Nuveen Municipal Credit Income Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-10345

Nuveen Municipal Credit Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

    333 West Wacker Drive, Chicago, Illinois 60606    

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman

Vice President and Secretary

    333 West Wacker Drive, Chicago, Illinois 60606    

(Name and address of agent for service)

Registrant’s telephone number, including area code:     312-917-7700    

Date of fiscal year end:       October 31      

Date of reporting period: July 31, 2018

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

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

 

 

 

 

 

Item 1. Schedule of Investments

 

 

NZF
Nuveen Municipal Credit Income Fund
Portfolio of Investments    July 31, 2018
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 161.5% (100.0% of Total Investments)        
    MUNICIPAL BONDS – 161.4% (99.9% of Total Investments)        
    Alabama – 1.3% (0.8% of Total Investments)        
$ 8,585   Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, University of Mobile Project, Series 2015A, 6.000%, 9/01/45, 144A   9/25 at 100.00 N/R $8,609,038
9,425   Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, Daughters of Charity National Health System - Providence Hospital and St. Vincent's Hospital, Series 1995, 5.000%, 11/01/25 (ETM)   10/18 at 100.00 Aaa 10,110,763
5,835   Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46   No Opt. Call A3 7,014,370
2,375   Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2010A, 5.800%, 5/01/34   5/20 at 100.00 BBB 2,530,396
26,220   Total Alabama       28,264,567
    Alaska – 0.6% (0.4% of Total Investments)        
    Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015:        
1,000   5.000%, 1/01/31 (Alternative Minimum Tax)   7/25 at 100.00 Baa2 1,084,980
2,950   5.000%, 1/01/33 (Alternative Minimum Tax)   7/25 at 100.00 Baa2 3,178,242
2,900   5.000%, 1/01/34 (Alternative Minimum Tax)   7/25 at 100.00 Baa2 3,115,238
    Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:        
125   4.625%, 6/01/23   9/18 at 100.00 Ba2 125,156
7,010   5.000%, 6/01/46   9/18 at 100.00 B3 7,050,728
13,985   Total Alaska       14,554,344
    Arizona – 2.7% (1.7% of Total Investments)        
1,300   Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30   3/22 at 100.00 A- 1,387,581
2,820   Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Refunding Series 2014A, 5.000%, 12/01/39   12/24 at 100.00 A2 3,113,788
2,930   Arizona Industrial Development Authority, Education Revenue Bonds, Legacy Traditional School Southwest Las Vegas Nevada Campus, Series 2018, 5.250%, 7/01/22   7/19 at 101.00 N/R 2,909,549
10,450   Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/30   7/22 at 100.00 A 11,140,536
2,300   Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A, 7.000%, 7/01/41   7/27 at 100.00 N/R 2,347,104
3,185   Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015, 5.000%, 7/15/39   7/25 at 100.00 N/R 3,263,797
4,500   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20)   7/20 at 100.00 A+ (4) 4,781,025
1

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Arizona (continued)        
$ 4,360   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools East Mesa and Cadence, Nevada Campuses, Series 2017A, 4.000%, 7/01/22   7/19 at 101.00 N/R $4,276,288
3,065   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Phoenix/East Mesa and Cadence, Nevada Campuses, Series 2017B, 4.000%, 7/01/22   7/19 at 101.00 N/R 3,006,152
    Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012:        
400   5.000%, 7/01/27 (Alternative Minimum Tax)   7/22 at 100.00 A1 433,944
950   5.000%, 7/01/32 (Alternative Minimum Tax)   7/22 at 100.00 A1 1,024,746
    Pima County Industrial Development Authority, Arizona, Education Facility Revenue and Refunding Bonds, Edkey Charter Schools Project, Series 2013:        
335   6.000%, 7/01/33   7/20 at 102.00 BB- 321,831
365   6.000%, 7/01/43   7/20 at 102.00 BB- 336,997
205   6.000%, 7/01/48   7/20 at 102.00 BB- 186,976
1,390   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2014A, 7.375%, 7/01/49   7/20 at 102.00 BB- 1,351,191
    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- 1,581,232
2,140   5.500%, 7/01/51   7/26 at 100.00 BB- 1,886,496
595   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48   2/24 at 100.00 N/R 567,321
2,060   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A   2/28 at 100.00 N/R 2,020,489
865   Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster Schools Pima Project, Series 2014A, 7.250%, 7/01/39   7/20 at 102.00 BB- 841,308
650   Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010, 6.100%, 6/01/45 (Pre-refunded 6/01/19)   6/19 at 100.00 BB+ (4) 674,407
3,710   Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/41 (Pre-refunded 7/01/21)   7/21 at 100.00 A (4) 4,069,499
7,235   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37   No Opt. Call BBB+ 8,602,994
57,600   Total Arizona       60,125,251
    California – 25.7% (15.9% of Total Investments)        
1,500   ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30 (Pre-refunded 5/15/20)   5/20 at 100.00 AA- (4) 1,621,260
2,000   ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2000B, 0.000%, 8/01/23  –  FGIC Insured   No Opt. Call A+ 1,779,620
4,225   Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28  –  AGM Insured   No Opt. Call AA 3,131,021
8,000   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37  –  FGIC Insured   9/18 at 100.00 BBB+ 8,011,920
2

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
$ 535   Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41   3/26 at 100.00 Ba3 $565,014
1,900   Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopment Project 1, Refunding Series 2015, 5.000%, 5/01/38   11/25 at 100.00 N/R 2,038,168
    Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B:        
4,070   0.000%, 8/01/32  –  FGIC Insured   No Opt. Call A3 2,419,615
6,410   0.000%, 8/01/34  –  FGIC Insured   No Opt. Call A3 3,460,951
1,295   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/36   10/18 at 100.00 N/R 1,295,026
    California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:        
3,280   5.450%, 6/01/28   12/18 at 100.00 B2 3,309,061
13,500   5.600%, 6/01/36   12/18 at 100.00 B2 13,592,205
12,025   5.650%, 6/01/41   12/18 at 100.00 B2 12,097,150
200   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Merced County Tobacco Funding Corporation, Series 2005A, 5.000%, 6/01/26   10/18 at 100.00 Baa1 201,452
3,400   California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39   10/19 at 100.00 AA- 3,551,810
    California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A:        
3,840   5.000%, 7/01/33   7/23 at 100.00 AA- 4,290,662
710   5.000%, 7/01/37   7/23 at 100.00 AA- 786,730
825   California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa Academy Project, Series 2015, 5.375%, 7/01/45   7/25 at 100.00 BB+ 867,694
1,330   California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 (Pre-refunded 8/15/20)   8/20 at 100.00 BBB (4) 1,442,225
10,120   California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012, 5.000%, 11/21/45   10/18 at 100.00 Baa3 10,243,059
2,000   California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep - Obligated Group, Series 2016, 5.000%, 6/01/51   6/26 at 100.00 N/R 2,036,180
2,000   California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/38   3/23 at 100.00 A+ 2,205,980
1,220   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19)   11/19 at 100.00 A+ (4) 1,296,006
1,500   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30 (Pre-refunded 3/01/20)   3/20 at 100.00 A+ (4) 1,602,120
4,500   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2011A, 5.125%, 10/01/31   10/21 at 100.00 A+ 4,936,185
    California State, General Obligation Bonds, Various Purpose Series 2010:        
1,000   5.500%, 3/01/40   3/20 at 100.00 AA- 1,058,350
8,500   5.250%, 11/01/40   11/20 at 100.00 AA- 9,154,500
3

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
$ 3,000   California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32   10/21 at 100.00 AA- $3,310,020
25,320   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.500%, 12/01/54   12/24 at 100.00 BB- 27,394,721
    California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:        
8,905   5.000%, 12/01/36, 144A   6/26 at 100.00 BB- 9,553,818
12,045   5.000%, 12/01/46, 144A   6/26 at 100.00 BB 12,755,896
17,040   5.250%, 12/01/56, 144A   6/26 at 100.00 BB- 18,304,879
1,030   California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.250%, 10/01/39   10/19 at 100.00 BBB+ 1,074,846
1,050   California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire Public Schools, Series 2010, 6.000%, 7/01/40 (Pre-refunded 1/01/19)   1/19 at 100.00 N/R (4) 1,070,864
1,000   California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.500%, 7/01/39   10/18 at 100.00 CCC 981,570
675   California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005H, 5.750%, 7/01/25   10/18 at 100.00 CCC 665,753
2,455   California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)   8/19 at 100.00 N/R (4) 2,586,122
9,955   Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 0.000%, 9/01/31  –  FGIC Insured   No Opt. Call Baa2 6,060,704
3,000   Clovis Unified School District, Fresno County, California, General Obligation Bonds, Election 2012 Series 2013B, 5.000%, 8/01/38   8/23 at 100.00 AA 3,345,780
4,000   Coast Community College District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/22  –  NPFG Insured   No Opt. Call AA+ 3,692,680
3,795   Colton Joint Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006C, 0.000%, 2/01/37  –  FGIC Insured   No Opt. Call A+ 1,854,123
3,290   Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1989, 7.750%, 5/01/22 (Alternative Minimum Tax) (ETM)   No Opt. Call AA+ (4) 3,656,605
1,320   Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015, 5.000%, 9/01/40   9/25 at 100.00 N/R 1,438,866
5,000   Escondido Union School District, San Diego County, California, General Obligation Bonds, Election 2014 Series 2018B, 4.000%, 8/01/47   8/27 at 100.00 Aa2 5,222,950
2,510   Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%, 10/01/28  –  NPFG Insured   No Opt. Call AA- 1,817,767
3,360   Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2002A, 0.000%, 7/01/27  –  NPFG Insured   No Opt. Call AA- 2,576,717
3,725   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34  –  AGM Insured   No Opt. Call BBB- 2,032,211
4

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
    Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:        
$ 3,000   0.000%, 1/15/26 (5)   No Opt. Call BBB- $2,582,880
1,560   5.750%, 1/15/46   1/24 at 100.00 BBB- 1,768,416
3,560   6.000%, 1/15/49   1/24 at 100.00 BBB- 4,122,551
4,505   Foothill-De Anza Community College District, Santa Clara County, California, Election of 1999 General Obligation Bonds, Series A, 0.000%, 8/01/30  –  NPFG Insured   No Opt. Call AAA 3,159,176
2,315   Gateway Unified School District, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/32  –  FGIC Insured   No Opt. Call A+ 1,403,006
1,000   Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35 (Pre-refunded 8/01/21)   8/21 at 100.00 AA- (4) 1,122,540
3,170   Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26  –  AGM Insured   No Opt. Call A1 2,569,539
13,550   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47 (Pre-refunded 8/30/18)   8/18 at 100.00 B3 (4) 13,600,948
    Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1:        
3,490   5.000%, 6/01/47   6/22 at 100.00 N/R 3,586,394
14,640   5.250%, 6/01/47   6/22 at 100.00 N/R 15,235,702
7,150   Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40 (Pre-refunded 7/15/21)   7/21 at 100.00 Aaa 8,079,428
3,190   Hillsborough City School District, San Mateo County, California, General Obligation Bonds, Series 2006B, 0.000%, 9/01/27   No Opt. Call AAA 2,500,482
5,000   Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/31  –  NPFG Insured   No Opt. Call Aa2 3,234,250
2,500   Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32  –  FGIC Insured   No Opt. Call AA- 1,546,700
10,600   Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 0.000%, 6/01/36   10/18 at 100.00 N/R 3,316,104
14,000   Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007C-2, 0.000%, 6/01/47   10/18 at 100.00 N/R 2,065,140
4,615   Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018A, 5.000%, 5/15/44 (Alternative Minimum Tax)   5/28 at 100.00 A1 5,241,532
10,360   Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018C, 5.000%, 5/15/44 (Alternative Minimum Tax) (WI/DD, Settling 8/08/18)   11/27 at 100.00 A1 11,703,174
3,665   Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2018A, 5.000%, 7/01/48   1/28 at 100.00 Aa2 4,245,902
2,750   Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Bonds, LAXFUEL Corporation at Los Angeles International Airport, Refunding Series 2012, 4.500%, 1/01/27 (Alternative Minimum Tax)   1/22 at 100.00 A 2,863,768
5

