000%, 5/01/42, 144A | ||||
1,250 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/28 at 100.00 | N/R | 1,162,262 |
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 | 3,125 |
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 | 3,394 |
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (4) | ||||
500 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | 4/31 at 100.00 | N/R | 359,860 |
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 | ||||
290 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University | 10/29 at 100.00 | BB+ | 236,913 |
Project, Series 2020, 5.000%, 10/01/49 | ||||
1,000 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of | 10/27 at 100.00 | BB | 872,010 |
Science & Technology Project, Series 2017, 5.125%, 10/15/41, 144A |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Pennsylvania | ||||
$ 1,500 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of | 10/28 at 100.00 | BB | $ 1,446,345 |
Science & Technology Project, Series 2020, 6.250%, 10/15/53, 144A | ||||
1,245 | Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd | 11/31 at 100.00 | A– | 943,274 |
Group, Series 2021A, 4.000%, 11/01/51, (UB) (8) | ||||
675 | Lehigh County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds, | 5/30 at 100.00 | BB | 598,975 |
Seven Generations Charter School, Series 2021A, 4.000%, 5/01/31 | ||||
1,720 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | 6/30 at 100.00 | N/R | 1,500,580 |
KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1, 10.000%, 12/01/40, 144A | ||||
1,720 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | 6/30 at 100.00 | N/R | 1,500,580 |
KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, 10.000%, 12/01/40, (AMT), 144A | ||||
3,000 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | No Opt. Call | N/R | 2,562,960 |
KDC Agribusiness Fairless Hills LLC Project, Series 2021A, 10.000%, 12/01/31 | ||||
5 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | No Opt. Call | N/R | 6 |
Shippingport Project, First Energy Guarantor., Series 2006A, 2.550%, 11/01/41 (4) | ||||
6,650 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue | 9/25 at 100.00 | CCC | 5,469,625 |
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 0.000%, 12/01/38 (4) | ||||
1,000 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana | 12/27 at 100.00 | N/R | 813,360 |
Bracetti Academy Project, Series 2020A, 5.375%, 6/15/50, 144A | ||||
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana | ||||
Bracetti Academy Project, Taxable Series 2020B: | ||||
975 | 4.875%, 12/15/35, 144A | 12/27 at 100.00 | N/R | 838,042 |
1,000 | 5.125%, 12/15/44, 144A | 12/27 at 100.00 | N/R | 809,720 |
2,500 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Nueva | 1/23 at 100.00 | N/R (7) | 2,518,225 |
Esperanza, Inc. – Esperanza Academy Charter School, Series 2013, 8.000%, 1/01/33, | ||||
(Pre-refunded 1/01/23) | ||||
180 | The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, | 5/24 at 100.00 | BB+ | 168,653 |
Guaranteed Lease Revenue Bonds, Series 2016A, 5.000%, 11/15/28 | ||||
33,660 | Total Pennsylvania | 24,486,511 | ||
Puerto Rico – 10.9% (6.4% of Total Investments) | ||||
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien | ||||
Series 2020A: | ||||
2,000 | 5.000%, 7/01/35, 144A | 7/30 at 100.00 | N/R | 1,838,280 |
3,000 | 5.000%, 7/01/47, 144A | 7/30 at 100.00 | N/R | 2,571,090 |
8,625 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Federally Taxable Build | 12/22 at 100.00 | D | 6,511,875 |
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) | 12/22 at 100.00 | D | 3,638,337 |
185 | 3.961%, 7/01/42 (4) | 12/22 at 100.00 | D | 138,750 |
2,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 3.999%, | No Opt. Call | D | 1,502,500 |
7/01/20 (4) | ||||
1,025 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 3.957%, | 12/22 at 100.00 | D | 771,312 |
7/01/37 (4) | ||||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA: | ||||
5,690 | 3.978%, 7/01/23 (4) | No Opt. Call | N/R | 4,253,275 |
3,000 | 3.978%, 7/01/25 (4) | 12/22 at 100.00 | D | 2,257,500 |
1,186 | 3.978%, 7/01/28 (4) | 12/22 at 100.00 | D | 892,465 |
890 | 3.978%, 7/01/29 (4) | 12/22 at 100.00 | D | 669,725 |
658 | 3.978%, 7/01/31 (4) | 12/22 at 100.00 | D | 495,145 |
405 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC, 3.957%, | 12/22 at 100.00 | D | 304,763 |
7/01/28 (4) | ||||
1,350 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 3.978%, | 12/22 at 100.00 | D | 1,015,875 |
7/01/40 (4) |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Puerto Rico | ||||
$ 4,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ, 3.978%, | 7/20 at 100.00 | D | $ 2,990,000 |
7/01/21 (4) | ||||
1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A, 4.102%, | 7/23 at 100.00 | D | 767,500 |
7/01/36 (4) | ||||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW: | ||||
710 | 3.988%, 7/01/23 (4) | 12/22 at 100.00 | D | 535,163 |
360 | 3.988%, 7/01/23 (4) | No Opt. Call | N/R | 270,450 |
375 | 3.978%, 7/01/33 (4) | 12/22 at 100.00 | D | 282,187 |
5,500 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Taxable Build America Bond | 12/22 at 100.00 | D | 4,152,500 |
Series 2010EE, 4.044%, 7/01/32 (4) | ||||
5,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, | No Opt. Call | N/R | 4,710,050 |
5.250%, 7/01/38 – AMBAC Insured | ||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||
4,000 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 871,200 |
248,530 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 38,678,724 |
6,000 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 5,159,880 |
5,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | 7/28 at 100.00 | N/R | 4,206,000 |
Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40 | ||||
Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1: | ||||
– (9) | 5.625%, 7/01/27 | No Opt. Call | N/R | 92 |
1,014 | 5.625%, 7/01/29 | No Opt. Call | N/R | 1,020,817 |
984 | 5.750%, 7/01/31 | No Opt. Call | N/R | 992,112 |
6,201 | 0.000%, 7/01/33 | 7/31 at 89.94 | N/R | 3,160,849 |
933 | 4.000%, 7/01/33 | 7/31 at 103.00 | N/R | 791,684 |
6,979 | 4.000%, 7/01/41 | 7/31 at 103.00 | N/R | 5,325,671 |
14,018 | 4.000%, 7/01/46 | 7/31 at 103.00 | N/R | 10,211,446 |
17,483 | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022, | No Opt. Call | N/R | 7,998,805 |
0.000%, 11/01/43 | ||||
362,936 | Total Puerto Rico | 118,986,022 | ||
Rhode Island – 0.2% (0.1% of Total Investments) | ||||
18,260 | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed | 11/22 at 17.44 | CCC– | 2,453,779 |
Bonds, Series 2007A, 0.000%, 6/01/52 | ||||
South Carolina – 1.5% (0.9% of Total Investments) | ||||
640 | Hardeeville, South Carolina, Special Assessment Revenue Bonds, East Argent Improvement | 5/29 at 100.00 | N/R | 411,385 |
District, Series 2021, 4.000%, 5/01/52, 144A | ||||
Lancaster County, South Carolina, Special Assessment Bonds, Edgewater II Improvement | ||||
District, Capital Appreciation Series 2007-A&B: | ||||
8,025 | 0.000%, 11/01/39 | 12/22 at 27.63 | N/R | 1,474,835 |
7,790 | 0.000%, 11/01/39 | 12/22 at 27.63 | N/R | 1,431,646 |
5,000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 8/26 at 100.00 | N/R (7) | 5,260,700 |
Custodial Receipts CR-086, 5.000%, 8/15/36, (Pre-refunded 8/15/26), 144A | ||||
400 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 1/30 at 100.00 | N/R | 309,796 |
Hilton Head Christian Academy, Series 2020, 5.000%, 1/01/55, 144A | ||||
955 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 11/26 at 100.00 | N/R | 990,927 |
Midland Valley Preparatory School Project, Series 2014, 7.750%, 11/15/45, 144A | ||||
3,000 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | No Opt. Call | N/R | 1,841,520 |
Patriots Place Apartments Project, Series 2022A-1, 5.750%, 6/01/52 | ||||
1,000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue | 11/26 at 100.00 | N/R | 747,740 |
Bonds, Horse Creek Academy Project, Series 2021A, 5.000%, 11/15/55, 144A | ||||
4,215 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue | 12/29 at 100.00 | Baa3 | 3,635,269 |
Bonds, Lowcountry Leadership Charter School Project, Series 2019A, 5.000%, 12/01/49, 144A | ||||
750 | South Carolina Jobs-Economic Development Authority, Retirement Community Revenue Notes, | 11/22 at 100.00 | N/R | 759,645 |
Kiawah Life Plan Village, Inc. Project, Series 2021A, 8.750%, 7/01/25 | ||||
31,775 | Total South Carolina | 16,863,463 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
South Dakota �� 0.1% (0.0% of Total Investments) | ||||
$ 1,125 | Lincoln County, South Dakota, Economic Development Revenue Bonds, The Augustana College | 8/31 at 100.00 | BBB– | $ 778,455 |
Association Project, Series 2021A, 4.000%, 8/01/56 | ||||
Tennessee – 1.3% (0.7% of Total Investments) | ||||
1,000 | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, | 7/27 at 100.00 | N/R | 616,640 |
Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.625%, 1/01/46 | ||||
5,240 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 7/26 at 100.00 | A3 | 4,886,090 |
Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, | ||||
7/01/46, (UB) (8) | ||||
150 | Metropolitan Government of Nashville-Davidson County Industrial Development Board, | 6/31 at 100.00 | N/R | 109,566 |
Tennessee, Special Assessment Revenue Bonds, South Nashville Central Business Improvement | ||||
District, Series 2021A, 4.000%, 6/01/51, 144A | ||||
5,000 | The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue | 6/27 at 100.00 | N/R | 1,350,000 |
Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 7.500%, | ||||
6/01/47, 144A (4) | ||||
6,024 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, | No Opt. Call | BBB | 6,251,647 |
5.625%, 9/01/26 | ||||
900 | Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue | 12/22 at 100.00 | N/R | 599,877 |
Bonds, Rutland Place Inc. Project, Series 2015A, 5.500%, 1/01/46, 144A | ||||
18,314 | Total Tennessee | 13,813,820 | ||
Texas – 6.3% (3.7% of Total Investments) | ||||
1,000 | Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, | 10/31 at 100.00 | BBB– | 804,680 |
First-Lien Series 2021A, 4.000%, 10/01/50 | ||||
2,000 | Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, | 10/31 at 100.00 | N/R | 1,573,880 |
Second-Lien Series 2021B, 5.000%, 10/01/50, 144A | ||||
1,000 | Anna, Texas, Special Assessment Revenue Bonds, Sherley Tract Public Improvement District | 9/31 at 100.00 | N/R | 787,330 |
2 Area 1 Project, Series 2021, 4.000%, 9/15/41, 144A | ||||
1,000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Brooks | 6/26 at 100.00 | N/R | 771,180 |
Academies, Series 2021A, 5.000%, 6/15/51 | ||||
1,000 | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Legacy | 2/30 at 100.00 | N/R | 686,520 |
Traditional Schools – Texas Project, Refunding Series 2021A, 4.500%, 2/15/56 | ||||
1,000 | Baytown Municipal Development District, Texas, Hotel Revenue Bonds, Baytown Convention | 10/31 at 100.00 | BBB– | 742,990 |
Center Hotel, First-Lien Series 2021A, 4.000%, 10/01/50 | ||||
300 | Bee Cave, Travis County, Texas, Special Assessment Revenue Bonds, Backyard Public | 9/31 at 100.00 | N/R | 253,854 |
Improvement District Project, Series 2021, 5.250%, 9/01/51, 144A | ||||
500 | Celina, Texas, Special Assessment Revenue Bonds, Celina Sutton Fields II Public | 9/29 at 100.00 | N/R | 393,000 |
Improvement District Neighborhood Improvement Areas 2-3 Project, Series 2019, 4.250%, | ||||
9/01/49, 144A | ||||
995 | Celina, Texas, Special Assessment Revenue Bonds, Creeks of Legacy Public Improvement | 3/23 at 103.00 | N/R | 1,024,343 |
District Phase 1 Project, Series 2014, 7.000%, 9/01/40 | ||||
500 | Celina, Texas, Special Assessment Revenue Bonds, The Parks at Wilson Creek Public | 9/31 at 100.00 | N/R | 398,085 |
Improvement District Initial Major Improvement Project, Series 2021, 4.500%, 9/01/51, 144A | ||||
1,765 | Comal County Meyer Ranch Municipal Utility District, Texas, General Obligation Bonds, | 8/26 at 100.00 | N/R | 1,065,177 |
Road Series 2021, 3.000%, 8/15/51 | ||||
675 | Conroe Local Government Corporation, Texas, Hotel Revenue and Contract Revenue Bonds, | 10/31 at 100.00 | A2 | 564,597 |
Subordinate Third Lien Series 2021C, 4.000%, 10/01/50 | ||||
1,000 | Crandall, Kaufman County, Texas, Special Assessment Revenue Bonds, Crandall Carwright | 9/31 at 100.00 | N/R | 778,320 |
Ranch Public Improvement District Improvement Area 1 Project, Series 2021, 4.500%, 9/15/51, 144A | ||||
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A: | ||||
315 | 6.625%, 9/01/31, (Pre-refunded 9/01/23) | 9/23 at 100.00 | N/R (7) | 323,143 |
1,000 | 6.375%, 9/01/42, (Pre-refunded 9/01/23) | 9/23 at 100.00 | N/R (7) | 1,024,660 |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Texas | ||||
$ 165 | Fate, Rockwall County, Texas, Special Assessment Revenue Bonds, Williamsburg Public | 8/27 at 100.00 | N/R | $ 132,058 |
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 | 12/22 at 100.00 | Baa2 | 1,376,475 |
Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38 | ||||
1,000 | Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, | 12/22 at 100.00 | B3 | 999,880 |
Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28, (AMT) | ||||
1,450 | Harris County Municipal Utility District 213A, Texas, General Obligation Bonds, Series | 4/29 at 100.00 | N/R | 909,411 |
2021, 3.000%, 4/01/48 | ||||
125 | Haslett, Texas, Special Assessment Revenue Bonds, Haslet Public Improvement District 5 | 9/29 at 100.00 | N/R | 101,040 |
Improvement Area 1 Project, Series 2019, 4.375%, 9/01/49, 144A | ||||
740 | Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series | 12/22 at 100.00 | N/R | 699,774 |
2006A, 6.000%, 2/15/36 | ||||
1,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines | 12/22 at 100.00 | B | 999,910 |
Inc. �� Terminal Improvement Project, Refunding Series 2011, 6.625%, 7/15/38, (AMT) | ||||
3,080 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | 7/29 at 100.00 | B– | 2,373,510 |
Terminal E Project, Series 2021A, 4.000%, 7/01/41, (AMT) | ||||
500 | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Durango Farms Public | 9/29 at 100.00 | N/R | 362,790 |
Improvement Project Series 2021, 4.000%, 9/01/56, 144A | ||||
500 | Hutto, Williams County Texas, Special Assessment Revenue Bonds, Emory Crossing, Public | 9/29 at 100.00 | N/R | 362,320 |
Improvement Area 1 Project Series 2021, 4.000%, 9/01/56, 144A | ||||
1,000 | Kaufman County Fresh Water Supply District 1-D, Texas, General Obligation Road Bonds, | 9/26 at 100.00 | N/R | 623,840 |
Series 2021, 3.000%, 9/01/46 | ||||
500 | Kaufman,Texas, Special Assessment Revenue Bonds, Kaufman Public Improvement District 1 | 9/31 at 100.00 | N/R | 367,000 |
Phase 1A-1B Project, Series 2021, 4.000%, 9/15/50, 144A | ||||
4,000 | Legato Community Authority, Commerce City, Texas, Limited Tax Supported Revenue | 6/26 at 100.67 | N/R | 2,323,760 |
Bonds, District 1, 2, 3 & 7, Convertible Capital Appreciation Series 2021A-2, 5.000%, 12/01/51 | ||||
1,000 | Legato Community Authority, Commerce City, Texas, Limited Tax Supported Revenue | 6/26 at 103.00 | N/R | 843,580 |
Bonds, District 1, 2, 3 & 7, Series 2021B, 8.250%, 12/15/51 | ||||
1,435 | Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement | 9/31 at 100.00 | N/R | 1,069,405 |
District Improvement Area 1-2 Project, Series 2021, 4.000%, 9/15/51, 144A | ||||
Manor, Texas, Special Assessment Revenue Bonds, Manor Heights Public Improvement | ||||
District Major Improvement Area Project, Series 2021: | ||||
900 | 4.125%, 9/15/41, 144A | 9/31 at 100.00 | N/R | 716,940 |
1,500 | 4.375%, 9/15/51, 144A | 9/31 at 100.00 | N/R | 1,146,915 |
1,170 | McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement | 9/29 at 100.00 | N/R | 1,013,980 |
District Improvement Area 2 Project, Series 2019, 4.250%, 9/15/39, 144A | ||||
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 | 282,090 |
500 | 6.000%, 9/15/49, 144A | 9/29 at 100.00 | N/R | 463,615 |
1,965 | Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro | 1/26 at 102.00 | N/R | 39,304 |
Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45, (AMT), 144A 2045 2045 (4) | ||||
1,125 | Missouri City Management District 1, Fort Bend County, Texas, General Obligation Bonds, | 9/27 at 100.00 | N/R | 749,273 |
Road Series 2021, 3.000%, 9/01/46 | ||||
20,000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue | 1/28 at 103.00 | N/R | 14,828,000 |
Bonds, Sanctuary LTC LLC Project, Series 2021A-1, 5.500%, 1/01/57 | ||||
1,000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | N/R (7) | 1,023,130 |
Revenue Bonds, CHF-Collegiate Housing Corpus Christi I, L.L.C.-Texas A&M University-Corpus | ||||
Christi Project, Series 2014A, 5.000%, 4/01/44, (Pre-refunded 4/01/24) | ||||
1,000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/26 at 100.00 | N/R (7) | 1,047,520 |
Revenue Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M | ||||
University – San Antonio Project, Series 2016A, 5.000%, 4/01/48, (Pre-refunded 4/01/26) |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Texas | ||||
$ 1,000 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | N/R (7) | $ 1,021,740 |
Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, | ||||
Series 2014A, 5.000%, 4/01/44, (Pre-refunded 4/01/24) | ||||
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 (4) | 7/25 at 100.00 | CCC | 1,062,500 |
2,445 | 5.000%, 7/01/47 (4) | 7/25 at 100.00 | CCC | 2,078,250 |
250 | Newark Higher Education Finance Corporation, Texas, Education Revenue Bonds, TLC | 8/28 at 100.00 | BB | 169,085 |
Academy, Series 2021A, 4.000%, 8/15/56 | ||||
500 | North Parkway Municipal Management District 1, Celina, Texas, Special Assessment Revenue | 9/31 at 100.00 | N/R | 434,710 |
Bonds, Major Improvements Project, Series 2021, 5.000%, 9/15/51, 144A | ||||
1,070 | Oak Point, Denton County, Texas, Special Assessment Revenue Bonds, Oak Point Public | 9/30 at 100.00 | N/R | 815,147 |
Improvement District 2 Project, Series 2020, 4.000%, 9/01/50, 144A | ||||
250 | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement | 9/32 at 100.00 | N/R | 227,860 |
District Zone A Improvement Area 1 Project, Series 2022, 5.625%, 9/15/52, 144A | ||||
325 | Pilot Point, Texas, Special Assessment Revenue Bonds, Creekview Public Improvement | 9/32 at 100.00 | N/R | 296,218 |
District Zone B Improvement Area 1 Project, Series 2022, 5.625%, 9/15/52, 144A | ||||
2,000 | Plano, Collin and Denton Counties, Texas, Special Assessment Revenue Bonds, Collin Creek | 9/31 at 100.00 | N/R | 1,504,600 |
East Public Improvement District Project, Series 2021, 4.375%, 9/15/51, 144A | ||||
1,000 | Plano, Collin and Denton Counties, Texas, Special Assessment Revenue Bonds, Collin Creek | 9/31 at 100.00 | N/R | 733,610 |
West Public Improvement District Project, Series 2021, 4.000%, 9/15/51, 144A | ||||
440 | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility | 12/22 at 103.00 | N/R | 301,356 |
Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2020, 4.000%, 1/01/50, (AMT), 144A | ||||
8,000 | Port Beaumont Navigation District, Jefferson County, Texas, Dock and Wharf Facility | 7/23 at 103.00 | N/R | 4,429,920 |
Revenue Bonds, Jefferson Gulf Coast Energy Project, Series 2021A, 3.000%, 1/01/50, (AMT), 144A | ||||
Port Freeport, Brazoria County, Texas, Revenue Bonds, Senior Lien Series 2021: | ||||
1,500 | 4.000%, 6/01/46, (AMT) | 6/31 at 100.00 | A+ | 1,222,110 |
1,500 | 4.000%, 6/01/51, (AMT) | 6/31 at 100.00 | A+ | 1,174,230 |
1,000 | Princeton, Collins County, Texas, Special Assessment Revenue Bonds, Winchester Public | 9/30 at 100.00 | N/R | 918,340 |
Improvement District 2 Project, Series 2022, 5.250%, 9/01/52 | ||||
205 | Princeton, Texas, Special Assessment Revenue Bonds, Whitewing Trails Public Improvement | 9/29 at 100.00 | N/R | 175,000 |
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 | 176,964 |
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 | 12/22 at 100.00 | N/R | 1,220,000 |
Bonds, Eden Home Inc., Series 2012, 4.087%, 12/15/32 (4) | ||||
150 | Rowlett, Texas, Special Assessment Revenue Bonds, Bayside Public Improvement District | 3/24 at 102.00 | N/R | 140,256 |
North Improvement Area, Series 2016, 5.750%, 9/15/36 | ||||
3,280 | Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, | 9/27 at 100.00 | AA+ | 3,232,112 |
Series 2018A, 4.250%, 9/01/48, (UB) (8) | ||||
1,997 | Texas State Affordable Housing Corporation Multifamily Housing Revenue Bonds, Peoples El | 1/34 at 100.00 | N/R | 1,695,769 |
Shaddai Village and St. James Manor Apartments Project, Series 2016, 4.850%, 12/01/56, 144A | ||||
91,852 | Total Texas | 69,077,056 | ||
Utah – 0.6% (0.3% of Total Investments) | ||||
2,500 | Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds, | 9/26 at 103.00 | N/R | 1,713,600 |
Series 2021A, 4.000%, 3/01/51, 144A | ||||
1,000 | Black Desert Public Infrastructure District, Utah, Limited Tax General Obligation Bonds, | 9/26 at 103.00 | N/R | 763,160 |
Subordinate Series 2021B, 7.375%, 9/15/51, 144A | ||||
1,000 | Military Installation Development Authority, Utah, Tax Allocation and Hotel Tax Revenue | 9/26 at 103.00 | N/R | 692,140 |
Bonds, Series 2021A-1, 4.000%, 6/01/52 | ||||
2,000 | ROAM Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, | 9/26 at 103.00 | N/R | 1,353,720 |
Series 2021A, 4.250%, 3/01/51, 144A |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Utah | ||||
$ 985 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High | 1/25 at 102.00 | N/R | $ 712,894 |
School Project, Series 2020A, 5.125%, 7/15/51, 144A | ||||
1,000 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Providence Hall | 10/31 at 100.00 | Aa2 | 793,320 |
Projects, Refunding Series 2021A, 4.000%, 10/15/51 | ||||
8,485 | Total Utah | 6,028,834 | ||
Virgin Islands – 1.4% (0.8% of Total Investments) | ||||
2,375 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, | 10/32 at 100.00 | N/R | 2,341,821 |
Series 2022A, 5.000%, 10/01/39 | ||||
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding | ||||
Series 2014C: | ||||
1,000 | 5.000%, 10/01/30, 144A | 10/24 at 100.00 | N/R | 940,850 |
5,000 | 5.000%, 10/01/39, 144A | 10/24 at 100.00 | N/R | 4,405,500 |
3,000 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond | No Opt. Call | N/R | 2,804,700 |
Anticipation Notes, Senior Series 2021A, 6.750%, 7/01/26, 144A | ||||
3,085 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond | No Opt. Call | N/R | 2,986,743 |
Anticipation Notes, Taxable Series 2022A, 7.750%, 7/01/24 | ||||
215 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond | No Opt. Call | N/R | 211,837 |
Anticipation Notes, Taxable Series 2022B, 10.000%, 7/01/24 | ||||
1,480 | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds, WICO | 10/29 at 104.00 | N/R | 1,389,306 |
Financing, Series 2022B, 6.250%, 10/01/42, (AMT), 144A | ||||
16,155 | Total Virgin Islands | 15,080,757 | ||
Virginia – 4.4% (2.6% of Total Investments) | ||||
762 | Celebrate Virginia North Community Development Authority, Special Assessment Revenue | No Opt. Call | N/R | 495,300 |
Bonds, Series 2003B, 4.125%, 3/01/22 (4) | ||||
1,000 | Cutalong II Community Development Authority, Louisa County, Virginia, Special Assessment | 3/27 at 103.00 | N/R | 734,260 |
Revenue Bonds, Cutalong II Project, Series 2022, 4.500%, 3/01/55, 144A | ||||
720 | Farms of New Kent Community Development Authority, Virginia, Special Assessment Bonds, | 3/31 at 100.00 | N/R | 639,346 |
Refunding Series 2021A, 3.750%, 3/01/36, 144A | ||||
10,000 | Hampton Roads Transportation Accountability Commission, Virginia, Revenue Bonds, Hampton | 7/30 at 100.00 | AA | 8,622,600 |
Roads Transportation Fund, Senior Lien Series 2020A, 4.000%, 7/01/50, (UB) (8) | ||||
15,000 | Industrial Development Authority of the City of Newport News, Virginia, Health System | 7/27 at 100.00 | N/R | 13,701,450 |
Revenue Bonds, Riverside Health System, Series 2017A, 5.000%, 7/01/46, 144A | ||||
11,495 | Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra | 1/32 at 100.00 | Baa1 | 9,103,695 |
Health Obligated Group, Refunding Series 2021, 4.000%, 1/01/55, (UB) (8) | ||||
1,000 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed | 11/22 at 100.00 | B– | 872,250 |
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 | 6,217,680 |
Provident Resource Group – Rixey Student Housing Project, Series 2019A, 5.500%, 7/01/54, 144A | ||||
7,535 | Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, | No Opt. Call | N/R | 6,926,329 |
Provident Resource Group – Rixey Student Housing Project, Series 2019B, 6.525%, 7/01/52, 144A | ||||
(cash 7.500%, PIK 7.500%) | ||||
550 | West Falls Community Development Authority, Arlington County, Virginia, Revenue Bonds, | 9/32 at 100.00 | N/R | 509,646 |
Series 2022A, 5.375%, 9/01/52, 144A | ||||
55,062 | Total Virginia | 47,822,556 | ||
Washington – 1.3% (0.7% of Total Investments) | ||||
1,000 | King County Public Hospital District 4, Washington, Hospital Revenue Bonds, Snoqualmie | 12/25 at 100.00 | N/R | 1,006,100 |
Valley Hospital, Series 2015A, 6.250%, 12/01/45 | ||||
1,000 | Kitsap County Consolidated Housing Authority, Washington, Pooled Tax Credit Housing | 12/22 at 100.00 | N/R | 896,940 |
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 | 1,283,828 |
Revenue Refunding Bonds, Delta Air Lines, Inc. Project, Series 2012, 5.000%, 4/01/30, (AMT) |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Washington | ||||
$ 2,500 | Seattle Housing Authority, Washington, Revenue Bonds, Lam Bow Apartments Project, Series | 6/31 at 100.00 | AA | $ 1,423,575 |
2021, 2.500%, 6/01/54 | ||||
195 | Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, | 11/22 at 100.00 | N/R | 175,161 |
Series 2013, 5.750%, 4/01/43 | ||||
3,065 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | 1/28 at 100.00 | N/R | 1,229,371 |
Bonds, Columbia Pulp I, LLC Project, Series 2017A, 7.500%, 1/01/32, (AMT), 144A (4),(6) | ||||
545 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | 1/28 at 100.00 | N/R | 218,599 |
Bonds, Columbia Pulp I, LLC Project, Series 2018, 7.250%, 1/01/32, (AMT), 144A (4),(6) | ||||
1,565 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | 1/28 at 100.00 | N/R | 627,722 |
Bonds, Columbia Pulp I, LLC Project, Series 2019A, 7.500%, 1/01/32, (AMT), 144A (4),(6) | ||||
1,000 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | No Opt. Call | N/R | 741,640 |
Bonds, Columbia Pulp I, LLC Project, Senior Series 2021A, 12.000%, 1/01/33, (AMT), 144A (4) | ||||
255 | Washington Economic Development Finance Authority, Environmental Facilities Revenue | No Opt. Call | N/R | 190,332 |
Bonds, Columbia Pulp I, LLC Project, Taxable Senior Series 2021B, 14.250%, 1/01/27, 144A (4) | ||||
7,330 | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical | 8/27 at 100.00 | BBB– | 6,002,317 |
Center, Series 2017, 4.000%, 8/15/42, (UB) (8) | ||||
19,755 | Total Washington | 13,795,585 | ||
West Virginia – 0.4% (0.2% of Total Investments) | ||||
1,308 | Berkeley, Hardy and Jefferson Counties, West Virginia, as Joint Issuers, Commercial | 12/23 at 100.00 | N/R | 1,195,172 |
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 Bonds, | 6/27 at 100.00 | N/R | 1,106,291 |
University Town Centre Economic Opportunity Development District, Refunding & Improvement | ||||
Series 2017A, 5.750%, 6/01/43, 144A | ||||
1,000 | Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, | 6/31 at 100.00 | N/R | 827,490 |
University Town Centre Economic Opportunity Development District, Refunding & Improvement | ||||
Series 2021A, 4.125%, 6/01/43, 144A | ||||
1,000 | West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, | 12/27 at 103.00 | N/R | 775,710 |
Empire Trimodal Terminal, LLC Project, Series 2020, 7.625%, 12/01/40, 144A | ||||
4,433 | Total West Virginia | 3,904,663 | ||
Wisconsin – 8.4% (4.9% of Total Investments) | ||||
2,500 | Gillett, Wisconsin, Solid Waste Disposal Revenue Bonds, WI RNG Hub North LLC Renewable | 12/26 at 100.00 | N/R | 1,992,900 |
Natural Gas Production Plant Project, Series 2021A, 5.500%, 12/01/32, 144A | ||||
2,000 | Lac Courte Oreilles Band of Lake Superior Chippewa Indians, Wisconsin, General Revenue | 12/27 at 100.00 | N/R | 1,756,840 |
Bonds, Refunding Series 2017, 6.750%, 6/01/32 | ||||
255 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Ascend Leadership | 6/29 at 100.00 | N/R | 189,057 |
Academy Project, Series 2021A, 5.000%, 6/15/51, 144A | ||||
850 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Coral Academy of | 6/27 at 100.00 | N/R | 557,149 |
Science, Reno, Series 2021A, 4.000%, 6/01/51, 144A | ||||
150 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Founders Academy of | 7/28 at 100.00 | BB– | 120,335 |
Las Vegas, Series 2020A, 5.000%, 7/01/55, 144A | ||||
2,015 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Guilford | 4/31 at 100.00 | N/R | 1,560,920 |
Preparatory Academy, North Carolina, Taxable Series 2022A, 5.000%, 4/01/57, 144A | ||||
1,000 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, High Desert | 6/29 at 100.00 | N/R | 800,810 |
Montessori Charter School, Series 2021A, 5.000%, 6/01/51, 144A | ||||
4,985 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina | 6/26 at 100.00 | N/R | 3,650,067 |
Charter Educational Foundation Project, Series 2016A, 5.000%, 6/15/46, 144A | ||||
500 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Point College | 6/27 at 103.00 | N/R | 369,240 |
Preparatory, Series 2020A, 5.000%, 6/15/55, 144A |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Wisconsin | ||||
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 (4) | No Opt. Call | N/R | $ 245 |
11 | 0.000%, 1/01/48, 144A (4) | No Opt. Call | N/R | 204 |
11 | 0.000%, 1/01/49, 144A (4) | No Opt. Call | N/R | 190 |
10 | 0.000%, 1/01/50, 144A (4) | No Opt. Call | N/R | 171 |
10 | 0.000%, 1/01/51, 144A (4) | No Opt. Call | N/R | 160 |
13 | 0.000%, 1/01/52, 144A (4) | No Opt. Call | N/R | 194 |
13 | 0.000%, 1/01/53, 144A (4) | No Opt. Call | N/R | 182 |
13 | 0.000%, 1/01/54, 144A (4) | No Opt. Call | N/R | 166 |
13 | 0.000%, 1/01/55, 144A (4) | No Opt. Call | N/R | 155 |
12 | 0.000%, 1/01/56, 144A (4) | No Opt. Call | N/R | 144 |
667 | 0.000%, 7/01/56, 144A (4) | 3/28 at 100.00 | N/R | 371,419 |
14 | 0.000%, 1/01/57, 144A (4) | No Opt. Call | N/R | 151 |
13 | 0.000%, 1/01/58, 144A (4) | No Opt. Call | N/R | 140 |
13 | 0.000%, 1/01/59, 144A (4) | No Opt. Call | N/R | 130 |
13 | 0.000%, 1/01/60, 144A (4) | No Opt. Call | N/R | 119 |
12 | 0.000%, 1/01/61, 144A (4) | No Opt. Call | N/R | 111 |
12 | 0.000%, 1/01/62, 144A (4) | No Opt. Call | N/R | 102 |
12 | 0.000%, 1/01/63, 144A (4) | No Opt. Call | N/R | 95 |
12 | 0.000%, 1/01/64, 144A (4) | No Opt. Call | N/R | 89 |
11 | 0.000%, 1/01/65, 144A (4) | No Opt. Call | N/R | 82 |
12 | 0.000%, 1/01/66, 144A (4) | No Opt. Call | N/R | 82 |
148 | 0.000%, 1/01/67, 144A (4) | No Opt. Call | N/R | 896 |
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 (4) | No Opt. Call | N/R | 502 |
24 | 0.000%, 1/01/47, 144A (4) | No Opt. Call | N/R | 461 |
24 | 0.000%, 1/01/48, 144A (4) | No Opt. Call | N/R | 436 |
23 | 0.000%, 1/01/49, 144A (4) | No Opt. Call | N/R | 410 |
23 | 0.000%, 1/01/50, 144A (4) | No Opt. Call | N/R | 377 |
25 | 0.000%, 1/01/51, 144A (4) | No Opt. Call | N/R | 393 |
651 | 1.000%, 7/01/51, 144A (4) | 3/28 at 100.00 | N/R | 299,555 |
25 | 0.000%, 1/01/52, 144A (4) | No Opt. Call | N/R | 364 |
25 | 0.000%, 1/01/53, 144A (4) | No Opt. Call | N/R | 342 |
25 | 0.000%, 1/01/54, 144A (4) | No Opt. Call | N/R | 320 |
24 | 0.000%, 1/01/55, 144A (4) | No Opt. Call | N/R | 300 |
24 | 0.000%, 1/01/56, 144A (4) | No Opt. Call | N/R | 282 |
24 | 0.000%, 1/01/57, 144A (4) | No Opt. Call | N/R | 265 |
23 | 0.000%, 1/01/58, 144A (4) | No Opt. Call | N/R | 247 |
23 | 0.000%, 1/01/59, 144A (4) | No Opt. Call | N/R | 234 |
23 | 0.000%, 1/01/60, 144A (4) | No Opt. Call | N/R | 219 |
23 | 0.000%, 1/01/61, 144A (4) | No Opt. Call | N/R | 204 |
23 | 0.000%, 1/01/62, 144A (4) | No Opt. Call | N/R | 191 |
22 | 0.000%, 1/01/63, 144A (4) | No Opt. Call | N/R | 179 |
22 | 0.000%, 1/01/64, 144A (4) | No Opt. Call | N/R | 170 |
22 | 0.000%, 1/01/65, 144A (4) | No Opt. Call | N/R | 158 |
22 | 0.000%, 1/01/66, 144A (4) | No Opt. Call | N/R | 145 |
281 | 0.000%, 1/01/67, 144A (4) | No Opt. Call | N/R | 1,705 |
4,700 | Public Finance Authority of Wisconsin, Contract Revenue Bonds, Mercer Crossing Public | 3/27 at 100.00 | N/R | 4,939,841 |
Improvement District Project, Series 2017, 7.000%, 3/01/47, 144A | ||||
1,500 | Public Finance Authority of Wisconsin, Education Revenue Bonds, Pioneer Springs | 6/27 at 100.00 | N/R | 1,270,305 |