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
$ 15,000   Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2018B-1, 5.000%, 7/01/38   1/28 at 100.00 Aa2 $17,659,650
540   Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36 (Pre-refunded 3/15/20)   3/20 at 100.00 A1 (4) 573,971
2,000   Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 5.875%, 8/01/31   8/24 at 100.00 AA 2,407,100
1,000   Mendocino-Lake Community College District, Mendocino and Lake Counties, California, General Obligation Bonds, Election 2006, Series 2011B, 5.600%, 8/01/31  –  AGM Insured   8/26 at 100.00 A1 1,206,540
12,775   Morgan Hill Unified School District, Santa Clara County, California, General Obligation Bonds, Election 2012 Series 2017B, 4.000%, 8/01/47   8/27 at 100.00 Aa1 13,354,729
    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 (5)   10/18 at 100.00 AA 992,343
2,320   0.000%, 8/01/43 (5)   8/35 at 100.00 AA 1,902,957
5,420   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39   No Opt. Call BBB+ 7,669,137
    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+ 3,829,896
2,200   6.500%, 11/01/39   No Opt. Call BBB+ 3,112,934
    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+ 6,550,307
4,180   0.000%, 8/01/26  –  FGIC Insured   No Opt. Call AA+ 3,410,587
10,885   Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/25  –  FGIC Insured   No Opt. Call A+ 8,985,241
3,000   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29 (Pre-refunded 11/01/19)   11/19 at 100.00 N/R (4) 3,194,220
770   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21 (Pre-refunded 11/01/20)   11/20 at 100.00 Ba1 (4) 807,368
6,000   Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/24  –  NPFG Insured   No Opt. Call BB+ 5,057,460
12,210   Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/40 (5)   8/30 at 100.00 BB+ 14,137,715
5,000   Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38  –  AGC Insured (5)   8/29 at 100.00 BB+ 6,176,900
1,750   Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/23  –  AGM Insured   No Opt. Call A1 1,557,255
9,315   Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1989A, 7.600%, 1/01/23 (Alternative Minimum Tax) (ETM)   No Opt. Call AA+ (4) 11,534,764
2,500   Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32 (Pre-refunded 5/01/21)   5/21 at 100.00 A1 (4) 2,763,100
6

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
$ 3,850   Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Refunding Series 2011, 6.250%, 10/01/28  –  AGM Insured   10/25 at 100.00 A2 $4,363,051
3,200   Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2003, 0.000%, 7/01/27  –  AGM Insured   No Opt. Call A2 2,436,832
2,000   Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37 (Pre-refunded 6/30/20)   6/20 at 100.00 A- (4) 2,175,180
205   Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44   6/23 at 100.00 BBB- 226,669
2,755   Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2007, 0.000%, 7/01/25  –  AGM Insured   No Opt. Call A+ 2,263,894
3,550   San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41   12/21 at 100.00 BB 3,953,493
165   San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40   9/25 at 100.00 N/R 179,428
3,000   San Diego Community College District, California, General Obligation Bonds, Tender Option Bond Trust 2016-XG0053, 12.000%, 8/01/41 (Pre-refunded 8/01/21), 144A (IF) (6)   8/21 at 100.00 Aaa 3,905,910
1,830   San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 17.393%, 8/01/39 (Pre-refunded 8/01/19), 144A (IF)   8/19 at 100.00 AA- (4) 2,134,274
44,260   San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2017A, 5.000%, 5/01/47 (Alternative Minimum Tax)   5/27 at 100.00 A+ 49,612,804
670   San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19)   8/19 at 100.00 A- (4) 704,478
2,700   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44   1/25 at 100.00 BBB- 2,957,688
    San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:        
6,630   5.000%, 1/15/44   1/25 at 100.00 BBB 7,227,827
3,160   5.000%, 1/15/50   1/25 at 100.00 BBB 3,433,498
7,205   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23  –  NPFG Insured   No Opt. Call Baa2 6,391,123
15,570   San Luis Obispo County Communtiy College District, California, General Obligation Bonds, Series 2018B, 4.000%, 8/01/43   8/28 at 100.00 AA- 16,342,739
5,760   San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/45   No Opt. Call A1 1,542,528
690   Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 (Pre-refunded 12/01/19)   12/19 at 100.00 A+ (4) 722,147
5,520   Silicon Valley Clean Water, Mateo County, California, Wastewater Revenue Bonds, Series 2018, 4.000%, 8/01/42   2/28 at 100.00 AA 5,764,094
7

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
    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   10/18 at 100.00 N/R $2,789,475
37,555   0.000%, 6/01/47   10/18 at 100.00 N/R 6,965,701
1,820   Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2016, Series 2017A, 4.000%, 8/01/42   8/27 at 100.00 AA- 1,901,154
    Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A:        
11,595   5.000%, 6/01/37   10/18 at 100.00 B2 11,657,497
3,090   5.125%, 6/01/46   10/18 at 100.00 B2 3,106,655
1,800   Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2000 Series 2003D, 0.000%, 8/01/27  –  FGIC Insured   No Opt. Call AA- 1,400,346
    Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B:        
4,005   0.000%, 8/01/36  –  AGM Insured (5)   8/31 at 100.00 Aa3 3,482,468
3,900   5.625%, 5/01/41 (Pre-refunded 8/01/21)  –  AGM Insured   8/21 at 100.00 Aa3 (4) 4,357,587
3,000   Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21)   8/21 at 100.00 Aa2 (4) 3,323,850
622,295   Total California       572,545,052
    Colorado – 6.5% (4.0% of Total Investments)        
1,250   Adams County School District 1, Mapleton Public Schools, Colorado, General Obligation Bonds, Series 2010, 6.250%, 12/01/35 (Pre-refunded 12/01/20)   12/20 at 100.00 AA (4) 1,378,775
1,500   Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/35  –  BAM Insured   12/25 at 100.00 A3 1,674,075
1,215   Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 2016A, 5.500%, 12/01/36   12/21 at 103.00 N/R 1,216,822
    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 791,957
2,320   6.125%, 12/01/47   12/22 at 103.00 N/R 2,369,834
685   Canyons Metropolitan District 6, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Refunding & Improvement Series 2017A, 6.125%, 12/01/47   12/22 at 103.00 N/R 685,527
500   Castle Oaks Metropolitan District 3, Castle Rock, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2016, 5.500%, 12/01/45 (Pre-refunded 12/01/20)   12/20 at 103.00 N/R (4) 556,780
    Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017:        
770   5.000%, 12/01/37   12/22 at 103.00 N/R 791,829
2,210   5.000%, 12/01/47   12/22 at 103.00 N/R 2,253,294
625   Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A, 6.000%, 12/01/38   12/23 at 100.00 BBB- 715,375
8

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Colorado (continued)        
$ 1,000   Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, Refunding Senior Lien Series 2015A, 5.000%, 6/01/37   12/25 at 100.00 N/R $1,003,580
1,240   Colorado City Metropolitan District, Oueblo county, Colorado, Water and Wastewater Enterprise Revenue Bonds, Refunding & Improvement Series 2012, 4.500%, 12/01/34   12/19 at 100.00 N/R 1,266,809
1,000   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Pinnacle Charter School, Inc. High School Project, Series 2010, 5.000%, 12/01/29   12/19 at 100.00 AA- 1,024,010
1,945   Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks Academy, Series 2006A, 5.400%, 5/01/26   10/18 at 100.00 N/R 1,913,452
9,440   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38   10/18 at 100.00 BBB+ 9,451,328
3,335   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34   7/19 at 100.00 BBB+ 3,423,244
9,335   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45   1/23 at 100.00 BBB+ 9,981,729
2,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children's Hospital Colorado Project, Series 2013A, 5.000%, 12/01/36   12/23 at 100.00 A+ 2,184,280
2,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, Series 2012, 4.000%, 12/01/42   12/22 at 100.00 A 2,038,980
585   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43   6/23 at 100.00 BBB 643,325
3,655   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A, 5.000%, 6/01/45   6/25 at 100.00 BBB 3,930,148
1,150   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 (Pre-refunded 9/01/18)  –  AGM Insured   9/18 at 102.00 Aa3 (4) 1,176,657
11,500   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40   1/20 at 100.00 AA- 11,945,625
2,105   Colorado International Center Metropolitan District 14, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2018, 5.875%, 12/01/46   12/23 at 103.00 N/R 2,230,542
2,250   Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 5.000%, 11/15/38   11/23 at 100.00 AA 2,528,010
    Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2009A:        
5   5.000%, 3/01/34 (Pre-refunded 3/01/19)   3/19 at 100.00 N/R (4) 5,102
20   5.000%, 3/01/34   3/19 at 100.00 AA 20,385
1,175   5.000%, 3/01/34 (Pre-refunded 3/01/19)   3/19 at 100.00 N/R (4) 1,198,946
1,945   Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Refunding Series 2015, 5.000%, 8/01/36  –  BAM Insured   8/25 at 100.00 A1 2,178,458
1,000   Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding Series 2010, 5.375%, 12/01/40   12/20 at 100.00 BBB+ 1,028,000
500   Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2006, 5.250%, 12/01/30   12/20 at 103.00 N/R 524,570
2,200   Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32   11/22 at 100.00 A+ 2,423,080
3,870   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43   11/23 at 100.00 A 4,299,531
9

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Colorado (continued)        
$ 10,000   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A, 0.000%, 9/01/41   No Opt. Call BBB+ $4,072,700
8,845   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/26  –  NPFG Insured   No Opt. Call BBB+ 6,909,272
    E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:        
7,550   0.000%, 9/01/29  –  NPFG Insured   No Opt. Call BBB+ 5,140,115
11,100   0.000%, 9/01/31  –  NPFG Insured   No Opt. Call BBB+ 6,915,855
10,000   0.000%, 9/01/32  –  NPFG Insured   No Opt. Call BBB+ 5,984,200
8,135   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28  –  NPFG Insured   9/20 at 63.98 BBB+ 4,930,868
    Eaton Area Park and Recreation District, Colorado, General Obligation Limited Tax Bonds, Series 2015:        
475   5.500%, 12/01/30   12/22 at 100.00 N/R 510,274
180   5.250%, 12/01/34   12/22 at 100.00 N/R 189,661
500   Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado, General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45   12/20 at 103.00 N/R 508,435
968   Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation Limited Tax Bonds, Series 2016, 5.125%, 12/01/46   12/21 at 103.00 N/R 952,996
    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 1,158,536
1,000   6.000%, 12/01/38   12/24 at 100.00 N/R 1,025,260
770   Great Western Park Metropolitan District 2, Broomfield City and County, Colorado, General Obligation Bonds, Series 2016A, 5.000%, 12/01/46   12/21 at 100.00 N/R 774,512
    Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A:        
1,590   5.250%, 12/01/36   12/21 at 103.00 N/R 1,535,431
6,130   5.375%, 12/01/46   12/21 at 103.00 N/R 5,892,646
1,000   Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, Series 2011A, 5.000%, 12/01/41   12/21 at 100.00 A- 1,076,060
825   North Range Metropolitan District No. 2 , In the City of Commerce City, Adams County, Colorado , Limited Tax General Obligation and Special Revenue and Improvement Bonds, Refunding Series 2017A, 5.750%, 12/01/47   12/22 at 103.00 N/R 832,285
1,870   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45   12/25 at 100.00 A 2,083,143
3,015   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20)  –  AGM Insured   12/20 at 100.00 A2 (4) 3,317,043
500   Parker Automotive Metropolitan District (In the Town of Parker, Colorado), General Obligation Bonds, Refunding Series 2016, 5.000%, 12/01/45   12/26 at 100.00 N/R 472,240
1,590   Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31   6/20 at 100.00 A 1,684,160
10

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Colorado (continued)        
    Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:        
$ 4,355   6.000%, 1/15/34   7/20 at 100.00 Baa3 $4,564,563
2,365   6.000%, 1/15/41   7/20 at 100.00 Baa3 2,476,060
1,034   Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016A, 5.000%, 12/01/45   12/26 at 100.00 N/R 1,043,751
525   Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46   12/21 at 103.00 N/R 537,910
650   Thompson Crossing Metropolitan District No. 6 in the Town of Johnstown, Larimer County, Colorado, General Obligation Limited Tax Bonds Series 2015A, 6.000%, 12/01/44   12/20 at 103.00 N/R 659,094
55   Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding Series 2016, 5.250%, 12/01/40   12/26 at 100.00 N/R 57,525
105   Water Valley Metropolitan District 2, Windsor, Colorado, General Obligation Bonds, Refunding Series 2016, 5.250%, 12/01/40   12/26 at 100.00 N/R 112,295
161,362   Total Colorado       144,270,949
    Connecticut – 0.1% (0.0% of Total Investments)        
1,500   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2011A, 5.000%, 7/01/41   7/21 at 100.00 A 1,586,940
    Florida – 4.2% (2.6% of Total Investments)        
1,250   Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40   9/20 at 100.00 BBB 1,304,725
    Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A:        
1,005   5.000%, 9/01/43   9/23 at 100.00 BBB 1,043,733
865   5.000%, 9/01/45   9/23 at 100.00 BBB 897,541
635   Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A, 5.375%, 11/01/36   11/27 at 100.00 N/R 658,851
535   Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016B, 5.625%, 11/01/35   No Opt. Call N/R 549,440
665   Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue Bonds, Series 2016, 4.700%, 5/01/36   5/26 at 100.00 N/R 677,622
2,115   Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19)   4/19 at 100.00 A (4) 2,193,234
3,430   Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%, 11/01/20 (Alternative Minimum Tax)   10/18 at 100.00 Caa1 3,431,646
5,005   Broward County, Florida, Airport System Revenue Bonds, Refunding Series 2009O, 5.375%, 10/01/29   10/19 at 100.00 A+ 5,217,762
1,480   Brwoard County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC Project, Series 2013A, 5.000%, 4/01/33  –  AGM Insured (Alternative Minimum Tax)   4/23 at 100.00 AA 1,598,504
4,390   Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments Project, Series 2015A, 5.000%, 7/04/50   7/25 at 100.00 A- 4,524,290
11

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Florida (continued)        
    Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-1:        
$ 125   5.250%, 11/01/37   11/28 at 100.00 N/R $128,990
160   5.600%, 11/01/46   11/28 at 100.00 N/R 167,128
300   Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, Area 1 Project, Series 2016A-2, 5.625%, 11/01/35   No Opt. Call N/R 315,780
    Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015:        
555   5.250%, 5/01/35   5/26 at 100.00 N/R 566,278
615   5.300%, 5/01/36   5/26 at 100.00 N/R 627,472
955   5.500%, 5/01/45   5/26 at 100.00 N/R 965,113
1,305   5.500%, 5/01/46   5/26 at 100.00 N/R 1,317,998
    Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral Charter Upper School Project, Series 2017C:        
1,115   5.650%, 7/01/37   7/27 at 101.00 N/R 1,099,658
3,385   5.750%, 7/01/47, 144A   7/27 at 101.00 N/R 3,319,365
    Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter Foundation Inc. Projects, Series 2016A:        
1,015   6.250%, 6/15/36   6/26 at 100.00 N/R 1,046,678
1,420   4.750%, 7/15/36   7/26 at 100.00 N/R 1,386,445
2,575   6.375%, 6/15/46   6/26 at 100.00 N/R 2,650,885
1,465   5.000%, 7/15/46, 144A   7/26 at 100.00 N/R 1,445,413
    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 949,990
6,785   5.125%, 7/01/46   7/26 at 100.00 N/R 6,341,397
    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 948,537
560   6.125%, 6/15/46   6/25 at 100.00 N/R 582,350
1,100   Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31   4/21 at 100.00 Baa1 1,204,368
3,310   Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, Brightline Passenger Rail Project - South Segment, Series 2017, 5.625%, 1/01/47 (Alternative Minimum Tax), 144A   1/19 at 105.00 BB- 3,440,447
320   Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36   5/26 at 100.00 N/R 322,454
1,750   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 (Alternative Minimum Tax)   10/24 at 100.00 A+ 1,910,545
4,695   Hillsborough County Aviation Authority, Florida, Tampa International Airport Customer Facility Charge Revenue Bonds, Series 2015A, 5.000%, 10/01/44   10/24 at 100.00 A- 5,144,922
12

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Florida (continued)        
$ 2,490   Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37   10/22 at 100.00 A2 $2,714,025
7,045   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42   10/22 at 100.00 A+ 7,684,686
2,140   Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2015, 5.350%, 8/01/35   8/26 at 100.00 N/R 2,296,691
2,185   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42   4/22 at 100.00 A 2,366,268
2,335   Orlando, Florida, Capital Improvement Special Revenue Bonds, Series 2014B, 5.000%, 10/01/46   10/24 at 100.00 Aa2 2,636,565
85   Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34   6/22 at 102.00 N/R 97,156
545   Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 Project, Series 2016, 5.000%, 11/01/46   11/26 at 100.00 N/R 553,055
    Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, Assessment Area 2, Series 2016:        
175   4.750%, 11/01/28   11/27 at 100.00 N/R 177,387
295   5.375%, 11/01/36   11/27 at 100.00 N/R 301,988
375   South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2016A1, 3.625%, 5/01/35   5/26 at 100.00 BBB 369,195
    South Village Community Development District, Clay County, Florida, Capital Improvement Revenue Bonds, Refunding Series 2016A2:        
140   4.350%, 5/01/26   10/18 at 100.00 N/R 141,295
100   4.875%, 5/01/35   5/26 at 100.00 N/R 101,248
1,350   Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.125%, 7/01/34   1/24 at 100.00 A- 1,462,144
11,000   Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 (Pre-refunded 10/01/18)  –  AMBAC Insured   10/18 at 100.00 AA- (4) 11,066,550
3,300   Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33   5/22 at 100.00 Aa2 3,607,395
200   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (5)   5/19 at 100.00 N/R 191,928
85   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (5)   5/22 at 100.00 N/R 68,507
110   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (7)   10/18 at 100.00 N/R 1
10   Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40   10/18 at 100.00 N/R 9,708
295   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (7)   10/18 at 81.98 N/R 234,950
180   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (7)   10/18 at 67.45 N/R 117,949
195   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (7)   10/18 at 100.00 N/R 2
13

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Florida (continued)        
$ 300   Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A-1, 5.375%, 11/01/37   11/27 at 100.00 N/R $308,895
40   Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2016A-2, 5.625%, 11/01/35   No Opt. Call N/R 40,887
91,760   Total Florida       94,528,036
    Georgia – 2.3% (1.5% of Total Investments)        
2,725   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40   7/25 at 100.00 A+ 3,105,192
15,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30   1/21 at 100.00 Aa3 16,139,250
    Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B:        
520   5.250%, 11/01/34  –  AGM Insured   11/19 at 100.00 A+ 542,147
980   5.250%, 11/01/34 (Pre-refunded 11/01/19)  –  AGM Insured   11/19 at 100.00 AA (4) 1,025,090
4,400   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22  –  FGIC Insured   No Opt. Call A+ 4,889,852
3,250   DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30   9/20 at 100.00 BB 3,467,522
    Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A:        
590   5.000%, 2/15/30   2/20 at 100.00 A 616,550
1,910   5.000%, 2/15/30 (Pre-refunded 2/15/20)   2/20 at 100.00 N/R (4) 2,004,851
    Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:        
475   5.250%, 2/15/37   2/20 at 100.00 AA- 496,613
1,525   5.250%, 2/15/37 (Pre-refunded 2/15/20)   2/20 at 100.00 N/R (4) 1,606,496
1,180   5.125%, 2/15/40   2/20 at 100.00 AA- 1,228,380
3,820   5.125%, 2/15/40 (Pre-refunded 2/15/20)   2/20 at 100.00 N/R (4) 4,016,921
4,650   Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 1/01/19  –  FGIC Insured (ETM)   No Opt. Call A1 (4) 4,730,956
4,010   Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60   7/25 at 100.00 A2 4,264,956
840   Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, Academy for Classical Education, Series 2017, 5.875%, 6/15/47   6/27 at 100.00 N/R 867,056
3,000   Marietta Development Authority, Georgia, University Facilities Revenue Bonds, Life University, Inc. Project, Refunding Series 2017A, 5.000%, 11/01/47   11/27 at 100.00 Ba3 3,179,790
48,875   Total Georgia       52,181,622
    Guam – 0.2% (0.1% of Total Investments)        
4,000   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.500%, 7/01/30 (Pre-refunded 7/01/20)   7/20 at 100.00 BBB- (4) 4,285,760
810   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43   7/23 at 100.00 BBB- 881,272
4,810   Total Guam       5,167,032
14

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Hawaii – 0.2% (0.2% of Total Investments)        
$ 1,000   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010A, 5.500%, 7/01/40 (Pre-refunded 7/01/20)   7/20 at 100.00 A1 (4) $1,072,810
3,000   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43   7/23 at 100.00 A1 3,341,670
1,175   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.625%, 7/01/33   7/23 at 100.00 BB 1,240,459
5,175   Total Hawaii       5,654,939
    Idaho – 0.1% (0.1% of Total Investments)        
1,175   Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016, 5.000%, 9/01/37   9/26 at 100.00 BB+ 1,249,566
595   Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A, 5.000%, 9/01/32   9/22 at 100.00 A3 649,454
1,770   Total Idaho       1,899,020
    Illinois – 29.7% (18.4% of Total Investments)        
50,000   Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46   4/27 at 100.00 A 58,515,500
1,000   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.500%, 12/01/39   12/21 at 100.00 B2 1,028,050
8,400   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017B, 7.000%, 12/01/42   12/27 at 100.00 B+ 10,084,452
8,455   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017H, 5.000%, 12/01/36   12/27 at 100.00 B+ 8,747,628
    Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A:        
1,800   7.000%, 12/01/26   12/25 at 100.00 B+ 2,131,254
51,780   7.000%, 12/01/44   12/25 at 100.00 B+ 60,274,509
6,210   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46, 144A   12/27 at 100.00 B+ 7,434,177
450   Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/26  –  NPFG Insured   No Opt. Call B+ 316,742
    Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:        
1,715   0.000%, 12/01/26  –  NPFG Insured   No Opt. Call B+ 1,207,137
10,060   0.000%, 12/01/28  –  FGIC Insured   No Opt. Call B+ 6,371,803
1,765   0.000%, 12/01/30  –  NPFG Insured   No Opt. Call B+ 1,007,391
    Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:        
2,585   0.000%, 12/01/27  –  NPFG Insured   No Opt. Call B+ 1,722,256
7,240   0.000%, 12/01/31  –  FGIC Insured   No Opt. Call B+ 3,922,994
4,300   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40   12/21 at 100.00 A3 4,588,831
15

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois (continued)        
    Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:        
$ 25,755   0.000%, 1/01/29  –  NPFG Insured   No Opt. Call BBB- $16,503,031
8,765   0.000%, 1/01/34  –  FGIC Insured   No Opt. Call BBB- 4,400,906
17,310   0.000%, 1/01/37  –  FGIC Insured   No Opt. Call BBB- 7,424,951
670   Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, 5.500%, 1/01/31   1/25 at 100.00 Ba1 724,371
2,695   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.000%, 1/01/35   1/24 at 100.00 Ba1 2,794,365
27,095   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38   1/27 at 100.00 BBB- 30,582,126
2,000   Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 5.500%, 1/01/40   1/25 at 100.00 Ba1 2,129,740
    Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C:        
1,450   5.000%, 1/01/34   1/19 at 100.00 Ba1 1,459,556
590   5.000%, 1/01/40   1/19 at 100.00 Ba1 593,528
4,930   Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35   1/21 at 100.00 Ba1 5,021,402
550   Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/34   1/22 at 100.00 Ba1 563,838
    Chicago, Illinois, General Obligation Bonds, Refunding Series 2007E:        
10,115   5.500%, 1/01/35   1/25 at 100.00 Ba1 10,829,625
5,890   5.500%, 1/01/42   1/25 at 100.00 Ba1 6,265,311
275   Chicago, Illinois, General Obligation Bonds, Refunding Series 2008A, 5.250%, 1/01/37  –  FGIC Insured   10/18 at 100.00 Ba1 275,358
765   Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/35   1/26 at 100.00 BBB- 806,608
1,610   Chicago, Illinois, General Obligation Bonds, Series 1999, 0.000%, 1/01/30  –  AGM Insured   No Opt. Call A2 1,008,552
    Chicago, Illinois, General Obligation Bonds, Series 2015A:        
1,000   5.500%, 1/01/35   1/25 at 100.00 BBB- 1,070,650
9,800   5.500%, 1/01/39   1/25 at 100.00 BBB- 10,441,410
5,630   Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.250%, 1/01/38 (Pre-refunded 1/01/22)   1/22 at 100.00 N/R (4) 6,256,394
1,250   Cook County Forest Preserve District, Illinois, General Obligation Bonds, Personal Property Replacement Tax Alternate Source, Series 2012C, 5.000%, 12/15/37  –  AGM Insured   6/22 at 100.00 A2 1,320,963
25,375   Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33   11/20 at 100.00 A2 26,660,751
800   Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A, 5.500%, 12/01/30   12/25 at 100.00 N/R 821,488
    Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, Refunding and Improvement Series 2011A:        
1,525   6.875%, 10/01/31   10/21 at 100.00 BB+ 1,614,899
2,535   7.125%, 10/01/41   10/21 at 100.00 BB+ 2,683,754
1,000   Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 (Pre-refunded 11/01/19)   11/19 at 100.00 Aa2 (4) 1,045,380
16