Community School, Series 2020A, 6.250%, 6/15/40, 144A | ||||
1,000 | Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore | 6/28 at 100.00 | N/R | 760,090 |
Academy, Series 2021A, 5.000%, 6/01/56, 144A | ||||
2,000 | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie | 10/29 at 100.00 | N/R | 1,513,860 |
College, Series 2019A, 5.875%, 10/01/54, 144A |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Wisconsin | ||||
$ 830 | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Cottonwood | 12/22 at 100.00 | N/R (7) | $ 831,992 |
Classical Preparatory School in Albuquerque, New Mexico, Series 2012A, 6.250%, 12/01/42, | ||||
(Pre-refunded 12/01/22) | ||||
1,550 | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy | 8/28 at 100.00 | N/R | 1,174,404 |
Project, Series 2021, 5.000%, 8/01/51, 144A | ||||
3,000 | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, Lenoir-Rhyne | 4/32 at 100.00 | BBB | 2,608,020 |
University, Refunding Series 2022, 5.125%, 4/01/52 | ||||
335 | Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum | 8/26 at 100.00 | N/R | 274,040 |
Company Project, Refunding Series 2016, 4.000%, 8/01/35, (AMT) | ||||
1,275 | Public Finance Authority of Wisconsin, Hospital Revenue Bonds, Carson Valley Medical | 12/31 at 100.00 | BB+ | 1,004,305 |
Center, Series 2021A, 4.000%, 12/01/41 | ||||
5,000 | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio | 2/32 at 100.00 | BBB– | 4,104,850 |
Hotel Acquisition Project, Senior Lien Series 2022A, 5.000%, 2/01/62 | ||||
6,665 | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio | 2/32 at 100.00 | N/R | 5,749,229 |
Hotel Acquisition Project, Subordinate Lien Series 2022B, 6.000%, 2/01/62, 144A | ||||
Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American | ||||
Dream @ Meadowlands Project, Series 2017A: | ||||
1,665 | 3.125%, 8/01/27, 144A (4) | No Opt. Call | N/R | 1,356,775 |
1,000 | 3.375%, 8/01/31, 144A (4) | No Opt. Call | N/R | 594,000 |
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 | 1,645,600 |
19,335 | 7.000%, 12/01/50, 144A | 12/27 at 100.00 | N/R | 15,866,301 |
400 | Public Finance Authority of Wisconsin, Retirement Facility Revenue Bonds, Shalom Park | No Opt. Call | N/R | 212,000 |
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 | 2,442,300 |
2018A, 6.500%, 9/01/48, 144A | ||||
500 | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, | 10/27 at 100.00 | N/R | 385,505 |
Senior Series 2017A, 7.000%, 10/01/47, 144A (4) | ||||
Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, | ||||
Senior Series 2018A: | ||||
4,415 | 6.950%, 7/01/38, 144A | 7/28 at 100.00 | N/R | 3,527,011 |
6,585 | 7.000%, 7/01/48, 144A | 7/28 at 100.00 | N/R | 5,260,032 |
1,060 | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health | 4/25 at 100.00 | BB | 1,020,981 |
Sciences, Series 2015, 5.875%, 4/01/45 | ||||
Public Finance Authority of Wisconsin, Revenue Bonds, SearStone Retirement Community, | ||||
Series 2023A: | ||||
1,000 | 5.000%, 6/01/37 (WI/DD, Settling 3/03/23) | 6/28 at 103.00 | N/R | 812,820 |
4,000 | 5.000%, 6/01/52 (WI/DD, Settling 3/03/23) | 6/28 at 103.00 | N/R | 2,782,080 |
Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group | ||||
Aviation Facilities Project, Series 2021: | ||||
1,200 | 4.000%, 7/01/41, (AMT) | 7/31 at 100.00 | N/R | 849,360 |
2,485 | 4.250%, 7/01/54, (AMT) | 7/31 at 100.00 | N/R | 1,622,630 |
1,000 | Public Finance Authority of Wisconsin, Revenue Bonds, Wonderful Foundations Charter | 1/31 at 100.00 | N/R | 704,710 |
School WFCS Portfolio Projects, Senior Series 2021A-1, 5.000%, 1/01/56, 144A | ||||
2,500 | Public Finance Authority of Wisconsin, Senior Revenue Bonds, Fargo-Moorhead Metropolitan | 9/31 at 100.00 | Baa3 | 1,719,150 |
Area Flood Risk Management P3 Project, Green Series 2021, 4.000%, 3/31/56, (AMT) | ||||
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 | 615,000 |
2,000 | 6.250%, 1/01/38, 144A | 1/28 at 100.00 | N/R | 1,230,000 |
3,500 | 6.375%, 1/01/48, 144A | 1/28 at 100.00 | N/R | 2,152,500 |
91 | Public Finance Authority, Wisconsin, Revenue Bonds, Minnesota College of Osteopathic | 12/28 at 100.00 | N/R | 28,301 |
Medicine, Senior Series 2019A-1, 0.000%, 12/01/48, 144A (4) |
NMZ | Nuveen Municipal High Income Opportunity Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Wisconsin | ||||
$ 815 | Public Finance Authority, Wisconsin, Revenue Bonds, Ocean Academy Charter School, Series | 10/31 at 100.00 | N/R | $ 631,128 |
2021, 5.000%, 10/15/56, 144A | ||||
1,000 | Saint Croix Chippewa Indians of Wisconsin, Revenue Bonds, Refunding Senior Series 2021, | 9/28 at 100.00 | N/R | 736,480 |
5.000%, 9/30/41, 144A | ||||
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | ||||
Ascension Health Alliance Senior Credit Group, Series 2016A: | ||||
3,600 | 4.000%, 11/15/46, (UB) | 5/26 at 100.00 | AA+ | 2,925,108 |
1,400 | 4.000%, 11/15/46, (Pre-refunded 5/15/26), (UB) | 5/26 at 100.00 | N/R (7) | 1,416,506 |
6,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Medical | 11/26 at 100.00 | Aa3 | 4,976,040 |
College of Wisconsin, Inc., Series 2016, 4.000%, 12/01/46, (UB) (8) | ||||
116,644 | Total Wisconsin | 91,423,258 | ||
$ 2,793,701 | Total Municipal Bonds (cost $2,123,135,963) | 1,798,420,602 |
Shares | Description (1) | Value |
COMMON STOCKS – 5.8% (3.4% of Total Investments) | ||
Airlines – 0.3% (0.2% of Total Investments) | ||
227,514 | American Airlines Group Inc (10),(11) | $ 3,226,149 |
Independent Power And Renewable Electricity Producers – 5.5% (3.2% of Total Investments) | ||
750,823 | Energy Harbor Corp (11),(12), | 60,403,711 |
Total Common Stocks (cost $27,440,408) | 63,629,860 |
Principal | |||||
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value |
CORPORATE BONDS – 0.0% (0.0% of Total Investments) | |||||
Machinery – 0.0% (0.0% of Total Investments) | |||||
$ 260 | Columbia Pulp I LLC | 16.000% | 2/28/23 | N/R | $ 259,707 |
Real Estate Management & Development – 0.0% (0.0% of Total Investments) | |||||
300 | Zilkha Biomass Selma LLC (4),(6) | 5.000% | 8/01/28 | N/R | 128,070 |
3,170 | Zilkha Biomass Selma LLC (4),(6) | 10.000% | 8/01/38 | N/R | 32 |
3,470 | Total Real Estate Management & Development | 128,102 | |||
$ 3,730 | Total Corporate Bonds (cost $3,729,707) | 387,809 |
Principal | Reference | ||||||
Amount (000) | Description (1) | Coupon (13) | Rate (13) | Spread (13) | Maturity (14) | Ratings (3) | Value |
VARIABLE RATE SENIOR LOAN INTERESTS – 0.0% (0.0% of Total Investments) (13) | |||||||
Hotels, Restaurants & Leisure – 0.0% (0.0% of Total Investments) | |||||||
$ 58 | Lombard Starwood Westin Hotel Conference Center and Hotel | ||||||
Project Revenue Bonds(cash 7.500%, PIK 7.500%)(15) | 7.500% | N/A | N/A | 12/31/23 | N/R | $ 57,734 | |
$ 58 | Total Variable Rate Senior Loan Interests (cost $57,734) | 57,734 | |||||
Total Long-Term Investments (cost $2,154,363,812) | 1,862,496,005 | ||||||
Floating Rate Obligations – (40.5)% | (442,605,000) | ||||||
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (32.6)%(16) | (356,453,246) | ||||||
Other Assets Less Liabilities – 2.7% | 29,546,576 | ||||||
Net Assets Applicable to Common Shares – 100% | $ 1,092,984,335 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(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. Ratings are not covered by the report of independent registered public accounting firm. |
(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) | For fair value measurement disclosure purposes, investment classified as Level 3. |
(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, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(9) | Principal Amount (000) rounds to less than $1,000. |
(10) | 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 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. |
(11) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(12) | Common Stock received as part of the bankruptcy settlements during February 2020 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. |
(13) | Senior loans generally pay interest at rates which are periodically adjusted by reference to a base short-term, floating lending rate (Reference Rate) plus an assigned fixed rate (Spread). These floating lending rates are generally (i) the lending rate referenced by the London Inter-Bank Offered Rate (“LIBOR”), or (ii) the prime rate offered by one or more major United States banks. Senior loans may be considered restricted in that the Fund ordinarily is contractually obligated to receive approval from the agent bank and/or borrower prior to the disposition of a senior loan. The rate shown is the coupon as of the end of the reporting period. |
(14) | Senior loans generally are subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments of senior loans may occur. As a result, the actual remaining maturity of senior loans held may be substantially less than the stated maturities shown. |
(15) | Senior loan received as part of the bondholder funding agreement during March 2022 for Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1, 0.000%, 7/01/56, 144A. |
(16) | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 19.1% |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
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. |
N/A | Not Applicable. |
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. |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
NMCO | Nuveen Municipal Credit Opportunities Fund |
Portfolio of Investments | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
LONG-TERM INVESTMENTS – 176.8% (100.0% of Total Investments) | ||||
MUNICIPAL BONDS – 164.7% (93.2% of Total Investments) | ||||
Alabama – 6.6% (3.7% of Total Investments) | ||||
$ 395 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | No Opt. Call | B– | $ 429,084 |
United States Steel Corporation Project, Green Series 2020, 6.375%, 11/01/50, (AMT), | ||||
(Mandatory Put 11/01/30) | ||||
38,450 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | 10/29 at 100.00 | B | 38,854,655 |
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: | ||||
428 | 4.500%, 5/01/32, 144A | 5/29 at 100.00 | N/R | 363,056 |
500 | 5.250%, 5/01/44, 144A | 5/29 at 100.00 | N/R | 407,765 |
39,773 | Total Alabama | 40,054,560 | ||
Arizona – 4.1% (2.3% of Total Investments) | ||||
4,000 | Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/24 at 101.00 | N/R | 3,382,000 |
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 | 1,611,709 |
1,500 | 5.000%, 7/01/54, 144A | 7/29 at 100.00 | BB | 1,277,115 |
340 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest | 7/28 at 100.00 | BB+ | 268,263 |
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 | 773,600 |
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 | BB+ | 1,852,520 |
5,355 | 5.000%, 7/01/49, 144A | 7/29 at 100.00 | BB+ | 4,685,036 |
1,525 | 5.000%, 7/01/54, 144A | 7/29 at 100.00 | BB+ | 1,315,556 |
315 | Maricopa County Industrial Development Authority, Arizona, Educational Facilities | 10/27 at 103.00 | N/R | 296,355 |
Revenue Bonds, Ottawa University Projects, Series 2020, 5.500%, 10/01/51, 144A | ||||
600 | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/25 at 100.00 | BB | 582,966 |
Basis Schools, Inc. Projects, Series 2016A, 5.000%, 7/01/35, 144A | ||||
280 | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 9/30 at 100.00 | Ba2 | 213,811 |
Northwest Christian School Project, Series 2020A, 5.000%, 9/01/55, 144A | ||||
2,700 | Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Guam Facilities | 2/24 at 100.00 | B+ | 2,499,255 |
Foundation, Inc. Project, Series 2014, 5.375%, 2/01/41 | ||||
500 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 6/25 at 100.00 | N/R | 413,220 |
American Leadership Academy Project, Series 2019, 5.000%, 6/15/52, 144A | ||||
1,000 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 7/26 at 103.00 | N/R | 947,490 |
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 | 41,318 |
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 | 291,639 |
Synergy Public Charter School Project, Series 2020, 5.250%, 6/15/50, 144A | ||||
1,000 | Sierra Vista Industrial Development Authority, Arizona, Economic Development Revenue | 10/29 at 103.00 | N/R | 579,850 |
Bonds, Convertible Capital Appreciation Revenue Bonds, Series 2021A, 0.000%, 10/01/56 (4) |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Arizona | ||||
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 | $ 1,946,927 |
2,350 | 6.125%, 10/01/52, 144A | 10/27 at 100.00 | N/R | 1,956,962 |
28,960 | Total Arizona | 24,935,592 | ||
Arkansas – 1.1% (0.6% of Total Investments) | ||||
3,835 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue | 9/25 at 105.00 | BB– | 3,469,793 |
Bonds, United States Steel Corporation, Green Series 2022, 5.450%, 9/01/52, (AMT), 144A | ||||
4,050 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/26 at 103.00 | Ba3 | 3,176,982 |
Steel Project, Series 2019, 4.500%, 9/01/49, (AMT), 144A | ||||
7,885 | Total Arkansas | 6,646,775 | ||
California – 8.5% (4.8% of Total Investments) | ||||
3,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, K | 8/32 at 100.00 | N/R | 1,952,220 |
Street Flats, Series 2021A-2, 4.000%, 8/01/50, 144A | ||||
4,500 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 2/30 at 100.00 | N/R | 3,732,165 |
Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A | ||||
1,555 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 26.72 | N/R | 249,158 |
Los Angeles County Securitization Corporation, Series 2020B-2, 0.000%, 6/01/55 | ||||
1,530 | California Enterprise Development Authority, Charter School Revenue Bonds, Norton | 7/27 at 102.00 | N/R | 1,310,445 |
Science and Language Academy Project, Series 2020, 6.250%, 7/01/58, 144A | ||||
4,000 | California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A, | 10/27 at 103.00 | N/R | 3,899,320 |
6.000%, 10/01/50, 144A | ||||
2,000 | California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, | No Opt. Call | B+ | 1,857,420 |
Inc. Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29, (AMT) | ||||
1,385 | California Public Finance Authority, Charter School Lease Revenue Bonds, California | 7/28 at 100.00 | N/R | 1,054,498 |
Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A | ||||
320 | California Public Finance Authority, Senior Living Revenue Bonds, Enso Village, | 11/29 at 102.00 | N/R | 253,155 |
Refunding Green Series 2021A, 5.000%, 11/15/51, 144A | ||||
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 | 3,084,988 |
4,380 | 5.000%, 6/01/52, 144A | 6/26 at 100.00 | N/R | 3,128,722 |
1,260 | California School Finance Authority, California, Charter School Revenue Bonds, Encore | 12/22 at 100.00 | N/R | 1,258,979 |
Education, Series 2022, 8.000%, 7/01/30, 144A | ||||
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 | 1,226,051 |
700 | 5.000%, 6/01/59, 144A | 6/27 at 100.00 | N/R | 591,304 |
1,000 | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep | 6/28 at 100.00 | N/R | 692,120 |
Public Schools Obligated Group, Series 2020A, 5.000%, 6/01/60, 144A | ||||
2,065 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 12/24 at 100.00 | BB | 2,009,080 |
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: | ||||
1,480 | 5.000%, 12/01/41, 144A | 6/26 at 100.00 | BB | 1,356,287 |
10,090 | 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB | 9,176,552 |
1,095 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/28 at 100.00 | BB | 1,024,548 |
Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A |
NMCO | Nuveen Municipal Credit Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
California Statewide Community Development Authority, Revenue Bonds, Daughters of | ||||
Charity Health System, Series 2005A: | ||||
$ 104 | 5.750%, 7/01/24 (5),(6) | 1/22 at 100.00 | N/R | $ 104,007 |
1 | 5.750%, 7/01/30 (5),(6) | 1/22 at 100.00 | N/R | 1,317 |
50 | 5.750%, 7/01/35 (5),(6) | 1/22 at 100.00 | N/R | 49,864 |
82 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 1/22 at 100.00 | N/R | 81,626 |
Charity Health System, Series 2005G, 5.500%, 7/01/24 (5),(6) | ||||
37 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 1/22 at 100.00 | N/R | 37,193 |
Charity Health System, Series 2005H, 5.750%, 7/01/25 (5),(6) | ||||
25,000 | California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled | 11/22 at 23.48 | N/R | 5,394,500 |
Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46 | ||||
2,500 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 4/32 at 100.00 | N/R | 1,522,750 |
Vineyard Gardens Apartments, Senior Lien Series 2021A, 3.250%, 10/01/58, 144A | ||||
2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Wood | 6/32 at 100.00 | N/R | 1,335,280 |
Creek Apartments, Mezzanine Lien Series 2021A-2, 4.000%, 12/01/58 | ||||
55,565 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 12/31 at 27.75 | N/R | 4,654,124 |
Asset-Backed Bonds, Capital Appreciation Series 2021B-2, 0.000%, 6/01/66 | ||||
615 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/31 at 100.00 | Aa3 | 611,937 |
Airport, Refunding Subordinate Lien Series 2021A. Private Activity, 5.000%, 5/15/39, (AMT) | ||||
131,744 | Total California | 51,649,610 | ||
Colorado – 12.4% (7.0% of Total Investments) | ||||
3,000 | Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue | 12/28 at 103.00 | N/R | 2,519,460 |
Bonds, Refunding & Improvement Series 2021A, 5.750%, 12/01/51 | ||||
2,000 | Bradley Heights Metropolitan District 2, Colorado Springs, El Paso County, Colorado, | 9/26 at 103.00 | N/R | 1,403,640 |
General Obligation Limited Tax Bonds, Series 2021A-3, 4.750%, 12/01/51 | ||||
1,000 | Broadway Station Metropolitan District 3, Denver City and County, Colorado, General | 6/24 at 103.00 | N/R | 759,540 |
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 | 600,940 |
Obligation Limited Tax Bonds, Subordinate Convertible to Senior Capital Appreciation Series | ||||
2019B, 0.000%, 12/01/49 (4) | ||||
500 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds | 10/27 at 100.00 | N/R | 418,970 |
World Compass Academy Project, Series 2017, 5.375%, 10/01/37 | ||||
3,145 | Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | 3/32 at 100.00 | Ba2 | 2,769,896 |
Belle Creek Charter School, Series 2022A, 5.250%, 3/15/52, 144A | ||||
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | ||||
Loveland Classical Schools Project, Series 2016: | ||||
525 | 3.750%, 7/01/26, 144A | No Opt. Call | BB | 491,542 |
500 | 5.000%, 7/01/36, 144A | 7/26 at 100.00 | BB | 452,910 |
10,170 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Rocky Mountain | 10/27 at 100.00 | Ba1 | 8,432,862 |
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+ | 8,003,759 |
Series 2019A-2, 3.250%, 8/01/49 | ||||
2,100 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 11/32 at 100.00 | N/R | 2,079,903 |
Series 2022A, 5.250%, 11/01/52, (UB) (7) | ||||
1,000 | Copper Ridge Metropolitan District, Colorado Springs, Colorado, Tax Increment and Sales | 12/24 at 103.00 | N/R | 872,150 |
Tax Supported Revenue Bonds, Series 2019, 5.000%, 12/01/39 | ||||
2,000 | Crossroads Metropolitan District 1, El Paso County, Colorado, Limited Tax General | 12/29 at 103.00 | N/R | 1,776,260 |
Obligation and Special Revenue Bonds, Series 2022, 6.500%, 12/01/51 | ||||
14,000 | Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation | 3/25 at 93.28 | N/R | 9,409,400 |
Bonds, Convertible Capital Appreciation Series 2020A-2, 0.000%, 12/01/49 (4) | ||||
5,500 | Hess Ranch Metropolitan District 6, Parker, Colorado, Limited Tax General Obligation | 3/25 at 103.00 | N/R | 4,477,330 |
Bonds, Series 2020A-1, 5.000%, 12/01/49 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
$ 1,075 | Indy Oak Tod Metropolitan District, Lakewood, Jefferson County, Colorado, Limited Tax | 6/25 at 103.00 | N/R | $ 936,497 |
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 | 409,040 |
General Obligation Bonds, Refunding & Improvement Series 2019A, 5.000%, 12/01/49 | ||||
500 | Johnstown North Metropolitan District 2, Johnstown, Colorado, General Obligation Bonds, | 12/27 at 103.00 | N/R | 483,270 |
Refunding & Improvement Series 2022A, 7.000%, 8/15/52 (WI/DD, Settling 11/02/22) | ||||
1,000 | Lanterns Metropolitan District 2, Castle Rock, Douglas County, Colorado, Limited Tax | 9/26 at 103.00 | N/R | 694,870 |
General Obligation Bonds, Series 2021A-3, 4.500%, 12/01/50 | ||||
500 | Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, | 12/25 at 100.00 | N/R | 476,055 |
Refunding Series 2016, 4.000%, 12/01/26 | ||||
1,000 | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 808,170 |
Obligation Bonds, Series 2020A-3, 5.250%, 12/01/50 | ||||
515 | North Vista Highlands Metropolitan District 3, Pueblo County, Colorado, Limited Tax | 3/25 at 103.00 | N/R | 436,236 |
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 | 4,490,950 |
5,000 | 5.000%, 12/01/49 | 12/24 at 103.00 | N/R | 4,171,600 |
1,000 | Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation | 12/24 at 103.00 | N/R | 853,480 |
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 | 590,740 |
Tax Bonds, Series 2019A, 5.000%, 12/01/49 | ||||
4,445 | Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series | 6/29 at 103.00 | N/R | 3,997,700 |
2022, 6.500%, 12/01/34 | ||||
5,000 | Sagebrush Farm Metropolitan District 1, Aurora, Adams County, Colorado, General | 12/29 at 103.00 | N/R | 4,608,050 |
Obligation Limited Tax Bonds, Series 2022A, 6.750%, 12/01/52 | ||||
1,200 | Sky Ranch Community Authority Board, Arapahoe County, Colorado, Limited Tax Supported | 12/24 at 102.00 | N/R | 1,097,064 |
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 | 913,598 |
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 | 425,185 |
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 | 588,719 |
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 | 1,259,972 |
2,125 | 5.000%, 12/01/49 | 9/24 at 103.00 | N/R | 1,783,300 |
1,000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | 737,450 |
General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/51 | ||||
1,000 | Ward TOD Metropolitan District 1, Wheat Ridge, Jefferson County, Colorado, Limited Tax | 12/24 at 103.00 | N/R | 835,450 |
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 | 828,540 |
General Obligation Bonds, Convertible to Unlimited Tax Series 2019A, 5.000%, 12/01/49 | ||||
95,030 | Total Colorado | 75,894,498 | ||
District of Columbia – 3.0% (1.7% of Total Investments) | ||||
87,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | 12/22 at 23.49 | N/R | 16,857,990 |
Bonds, Series 2006A, 0.000%, 6/15/46 | ||||
2,000 | District of Columbia, Revenue Bonds, Saint Paul on Fouth Street, Inc., Series 2019A, | 5/30 at 100.00 | N/R | 1,379,540 |
5.250%, 5/15/55, 144A | ||||
89,000 | Total District of Columbia | 18,237,530 |
NMCO | Nuveen Municipal Credit Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Florida – 23.6% (13.4% 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 | $ 1,520,300 |
1,000 | 4.000%, 5/01/51 | 5/30 at 100.00 | N/R | 754,600 |
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 | 3,895,768 |
2,500 | 6.000%, 7/01/45, 144A | 7/25 at 100.00 | N/R | 2,199,700 |
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 | 130,654 |
100 | 5.000%, 12/15/50, 144A | 7/26 at 100.00 | N/R | 84,816 |
100 | Capital Trust Agency, Florida, Educational Facilities Revenue Bonds, Imagine School at | 12/30 at 100.00 | Ba1 | 85,144 |
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 | 1,767,812 |
Classical Academy, Series 2019A, 5.125%, 7/01/39, 144A | ||||
725 | Capital Trust Agency, Florida, Revenue Bonds, Provision CARES Proton Therapy Center, | 6/28 at 100.00 | N/R | 152,246 |
Orlando Project, Series 2018, 7.500%, 6/01/48, 144A 2018 1 (5) | ||||
1,000 | Capital Trust Agency, Florida, Revenue Bonds, Tuscan Gardens Senior Living Community | 12/22 at 103.00 | N/R | 727,500 |
Project, Series 2015A, 7.000%, 4/01/49 (5) | ||||
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 | 1,107,129 |
3,735 | 5.875%, 8/01/52, 144A | 8/24 at 103.00 | N/R | 2,504,467 |
2,085 | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria | 6/23 at 100.00 | BBB– | 2,083,290 |
University, Refunding Series 2013A, 6.125%, 6/01/43 | ||||
170 | Cypress Preserve Community Development District, Pasco County, Florida, Special | 11/29 at 100.00 | N/R | 132,299 |
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 | 977,750 |
1,000 | 5.750%, 11/01/49, 144A | 11/29 at 100.00 | N/R | 968,760 |
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 | 160,357 |
2,500 | 5.875%, 6/15/34, 144A | 6/24 at 100.00 | N/R | 2,184,800 |
5,795 | 6.000%, 6/15/44, 144A | 6/24 at 100.00 | N/R | 4,728,314 |
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 | 2,164,106 |
500 | 5.000%, 1/01/50, 144A | 1/27 at 100.00 | N/R | 419,315 |
1,575 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Southwest | 6/27 at 100.00 | N/R | 1,404,364 |
Charter Foundation Inc Projects, Series 2017A, 6.000%, 6/15/37, 144A | ||||
29,865 | Florida Development Finance Corporation, Florida, Surface Transportation Facility | 1/24 at 107.00 | N/R | 25,289,682 |
Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49, | ||||
(AMT), 144A | ||||
Florida Development Finance Corporation, Florida, Surface Transportation Facility | ||||
Revenue Bonds, Virgin Trains USA Passenger Rail Project, Series 2019A: | ||||
7,535 | 6.250%, 1/01/49, (AMT), (Mandatory Put 1/01/24), 144A | 12/22 at 102.00 | N/R | 7,176,711 |
3,200 | 6.375%, 1/01/49, (AMT), (Mandatory Put 1/01/26), 144A | 12/22 at 103.00 | N/R | 2,883,680 |
41,225 | 6.500%, 1/01/49, (AMT), (Mandatory Put 1/01/29), 144A | 12/22 at 103.00 | N/R | 36,323,347 |
10,000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail | 12/22 at 102.00 | N/R | 9,789,100 |
Expansion Project, Series 2022A, 7.250%, 7/01/57, (AMT), (Mandatory Put 10/03/23), 144A |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Florida | ||||
$ 3,000 | Florida Development Finance Corporation, Senior Living Revenue Bonds, Glenridge on | 6/28 at 103.00 | N/R | $ 2,313,900 |
Palmer Ranch Project, Refunding Series 2021, 5.000%, 6/01/51 | ||||
2,500 | Greater Orlando Aviation Authority, Florida, Special Purpose Airport Facilities Revenue | 5/23 at 100.00 | N/R | 2,505,000 |
Bonds, JetBlue Airways Corporation, Series 2013, 5.000%, 11/15/26, (AMT) | ||||
1,180 | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee | 12/22 at 100.00 | BB– | 1,177,534 |
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 | 804,520 |
1,100 | 5.625%, 12/01/37, 144A | 12/22 at 105.00 | N/R | 834,647 |
1,300 | 5.750%, 12/01/52, 144A | 12/22 at 105.00 | N/R | 880,139 |
690 | LT Ranch Community Development District, Sarasota County, Florida, Capital Improvement | 5/30 at 100.00 | N/R | 575,419 |
Revenue Bonds, Series 2019, 4.000%, 5/01/40 | ||||
2,425 | Mandarin Grove Community Development District, Manatee County, Florida, Special | 5/42 at 100.00 | N/R | 2,381,738 |
Assessment Revenue Bonds, 2022 Project Series 2022, 6.625%, 5/01/53, 144A (WI/DD, | ||||
Settling 11/03/22) | ||||
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 | BB+ | 1,200,704 |
1,000 | 5.000%, 7/01/27 | No Opt. Call | BB+ | 940,650 |
1,410 | Miami World Center Community Development District, Miami-Dade County, Florida, Special | 11/27 at 100.00 | N/R | 1,354,939 |
Assessment Bonds, Series 2017, 5.125%, 11/01/39 | ||||
2,410 | Middleton Community Development District A, Florida, Special Assessment Revenue Bonds, | 11/30 at 100.00 | N/R | 2,358,330 |
Series 2022, 6.200%, 5/01/53, 144A | ||||
4,935 | North Springs Improvement District, Browaard County, Florida, Special Assessment Bonds, | 5/28 at 100.00 | N/R | 4,719,341 |
Area C, Series 2017, 5.000%, 5/01/38 | ||||
500 | Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding & | 10/29 at 40.38 | BBB+ | 67,575 |
Improvement Capital Appreciation Series 2019A-2, 0.000%, 10/01/54 | ||||
100 | Parker Road Community Development District, Florida, Capital Improvement Revenue Bonds, | 5/30 at 100.00 | N/R | 79,202 |
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 | 97,773 |
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 | 3,170,958 |
2,440 | 5.750%, 11/15/54 | 11/26 at 103.00 | N/R | 1,986,624 |
2,395 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, | 5/29 at 100.00 | N/R | 2,075,986 |
Series 2019A-1, 4.750%, 5/01/50 | ||||
70 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, | No Opt. Call | N/R | 67,810 |
Series 2019A-2, 4.750%, 5/01/29 | ||||
1,680 | Twin Creeks North Community Development District, Florida, Special Assessment Bonds, | 11/31 at 100.00 | N/R | 1,660,327 |
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 | 483,620 |
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 | 781,758 |
Refunding Series 2019, 4.125%, 5/01/38, 144A | ||||
165,050 | Total Florida | 144,134,505 | ||
Georgia – 2.5% (1.4% 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 (5) | 1/28 at 100.00 | N/R | 662,500 |
7,030 | 6.750%, 1/01/35 (5) | 1/28 at 100.00 | N/R | 3,725,900 |
18,430 | 7.000%, 1/01/40 (5) | 1/28 at 100.00 | N/R | 9,767,900 |
NMCO | Nuveen Municipal Credit Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Georgia | ||||
$ 441 | Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, | No Opt. Call | Baa2 | $ 450,115 |
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 | 707,982 |
Series 2019, 5.125%, 10/01/39 | ||||
28,001 | Total Georgia | 15,314,397 | ||
Guam – 0.3% (0.2% of Total Investments) | ||||
2,105 | Guam Government, General Obligation Bonds, Series 2019, 5.000%, 11/15/31, (AMT) | 5/29 at 100.00 | Ba1 | 2,049,217 |
Hawaii – 0.1% (0.1% of Total Investments) | ||||
1,150 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade | 1/25 at 100.00 | BB+ | 940,666 |
University of Honolulu, Series 2015A, 5.000%, 1/01/45, 144A | ||||
Illinois – 15.1% (8.6% of Total Investments) | ||||
2,800 | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, | 1/26 at 100.00 | BBB+ | 2,651,516 |
1/01/38, (UB) | ||||
5,000 | Chicago, Illinois, General Obligation Bonds, Series 2019A, 5.500%, 1/01/49, (UB) | 1/29 at 100.00 | BBB+ | 4,845,200 |
3,965 | Chicago, Illinois, General Obligation Bonds, VAribale Rate Demand Series 2007F, 5.500%, | 1/25 at 100.00 | BBB+ | 3,868,532 |
1/01/42, (UB) | ||||
325 | Evergreen Park, Cook County, Illinois, Sales Tax Revenue Bonds, Evergreen Plaza | 12/29 at 100.00 | N/R | 260,611 |
Development Project, Senior Lien Series 2019A, 4.375%, 12/01/36, 144A | ||||
10,850 | Illinois Finance Authority, Revenue Bonds, Admiral at the Lake Project, Refunding Series | 5/24 at 103.00 | N/R | 7,135,177 |
2017, 5.250%, 5/15/54 | ||||
5,000 | Illinois Finance Authority, Student Housing Revenue Bonds, CHF-Collegiate Housing | 7/25 at 100.00 | B– | 3,608,300 |
Foundation – Cook LLC Northeastern Illinois University Project, Series 2015A, 5.000%, 7/01/47 | ||||
9,945 | Illinois State, General Obligation Bonds, June Series 2022A, 5.500%, 3/01/47, (UB) (7) | 3/32 at 100.00 | BBB+ | 9,628,550 |
4,840 | Illinois State, General Obligation Bonds, May Series 2018A, 5.000%, 5/01/32 | 5/28 at 100.00 | BBB | 4,807,136 |
890 | Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 | 5/30 at 100.00 | BBB | 894,717 |
14,600 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/28 | 11/27 at 100.00 | BBB | 14,625,404 |
Illinois State, General Obligation Bonds, November Series 2019C: | ||||
15,000 | 4.000%, 11/01/43 | 11/29 at 100.00 | BBB | 11,708,700 |
4,000 | 4.000%, 11/01/44 | 11/29 at 100.00 | BBB | 3,092,280 |
7,935 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/29 at 100.00 | BBB+ | 7,273,380 |
Bonds, Refunding Series 2020A, 5.000%, 6/15/50 | ||||
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | ||||
Bonds, Series 2012B: | ||||
3,135 | 0.000%, 12/15/50 | No Opt. Call | BBB+ | 568,344 |
2,500 | 0.000%, 12/15/51 | No Opt. Call | BBB+ | 425,475 |
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 | 3,359,840 |
22,500 | 0.000%, 12/15/56 – AGM Insured | No Opt. Call | AA | 3,436,200 |
4,565 | 5.000%, 6/15/57 | 12/27 at 100.00 | BBB+ | 4,135,023 |
10,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | No Opt. Call | AA | 1,527,200 |
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 | 428,735 |
Project, Senior Lien Series 2019, 5.000%, 1/01/39 | ||||
Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Series 2021: | ||||
425 | 4.000%, 10/01/39 – BAM Insured | 4/31 at 100.00 | AA | 368,003 |
800 | 4.000%, 10/01/40 – BAM Insured | 4/31 at 100.00 | AA | 686,168 |
700 | 4.000%, 10/01/41 – BAM Insured | 4/31 at 100.00 | AA | 595,973 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Illinois | ||||
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– | $ 132,582 |