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois (continued)        
$ 1,500   Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 (Pre-refunded 11/01/19)   11/19 at 100.00 Aa2 (4) $1,571,730
2,675   Illinois Finance Authority, Revenue Bonds, Columbia College Chicago, Series 2015A, 5.000%, 12/01/37   12/25 at 100.00 BBB+ 2,776,168
5,220   Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011A, 5.750%, 10/01/27 (Pre-refunded 4/01/21)   4/21 at 100.00 A (4) 5,742,365
845   Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding Series 2016, 5.000%, 9/01/46   9/26 at 100.00 Baa1 904,032
5,015   Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43   5/22 at 100.00 Baa2 5,250,304
    Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A:        
630   6.000%, 5/15/39   5/20 at 100.00 A 664,971
2,030   6.000%, 5/15/39 (Pre-refunded 5/15/20)   5/20 at 100.00 N/R (4) 2,181,377
    Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A:        
5   7.750%, 8/15/34 (Pre-refunded 8/15/19)   8/19 at 100.00 N/R (4) 5,316
495   7.750%, 8/15/34 (Pre-refunded 8/15/19)   8/19 at 100.00 N/R (4) 526,259
    Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A:        
415   5.500%, 7/01/28   7/23 at 100.00 A- 461,663
905   6.000%, 7/01/43   7/23 at 100.00 A- 1,001,989
    Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009:        
90   6.125%, 5/15/25 (Pre-refunded 5/15/19)   5/19 at 100.00 N/R (4) 93,231
100   6.125%, 5/15/25 (Pre-refunded 5/15/19)   5/19 at 100.00 N/R (4) 103,630
2,810   6.125%, 5/15/25 (Pre-refunded 5/15/19)   5/19 at 100.00 AA+ (4) 2,912,003
1,665   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 (Pre-refunded 5/01/19)   5/19 at 100.00 Aaa 1,727,987
1,050   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44   8/25 at 100.00 Baa1 1,125,128
    Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:        
7,000   6.875%, 8/15/38 (Pre-refunded 8/15/19)   8/19 at 100.00 N/R (4) 7,379,330
2,000   7.000%, 8/15/44 (Pre-refunded 8/15/19)   8/19 at 100.00 N/R (4) 2,110,940
500   Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20)  –  AGM Insured   3/20 at 100.00 A2 (4) 528,205
2,500   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (6)   2/21 at 100.00 AA- (4) 2,724,400
3,000   Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, 5.000%, 10/01/46 (UB) (6)   10/25 at 100.00 AA- 3,322,890
4,125   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51   10/21 at 100.00 AA- 4,408,140
17

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois (continued)        
    Illinois State, General Obligation Bonds, April Series 2014:        
$ 6,165   5.000%, 4/01/38   4/24 at 100.00 BBB- $6,385,830
5,000   5.000%, 4/01/39   4/24 at 100.00 BBB- 5,174,000
    Illinois State, General Obligation Bonds, February Series 2014:        
2,010   5.250%, 2/01/30   2/24 at 100.00 BBB- 2,139,002
3,435   5.250%, 2/01/33   2/24 at 100.00 BBB- 3,625,917
3,745   5.250%, 2/01/34   2/24 at 100.00 BBB- 3,945,620
6,000   5.000%, 2/01/39   2/24 at 100.00 BBB- 6,203,700
8,565   Illinois State, General Obligation Bonds, June Series 2016, 5.000%, 6/01/26   No Opt. Call BBB- 9,243,005
    Illinois State, General Obligation Bonds, November Series 2016:        
3,100   5.000%, 11/01/35   11/26 at 100.00 BBB- 3,264,548
3,000   5.000%, 11/01/37   11/26 at 100.00 BBB- 3,148,560
2,400   5.000%, 11/01/40   11/26 at 100.00 BBB- 2,510,376
5,795   Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/28   11/27 at 100.00 BBB- 6,234,261
4,900   Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/26   No Opt. Call BBB- 5,280,485
27,215   Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38   7/23 at 100.00 BBB- 28,671,275
7,250   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38   1/23 at 100.00 AA- 7,939,330
2,755   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40   7/25 at 100.00 AA- 3,053,119
560   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.009%, 1/01/38, 144A (IF)   1/23 at 100.00 AA- 773,119
2,500   Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/23  –  NPFG Insured   No Opt. Call Aa2 2,163,550
9,795   Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/19  –  AGM Insured (UB)   No Opt. Call A2 10,263,593
    Mc Henry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011B:        
85   6.250%, 2/01/21 (Pre-refunded 2/01/20)  –  AGM Insured   2/20 at 100.00 Aa3 (4) 90,811
1,160   6.250%, 2/01/21 (Pre-refunded 2/01/20)  –  AGM Insured   2/20 at 100.00 Aa3 (4) 1,239,309
    McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003:        
570   0.000%, 1/01/21  –  NPFG Insured   No Opt. Call N/R 533,885
745   0.000%, 1/01/21  –  NPFG Insured (ETM)   No Opt. Call N/R (4) 711,415
    McHenry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General Obligation Bonds, Series 2011A:        
70   6.000%, 2/01/24 (Pre-refunded 2/01/20)  –  AGM Insured   2/20 at 100.00 Aa3 (4) 74,528
930   6.000%, 2/01/24 (Pre-refunded 2/01/20)  –  AGM Insured   2/20 at 100.00 Aa3 (4) 990,152
70   6.000%, 2/01/25 (Pre-refunded 2/01/20)  –  AGM Insured   2/20 at 100.00 Aa3 (4) 74,528
960   6.000%, 2/01/25 (Pre-refunded 2/01/20)  –  AGM Insured   2/20 at 100.00 Aa3 (4) 1,022,093
18

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois (continued)        
$ 13,785   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012A, 5.000%, 6/15/42  –  NPFG Insured   6/22 at 100.00 BB+ $14,264,029
2,500   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52   6/22 at 100.00 BB+ 2,577,825
5,400   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52   12/25 at 100.00 BB+ 5,699,106
    Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A:        
23,110   0.000%, 12/15/52   No Opt. Call BB+ 4,304,700
2,455   5.000%, 6/15/53   12/25 at 100.00 BB+ 2,589,387
6,000   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2017A, 5.000%, 6/15/57   12/27 at 100.00 BB+ 6,401,880
    Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A:        
2,920   5.500%, 6/15/50 (Pre-refunded 6/15/20)   6/20 at 100.00 BBB- (4) 3,123,261
9,080   5.500%, 6/15/50   6/20 at 100.00 BB+ 9,307,726
45,000   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/43  –  AGM Insured   No Opt. Call BBB- 15,061,050
    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A:        
145   5.500%, 6/15/29 (Pre-refunded 6/15/25)  –  NPFG Insured   6/25 at 100.00 Baa2 (4) 172,208
2,680   5.500%, 6/15/29  –  NPFG Insured   No Opt. Call BB+ 3,001,466
1,040   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B, 5.550%, 6/15/21   No Opt. Call BB+ 1,047,717
10,960   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.250%, 6/15/50   6/20 at 100.00 BB+ 11,185,995
1,165   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/21  –  FGIC Insured   No Opt. Call Baa2 1,064,461
    Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:        
2,195   5.700%, 6/15/24 (Pre-refunded 6/15/22)   6/22 at 101.00 N/R (4) 2,517,994
7,305   5.700%, 6/15/24   No Opt. Call BB+ 8,127,835
8,400   0.000%, 12/15/30  –  NPFG Insured   No Opt. Call BB+ 4,962,888
7,940   0.000%, 6/15/33  –  NPFG Insured   No Opt. Call BB+ 4,102,757
21,915   0.000%, 6/15/34  –  NPFG Insured   No Opt. Call BB+ 10,731,775
450   0.000%, 12/15/34  –  NPFG Insured   No Opt. Call BB+ 215,460
12,500   0.000%, 6/15/35  –  NPFG Insured   No Opt. Call BB+ 5,813,500
10,620   0.000%, 12/15/35  –  NPFG Insured   No Opt. Call BB+ 4,828,277
45,350   0.000%, 12/15/36  –  NPFG Insured   No Opt. Call BB+ 19,562,176
38,040   0.000%, 6/15/40  –  NPFG Insured   No Opt. Call BB+ 13,743,091
3,720   0.000%, 6/15/41  –  NPFG Insured   No Opt. Call BB+ 1,279,940
19

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois (continued)        
    Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012:        
$ 480   5.000%, 10/01/25   10/22 at 100.00 Baa1 $528,758
400   5.000%, 10/01/26   10/22 at 100.00 Baa1 438,304
780   Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 5.250%, 6/01/21   No Opt. Call A 845,809
2,695   Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20  –  AMBAC Insured   No Opt. Call A2 2,876,670
10,000   Sales Tax Securitization Corporation, Illinois, Sales Tax Securitzation Bonds, Series 2018A, 5.000%, 1/01/38   1/28 at 100.00 AA 11,202,400
3,815   Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax)   8/22 at 100.00 B 3,854,256
1,580   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/32   10/23 at 100.00 Baa1 1,797,013
11,350   Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24  –  AGM Insured   No Opt. Call A2 9,421,294
784,270   Total Illinois       659,580,758
    Indiana – 4.5% (2.8% of Total Investments)        
    Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005:        
1,950   0.000%, 2/01/24   No Opt. Call Aa3 1,695,525
2,705   0.000%, 2/01/25   No Opt. Call Aa3 2,276,798
4,400   Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/24  –  NPFG Insured   No Opt. Call Baa2 3,850,792
680   Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2012B, 5.000%, 2/01/29   2/22 at 100.00 A- 735,876
1,050   Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39   10/19 at 100.00 B 1,061,162
520   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26   6/20 at 100.00 B 533,244
1,230   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax)   8/22 at 100.00 B 1,242,657
11,000   Indiana Finance Authority, Health System Revenue Bonds, Franciscan Alliance, Inc Obligated Group, Series 2016A, 4.000%, 11/01/51   11/25 at 100.00 Aa3 11,054,560
4,465   Indiana Finance Authority, Health System Revenue Bonds, Sisters of Saint Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 (Pre-refunded 11/01/19)   11/19 at 100.00 Aa3 (4) 4,670,435
1,815   Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42   5/23 at 100.00 A 1,954,428
1,500   Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20)   3/20 at 100.00 N/R (4) 1,580,625
1,875   Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 4.000%, 12/01/40   6/25 at 100.00 AA 1,900,687
20

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Indiana (continued)        
$ 9,300   Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A, 5.000%, 10/01/44   10/23 at 100.00 Baa2 $9,707,433
    Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A:        
5,380   5.000%, 7/01/44 (Alternative Minimum Tax)   7/23 at 100.00 BBB+ 5,733,789
5,100   5.000%, 7/01/48 (Alternative Minimum Tax)   7/23 at 100.00 BBB+ 5,421,147
5,370   Indiana Finance Authority, Provate Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)   7/23 at 100.00 BBB+ 5,758,144
6,730   Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38 (Pre-refunded 12/01/19)   12/19 at 100.00 AA- (4) 7,057,414
6,700   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41   10/21 at 100.00 A2 7,231,712
13,000   Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, First Lien Series 2014A, 5.000%, 10/01/44   10/24 at 100.00 A+ 14,600,560
10,000   Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26  –  AMBAC Insured   No Opt. Call A 8,100,300
1,000   Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, Series 2016, 5.750%, 4/01/36   4/24 at 102.00 N/R 952,010
1,250   Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013, 7.250%, 11/01/43 (Alternative Minimum Tax)   11/23 at 100.00 N/R 1,405,225
830   Valparaiso, Indiana, Exempt Faciltiies Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax)   1/24 at 100.00 N/R 974,794
97,850   Total Indiana       99,499,317
    Iowa – 1.6% (1.0% of Total Investments)        
    Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:        
7,055   5.500%, 12/01/22   12/18 at 100.00 B- 7,113,486
1,255   5.250%, 12/01/25   12/23 at 100.00 B- 1,341,997
1,470   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/27   6/19 at 105.00 B- 1,561,052
1,710   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2018A, 5.250%, 12/01/50   12/22 at 103.00 B 1,794,525
1,630   Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 6.000%, 10/01/31   10/21 at 100.00 BBB 1,735,363
1,900   Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa University Project, Series 2012, 5.000%, 9/01/43 (Pre-refunded 9/01/23)   9/23 at 100.00 N/R (4) 2,170,085
2,000   Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25   12/19 at 100.00 A 2,076,100
    Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:        
6,425   5.375%, 6/01/38   10/18 at 100.00 B2 6,494,518
525   5.500%, 6/01/42   10/18 at 100.00 B2 530,681
5,045   5.625%, 6/01/46   10/18 at 100.00 B 5,103,219
21

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Iowa (continued)        
$ 6,590   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34   10/18 at 100.00 B2 $ 6,658,404
35,605   Total Iowa       36,579,430
    Kansas – 0.6% (0.4% of Total Investments)        
    Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A:        
2,000   5.000%, 9/01/26 (Pre-refunded 9/01/21)   9/21 at 100.00 Aa3 (4) 2,171,480
1,000   5.000%, 9/01/27 (Pre-refunded 9/01/21)   9/21 at 100.00 Aa3 (4) 1,085,740
2,000   Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28   5/22 at 100.00 AA 2,209,200
1,485   Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 5.000%, 12/01/31 (Pre-refunded 12/01/20)   12/20 at 100.00 A3 (4) 1,593,999
2,035   Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22  –  AMBAC Insured   10/18 at 100.00 Ba2 2,038,256
465   Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32   4/20 at 100.00 BBB 479,662
    Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015:        
1,695   5.750%, 9/01/32   9/25 at 100.00 N/R 1,811,582
1,725   6.000%, 9/01/35   9/25 at 100.00 N/R 1,853,288
12,405   Total Kansas       13,243,207
    Kentucky – 1.8% (1.1% 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+ 5,374,500
435   5.500%, 2/01/44   2/26 at 100.00 BB+ 466,712
1,000   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20)   6/20 at 100.00 BB+ (4) 1,076,210
6,015   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical Health System, Series 2010B, 6.375%, 3/01/40 (Pre-refunded 6/01/20)   6/20 at 100.00 BB+ (4) 6,513,824
    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 518,915
2,250   5.750%, 11/15/50   11/25 at 100.00 N/R 2,328,187
    Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A:        
2,130   5.000%, 7/01/40   7/25 at 100.00 Baa2 2,275,372
2,940   5.000%, 1/01/45   7/25 at 100.00 Baa2 3,135,128
22

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Kentucky (continued)        
    Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:        
$ 1,335   0.000%, 7/01/43 (5)   7/31 at 100.00 Baa3 $1,255,581
2,295   0.000%, 7/01/46 (5)   7/31 at 100.00 Baa3 2,166,801
    Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:        
3,080   5.750%, 7/01/49   7/23 at 100.00 Baa3 3,365,547
615   6.000%, 7/01/53   7/23 at 100.00 Baa3 679,600
5,400   Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29   6/21 at 100.00 A- 5,840,154
5,000   Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.250%, 3/01/31   3/21 at 100.00 Baa2 5,408,250
215   Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2012A, 4.000%, 10/01/29   10/22 at 100.00 A+ 223,692
38,210   Total Kentucky       40,628,473
    Louisiana – 2.1% (1.3% of Total Investments)        
2,000   Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41   7/21 at 100.00 B3 2,083,500
7,130   Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax), 144A   7/23 at 100.00 N/R 7,894,336
    Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Refunding Series 2015A:        
10   5.000%, 7/01/39 (Pre-refunded 7/01/25)   7/25 at 100.00 N/R (4) 11,710
1,450   5.000%, 7/01/39   7/25 at 100.00 A 1,589,026
16,190   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2017, 5.000%, 5/15/46   5/27 at 100.00 A3 17,870,684
4,425   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21)   5/21 at 100.00 A3 (4) 4,999,365
1,060   Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter Academy Foundation Project, Series 2013A, 8.375%, 12/15/43   12/23 at 100.00 N/R 1,113,551
2,235   Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36   7/23 at 100.00 A2 2,479,800
5,100   New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2015B, 5.000%, 1/01/45 (Alternative Minimum Tax)   1/25 at 100.00 A- 5,532,888
2,560   New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44   6/24 at 100.00 A- 2,808,934
42,160   Total Louisiana       46,383,794
    Maine – 0.6% (0.4% of Total Investments)        
4,965   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/46   7/26 at 100.00 Ba1 5,206,051
2,750   Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth Issue, Series 2018A, 5.000%, 7/01/43   7/28 at 100.00 A+ 3,085,610
23

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Maine (continued)        
    Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011:        
$ 2,000   6.750%, 7/01/36   7/21 at 100.00 Ba3 $2,161,200
1,050   6.750%, 7/01/41   7/21 at 100.00 Ba3 1,131,931
1,250   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40   7/20 at 100.00 A1 1,311,850
12,015   Total Maine       12,896,642
    Maryland – 0.5% (0.3% of Total Investments)        
2,000   Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 (7)   10/18 at 100.00 N/R 1,270,000
7,145   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A, 5.500%, 1/01/46   1/27 at 100.00 BB+ 7,963,460
555   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34   10/18 at 100.00 A- 555,616
2,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45   7/24 at 100.00 A3 2,150,100
355   Prince George's County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46   1/26 at 100.00 N/R 352,870
12,055   Total Maryland       12,292,046
    Massachusetts – 3.8% (2.3% of Total Investments)        
8,825   Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/32   1/20 at 100.00 A3 9,193,356
475   Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44   7/25 at 100.00 BBB 514,159
1,525   Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 4.500%, 1/01/45   1/25 at 100.00 Baa2 1,567,715
2,375   Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26   10/18 at 100.00 N/R 2,379,988
26,765   Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2016J, 3.500%, 7/01/33 (Alternative Minimum Tax)   7/24 at 100.00 A 26,610,566
1,500   Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J-1, 5.000%, 7/01/39 (Pre-refunded 7/01/19)   7/19 at 100.00 AA- (4) 1,547,880
    Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A:        
1,940   5.750%, 7/01/39   7/19 at 100.00 Baa2 1,988,209
3,860   5.750%, 7/01/39 (Pre-refunded 7/01/19)   7/19 at 100.00 N/R (4) 4,009,382
400   Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41   7/21 at 100.00 A3 428,040
4,560   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43   5/23 at 100.00 Aa2 5,042,858
22,000   Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2018D, 4.000%, 5/01/42   5/28 at 100.00 AA 22,790,460
24

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Massachusetts (continued)        
$ 7,175   Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41   7/21 at 100.00 A+ $ 7,680,120
81,400   Total Massachusetts       83,752,733
    Michigan – 2.8% (1.7% of Total Investments)        
    Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013:        
955   6.000%, 10/01/33   10/23 at 100.00 N/R 927,181
1,250   6.000%, 10/01/43   10/23 at 100.00 N/R 1,153,638
15,000   Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29  –  AGM Insured (UB)   No Opt. Call AA 17,777,400
1,930   Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39   7/22 at 100.00 A- 2,098,856
5   Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 7/01/35  –  NPFG Insured   10/18 at 100.00 BBB+ 5,007
3,000   Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29  –  FGIC Insured   No Opt. Call BBB+ 3,492,900
5   Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/36  –  FGIC Insured   10/18 at 100.00 BBB+ 5,013
2,000   Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41   7/21 at 100.00 A- 2,151,260
2,000   Grand Traverse County Hospital Financal Authority, Michigan, Revenue Bonds, Munson Healthcare, Series 2014A, 5.000%, 7/01/47   7/24 at 100.00 A1 2,163,380
1,500   Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, W.A. Foote Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 (Pre-refunded 6/01/20)  –  AGM Insured   6/20 at 100.00 AA (4) 1,590,210
    Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist Hospital, Refunding Series 2010:        
3,080   5.500%, 5/15/36   5/20 at 100.00 A2 3,246,936
3,800   5.500%, 5/15/36 (Pre-refunded 5/15/20)   5/20 at 100.00 N/R (4) 4,050,078
3,580   Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.500%, 7/01/41   7/21 at 100.00 AA- 3,920,100
1,000   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36  –  NPFG Insured   7/24 at 100.00 BBB+ 1,086,710
    Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MI:        
20   5.000%, 12/01/39 (Pre-refunded 12/01/21)   12/21 at 100.00 N/R (4) 21,998
4,980   5.000%, 12/01/39   12/21 at 100.00 AA- 5,425,312
2,500   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 5.000%, 10/15/23  –  AGC Insured   10/19 at 100.00 AA- 2,604,475
2,250   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41   10/21 at 100.00 AA- 2,474,077
3,220   Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19)   11/19 at 100.00 N/R (4) 3,388,921
25

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Michigan (continued)        
$ 1,525   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42   9/18 at 100.00 B2 $1,528,492
2,000   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/37   12/22 at 100.00 A 2,187,600
55,600   Total Michigan       61,299,544
    Minnesota – 1.1% (0.7% of Total Investments)        
700   City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project,Series 2016A, 5.000%, 7/01/47   7/24 at 102.00 N/R 705,887
1,000   Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40   11/18 at 102.00 BB+ 1,022,930
1,500   Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44   8/22 at 102.00 BB+ 1,595,850
795   Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 2016A, 5.000%, 7/01/36   7/24 at 102.00 N/R 803,252
    Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B:        
770   6.500%, 11/15/38 (Pre-refunded 11/15/18)  –  AGC Insured   11/18 at 100.00 A2 (4) 781,489
4,230   6.500%, 11/15/38  –  AGC Insured   11/18 at 100.00 A2 4,292,350
    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+ 795,165
4,000   6.000%, 9/01/51   9/26 at 100.00 BB+ 4,279,480
5,265   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/33   7/25 at 100.00 A2 5,935,445
4,250   Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36   10/18 at 100.00 N/R 4,257,225
23,260   Total Minnesota       24,469,073
    Mississippi – 0.3% (0.2% of Total Investments)        
620   Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22   10/18 at 100.00 Baa3 621,389
5,215   Mississippi State, General Obligation Bonds, Refunding Series 2002A, 5.500%, 12/01/18   No Opt. Call AA 5,285,663
1,000   Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company Project, Series 2008A, 6.500%, 9/01/32   9/18 at 100.00 BBB 1,003,870
6,835   Total Mississippi       6,910,922
    Missouri – 2.1% (1.3% of Total Investments)        
1,400   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44   10/22 at 100.00 Aa2 1,545,712
1,190   Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33   3/23 at 103.00 BBB- 1,348,579
26

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Missouri (continued)        
$ 1,000   Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36   10/19 at 100.00 A- $1,027,030
135   Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 5.000%, 4/01/46, 144A   4/26 at 100.00 N/R 137,399
12,005   Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/29  –  AMBAC Insured   No Opt. Call A1 8,359,802
650   Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project - TIF Financing, Series 2018B, 5.000%, 2/01/40   2/28 at 100.00 N/R 676,195
1,000   Liberty Public School District 53, Clay County, Missouri, Lease Participation Certificates, School Boards Association, Series 2014, 5.000%, 4/01/31   4/22 at 100.00 AA- 1,087,710
    Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A:        
1,560   5.125%, 6/01/25   No Opt. Call N/R 1,548,815
3,810   5.750%, 6/01/35   6/25 at 100.00 N/R 3,741,229
3,695   6.000%, 6/01/46   6/25 at 100.00 N/R 3,664,997
    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 1,763,644
2,700   5.000%, 6/01/33   6/23 at 100.00 A1 2,983,230
665   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33   5/23 at 100.00 BBB 723,041
505   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34   10/23 at 100.00 A+ 560,616
    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 53,513
6,930   5.000%, 11/15/48   11/23 at 100.00 A2 7,392,855
2,000   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F, 5.000%, 11/15/45   11/24 at 100.00 AA- 2,195,060
2,500   Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37   11/21 at 100.00 AA+ 2,723,975
    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 1,314,142
1,105   5.000%, 11/15/46   11/25 at 100.00 N/R 1,134,780
430   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43   9/23 at 100.00 BBB+ 485,681
    St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A:        
450   5.000%, 12/01/35   12/25 at 100.00 N/R 472,774
130   5.125%, 12/01/45   12/25 at 100.00 N/R 136,674
27

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Missouri (continued)        
$ 965   Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Southeasthealth, Series 2016B, 6.000%, 3/01/37   3/23 at 103.00 BBB- $1,087,430
700   The Industrial Development Authority of the City of Saint Louis, Missouri, Development Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47   11/26 at 100.00 N/R 720,734
48,440   Total Missouri       46,885,617
    Nebraska – 0.4% (0.3% of Total Investments)        
580   Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45   11/25 at 100.00 A- 632,519
    Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014:        
1,930   5.000%, 5/15/27   5/24 at 100.00 BBB+ 2,115,280
3,000   5.000%, 5/15/36   5/24 at 100.00 BBB+ 3,204,540
    Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015:        
650   5.000%, 11/01/45   11/25 at 100.00 A- 708,857
2,110   5.000%, 11/01/48   11/25 at 100.00 A- 2,292,642
500   Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42   11/21 at 100.00 A- 529,425
8,770   Total Nebraska       9,483,263
    Nevada – 2.7% (1.6% of Total Investments)        
29,000   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42   1/20 at 100.00 A+ 30,679,680
6,000   Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/42   1/20 at 100.00 A+ 6,290,220
1,700   Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19)   6/19 at 100.00 BBB+ (4) 1,793,670
10,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011C, 5.000%, 6/01/38   6/21 at 100.00 AA+ 10,761,200
4,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/39   12/24 at 100.00 AA+ 4,514,520
5,000   North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36  –  NPFG Insured   10/18 at 100.00 BBB 5,003,600
55,700   Total Nevada       59,042,890
    New Hampshire – 0.1% (0.0% of Total Investments)        
1,500   New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19)   10/19 at 100.00 BBB (4) 1,579,890
    New Jersey – 4.1% (2.5% of Total Investments)        
615   Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax)   No Opt. Call Ba1 664,046
28