120 | 4.000%, 1/01/39 | 1/30 at 100.00 | AA– | 105,041 |
1,000 | Yorkville United City Business District, Illinois, Storm Water and Water Improvement | 11/22 at 100.00 | N/R | 430,000 |
Project Revenue Bonds, Series 2007, 4.800%, 1/01/26 (5) | ||||
897 | Yorkville United City, Kendall County, Illinois, Sales Tax Revenue Bonds, Kendall | 11/22 at 100.00 | N/R | 896,615 |
Marketplace Project, Series 2007, 6.000%, 1/01/26 | ||||
850 | Yorkville, Illinois, Special Tax Bonds, Special Service Area 2006-113 Cannoball & | 12/22 at 100.00 | N/R | 831,079 |
Beecher, Series 2007, 5.750%, 3/01/28 | ||||
155,292 | Total Illinois | 92,325,781 | ||
Indiana – 1.0% (0.6% of Total Investments) | ||||
140 | Anderson, Indiana, Multifamily Housing Revenue Bonds, Sweet Galilee at the Wigwam | 1/27 at 102.00 | N/R | 109,715 |
Project, Series 2020A, 5.375%, 1/01/40, 144A | ||||
3,105 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Earlham College, | 10/23 at 100.00 | N/R | 3,112,266 |
Refunding Series 2013, 5.000%, 10/01/32 | ||||
500 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | 11/30 at 100.00 | B– | 550,180 |
Corporation Project, Series 2020, 6.750%, 5/01/39, (AMT) | ||||
2,325 | Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series | 1/24 at 100.00 | N/R | 2,378,824 |
2013, 7.000%, 1/01/44, (AMT) | ||||
6,070 | Total Indiana | 6,150,985 | ||
Iowa – 1.2% (0.7% of Total Investments) | ||||
8,540 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. | 12/22 at 100.00 | BBB– | 7,429,629 |
Project, Series 2012, 4.750%, 8/01/42 | ||||
Kansas – 1.1% (0.6% of Total Investments) | ||||
1,365 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation | 9/25 at 100.00 | N/R | 1,197,324 |
Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32 | ||||
6,475 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation | 3/29 at 103.00 | N/R | 5,712,439 |
Bonds, Village East Project Areas 2B 3 and 5, Series 2022, 5.750%, 3/01/41, 144A | ||||
7,840 | Total Kansas | 6,909,763 | ||
Louisiana – 1.8% (1.0% of Total Investments) | ||||
6,825 | Louisiana Local Government Environmental Facilities and Community Development Authority, | 11/29 at 100.00 | N/R | 4,924,920 |
Louisiana, Revenue Bonds, Jefferson Parish GOMESA Project, Series 2019, 4.000%, 11/01/44, 144A | ||||
260 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lake Charles College Prep | 6/27 at 100.00 | N/R | 190,544 |
Project, Series 2019A, 5.000%, 6/01/58, 144A | ||||
Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Tulane University, | ||||
Refunding Series 2020A: | ||||
1,765 | 4.000%, 4/01/50 | 4/30 at 100.00 | A+ | 1,436,569 |
235 | 4.000%, 4/01/50, (Pre-refunded 4/01/30) | 4/30 at 100.00 | N/R (8) | 241,321 |
200 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | No Opt. Call | BB– | 209,998 |
2008, 6.100%, 6/01/38, (Mandatory Put 6/01/30), 144A | ||||
1,235 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | 6/30 at 100.00 | BB– | 1,300,060 |
2010, 6.350%, 7/01/40, 144A | ||||
800 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | 6/30 at 100.00 | BB– | 842,144 |
2010A, 6.350%, 10/01/40, 144A | ||||
695 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | No Opt. Call | BB– | 729,743 |
2010B, 6.100%, 12/01/40, (Mandatory Put 6/01/30), 144A | ||||
1,085 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | No Opt. Call | BB– | 1,106,754 |
2011, 5.850%, 8/01/41, (Mandatory Put 6/01/25), 144A | ||||
13,100 | Total Louisiana | 10,982,053 |
NMCO | Nuveen Municipal Credit Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Maryland – 0.5% (0.3% of Total Investments) | ||||
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: | ||||
$ 1,480 | 5.000%, 9/01/24 | No Opt. Call | CCC | $ 1,458,111 |
1,000 | 5.000%, 9/01/39 | 9/27 at 100.00 | CCC | 859,270 |
680 | 5.000%, 9/01/46 | 9/27 at 100.00 | CCC | 564,971 |
3,160 | Total Maryland | 2,882,352 | ||
Massachusetts – 0.7% (0.4% of Total Investments) | ||||
1,620 | Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, | 6/26 at 100.00 | N/R | 1,365,514 |
5.000%, 6/15/54 | ||||
3,900 | Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, | 7/27 at 100.00 | B– | 3,073,356 |
Series 2017, 5.000%, 7/01/42 | ||||
5,520 | Total Massachusetts | 4,438,870 | ||
Michigan – 0.5% (0.3% of Total Investments) | ||||
40 | Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Refunding | 11/27 at 102.00 | BB | 34,109 |
Series 2019, 5.000%, 11/01/44 | ||||
74,130 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue | 6/33 at 11.41 | N/R | 2,933,324 |
Bonds, Capital Appreciation Turbo Term Series 2008C, 0.000%, 6/01/58 | ||||
74,170 | Total Michigan | 2,967,433 | ||
Minnesota – 1.0% (0.5% of Total Investments) | ||||
500 | Bethel, Minnesota Charter School Lease Revenue Bonds, Partnership Academy Project, | 7/26 at 102.00 | N/R | 385,150 |
Series 2018A, 5.000%, 7/01/53 | ||||
1,300 | Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy | 7/25 at 100.00 | N/R | 1,052,064 |
Project, Series 2015A, 5.750%, 7/01/46 | ||||
2,440 | Columbia Heights, Minnesota, Charter School Lease Revenue Bonds, Prodeo Academy Project, | 7/27 at 102.00 | N/R | 1,918,596 |
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 | 104,603 |
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 | 25,367 |
Project, Series 2020A, 5.000%, 7/01/40 | ||||
2,040 | Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Athlos Academy, Series | 6/30 at 102.00 | N/R | 1,710,356 |
2022A, 5.875%, 6/01/57, 144A | ||||
1,000 | Scanlon, Minnesota, Health Care Facilities Revenue Bonds, Duluth Health Services | 3/25 at 101.00 | N/R | 658,160 |
Project, Refunding Series 2020, 3.950%, 3/01/50 | ||||
7,440 | Total Minnesota | 5,854,296 | ||
Missouri – 0.2% (0.1% of Total Investments) | ||||
315 | Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series | 8/26 at 100.00 | BBB– | 252,435 |
2016, 4.000%, 8/01/38 | ||||
1,500 | Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue | 2/28 at 100.00 | N/R | 996,465 |
Bonds, Convention Center Hotel Project – TIF Financing, Series 2018B, 5.000%, 2/01/50, 144A | ||||
1,815 | Total Missouri | 1,248,900 | ||
Nevada – 2.8% (1.6% of Total Investments) | ||||
9,385 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 8/28 at 100.00 | N/R | 8,101,132 |
Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2018, 6.950%, 2/15/38, | ||||
(AMT), 144A | ||||
2,000 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 2/31 at 100.00 | N/R | 1,674,800 |
Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020, 6.750%, 2/15/38, 144A | ||||
Director of Nevada State Department of Business & Industry, Environmental Improvement | ||||
Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Series 2017: | ||||
1,964 | 5.875%, 12/15/27, (AMT), 144A 2021 2021 | No Opt. Call | N/R | 1,993,146 |
340 | 6.250%, 12/15/37, (AMT), 144A | 12/27 at 100.00 | N/R | 293,373 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Nevada | ||||
$ 2,750 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 8/29 at 100.00 | N/R | $ 2,091,760 |
Revenue Bonds, Fulcrum Sierra Holdings LLC, Green Series 2019, 5.750%, 2/15/38, (AMT), 144A | ||||
28,000 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Capital Appreciation Bonds, | 7/38 at 31.26 | N/R | 2,880,080 |
ReTrac-Reno Transportation Rail Access Corridor Project, Series 2018C, 0.000%, 7/01/58, 144A | ||||
44,439 | Total Nevada | 17,034,291 | ||
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 | B1 | 403,993 |
Project, Refunding Series 2018C, 4.875%, 11/01/42, (AMT), 144A | ||||
New Jersey – 4.3% (2.4% of Total Investments) | ||||
4,000 | New Jersey Economic Development Authority Revenue Bonds, Black Horse EHT Urban Renewal | 10/27 at 102.00 | N/R | 3,072,400 |
LLC Project, Series 2019A, 5.000%, 10/01/39, 144A | ||||
1,500 | New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, | 1/24 at 100.00 | N/R | 1,346,325 |
Series 2014, 5.000%, 1/01/34 | ||||
5,475 | New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal | 1/28 at 102.00 | N/R | 4,083,693 |
LLC Project, Series 2020, 5.000%, 1/01/40, 144A | ||||
7,500 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | 12/22 at 100.00 | Ba3 | 7,503,825 |
Airlines Inc., Refunding Series 2012, 5.750%, 9/15/27, (AMT) | ||||
2,500 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | 12/22 at 101.00 | Ba3 | 2,460,500 |
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 | Baa1 | 5,900,850 |
2009A, 0.000%, 12/15/39 | ||||
South Jersey Port Corporation, New Jersey, Marine Terminal Revenue Bonds, Subordinate | ||||
Series 2017B: | ||||
1,260 | 5.000%, 1/01/37, (AMT) | 1/28 at 100.00 | Baa1 | 1,224,254 |
500 | 5.000%, 1/01/42, (AMT) | 1/28 at 100.00 | Baa1 | 461,085 |
37,735 | Total New Jersey | 26,052,932 | ||
New Mexico – 1.1% (0.6% of Total Investments) | ||||
9,500 | New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian | 8/29 at 100.00 | AA | 6,312,750 |
Healthcare Services, Series 2019A, 3.000%, 8/01/48 | ||||
825 | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross | 11/23 at 103.00 | N/R | 707,042 |
Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A | ||||
10,325 | Total New Mexico | 7,019,792 | ||
New York – 11.7% (6.6% of Total Investments) | ||||
950 | Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College | 11/24 at 100.00 | BB | 895,090 |
of New York, Series 2014, 5.250%, 11/01/34 | ||||
2,910 | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | 12/30 at 100.00 | N/R | 2,083,705 |
School, Series 2020A-1, 5.500%, 6/01/55, 144A | ||||
1,590 | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | 12/30 at 100.00 | N/R | 1,152,543 |
School, Series 2020C-1, 5.000%, 6/01/55, 144A | ||||
450 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, | 8/28 at 100.00 | BBB– | 354,708 |
Series 2018A, 4.000%, 8/01/38 | ||||
36,150 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | 12/22 at 5.99 | N/R | 1,611,567 |
Asset-Backed Bonds, Series 2006A, 0.000%, 6/01/60, 144A | ||||
650 | Hempstead Town Local Development Corporation, New York, Education Revenue Bonds, The | 2/30 at 100.00 | N/R | 594,107 |
Academy Charter School Project, Series 2020A, 5.730%, 2/01/50 | ||||
1,570 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 5/30 at 100.00 | A3 | 1,478,657 |
Climate Bond Certified Series 2020C-1, 5.250%, 11/15/55 | ||||
5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 11/23 at 100.00 | A3 | 4,962,650 |
2014A-1, 5.250%, 11/15/39 |
NMCO | Nuveen Municipal Credit Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New York | ||||
$ 380 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Academy of | 7/32 at 100.00 | N/R | $ 345,439 |
Health Sciences Charter School Project, Social Impact Series 2022, 5.875%, 7/01/52, 144A | ||||
14,750 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 12,959,350 |
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 | 3,089,587 |
6,960 | 5.375%, 11/15/40, 144A | 11/24 at 100.00 | N/R | 6,639,144 |
1,740 | New York Transportation Development Corporation, New York, Special Facilities Bonds, | 7/24 at 100.00 | BBB | 1,635,530 |
LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.250%, 1/01/50, (AMT) | ||||
New York Transportation Development Corporation, New York, Special Facility Revenue | ||||
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding | ||||
Series 2016: | ||||
6,690 | 5.000%, 8/01/26, (AMT) | 11/22 at 100.00 | B | 6,664,645 |
3,000 | 5.000%, 8/01/31, (AMT) | 11/22 at 100.00 | B | 2,947,680 |
875 | New York Transportation Development Corporation, New York, Special Facility Revenue | 8/30 at 100.00 | B | 852,128 |
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020, | ||||
5.375%, 8/01/36, (AMT) | ||||
10,000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | 6/31 at 27.72 | N/R | 834,700 |
Asset-Backed Bonds, Series 2021B-2, 0.000%, 6/01/66 | ||||
Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel | ||||
Center Project, Refunding Series 2016A: | ||||
2,950 | 5.000%, 1/01/32, (AMT) | 1/26 at 100.00 | Caa1 | 2,251,440 |
3,000 | 5.000%, 1/01/33, (AMT) | 1/26 at 100.00 | Caa1 | 2,227,620 |
2,500 | 5.000%, 1/01/35, (AMT) | 1/26 at 100.00 | Caa1 | 1,782,975 |
2,775 | 5.000%, 1/01/36, (AMT) | 1/26 at 100.00 | Caa1 | 1,937,061 |
16,200 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 13,853,754 |
124,325 | Total New York | 71,154,080 | ||
North Dakota – 0.2% (0.1% of Total Investments) | ||||
1,500 | Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series | 6/28 at 100.00 | BBB– | 1,201,020 |
2017C, 5.000%, 6/01/48 | ||||
Ohio – 11.1% (6.3% of Total Investments) | ||||
69,235 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 22.36 | N/R | 6,920,038 |
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: | ||||
195 | 3.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 126,892 |
3,000 | 4.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 2,378,820 |
14,405 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 12,141,398 |
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 | ||||
410 | Butler County Port Authority, Ohio, Public Infrastructure Revenue Bonds, Liberty Center | 12/22 at 100.00 | N/R (8) | 410,533 |
Project, Liberty Community Authority, Series 2014C, 5.000%, 12/01/24, (Pre-refunded 12/01/22) | ||||
7,610 | Cleveland, Ohio, Airport Special Revenue Bonds, Continental Airlines Inc. Project, | 12/22 at 100.00 | Ba3 | 7,596,302 |
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 | 1,633,858 |
140 | 4.000%, 12/01/46 | 6/29 at 100.00 | N/R | 101,795 |
5,000 | Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, | 12/29 at 100.00 | BBB– | 4,502,450 |
Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51 | ||||
930 | Hilliard Hickory Chase Community Authority, Ohio, Infrastructure Improvement Revenue | 12/29 at 100.00 | N/R | 792,872 |
Bonds, Hickory Chase Project, Senior Series 2019A, 5.000%, 12/01/40, 144A |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Ohio | ||||
$ 5,020 | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, | No Opt. Call | N/R | $ 6,275 |
FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/23 | ||||
15,950 | Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG | 7/29 at 100.00 | B– | 13,467,542 |
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 | 2,606 |
FirstEnergy Generation Corporation Project, Refunding Series 2009B, 3.100%, 3/01/23 | ||||
4,140 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 5,175 |
FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (5) | ||||
16,350 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 15,115,412 |
FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.750%, 6/01/33, (Mandatory | ||||
Put 6/01/22) | ||||
2,470 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy | No Opt. Call | N/R | 3,088 |
Generating Corporation Project, Refunding Series 2006A, 3.000%, 5/15/49 (5) | ||||
2,000 | Ohio Water Development Authority, Pollution Control Revenue Bonds, FirstEnergy Nuclear | No Opt. Call | N/R | 2,500 |
Generating Corporation Project, Refunding Series 2010C, 4.000%, 6/01/33 | ||||
2,510 | Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy | No Opt. Call | N/R | 3,138 |
Nuclear Generating Corporation Project, Series 2006B, 4.000%, 12/01/33 (5) | ||||
1,000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment | 11/30 at 100.00 | N/R | 728,490 |
Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, | ||||
Senior Lien Series 2019A, 5.000%, 11/01/51 | ||||
1,000 | Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series | 12/27 at 103.00 | N/R | 803,120 |
2020A, 7.000%, 12/01/42, (AMT), 144A | ||||
1,000 | Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series | 12/26 at 105.00 | N/R | 966,520 |
2020B, 10.000%, 12/01/27, (AMT), 144A | ||||
156,620 | Total Ohio | 67,708,824 | ||
Oklahoma – 1.1% (0.6% of Total Investments) | ||||
2,475 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., | 6/23 at 100.00 | N/R | 2,461,239 |
Refunding Series 2000B, 5.500%, 6/01/35, (AMT) | ||||
860 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., | 6/23 at 100.00 | N/R | 861,496 |
Refunding Series 2001B, 5.500%, 12/01/35, (AMT) | ||||
3,475 | Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., | 6/25 at 100.00 | B– | 3,463,220 |
Refunding Series 2015, 5.000%, 6/01/35, (AMT), (Mandatory Put 6/01/25) | ||||
6,810 | Total Oklahoma | 6,785,955 | ||
Oregon – 0.1% (0.1% of Total Investments) | ||||
100 | Oregon Facilities Authority, Revenue Bonds, Metro East Web Academy Project, Series | 6/27 at 102.00 | N/R | 79,843 |
2019A, 5.000%, 6/15/49, 144A | ||||
1,000 | Yamhill County Hospital Authority, Oregon, Revenue Bonds, Friendsview Retirement | 11/28 at 103.00 | N/R | 750,930 |
Community, Refunding Series 2021A, 5.000%, 11/15/56 | ||||
1,100 | Total Oregon | 830,773 | ||
Pennsylvania – 7.5% (4.3% of Total Investments) | ||||
1,125 | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental | 12/22 at 100.00 | B | 1,083,780 |
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 | B | 5,936,926 |
6,995 | 5.125%, 5/01/30 | No Opt. Call | B | 6,886,088 |
345 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/31 at 100.00 | N/R | 325,394 |
Bonds, 615 Waterfront Project, Senior Series 2021, 6.000%, 5/01/42, 144A |
NMCO | Nuveen Municipal Credit Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Pennsylvania | ||||
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | ||||
Bonds, FirstEnergy Generation Project, Refunding Series 2006A: | ||||
$ 3,300 | 4.375%, 1/01/35, (Mandatory Put 7/01/22) | No Opt. Call | N/R | $ 3,291,552 |
560 | 3.500%, 4/01/41 (5) | No Opt. Call | N/R | 700 |
1,440 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 1,800 |
Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (5) | ||||
1,025 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 1,281 |
Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008A, 2.700%, 4/01/35 (5) | ||||
5,355 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 6,694 |
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (5) | ||||
1,555 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | 4/31 at 100.00 | N/R | 1,119,165 |
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 | ||||
2,565 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University | 10/29 at 100.00 | BB+ | 2,095,451 |
Project, Series 2020, 5.000%, 10/01/49 | ||||
3,100 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital & | 11/22 at 100.00 | BB– | 2,168,977 |
Medical Center Project, Series 2012A, 5.000%, 11/01/44 | ||||
1,000 | Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, | 12/25 at 100.00 | N/R | 929,980 |
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: | ||||
1,870 | 5.125%, 10/15/37 | 4/27 at 100.00 | BB | 1,732,518 |
3,250 | 5.250%, 10/15/47 | 4/27 at 100.00 | BB | 2,760,387 |
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 | 1,950,696 |
1,240 | 5.000%, 1/01/45 | 1/25 at 104.00 | N/R | 1,075,315 |
3,555 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of | 10/28 at 100.00 | BB | 3,427,838 |
Science & Technology Project, Series 2020, 6.250%, 10/15/53, 144A | ||||
1,720 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | 6/30 at 100.00 | N/R | 1,500,580 |
KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1, 10.000%, 12/01/40, 144A | ||||
1,720 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | 6/30 at 100.00 | N/R | 1,500,580 |
KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, 10.000%, 12/01/40, (AMT), 144A | ||||
1,270 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | No Opt. Call | N/R | 1,084,986 |
KDC Agribusiness Fairless Hills LLC Project, Series 2021A, 10.000%, 12/01/31 | ||||
6,950 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue | 9/25 at 100.00 | Caa1 | 5,716,375 |
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 0.000%, 12/01/38 (5) | ||||
1,025 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the | 11/25 at 100.00 | Baa1 | 1,049,979 |
Sciences in Philadelphia, Series 2015A, 5.000%, 11/01/27 | ||||
545 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Mariana | 12/27 at 100.00 | N/R | 443,281 |
Bracetti Academy Project, Series 2020A, 5.375%, 6/15/50, 144A | ||||
59,640 | Total Pennsylvania | 46,090,323 | ||
Puerto Rico – 16.9% (9.6% of Total Investments) | ||||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A: | ||||
2,070 | 3.957%, 7/01/29 (5) | 12/22 at 100.00 | D | 1,557,675 |
3,170 | 3.957%, 7/01/42 (5) | 12/22 at 100.00 | D | 2,385,425 |
1,000 | 3.961%, 7/01/42 (5) | 12/22 at 100.00 | D | 750,000 |
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT: | ||||
130 | 3.957%, 7/01/21 (5) | No Opt. Call | N/R | 97,175 |
3,750 | 3.957%, 7/01/26 (5) | 12/22 at 100.00 | D | 2,821,875 |
310 | 3.957%, 7/01/32 (5) | 12/22 at 100.00 | D | 233,275 |
1,860 | 3.957%, 7/01/37 (5) | 12/22 at 100.00 | D | 1,399,650 |
1,750 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, | No Opt. Call | Baa2 | 1,718,290 |
7/01/32 – NPFG Insured |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Puerto Rico | ||||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA: | ||||
$ 1,124 | 3.978%, 7/01/28 (5) | 12/22 at 100.00 | Ca | $ 845,810 |
468 | 3.978%, 7/01/29 (5) | 12/22 at 100.00 | D | 352,170 |
346 | 3.978%, 7/01/31 (5) | 12/22 at 100.00 | Ca | 260,365 |
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC: | ||||
2,995 | 3.957%, 7/01/28 (5) | 12/22 at 100.00 | Ca | 2,253,737 |
500 | 3.978%, 7/01/28 (5) | 12/22 at 100.00 | Ca | 376,250 |
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX: | ||||
100 | 3.978%, 7/01/27 (5) | 12/22 at 100.00 | D | 75,250 |
4,000 | 3.978%, 7/01/35 (5) | 12/22 at 100.00 | D | 3,010,000 |
400 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ, 3.978%, | 12/22 at 100.00 | Ca | 301,000 |
7/01/24 (5) | ||||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A: | ||||
5,000 | 4.123%, 7/01/33 (5) | 7/23 at 100.00 | Ca | 3,850,000 |
10,000 | 4.102%, 7/01/36 (5) | 7/23 at 100.00 | D | 7,675,000 |
1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2016A-4-RSA-1, 4.371%, | No Opt. Call | N/R | 790,000 |
7/01/19 (5) | ||||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW: | ||||
373 | 3.988%, 7/01/23 (5) | 12/22 at 100.00 | Ca | 281,149 |
190 | 3.988%, 7/01/23 (5) | No Opt. Call | N/R | 142,737 |
25 | 3.978%, 7/01/33 (5) | 12/22 at 100.00 | Ca | 18,813 |
2,525 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, | No Opt. Call | Baa2 | 2,451,623 |
5.250%, 7/01/35 – NPFG Insured | ||||
3,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, | No Opt. Call | AA | 2,909,880 |
5.250%, 7/01/36 – AGC Insured | ||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured | ||||
2018A-1: | ||||
32,702 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 7,122,506 |
17,550 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 2,731,359 |
1,750 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 1,505,032 |
3,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | 7/28 at 100.00 | N/R | 2,523,600 |
Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40 | ||||
Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1: | ||||
– (9) | 5.625%, 7/01/27 | No Opt. Call | N/R | 3 |
4,740 | 5.750%, 7/01/31 | No Opt. Call | N/R | 4,777,747 |
18,533 | 0.000%, 7/01/33 | 7/31 at 89.94 | N/R | 9,446,840 |
20,704 | 4.000%, 7/01/33 | 7/31 at 103.00 | N/R | 17,562,761 |
5,638 | 4.000%, 7/01/37 | 7/31 at 103.00 | N/R | 4,498,749 |
10,182 | 4.000%, 7/01/41 | 7/31 at 103.00 | N/R | 7,770,419 |
2,012 | 4.000%, 7/01/46 | 7/31 at 103.00 | N/R | 1,465,378 |
14,717 | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022, | No Opt. Call | N/R | 6,732,869 |
0.000%, 11/01/43 | ||||
500 | University of Puerto Rico, University System Revenue Bonds, Series 2006Q, | 12/22 at 100.00 | CC | 492,265 |
5.000%, 6/01/24 | ||||
178,114 | Total Puerto Rico | 103,186,677 | ||
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 | 322,186 |
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 | 309,796 |
Hilton Head Christian Academy, Series 2020, 5.000%, 1/01/55, 144A | ||||
830 | Total South Carolina | 631,982 |
NMCO | Nuveen Municipal Credit Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Tennessee – 2.2% (1.2% of Total Investments) | ||||
$ 1,000 | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle | No Opt. Call | N/R | $ 592,570 |
Project, Capital Appreciation Series 2016B, 0.000%, 12/01/31, 144A | ||||
5,000 | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle | 12/26 at 100.00 | N/R | 4,483,500 |
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 | 940,000 |
Provision Center for Proton Therapy Project, Series 2014, 5.250%, 5/01/25, 144A (5) | ||||
1,000 | Memphis/Shelby County Economic Development Growth Engine Industrial Development Board, | 7/27 at 100.00 | N/R | 616,640 |
Tennessee, Tax Increment Revenue Bonds, Graceland Project, Senior Series 2017A, 5.625%, 1/01/46 | ||||
6,590 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 7/26 at 100.00 | A3 | 6,144,911 |
Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, | ||||
5.000%, 7/01/46 | ||||
1,500 | The Health and Educational Facilities Board of the City of Franklin, Tennessee, Revenue | No Opt. Call | N/R | 405,000 |
Bonds, Provision Cares Proton Therapy Center, Nashville Project, Series 2017A, 6.500%, | ||||
6/01/27, 144A (5) | ||||
17,090 | Total Tennessee | 13,182,621 | ||
Texas – 3.6% (2.0% of Total Investments) | ||||
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, | ||||
Refunding First Tier Series 2017A: | ||||
500 | 5.000%, 1/01/31 | 1/27 at 100.00 | BB+ | 498,270 |
500 | 5.000%, 1/01/32 | 1/27 at 100.00 | BB+ | 495,235 |
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, | ||||
Refunding Second Tier Series 2017B: | ||||
540 | 5.000%, 1/01/25 | No Opt. Call | B | 533,990 |
475 | 5.000%, 1/01/29 | 1/27 at 100.00 | B | 458,845 |
850 | 5.000%, 1/01/34 | 1/27 at 100.00 | B | 785,749 |
4,665 | Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines | 12/22 at 100.00 | Ba3 | 4,664,767 |
Inc. – Terminal Improvement Project, Refunding Series 2011, 6.500%, 7/15/30, (AMT) | ||||
650 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. | 7/24 at 100.00 | Ba3 | 641,628 |
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 | 225,960 |
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 | 164,778 |
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 | 443,113 |
Bonds, Beta Academy, Series 2019A, 5.000%, 8/15/49, 144A | ||||
70 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility | No Opt. Call | N/R | 55,834 |
Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-1, | ||||
7.500%, 11/15/37 | ||||
445 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility | No Opt. Call | N/R | 374,120 |
Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021A-2, | ||||
7.500%, 11/15/36 | ||||
3,966 | New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility | 11/26 at 105.00 | N/R | 1,757,420 |
Revenue Bonds, Buckingham Senior Living Community, Inc. Project, Series 2021B, 2.000%, 11/15/61 | ||||
7,850 | New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue | 1/28 at 103.00 | N/R | 5,819,990 |
Bonds, Sanctuary LTC LLC Project, Series 2021A-1, 5.500%, 1/01/57 | ||||
625 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/26 at 100.00 | N/R (8) | 655,725 |
Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus | ||||
Christi Project, Series 2016A, 5.000%, 4/01/48, (Pre-refunded 4/01/26) | ||||
400 | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing | 4/24 at 100.00 | N/R (8) | 408,696 |
Revenue Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, | ||||
Series 2014A, 5.000%, 4/01/29, (Pre-refunded 4/01/24) | ||||
110 | North Richland Hills, Texas, Special Assessment Revenue Bonds, City Point Public | 9/30 at 100.00 | N/R | 97,170 |
Improvement District Zone B Project, Series 2019, 5.375%, 9/01/50, 144A |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Texas | ||||
$ 145 | Royse City, Rockwall County, Texas, Special Assessment Revenue Bonds, Waterscape Public | 9/27 at 100.00 | N/R | $ 125,068 |
improvement District Improvement Area 2 Project, Series 2019, 4.750%, 9/15/49, 144A | ||||
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Retirement | ||||
Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2016A: | ||||
1,000 | 0.000%, 2/15/41 (5) | 2/27 at 100.00 | N/R | 650,000 |
4,575 | 0.000%, 2/15/48 (5) | 2/27 at 100.00 | N/R | 2,973,750 |
28,336 | Total Texas | 21,830,108 | ||
Utah – 0.8% (0.4% of Total Investments) | ||||
2,000 | Military Installation Development Authority, Utah, Tax Allocation Revenue Bonds, Series | 9/26 at 103.00 | N/R | 1,362,300 |
2021A-2, 4.000%, 6/01/52 | ||||
1,000 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Leadership Learning | 6/27 at 102.00 | N/R | 825,150 |
Academy Project, Series 2019A, 5.000%, 6/15/50, 144A | ||||
2,500 | Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2020A, | 5/30 at 100.00 | AA+ | 2,561,200 |
5.000%, 5/15/43 | ||||
5,500 | Total Utah | 4,748,650 | ||
Virgin Islands – 3.4% (1.9% of Total Investments) | ||||
1,585 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, | 10/32 at 100.00 | N/R | 1,562,857 |
Series 2022A, 5.000%, 10/01/39 | ||||
710 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding | 12/22 at 100.00 | N/R | 656,864 |
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 | 15,053,600 |
Series 2014C, 5.000%, 10/01/30, 144A | ||||
295 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital | No Opt. Call | N/R | 291,835 |
Series 2014A, 5.000%, 10/01/24, 144A | ||||
2,000 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond | No Opt. Call | N/R | 1,869,800 |
Anticipation Notes, Senior Series 2021A, 6.750%, 7/01/26, 144A | ||||
1,400 | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds, WICO | 10/29 at 104.00 | N/R | 1,299,004 |
Financing, Series 2022A, 6.375%, 4/01/52, 144A | ||||
21,990 | Total Virgin Islands | 20,733,960 | ||
Virginia – 1.2% (0.7% of Total Investments) | ||||
Roanoke Economic Development Authority, Virginia Residential Care Facility Revenue | ||||
Bonds, Richfield Living, Series 2020: | ||||
5,870 | 5.000%, 9/01/50 (5) | 9/27 at 103.00 | N/R | 3,729,563 |
4,840 | 5.125%, 9/01/55 (5) | 9/27 at 103.00 | N/R | 3,057,089 |
538 | Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, | No Opt. Call | N/R | 494,738 |
Provident Resource Group – Rixey Student Housing Project, Series 2019B, 6.525%, 7/01/52, 144A | ||||
(cash 7.500%, PIK 7.500%) | ||||
11,248 | Total Virginia | 7,281,390 | ||
Washington – 0.3% (0.2% of Total Investments) | ||||
1,125 | Port of Seattle Industrial Development Corporation, Washington, Special Facilities | 4/23 at 100.00 | BB+ | 1,111,005 |
Revenue Refunding Bonds, Delta Air Lines, Inc. Project, Series 2012, 5.000%, 4/01/30, (AMT) | ||||
1,000 | Washington State Housing Finance Commission, Nonprofit Housing Revenue Bonds, Rockwood | 1/26 at 103.00 | N/R | 721,120 |
Retirement Communities Project, Series 2020A, 5.000%, 1/01/51, 144A | ||||
2,125 | Total Washington | 1,832,125 | ||
West Virginia – 0.7% (0.4% of Total Investments) | ||||
Monongalia County Commission, West Virginia, Special District Excise Tax Revenue Bonds, | ||||
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 | 2,943,870 |
625 | 5.750%, 6/01/43, 144A | 6/27 at 100.00 | N/R | 614,606 |
NMCO | Nuveen Municipal Credit Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
West Virginia | ||||
$ 1,000 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue | 1/25 at 100.00 | B | $ 965,570 |
Bonds, Arch Resources Project, Series 2021, 4.125%, 7/01/45, (AMT), (Mandatory Put 7/01/25) | ||||
4,625 | Total West Virginia | 4,524,046 | ||
Wisconsin – 10.2% (5.8% 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 | 628,253 |
1,340 | 5.000%, 6/01/49, 144A | 6/28 at 102.00 | N/R | 1,042,466 |
365 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community | 6/26 at 100.00 | N/R | 298,059 |
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 | 2,457,780 |
4,240 | 5.000%, 6/15/46, 144A | 6/26 at 100.00 | N/R | 3,104,570 |
3,315 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Uwharrie Charter | 6/32 at 100.00 | Ba2 | 2,716,841 |
Academy, North Carolina, Series 2022A, 5.000%, 6/15/52, 144A | ||||
2,000 | Public Finance Authority of Wisconsin, Educational Facilities Revenue Bonds, Lake Erie | 10/29 at 100.00 | N/R | 1,513,860 |
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: | ||||
13,695 | 3.125%, 8/01/27, 144A (5) | No Opt. Call | N/R | 11,159,782 |
2,375 | 3.375%, 8/01/31, 144A (5) | No Opt. Call | N/R | 1,410,750 |
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 | 458,708 |
15,915 | 7.000%, 12/01/50, 144A | 12/27 at 100.00 | N/R | 13,059,849 |