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New Jersey (continued)        
$ 1,100   New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 7/01/42  –  AGM Insured (Alternative Minimum Tax)   1/24 at 100.00 BBB $1,205,611
17,580   New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31   12/26 at 100.00 BBB+ 20,042,607
    New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2016AAA:        
1,000   5.000%, 6/15/36   12/26 at 100.00 BBB+ 1,084,550
10,000   5.000%, 6/15/41   12/26 at 100.00 BBB+ 10,778,600
2,000   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2017DDD, 5.000%, 6/15/35   6/27 at 100.00 BBB+ 2,185,480
3,050   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/24   3/21 at 100.00 BBB+ 3,215,859
    New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:        
835   5.750%, 6/01/31 (Pre-refunded 6/01/20)   6/20 at 100.00 Aaa 897,249
3,000   5.875%, 6/01/42 (Pre-refunded 6/01/20)   6/20 at 100.00 Aaa 3,230,370
1,120   New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/33   7/23 at 100.00 A- 1,242,674
600   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011, 6.000%, 7/01/26   7/21 at 100.00 BB+ 638,622
405   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46  –  AGM Insured   7/25 at 100.00 BB- 444,617
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A:        
3,130   0.000%, 12/15/28   No Opt. Call BBB+ 2,069,493
3,000   0.000%, 12/15/31   No Opt. Call A- 1,694,190
12,715   0.000%, 12/15/33   No Opt. Call BBB+ 6,464,560
610   0.000%, 12/15/34   No Opt. Call BBB+ 294,886
2,480   0.000%, 12/15/40   No Opt. Call BBB+ 867,727
10,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/34  –  AGM Insured   No Opt. Call A- 5,121,300
19,175   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2008A, 0.000%, 12/15/35   No Opt. Call BBB+ 8,792,121
15,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39   No Opt. Call BBB+ 5,523,600
5,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009C, 5.250%, 6/15/32   12/24 at 100.00 A- 5,474,600
6,305   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.000%, 6/15/45   6/25 at 100.00 BBB+ 6,695,721
1,595   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46   6/28 at 100.00 BBB 1,712,775
120,315   Total New Jersey       90,341,258
29

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New Mexico – 0.3% (0.2% of Total Investments)        
$ 1,500   New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena Project, Series 2010A, 6.125%, 7/01/40   7/20 at 100.00 BBB $1,568,250
4,180   Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Senior Lien Series 2015, 5.750%, 5/01/30   5/20 at 103.00 N/R 4,221,006
5,680   Total New Mexico       5,789,256
    New York – 18.0% (11.2% of Total Investments)        
1,755   Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/32   10/18 at 100.00 B 1,648,875
    Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:        
3,220   6.000%, 7/15/30 (Pre-refunded 1/15/20)   1/20 at 100.00 AA+ (4) 3,427,915
3,065   6.250%, 7/15/40 (Pre-refunded 1/15/20)   1/20 at 100.00 AA+ (4) 3,273,880
3,400   0.000%, 7/15/44   No Opt. Call BBB- 1,153,144
12,020   0.000%, 7/15/46   No Opt. Call BBB- 3,730,287
450   Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35   7/25 at 100.00 BBB 495,365
200   Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014, 5.000%, 11/01/39   11/24 at 100.00 BB 203,418
3,170   Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, 5.000%, 7/01/50   7/25 at 100.00 A- 3,488,268
15,270   Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A, 5.500%, 12/01/46   12/26 at 100.00 BB- 14,779,375
4,675   Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41   3/21 at 100.00 Aa1 4,998,884
    Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2018A:        
13,505   5.000%, 3/15/43   3/28 at 100.00 Aa1 15,551,953
10,000   5.000%, 3/15/45   3/28 at 100.00 AAA 11,497,800
69,130   Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, 1st Subordinate Series 2005B, 0.000%, 6/01/47   10/18 at 100.00 N/R 9,833,742
81,270   Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50   10/18 at 100.00 N/R 8,018,911
    Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:        
270   5.250%, 2/15/47 (Pre-refunded 2/15/21)   2/21 at 100.00 Aa3 (4) 293,833
5,890   5.250%, 2/15/47   2/21 at 100.00 AA- 6,326,154
800   5.750%, 2/15/47   2/21 at 100.00 AA- 870,912
1,300   5.750%, 2/15/47 (Pre-refunded 2/15/21)   2/21 at 100.00 Aa3 (4) 1,430,819
3,000   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/39   9/24 at 100.00 A- 3,338,220
1,200   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/36 (Pre-refunded 5/01/21)  –  AGM Insured   5/21 at 100.00 A- (4) 1,305,480
30

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New York (continued)        
$ 6,000   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42   9/22 at 100.00 A- $6,561,240
1,070   Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 (Pre-refunded 11/15/19)   11/19 at 100.00 AA (4) 1,118,204
    Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A:        
285   5.000%, 11/15/41 (Pre-refunded 11/15/21)   11/21 at 100.00 N/R (4) 314,831
465   5.000%, 11/15/41   11/21 at 100.00 A+ 513,672
2,500   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/38   5/23 at 100.00 A+ 2,734,100
16,290   New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46  –  AMBAC Insured   10/18 at 100.00 BBB 16,526,694
4,375   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43   12/20 at 100.00 AA+ 4,727,625
3,750   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2015 Series AA, 4.000%, 6/15/44   6/24 at 100.00 AA+ 3,838,575
10,045   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2018 Series AA, 5.000%, 6/15/38   6/27 at 100.00 AA+ 11,489,672
12,275   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2018 Series CC-1, 5.000%, 6/15/48   6/27 at 100.00 AA+ 13,948,696
5,625   New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2018, Series 2017S-3, 5.250%, 7/15/45   7/28 at 100.00 AA 6,611,625
10,000   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38   5/23 at 100.00 Aa1 11,060,200
5,000   New York City, New York, General Obligation Bonds, Fiscal 2018 Series B-1, 5.000%, 10/01/38   10/27 at 100.00 AA 5,739,700
10   New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20  –  NPFG Insured   10/18 at 100.00 AA 10,037
67,290   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A   11/24 at 100.00 N/R 71,108,707
    New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011:        
1,870   5.000%, 11/15/44   11/21 at 100.00 A 2,021,451
2,000   5.750%, 11/15/51   11/21 at 100.00 A+ 2,227,860
3,000   New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38   11/21 at 100.00 AA 3,279,750
5,000   New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A, 5.000%, 1/01/51   1/26 at 100.00 A- 5,534,050
    New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:        
3,500   5.000%, 8/01/26 (Alternative Minimum Tax)   8/21 at 100.00 BB- 3,692,010
15,265   5.000%, 8/01/31 (Alternative Minimum Tax)   8/21 at 100.00 BB- 15,990,851
31

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New York (continued)        
$ 2,745   New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, 5.000%, 1/01/36 (Alternative Minimum Tax)   1/28 at 100.00 Baa3 $3,056,420
    New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A:        
10,680   5.000%, 7/01/41 (Alternative Minimum Tax)   7/24 at 100.00 BBB 11,469,786
21,810   5.000%, 7/01/46 (Alternative Minimum Tax)   7/24 at 100.00 BBB 23,386,863
24,150   5.250%, 1/01/50 (Alternative Minimum Tax)   7/24 at 100.00 Baa3 26,187,777
10,000   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Series 2017, 5.250%, 10/15/57   4/27 at 100.00 AA- 11,505,000
795   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42   12/20 at 100.00 BBB 867,607
    Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eigth Series 2010:        
6,065   6.500%, 12/01/28   10/18 at 100.00 BBB 6,373,041
3,430   6.000%, 12/01/36   12/20 at 100.00 BBB 3,744,908
20,000   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017C-2, 5.000%, 11/15/42   11/27 at 100.00 AA- 23,097,400
2,500   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50   5/25 at 100.00 AA- 2,786,950
3,655   Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2017, 5.000%, 12/15/40   12/27 at 100.00 AAA 4,251,350
515,035   Total New York       401,443,887
    North Carolina – 0.4% (0.3% of Total Investments)        
3,500   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42 (Pre-refunded 6/01/19)   6/19 at 100.00 Aa2 (4) 3,602,725
3,300   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A, 5.000%, 10/01/31   10/22 at 100.00 A2 3,642,078
1,900   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 (Pre-refunded 1/01/19)  –  AGC Insured   1/19 at 100.00 BBB- (4) 1,934,276
8,700   Total North Carolina       9,179,079
    North Dakota – 0.5% (0.3% of Total Investments)        
1,000   Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21)   7/21 at 100.00 N/R (4) 1,086,860
    Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011:        
1,500   6.000%, 11/01/28   11/21 at 100.00 A+ 1,697,295
2,190   6.250%, 11/01/31   11/21 at 100.00 A+ 2,490,030
    Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012:        
3,000   5.000%, 12/01/29   12/21 at 100.00 Baa1 3,181,860
1,875   5.000%, 12/01/32   12/21 at 100.00 Baa1 1,980,131
9,565   Total North Dakota       10,436,176
32

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Ohio – 6.7% (4.1% of Total Investments)        
$ 800   Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A, 5.000%, 5/01/42   5/22 at 100.00 A2 $860,392
    Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:        
480   5.125%, 6/01/24   9/18 at 100.00 Caa1 479,400
655   5.375%, 6/01/24   9/18 at 100.00 Caa1 655,013
16,555   5.875%, 6/01/30   9/18 at 100.00 Caa1 16,637,775
20,485   5.750%, 6/01/34   10/18 at 100.00 Caa1 20,536,417
5,240   6.000%, 6/01/42   9/18 at 100.00 B- 5,240,052
44,590   6.500%, 6/01/47   9/18 at 100.00 B- 45,927,254
17,550   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37   6/22 at 100.00 Caa1 18,382,923
    Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:        
2,000   5.250%, 11/01/29 (Pre-refunded 11/01/20)   11/20 at 100.00 A (4) 2,153,540
3,000   5.750%, 11/01/40 (Pre-refunded 11/01/20)   11/20 at 100.00 A (4) 3,263,220
3,040   Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26   7/20 at 100.00 BBB 3,184,370
5,800   Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41   11/21 at 100.00 Aa2 6,244,976
4,615   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21)   11/21 at 100.00 A+ (4) 5,224,319
1,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (Alternative Minimum Tax) (Mandatory Put 5/01/20) (7)   No Opt. Call N/R 555,000
10   Ohio Air Quality Development Authority, Ohio, Revenue Bonds, AK Steel Holding Corporation, Refunding Series 2012A, 6.750%, 6/01/24 (Alternative Minimum Tax)   2/22 at 100.00 B- 10,332
2,000   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.250%, 2/15/33   2/23 at 100.00 A+ 2,229,920
330   Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.600%, 5/01/29   11/21 at 100.00 B 340,824
3,000   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2008C, 3.950%, 11/01/32 (Alternative Minimum Tax) (Mandatory Put 5/01/20) (7)   No Opt. Call N/R 1,665,000
13,350   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory Put 6/01/22) (7)   No Opt. Call N/R 12,882,750
2,500   Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory Put 6/01/22) (7)   No Opt. Call N/R 2,412,500
147,000   Total Ohio       148,885,977
    Oklahoma – 0.6% (0.4% of Total Investments)        
1,925   Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A   8/21 at 100.00 N/R 2,233,270
33