215 | Public Finance Authority of Wisconsin, Retirement Facility Revenue Bonds, Shalom Park | No Opt. Call | N/R | 113,950 |
Development Project, Series 2019, 0.000%, 12/31/24, 144A | ||||
1,000 | Public Finance Authority of Wisconsin, Revenue Bonds, Alabama Proton Therapy Center, | 10/27 at 100.00 | N/R | 640,000 |
Senior Series 2017B, 8.500%, 10/01/47, 144A (5) | ||||
Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., | ||||
Series 2017A: | ||||
225 | 5.000%, 12/01/27 | No Opt. Call | BBB– | 226,184 |
1,765 | 5.200%, 12/01/37 | 12/27 at 100.00 | BBB– | 1,776,931 |
2,000 | Public Finance Authority of Wisconsin, Revenue Bonds, Procure Proton Therapy Center, | 7/28 at 100.00 | N/R | 1,597,580 |
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 | 531,463 |
Sciences, Series 2020, 5.000%, 4/01/50, 144A | ||||
8,930 | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group | 7/31 at 100.00 | N/R | 5,831,022 |
Aviation Facilities Project, Series 2021, 4.250%, 7/01/54, (AMT) | ||||
Public Finance Authority of Wisconsin, Senior Revenue Bonds, Maryland Proton Treatment | ||||
Center, Series 2018A-1: | ||||
5,885 | 6.125%, 1/01/33, 144A | 1/28 at 100.00 | N/R | 3,619,275 |
250 | 6.250%, 1/01/38, 144A | 1/28 at 100.00 | N/R | 153,750 |
8,735 | 6.375%, 1/01/48, 144A | 1/28 at 100.00 | N/R | 5,372,025 |
Wisconsin Center District, Dedicated Tax Revenue Bonds, Supported by State Moral | ||||
Obligation Junior Series 2020D: | ||||
6,225 | 0.000%, 12/15/45 – AGM Insured | 12/30 at 56.77 | AA | 1,817,015 |
4,500 | 0.000%, 12/15/60 – AGM Insured | 12/30 at 29.95 | AA | 541,215 |
3,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint | 11/26 at 103.00 | N/R | 2,324,760 |
Camillus Health System Inc, Series 2019A, 5.000%, 11/01/54 | ||||
90,915 | Total Wisconsin | 62,396,088 | ||
$ 1,675,382 | Total Municipal Bonds (cost $1,176,328,566) | 1,005,677,042 |
Shares | Description (1) | Value | |||
COMMON STOCKS – 11.3% (6.4% of Total Investments) | |||||
Independent Power And Renewable Electricity Producers – 11.3% (6.4% of Total Investments) | |||||
859,113 | Energy Harbor Corp (10),(11) | $ 69,115,641 | |||
Total Common Stocks (cost $24,407,228) | 69,115,641 | ||||
Principal | |||||
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value |
CORPORATE BONDS – 0.5% (0.3% of Total Investments) | |||||
Independent Power and Renewable Electricity Producers – 0.5% (0.3% of Total Investments) | |||||
$ 11,512 | Talen Energy Corp | 0.000% | 8/31/23 | N/R | $ 3,252,209 |
$ 11,512 | Total Corporate Bonds (cost $–) | 3,252,209 | |||
Shares | Description (1) | Value | |||
EXCHANGE-TRADED FUNDS – 0.3% (0.1% of Total Investments) | |||||
32,000 | VanEck High Yield Muni Exchange Traded Fund | $ 1,567,040 | |||
Total Exchange-Traded Funds (cost $2,058,659) | 1,567,040 | ||||
Total Long-Term Investments (cost $1,202,794,453) | 1,079,611,932 | ||||
Borrowings – (1.3)% (12) | (8,200,000) | ||||
Floating Rate Obligations – (2.9)% | (17,850,000) | ||||
MuniFund Preferred Shares, net of deferred offering costs – (73.5)%(13) | (449,018,292) | ||||
Other Assets Less Liabilities – 0.9% | 5,957,852 | ||||
Net Assets Applicable to Common Shares – 100% | $ 610,501,492 |
NMCO | Nuveen Municipal Credit Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(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. Ratings are not covered by the report of independent registered public accounting firm. |
(4) | 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. |
(5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
(6) | For fair value measurement disclosure purposes, investment classified as Level 3. |
(7) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(8) | 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. |
(9) | Principal Amount (000) rounds to less than $1,000. |
(10) | Common Stock received as part of the bankruptcy settlements during February 2020 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. |
(11) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(12) | Borrowings as a percentage of Total Investments is 0.8%. |
(13) | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 41.6%. |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
AMT | Alternative Minimum Tax |
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. |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
NDMO | Nuveen Dynamic Municipal Opportunities Fund |
Portfolio of Investments ) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
LONG-TERM INVESTMENTS – 129.1% (100.0% of Total Investments) | ||||
MUNICIPAL BONDS – 128.7% (99.7% of Total Investments) | ||||
Alabama – 1.6% (1.2% of Total Investments) | ||||
$ 2,360 | Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, | No Opt. Call | B– | $ 2,563,645 |
United States Steel Corporation Project, Green Series 2020, 6.375%, 11/01/50, (AMT), | ||||
(Mandatory Put 11/01/30) | ||||
4,500 | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, | 8/31 at 100.00 | A– | 3,718,440 |
Revenue Bonds, Infirmary Health System, Inc., Series 2021, 4.000%, 2/01/46 | ||||
4,960 | Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020, | 11/29 at 100.00 | N/R | 3,536,827 |
4.000%, 11/01/45, 144A | ||||
11,820 | Total Alabama | 9,818,912 | ||
Arizona – 5.5% (4.3% of Total Investments) | ||||
565 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Doral | 7/29 at 100.00 | Ba1 | 377,126 |
Academy of Northern Nevada, Series 2021A, 4.000%, 7/15/56, 144A | ||||
2,580 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage | 7/28 at 103.00 | N/R | 1,768,874 |
Academy – Gateway and Laveen Projects, Series 2021B, 5.000%, 7/01/51, 144A | ||||
4,070 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage | 7/28 at 103.00 | N/R | 2,827,633 |
Academy – Gateway and Laveen Projects, Taxable Series 2021A, 5.000%, 7/01/51, 144A | ||||
1,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage | No Opt. Call | N/R | 902,770 |
Academy – Gateway and Laveen Projects, Taxable Series 2021C, 6.000%, 7/01/29, 144A | ||||
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Mater | ||||
Academy of Nevada – Bonanza Campus Project, Series 2020A: | ||||
920 | 5.000%, 12/15/40, 144A | 12/28 at 100.00 | BB | 855,618 |
1,500 | 5.000%, 12/15/50, 144A | 12/28 at 100.00 | BB | 1,332,555 |
1,500 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Social Bonds | 7/28 at 100.00 | BB– | 1,183,140 |
Pensar Academy Project, Series 2020, 5.000%, 7/01/55, 144A | ||||
4,500 | Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group | 12/31 at 100.00 | BB | 3,071,475 |
Falcon Properties LLC, Project, Senior Series 2022A-1, 4.000%, 12/01/51, 144A | ||||
1,090 | Coconino County Industrial Development Authority, Arizona, Education Revenue Bonds, | 7/28 at 100.00 | N/R | 874,747 |
Flagstaff Arts & Leadership Academy Project, Refunding Series 2020, 5.500%, 7/01/40, 144A | ||||
1,000 | Maricopa County Industrial Development Authority, Arizona, Educational Facilities | 10/27 at 103.00 | N/R | 945,550 |
Revenue Bonds, Ottawa University Projects, Series 2020, 5.250%, 10/01/40, 144A | ||||
3,405 | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 9/30 at 100.00 | Ba2 | 2,600,092 |
Northwest Christian School Project, Series 2020A, 5.000%, 9/01/55, 144A | ||||
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | ||||
American Leadership Academy Project, Refunding Series 2022. Forward Delivery: | ||||
690 | 4.000%, 6/15/41, 144A | 6/26 at 100.00 | N/R | 519,287 |
1,000 | 4.000%, 6/15/51, 144A | 6/26 at 100.00 | N/R | 677,940 |
1,015 | 4.000%, 6/15/57, 144A | 6/26 at 100.00 | N/R | 657,314 |
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | ||||
Edkey Charter Schools Project, Refunding Series 2020: | ||||
5,265 | 5.000%, 7/01/35, 144A | 7/26 at 103.00 | N/R | 4,855,541 |
6,800 | 5.000%, 7/01/40, 144A | 7/26 at 103.00 | N/R | 6,033,028 |
4,580 | Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, | 6/28 at 100.00 | N/R | 3,605,788 |
Synergy Public Charter School Project, Series 2020-1, 5.000%, 6/15/50, 144A | ||||
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Medical | ||||
Center, Series 2021A: | ||||
400 | 4.000%, 4/01/39 | 4/31 at 100.00 | A | 342,468 |
150 | 4.000%, 4/01/40 | 4/31 at 100.00 | A | 126,981 |
650 | 4.000%, 4/01/41 | 4/31 at 100.00 | A | 543,614 |
42,680 | Total Arizona | 34,101,541 |
NDMO | Nuveen Dynamic Municipal Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Arkansas – 3.5% (2.7% of Total Investments) | ||||
$ 5,500 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue | 9/25 at 105.00 | BB– | $ 4,976,235 |
Bonds, United States Steel Corporation, Green Series 2022, 5.450%, 9/01/52, (AMT), 144A | ||||
3,000 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/26 at 103.00 | Ba3 | 2,353,320 |
Steel Project, Series 2019, 4.500%, 9/01/49, (AMT), 144A | ||||
17,000 | Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River | 9/27 at 103.00 | Ba3 | 13,909,570 |
Steel Project, Series 2020A, 4.750%, 9/01/49, (AMT), 144A | ||||
25,500 | Total Arkansas | 21,239,125 | ||
California – 13.0% (10.1% of Total Investments) | ||||
3,815 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 2,639,103 |
Creekwood, Series 2021A, 4.000%, 2/01/56, 144A | ||||
3,520 | California Community Housing Agency, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 2,378,288 |
Glendale Properties, Junior Series 2021A-2, 4.000%, 8/01/47, 144A | ||||
10,000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 12/30 at 34.02 | N/R | 1,602,300 |
Sonoma County Tobacco Securitization Corporation, Series 2020B-2, 0.000%, 6/01/55 | ||||
2,000 | California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, | 4/30 at 100.00 | BBB+ | 1,603,440 |
Series 2020A, 4.000%, 4/01/45 | ||||
3,522 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series | No Opt. Call | BBB+ | 3,013,231 |
2021-1, 3.500%, 11/20/35 | ||||
1,250 | California Infrastructure and Economic Development Bank Infrastructure State, Revolving | 10/30 at 100.00 | AAA | 810,950 |
Fund Revenue Bonds, Tax Series 2020A, 2.786%, 10/01/43 | ||||
5,500 | California Infrastructure and Economic Development Bank, Revenue Bonds, Los Angeles | 7/30 at 100.00 | A2 | 3,719,705 |
County Museum of Natural History Foundation, Series 2020, 3.000%, 7/01/50 | ||||
250 | California Infrastructure and Economic Development Bank, Revenue Bonds, WFCS Portfolio | 1/31 at 100.00 | N/R | 178,512 |
Projects, Senior Series 2021A-1, 5.000%, 1/01/56, 144A | ||||
7,000 | California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, | No Opt. Call | B+ | 6,500,970 |
Inc. Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29, (AMT) | ||||
5,000 | California Public Finance Authority, Charter School Lease Revenue Bonds, California | 7/28 at 100.00 | N/R | 3,806,850 |
Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A | ||||
465 | California Public Finance Authority, Senior Living Revenue Bonds, Enso Village, | 11/29 at 102.00 | N/R | 367,866 |
Refunding Green Series 2021A, 5.000%, 11/15/51, 144A | ||||
2,000 | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep | 6/28 at 100.00 | N/R | 1,384,240 |
Public Schools Obligated Group, Series 2020A, 5.000%, 6/01/60, 144A | ||||
6,680 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, | 11/31 at 100.00 | A+ | 6,954,348 |
Series 2021D, 5.000%, 11/01/46 | ||||
3,000 | California Statewide Communities Development Authority, Revenue Bonds, Emanate Health, | 4/30 at 100.00 | A+ | 1,930,380 |
Series 2020A, 3.000%, 4/01/50 | ||||
995 | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Junior | 8/31 at 100.00 | N/R | 664,670 |
Lien Series 2021A-2, 4.000%, 8/01/47, 144A | ||||
2,000 | CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Senior | 8/31 at 100.00 | N/R | 1,203,780 |
Lien Series 2021A-1, 3.000%, 8/01/56, 144A | ||||
6,180 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 1/31 at 100.00 | N/R | 5,067,167 |
Center City Anaheim, Series 2020A, 5.000%, 1/01/54, 144A | ||||
445 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 9/31 at 100.00 | N/R | 301,381 |
Oceanaire-Long Beach, Series 2021A-1, 3.200%, 9/01/46, 144A | ||||
910 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 8/31 at 100.00 | N/R | 651,979 |
Parallel-Anaheim Series 2021A, 4.000%, 8/01/56, 144A | ||||
500 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 12/31 at 100.00 | N/R | 322,640 |
Pasadena Portfolio Social Bond, Mezzanine Senior Series 2021B, 4.000%, 12/01/56, 144A | ||||
1,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 7/31 at 100.00 | N/R | 851,800 |
Renaissance at City Center, Series 2020A, 5.000%, 7/01/51, 144A |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
$ 2,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, | 7/31 at 100.00 | N/R | $ 1,400,260 |
Union South Bay, Series 2021A-2, 4.000%, 7/01/56, 144A | ||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement | ||||
Asset-Backed Revenue Bonds, Taxable Series 2021B: | ||||
2,145 | 1.886%, 6/01/27 | No Opt. Call | A+ | 1,837,772 |
3,015 | 2.246%, 6/01/29 | No Opt. Call | A+ | 2,459,154 |
2,000 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 12/31 at 100.00 | BBB– | 1,709,160 |
Asset-Backed Bonds, Taxable Subordinate Series 2021B-1, 3.850%, 6/01/50 | ||||
4,830 | Huntington Beach, California, Pension Obligation Bonds, Taxable Series 2021, 2.963%, | 6/31 at 100.00 | AA+ | 3,581,493 |
6/15/36 – BAM Insured | ||||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | ||||
Airport, Refunding Subordinate Series 2022G: | ||||
2,775 | 5.500%, 5/15/35, (AMT) | 11/31 at 100.00 | AA | 2,928,680 |
3,515 | 5.500%, 5/15/36, (AMT) | 11/31 at 100.00 | AA | 3,702,244 |
4,380 | 5.500%, 5/15/37, (AMT) | 11/31 at 100.00 | AA | 4,597,204 |
1,280 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, | 1/32 at 100.00 | AA– | 1,321,318 |
Series 2022C, 5.000%, 7/01/52 | ||||
1,885 | Los Angeles Municipal Improvement Corporation, California, Lease Revenue Bonds, Capital | No Opt. Call | AA– | 1,511,110 |
Equipment Program, Refunding Series 2021A, 1.648%, 11/01/28 | ||||
915 | Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding | 7/32 at 100.00 | Aa1 | 1,001,166 |
Series 2022B, 5.000%, 7/01/39 | ||||
985 | Northstar Community Services District, California, Special Tax Bonds, Community | 3/23 at 100.00 | N/R | 443,444 |
Facilities District 1, Series 2006, 2.000%, 9/01/37 (4) | ||||
Ravenswood City School District, San Diego County, California, General Obligation Bonds, | ||||
Election 2018 Series 2021A: | ||||
150 | 4.000%, 8/01/36 | 8/29 at 100.00 | AAA | 142,528 |
370 | 4.000%, 8/01/39 | 8/29 at 100.00 | AAA | 340,278 |
River Islands Public Financing Authority, California, Special Tax Bonds, Community | ||||
Facilities District 2003-1 Improvement Area 1, Refunding Series 2022A-1: | ||||
1,070 | 5.000%, 9/01/42 – AGM Insured | 9/29 at 103.00 | AA | 1,106,487 |
525 | 5.250%, 9/01/52 – AGM Insured | 9/29 at 103.00 | AA | 545,638 |
River Islands Public Financing Authority, California, Special Tax Bonds, Community | ||||
Facilities District 2003-1 Improvement Area 1, Subordinate Series 2022B-2: | ||||
1,070 | 5.000%, 9/01/42 | 9/29 at 103.00 | N/R | 995,453 |
1,805 | 5.250%, 9/01/47 | 9/29 at 103.00 | N/R | 1,691,502 |
1,000 | 5.000%, 9/01/52 | 9/29 at 103.00 | N/R | 890,390 |
750 | San Francisco Community College District, California, General Obligation Bonds, Taxable | 6/30 at 100.00 | A1 | 548,550 |
Election 2020 Series 2020A-1, 3.165%, 6/15/41 | ||||
750 | San Francisco Municipal Transportation Agency, California, Revenue Bonds, Taxable | No Opt. Call | Aa2 | 612,682 |
Refunding Series 2021A, 1.302%, 3/01/28 | ||||
San Jose, California, Airport Revenue Bonds, Taxable Refunding Series 2021C: | ||||
500 | 1.882%, 3/01/28 | No Opt. Call | A2 | 417,420 |
290 | 2.310%, 3/01/30 | No Opt. Call | A2 | 231,977 |
420 | 3.290%, 3/01/41 | 3/31 at 100.00 | A2 | 286,444 |
104,457 | Total California | 80,255,954 | ||
Colorado – 17.3% (13.4% of Total Investments) | ||||
2,370 | 64th Avenue ARI Authority, Adams County, Colorado, Special Revenue Bonds, Series 2020, | 12/25 at 103.00 | N/R | 2,115,462 |
6.500%, 12/01/43 | ||||
500 | Alpine Mountain Ranch Metropolitan District, Routt County, Colorado, Special Assessment | 9/26 at 103.00 | N/R | 368,165 |
Revenue Bonds, Special Improvement District 1, Refunding Series 2021, 4.000%, 12/01/40 | ||||
1,240 | Arista Metropolitan District, Broomfield County, Colorado, General Obligation Limited | 12/23 at 103.00 | N/R | 1,127,396 |
Tax Bonds, Refunding & Improvement Convertible to Unlimited Tax Series 2018A, 5.000%, 12/01/38 |
NDMO | Nuveen Dynamic Municipal Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
$ 1,060 | Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation | 9/25 at 103.00 | N/R | $ 863,688 |
Bonds, Series 2020A, 5.000%, 12/01/50 | ||||
2,285 | Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation | 9/25 at 103.00 | N/R | 1,968,779 |
Bonds, Subordinate Series 2020B, 7.750%, 12/15/50 | ||||
5,220 | Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue | 12/28 at 103.00 | N/R | 4,383,860 |
Bonds, Refunding & Improvement Series 2021A, 5.750%, 12/01/51 | ||||
500 | Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax | 9/24 at 103.00 | N/R | 454,015 |
General Obligation Bonds, Refunding & Improvement Series 2019A, 4.000%, 12/01/29 | ||||
1,725 | Belford North Metropolitan District, Douglas County, Colorado, General Obligation | 12/25 at 103.00 | N/R | 1,418,640 |
Limited Tax Bonds, Series 2020A, 5.500%, 12/01/50 | ||||
1,000 | Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation | 3/26 at 103.00 | N/R | 801,470 |
Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A, 5.000%, 12/01/51 | ||||
741 | Blue Lake Metropolitan District 3, Lochbuie, Weld County, Colorado, Limited Tax General | 12/23 at 103.00 | N/R | 615,660 |
Obligation Bonds, Convertible to Unlimited Tax Series 2018A, 5.250%, 12/01/48 | ||||
500 | Broadway Park North Metropolitan District 2, Denver, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 447,270 |
Obligation Bonds, Refunding & Improvement Series 2020, 5.000%, 12/01/40, 144A | ||||
1,500 | Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General | 12/22 at 100.00 | N/R | 965,280 |
Obligation and Special Revenue Bonds, Junior Subordinate Series 2016, 7.000%, 12/15/57 | ||||
500 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & | No Opt. Call | N/R | 500,035 |
Improvement Series 2017, 5.000%, 12/01/22, 144A | ||||
2,755 | Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & | 12/25 at 103.00 | N/R | 2,245,766 |
Improvement Series 2020A, 5.000%, 12/01/51 | ||||
1,450 | Citadel on Colfax Business Improvement District, Aurora, Colorado, Special Revenue and | 12/25 at 103.00 | N/R | 1,205,240 |
Tax Supported Bonds, Senior Series 2020A, 5.350%, 12/01/50 | ||||
2,700 | Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017, | 12/27 at 100.00 | A– | 2,187,945 |
4.000%, 6/30/51, (AMT) | ||||
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, | ||||
New Summit Charter Academy Project, Series 2021A: | ||||
100 | 4.000%, 7/01/41, 144A | 7/31 at 100.00 | N/R | 76,875 |
100 | 4.000%, 7/01/51, 144A | 7/31 at 100.00 | N/R | 69,856 |
1,000 | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village | 12/30 at 100.00 | N/R | 760,010 |
Academy – Northglenn Project, Series 2020, 5.000%, 12/01/55, 144A | ||||
500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Cappella of Grand | 12/26 at 103.00 | N/R | 312,775 |
Junction Project, Series 2019, 5.000%, 12/01/54, 144A (4) | ||||
16,000 | Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited | 9/25 at 103.00 | N/R | 13,587,360 |
Tax General Obligation Bonds, Series 2020, 6.500%, 12/01/50 | ||||
6,500 | Crystal Valley Metropolitan District 2, Douglas County, Colorado, Limited Tax General | 12/30 at 100.00 | AA | 4,352,595 |
Obligation Bonds, Refunding & Improvement Series 2020A, 3.000%, 12/01/49 – AGM Insured | ||||
1,000 | Dacono Urban Renewal Authority, Weld County, Colorado, Tax Increment Revenue Bonds, | 12/25 at 103.00 | N/R | 888,580 |
Series 2020, 6.250%, 12/01/39 | ||||
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022A: | ||||
1,000 | 5.000%, 11/15/31, (AMT) | No Opt. Call | N/R | 1,029,010 |
1,355 | 5.500%, 11/15/42, (AMT) | 11/32 at 100.00 | AA– | 1,394,471 |
1,085 | 5.500%, 11/15/53, (AMT) | 11/32 at 100.00 | AA– | 1,098,823 |
4,000 | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue | 9/27 at 103.00 | N/R | 3,690,760 |
Bonds, Series 2022A, 6.750%, 12/01/34, 144A | ||||
1,000 | Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series | 12/24 at 100.00 | N/R | 880,640 |
2014, 6.000%, 12/01/38 | ||||
Fourth North Business Improvement District, Silverthorne, Summit County, Colorado, | ||||
Special Revenue and Tax Supported Bonds, Refunding & Improvement Senior Series 2022A: | ||||
1,425 | 5.250%, 12/01/32 | 12/30 at 102.00 | N/R | 1,349,076 |
1,200 | 5.750%, 12/01/52 | 12/30 at 102.00 | N/R | 1,080,216 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
$ 2,000 | Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General | 6/25 at 103.00 | N/R | $ 1,578,340 |
Obligation Bonds, Series 2020A, 5.500%, 6/01/50, 144A | ||||
1,000 | Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue | 12/25 at 102.00 | N/R | 811,010 |
Bonds, Refunding Series 2020, 4.750%, 12/01/50 | ||||
5,250 | Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special | 12/23 at 103.00 | N/R | 4,670,348 |
Revenue Bonds, Subordinate Series 2020B, 5.750%, 12/15/50 | ||||
2,000 | Jones District Community Authority Board, Centennial, Colorado, Special Revenue | 12/25 at 103.00 | N/R | 1,497,660 |
Convertible Capital Appreciation Bonds, Series 2020A, 5.750%, 12/01/50 | ||||
1,000 | Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 811,680 |
Obligation Bonds, Series 2020A, 5.125%, 12/01/50 | ||||
1,380 | Lanterns Metropolitan District 1, Castle Rock, Douglas County, Colorado, Limited Tax | 9/24 at 103.00 | N/R | 1,244,512 |
General Obligation Bonds, Series 2019A, 5.000%, 12/01/39 | ||||
Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special | ||||
Revenue Bonds, Series 2021A: | ||||
500 | 5.000%, 12/01/41 | 6/26 at 103.00 | N/R | 423,115 |
500 | 5.000%, 4/15/51 | 6/26 at 103.00 | N/R | 392,570 |
500 | Meadowbrook Heights Metropolitan District, Jefferson County, Colorado, General | 9/26 at 103.00 | N/R | 367,830 |
Obligation Limited Tax Bonds, Series 2021A(3), 4.875%, 12/01/51 | ||||
480 | Mountain Sky Metropolitan District, Fort Lupton, Weld County, Colorado, Limited Tax | 3/25 at 103.00 | N/R | 398,957 |
General Obligation Bonds, Series 2020A, 5.000%, 12/01/49 | ||||
1,000 | North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 808,170 |
Obligation Bonds, Series 2020A-3, 5.250%, 12/01/50 | ||||
1,810 | Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax | 12/25 at 103.00 | N/R | 1,453,086 |
General Obligation Bonds, Series 2020A, 5.000%, 12/01/50 | ||||
285 | Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax | 3/26 at 103.00 | N/R | 228,824 |
General Obligation Bonds, Series 2021A, 5.000%, 12/01/51, 144A | ||||
925 | Pinon Pines Metropolitan District 2, El Paso County, Colorado, General Obligation | 9/25 at 103.00 | N/R | 821,853 |
Limited Tax Bonds, Series 2020, 5.000%, 12/01/40 | ||||
7,040 | Pioneer Community Authority Board (Weld County, Colorado), Special Revenue Bonds, Series | 6/29 at 103.00 | N/R | 6,331,565 |
2022, 6.500%, 12/01/34 | ||||
Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and | ||||
Special Revenue Bonds, Refunding & Improvement Series 2017: | ||||
3,665 | 5.000%, 12/01/42 | 12/27 at 100.00 | AA | 3,786,128 |
1,685 | 5.000%, 12/01/47 | 12/27 at 100.00 | AA | 1,732,163 |
1,620 | Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax | 10/26 at 102.00 | N/R | 1,046,228 |
Supported and Special Revenue Bonds, Series 2021, 4.000%, 12/01/51 | ||||
500 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit | 1/31 at 100.00 | A– | 434,695 |
Partners Eagle P3 Project, Series 2020A, 4.000%, 7/15/38 | ||||
1,055 | Sabell Metropolitan District, Arvada, Colorado, Limited Tax General Obligation Bonds, | 3/25 at 103.00 | N/R | 841,721 |
Convertible to Unlimited Tax Series 2020A, 5.000%, 12/01/50, 144A | ||||
1,000 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax | 12/25 at 102.00 | N/R | 752,550 |
Supported District 2, Refunding & Improvement Senior Series 2020A, 3.750%, 12/01/40 | ||||
750 | Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax | 12/25 at 102.00 | N/R | 655,492 |
Supported District 2, Subordinate Series 2020B, 7.125%, 12/15/50 | ||||
Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation | ||||
Limited Tax Bonds, Series 2020: | ||||
2,350 | 5.000%, 12/01/40 | 12/25 at 103.00 | N/R | 2,064,240 |
2,300 | 5.125%, 12/01/50 | 12/25 at 103.00 | N/R | 1,901,709 |
2,175 | Sunlight Metropolitan District, Steamboat Springs, Colorado, Limited Tax General | 12/25 at 103.00 | N/R | 1,758,618 |
Obligation Bonds, Series 2020, 5.000%, 12/01/50 | ||||
500 | Tallman Gulch Metropolitan District, Douglas County, Colorado, Limited Tax General | 12/22 at 103.00 | N/R | 448,695 |
Obligation Refunding and Improvement Bonds,Subordinate Limited Tax General Obligation Bonds, | ||||
Series 2018A, 5.250%, 12/01/47 |
NDMO | Nuveen Dynamic Municipal Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
$ 1,000 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | $ 667,550 |
General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2, 0.000%, | ||||
12/01/51 (5) | ||||
1,270 | Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, | 3/26 at 103.00 | N/R | 1,053,503 |
General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/41 | ||||
5,000 | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General | 12/23 at 81.31 | N/R | 3,231,500 |
Obligation Bonds, Convertible Capital Appreciation Series 2020A-2, 6.000%, 12/01/50 | ||||
10,000 | Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General | 12/23 at 103.00 | N/R | 8,443,000 |
Obligation Bonds, Series 2020A-1, 5.375%, 12/01/50 | ||||
1,500 | Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, | 3/26 at 103.00 | N/R | 1,215,975 |
Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021, | ||||
5.000%, 12/01/51 | ||||
2,000 | Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue | 9/26 at 103.00 | N/R | 1,248,160 |
Bonds, Series 2021A-1, 4.125%, 12/01/51, 144A | ||||
1,000 | Woodmen Heights Metropolitan District 2, El Paso County, Colorado, General Obligation | 12/25 at 103.00 | N/R | 903,670 |
Limited Tax Bonds, Taxable Converting to Tax-Exempt Refunding Subordinate Series 2020B-1, | ||||
6.250%, 12/15/40 | ||||
127,351 | Total Colorado | 106,264,835 | ||
Connecticut – 0.2% (0.1% of Total Investments) | ||||
1,015 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, | 5/31 at 100.00 | AA– | 1,061,254 |
Series 2021A, 5.000%, 5/01/41 | ||||
District of Columbia – 2.4% (1.9% of Total Investments) | ||||
7,090 | District of Columbia, Income Tax Secured Revenue Bonds, Refunding Forward Delivery | 12/32 at 100.00 | N/R | 7,757,665 |
Series 2022C, 5.000%, 12/01/36 | ||||
District of Columbia, Income Tax Secured Revenue Bonds, Series 2022A: | ||||
3,625 | 5.000%, 7/01/36 (6) | 7/32 at 100.00 | AA+ | 3,958,355 |
1,705 | 5.500%, 7/01/47 | 7/32 at 100.00 | AA+ | 1,846,072 |
1,000 | Washington Convention and Sports Authority, Washington D.C., Dedicated Tax Revenue | 10/30 at 100.00 | AA | 915,150 |
Bonds, Refunding Senior Lien Series 2021A, 4.000%, 10/01/37 | ||||
625 | Washington Convention and Sports Authority, Washington D.C., Dedicated Tax Revenue | 10/30 at 100.00 | AA | 561,125 |
Bonds, Refunding Senior Lien Series 2021B, 4.000%, 10/01/38 | ||||
14,045 | Total District of Columbia | 15,038,367 | ||
Florida – 18.7% (14.5% of Total Investments) | ||||
1,000 | Ave Maria Stewardship Community District, Florida, Bond Anticipation Notes, Phase 4 | 5/23 at 100.00 | N/R | 935,000 |
Master Improvements Project, Series 2021, 3.500%, 5/01/26, 144A | ||||
1,565 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 1,192,154 |
Ave Maria National Project, Series 2021, 3.750%, 5/01/41 | ||||
500 | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, | 5/32 at 100.00 | N/R | 374,435 |
Phase 3 Master Improvements Project, Series 2021, 4.000%, 5/01/52, 144A | ||||
1,310 | Banyan Cay Community Development District, West Palm Beach, Florida, Special Assessment | 11/30 at 100.00 | N/R | 983,862 |
Bonds, 2020-1, 4.000%, 11/01/51 | ||||
1,500 | Belmont II Community Development District, Hillsborough County, Florida, Special | 12/30 at 100.00 | N/R | 1,140,615 |
Assessment Revenue Bonds, 2020 Assessment Area, Series 2020, 4.000%, 12/15/50 | ||||
2,500 | Broward County, Florida, Port Facilities Revenue Bonds, Series 2019B, 4.000%, | 9/29 at 100.00 | A1 | 2,231,525 |
9/01/39, (AMT) | ||||
Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, South Tech | ||||
Schools Project, Series 2020A: | ||||
1,235 | 5.000%, 6/15/40, 144A | 6/27 at 100.00 | N/R | 1,060,791 |
1,260 | 5.000%, 6/15/55, 144A | 6/27 at 100.00 | N/R | 992,565 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Florida | ||||
Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, | ||||
Series 2021: | ||||
$ 250 | 4.000%, 8/15/51, 144A | 8/28 at 100.00 | N/R | $ 170,290 |
450 | 4.200%, 8/15/56, 144A | 8/28 at 100.00 | N/R | 306,805 |
500 | 4.250%, 8/15/61, 144A | 8/28 at 100.00 | N/R | 333,775 |
3,690 | Capital Trust Agency, Florida, Revenue Bonds, Educational Growth Fund, LLC, Charter | 7/31 at 100.00 | N/R | 3,084,951 |
School Portfolio Projects, Series 2021A-1, 5.000%, 7/01/56, 144A | ||||
1,000 | Capital Trust Agency, Florida, Revenue Bonds, St. Johns Classical Academy, Refunding | 6/30 at 100.00 | N/R | 653,760 |
Series 2021A, 4.000%, 6/15/56, 144A | ||||
250 | Centre Lake Community Development District, Miami Lakes, Florida, Special Assessment | 5/31 at 100.00 | N/R | 187,308 |
Bonds, Series 2021, 4.000%, 5/01/52, 144A | ||||
5,415 | Currents Community Development District, Collier County, Florida, Capital Improvement | No Opt. Call | N/R | 4,585,260 |
Revenue Bonds, Series 2020B, 4.250%, 5/01/41, 144A | ||||
1,500 | Cypress Park Estates Community Development District, Florida, Special Assessment Revenue | 5/32 at 100.00 | N/R | 1,131,900 |
Bonds, Assessment Area 1 Project, Series 2020, 4.000%, 5/01/51, 144A | ||||
2,500 | Cypress Preserve Community Development District, Pasco County, Florida, Special | 11/29 at 100.00 | N/R | 1,945,575 |
Assessment Bonds, Assessment Area 2, Series 2019, 4.125%, 11/01/50 | ||||
1,000 | Edgewater East Community Development District, Osceola County, Florida, Special | 5/31 at 100.00 | N/R | 754,600 |
Assessment Revenue Bonds, Assessment Area 1 Series 2021, 4.000%, 5/01/51 | ||||
10,000 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Discovery | 6/29 at 100.00 | N/R | 8,058,400 |
High School Project, Series 2020A, 5.000%, 6/01/55, 144A | ||||
1,100 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater | 6/27 at 100.00 | BBB | 988,383 |
Academy Projects, Series 2020A, 5.000%, 6/15/50 | ||||
500 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, River | 7/28 at 100.00 | Baa3 | 357,790 |
City Science Academy Projects, Series 2021A, 4.000%, 7/01/55 | ||||
19,650 | Florida Development Finance Corporation, Florida, Surface Transportation Facility | 1/24 at 107.00 | N/R | 16,639,620 |
Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49, | ||||
(AMT), 144A | ||||
Florida Development Finance Corporation, Florida, Surface Transportation Facility | ||||
Revenue Bonds, Virgin Trains USA Passenger Rail Project, Series 2019A: | ||||
1,250 | 6.375%, 1/01/49, (AMT), (Mandatory Put 1/01/26), 144A | 12/22 at 103.00 | N/R | 1,126,437 |
6,890 | 6.500%, 1/01/49, (AMT), (Mandatory Put 1/01/29), 144A | 12/22 at 103.00 | N/R | 6,070,779 |
Florida Development Finance Corporation, Healthcare Facilties Revenue Bonds, Lakeland | ||||
Regional Health Systems, Series 2021: | ||||
450 | 4.000%, 11/15/35 | 11/31 at 100.00 | A2 | 411,169 |
1,000 | 4.000%, 11/15/37 | 11/31 at 100.00 | A2 | 894,290 |
1,940 | 4.000%, 11/15/38 | 11/31 at 100.00 | A2 | 1,717,851 |
22,505 | Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail | 12/22 at 102.00 | N/R | 22,030,370 |
Expansion Project, Series 2022A, 7.250%, 7/01/57, (AMT), (Mandatory Put 10/03/23), 144A | ||||
1,100 | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Jacksonville | 6/28 at 100.00 | N/R | 901,395 |
University Project, Series 2018A-1, 5.000%, 6/01/48, 144A | ||||
985 | Forest Lake Community Development District, Polk County, Florida, Special Assessment | 5/30 at 100.00 | N/R | 739,075 |
Bonds, Assessment Area 1 Project, Series 2020, 4.000%, 5/01/51, 144A | ||||
Grand Oaks Community Development District, Saint Johns County, Florida, Special | ||||
Assessment Bonds, Assessment Area 2, Series 2020: | ||||
1,100 | 4.250%, 5/01/40 | 5/31 at 100.00 | N/R | 942,304 |
1,500 | 4.500%, 5/01/52 | 5/31 at 100.00 | N/R | 1,227,885 |
2,500 | Greater Orlando Aviation Authority, Florida, Special Purpose Airport Facilities Revenue | 5/23 at 100.00 | N/R | 2,409,050 |
Bonds, JetBlue Airways Corporation, Series 2013, 5.000%, 11/15/36, (AMT) | ||||
1,000 | Hammock Reserve Community Development District, Haines City, Florida, Special Assessment | 5/30 at 100.00 | N/R | 760,220 |
Revenue Bonds, Area1 Project, Series 2020, 4.000%, 5/01/51 | ||||
1,250 | Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, | 5/30 at 100.00 | N/R | 949,100 |
Northeast Sector Project, Phase 2B, Series 2020, 4.000%, 5/01/50, 144A |
NDMO | Nuveen Dynamic Municipal Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Florida | ||||
$ 3,245 | Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai | 11/31 at 100.00 | A– | $ 2,498,553 |
Medical Center of Florida Project, Series 2021B, 4.000%, 11/15/51 | ||||
1,225 | Miami Dade County Industrial Development Authority, Florida, Educational Facilities | 6/26 at 103.00 | Ba2 | 966,990 |
Revenue Bonds, Miami Community Charter School Inc Project, Series 2020A, 5.000%, 6/01/47, 144A | ||||
8,000 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series | 7/24 at 100.00 | A | 7,760,480 |
2014A, 5.000%, 7/01/44 | ||||
2,840 | Miami-Dade County, Florida, Special Obligation Bonds, Subordinate Series 2009, 0.000%, | No Opt. Call | A2 | 966,821 |
10/01/42 – BAM Insured | ||||
1,200 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2021, 3.000%, | 4/31 at 100.00 | AA– | 936,492 |
10/01/40 | ||||
1,500 | Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, | 5/31 at 100.00 | N/R | 1,125,360 |
Series 2021, 4.000%, 5/01/51 | ||||
3,495 | Miramar, Florida, Special Obligation Revenue Bonds, Taxable Refunding Series 2021, | 10/31 at 100.00 | AA– | 2,398,653 |
2.643%, 10/01/36 | ||||
1,000 | North Powerline Road Community Development District, Polk County, Florida, Special | 5/30 at 100.00 | N/R | 752,980 |
Assessment Revenue Bonds, Series 2020, 4.000%, 5/01/51 | ||||
1,000 | Northern Palm Beach County Improvement District, Florida, Water Control and Improvement | 8/31 at 100.00 | N/R | 754,920 |
Bonds, Development Unit 53, Series 2021, 4.000%, 8/01/51 | ||||
250 | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Toby & Leon | 6/27 at 103.00 | N/R | 178,238 |
Cooperman Sinai Residences of Boca Raton, Refunding Series 2022, 4.250%, 6/01/56 | ||||
1,500 | Parrish Plantation Community Development District, Manatee County, Florida, Special | 5/31 at 100.00 | N/R | 1,123,035 |
Assessment Revenue Bonds, Assessment Area 1, Series 2021, 4.000%, 5/01/52 | ||||
500 | Sawyers Landing Community Development District, Florida, Special Assessment Revenue | 5/31 at 100.00 | N/R | 390,345 |
Bonds, Series 2021, 4.250%, 5/01/53, 144A | ||||
2,145 | South Broward Hospital District, Florida, Hospital Revenue Bonds, South Broward Hospital | 5/26 at 100.00 | Aa3 | 1,836,463 |
District Obligated Group, Refunding Series 2016A, 4.000%, 5/01/44 | ||||
3,000 | South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health | 8/27 at 100.00 | AA– | 2,492,130 |
Systems of South Florida Obligated Group, Refunding Series 2017, 4.000%, 8/15/47 | ||||
1,500 | Stoneybrook South Championsgate Community Development District, Florida, Special | 12/30 at 100.00 | N/R | 1,061,460 |
Assessment Revenue Bonds, Fox South Assessment Area, Series 2020, 3.750%, 12/15/50, 144A | ||||
245 | Summit View Community Development District, Dade City, Florida, Special Assessment | No Opt. Call | N/R | 203,522 |
Revenue Bonds, Series 2021B, 5.000%, 5/01/41 | ||||
500 | Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, | 9/23 at 100.00 | N/R | 439,285 |
South Assessment Area Series 2021B, 4.625%, 5/01/36, 144A | ||||
425 | Tradition Community Development District 9, Port Saint Lucie, Florida, Special | No Opt. Call | N/R | 346,273 |
Assessment Bonds, Series 2021, 2.700%, 5/01/31 | ||||
655 | Windward Community Development District, Florida, Special Assessment Bonds, Series | No Opt. Call | N/R | 586,697 |
2020A-2, 4.400%, 11/01/35 | ||||
136,370 | Total Florida | 115,107,986 | ||
Georgia – 0.4% (0.3% of Total Investments) | ||||
500 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | 2/31 at 100.00 | A | 307,015 |
Certificates, Northeast Georgia Health Services Inc., Series 2021A, 3.000%, 2/15/51 | ||||
3,000 | Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center | 1/31 at 100.00 | BBB– | 2,262,390 |
Hotel Revenue Bonds, First Tier Series 2021A, 4.000%, 1/01/54 | ||||
3,500 | Total Georgia | 2,569,405 | ||
Guam – 0.7% (0.5% of Total Investments) | ||||
415 | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2021F. Forward | 1/31 at 100.00 | Ba1 | 326,198 |
Delivery, 4.000%, 1/01/42 | ||||
1,600 | Government of Guam, Hotel Occupancy Tax Revenue Bonds, Refunding Series 2021A, | 5/31 at 100.00 | Ba1 | 1,469,776 |
5.000%, 11/01/40 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Guam | ||||
Guam A.B. Won Pat International Airport Authority, Revenue Bonds, Series 2021A: | ||||
$ 750 | 2.499%, 10/01/25 | No Opt. Call | Baa2 | $ 685,688 |
835 | 2.899%, 10/01/27 | No Opt. Call | Baa2 | 728,462 |
765 | 3.099%, 10/01/28 | No Opt. Call | Baa2 | 656,232 |
450 | 4.460%, 10/01/43 | 10/31 at 100.00 | Baa2 | 338,967 |
4,815 | Total Guam | 4,205,323 | ||
Idaho – 0.2% (0.1% of Total Investments) | ||||
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal | ||||
Highway Trust Funds, Series 2021A: | ||||
645 | 4.000%, 7/15/38 | 7/31 at 100.00 | A+ | 587,034 |
500 | 4.000%, 7/15/39 | 7/31 at 100.00 | A+ | 449,665 |
1,145 | Total Idaho | 1,036,699 | ||
Illinois – 8.6% (6.7% of Total Investments) | ||||
2,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/30 at 100.00 | BB | 1,894,100 |
Series 2021A, 5.000%, 12/01/34 | ||||
15,000 | Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, | 12/24 at 100.00 | AA | 15,076,200 |
5.250%, 12/01/49 | ||||
Cook County, Illinois, General Obligation Bonds, Refunding Series 2021A: | ||||
2,575 | 5.000%, 11/15/31 | 11/30 at 100.00 | A+ | 2,713,561 |
1,600 | 5.000%, 11/15/33 | 11/30 at 100.00 | A+ | 1,671,936 |
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A: | ||||
175 | 4.000%, 11/15/39 | 11/30 at 100.00 | AA– | 156,466 |
475 | 4.000%, 11/15/40 | 11/30 at 100.00 | AA– | 420,299 |
5,085 | DuPage County, Illinois, Revenue Bonds, Morton Arboretum Project, Green Series 2020, | 5/30 at 100.00 | A1 | 3,406,950 |
3.000%, 5/15/47 | ||||
250 | Illinois Finance Authority, Revenue Bonds, Acero Charter Schools, Inc., Series 2021, | 10/31 at 100.00 | BB+ | 188,537 |
4.000%, 10/01/42, 144A | ||||
240 | Illinois Finance Authority, Revenue Bonds, Dominican University, Refunding Series 2022, | 9/32 at 100.00 | BBB– | 229,138 |
5.000%, 3/01/34 | ||||
875 | Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A, | 11/26 at 103.00 | N/R | 677,031 |
5.000%, 11/01/49 | ||||
815 | Illinois Finance Authority, Revenue Bonds, Northshore – Edward-Elmhurst Health Credit | 8/32 at 100.00 | N/R | 810,689 |
Group, Series 2022A, 5.000%, 8/15/47 | ||||
4,400 | Illinois State, General Obligation Bonds, Build America Taxable Bonds, Series 2010-4, | No Opt. Call | BBB | 4,433,836 |
7.100%, 7/01/35 | ||||
5,753 | Illinois State, General Obligation Bonds, Build America Taxable Bonds, Series 2010-5, | No Opt. Call | BBB | 5,896,542 |
7.350%, 7/01/35 2022 1 | ||||
1,500 | Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/32 | 5/24 at 100.00 | BBB | 1,489,815 |
5,000 | Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3, | No Opt. Call | BBB | 4,999,700 |
6.725%, 4/01/35 | ||||
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | ||||
Bonds, Refunding Series 2022A: | ||||
645 | 0.000%, 12/15/35 | 12/31 at 90.33 | BBB+ | 311,483 |
1,285 | 0.000%, 6/15/36 | 12/31 at 89.03 | BBB+ | 600,892 |
1,285 | 0.000%, 6/15/37 | 12/31 at 86.57 | BBB+ | 562,110 |
1,715 | 0.000%, 6/15/38 | 12/31 at 84.11 | BBB | 701,161 |
1,500 | 0.000%, 12/15/39 | 12/31 at 80.50 | BBB | 553,920 |
1,415 | 0.000%, 12/15/40 | 12/31 at 78.00 | BBB | 488,996 |
645 | 0.000%, 6/15/41 | 12/31 at 76.71 | BBB+ | 215,604 |
550 | 0.000%, 12/15/41 | 12/31 at 75.58 | BBB+ | 178,519 |
5,190 | Romeoville, Will County, Illinois, Revenue Bonds, Lewis University Project, Series 2015, | 4/25 at 100.00 | BBB | 5,216,677 |
5.000%, 10/01/35 | ||||
59,973 | Total Illinois | 52,894,162 |
NDMO | Nuveen Dynamic Municipal Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Indiana – 1.0% (0.8% of Total Investments) | ||||
$ 1,415 | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, | 6/30 at 100.00 | N/R | $ 1,144,070 |
Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.875%, | ||||
6/01/55, 144A | ||||
3,445 | Indiana Finance Authority, Educational Facilities Revenue Bonds, Rose Hulman Institute | 12/28 at 100.00 | A2 | 3,531,090 |
Of Technology Project, Series 2018, 5.000%, 6/01/39 | ||||
1,625 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel | 11/30 at 100.00 | B– | 1,788,085 |
Corporation Project, Series 2020, 6.750%, 5/01/39, (AMT) | ||||
6,485 | Total Indiana | 6,463,245 | ||
Iowa – 0.5% (0.4% of Total Investments) | ||||
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | ||||
Company Project, Refunding Series 2022: | ||||
1,745 | 5.000%, 12/01/50, (Mandatory Put 12/01/42) | 12/29 at 103.00 | BBB– | 1,555,877 |
1,615 | 5.000%, 12/01/50 | 12/29 at 103.00 | BBB– | 1,400,835 |
3,360 | Total Iowa | 2,956,712 | ||
Kentucky – 1.3% (1.0% of Total Investments) | ||||
3,000 | Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone’s | 12/30 at 100.00 | N/R | 2,503,830 |
Ridge Project, Series 2020, 6.000%, 12/01/40 | ||||
1,080 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities | 6/31 at 100.00 | A1 | 754,272 |
Company Project, Refunding Series 2006B, 2.125%, 10/01/34, (AMT) | ||||
2,175 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities | 6/31 at 100.00 | A1 | 1,617,526 |
Company Project, Series 2008A, 2.000%, 2/01/32, (AMT) | ||||
2,515 | Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project, | 9/26 at 100.00 | Baa1 | 2,633,657 |
Refunding Series 2016A, 5.000%, 9/01/36 – NPFG Insured | ||||
1,000 | Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series | 12/30 at 100.00 | N/R | 736,890 |
2020B, 5.500%, 12/01/60 | ||||
9,770 | Total Kentucky | 8,246,175 | ||
Louisiana – 0.9% (0.7% of Total Investments) | ||||
1,150 | Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Lincoln Preparatory | 6/31 at 100.00 | N/R | 907,361 |
School Project, Series 2021A, 5.250%, 6/01/51, 144A | ||||
2,000 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/27 at 100.00 | A2 | 1,888,240 |
Project, Series 2017B, 5.000%, 1/01/48, (AMT) | ||||
2,000 | Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series | 6/30 at 100.00 | BB– | 2,105,360 |
2010, 6.350%, 7/01/40, 144A | ||||
600 | Tangipahoa Parish Hospital Service District 1, Louisiana, Hospital Revenue Bonds, North | 2/31 at 100.00 | BBB+ | 506,592 |
Oaks Health System Project, Refunding Series 2021, 4.000%, 2/01/38 | ||||
5,750 | Total Louisiana | 5,407,553 | ||
Maryland – 2.0% (1.6% of Total Investments) | ||||
200 | Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series | 6/31 at 100.00 | N/R | 183,054 |
2022, 4.500%, 6/01/33, 144A | ||||
2,200 | Frederick County, Maryland, Special Obligation Bonds, Urbana Community Development | 7/30 at 100.00 | N/R | 1,728,342 |
Authority, Refunding Series 2020C, 4.000%, 7/01/50, 144A | ||||
5,255 | Frederick County, Maryland, Special Tax Limited Obligation Bonds, Jefferson Technology | 7/30 at 102.00 | N/R | 4,711,370 |
Park Project, Refunding Series 2020A, 5.000%, 7/01/43, 144A | ||||
5,765 | Maryland State, General Obligation Bonds, State and Local Facilities Loan, First Series | 3/29 at 100.00 | AAA | 5,815,444 |
2019, 4.000%, 3/15/33 | ||||
13,420 | Total Maryland | 12,438,210 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Massachusetts – 0.7% (0.5% of Total Investments) | ||||
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, | ||||
Series 2022: | ||||
$ 395 | 5.000%, 10/01/39 | 10/32 at 100.00 | A1 | $ 411,136 |
2,755 | 5.000%, 10/01/41 | 10/32 at 100.00 | A1 | 2,834,592 |
935 | 5.000%, 10/01/44 | 10/32 at 100.00 | A1 | 954,607 |
4,085 | Total Massachusetts | 4,200,335 | ||
Michigan – 0.8% (0.6% of Total Investments) | ||||
5,000 | Detroit, Wayne County, Michigan, General Obligation Bonds, Financial Recovery Series | 12/22 at 100.00 | N/R | 3,460,550 |
2014B-1, 4.000%, 4/01/44 | ||||
710 | Gerald R. Ford International Airport Authority, Kent County, Michigan, Revenue Bonds, | 1/32 at 100.00 | N/R | 719,791 |
Limited Tax General Obligation Series 2021, 5.000%, 1/01/46, (AMT) | ||||
7,610 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco | 12/30 at 18.38 | N/R | 511,925 |
Receipts, Series 2020B2-CL2, 0.000%, 6/01/65 | ||||
13,320 | Total Michigan | 4,692,266 | ||
Minnesota – 0.3% (0.2% of Total Investments) | ||||
1,140 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 12/28 at 102.00 | BB | 847,658 |
Bonds, Hope Community Academy Project, Series 2020A, 5.000%, 12/01/55 | ||||
1,100 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 6/29 at 102.00 | N/R | 795,344 |
Bonds, Math & Science Academy Charter School Project, Series 2021A, 4.000%, 6/01/41, 144A | ||||
2,240 | Total Minnesota | 1,643,002 | ||
Missouri – 1.1% (0.9% of Total Investments) | ||||
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities | ||||
Revenue Bonds, Southeasthealth, Series 2021: | ||||
100 | 4.000%, 3/01/41 | 3/31 at 100.00 | BBB– | 79,123 |
310 | 3.000%, 3/01/46 | 3/31 at 100.00 | BBB– | 185,036 |
80 | 4.000%, 3/01/46 | 3/31 at 100.00 | BBB– | 60,557 |
1,100 | M150 and 135th Street Transportation Development District, Kansas City, Missouri, | 10/27 at 100.00 | N/R | 846,945 |
Transportation Sales Tax Revenue Bonds, Series 2020A, 4.250%, 10/01/43 | ||||
3,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/24 at 100.00 | A+ | 2,565,390 |
Mercy Health, Series 2014F, 4.000%, 11/15/45 | ||||
3,155 | Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention | 10/30 at 100.00 | AA | 3,080,163 |
Center, Expansion & Improvement Projects Series 2020, 5.000%, 10/01/45 – AGM Insured | ||||
7,745 | Total Missouri | 6,817,214 | ||
Nevada – 0.5% (0.4% of Total Investments) | ||||
2,000 | Director of Nevada State Department of Business & Industry, Environmental Improvement | 2/31 at 100.00 | N/R | 1,674,800 |
Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020, 6.750%, 2/15/38, 144A | ||||
Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 611 Sunstone | ||||
Phase I and II, Series 2020: | ||||
450 | 4.000%, 6/01/40 | 6/30 at 100.00 | N/R | 369,823 |
1,150 | 4.125%, 6/01/50 | 6/30 at 100.00 | N/R | 884,488 |
3,600 | Total Nevada | 2,929,111 | ||
New Hampshire – 0.2% (0.1% of Total Investments) | ||||
1,250 | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical | 7/27 at 100.00 | BBB+ | 941,325 |
Center, Series 2017, 3.750%, 7/01/40 | ||||
New Jersey – 0.9% (0.7% of Total Investments) | ||||
2,035 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s | 7/26 at 100.00 | BBB– | 1,525,233 |
Healthcare System Obligated Group Issue, Refunding Series 2016, 4.000%, 7/01/48 | ||||
470 | New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series | 12/31 at 100.00 | BBB+ | 418,878 |
2022BB, 4.000%, 6/15/37 |
NDMO | Nuveen Dynamic Municipal Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New Jersey | ||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Forward | ||||
Delivery Series 2022A: | ||||
$ 770 | 4.000%, 6/15/39 | 6/32 at 100.00 | Baa1 | $ 668,529 |
700 | 4.000%, 6/15/40 | 6/32 at 100.00 | Baa1 | 602,014 |
390 | 4.000%, 6/15/41 | 6/32 at 100.00 | Baa1 | 331,972 |
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, | ||||
Series 2020AA: | ||||
1,000 | 4.000%, 6/15/35 | 12/30 at 100.00 | Baa1 | 911,170 |
340 | 4.000%, 6/15/37 | 12/30 at 100.00 | Baa1 | 303,018 |
620 | 4.000%, 6/15/40 | 12/30 at 100.00 | Baa1 | 533,212 |
545 | 4.000%, 6/15/50, (UB) (6) | 12/30 at 100.00 | Baa1 | 436,055 |
6,870 | Total New Jersey | 5,730,081 | ||
New Mexico – 1.0% (0.8% of Total Investments) | ||||
7,000 | Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross | 11/23 at 103.00 | N/R | 5,999,140 |
Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A | ||||
New York – 14.9% (11.5% of Total Investments) | ||||
5,755 | Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of | 9/25 at 100.00 | N/R | 5,702,112 |
Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A | ||||
5,000 | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | 12/30 at 100.00 | N/R | 3,580,250 |
School, Series 2020A-1, 5.500%, 6/01/55, 144A | ||||
Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter | ||||
School, Series 2020C-1: | ||||
1,310 | 5.000%, 6/01/40, 144A | 12/30 at 100.00 | N/R | 1,052,952 |
3,000 | 5.000%, 6/01/55, 144A | 12/30 at 100.00 | N/R | 2,174,610 |
1,000 | Build Resource Corporation, New York, Revenue Bonds, Shefa School, Series 2021A, | 6/31 at 100.00 | N/R | 871,310 |
5.000%, 6/15/51, 144A | ||||
10,000 | Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health System | 7/29 at 100.00 | BBB | 6,701,100 |
Obligated Group Series 2019A, 4.000%, 7/01/45 | ||||
1,500 | Dormitory Authority of the State of New York, Revenue Bonds, State University Dormitory | No Opt. Call | A+ | 1,223,505 |
Facilities, Taxable Series 2021A, 2.084%, 7/01/29 | ||||
10,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series | 11/24 at 100.00 | A3 | 9,704,300 |
2014D-1, 5.250%, 11/15/44, (UB) (6) | ||||
4,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate | |||
Fiscal 2022 Subseries F-1, 5.000%, 2/01/47 | 2/32 at 100.00 | Aa1 | 4,071,720 | |
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | ||||
Subordinate Fiscal 2023 Series A-1: | ||||
2,785 | 5.250%, 8/01/42 | 8/32 at 100.00 | Aa1 | 2,926,868 |
4,640 | 5.000%, 8/01/43 | 8/32 at 100.00 | Aa1 | 4,772,565 |
3,005 | 5.000%, 8/01/44 | 8/32 at 100.00 | Aa1 | 3,083,611 |
3,000 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 2,635,800 |
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | ||||
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 7 World Trade | ||||
Center Project, Refunding Green Series 2022A-CL2: | ||||
1,290 | 3.250%, 9/15/52 | 3/30 at 100.00 | Aa3 | 870,208 |
515 | 3.500%, 9/15/52 | 3/30 at 100.00 | A2 | 350,988 |
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Secured by | ||||
Port Authority Consolidated Bonds, Refunding Series 1WTC-2021: | ||||
5,040 | 4.000%, 2/15/43 – BAM Insured | 2/30 at 100.00 | AA | 4,287,326 |
3,045 | 2.750%, 2/15/44 – BAM Insured | 2/30 at 100.00 | AA | 2,005,559 |
3,530 | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding Group | 9/32 at 100.00 | AA+ | 3,671,306 |
1 Series 2022A, 5.000%, 3/15/41 | ||||
3,500 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, | 9/32 at 100.00 | Aa1 | 3,585,400 |
General Purpose, Series 2022A, 5.000%, 3/15/45 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New York | ||||
$ 180 | New York Transportation Development Corporation, New York, Facility Revenue Bonds, | 10/31 at 100.00 | BBB– | $ 147,449 |
Thruway Service Areas Project, Series 2021, 4.000%, 10/31/41, (AMT) | ||||
New York Transportation Development Corporation, New York, Special Facility Revenue | ||||
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020: | ||||
11,250 | 5.250%, 8/01/31, (AMT) | 8/30 at 100.00 | B | 11,170,237 |
3,400 | 5.375%, 8/01/36, (AMT) | 8/30 at 100.00 | B | 3,311,124 |
420 | New York Transportation Development Corporation, New York, Special Facility Revenue | No Opt. Call | B | 385,598 |
Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2021, | ||||
2.250%, 8/01/26, (AMT) | ||||
1,000 | New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta | No Opt. Call | Baa3 | 937,750 |
Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, 4.000%, | ||||
10/01/30, (AMT) | ||||
3,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred | 7/31 at 100.00 | Aa3 | 2,705,670 |
Twenty-Third Series 2021, 5.000%, 7/15/56, (AMT) | ||||
4,520 | Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel | No Opt. Call | Caa1 | 4,329,030 |
Center Project, Taxable Series 2007B, 5.693%, 1/01/28 – SYNCORA GTY Insured, 144A | ||||
Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & | ||||
Tunnels, Series 2020A: | ||||
2,225 | 5.000%, 11/15/49 | 11/30 at 100.00 | AA– | 2,262,157 |
1,015 | 5.000%, 11/15/54 | 11/30 at 100.00 | AA– | 1,028,104 |
1,985 | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & | 5/31 at 100.00 | AA– | 2,003,619 |
Tunnels, Series 2021A, 5.000%, 11/15/56 | ||||
100,910 | Total New York | 91,552,228 | ||
North Carolina – 0.1% (0.0% of Total Investments) | ||||
415 | North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue | 9/28 at 103.00 | BBB | 335,810 |
Bonds, The Forest at Duke, Inc., Series 2021, 4.000%, 9/01/41 | ||||
Ohio – 4.8% (3.7% of Total Investments) | ||||
2,115 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | BBB+ | 1,677,068 |
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 | ||||
6,805 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 5,735,662 |
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 | ||||
Cleveland, Ohio, General Obligation Bonds, Various Purpose Refunding Series 2021A: | ||||
485 | 3.000%, 12/01/33 | 6/30 at 100.00 | AA+ | 424,540 |
605 | 3.000%, 12/01/34 | 6/30 at 100.00 | AA+ | 518,691 |
1,000 | Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds, | 6/29 at 100.00 | N/R | 902,360 |
Bridge Park D Block Project, Series 2019A-1, 5.000%, 12/01/51 | ||||
1,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | N/R | 864,590 |
FirstEnergy Generation Corporation Project, Refunding Series 2009D, 3.375%, 8/01/29, | ||||
(Mandatory Put 9/15/21) | ||||
750 | Ohio Higher Educational Facility Commission, Senior Hospital Parking Revenue Bonds, | 1/30 at 100.00 | A3 | 705,382 |
University Circle Incorporated 2020 Project, Series 2020, 5.000%, 1/15/50 | ||||
1,000 | Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Fixed | 1/30 at 100.00 | A2 | 663,050 |
Interest Rate Series 2020A, 3.000%, 1/15/45 | ||||
21,000 | Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series | 12/27 at 103.00 | N/R | 16,865,520 |
2020A, 7.000%, 12/01/42, (AMT), 144A | ||||
1,000 | Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series | 12/26 at 105.00 | N/R | 966,520 |
2020B, 10.000%, 12/01/27, (AMT), 144A | ||||
35,760 | Total Ohio | 29,323,383 | ||
Oklahoma – 0.1% (0.1% of Total Investments) | ||||
1,000 | Mannford Public Works Authority, Oklahoma, Revenue Bonds, Capital Improvement Series | 1/29 at 100.00 | N/R | 667,330 |
2021, 3.250%, 1/01/51 |
NDMO | Nuveen Dynamic Municipal Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Pennsylvania – 2.3% (1.7% of Total Investments) | ||||
$ 955 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/31 at 100.00 | N/R | $ 900,727 |
Bonds, 615 Waterfront Project, Senior Series 2021, 6.000%, 5/01/42, 144A | ||||
500 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | 4/31 at 100.00 | N/R | 359,860 |
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 | ||||
1,000 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of | 10/27 at 100.00 | BB | 872,010 |
Science & Technology Project, Series 2017, 5.125%, 10/15/41, 144A | ||||
2,000 | Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of | 10/28 at 100.00 | BB | 1,928,460 |
Science & Technology Project, Series 2020, 6.250%, 10/15/53, 144A | ||||
1,315 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | No Opt. Call | N/R | 1,123,431 |
KDC Agribusiness Fairless Hills LLC Project, Series 2021A, 10.000%, 12/01/31 | ||||
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, | ||||
Capitol Region Parking System, Junior Guaranteed Series 2013B: | ||||
995 | 0.000%, 1/01/45 – BAM Insured | No Opt. Call | AA | 267,377 |
940 | 0.000%, 1/01/46 – BAM Insured | No Opt. Call | AA | 236,269 |
1,025 | 0.000%, 1/01/47 – BAM Insured | No Opt. Call | AA | 241,818 |
2,500 | Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, | 6/26 at 100.00 | BBB | 2,427,050 |
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/34, (AMT) | ||||
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021B: | ||||
1,720 | 4.000%, 12/01/40 | 12/31 at 100.00 | A | 1,510,556 |
1,165 | 4.000%, 12/01/41 | 12/31 at 100.00 | A | 1,008,750 |
2,475 | 4.000%, 12/01/51 | 12/31 at 100.00 | A3 | 2,021,035 |
800 | Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue | 6/31 at 100.00 | BB | 551,904 |
Bonds, Philadelphia Electrical & Technology Charter School, Series 2021A, 4.000%, 6/01/51 | ||||
500 | Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue | 6/28 at 100.00 | BB+ | 418,805 |
Bonds, Philadelphia Performing Arts: A String Theory Charter School, Series 2020, 5.000%, | ||||
6/15/50, 144A | ||||
17,890 | Total Pennsylvania | 13,868,052 | ||
Puerto Rico – 5.3% (4.1% of Total Investments) | ||||
8,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 3.978%, | 12/22 at 100.00 | D | 6,020,000 |
7/01/40 (4) | ||||
3,000 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, | No Opt. Call | N/R | 2,826,030 |
5.250%, 7/01/38 – AMBAC Insured | ||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, | ||||
Restructured 2018A-1: | ||||
35,000 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 5,447,050 |
5,514 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 4,612,682 |
2,500 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 2,149,950 |
Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1: | ||||
447 | 5.250%, 7/01/23 | No Opt. Call | N/R | 447,456 |
267 | 0.000%, 7/01/24 | No Opt. Call | N/R | 243,399 |
891 | 5.375%, 7/01/25 | No Opt. Call | N/R | 891,085 |
883 | 5.625%, 7/01/27 | No Opt. Call | N/R | 890,166 |
868 | 5.625%, 7/01/29 | No Opt. Call | N/R | 875,011 |
844 | 5.750%, 7/01/31 | No Opt. Call | N/R | 850,406 |
1,029 | 0.000%, 7/01/33 | 7/31 at 89.94 | N/R | 524,758 |
800 | 4.000%, 7/01/33 | 7/31 at 103.00 | N/R | 678,605 |
719 | 4.000%, 7/01/35 | 7/31 at 103.00 | N/R | 589,345 |
1,117 | 4.000%, 7/01/37 | 7/31 at 103.00 | N/R | 891,349 |
839 | 4.000%, 7/01/41 | 7/31 at 103.00 | N/R | 640,314 |
873 | 4.000%, 7/01/46 | 7/31 at 103.00 | N/R | 635,672 |
6,828 | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022, | No Opt. Call | N/R | 3,123,627 |
0.000%, 11/01/43 | ||||
70,419 | Total Puerto Rico | 32,336,905 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
South Carolina – 0.7% (0.6% of Total Investments) | ||||
$ 2,500 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 8/26 at 100.00 | N/R (7) | $ 2,630,350 |
Custodial Receipts CR-086, 5.000%, 8/15/36, (Pre-refunded 8/15/26), 144A | ||||
1,000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue | 10/27 at 103.00 | N/R | 865,350 |
Bonds, Columbia College, Refunding Series 2020A, 5.625%, 10/01/40 | ||||
1,000 | South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue | 11/26 at 100.00 | N/R | 747,740 |
Bonds, Horse Creek Academy Project, Series 2021A, 5.000%, 11/15/55, 144A | ||||
250 | South Carolina Jobs-Economic Development Authority, Retirement Community Revenue Notes, | 11/22 at 100.00 | N/R | 253,215 |
Kiawah Life Plan Village, Inc. Project, Series 2021A, 8.750%, 7/01/25 | ||||
4,750 | Total South Carolina | 4,496,655 | ||
South Dakota – 0.2% (0.2% of Total Investments) | ||||
1,800 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument | 9/30 at 100.00 | AA– | 1,488,114 |
Health, Inc., Series 2020A, 4.000%, 9/01/50 | ||||
Texas – 9.8% (7.6% of Total Investments) | ||||
500 | Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, | 10/31 at 100.00 | N/R | 393,470 |
Second-Lien Series 2021B, 5.000%, 10/01/50, 144A | ||||
Austin, Texas, Rental Car Special Facility Revenue Bonds, Taxable Refunding Series 2021: | ||||
500 | 1.027%, 11/15/26 – AGM Insured | No Opt. Call | AA | 424,260 |
625 | 1.325%, 11/15/27 – AGM Insured | No Opt. Call | AA | 516,825 |
500 | 1.710%, 11/15/29 – AGM Insured | No Opt. Call | AA | 392,505 |
755 | Bexar County, Texas, Venue Project Revenue Bonds, Taxable Refunding Combined Venue Tax | 8/31 at 100.00 | AA | 521,222 |
Series 2021, 3.031%, 8/15/41 – AGM Insured | ||||
Board of Regents of the University of Texas System, Revenue Financing System Bonds, | ||||
Series 2022A: | ||||
1,580 | 4.000%, 8/15/37 | 8/32 at 100.00 | AAA | 1,495,091 |
1,650 | 4.000%, 8/15/38 | 8/32 at 100.00 | AAA | 1,542,403 |
2,190 | 4.000%, 8/15/39 | 8/32 at 100.00 | AAA | 2,032,123 |
1,000 | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series | 7/31 at 100.00 | A– | 825,500 |
2021D, 4.000%, 1/01/44 | ||||
225 | City of Midlothian, Texas, Westside Preserve Public Improvement District Improvement | No Opt. Call | N/R | 208,697 |
Area #1 Project, Special Assessment Revenue Bonds, Series 2022, 4.750%, 9/15/32, 144A | ||||
5,405 | Community Independent School District, Collin & Hunt Counties, Texas, School Building | 2/31 at 100.00 | AAA | 5,576,933 |
Series 2022A, 5.000%, 2/15/52 | ||||
1,000 | Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement | 9/31 at 100.00 | N/R | 766,070 |
District 1, Refunding Series 2021, 3.500%, 9/01/36, 144A | ||||
1,200 | Hays County, Texas, Special Assessment Revenue Bonds, La Cima Public Improvement | 9/30 at 100.00 | N/R | 895,200 |
District Neighbor Improvement Areas 1-2 Project, Series 2020, 4.000%, 9/15/50, 144A | ||||
Houston Community College System, Texas, General Obligation Bonds, Taxable Refunding | ||||
Limited Tax Series 2021B: | ||||
750 | 2.209%, 2/15/38 | 2/31 at 100.00 | Aaa | 491,198 |
750 | 2.259%, 2/15/39 | 2/31 at 100.00 | Aaa | 481,087 |
1,000 | Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District | 9/30 at 100.00 | N/R | 766,190 |
Improvement Area 2 Project, Series 2020, 4.000%, 9/01/46, 144A | ||||
Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds, | ||||
Refunding Series 2021: | ||||
1,000 | 4.000%, 11/01/39 – AGM Insured, (AMT) | 11/31 at 100.00 | AA | 864,170 |
5,260 | 4.000%, 11/01/40 – AGM Insured, (AMT) | 11/31 at 100.00 | A | 4,499,983 |
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA | ||||
Transmission Services Corporation Project, Refunding Series 2021: | ||||
4,540 | 5.000%, 5/15/39 | 5/30 at 100.00 | A+ | 4,705,755 |
375 | 5.000%, 5/15/41 | 5/30 at 100.00 | A+ | 383,430 |
500 | Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock | 9/31 at 100.00 | N/R | 402,065 |
Public Improvement District Improvement Area 1 Project, Series 2021, 4.125%, 9/01/41, 144A |
NDMO | Nuveen Dynamic Municipal Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Texas | ||||
$ 625 | McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement | 9/31 at 100.00 | N/R | $ 452,519 |
District Improvement Area 3 Project, Series 2021, 3.625%, 9/15/41, 144A | ||||
5,885 | Melissa Independent School District, Collin County, Texas, General Obligation Bonds, | 8/32 at 100.00 | AAA | 6,131,640 |
Series 2022, 5.000%, 2/01/52 | ||||
4,175 | New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue | 8/25 at 103.00 | BB+ | 3,504,996 |
Bonds, Southwest Preparatory School, Series 2020A, 5.000%, 8/15/50, 144A | ||||
New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue | ||||
Bonds, Sanctuary LTC LLC Project, Series 2021A-1: | ||||
6,795 | 5.250%, 1/01/42 | 1/28 at 103.00 | N/R | 5,310,496 |
6,465 | 5.500%, 1/01/57 | 1/28 at 103.00 | N/R | 4,793,151 |
3,500 | Port Beaumont Industrial Development Authority, Texas, Facility Revenue Bonds, Jefferson | 7/23 at 102.05 | N/R | 2,804,515 |
Gulf Coast Energy Project, Series 2021B, 4.100%, 1/01/28, 144A | ||||
6,675 | Rockwall Independent School District, Rockwall, Kaufman, and Collin Counties, Texas, | 2/31 at 100.00 | AAA | 6,918,637 |
General Obligation Bonds, School Building Series 2022A, 5.000%, 2/15/47 | ||||
2,020 | Sachse, Texas, Special Assessment Bonds, Sachse Public Improvement District 1 Major | 9/30 at 100.00 | N/R | 1,815,273 |
Improvement Area Project, Series 2020, 5.375%, 9/15/40, 144A | ||||
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital | ||||
Revenue Bonds, Hendrick Medical Center, Taxable Series 2021: | ||||
450 | 3.292%, 9/01/40 – AGM Insured | 9/30 at 100.00 | AA | 319,694 |
350 | 3.422%, 9/01/50 – AGM Insured | 9/30 at 100.00 | AA | 224,441 |
68,245 | Total Texas | 60,459,539 | ||
Utah – 0.3% (0.2% of Total Investments) | ||||
500 | Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, | 2/26 at 103.00 | N/R | 374,560 |
Series 2021A, 4.125%, 2/01/41, 144A | ||||
985 | Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High | 1/25 at 102.00 | N/R | 712,894 |