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Oklahoma (continued)        
$ 3,500   Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40 (Pre-refunded 6/01/20)   6/20 at 100.00 A1 (4) $3,729,460
4,150   Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B, 5.500%, 8/15/52   8/28 at 100.00 BB+ 4,745,234
2,055   Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 5.375%, 6/01/33  –  BAM Insured (Alternative Minimum Tax)   6/23 at 100.00 Baa1 2,271,885
11,630   Total Oklahoma       12,979,849
    Oregon – 0.1% (0.0% of Total Investments)        
1,270   Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 5.000%, 5/01/40   5/22 at 100.00 BBB 1,344,993
    Pennsylvania – 4.8% (3.0% of Total Investments)        
    Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009:        
120   6.750%, 11/01/24   11/19 at 100.00 B 122,730
95   6.875%, 5/01/30   11/19 at 100.00 B 96,624
380   Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax)   8/22 at 100.00 B 383,910
5,000   Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39   8/19 at 100.00 A+ 5,193,300
1,355   Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42   5/27 at 100.00 Ba1 1,462,411
10,650   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 (Mandatory Put 7/01/22) (7)   No Opt. Call N/R 10,277,250
32,785   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (Mandatory Put 6/01/20) (7)   No Opt. Call N/R 18,195,675
2,950   Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master Settlement, Series 2018, 5.000%, 6/01/35   6/28 at 100.00 A 3,297,009
    Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009:        
100   6.125%, 1/01/29   1/19 at 100.00 BBB+ 101,463
900   6.125%, 1/01/29 (Pre-refunded 1/01/19)   1/19 at 100.00 N/R (4) 917,433
2,080   Cumberland County Municipal Authority, Pennsylvaina, Revenue Bonds, Diakon Lutheran Social Ministries Project, Series 2015, 5.000%, 1/01/38   1/25 at 100.00 BBB+ 2,251,579
    Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008:        
370   5.000%, 12/01/43 (Pre-refunded 12/01/18)  –  AGM Insured   12/18 at 100.00 A2 (4) 374,444
590   5.000%, 12/01/43  –  AGM Insured   12/18 at 100.00 A2 596,213
605   5.000%, 12/01/43 (Pre-refunded 12/01/18)  –  AGM Insured   12/18 at 100.00 A2 (4) 612,060
3,160   5.000%, 12/01/43 (Pre-refunded 12/01/18)  –  AGM Insured   12/18 at 100.00 A2 (4) 3,196,877
34

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Pennsylvania (continued)        
    Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A:        
$ 6,190   5.250%, 1/15/36   1/25 at 100.00 BB+ $6,651,588
3,535   5.250%, 1/15/45   1/25 at 100.00 BB+ 3,771,633
2,206   Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23 (cash 5.000%, PIK 5.000%) (7)   10/18 at 100.00 N/R 661,717
401   Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23 (cash 5.000%, PIK 5.000%) (8)   10/18 at 100.00 N/R 120,409
4,135   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)   11/24 at 100.00 N/R 4,366,932
11,750   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38   9/25 at 100.00 B2 11,996,867
1,085   Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38 (Alternative Minimum Tax)   6/26 at 100.00 BBB 1,184,050
600   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20)   7/20 at 100.00 N/R (4) 647,544
    Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2010A1&2:        
315   5.500%, 12/01/34 (Pre-refunded 12/01/20)   12/20 at 100.00 N/R (4) 342,077
1,435   5.500%, 12/01/34 (Pre-refunded 12/01/20)   12/20 at 100.00 A2 (4) 1,558,353
5,140   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2011B, 5.000%, 12/01/34 (Pre-refunded 12/01/21)   12/21 at 100.00 A2 (4) 5,671,013
5,660   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45   6/25 at 100.00 A+ 6,232,962
3,170   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 5.000%, 12/01/46   12/25 at 100.00 A3 3,440,781
1,595   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20)   5/20 at 100.00 N/R (4) 1,687,462
    Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011:        
5,445   6.000%, 8/01/36 (Pre-refunded 8/01/20)   8/20 at 100.00 A- (4) 5,910,711
1,425   6.500%, 8/01/41 (Pre-refunded 8/01/20)   8/20 at 100.00 A- (4) 1,560,831
    The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2016A:        
705   5.000%, 11/15/21   No Opt. Call BB+ 726,686
1,255   5.000%, 11/15/28   5/24 at 100.00 BB+ 1,272,520
1,670   Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding & Improvement Series 2011, 5.250%, 8/01/19 (ETM)   No Opt. Call A- (4) 1,731,256
118,857   Total Pennsylvania       106,614,370
35

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Puerto Rico – 0.2% (0.1% of Total Investments)        
$ 215   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29  –  AMBAC Insured   No Opt. Call C $237,605
30,000   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54  –  AMBAC Insured   No Opt. Call D 4,428,600
30,215   Total Puerto Rico       4,666,205
    Rhode Island – 0.1% (0.1% of Total Investments)        
21,570   Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52   10/18 at 100.00 CCC+ 2,724,722
    South Carolina – 2.4% (1.5% of Total Investments)        
5,000   Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 1991, 6.250%, 1/01/21  –  FGIC Insured   No Opt. Call A- 5,503,200
    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- 1,085,690
21,570   0.000%, 1/01/30  –  AMBAC Insured   No Opt. Call A- 14,370,581
5,560   0.000%, 1/01/31  –  AMBAC Insured   No Opt. Call A3 3,605,382
    South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A:        
5,000   5.000%, 12/01/50   6/25 at 100.00 A+ 5,323,650
5,000   5.000%, 12/01/55   6/25 at 100.00 A+ 5,311,350
6,930   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46   12/24 at 100.00 A+ 7,369,570
9,155   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54   6/24 at 100.00 A+ 9,981,605
59,435   Total South Carolina       52,551,028
    South Dakota – 0.2% (0.1% of Total Investments)        
4,455   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44   11/24 at 100.00 A+ 4,852,921
    Tennessee – 0.7% (0.4% of Total Investments)        
8,890   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45   1/23 at 100.00 BBB+ 9,505,899
2,395   Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2014A, 5.000%, 10/01/44   10/24 at 100.00 Baa2 2,558,267
2,540   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Knowledge Academy Charter School, Series 2017A, 5.500%, 6/15/37, 144A   6/27 at 100.00 N/R 2,487,295
685   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 6.000%, 12/01/19  –  AMBAC Insured   12/18 at 100.00 N/R 701,105
14,510   Total Tennessee       15,252,566
36

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas – 17.7% (10.9% 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- $179,504
130   5.000%, 12/01/46   12/26 at 100.00 BBB- 140,082
760   5.000%, 12/01/51   12/26 at 100.00 BBB- 813,352
495   Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside Schools, Series 2016A, 4.375%, 8/15/36   8/21 at 100.00 BB+ 495,342
975   Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45   3/23 at 103.00 N/R 1,000,574
870   Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40   3/23 at 103.00 N/R 893,055
    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 3,334,574
3,340   5.000%, 12/01/40   12/25 at 100.00 BB 3,403,393
6,000   Brazos River Authority, Texas, Revenue Refunding Bonds, Houston Lighting and Power Company, Series 1998, 5.050%, 11/01/18  –  AMBAC Insured (Alternative Minimum Tax)   No Opt. Call A 6,056,280
2,000   Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45   4/20 at 100.00 Baa1 2,113,320
1,060   Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45   3/23 at 103.00 N/R 1,056,173
1,885   Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 8.250%, 9/01/40   3/23 at 103.00 N/R 1,879,100
    Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:        
3,250   6.000%, 1/01/41 (Pre-refunded 1/01/21)   1/21 at 100.00 Baa2 (4) 3,562,878
2,700   6.250%, 1/01/46 (Pre-refunded 1/01/21)   1/21 at 100.00 Baa2 (4) 2,975,778
    Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A:        
2,000   5.000%, 1/01/40   7/25 at 100.00 Baa2 2,182,760
3,625   5.000%, 1/01/45   7/25 at 100.00 Baa2 3,944,653
    Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement Area 1 Project, Series 2016:        
550   6.250%, 9/01/35   9/23 at 103.00 N/R 528,787
520   6.500%, 9/01/46   9/23 at 103.00 N/R 494,426
4,500   Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 1/01/36 (Pre-refunded 1/01/21)   1/21 at 100.00 AA- (4) 4,849,695
4,000   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.000%, 11/01/38 (Alternative Minimum Tax)   11/22 at 100.00 A+ 4,313,320
2,600   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45  –  AGM Insured   11/21 at 100.00 A+ 2,792,166
1,000   Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012A. RMKT, 4.750%, 5/01/38   11/22 at 100.00 Baa3 1,024,650
37

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
$ 2,335   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43   10/23 at 100.00 BBB $2,555,424
17,000   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.250%, 10/01/51   10/23 at 100.00 AA 18,842,290
4,410   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2018A. Tela Supported, 5.000%, 10/01/48   4/28 at 100.00 AA 5,029,737
1,140   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 15.158%, 11/01/44, 144A (IF)   10/23 at 100.00 AA 1,575,503
10,000   Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax)   10/18 at 100.00 B3 10,099,500
    Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015:        
1,895   4.000%, 12/01/45   6/25 at 100.00 AA 1,912,984
3,480   5.000%, 12/01/45   6/25 at 100.00 AA 3,841,224
    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 107,377
590   0.000%, 11/15/42  –  AGM Insured   11/31 at 59.73 A2 204,193
1,000   0.000%, 11/15/43  –  AGM Insured   11/31 at 56.93 A2 329,010
2,000   0.000%, 11/15/44  –  AGM Insured   11/31 at 54.25 A2 625,420
2,600   0.000%, 11/15/45  –  AGM Insured   11/31 at 51.48 A2 769,444
4,180   0.000%, 11/15/53  –  AGM Insured   11/31 at 33.96 A2 807,618
6,170   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/37  –  NPFG Insured   11/31 at 69.08 BB+ 2,434,682
4,565   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/35  –  NPFG Insured   11/24 at 52.47 BB 1,886,988
40,500   Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A, 0.000%, 11/15/40  –  NPFG Insured   11/30 at 54.04 A2 13,715,730
3,855   Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series Series 2012A, 5.000%, 7/01/32 (Alternative Minimum Tax)   7/22 at 100.00 A 4,183,639
235   Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax)   7/24 at 100.00 Ba3 254,460
10,000   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40   11/21 at 100.00 AA 10,823,100
    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- 19,793,403
5,000   0.000%, 9/01/30  –  AMBAC Insured   No Opt. Call A- 3,176,800
5,765   0.000%, 9/01/31  –  AMBAC Insured   No Opt. Call A- 3,491,803
6,000   Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2001B, 5.500%, 12/01/29  –  NPFG Insured (ETM)   No Opt. Call AA+ (4) 7,286,160
7,500   Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A, 5.750%, 12/01/32  –  AGM Insured (ETM)   No Opt. Call A2 (4) 10,075,500
38

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
$ 720   Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015, 5.000%, 8/15/35   8/25 at 100.00 BBB+ $775,195
8,000   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding & Improvement Series 2010, 5.000%, 5/15/40   5/20 at 100.00 A 8,375,600
2,750   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40   5/25 at 100.00 A 3,035,560
1,750   Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36   4/21 at 100.00 BBB 1,883,053
2,505   Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28  –  AMBAC Insured (Alternative Minimum Tax)   No Opt. Call A 2,864,468
1,955   Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (Alternative Minimum Tax), 144A   10/18 at 103.00 BB- 2,020,004
15,600   Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro Water Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (Alternative Minimum Tax), 144A (7)   1/26 at 102.00 N/R 11,689,392
150   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus Christi Project, Series 2016A, 5.000%, 4/01/48   4/26 at 100.00 Ba2 153,246
565   New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation - San Antonio 1, L.L.C. - Texas A&M University - San Antonio Project, Series 2016A, 5.000%, 4/01/48   4/26 at 100.00 BBB- 582,001
    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) (5)   9/31 at 100.00 N/R (4) 6,915,778
9,130   0.000%, 9/01/45 (Pre-refunded 9/01/31) (5)   9/31 at 100.00 N/R (4) 10,917,197
    North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A:        
205   6.250%, 1/01/39   1/19 at 100.00 A 208,739
895   6.250%, 1/01/39 (Pre-refunded 1/01/19)   1/19 at 100.00 N/R (4) 913,177
    North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I:        
2,555   6.200%, 1/01/42  –  AGC Insured   1/25 at 100.00 A1 3,055,065
7,000   6.500%, 1/01/43   1/25 at 100.00 A 8,455,930
10,000   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/28  –  AGC Insured   No Opt. Call A1 7,444,200
    North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B:        
2,870   5.000%, 1/01/40   1/23 at 100.00 A 3,126,635
4,880   5.000%, 1/01/45   1/25 at 100.00 A 5,379,614
9,250   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2017A, 5.000%, 1/01/48   1/28 at 100.00 A 10,433,537
39