School Project, Series 2020A, 5.125%, 7/15/51, 144A | ||||
Utah Infrastructure Agency, Telecommunications Revenue Bonds, Series 2021: | ||||
375 | 4.000%, 10/15/41 | 4/31 at 100.00 | BBB– | 293,528 |
500 | 3.000%, 10/15/45 | 4/31 at 100.00 | BBB– | 298,710 |
Vineyard Redevelopment Agency, Utah, Tax Increment Revenue Bonds, Refunding Series 2021: | ||||
60 | 4.000%, 5/01/36 – AGM Insured | 5/31 at 100.00 | AA | 58,211 |
95 | 4.000%, 5/01/38 – AGM Insured | 5/31 at 100.00 | AA | 88,280 |
2,515 | Total Utah | 1,826,183 | ||
Virgin Islands – 0.5% (0.4% of Total Investments) | ||||
2,365 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, | No Opt. Call | N/R | 2,382,738 |
Series 2022A, 5.000%, 10/01/32 | ||||
1,000 | West Indian Company Limited, Virgin Islands, Port Facilities Revenue Bonds, WICO | 10/29 at 104.00 | N/R | 925,300 |
Financing, Series 2022A, 6.125%, 10/01/42, 144A | ||||
3,365 | Total Virgin Islands | 3,308,038 | ||
Virginia – 1.1% (0.9% of Total Investments) | ||||
Virginia Commonwealth Transportation Board, Interstate 81 Corridor Program Revenue | ||||
Bonds, Senior Lien Series 2021: | ||||
600 | 4.000%, 5/15/36 | 5/31 at 100.00 | Aa1 | 584,232 |
900 | 4.000%, 5/15/38 | 5/31 at 100.00 | Aa1 | 871,695 |
3,000 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform | 6/27 at 100.00 | BBB | 2,765,730 |
66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/49, (AMT) | ||||
2,000 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC | 12/32 at 100.00 | Baa1 | 1,885,200 |
Project, Refunding Senior Lien Series 2022, 5.000%, 12/31/57, (AMT) | ||||
1,000 | Virginia Small Business Financing Authority, Tourism Development Financing Program | 10/30 at 120.40 | N/R | 962,540 |
Revenue Bonds, Virginia Beach Oceanfront South Hotel Project, Senior Series 2020A-1, 8.000%, | ||||
10/01/43, 144A | ||||
7,500 | Total Virginia | 7,069,397 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Washington – 1.2% (1.0% of Total Investments) | ||||
$ 2,145 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & | 10/24 at 100.00 | A+ | $ 2,105,618 |
Services, Series 2014D, 5.000%, 10/01/41 | ||||
1,915 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Saint Joseph | No Opt. Call | A1 | 1,840,008 |
Health, Refunding Series 2021B, 4.000%, 10/01/42, (Mandatory Put 10/01/30) | ||||
3,500 | Washington State, General Obligation Bonds, Various Purpose Series 2022A-2, | 8/31 at 100.00 | AA+ | 3,715,950 |
5.000%, 8/01/40 | ||||
7,560 | Total Washington | 7,661,576 | ||
West Virginia – 0.7% (0.5% of Total Investments) | ||||
4,000 | West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, | 12/27 at 103.00 | N/R | 3,102,840 |
Empire Trimodal Terminal, LLC Project, Series 2020, 7.625%, 12/01/40, 144A | ||||
1,000 | West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue | 1/25 at 100.00 | B | 965,570 |
Bonds, Arch Resources Project, Series 2021, 4.125%, 7/01/45, (AMT), (Mandatory Put 7/01/25) | ||||
5,000 | Total West Virginia | 4,068,410 | ||
Wisconsin – 3.4% (2.7% of Total Investments) | ||||
3,000 | Gillett, Wisconsin, Solid Waste Disposal Revenue Bonds, WI RNG Hub North LLC Renewable | 12/26 at 100.00 | N/R | 2,391,480 |
Natural Gas Production Plant Project, Series 2021A, 5.500%, 12/01/32, 144A | ||||
6,350 | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Freedom Classical | 1/28 at 100.00 | N/R | 4,981,702 |
Academy Inc., Series 2020A, 5.000%, 1/01/56, 144A | ||||
200 | Public Finance Authority of Wisconsin, Education Revenue Bonds, Shining Rock Classical | 6/29 at 101.00 | N/R | 174,740 |
Academy, Series 2022A, 6.125%, 6/15/57 | ||||
1,000 | Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore | 6/28 at 100.00 | N/R | 760,090 |
Academy, Series 2021A, 5.000%, 6/01/56, 144A | ||||
1,000 | Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy | 8/28 at 100.00 | N/R | 757,680 |
Project, Series 2021, 5.000%, 8/01/51, 144A | ||||
Public Finance Authority of Wisconsin, Health Care Facilities Revenue Bonds, Appalachian | ||||
Regional Healthcare System Obligated Group, Series 2021A: | ||||
300 | 5.000%, 7/01/35 | 1/31 at 100.00 | BBB | 300,720 |
190 | 5.000%, 7/01/38 | 1/31 at 100.00 | BBB | 187,167 |
2,000 | Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio | 2/32 at 100.00 | BBB– | 1,641,940 |
Hotel Acquisition Project, Senior Lien Series 2022A, 5.000%, 2/01/62 | ||||
Public Finance Authority of Wisconsin, Hotel Revenue Bonds, Grand Hyatt San Antonio | ||||
Hotel Acquisition Project, Subordinate Lien Series 2022B: | ||||
1,670 | 5.625%, 2/01/46, 144A | 2/32 at 100.00 | N/R | 1,431,608 |
2,000 | 6.000%, 2/01/62, 144A | 2/32 at 100.00 | N/R | 1,725,200 |
5,000 | Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American | 12/27 at 100.00 | N/R | 4,103,000 |
Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A | ||||
1,000 | Public Finance Authority of Wisconsin, Pollution Control Revenue Bonds, Duke Energy | No Opt. Call | A | 973,780 |
Progress Project, Refunding Series 2022B, 4.000%, 10/01/46, (Mandatory Put 10/01/30) | ||||
2,000 | Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group | 7/31 at 100.00 | N/R | 1,415,600 |
Aviation Facilities Project, Series 2021, 4.000%, 7/01/41, (AMT) | ||||
200 | Public Finance Authority of Wisconsin, Revenue Bonds, Wonderful Foundations Charter | 1/31 at 100.00 | N/R | 140,942 |
School WFCS Portfolio Projects, Senior Series 2021A-1, 5.000%, 1/01/56, 144A | ||||
205 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 10/31 at 100.00 | AA– | 156,800 |
Gundersen Health System, Refunding Series 2021A, 3.000%, 10/15/37 | ||||
26,115 | Total Wisconsin | 21,142,449 | ||
$ 970,810 | Total Municipal Bonds (cost $949,469,058) | 791,662,001 |
NDMO | Nuveen Dynamic Municipal Opportunities Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | |||||
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value |
CORPORATE BONDS – 0.4% (0.3% of Total Investments) | |||||
Electric Utilities – 0.2% (0.1% of Total Investments) | |||||
$ 1,500 | Talen Energy Supply LLC (4) | 6.000% | 12/15/36 | BBB | $ 900,000 |
Independent Power and Renewable Electricity Producers – 0.1% (0.1% of Total Investments) | |||||
2,172 | Talen Energy Corp | 0.000% | 8/31/23 | N/R | 613,624 |
Real Estate Management & Development – 0.1% (0.1% of Total Investments) | |||||
761 | Benloch Ranch Improvement Association No 1, 144A | 9.750% | 12/01/39 | N/R | 691,935 |
$ 4,433 | Total Corporate Bonds (cost $1,535,324) | 2,205,559 | |||
Total Long-Term Investments (cost $951,004,382) | 793,867,560 | ||||
Floating Rate Obligations – (1.4)% | (8,405,000) | ||||
MuniFund Preferred Shares, net of deferred offering costs – (39.0)%(8) | (239,692,499) | ||||
Other Assets Less Liabilities – 11.3%(9) | 69,384,003 | ||||
Net Assets Applicable to Common Shares – 100% | $ 615,154,064 |
Variation | ||||||
Unrealized | Margin | |||||
Number of | Expiration | Notional | Appreciation | Receivable/ | ||
Description | Contracts | Date | Amount | Value | Depreciation) | (Payable) |
U.S. Treasury Ultra Bond | (102) | 12/22 | (15,161,702) | (13,020,938) | 2,140,765 | 172,125 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(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. Ratings are not covered by the report of independent registered public accounting firm. |
(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) | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.2%. |
(9) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
AMT | Alternative Minimum Tax |
UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. |
NVG | NZF | NMZ | NMCO | NDMO | |
Assets | |||||
Long-term investments, at value (cost $5,008,945,514 | |||||
$3,641,285,372, $2,154,363,812, $1,202,794,453 | |||||
and $951,004,382, respectively) | $4,568,405,836 | $3,510,034,363 | $1,862,496,005 | $1,079,611,932 | $ 793,867,560 |
Cash | — | — | 5,480,318 | — | 55,203,981 |
Cash held in escrow for preferred shares noticed for redemption (1) | 44,500,000 | — | — | — | — |
Cash collateral at brokers for investments in futures contracts (2) | — | — | — | — | 730,023 |
Receivable for: | |||||
Dividends | — | 2,859 | — | — | — |
Interest | 67,634,833 | 54,000,424 | 42,198,878 | 24,091,588 | 19,001,711 |
Investments sold | 24,221,850 | 106,973,072 | 19,945,245 | 16,567,299 | 380,000 |
Variation margin on futures contracts | — | — | — | — | 172,125 |
Deferred offering costs | 91,707 | — | 273,343 | 216,389 | 282,340 |
Other assets | 1,881,773 | 897,477 | 134,365 | 104,033 | 29,832 |
Total assets | 4,706,735,999 | 3,671,908,195 | 1,930,528,154 | 1,120,591,241 | 869,667,572 |
Liabilities | |||||
Cash overdraft | 544,737 | 2,845,247 | — | 3,752,896 | — |
Borrowings | — | 40,000,000 | — | 8,200,000 | — |
Floating rate obligations | 189,620,000 | 168,959,000 | 442,605,000 | 17,850,000 | 8,405,000 |
Unrealized depreciation on recourse trusts | — | 2,027,605 | — | 178,372 | — |
Payable for: | |||||
MuniFund Preferred (“MFP”) Shares noticed for redemption, | |||||
at liquidation value | 44,500,000 | — | — | — | — |
Dividends | 11,013,411 | 7,966,013 | 5,692,254 | 2,983,912 | 4,103,250 |
Interest (3) | 1,765,134 | 1,717,635 | 4,326,512 | 313,790 | 1,314,921 |
Investments purchased – regular settlement | — | 54,220,428 | 17,587,406 | 23,719,349 | — |
Investments purchased – when-issued/ | |||||
delayed-delivery settlement | 8,878,860 | 2,626,987 | 9,402,867 | 2,917,240 | — |
Offering costs | — | — | 14,329 | — | 190,634 |
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, | |||||
net of deferred offering costs (liquidation preference | |||||
$—, $—, $357,000,000, $— and $—, respectively) | — | — | 356,453,246 | — | — |
MuniFund Preferred (“MFP”) Shares, net of deferred offering | |||||
costs (liquidation preference $610,900,000, $641,000,000, | |||||
$—, $450,000,000 and $240,000,000, respectively) | 608,669,769 | 640,083,278 | — | 449,018,292 | 239,692,499 |
Variable Rate Demand Preferred (“VRDP”) Shares, net of | |||||
deferred offering costs (liquidation preference $1,236,600,000, | |||||
$727,000,000, $—, $— and $—, respectively) | 1,233,766,379 | 722,987,135 | — | — | — |
Accrued expenses: | |||||
Management fees | 2,450,665 | 1,864,053 | 1,027,536 | 825,796 | 629,918 |
Trustees fees | 1,096,134 | 751,887 | 129,947 | 25,514 | 21,710 |
Shelf offering costs | — | — | 35,218 | 74,127 | 9,542 |
Other | 664,154 | 722,438 | 269,504 | 230,461 | 146,034 |
Total liabilities | 2,102,969,243 | 1,646,771,706 | 837,543,819 | 510,089,749 | 254,513,508 |
Commitments and contingencies (as disclosed in Note 8) | |||||
Net assets applicable to common shares | $2,603,766,756 | $2,025,136,489 | $1,092,984,335 | $ 610,501,492 | $ 615,154,064 |
Common shares outstanding | 213,522,363 | 165,390,401 | 109,625,304 | 54,771,474 | 59,465,234 |
Net asset value (“NAV”) per common share outstanding | $ 12.19 | $ 12.24 | $ 9.97 | $ 11.15 | $ 10.34 |
Net assets applicable to common shares consist of: | |||||
Common shares, $0.01 par value per share | $ 2,135,224 | $ 1,653,904 | $ 1,096,253 | $ 547,715 | $ 594,652 |
Paid-in surplus | 3,086,790,588 | 2,352,970,164 | 1,443,894,425 | 818,083,840 | 862,219,146 |
Total distributable earnings (loss) | (485,159,056) | (329,487,579) | (352,006,343) | (208,130,063) | (247,659,734) |
Net assets applicable to common shares | $2,603,766,756 | $2,025,136,489 | $1,092,984,335 | $ 610,501,492 | $ 615,154,064 |
Authorized shares: | |||||
Common | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
Preferred | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
(1) | Consists of cash irrevocably deposited for payment of preferred shares noticed for redemption. |
(2) | Cash pledged to collateralize the net payment obligations for investments in derivatives. |
(3) | Excludes accrued interest on reverse repurchase agreements, which is recognized above. |
NVG | NZF | NMZ | NMCO | NDMO | |
Investment Income | $ 226,164,867 | $ 157,528,529 | $ 99,980,040 | $ 62,184,193 | $ 46,090,403 |
Expenses | |||||
Management fees | 32,444,157 | 22,304,103 | 13,806,092 | 10,646,582 | 9,833,073 |
Interest expense and amortization of offering costs | 23,670,462 | 23,986,991 | 12,127,041 | 8,043,224 | 5,909,650 |
Liquidity fees | 9,527,352 | 1,619,188 | — | 818,738 | — |
Remarketing fees | 2,347,455 | 99,362 | — | 101,388 | — |
Custodian expenses, net | 376,089 | 299,960 | 139,820 | 97,364 | 100,113 |
Trustees fees | 145,482 | 99,727 | 49,805 | 33,149 | 32,634 |
Professional fees | 457,966 | 315,774 | 342,012 | 282,742 | 142,282 |
Shareholder reporting expenses | 208,751 | 143,235 | 91,158 | 43,270 | 47,022 |
Shareholder servicing agent fees | 91,502 | 43,355 | 19,738 | 594 | 1,600 |
Stock exchange listing fees | 64,465 | 42,749 | 78,750 | 16,160 | 49,314 |
Investor relations expenses | 238,602 | 165,730 | 71,443 | 53,642 | 119,015 |
Reorganization expenses | — | 492,000 | — | — | — |
Other | 213,814 | 114,499 | 63,367 | 62,901 | 41,281 |
Total expenses | 69,786,097 | 49,726,673 | 26,789,226 | 20,199,754 | 16,275,984 |
Net investment income (loss) | 156,378,770 | 107,801,856 | 73,190,814 | 41,984,439 | 29,814,419 |
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) from: | |||||
Investments | (39,621,634) | (171,362,098) | (59,668,730) | (20,149,038) | (123,084,429) |
Futures contracts | — | — | — | — | 35,381,726 |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | (1,029,776,506) | (552,200,933) | (412,043,906) | (215,318,529) | (201,197,612) |
Futures contracts | — | — | — | — | 1,357,728 |
Net realized and unrealized gain (loss) | (1,069,398,140) | (723,563,031) | (471,712,636) | (235,467,567) | (287,542,587) |
Net increase (decrease) in net assets applicable to | |||||
common shares from operations | $ (913,019,370) | $(615,761,175) | $(398,521,822) | $(193,483,128) | $(257,728,168) |
NVG | NZF | ||||
Year Ended | Year Ended | Year Ended | Year Ended | ||
10/31/22 | 10/31/21 | 10/31/22 | 10/31/21 | ||
Operations | |||||
Net investment income (loss) | $ 156,378,770 | $ 175,139,255 | $ 107,801,856 | $ 111,163,601 | |
Net realized gain (loss) from: | |||||
Investments | (39,621,634) | 9,098,222 | (171,362,098) | 4,825,339 | |
Futures contracts | — | — | — | — | |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | (1,029,776,506) | 117,264,867 | (552,200,933) | 142,011,149 | |
Futures contracts | — | — | — | — | |
Net increase (decrease) in net assets applicable to | |||||
common shares from operations | (913,019,370) | 301,502,344 | (615,761,175) | 258,000,089 | |
Distributions to Common Shareholders | |||||
Dividends | (172,239,856) | (191,489,814) | (110,518,441) | (112,570,414) | |
Return of capital | — | — | — | — | |
Decrease in net assets applicable to common shares from | |||||
distributions to common shareholders | (172,239,856) | (191,489,814) | (110,518,441) | (112,570,414) | |
Capital Share Transactions | |||||
Common shares: | |||||
Proceeds from shelf offering, net of offering costs | — | — | — | — | |
Issued in the Reorganization | — | — | 337,312,370 | — | |
Net proceeds from shares issued to shareholders | |||||
due to reinvestment of distributions | 1,689,861 | 968,023 | — | 708,579 | |
Net increase (decrease) in net assets applicable to | |||||
common shares from capital share transactions | 1,689,861 | 968,023 | 337,312,370 | 708,579 | |
Net increase (decrease) in net assets applicable to | |||||
common shares | (1,083,569,365) | 110,980,553 | (388,967,246) | 146,138,254 | |
Net assets applicable to common shares at the | |||||
beginning of period | 3,687,336,121 | 3,576,355,568 | 2,414,103,735 | 2,267,965,481 | |
Net assets applicable to common shares at the end | |||||
of period | $2,603,766,756 | $3,687,336,121 | $2,025,136,489 | $2,414,103,735 |
NMZ | NMCO | ||||
Year Ended | Year Ended | Year Ended | Year Ended | ||
10/31/22 | 10/31/21 | 10/31/22 | 10/31/21 | ||
Operations | |||||
Net investment income (loss) | $ 73,190,814 | $ 65,257,164 | $ 41,984,439 | $ 43,871,984 | |
Net realized gain (loss) from: | |||||
Investments | (59,668,730) | (3,421,571) | (20,149,038) | 3,406,526 | |
Futures contracts | — | — | — | — | |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | (412,043,906) | 110,094,377 | (215,318,529) | 133,963,060 | |
Futures contracts | — | — | — | — | |
Net increase (decrease) in net assets applicable to | |||||
common shares from operations | (398,521,822) | 171,929,970 | (193,483,128) | 181,241,570 | |
Distributions to Common Shareholders | |||||
Dividends | (77,261,266) | (67,633,664) | (39,698,302) | (39,638,330) | |
Return of capital | — | — | — | — | |
Decrease in net assets applicable to common shares from | |||||
distributions to common shareholders | (77,261,266) | (67,633,664) | (39,698,302) | (39,638,330) | |
Capital Share Transactions | |||||
Common shares: | |||||
Proceeds from shelf offering, net of offering costs | 162,568,435 | 201,974,141 | 19,150,641 | 157,761 | |
Issued in the Reorganization | — | — | — | — | |
Net proceeds from shares issued to shareholders | |||||
due to reinvestment of distributions | 1,447,326 | 1,063,415 | 260,907 | — | |
Net increase (decrease) in net assets applicable to | |||||
common shares from capital share transactions | 164,015,761 | 203,037,556 | 19,411,548 | 157,761 | |
Net increase (decrease) in net assets applicable to | |||||
common shares | (311,767,327) | 307,333,862 | (213,769,882) | 141,761,001 | |
Net assets applicable to common shares at the | |||||
beginning of period | 1,404,751,662 | 1,097,417,800 | 824,271,374 | 682,510,373 | |
Net assets applicable to common shares at the end | |||||
of period | $1,092,984,335 | $1,404,751,662 | $ 610,501,492 | $824,271,374 |
NDMO | ||
Year Ended | Year Ended | |
10/31/22 | 10/31/21 | |
Operations | ||
Net investment income (loss) | $ 29,814,419 | $ 27,319,402 |
Net realized gain (loss) from: | ||
Investments | (123,084,429) | 21,029,408 |
Futures contracts | 35,381,726 | (4,150,212) |
Change in net unrealized appreciation (depreciation) of: | ||
Investments | (201,197,612) | 45,354,449 |
Futures contracts | 1,357,728 | 783,037 |
Net increase (decrease) in net assets applicable to | ||
common shares from operations | (257,728,168) | 90,336,084 |
Distributions to Common Shareholders | ||
Dividends | (29,662,852) | (46,057,401) |
Return of capital | (24,771,804) | (6,322,022) |
Decrease in net assets applicable to common shares from | ||
distributions to common shareholders | (54,434,656) | (52,379,423) |
Capital Share Transactions | ||
Common shares: | ||
Proceeds from shelf offering, net of offering costs | 12,647,921 | 23,101,155 |
Issued in the Reorganization | — | — |
Net proceeds from shares issued to shareholders | ||
due to reinvestment of distributions | 1,121,470 | 5,699,569 |
Net increase (decrease) in net assets applicable to | ||
common shares from capital share transactions | 13,769,391 | 28,800,724 |
Net increase (decrease) in net assets applicable to | ||
common shares | (298,393,433) | 66,757,385 |
Net assets applicable to common shares at the | ||
beginning of period | 913,547,497 | 846,790,112 |
Net assets applicable to common shares at the end | ||
of period | $ 615,154,064 | $913,547,497 |
NVG | NZF | NMZ | NMCO | NDMO | |
Cash Flows from Operating Activities: | |||||
Net Increase (Decrease) in Net Assets Applicable to | |||||
Common Shares from Operations | $(913,019,370) | $ (615,761,175) | $(398,521,822) | $(193,483,128) | $(257,728,168) |
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 | (1,003,124,413) | (2,250,895,362) | (849,221,835) | (394,973,539) | (714,020,049) |
Proceeds from sales and maturities of investments | 1,118,187,733 | 2,225,634,335 | 632,913,431 | 362,518,339 | 950,788,214 |
Proceeds from (Purchases of) short-term investments, net | — | — | — | 798,107 | — |
Taxes paid | (40,132) | — | (9,682) | (56,271) | — |
Amortization (Accretion) of premiums and discounts, net | (9,563,176) | (11,336,929) | (2,893,500) | (5,465,480) | 4,532,580 |
Amortization of deferred offering costs | 635,545 | 266,621 | 57,975 | 110,052 | 12,499 |
(Increase) Decrease in: | |||||
Receivable for dividends and interest | 4,220,729 | (3,321,902) | (6,508,651) | (2,315,450) | (1,058,407) |
Receivable for investments sold | 6,725,712 | (50,999,151) | (18,136,904) | (16,137,299) | 6,401,711 |
Receivable for variation margin on futures contracts | — | — | — | — | (150,000) |
Other assets | 349,744 | 151,981 | 6,065 | (12,960) | (13,086) |
Increase (Decrease) in: | |||||
Unrealized depreciation on recourse trusts | — | 2,027,605 | — | 178,372 | — |
Payable for interest | 1,385,853 | 1,681,149 | 3,388,012 | 245,958 | 898,840 |
Payable for investments purchased – regular settlement | (36,930) | 53,170,428 | 11,695,106 | 23,719,349 | (6,903,555) |
Payable for investments purchased – when issued/ | |||||
delayed-delivery settlement | (15,050,180) | (1,533,142) | (5,541,553) | 2,917,240 | (24,677,205) |
Payable for offering costs | — | — | 14,329 | — | 190,634 |
Payable for variation margin on futures contracts | — | — | — | — | (315,438) |
Accrued management fees | (489,814) | (66,255) | (178,683) | (134,933) | (314,384) |
Accrued interest | — | — | — | — | (9,557) |
Accrued Trustees fees | (249,209) | (133,131) | (19,405) | 1,621 | (15,769) |
Accrued other expenses | (186,693) | (142,452) | (33,788) | (13,596) | (192,530) |
Net realized (gain) loss from: | |||||
Investments | 39,621,634 | 171,362,098 | 59,668,730 | 20,149,038 | 123,084,429 |
Paydowns | 1,984,054 | 1,348,880 | 27,683 | (196,375) | 1,983 |
Change in net unrealized (appreciation) depreciation | |||||
of investments | 1,029,776,506 | 552,176,714 | 412,043,906 | 215,318,529 | 201,197,612 |
Net cash provided by (used in) operating activities | 261,127,593 | 73,630,312 | (161,250,586) | 13,167,574 | 281,710,354 |
NVG | NZF | NMZ | NMCO | NDMO | |
Cash Flows from Financing Activities: | |||||
Proceeds from borrowings | $ 22,000,000 | $ 275,509,047 | $ 76,094,238 | $ 88,042,546 | $ — |
(Repayments of) borrowings | (22,000,000) | (235,509,047) | (76,094,238) | (79,842,546) | (191,900,000) |
Proceeds from reverse repurchase agreements | — | — | 74,310,000 | — | — |
(Repayments of) reverse repurchase agreements | — | — | (74,310,000) | — | (44,800,000) |
Proceeds from AMTP Shares issued, at liquidation preference | — | — | 100,000,000 | — | — |
(Repayments of) AMTP Shares issued, at liquidation preference | (112,000,000) | — | — | — | — |
Proceeds from MFP Shares issued, at liquidation preference | 250,000,000 | — | — | — | 240,000,000 |
(Repayments of) VRDP Shares issued, at liquidation preference | (175,000,000) | — | — | — | — |
(Payments for) deferred offering costs | (880,000) | — | (175,000) | — | (320,000) |
Proceeds from shelf offering, net of offering costs | (91,707) | — | 162,499,079 | 19,154,248 | 12,605,581 |
Increase (Decrease) in: | |||||
Cash overdraft | (7,688,599) | (1,953,139) | (4,909,984) | 3,752,896 | — |
Accrued shelf offering costs | — | — | 13,465 | (54,197) | (131,220) |
Proceeds from floating rate obligations | 2,220,000 | — | — | — | — |
(Repayments of) floating rate obligations | — | (4,655,000) | (14,438,000) | (7,972,000) | (196,185,000) |
Cash distribution paid to common shareholders | (173,187,287) | (111,459,448) | (76,258,656) | (39,636,069) | (53,166,187) |
Net cash provided by (used in) financing activities | (216,627,593) | (78,067,587) | 166,730,904 | (16,555,122) | (233,896,826) |
Net Increase (Decrease) in cash, cash held in escrow for | |||||
preferred shares noticed for redemption and cash | |||||
collateral at brokers | 44,500,000 | (4,437,275) | 5,480,318 | (3,387,548) | 47,813,528 |
Cash, cash held in escrow for preferred shares noticed for | |||||
redemption and cash collateral at brokers at the beginning | |||||
of period | — | — | — | 3,387,548 | 8,120,476 |
Cash acquired in connection with the Reorganizations | — | 4,437,275 | — | — | — |
Cash, cash held in escrow for preferred shares noticed | |||||
for redemption and cash collateral at brokers at the | |||||
end of period | $ 44,500,000 | $ — | $ 5,480,318 | $ — | $ 55,934,004 |
NVG | NZF | NMZ | NMCO | NDMO | |
Cash | $ — | $ — | $ 5,480,318 | $ — | $ 55,203,981 |
Cash held in escrow for preferred shares noticed for redemption | 44,500,000 | — | — | — | — |
Cash collateral at brokers for investments in futures contracts | — | — | — | — | 730,023 |
Total cash, cash held in escrow for preferred shares noticed for | |||||
redemption and cash collateral at brokers | $ 44,500,000 | $ — | $ 5,480,318 | $ — | $ 55,934,004 |
Supplemental Disclosure of Cash Flow Information | |||||
Cash paid for interest on borrowings (excluding borrowing | |||||
and amortization of offering costs) | $ 21,356,794 | $ 21,864,680 | $ 8,585,069 | $ 7,570,466 | $ 4,870,640 |
Non-cash financing activities not included herein consists | |||||
of reinvestments of common share distributions | 1,689,861 | — | 1,447,326 | 260,907 | 1,121,470 |
Less Distributions to | |||||||||
Investment Operations | Common Shareholders | Common Share | |||||||
From | |||||||||
Beginning | Net | Net | From | Accumulated | |||||
Common | Investment | Realized/ | Net | Net | Ending | ||||
Share | Income | Unrealized | Investment | Realized | Ending | Share | |||
NAV | (Loss) | Gain (Loss) | Total | Income | Gains | Total | NAV | Price | |
NVG | |||||||||
Year Ended 10/31: | |||||||||
2022 | $17.28 | $0.73 | $(5.01) | $(4.28) | $(0.78) | $(0.03) | $(0.81) | $12.19 | $11.03 |
2021 | 16.76 | 0.82 | 0.60 | 1.42 | (0.81) | (0.09) | (0.90) | 17.28 | 17.29 |
2020 | 17.17 | 0.82 | (0.41) | 0.41 | (0.79) | (0.03) | (0.82) | 16.76 | 15.62 |
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 |
NZF | |||||||||
Year Ended 10/31: | |||||||||
2022 | 16.98 | 0.71 | (4.72) | (4.01) | (0.73) | — | (0.73) | 12.24 | 10.83 |
2021 | 15.96 | 0.78 | 1.03 | 1.81 | (0.79) | — | (0.79) | 16.98 | 16.73 |
2020 | 16.63 | 0.80 | (0.71) | 0.09 | (0.76) | — | (0.76) | 15.96 | 14.74 |
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 |
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) |
(25.56)% | (32.54)% | $2,603,767 | 2.16% | 4.83% | 19% |
8.54 | 16.65 | 3,687,336 | 1.52 | 4.70 | 12 |
2.53 | 0.06 | 3,576,356 | 1.98 | 4.89 | 15 |
16.52 | 29.47 | 3,476,962 | 2.49 | 4.82 | 6 |
(0.50) | (6.49) | 3,134,970 | 2.40 | 5.02 | 15 |
(24.20) | (31.77) | 2,025,136 | 2.20 | 4.78 | 61 |
11.45 | 19.05 | 2,414,104 | 1.61 | 4.60 | 15 |
0.58 | (3.34) | 2,267,965 | 2.04 | 4.95 | 21 |
15.90 | 27.08 | 2,364,022 | 2.60 | 4.68 | 12 |
(0.85) | (6.21) | 2,141,680 | 2.43 | 5.17 | 25 |
(b) | • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund, where applicable. |
Ratios of Interest Expense to | Ratios of Interest Expense to | |||
Average Net Assets Applicable | Average Net Assets Applicable | |||
NVG | to Common Shares | NZF | to Common Shares | |
Year Ended 10/31: | Year Ended 10/31: | |||
2022 | 1.10% | 2022 | 1.14% | |
2021 | 0.52 | 2021 | 0.62 | |
2020 | 0.97 | 2020 | 1.01 | |
2019 | 1.47 | 2019 | 1.55 | |
2018 | 1.37 | 2018 | 1.38 |
(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. |
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: | |||||||||||||
2022 | $14.53 | $0.70 | $(4.53) | $(3.83) | $(0.75) | $ — | $(0.75) | $0.02 | $ —* | $9.97 | $9.85 | ||
2021 | 13.22 | 0.72 | 1.30 | 2.02 | (0.77) | — | (0.77) | 0.06 | —* | 14.53 | 14.71 | ||
2020 | 14.04 | 0.70 | (0.82) | (0.12) | (0.73) | — | (0.73) | 0.03 | —* | 13.22 | 13.22 | ||
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 | ||
NMCO | |||||||||||||
Year Ended 10/31: | |||||||||||||
2022 | 15.47 | 0.78 | (4.36) | (3.58) | (0.74) | — | (0.74) | —* | —* | 11.15 | 10.39 | ||
2021 | 12.81 | 0.82 | 2.58 | 3.40 | (0.74) | — | (0.74) | —* | — | 15.47 | 15.04 | ||
2020 | 15.08 | 0.71 | (2.25) | (1.54) | (0.73) | — | (0.73) | — | — | 12.81 | 11.68 | ||
2019(d) | 15.00 | 0.04 | 0.04 | 0.08 | — | — | — | — | — | 15.08 | 15.39 |
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) |
(27.13)% | (28.88)% | $1,092,984 | 2.05% | 5.61% | 30% |
15.80 | 17.32 | 1,404,752 | 1.43 | 5.13 | 6 |
(0.49) | (1.84) | 1,097,418 | 1.68 | 5.19 | 10 |
15.75 | 27.45 | 969,068 | 2.20 | 5.67 | 15 |
0.25 | (7.93) | 818,439 | 1.95 | 6.17 | 11 |
(23.88) | (26.91) | 610,501 | 2.74 | 5.69 | 30 |
26.91 | 35.55 | 824,271 | 2.18 | 5.52 | 12 |
(10.33) | (19.78) | 682,510 | 2.41 | 5.24 | 70 |
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 reverse repurchase agreements (as described in Note 9 – Borrowing Arrangements), where applicable, 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: |
Ratios of Interest Expense to | Ratios of Interest Expense to | |||
Average Net Assets Applicable | Average Net Assets Applicable | |||
NMZ | to Common Shares | NMCO | to Common Shares | |
Year Ended 10/31: | Year Ended 10/31: | |||
2022 | 0.93% | 2022 | 1.21% | |
2021 | 0.36 | 2021 | 0.72 | |
2020 | 0.66 | 2020 | 1.00 | |
2019 | 1.16 | 2019(d) | 0.05** | |
2018 | 0.91 |
(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. |
* | Value rounded to zero. |
** | Annualized. |
Less Distributions to | ||||||||||||||
Investment Operations | Common Shareholders | Common Share | ||||||||||||
From | Premium | |||||||||||||
Beginning | Net | Net | From | Accumulated | Per Share | |||||||||
Common | Investment | Realized/ | Net | Net | Return | Sold through | Shelf | Ending | ||||||
Share | Income | Unrealized | Investment | Realized | of | Shelf | Offering | Ending | Share | |||||
NAV | (Loss) Gain (Loss) | Total | Income | Gains | Capital | Total | Offering | Costs | NAV | Price | ||||
NDMO | ||||||||||||||
Year Ended 10/31: | ||||||||||||||
2022 | $15.60 | $0.51 | $(4.85) | $(4.34) | $(0.50) | $ — | $(0.42) | $(0.92) | $ —* | $ —* | $10.34 | $ 9.43 | ||
2021 | 14.92 | 0.49 | 1.10 | 1.59 | (0.50) | (0.31) | (0.11) | (0.92) | 0.01 | — | 15.60 | 15.64 | ||
2020(d) | 15.00 | 0.03 | (0.03) | — | (0.08) | — | — | (0.08) | — | — | 14.92 | 15.00 |
(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. |
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) | |
(28.77)% | (35.09)% | 615,154 | 2.07% | 3.78% | 61% | |
10.77 | 10.47 | 913,547 | 1.55 | 3.02 | 63 | |
(0.02) | 0.51 | 846,790 | 0.89** | 1.06** | 4 |
(b) | • Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings and/or reverse repurchase agreements, where applicable. |
Ratios of Interest Expense to | |
Average Net Assets Applicable | |
NDMO | to Common Shares |
Year Ended 10/31: | |
2022 | 0.75% |
2021 | 0.33 |
2020(d) | 0.03** |
(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 August 26, 2020 (commencement of operations) through October 31, 2020. |
* | Value rounded to zero. |
** | Annualized. |
AMTP, MFP, | ||||||||||
and /or | ||||||||||
AMTP Shares | MFP Shares | VRDP Shares | VRDP Shares | |||||||
Asset | ||||||||||
Aggregate | Asset | Aggregate | Asset | Aggregate | Asset | Coverage | ||||
Amount | Coverage | Amount | Coverage | Amount | Coverage | Per $1 | ||||
Outstanding | Per $100,000 | Outstanding | Per $100,000 | Outstanding | Per $100,000 | Liquidation | ||||
(000)(a) | Share(b)(d) | (000)(a) | Share(b) | (000)(a) | Share(b) | Preference | ||||
NVG | ||||||||||
Year Ended 10/31: | ||||||||||
2022 | $ — | $ — | $610,900 | $240,935 | $1,236,600 | $240,935 | $2.41 | |||
2021 | 112,000 | 291,153 | 405,400 | 291,153 | 1,411,600 | 291,153 | 2.91 | |||
2020 | 112,000 | 285,399 | 405,400 | 285,399 | 1,411,600 | 285,399 | 2.85 | |||
2019 | — | — | 405,400 | 291,357 | 1,411,600 | 291,357 | 2.91 | |||
2018 | — | — | 405,400 | 272,535 | 1,411,600 | 272,535 | 2.73 | |||
NZF | ||||||||||
Year Ended 10/31: | ||||||||||
2022 | — | — | 641,000 | 243,831 | 727,000 | 243,831 | 2.44 | |||
2021 | — | — | 641,000 | 276,470 | 727,000 | 276,470 | 2.76 | |||
2020 | — | — | 641,000 | 265,787 | 727,000 | 265,787 | 2.66 | |||
2019 | — | — | 641,000 | 272,809 | 727,000 | 272,809 | 2.73 | |||
2018 | — | — | 641,000 | 256,556 | 727,000 | 256,556 | 2.57 |
(a) | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year and does not include any preferred shares noticed for redemption as noted on the Statement of Assets and Liabilities, where applicable. |
(b) | Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000. |
(c) | Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000. |
(d) | NVG’s Series B and Series C 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 and Series C MFP Shares were as follows: |
Asset | |
Coverage | |
Per $1,000 | |
NVG | Share(c) |
Series B | |
Year Ended 10/31: | |
2022 | $2,409 |
2021 | 2,912 |
2020 | 2,854 |
2019 | 2,914 |
2018 | — |
Series C | |
Year Ended 10/31: | |
2022 | $2,409 |
2021 | — |
2020 | — |
2019 | — |
2018 | — |
Borrowings | AMTP Shares | MFP Shares | ||||