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
    North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A:        
$ 7,855   5.000%, 1/01/33   1/25 at 100.00 A- $8,804,120
2,205   5.000%, 1/01/34   1/25 at 100.00 A- 2,463,250
1,000   5.000%, 1/01/35   1/25 at 100.00 A- 1,114,640
2,345   5.000%, 1/01/38   1/25 at 100.00 A- 2,600,863
1,570   Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.000%, 2/01/34   2/24 at 100.00 Ba2 1,654,717
3,500   Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41 (Pre-refunded 10/01/20)   10/20 at 100.00 AA- (4) 3,745,070
    Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:        
425   5.500%, 8/15/45 (Pre-refunded 8/15/20)   8/20 at 100.00 N/R (4) 456,918
5,410   5.500%, 8/15/45 (Pre-refunded 8/15/20)   8/20 at 100.00 AA- (4) 5,827,598
38,215   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A, 5.000%, 2/15/47   8/26 at 100.00 AA 42,567,688
1,980   Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26   No Opt. Call A- 2,305,017
    Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:        
2,500   5.000%, 12/15/27   12/22 at 100.00 BBB 2,725,725
4,835   5.000%, 12/15/28   12/22 at 100.00 BBB 5,254,920
13,235   5.000%, 12/15/29   12/22 at 100.00 BBB 14,350,446
435   5.000%, 12/15/32   12/22 at 100.00 BBB 469,256
1,620   Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39   12/19 at 100.00 BBB- 1,720,618
    Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010:        
2,000   7.000%, 6/30/34   6/20 at 100.00 Baa3 2,170,400
500   7.000%, 6/30/40   6/20 at 100.00 Baa3 542,010
2,000   Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 7.000%, 12/31/38 (Alternative Minimum Tax)   9/23 at 100.00 Baa3 2,365,020
5,355   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41   8/22 at 100.00 A- 5,748,646
    Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C:        
4,000   5.000%, 8/15/32   8/24 at 100.00 BBB 4,376,240
1,875   5.000%, 8/15/37   8/24 at 100.00 BBB 2,032,125
4,590   5.000%, 8/15/42   8/24 at 100.00 BBB 4,953,849
40

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
    Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A:        
$ 300   0.000%, 8/15/21  –  AMBAC Insured (ETM)   No Opt. Call A3 (4) $282,495
1,020   0.000%, 8/15/21  –  AMBAC Insured   No Opt. Call A- 953,006
3,600   0.000%, 8/15/25  –  AMBAC Insured   No Opt. Call A- 2,956,176
5,000   Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2017A, 4.000%, 10/15/36   10/27 at 100.00 AAA 5,263,450
5,300   Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM)   10/18 at 100.00 Aaa 5,627,434
424,160   Total Texas       393,415,939
    Utah – 0.3% (0.2% of Total Investments)        
2,030   Box Elder County, Utah, Solid Waste Disposal Revenue Bonds, Promontory Point Res, LLC, Senior Series 2017A, 8.000%, 12/01/39 (Alternative Minimum Tax)   12/27 at 100.00 N/R 1,920,177
3,000   Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41 (Pre-refunded 8/15/19)   8/19 at 100.00 AA+ (4) 3,106,590
810   Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis Preparatory Academy, Series 2010, 6.375%, 7/15/40   7/20 at 100.00 BBB- 854,193
1,555   Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.375%, 7/15/40   7/20 at 100.00 BB 1,593,673
7,395   Total Utah       7,474,633
    Virginia – 1.3% (0.8% of Total Investments)        
540   Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015, 5.600%, 3/01/45   3/25 at 100.00 N/R 551,281
1,800   Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30   11/22 at 100.00 A 1,990,908
3,390   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53   4/22 at 100.00 BBB+ 3,588,417
6,000   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47   9/18 at 100.00 B- 5,999,880
2,855   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 5.200%, 6/01/46   10/18 at 100.00 B- 2,865,963
1,810   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)   1/22 at 100.00 BBB 1,912,717
    Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:        
1,885   5.250%, 1/01/32 (Alternative Minimum Tax)   7/22 at 100.00 BBB 2,032,520
4,480   6.000%, 1/01/37 (Alternative Minimum Tax)   7/22 at 100.00 BBB 4,960,480
3,810   5.500%, 1/01/42 (Alternative Minimum Tax)   7/22 at 100.00 BBB 4,131,031
26,570   Total Virginia       28,033,197
    Washington – 2.1% (1.3% of Total Investments)        
1,260   Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Series 1999, 4.750%, 2/01/28  –  FGIC Insured   8/18 at 100.00 AAA 1,387,701
41

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Washington (continued)        
$ 6,000   Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2015A, 5.000%, 7/01/38 (UB) (6)   7/25 at 100.00 AA- $6,784,080
2,500   King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 (Pre-refunded 1/01/19)   1/19 at 100.00 AA+ (4) 2,539,950
10,000   Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series 2011A, 5.000%, 2/01/41   2/21 at 100.00 BBB+ 10,338,800
6,065   Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Refunding Series 2015, 4.000%, 7/01/36   7/25 at 100.00 Baa1 6,057,115
7,190   Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35   1/21 at 100.00 A3 7,660,729
2,940   Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20)   12/20 at 100.00 N/R (4) 3,189,224
2,185   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children's Hospital, Series 2012A, 5.000%, 10/01/42   10/22 at 100.00 Aa2 2,384,294
4,000   Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19)   7/19 at 100.00 A3 (4) 4,158,240
1,410   Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 12/01/24  –  NPFG Insured   No Opt. Call AA+ 1,204,789
43,550   Total Washington       45,704,922
    West Virginia – 0.5% (0.3% of Total Investments)        
2,950   West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Appalachian Power Company - Amos Project, Series 2010, 5.375%, 12/01/38   12/20 at 100.00 Baa1 3,148,358
1,950   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32   9/19 at 100.00 Baa1 2,017,704
5,160   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44   6/23 at 100.00 A 5,672,491
10,060   Total West Virginia       10,838,553
    Wisconsin – 1.8% (1.1% of Total Investments)        
815   Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39 (Pre-refunded 2/15/19)   2/19 at 100.00 N/R (4) 834,495
1,000   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy Project, Series 2016A, 5.125%, 5/01/36   5/26 at 100.00 N/R 969,880
    Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter Educational Foundation Project, Series 2016A:        
5,375   5.000%, 6/15/36, 144A   6/26 at 100.00 N/R 5,094,747
4,440   5.000%, 6/15/46, 144A   6/26 at 100.00 N/R 4,060,202
42

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Wisconsin (continued)        
    Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard Public Facilities Corporation, First Tier Series 2018A-1:        
$ 80   0.000%, 1/01/47  –  ACA Insured, 144A   No Opt. Call N/R $2,484
70   0.000%, 1/01/48  –  ACA Insured, 144A   No Opt. Call N/R 2,168
69   0.000%, 1/01/49  –  ACA Insured, 144A   No Opt. Call N/R 2,129
66   0.000%, 1/01/50  –  ACA Insured, 144A   No Opt. Call N/R 2,056
65   0.000%, 1/01/51  –  ACA Insured, 144A   No Opt. Call N/R 2,019
85   0.000%, 1/01/52  –  ACA Insured, 144A   No Opt. Call N/R 2,619
84   0.000%, 1/01/53  –  ACA Insured, 144A   No Opt. Call N/R 2,581
81   0.000%, 1/01/54  –  ACA Insured, 144A   No Opt. Call N/R 2,492
79   0.000%, 1/01/55  –  ACA Insured, 144A   No Opt. Call N/R 2,437
77   0.000%, 1/01/56  –  ACA Insured, 144A   No Opt. Call N/R 2,382
3,767   5.500%, 7/01/56  –  ACA Insured, 144A   3/28 at 100.00 N/R 3,754,538
86   0.000%, 1/01/57  –  ACA Insured, 144A   No Opt. Call N/R 2,637
84   0.000%, 1/01/58  –  ACA Insured, 144A   No Opt. Call N/R 2,565
81   0.000%, 1/01/59  –  ACA Insured, 144A   No Opt. Call N/R 2,494
80   0.000%, 1/01/60  –  ACA Insured, 144A   No Opt. Call N/R 2,441
79   0.000%, 1/01/61  –  ACA Insured, 144A   No Opt. Call N/R 2,404
76   0.000%, 1/01/62  –  ACA Insured, 144A   3/28 at 17.35 N/R 2,334
75   0.000%, 1/01/63  –  ACA Insured, 144A   3/28 at 16.48 N/R 2,280
73   0.000%, 1/01/64  –  ACA Insured, 144A   No Opt. Call N/R 2,227
72   0.000%, 1/01/65  –  ACA Insured, 144A   No Opt. Call N/R 2,191
78   0.000%, 1/01/66  –  ACA Insured, 144A   No Opt. Call N/R 2,359
935   0.000%, 1/01/67  –  ACA Insured, 144A   No Opt. Call N/R 28,383
1,055   Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)   11/24 at 100.00 N/R 1,127,194
1,200   Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2016, 4.000%, 8/01/35 (Alternative Minimum Tax)   8/26 at 100.00 N/R 1,172,472
1,000   Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, Refunding Series 2016C, 4.300%, 11/01/30 (Alternative Minimum Tax)   5/26 at 100.00 BBB- 1,037,310
3,000   Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/19  –  NPFG Insured (ETM)   No Opt. Call AA- (4) 3,160,320
1,400   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30   4/20 at 100.00 A- 1,449,448
1,250   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32   2/22 at 100.00 A- 1,337,175
    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012:        
2,105   5.000%, 6/01/32   6/22 at 100.00 A3 2,258,560
2,500   5.000%, 6/01/39   6/22 at 100.00 A3 2,652,575
43

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Wisconsin (continued)        
$ 4,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39   8/24 at 100.00 A+ $4,344,280
    Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014A:        
1,415   5.000%, 7/01/27   7/24 at 100.00 A 1,551,208
1,310   5.000%, 7/01/29   7/24 at 100.00 A 1,429,459
3,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44   7/24 at 100.00 A 3,210,300
1,120   Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 5.250%, 10/01/39   10/22 at 102.00 N/R 1,199,296
42,227   Total Wisconsin       40,719,141
$ 3,973,626   Total Municipal Bonds (cost $3,351,541,452)       3,588,554,023
    
Shares   Description (1), (9)       Value
    INVESTMENT COMPANIES – 0.1% (0.1% of Total Investments)        
6,266   BlackRock MuniHoldings Fund Inc.       $97,875
131,278   Deutsche Municipal Income Trust       1,444,058
26,880   Dreyfus Strategic Municipals Inc       206,707
30,000   Invesco Municipal Opportunity Trust       354,900
43,020   Invesco Trust for Investment Grade Municipals       530,437
43,420   PIMCO Municipal Income Fund II       569,236
    Total Investment Companies (cost $3,325,133)       3,203,213
    
Principal Amount (000)   Description (1) Coupon Maturity Ratings (3) Value
    CORPORATE BONDS – 0.0% (0.0% of Total Investments)        
    Transportation – 0.0% (0.0% of Total Investments)        
$ 573   Las Vegas Monorail Company, Senior Interest Bonds (10), (11) 5.500% 7/15/19 N/R $369,492
160   Las Vegas Monorail Company, Senior Interest Bonds (10), (11) 5.500% 7/15/55 N/R 80,500
$ 733   Total Corporate Bonds (cost $40,220)       449,992
    Total Long-Term Investments (cost $3,354,906,805)       3,592,207,228
    Floating Rate Obligations – (1.1)%       (23,620,000)
    Borrowings – (0.1)%       (2,800,000)
    MuniFund Term Preferred Shares, net of deferred offering costs – (28.8)% (12)       (639,936,441)
    Variable Rate Demand Preferred Shares, net of deferred offering costs – (32.5)% (13)       (722,007,611)
    Other Assets Less Liabilities – 1.0%       20,145,694
    Net Assets Applicable to Common Shares – 100%       $ 2,223,988,870
44

Fair Value Measurements
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $  — $3,588,554,023 $  — $3,588,554,023
Investment Companies 3,203,213  —  — 3,203,213
Corporate Bonds  —  — 449,992 449,992
Total $3,203,213 $3,588,554,023 $449,992 $3,592,207,228
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of July 31, 2018.
Tax cost of investments $3,324,915,957
Gross unrealized:  
Appreciation $ 273,864,135
Depreciation (30,192,867)
Net unrealized appreciation (depreciation) of investments $ 243,671,268
45

NZF Nuveen Municipal Credit Income Fund (continued)
  Portfolio of Investments July 31, 2018
  (Unaudited)
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.  
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.  
(3) The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.  
(4) 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) 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) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.  
(8) On July 1, 2017, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.000% to 2.000%.  
(9) A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.  
(10) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund's Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund's records.  
(11) Investment valued at fair value using methods determined in good faith by, or at the discretion of the Board. For fair value measurement disclosure purposes, investment classified as Level 3.  
(12) MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 17.8%.  
(13) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 20.1%.  
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.  
ETM Escrowed to maturity.  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
PIK Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.  
46

Item 2. 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 

 

SIGNATURES

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

 

(Registrant)

   

Nuveen Municipal Credit Income Fund

  

By (Signature and Title)

   

/s/ Gifford R. Zimmerman                                                    

  
  

Gifford R. Zimmerman

  
  

Vice President and Secretary

  

Date: September 28, 2018

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

 

By (Signature and Title)    /s/ Cedric H. Antosiewicz                                                        
   Cedric H. Antosiewicz   
   Chief Administrative Officer (principal executive officer)   
Date: September 28, 2018      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: September 28, 2018