Aggregate | Asset | Aggregate | Asset | Aggregate | Asset | |
Amount | Coverage | Amount | Coverage | Amount | Coverage | |
Outstanding | Per $1,000 | Outstanding | Per $100,000 | Outstanding | Per $100,000 | |
(000)(a) | Share(c) | (000)(a) | Share(b) | (000)(a) | Share(b) | |
NMZ | ||||||
Year Ended 10/31: | ||||||
2022 | $ — | $ — | $357,000 | $ 406,158 | $ — | $ — |
2021 | — | — | 257,000 | 646,596 | — | — |
2020 | — | — | 87,000 | 1,361,400 | — | — |
2019 | — | — | 87,000 | 1,213,872 | — | — |
2018 | — | — | 87,000 | 1,040,734 | — | — |
NMCO | ||||||
Year Ended 10/31: | ||||||
2022 | — | — | — | — | 450,000 | 237,489 |
2021 | — | — | — | — | 450,000 | 283,171 |
2020 | — | — | — | — | 450,000 | 251,669 |
2019(e) | — | — | — | — | — | — |
NDMO | ||||||
Year Ended 10/31: | ||||||
2022 | — | — | — | — | 240,000 | 356,314 |
2021 | 191,900 | 5,761 | — | — | — | — |
2020(f) | — | — | — | — | — | — |
(e) | For the period September 16, 2019 (commencement of operations) through October 31, 2019. |
(f) | For the period August 26, 2020 (commencement of operations) through October 31, 2020. |
NVG | NZF | NMZ | NMCO | NDMO | |
Custodian Fee Credit | $10,588 | $5,804 | $43,442 | $16,877 | $15,106 |
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). |
NVG | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Municipal Bonds* | $ — | $4,509,396,749 | $196,331*** | $4,509,593,080 |
Common Stocks** | — | 54,408,979 | — | 54,408,979 |
Corporate Bonds** | — | 4,403,777 | — | 4,403,777 |
Total | $ — | $4,568,209,505 | $196,331 | $4,568,405,836 |
NZF | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Municipal Bonds* | $ — | $3,391,865,616 | $55,131*** | $3,391,920,747 |
Common Stocks** | — | 116,481,142 | — | 116,481,142 |
Investment Companies | 1,266,739 | — | — | 1,266,739 |
Variable Rate Senior Loan Interests | — | 365,735 | — | 365,735 |
Total | $1,266,739 | $3,508,712,493 | $55,131 | $3,510,034,363 |
NMZ | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Municipal Bonds* | $ — | $1,795,851,648 | $2,568,954*** | $1,798,420,602 |
Common Stocks** | 3,226,149 | 60,403,711 | — | 63,629,860 |
Corporate Bonds** | — | 259,707 | 128,102*** | 387,809 |
Variable Rate Senior Loan Interests | — | 57,734 | — | 57,734 |
Total | $3,226,149 | $1,856,572,800 | $2,697,056 | $1,862,496,005 |
NMCO | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Municipal Bonds* | $ — | $1,005,403,035 | $274,007*** | $1,005,677,042 |
Common Stocks** | — | 69,115,641 | — | 69,115,641 |
Corporate Bonds** | — | 3,252,209 | — | 3,252,209 |
Exchange-Traded Funds | 1,567,040 | — | — | 1,567,040 |
Total | $1,567,040 | $1,077,770,885 | $274,007 | $1,079,611,932 |
NDMO | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Municipal Bonds* | $ — | $791,662,001 | $ — | $791,662,001 |
Corporate Bonds** | — | 2,205,559 | — | 2,205,559 |
Investments in Derivatives: | ||||
Futures Contracts**** | 2,140,765 | — | — | 2,140,765 |
Total | $2,140,765 | $793,867,560 | $ — | $796,008,325 |
* | 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. |
**** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
Floating Rate Obligations Outstanding | NVG | NZF | NMZ | NMCO | NDMO |
Floating rate obligations: self-deposited Inverse Floaters | $189,620,000 | $168,959,000 | $442,605,000 | $17,850,000 | $8,405,000 |
Floating rate obligations: externally-deposited Inverse Floaters | 28,330,000 | 16,175,000 | 17,610,000 | — | — |
Total | $217,950,000 | $185,134,000 | $460,215,000 | $17,850,000 | $8,405,000 |
Self-Deposited Inverse Floaters | NVG | NZF | NMZ | NMCO | NDMO |
Average floating rate obligations outstanding | $191,956,452 | $78,529,929 | $459,770,058 | $28,837,115 | $169,110,452 |
Average annual interest rate and fees | 1.33% | 1.81% | 1.35% | 1.46% | 1.17% |
Floating Rate Obligations - Recourse Trusts | NVG | NZF | NMZ | NMCO | NDMO |
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | $187,090,000 | $162,044,000 | $442,605,000 | $17,850,000 | $8,405,000 |
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | 20,170,000 | 16,175,000 | 17,610,000 | — | — |
Total | $207,260,000 | $178,219,000 | $460,215,000 | $17,850,000 | $8,405,000 |
NVG | NZF | NMZ | NMCO | NDMO | |
Purchases | $1,002,397,197 | $2,250,895,362 | $849,221,835 | $394,973,539 | $714,020,049 |
Sales and maturities | 1,117,460,517 | 2,225,634,335 | 632,913,431 | 362,518,339 | 950,788,214 |
NDMO | |
Average notional amount of futures contracts outstanding* | $208,221,878 |
Location on the Statement of Assets and Liabilities | ||||||
Underlying | Derivative | Asset Derivatives | (Liability) Derivatives | |||
Risk Exposure | Instrument | Location | Value | Location | Value | |
NDMO | ||||||
Interest rate | Futures contracts | Receivable for variation margin on | $2,140,765 | — | $ — | |
futures contracts* |
Net Realized | Changes in Net Unrealized | |||
Underlying Risk | Derivative | Gain (Loss) from | Appreciation (Depreciation) of | |
Fund | Exposure | Instrument | Futures Contracts | Futures Contracts |
NDMO | Interest rate | Futures contracts | $35,381,726 | $1,357,728 |
NVG | NMZ | NMCO | NDMO | |||||||
Year | Year | Year | Year | Year | Year | Year | ||||
Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||
10/31/22* | 10/31/22 | 10/31/21** | 10/31/22 | 10/31/21*** | 10/31/22 | 10/31/21**** | ||||
Maximum aggregate offering | Unlimited | Unlimited | Unlimited | 90,000,000 | 90,000,000 | 250,000,000 | 250,000,000 | |||
Common shares sold | — | 12,811,555 | 13,616,818 | 1,467,274 | 10,000 | 827,780 | 1,449,334 | |||
Offering proceeds, net of offering costs | $ — | $162,568,435 | $201,974,141 | $19,150,641 | $157,761 | $12,647,921 | $23,101,155 |
NVG | NZF | NMZ | ||||||
Year | Year | Year | Year | Year | Year | |||
Ended | Ended | Ended | Ended | Ended | Ended | |||
10/31/22 | 10/31/21 | 10/31/22 | 10/31/21 | 10/31/22 | 10/31/21 | |||
Common shares: | ||||||||
Issued to shareholders due to reinvestment of distributions | 97,083 | 54,736 | — | 40,713 | 113,611 | 73,944 | ||
Sold through shelf offering | — | — | — | — | 12,811,555 | 13,616,818 | ||
Issued in the Reorganization | — | — | 23,223,782 | — | — | — | ||
Weighted average common share: | ||||||||
Premium to NAV per shelf offering share sold | — | — | — | — | 1.52% | 2.75% | ||
NMCO | NDMO | |||||||
Year | Year | Year | Year | |||||
Ended | Ended | Ended | Ended | |||||
10/31/22 | 10/31/21 | 10/31/22 | 10/31/21 | |||||
Common shares: | ||||||||
Issued to shareholders due to reinvestment of distributions | 18,120 | — | 72,033 | 359,420 | ||||
Sold through shelf offering | 1,467,274 | 10,000 | 827,780 | 1,449,334 | ||||
Weighted average common share: | ||||||||
Premium to NAV per shelf offering share sold | 1.24% | 1.09% | 1.28% | 1.58% |
Shares | Liquidation | ||
Fund | Series | Outstanding | Preference |
NMZ | 2028 | 870 | $87,000,000 |
2031 | 1,700 | $170,000,000 | |
2032 | 1,000 | $100,000,000 |
Notice | Term | Premium | ||
Fund | Period | Series | Redemption Date | Expiration Date |
NMZ | 360-day | 2028 | March 1, 2028* | August 31, 2018 |
360-day | 2031 | April 1, 2031* | April 17, 2023 | |
360-day | 2032 | June 1, 2032* | June 8, 2023 |
NVG** | NMZ | |
Average liquidation preference of AMTP Shares outstanding | $112,000,000 | $296,726,027 |
Annualized dividend rate | 1.73% | 1.80% |
• | 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 shareholder 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. |
• | 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. |
• | 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. |
Mode | ||||||
Shares | Liquidation | Term | Termination | |||
Fund | Series | Outstanding | Preference | Redemption Date | Mode | Date |
NVG | A | 1,609 | $160,900,000 | January 3, 2028 | VRM | January 3, 2028* |
B | 200,000 | $200,000,000 | March 1, 2029 | VRRM | March 1, 2029 | |
C | 250,000 | $250,000,000 | December 1, 2031 | VRRM | December 1, 2031 | |
NZF | A | 1,500 | $150,000,000 | May 1, 2047 | VRM | May 3, 2023 |
B | 1,550 | $155,000,000 | February 3, 2048 | VRM | February 3, 2048* | |
C | 3,360 | $336,000,000 | June 1, 2048 | VRM | September 1, 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 1, 2024 | |
C | 1,250 | $125,000,000 | October 1, 2031 | VRM | May 16, 2024 | |
NDMO | A | 2,400 | $240,000,000 | September 1, 2032 | VRM | September 1, 2032 |
NVG | NZF | NMCO | NDMO* | |
Average liquidation preference of MFP Shares outstanding | $632,994,521 | $641,000,000 | $450,000,000 | $240,000,000 |
Annualized dividend rate | 1.29% | 1.78% | 1.64% | 2.45% |
Shares | Remarketing | Liquidation | |||
Fund | Series | Outstanding | Fees* | Preference | Maturity |
NVG | 1 | 1,790 | 0.10% | $179,000,000 | December 1, 2043 |
2 | 2,954 | 0.10 | $295,400,000 | December 1, 2040 | |
4 | 1,800 | 0.10 | $180,000,000 | June 1, 2046 | |
5 | 2,955 | 0.10 | $295,500,000 | December 1, 2040 | |
6 | 2,867 | 0.10 | $286,700,000 | 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. |
NVG | NZF | |
Average liquidation preference of VRDP Shares outstanding | $1,258,654,795 | $727,000,000 |
Annualized dividend rate | 0.81% | 1.47% |
Year Ended | |||
October 31, 2022 | |||
NVG | Series | Shares | Amount |
AMTP Shares redeemed | 2028 | (1,120) | $(112,000,000) |
NMZ | |||
AMTP Shares issued | 2032 | 1,000 | $ 100,000,000 |
Year Ended | |||
October 31, 2021 | |||
NMZ | Series | Shares | Amount |
AMTP Shares issued | 2031 | 1,700 | $170,000,000 |
Year Ended | |||
October 31, 2022 | |||
NVG | Series | Shares | Amount |
MFP Shares issued | C | 250,000 | $250,000,000 |
MFP Shares noticed for redemption* | A | 445 | (44,500,000) |
Year Ended | |||
October 31, 2022 | |||
NDMO | Series | Shares | Amount |
MFP Shares issued | A | 2,400 | $240,000,000 |
Year Ended | |||
October 31, 2022 | |||
NVG | Series | Shares | Amount |
VRDP Shares redeemed | 2 | (900) | $ (90,000,000) |
5 | (450) | (45,000,000) | |
6 | (400) | (40,000,000) | |
Total | (1,750) | (175,000,000) |
Gross | Gross | Net Unrealized | ||
Unrealized | Unrealized | Appreciation | ||
Fund | Tax Cost | Appreciation | (Depreciation) | (Depreciation) |
NVG | $4,816,380,806 | $123,847,107 | $(561,439,810) | $(437,592,703) |
NZF | 3,474,703,370 | 133,118,105 | (266,744,455) | (133,626,350) |
NMZ | 1,707,239,329 | 53,029,898 | (340,376,297) | (287,346,399) |
NMCO | 1,183,210,233 | 53,108,755 | (174,571,293) | (121,462,538) |
NDMO | 944,547,489 | 1,157,157 | (158,101,298) | (156,944,141) |
Undistributed | Undistributed | Undistributed | Unrealized | Other | ||||||
Tax-Exempt | Ordinary | Long-Term | Appreciation | Capital Loss | Late-Year Loss | Book-to-Tax | ||||
Fund | Income 1 | Income | Capital Gains | (Depreciation) | Carryforwards | Deferrals | Differences | Total | ||
NVG | $3,059,114 | $ 640,469 | $ — | $(437,592,703) | $ (39,628,967) | $ — | $(11,636,969) | $(485,159,056) | ||
NZF | 2,960,932 | 58,907 | — | (133,626,350) | (190,528,853) | — | (8,352,215) | (329,487,579) | ||
NMZ | 1,785,519 | 2,682,585 | — | (287,346,399) | (63,280,785) | — | (5,847,263) | (352,006,343) | ||
NMCO | 5,868,676 | 768,493 | — | (121,462,539) | (89,959,088) | — | (3,167,233) | (207,951,691) | ||
NDMO | — | 78,306 | — | (156,944,140) | (86,230,737) | — | (4,563,162) | (247,659,733) |
1 | Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 3, 2022 and paid on November 1, 2022. |
10/31/22 | 10/31/21 | ||||||||
Tax-Exempt | Ordinary | Long-Term | Return of | Tax-Exempt | Ordinary | Long-Term | Return of | ||
Fund | Income 1 | Income | Capital Gains | Capital | Income | Income | Capital Gains | Capital | |
NVG | $165,132,471 | $ 562,238 | $6,545,147 | $ — | $170,492,494 | $ 2,348,734 | $18,648,586 | $ — | |
NZF | 110,510,171 | 8,270 | — | — | 111,824,028 | 746,386 | — | — | |
NMZ | 75,631,470 | 1,629,796 | — | — | 65,326,962 | 2,306,702 | — | — | |
NMCO | 39,069,521 | 628,781 | — | — | 38,177,868 | 1,460,462 | — | — | |
NDMO | 27,535,309 | 2,127,543 | — | 24,771,804 | 27,169,424 | 18,887,977 | — | 6,322,022 |
1 | Each Fund designates these amounts paid during the period as Exempt Interest Dividends. |
Fund | Short-Term | Long-Term | Total |
NVG 1 | $ 12,873,835 | $26,755,132 | $ 39,628,967 |
NZF 1 | 117,615,845 | 72,913,008 | 190,528,853 |
NMZ | 29,362,558 | 33,918,227 | 63,280,785 |
NMCO | 72,786,146 | 17,172,942 | 89,959,088 |
NDMO | 46,082,932 | 40,147,805 | 86,230,737 |
1 | A portion of NVG’s and NZF’s capital loss carryforwards is subject to limitation under the Internal Revenue Code and related regulations. |
NVG | ||||
NZF | NMZ | NMCO | NDMO | |
Average Daily Managed Assets* | Fund-Level Fee Rate | Fund-Level Fee Rate | Fund-Level Fee Rate | Fund-Level Fee Rate |
For the first $125 million | 0.5000% | 0.5500% | 0.7500% | 0.7000% |
For the next $125 million | 0.4875 | 0.5375 | 0.7375 | 0.6875 |
For the next $250 million | 0.4750 | 0.5250 | 0.7250 | 0.6750 |
For the next $500 million | 0.4625 | 0.5125 | 0.7125 | 0.6625 |
For the next $1 billion | 0.4500 | 0.5000 | 0.7000 | 0.6500 |
For the next $3 billion | 0.4250 | 0.4750 | 0.6750 | 0.6250 |
For managed assets over $5 billion | 0.4125 | 0.4625 | 0.6625 | 0.6125 |
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 |
Cross-Trades | NZF | NMZ | NDMO |
Purchases | $60,569,272 | $28,694,500 | $1,029,410 |
Sales | 52,833,865 | 11,592,001 | 1,088,493 |
Realized gain (loss) | (3,307,177) | (1,915,489) | (149,549) |
NVG | NZF | NMZ | NMCO | |
Maximum outstanding balance | $22,000,000 | $55,500,000 | $43,800,000 | $25,900,000 |
NVG | NZF | NMZ | NMCO | |
Utilization period (days outstanding) | 4 | 119 | 76 | 131 |
Average daily balance outstanding | $19,450,000 | $17,164,094 | $7,953,720 | $11,648,303 |
Average annual interest rate | 2.19% | 2.80% | 3.86% | 2.59% |
NMZ | NDMO | |
Utilization period (days outstanding) | 217 | 219 |
Average daily balance outstanding | $65,153,760 | $44,800,000 |
Average interest rate | 1.08% | 0.91% |
NEV | |
Cost of investments | $335,655,724 |
Fair value of investments | 326,289,175 |
Net unrealized appreciation (depreciation) of investments | (9,366,549) |
Target Fund – Prior to Reorganization into NZF | NEV |
Common shares outstanding | 24,959,414 |
Net assets applicable to common shares | $337,312,370 |
NAV per common share outstanding | $13.51 |
Acquiring Fund – Prior to Reorganization | NZF |
Common shares outstanding | 142,166,619 |
Net assets applicable to common shares | $2,064,886,538 |
NAV per common share outstanding | $14.52 |
Acquiring Fund – Post Reorganization | NZF |
Common shares outstanding | 165,390,401 |
Net assets applicable to common shares | $2,402,198,908 |
NAV per common share outstanding | $14.52 |
Acquiring Fund – Pro Forma Results from Operations | NZF |
Net investment income (loss) | $ 166,038,473 |
Net realized and unrealized gains (losses) | (778,086,712) |
Change in net assets resulting from operations | (612,048,240) |
• | The Fund may invest up to 55% of its Managed Assets in securities that, at the time of investment, are rated below the three highest grades (Baa or BBB or lower) by at least one nationally recognized statistical rating organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Fund’s sub-adviser. |
• | The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities. |
• | The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options. |
• | The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax. |
• | The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities. |
• | The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options. |
• | The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax. |
• | The Fund may invest up to 75% of its Managed Assets in municipal securities that, at the time of investment, are rated Baa/BBB or lower by at least one NRSRO or are unrated but judged to be of comparable quality by the Fund’s sub-adviser. |
• | The Fund may not invest more than 10% of its Managed Assets in municipal securities rated below B3/B- by any NRSROs that rate the security or that are unrated by all NRSROs but judged to be of comparable quality by the Fund’s sub-adviser. |
• | The Fund may invest up to 25% of its Managed Assets in municipal securities in any one industry or in any one state of origin. |
• | The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities. |
• | The Fund may invest without limit in high yielding, low- to medium-quality municipal securities (low- to medium-quality municipal securities are municipal securities rated Baa/BBB or lower) rated by at least one NRSRO at the time of investment or are unrated but judged by the Fund’s sub-adviser to be of comparable quality. |
• | The Fund may invest no more than 30% of its Managed Assets in municipal securities that, at the time of investment, either are rated CCC+/Caa1 or lower, or are unrated but judged by the Fund’s sub-adviser to be of comparable quality. |
• | The Fund may invest no more than 10% of its Managed Assets in defaulted securities or in the securities of an issuer that is in bankruptcy or insolvency proceedings. |
• | The Fund may invest in municipal securities of any credit quality and without limit in below investment grade municipal securities (municipal securities rated BB+/Ba1 or lower) rated by at least one NRSRO at the time of investment or are unrated but judged by the Fund’s sub-adviser to be of comparable quality. |
• | The Fund may invest up to 20% of its Managed Assets in taxable debt obligations, including taxable municipal securities and corporate debt securities. |
• | The Fund may invest no more than 10% of its Managed Assets in defaulted securities or in the securities of an issuer that is in bankruptcy or insolvency proceedings. This policy does not apply in connection with any workout of an issuer of a debt security that the Fund already owns. |
Nuveen | Nuveen | Nuveen | Nuveen | ||
AMT-Free | Nuveen | Municipal | Municipal | Dynamic | |
Municipal | Municipal | High Income | Credit | Municipal | |
Credit Income | Credit Income | Opportunity | Opportunities | Opportunities | |
Risk | Fund (NVG) | Fund (NZF) | Fund (NMZ) | Fund (NMCO) | Fund (NDMO) |
Portfolio Level Risks | |||||
Alternative Minimum Tax Risk | — | X | X | X | X |
Below Investment Grade Risk | X | X | X | X | X |
Call Risk | X | X | X | X | X |
Credit Risk | X | X | X | X | X |
Credit Spread Risk | X | X | X | X | X |
Debt Securities Risk | — | — | — | — | X |
Defaulted and Distressed Securities Risk | — | — | X | X | X |
Deflation Risk | X | X | X | X | X |
Derivatives Risk | X | X | X | X | X |
Distressed Securities Risk | X | X | — | — | — |
Duration Risk | X | X | X | X | X |
Economic Sector Risk | X | X | X | X | X |
Financial Futures and Options Risk | X | X | X | X | X |
Hedging Risk | X | X | X | X | X |
Illiquid Investments Risk | X | X | X | X | X |
Income Risk | X | X | X | X | X |
Inflation Risk | X | X | X | X | X |
Insurance Risk | X | X | X | X | X |
Interest Rate Risk | X | X | X | X | X |
Inverse Floating Rate Securities Risk | X | X | X | X | X |
London Interbank Offered Rate (“LIBOR”) Replacement Risk | X | X | X | X | X |
Municipal Securities Market Liquidity Risk | X | X | X | X | X |
Municipal Securities Market Risk | X | X | X | X | X |
Other Investment Companies Risk | X | X | X | X | X |
Puerto Rico Municipal Securities Market Risk | X | X | X | X | X |
Reinvestment Risk | X | X | X | X | X |
Sector and Industry Risk | X | X | X | X | X |
Sector Focus Risk | X | X | X | X | X |
Special Risks Related to Certain Municipal Obligations | X | X | X | X | X |
Swap Transactions Risk | X | X | X | X | X |
Tax Risk | X | X | X | X | X |
Taxability Risk | X | X | X | X | X |
Tobacco Settlement Bond Risk | X | X | X | X | X |
Unrated Securities Risk | X | X | X | X | X |
Valuation Risk | X | X | X | X | X |
Zero Coupon Bonds Risk | X | X | X | X | X |
Nuveen | Nuveen | Nuveen | Nuveen | ||
AMT-Free | Nuveen | Municipal | Municipal | Dynamic | |
Municipal | Municipal | High Income | Credit | Municipal | |
Credit Income | Credit Income | Opportunity | Opportunities | Opportunities | |
Risk | Fund (NVG) | Fund (NZF) | Fund (NMZ) | Fund (NMCO) | Fund (NDMO) |
Fund Level and Other Risks | |||||
Anti-Takeover Provisions | X | X | X | X | X |
Borrowing Risk | — | — | — | — | X |
Counterparty Risk | X | X | X | X | X |
Cybersecurity Risk | X | X | X | X | X |
Economic and Political Events Risk | X | X | X | X | X |
Global Economic Risk | X | X | X | X | X |
Investment and Market Risk | X | X | X | X | X |
Legislation and Regulatory Risk | X | X | X | X | X |
Leverage Risk | X | X | X | X | X |
Limited Term and Tender Offer Risks | — | — | — | X | X |
Market Discount from Net Asset Value | X | X | X | X | X |
Recent Market Conditions | X | X | X | X | X |
Reverse Repurchase Agreement Risk | X | X | X | X | X |
• | If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market conditions; |
• | If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and |
• | If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund. |
Nuveen | Nuveen | Nuveen | Nuveen | ||
AMT-Free | Nuveen | Municipal | Municipal | Dynamic | |
Municipal | Municipal | High Income | Credit | Municipal | |
Credit Income | Credit Income | Opportunity | Opportunities | Opportunities | |
Fund (NVG) | Fund (NZF) | Fund (NMZ) | Fund (NMCO) | Fund (NDMO) | |
Estimated Leverage as a Percentage of Managed Assets | |||||
(Including Assets Attributable to Leverage) | 44.24% | 43.40% | 42.78% | 43.39% | 28.76% |
Estimated Annual Effective Leverage Expense Rate | |||||
Payable by Fund on Leverage | 1.63% | 1.78% | 1.60% | 1.87% | 1.44% |
Annual Return Fund Portfolio Must Experience (net of expenses) to Cover | |||||
Estimated Annual Effective Interest Expense Rate on Leverage | 0.72% | 0.77% | 0.69% | 0.81% | 0.42% |
Common Share Total Return for (10.00)% Assumed Portfolio | |||||
Total Return | -19.22% | -19.03% | -18.67% | -19.10% | -14.62% |
Common Share Total Return for (5.00)% Assumed Portfolio | |||||
Total Return | -10.26% | -10.20% | -9.94% | -10.27% | -7.60% |
Common Share Total Return for 0.00% Assumed Portfolio | |||||
Total Return | -1.29% | -1.36% | -1.20% | -1.43% | -0.58% |
Common Share Total Return for 5.00% Assumed Portfolio | |||||
Total Return | 7.68% | 7.47% | 7.54% | 7.40% | 6.44% |
Common Share Total Return for 10.00% Assumed Portfolio | |||||
Total Return | 16.64% | 16.31% | 16.28% | 16.23% | 13.45% |
Nuveen Municipal | Nuveen Dynamic | |||
Nuveen AMT-Free | Nuveen Municipal | Credit | Municipal | |
Municipal Credit | High Income | Opportunities | Opportunities | |
Income Fund | Opportunity Fund | Fund | Fund | |
Shareholder Transaction Expenses | (NVG) | (NMZ) | (NMCO) | (NDMO) |
Maximum Sales Charge (as a percentage of offering price) | 1.00% (1) | 4.00% (2) | 4.00% (2) | 1.00% (1) |
Dividend Reinvestment Plan Fees (3) | $2.50 | $2.50 | $2.50 | $2.50 |
As a Percentage of Net Assets Attributable to Common Shares (1) | ||||
Nuveen Municipal | Nuveen Dynamic | |||
Nuveen AMT-Free | Nuveen Municipal | Credit | Municipal | |
Municipal Credit | High Income | Opportunities | Opportunities | |
Income Fund | Opportunity Fund | Fund | Fund | |
Annual Expenses | (NVG) | (NMZ) | (NMCO) | (NDMO) |
Management Fees | 1.00% | 1.06% | 1.44% | 1.25% |
Interest and Other Related Expenses (2) | 1.10% | 0.93% | 1.21% | 0.75% |
Other Expenses (3) | 0.06% | 0.06% | 0.09% | 0.07% |
Total Annual Expenses | 2.16% | 2.05% | 2.74% | 2.07% |
(1) | Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended October 31, 2022. |
(2) | Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by a Fund for the fiscal year ended October 31, 2022. The types of leverage used by each Fund during the fiscal year ended October 31, 2022 are described in the Fund Leverage and the Notes to Financial Statements (Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, Note 5 – Fund Shares, Preferred Shares and Note 9 – Borrowing Arrangements) sections of this annual report. Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if a Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, a Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. A Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s). |
(3) | Other Expenses are based on estimated amounts for the current fiscal year . E xpenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. |
Nuveen Municipal | Nuveen Dynamic | |||
Nuveen AMT-Free | Nuveen Municipal | Credit | Municipal | |
Municipal Credit | High Income | Opportunities | Opportunities | |
Income Fund | Opportunity Fund | Fund | Fund | |
(NVG) | (NMZ) | (NMCO) | (NDMO) | |
1 Year | $32 | $31 | $37 | $31 |
3 Years | $77 | $74 | $94 | $74 |
5 Years | $125 | $119 | $154 | $120 |
10 Years | $257 | $246 | $314 | $248 |
Nuveen Municipal | Nuveen Dynamic | |||
Nuveen AMT-Free | Nuveen Municipal | Credit | Municipal | |
Municipal Credit | High Income | Opportunities | Opportunities | |
Income Fund | Opportunity Fund | Fund | Fund | |
(NVG) (1) | (NMZ) | (NMCO) | (NDMO) (1) | |
1 Year | N/A | $60 | $67 | N/A |
3 Years | N/A | $102 | $122 | N/A |
5 Years | N/A | $146 | $179 | N/A |
10 Years | N/A | $268 | $335 | N/A |
(1) | Not applicable – the Fund does not incur a sales charge for offerings pursuant to an underwritten transaction as noted in Shareholder Transaction Expenses table above. |
Nuveen Municipal | Nuveen Dynamic | |||
Nuveen AMT-Free | Nuveen Municipal | Credit | Municipal | |
Municipal Credit | High Income | Opportunities | Opportunities | |
Income Fund | Opportunity Fund | Fund | Fund | |
(NVG) | (NMZ) | (NMCO) | (NDMO) | |
1 Year | $22 | $21 | $28 | $21 |
3 Years | $68 | $64 | $85 | $65 |
5 Years | $116 | $110 | $145 | $111 |
10 Years | $249 | $238 | $307 | $240 |
Market Price | NAV | Premium/(Discount) to NAV | |||||
Fiscal Quarter End | High | Low | High | Low | High | Low | |
October 2022 | $14.61 | $10.92 | $14.71 | $12.07 | 0.63% | (10.69)% | |
July 2022 | $14.32 | $12.64 | $14.71 | $13.50 | (2.59)% | (7.62)% | |
April 2022 | $16.21 | $13.51 | $16.79 | $14.45 | (1.78)% | (8.81)% | |
January 2022 | $17.93 | $15.77 | $17.54 | $16.62 | 2.75% | (7.02)% | |
October 2021 | $18.22 | $16.75 | $17.86 | $17.20 | 3.23% | (3.46)% | |
July 2021 | $17.91 | $17.02 | $17.91 | $17.41 | 0.79% | (2.63)% | |
April 2021 | $17.28 | $16.17 | $17.74 | $17.10 | (1.09)% | (6.85)% | |
January 2021 | $16.98 | $15.62 | $17.59 | $16.75 | (2.60)% | (6.80)% |
Market Price | NAV | Premium/(Discount) to NAV | |||||
Fiscal Quarter End | High | Low | High | Low | High | Low | |
October 2022 | $12.51 | $9.78 | $12.36 | $9.86 | 1.78% | (4.61)% | |
July 2022 | $12.71 | $10.99 | $12.40 | $11.09 | 2.99% | (1.17)% | |
April 2022 | $14.26 | $11.95 | $14.19 | $12.11 | 2.23% | (4.23)% | |
January 2022 | $15.15 | $14.13 | $14.80 | $14.04 | 3.02% | (1.87)% | |
October 2021 | $15.69 | $14.51 | $14.94 | $14.44 | 5.23% | 0.27% | |
July 2021 | $15.81 | $14.65 | $14.97 | $14.39 | 5.61% | 1.03% | |
April 2021 | $14.90 | $14.04 | $14.46 | $14.06 | 3.47% | (1.13)% | |
January 2021 | $14.42 | $13.22 | $14.30 | $13.22 | 3.15% | (0.37)% |
Nuveen Municipal Credit Opportunities Fund (NMCO) |
Market Price | NAV | Premium/(Discount) to NAV | |||||
Fiscal Quarter End | High | Low | High | Low | High | Low | |
October 2022 | $13.64 | $10.29 | $13.42 | $10.97 | 2.40% | (7.81)% | |
July 2022 | $13.78 | $11.78 | $13.58 | $12.19 | 2.21% | (5.63)% | |
April 2022 | $14.84 | $12.46 | $15.21 | $13.21 | (1.85)% | (8.08)% | |
January 2022 | $15.94 | $14.52 | $15.81 | $15.12 | 0.89% | (5.90)% | |
October 2021 | $15.94 | $14.85 | $15.93 | $15.35 | 0.57% | (3.82)% | |
July 2021 | $16.09 | $14.78 | $15.94 | $15.00 | 0.94% | (3.27)% | |
April 2021 | $14.79 | $13.73 | $15.00 | $14.51 | (1.27)% | (6.31)% | |
January 2021 | $14.00 | $11.68 | $14.66 | $12.81 | (3.88)% | (9.06)% |
Market Price | NAV | Premium/(Discount) to NAV | |||||
Fiscal Quarter End | High | Low | High | Low | High | Low | |
October 2022 | $12.56 | $9.38 | $12.66 | $10.28 | (0.08)% | (9.88)% | |
July 2022 | $12.53 | $10.56 | $12.86 | $11.51 | (1.84)% | (9.92)% | |
April 2022 | $15.14 | $11.47 | $15.22 | $12.51 | 3.42% | (8.31)% | |
January 2022 | $16.64 | $15.00 | $15.86 | $15.01 | 5.32% | (2.15)% | |
October 2021 | $17.64 | $15.32 | $16.32 | $15.55 | 9.00% | (1.54)% | |
July 2021 | $17.87 | $16.17 | $16.39 | $15.94 | 9.03% | 1.00% | |
April 2021 | $16.60 | $15.51 | $16.19 | $15.54 | 4.14% | (0.38)% | |
January 2021 | $15.99 | $14.87 | $16.00 | $14.91 | 0.54% | (2.99)% |
Nuveen Municipal | Nuveen Dynamic | |||
Nuveen AMT-Free | Nuveen Municipal | Credit | Municipal | |
Municipal Credit | High Income | Opportunities | Opportunities | |
Income Fund | Opportunity Fund | Fund | Fund | |
October 31, 2022 | (NVG) | (NMZ) | (NMCO) | (NDMO) |
NAV per Common Share | $12.19 | $9.97 | $11.15 | $10.34 |
Market Price | $11.03 | $9.85 | $10.39 | $9.43 |
Percentage of Premium/(Discount) to NAV per Common Share | (9.52)% | (1.20)% | (6.82)% | (8.80)% |
Net Assets Attributable to Common Shares | $2,603,766,756 | $1,092,984,335 | $610,501,492 | $615,154,064 |
Variable Rate | AMPT, MFP, | ||||||||||
Adjustable Rate | MuniFund Term | MuniFund Term | Variable Rate | MTP, VMTP | |||||||
MuniFund Term | MuniFund Preferred | Preferred (MTP) | Preferred (VMTP) | Demand Preferred | and/or VRDP | ||||||
Preferred (AMTP) Shares | (MFP) Shares | Shares at the | Shares at the | (VRDP) Shares at | Shares at the | ||||||
at the End of Period | at the End of Period | End of Period | End of Period | the End of Period | End of Period | ||||||
Asset | Asset | Asset | Asset | Asset | |||||||
Aggregate | Coverage | Aggregate | Coverage | Aggregate | Asset | Aggregate | Coverage | Aggregate | Coverage | Coverage | |
Amount | Per | Amount | Per | Amount | Coverage | Amount | Per | Amount | Per | Per $1 | |
Fiscal Year | Outstanding | $100,000 | Outstanding | $100,000 | Outstanding | Per $10 | Outstanding | $100,000 | Outstanding | $100,000 | Liquidation |
Ended | (000) (1) | Share (2) | (000) (1) | Share (2)(3) | (000) (1) | Share (4) | (000) (1) | Share (2) | (000) (1) | Share (2) | Preference |
October 31 | |||||||||||
2022 | $0 | $0 | $610,900 | $240,935 | $0 | $0 | $0 | $0 | $1,236,600 | $240,935 | $2.41 |
2021 | $112,000 | $291,153 | $405,400 | $291,153 | $0 | $0 | $0 | $0 | $1,411,600 | $291,153 | $2.91 |
2020 | $112,000 | $285,399 | $405,400 | $285,399 | $0 | $0 | $0 | $0 | $1,411,600 | $285,399 | $2.85 |
2019 | $0 | $0 | $405,400 | $291,357 | $0 | $0 | $0 | $0 | $1,411,600 | $291,357 | $2.91 |
2018 | $0 | $0 | $405,400 | $272,535 | $0 | $0 | $0 | $0 | $1,411,600 | $272,535 | $2.73 |
2017 | $0 | $0 | $0 | $0 | $0 | $0 | $240,400 | $300,955 | $1,411,600 | $300,955 | $3.01 |
2016 | $0 | $0 | $0 | $0 | $0 | $0 | $240,400 | $304,005 | $1,411,600 | $304,005 | $3.04 |
2015 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $179,000 | $338,606 | — |
2014 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $179,000 | $341,951 | — |
2013 | $0 | $0 | $0 | $0 | $108,000 | $31.69 | $92,500 | $316,883 | $0 | $0 | $3.17 |
(1) | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year and does not include any preferred shares noticed for redemption as noted on the Statement of Assets and Liabilities, where applicable. |
(2) | Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000. |
(3) | The Fund’s Series B and Series C 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 the Fund’s Series B and Series C MFP Shares were as follows: |
Fiscal Year Ended October 31 | |||||
Series B MFP Shares | 2022 | 2021 | 2020 | 2019 | 2018 |
Asset Coverage Per $1,000 Share* | $2,409 | $2,912 | $2,854 | $2,914 | $0 |
Fiscal Year Ended October 31 | |||||
Series C MFP Shares | 2022 | 2021 | 2020 | 2019 | 2018 |
Asset Coverage Per $1,000 Share* | $2,409 | $0 | $0 | $0 | $0 |
* | Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000. |
(4) | Asset Coverage Per $10: Asset coverage per $10 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding, and multiplying the result by 10. The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares outstanding were as follows: |
Fiscal Year Ended October 31 | |||
Series 2014 (NVG PRCCL) | 2014 | 2013 | 2012 |
Ending Market Value per Share | $0 | $10.09 | $10.12 |
Average Market Value per Share | $10.05 (5) | $10.11 | $10.16 |
(5) | For the period November 1, 2013 through December 23, 2013. |
Adjustable Rate | Variable Rate | |||||
MuniFund Term | MuniFund Term | |||||
Borrowings | Preferred | Preferred | ||||
Outstanding | (AMTP) Shares | (VMTP) Shares | ||||
at the End of Period | at the End of Period | at the End of Period | ||||
Asset | Asset | Asset | ||||
Aggregate | Coverage | Aggregate | Coverage | Aggregate | Coverage | |
Amount | Per | Amount | Per | Amount | Per | |
Outstanding | $1,000 | Outstanding | $100,000 | Outstanding | $100,000 | |
Fiscal Year Ended | (000) (1) | (2) | (000) (1) | Share (3) | (000) (1) | Share (3) |
October 31 | ||||||
2022 | $0 | $0 | $357,000 | $406,158 | $0 | $0 |
2021 | $0 | $0 | $257,000 | $646,596 | $0 | $0 |
2020 | $0 | $0 | $87,000 | $1,361,400 | $0 | $0 |
2019 | $0 | $0 | $87,000 | $1,213,872 | $0 | $0 |
2018 | $0 | $0 | $87,000 | $1,040,734 | $0 | $0 |
2017 | $0 | $0 | $0 | $0 | $87,000 | $1,081,317 |
2016 | $0 | $0 | $0 | $0 | $87,000 | $1,006,411 |
2015 | $0 | $0 | $0 | $0 | $87,000 | $886,333 |
2014 | $0 | $0 | $0 | $0 | $87,000 | $888,850 |
2013 | $0 | $0 | $0 | $0 | $87,000 | $810,798 |
Nuveen Municipal Credit Opportunities Fund (NMCO) | ||
MuniFund Preferred | ||
(MFP) Shares | ||
at the End of Period | ||
Asset | ||
Aggregate | Coverage | |
Amount | Per | |
Outstanding | $100,000 | |
Fiscal Year Ended | (000) (1) | Share (2) |
October 31 | ||
2022 | $450,000 | $237,489 |
2021 | $450,000 | $283,171 |
2020 | $450,000 | $251,699 |
2019 (3) | $0 | $0 |
(1) | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year. |
(2) | Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000. |
(3) | For the period September 16, 2019 (commencement of operations) through October 31, 2019. |
Borrowings | MuniFund Preferred | |||
Outstanding | (MFP) Shares | |||
at the End of Period | at the End of Period | |||
Asset | ||||
Aggregate | Asset | Aggregate | Coverage | |
Amount | Coverage | Amount | Per | |
Outstanding | Per | Outstanding | $100,000 | |
Fiscal Year Ended | (000) (1) | $1,000 (2) | (000) (1) | Share (3)(4) |
October 31 | ||||
2022 | $0 | $0 | $240,000 | $356,314 |
2021 | $191,900 | $5,761 | $0 | $0 |
2020 (4) | $0 | $0 | $0 | $0 |
(1) | Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year. |
(2) | Asset Coverage Per $1,000: Asset coverage per $1,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 1,000. |
(3) | Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred shares, if applicable, and multiplying the result by 100,000. |
(4) | For the period August 26, 2020 (commencement of operations) through October 31, 2020. |
Net Long-Term | |
Fund | Capital Gains |
NVG | $6,545,147 |
NZF | — |
NMZ | — |
NMCO | — |
NDMO | — |
Board of Trustees | |||||
Jack B. Evans | William C. Hunter | Amy B. R. Lancellotta | Joanne T. Medero | Albin F. Moschner | John K. Nelson |
Judith M. Stockdale | Carole E. Stone | Matthew Thornton III | 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 |
NVG | NZF | NMZ | NMCO | NDMO | |
Common shares repurchased | 0 | 0 | 0 | 0 | 0 |
• | Average Annual Total Return: |
• | Duration: |
• | Effective Leverage: |
• | Gross Domestic Product (GDP): |
• | Industrial Development Revenue Bond (IDR): |
• | Inverse Floating Rate Securities: |
• | Leverage: |
• | Net Asset Value (NAV) Per Share: |
• | NVG Blended Benchmark: |
• | NZF Blended Benchmark: |
• | Pre-Refunded Bond/Pre-Refunding: |
• | Regulatory Leverage: |
• | S&P Municipal Bond High Yield Index: |
• | S&P Municipal Bond Index: |
• | S&P Municipal Bond Investment Grade Index: |
• | S&P Municipal Yield Index: |
• | Tax Obligation/General Bonds: |
• | Tax Obligation/Limited Bonds: |
• | Total Investment Exposure: |
• | Zero Coupon Bond: |
• | Centralization of Functions |
• | Fund Improvements and Product Management Initiatives |
• | Capital Initiatives |
• | Compliance Program Initiatives ESG |
• | Investment Oversight |
• | Risk Management and Valuation Services |
• | Regulatory Matters |
• | Government Relations |
• | Business Continuity, Disaster Recovery and Information Security |
• | Distribution Management Services |
• | with respect specifically to closed-end funds, such continuing services also included: |
• | • Leverage Management Services |
• | • Capital Management, Market Intelligence and Secondary Market Services |
• | • Closed-end Fund Investor Relations Program |
2. | Comparisons with the Fees of Other Clients |
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | Appointed | Including other | in Fund Complex | |
and Term (1) | Directorships | Overseen by | ||
During Past 5 Years | Board Member | |||
Independent Board Members: | ||||
■ TERENCE J. TOTH | Formerly, a Co-Founding Partner, Promus Capital (investment advisory | |||
1959 | firm) (2008-2017); formerly, Director, Quality Control Corporation | |||
333 W. Wacker Drive | Chair and | 2008 | (manufacturing) (since 2012-2021); Chair of the Board of the Kehrein | 142 |
Chicago, IL 6o6o6 | Board Member | Class II | Center for the Arts (philanthropy) (since 2021); member: Catalyst | |
Schools of Chicago Board (since 2008) and Mather Foundation Board | ||||
(philanthropy) (since 2012), and chair of its Investment Committee; | ||||
formerly, Member, Chicago Fellowship Board (philanthropy) (2005-2016); | ||||
formerly, Director, Fulcrum IT Services LLC (information technology | ||||
services firm to government entities) (2010-2019); formerly, Director, | ||||
LogicMark LLC (health services) (2012-2016); formerly, Director, Legal & | ||||
General Investment Management America, Inc. (asset management) | ||||
(2008-2013); formerly, CEO and President, Northern Trust Global | ||||
Investments (financial services) (2004-2007): Executive Vice President, | ||||
Quantitative Management & Securities Lending (2000-2004); prior | ||||
thereto, various positions with Northern Trust Company (financial | ||||
services) (since 1994); formerly, Member, Northern Trust Mutual | ||||
Funds Board (2005-2007), Northern Trust Global Investments Board | ||||
(2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust | ||||
Securities Inc. Board (2003-2007) and Northern Trust Hong Kong | ||||
Board (1997-2004). | ||||
■ JACK B. EVANS | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine | |||
1948 | Foundation, (private philanthropic corporation); Life Trustee of Coe | |||
333 W. Wacker Drive | Board Member | 1999 | College; formerly, Member and President Pro-Tern of the Board of | 142 |
Chicago, IL 6o6o6 | Class III | Regents for the State of Iowa University System (2007- 2013); Director | ||
and Chairman (2009-2021), United Fire Group, a publicly held company; | ||||
Director, Public Member, American Board of Orthopaedic Surgery | ||||
(2015-2020); Director (2000-2004), Alliant Energy; Director (1996-2015), | ||||
The Gazette Company (media and publishing); Director (1997- 2003), | ||||
Federal Reserve Bank of Chicago; President and Chief Operating | ||||
Officer (1972-1995), SCI Financial Group, Inc., (regional financial | ||||
services firm). | ||||
■ WILLIAM C. HUNTER | Dean Emeritus, formerly, Dean, Tippie College of Business, University of | |||
1948 | (2006-2012); Director of Well mark, Inc. (since 2009); past Director | |||
333 W. Wacker Drive | Board Member | 2003 | (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., | 142 |
Chicago, IL 6o6o6 | Class I | The International Business Honor Society; formerly, Director (2004-2018) | ||
of Xerox Corporation; formerly, Dean and Distinguished Professor of | ||||
Finance, School of Business at the University of Connecticut (2003-2006); | ||||
previously, Senior Vice President and Director of Research at the Federal | ||||
Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), | ||||
Credit Research Center at Georgetown University. |
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | Appointed | Including other | in Fund Complex | |
and Term (1) | Directorships | Overseen by | ||
During Past 5 Years | Board Member | |||
Independent Board Members (continued): | ||||
■ AMY B. R. LANCELLOTTA | Formerly, Managing Director, Independent Directors Council (IDC) | |||
1959 | (supports the fund independent director community and is part of the | |||
333 W. Wacker Drive | Board Member | 2021 | Investment Company Institute (ICI), which represents regulated | 142 |
Chicago, IL 6o6o6 | Class II | investment companies) (2006-2019); formerly, various positions with ICI | ||
(1989-2006); Member of the Board of Directors, Jewish Coalition Against | ||||
Domestic Abuse (UCADA) (since 2020). | ||||
■ JOANNE T. MEDERO | Formerly, Managing Director, Government Relations and Public Policy | |||
1954 | (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020). | |||
333 W. Wacker Drive | Board Member | 2021 | BlackRock, Inc. (global investment management firm); formerly, | 142 |
Chicago, IL 6o6o6 | Class III | Managing (Director, Global Head of Government Relations and Public | ||
Policy, Barclays Group (IBIM) (investment banking, investment | ||||
management and wealth management businesses) (2006-2009); | ||||
formerly, Managing Director, Global General Counsel and Corporate | ||||
Secretary, Barclays Global Investors (global investment management | ||||
firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP | ||||
(law firm) (1993-1995); formerly, General Counsel, Commodity Futures | ||||
Trading Commission (government agency overseeing U.S. derivatives | ||||
markets) (1989-1993); formerly, Deputy Associate Director/ Associate | ||||
Director for Legal and Financial Affairs, Office of Presidential Personnel, | ||||
The White House (1986-1989); Member of the Board of Directors, | ||||
Baltic-American Freedom Foundation (seeks to provide opportunities | ||||
for citizens of the Baltic states to gain education and professional | ||||
development through exchanges in the U.S.) (since 2019). | ||||
■ ALBIN F. MOSCHNER | Founder and Chief Executive Officer, Northcroft Partners, LLC, | |||
1952 | (management consulting) (since 2012); formerly, Chairman (2019), and | |||
333 W. Wacker Drive | Board Member | 2016 | Director (2012-2019), USA Technologies, Inc., (provider of solutions | 142 |
Chicago, IL 6o6o6 | Class III | and services to facilitate electronic payment transactions); formerly, | ||
Director, Wintrust Financial Corporation (1996-2016); previously, held | ||||
positions at Leap Wireless International, Inc., (consumer wireless | ||||
services) including Consultant (2011- 2012), Chief Operating Officer | ||||
(2008-2011), and Chief Marketing Officer (2004- 2008); formerly, | ||||
President, Verizon Card Services division of Verizon Communications, | ||||
Inc. (2000-2003); formerly, President, One Point Services at One Point | ||||
Communications (telecommunication services) (1999-2000); formerly, | ||||
Vice Chairman of the Board, Diba, Incorporated (internet technology | ||||
provider) (1996-1997); formerly, various executive positions (1991-1996) | ||||
including Chief Executive Officer (1995-1996) of Zenith Electronics | ||||
Corporation (consumer electronics). | ||||
■ JOHN K. NELSON | Member of Board of Directors of Core12 LLC. (private firm which | |||
1962 | develops branding, marketing and communications strategies for | |||
333 W. Wacker Drive | Board Member | 2013 | clients) (since 2008); served on The President’s Council of Fordham | 142 |
Chicago, IL 6o6o6 | Class II | University (2010-2019) and previously a Director of the Curran Center | ||
for Catholic American Studies (2009- 2018); formerly, senior external | ||||
advisor to the Financial Services practice of Deloitte Consulting LLP. | ||||
(2012-2014); former Chair of the Board of Trustees of Marian University | ||||
(2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer | ||||
of ABN AMRO Bank N.V., North America, and Global Head of the | ||||
Financial Markets Division (2007-2008), with various executive leadership | ||||
roles in ABN AMRO Bank N.V. between 1996 and 2007. |
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | Appointed | Including other | in Fund Complex | |
and Term (1) | Directorships | Overseen by | ||
During Past 5 Years | Board Member | |||
Independent Board Members (continued): | ||||
■ JUDITH M. STOCKDALE | Board Member, Land Trust Alliance (national public charity addressing | |||
1947 | natural land and water conservation in the U.S.) (since 2013); formerly, | |||
333 W. Wacker Drive | Board Member | 1997 | Board Member, U.S. Endowment for Forestry and Communities (national | 142 |
Chicago, IL 6o6o6 | Class I | endowment addressing forest health, sustainable forest production and | ||
markets, and economic health of forest-reliant communities in the U.S.) | ||||
(2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy | ||||
Donnelley Foundation (private foundation endowed to support both natural | ||||
land conservation and artistic vitality); prior thereto, Executive Director, | ||||
Great Lakes Protection Fund (endowment created jointly by seven of the | ||||
eight Great Lake states’ Governors to take a regional approach to improving | ||||
the health of the Great Lakes) (1990-1994). | ||||
■ CAROLE E. STONE | Former Director, Chicago Board Options Exchange, Inc. (2006-2017); | |||
1947 | and C2 Options Exchange, Incorporated (2009-2017); formerly Director, | |||
333 W. Wacker Drive | Board Member | 2007 | Cboe, Global Markets, Inc., (2010-2020) formerly named CBOE Holdings, | 142 |
Chicago, IL 6o6o6 | Class I | Inc.; formerly, Commissioner, New York State Commission on Public | ||
Authority Reform (2005-2010). | ||||
■ MATTHEW THORNTON III | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), | |||
1958 | Fed Ex Freight Corporation, a subsidiary of FedEx Corporation (“FedEx”) | |||
333 W. Wacker Drive | Board Member | 2020 | (provider of transportation, e-commerce and business services through | 142 |
Chicago, IL 6o6o6 | Class III | its portfolio of companies); formerly, Senior Vice President, U.S. | ||
Operations (2006-2018), Federal Express Corporation, a subsidiary of | ||||
FedEx; formerly, Member of the Board of Directors (2012-2018), Safe Kids | ||||
Worldwide ® (a non-profit organization dedicated to preventing childhood | ||||
injuries). Member of the Board of Directors (since 2014), The | ||||
Sherwin-Williams Company (develops, manufactures, distributes and sells | ||||
paints, coatings and related products); Director (since 2020), Crown | ||||
Castle International (provider of communications infrastructure). | ||||
■ MARGARET L. WOLFF | Formerly, member of the Board of Directors (2013-2017) of Travelers | |||
1955 | Insurance Company of Canada and The Dominion of Canada General | |||
333 W. Wacker Drive | Board Member | 2016 | Insurance Company (each, a part of Travelers Canada, the Canadian | 142 |
Chicago, IL 6o6o6 | Class I | operation of The Travelers Companies, Inc.); formerly, Of Counsel, | ||
Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions | ||||
Group) (legal services) (2005-2014); Member of the Board of Trustees | ||||
of New York-Presbyterian Hospital (since 2005); Member (since 2004), | ||||
formerly, Chair (2015-2022) of the Board of Trustees of The John A. | ||||
Hartford Foundation (philanthropy dedicated to improving the care of | ||||
older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) | ||||
of the Board of Trustees of Mt. Holyoke College. | ||||
■ ROBERT L. YOUNG | Formerly, Chief Operating Officer and Director, J.P.Morgan Investment | |||
1963 | Management Inc. (financial services) (2010-2016); formerly, President | |||
333 W. Wacker Drive | Board Member | 2017 | and Principal Executive Officer (2013-2016), and Senior Vice President | 142 |
Chicago, IL 6o6o6 | Class II | and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, | ||
Director and various officer positions for J.P.Morgan Investment | ||||
Management Inc. (formerly, JPMorgan Funds Management, Inc. and | ||||
formerly, One Group Administrative Services) and JPMorgan | ||||
Distribution Services, Inc. (financial services) (formerly, One Group | ||||
Dealer Services, Inc.) (1999-2017). |
Name, | Position(s) Held | Year First | Principal |
Year of Birth | with the Funds | Elected or | Occupation(s) |
& Address | Appointed (2) | During Past 5 Years | |
Officers of the Funds: | |||
■ DAVID J. LAMB | Managing Director of Nuveen Fund Advisors, LLC (since 2019) Senior Managing Director | ||
1963 | Chief | (since 2021), formerly, Managing Director (2020-2021) of Nuveen Securities, LLC; Senior | |
333 W. Wacker Drive | Administrative | 2015 | Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President of |
Chicago, IL 6o6o6 | Officer | Nuveen (2006-2017), Vice President prior to 2006. | |
■ BRETT E. BLACK | Enterprise Senior Compliance Officer of Nuveen (since 2022); formerly, Vice President (2014-2022), | ||
1972 | Vice President | Chief Compliance Officer (2017-2022), Deputy Chief Compliance Officer (2014-2017) and Senior | |
333 W. Wacker Drive | and Chief | 2022 | Compliance Officer (2012-2014) of BMO Funds, Inc.; formerly Senior Compliance Officer of BMO |
Chicago, IL 6o6o6 | Compliance | Asset Management Corp. (2012-2014). | |
Officer | |||
■ MARK J. CZARNIECKI | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) ; Managing Director | ||
1979 | Vice President | (since 2022), formerly, Vice President (2017-2022) and Assistant Secretary (since 2017) of Nuveen | |
901 Marquette Avenue | and Assistant | 2013 | Fund Advisors, LLC; Managing Director and Associate General Counsel (since January |
Minneapolis, MN 55402 | Secretary | 2022), formerly, Vice President and Associate General Counsel of Nuveen (2013-2021); Managing | |
Director (since 2022), formerly, Vice President (2018-2022), Assistant Secretary and Associate | |||
General Counsel (since 2018) of Nuveen Asset Management LLC. | |||
■ DIANA R. GONZALEZ | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President, | ||
1978 | Vice President | Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since | |
8500 Andrew Carnegie Blvd. | and Assistant | 2017 | 2022); Vice President and Associate General Counsel of Nuveen (since 2017); formerly, Associate |
Charlotte, NC 28262 | Secretary | General Counsel of Jackson National Asset Management (2012-2017). | |
■ NATHANIEL T. JONES | Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice | ||
1979 | President (2016-2017), Vice President (2011-2016) of Nuveen; Managing Director (since 2015) of | ||
333 W. Wacker Drive | Vice President | 2016 | Nuveen Fund Advisors, LLC; Chartered Financial Analyst. |
Chicago, IL 6o6o6 | and Treasurer | ||
■ TINA M. LAZAR | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of | ||
1961 | Nuveen Securities, LLC. | ||
333 W. Wacker Drive | Vice President | 2002 | |
Chicago, IL 6o6o6 | |||
■ BRIAN J. LOCKHART | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Senior Managing Director (since | ||
1974 | 2021), formerly, Managing Director (2017-2021), Vice President (2010-2017) of Nuveen; Head of | ||
333 W. Wacker Drive | Vice President | 2019 | Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); |
Chicago, IL 6o6o6 | Chartered Financial Analyst and Certified Financial Risk Manager. | ||
■ JOHN M. MCCANN | Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2021); Managing | ||
1975 | Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC | ||
8500 Andrew Carnegie Blvd. | Vice President | 2022 | (since 2021); Managing Director (since 2021) and Assistant Secretary (since 2016) of TIAA SMA Strategies |
Charlotte, NC 28262 | and Assistant | LLC; Managing Director (since 2019, formerly, Vice President and Director), Associate General | |
Secretary | Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, | ||
TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director (since 2018), formerly, Vice | |||
President and Director, Associate General Counsel and Assistant Secretary of Teachers Insurance | |||
and Annuity Association of America, Teacher Advisors LLC and TIAA-CREF Investment | |||
Management, LLC; Vice President (since 2017), Associate General Counsel and Assistant Secretary | |||
(since 2011) of Nuveen Alternative Advisors LLC; General Counsel and Assistant Secretary of | |||
Covariance Capital Management, Inc. (2014-2017). |
Name, | Position(s) Held | Year First | Principal |
Year of Birth | with the Funds | Elected or | Occupation(s) |
& Address | Appointed (2) | During Past 5 Years | |
Officers of the Funds (continued): | |||
■ KEVIN J. MCCARTHY | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen | ||
1966 | Vice President | Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and | |
333 W. Wacker Drive | and Assistant | 2007 | Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary |
Chicago, IL 6o6o6 | Secretary | (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and | |
Managing Director (2008- 2016); Senior Managing Director (since 2017), and Secretary (since | |||
2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice | |||
President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior | |||
Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, | |||
formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and | |||
Managing Director and Assistant Secretary (2011- 2016); formerly, Vice President (2007-2021) and | |||
Secretary (2016-2021), of NWQ Investment Management Company, LLC, and Santa Barbara Asset | |||
Management, LLC; Vice President and Secretary of Winslow Capital Management, LLC (since 2010). | |||
Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative | |||
Investments, LLC. | |||
■ JON SCOTT MEISSNER | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); | ||
1973 | Vice President | Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers | |
8500 Andrew Carnegie Blvd. | and Assistant | 2019 | Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since |
Charlotte, NC 28262 | Secretary | 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate | |
Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |||
■ DEANN D. MORGAN | President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head of | ||
1969 | Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC since 2020); | ||
730 Third Avenue | Vice President | 2020 | Managing Member of MDR Collaboratory LLC (since 2018); formerly, Managing Director, (Head of |
New York, NY 10017 | Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group | ||
(2013-2017). | |||
■ WILLIAM A. SIFFERMANN | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President | ||
1975 | (2011-2016) of Nuveen. | ||
333 W. Wacker Drive | Vice President | 2017 | |
Chicago, IL 6o6o6 | |||
■ TREY S. STENERSEN | Senior Managing Director of Teacher Advisors LLC and TIAACREF Investment Management, LLC | ||
1965 | (since 2018); Senior Managing Director (since 2019) and Chief Risk Officer (since 2022), formerly | ||
8500 Andrew Carnegie Blvd. | Vice President | 2022 | Head of Investment Risk Management (2017-2022) of Nuveen; Senior Managing Director (since |
Charlotte, NC 28262 | 2018) of Nuveen Alternative Advisors LLC. | ||
■ E. SCOTT WICKERHAM | Senior Managing Director, Head of Public Investment Finance at Nuveen (since 2019), formerly, | ||
1973 | Vice President | Managing Director; Senior Managing Director (since 2019) of Nuveen Fund Advisers, (LLC; | |
8500 Andrew Carnegie Blvd. | and Controller | 2019 | Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA |
Charlotte, NC 28262 | CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial | ||
Financial Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) to the CREF | |||
Accounts; formerly, Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various | |||
positions with TIAA since 2006. | |||
■ MARK L. WINGET | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund | ||
1968 | Vice President | Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of | |
333 W. Wacker Drive | and Secretary | 2008 | Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General |
Chicago, IL 60606 | Counsel (since 2019), formerly, Assistant General Counsel (2008-2016) of Nuveen. |
Name, | Position(s) Held | Year First | Principal |
Year of Birth | with the Funds | Elected or | Occupation(s) |
& Address | Appointed (2) | During Past 5 Years | |
Officers of the Funds (continued): | |||
■ GIFFORD R. ZIMMERMAN | Managing Director and Assistant Secretary of Nuveen Securities, LLC (since 2022); | ||
1956 | Vice President | Managing Director, Assistant Secretary and General Counsel (since 2022), formerly, | |
333 W. Wacker Drive | and Assistant | 1988 | Co-General Counsel (2011- 2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director |
Chicago, IL 60606 | Secretary | (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; Managing Director, | |
Assistant Secretary and Associate General Counsel (since 2022) of Nuveen Asset Management, | |||
LLC; Vice President and Assistant Secretary (since 2022) of Winslow Capital Management, LLC: | |||
formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC | |||
(2002-2020), and Santa Barbara Asset Management, LLC (2006-2020); Chartered Financial | |||
Analyst. | |||
■ RACHAEL ZUFALL | Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2014) | ||
1973 | Vice President | of the CREF Accounts, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; | |
8500 Andrew Carnegie Blvd. | and Assistant | 2022 | Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2011) of |
Charlotte, NC 28262 | Secretary | Teacher Advisors LLC and TIAA-CREF Investment Management, LLC; Managing Director of | |
Nuveen, LLC and of TIAA (since 2017). |
(1) | The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex. |
(2) | Officers serve indefinite terms until their successor has been duly elected and qualified, their death or their resignation or removal. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen complex. |
ITEM 2. | CODE OF ETHICS. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.
Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).
Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Nuveen Municipal Credit Opportunities Fund
The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
Fiscal Year Ended | Audit Fees Billed to Fund 1 | Audit-Related Fees Billed to Fund 2 | Tax Fees Billed to Fund 3 | All Other Fees Billed to Fund 4 | ||||||||||||
October 31, 2022 | $ | 33,870 | $ | 2,500 | $ | 0 | $ | 0 | ||||||||
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| |||||||||
Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
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|
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|
| |||||||||
October 31, 2021 | $ | 35,135 | $ | 5,500 | $ | 0 | $ | 0 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
|
|
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|
|
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1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
Fiscal Year Ended | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
October 31, 2022 | $ | 0 | $ | 0 | $ | 0 | ||||||
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Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | ||||||
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October 31, 2021 | $ | 0 | $ | 0 | $ | 0 | ||||||
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Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | ||||||
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NON-AUDIT SERVICES
The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP’s independence.
Fiscal Year Ended | Total Non-Audit Fees Billed to Fund | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
October 31, 2022 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
October 31, 2021 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a) (58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, William C. Hunter, John K. Nelson, Albin F. Moschner, Judith M. Stockdale and Carole E. Stone, Chair.
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. |
Nuveen Fund Advisors, LLC is the registrant’s investment adviser (referred to herein as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:
ITEM 8(a)(1). | PORTFOLIO MANAGER BIOGRAPHIES |
As of the date of filing this report, the following individuals at the Sub-Adviser (the “Portfolio Managers”) have primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
Steven M. Hlavin is a Managing Director of Nuveen Asset Management. He is a portfolio manager of Nuveen’s Enhanced High Yield Municipal Interval Strategy, High Yield Municipal Opportunity LP, and Short Duration High Yield Municipal Bond Strategy. He also supports the management of the firm’s other High Yield Municipal Bond portfolios, and is a member of the high yield portfolio management team. He oversees a number of state-specific, tax-exempt portfolios including the Kansas Municipal Bond, Louisiana Municipal Bond and Wisconsin Municipal Bond Strategies. He is also responsible for the tender option bond/inverse floating rate program used by some of the firm’s closed-end and open-end funds. In addition, he manages two closed-end funds that rely on the use of tender option bonds for leverage and co-manages several ETFs. He joined the firm in 2003, also working as a senior analyst responsible for risk management and performance measurement processes. He received his B.A. in Finance and Accounting and an M.B.A. in Finance from Miami University.
John Miller, C.F.A., serves as the head of Nuveen Municipals for Nuveen Asset Management and leads the municipals fixed income strategic direction and investment perspectives for Nuveen. He also manages several municipal bond strategies and closed-end funds. Mr. Miller’s background features nearly 20 years of experience in the municipal marketplace. Before being named the co-head of Nuveen Municipals in 2011, he was chief investment officer for the firm’s municipal bond team starting in 2007. He was named head of portfolio management for Nuveen Asset Management in 2006 and became a portfolio manager in 2000 after starting at the firm as a municipal credit analyst in 1996. He began working in the investment industry at a private account management firm in 1993. Mr. Miller earned a B.A. in economics and political science from Duke University, an M.A. in economics from Northwestern University and an M.B.A. in finance with honors from the University of Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.
ITEM 8(a)(2). | OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS |
Other Accounts Managed. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:
Portfolio Manager | Type of Account Managed | Number of Accounts | Assets* | |||||||
Steven M. Hlavin | Registered Investment Company | 7 | $ | 7.39 billion | ||||||
Other Pooled Investment Vehicles | 1 | $ | 401 million | |||||||
Other Accounts | 0 | $ | 0 |
Portfolio Manager | Type of Account Managed | Number of Accounts | Assets* | |||||||
John V. Miller | Registered Investment Company | 12 | $ | 34.74 billion | ||||||
Other Pooled Investment Vehicles | 1 | $ | 401 million | |||||||
Other Accounts | 9 | $ | 1.08 billion |
* | Assets are as of October 31, 2022. None of the assets in these accounts are subject to an advisory fee based on performance. |
POTENTIAL MATERIAL CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.
The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.
ITEM 8(a)(3). | FUND MANAGER COMPENSATION |
As of the most recently completed fiscal year end, the primary Portfolio Managers’ compensation is as follows:
Portfolio managers are compensated through a combination of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.
Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.
Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.
Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.
Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.
ITEM 8(a)(4). | BENEFICIAL OWNERSHIP OF NMCO SECURITIES |
As of October 31, 2022, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.
Name of Portfolio Manager | Fund | Dollar range of equity securities beneficially owned in Fund | Dollar range of equity securities beneficially owned in the remainder of Nuveen funds managed by Nuveen Asset Management’s municipal investment team | |||||||
Steven M. Hlavin | Nuveen Municipal Credit Opportunities Fund | $0 | $0 | |||||||
John V. Miller | Nuveen Municipal Credit Opportunities Fund | $0 | Over $1,000,000 |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | 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.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(a)(4) Change in the registrant’s independent public accountant. Not applicable.
(c)(4) Consent of Independent Registered Public Accounting Firm. EX99.IND PUB ACCT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Municipal Credit Opportunities Fund
By (Signature and Title) | /s/ Mark L. Winget | |
Mark L. Winget | ||
Vice President and Secretary |
Date: January 9, 2023
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/ David J. Lamb | |
David J. Lamb | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: January 9, 2023
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: January 9, 2023