NPORT-EX 2 NDMO.htm
NDMO
Nuveen Dynamic Municipal Opportunities Fund
Portfolio of Investments    January 31, 2022
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 149.7% (100.0% of Total Investments)        
    MUNICIPAL BONDS – 149.5% (99.9% of Total Investments)        
    Alabama – 3.2% (2.1% of Total Investments)        
$3,000   Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Green Series 2020, 6.375%, 11/01/50 (AMT) (Mandatory Put 11/01/30)   No Opt. Call B- $3,771,090
11,920   Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2020B, 3.000%, 6/01/50  –  AGM Insured (UB) (4)   6/30 at 100.00 A1 11,958,740
4,500   Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, Revenue Bonds, Infirmary Health System, Inc., Series 2021, 4.000%, 2/01/46   8/31 at 100.00 N/R 5,059,845
5,000   Mobile County, Alabama, Limited Obligation Warrants, Gomesa Projects, Series 2020, 4.000%, 11/01/45, 144A   11/29 at 100.00 N/R 5,247,800
2,000   Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A   5/29 at 100.00 N/R 2,172,840
26,420   Total Alabama       28,210,315
    Alaska – 0.2% (0.1% of Total Investments)        
8,500   Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2021B-2 Class 2, 0.000%, 6/01/66   6/31 at 30.73 N/R 1,430,805
    Arizona – 7.5% (5.0% of Total Investments)        
565   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Doral Academy of Northern Nevada, Series 2021A, 4.000%, 7/15/56, 144A   7/29 at 100.00 Ba1 588,278
2,580   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Pojects, Series 2021B, 5.000%, 7/01/51, 144A   7/28 at 103.00 N/R 2,496,898
4,070   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Pojects, Taxable Series 2021A, 5.000%, 7/01/51, 144A   7/28 at 103.00 N/R 3,912,410
1,000   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Heritage Academy - Gateway and Laveen Pojects, Taxable Series 2021C, 6.000%, 7/01/29, 144A   No Opt. Call N/R 989,110
    Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Mater Academy of Nevada - Bonanza Campus Project, Series 2020A:        
920   5.000%, 12/15/40, 144A   12/28 at 100.00 BB 1,034,034
1,500   5.000%, 12/15/50, 144A   12/28 at 100.00 BB 1,663,305
1,500   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Social Bonds ? Pensar Academy Project, Series 2020, 5.000%, 7/01/55, 144A   7/28 at 100.00 BB- 1,583,190
4,500   Arizona Industrial Development Authority, Arizona, Hotel Revenue Bonds, Provident Group ? Falcon Properties LLC, Project, Senior Series 2022A-1, 4.000%, 12/01/51, 144A   12/31 at 100.00 N/R 4,322,925
6,035   Arizona Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children's Hospital, Series 2020A, 3.000%, 2/01/45 (UB) (4)   2/30 at 100.00 A 6,122,326
1,090   Coconino County Industrial Development Authority, Arizona, Education Revenue Bonds, Flagstaff Arts & Leadership Academy Project, Refunding Series 2020, 5.500%, 7/01/40, 144A   7/28 at 100.00 N/R 1,119,539
1
NDMO Nuveen Dynamic Municipal Opportunities Fund (continued)
  Portfolio of Investments January 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Arizona (continued)        
$1,000   Maricopa County Industrial Development Authority, Arizona, Educational Facilities Revenue Bonds, Ottawa University Projects, Series 2020, 5.250%, 10/01/40, 144A   10/27 at 103.00 N/R $1,128,760
15,000   Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2019E, 3.000%, 1/01/49 (UB) (4)   7/30 at 100.00 AA- 15,352,050
3,405   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Northwest Christian School Project, Series 2020A, 5.000%, 9/01/55, 144A   9/30 at 100.00 Ba2 3,657,787
    Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, American Leadership Academy Project, Refunding Series 2022. Forward Delivery:        
690   4.000%, 6/15/41, 144A (WI/DD, Settling 3/17/22)   6/26 at 100.00 N/R 705,097
1,000   4.000%, 6/15/51, 144A (WI/DD, Settling 3/17/22)   6/26 at 100.00 N/R 1,010,070
1,015   4.000%, 6/15/57, 144A (WI/DD, Settling 3/17/22)   6/26 at 100.00 N/R 1,018,877
    Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Refunding Series 2020:        
5,265   5.000%, 7/01/35, 144A   7/26 at 103.00 N/R 5,716,053
6,800   5.000%, 7/01/40, 144A   7/26 at 103.00 N/R 7,335,704
4,580   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Synergy Public Charter School Project, Series 2020-1, 5.000%, 6/15/50, 144A   6/28 at 100.00 N/R 4,790,497
    Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Medical Center, Series 2021A:        
325   4.000%, 4/01/36   4/31 at 100.00 A 376,031
400   4.000%, 4/01/39   4/31 at 100.00 A 460,676
150   4.000%, 4/01/40   4/31 at 100.00 A 172,040
650   4.000%, 4/01/41   4/31 at 100.00 A 743,210
64,040   Total Arizona       66,298,867
    Arkansas – 2.5% (1.7% of Total Investments)        
3,000   Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A   9/26 at 103.00 B- 3,239,310
17,000   Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River Steel Project, Series 2020A, 4.750%, 9/01/49 (AMT), 144A   9/27 at 103.00 B- 18,740,460
20,000   Total Arkansas       21,979,770
    California – 19.7% (13.2% of Total Investments)        
3,815   California Community Housing Agency, California, Essential Housing Revenue Bonds, Creekwood, Series 2021A, 4.000%, 2/01/56, 144A   8/31 at 100.00 N/R 3,553,482
3,520   California Community Housing Agency, California, Essential Housing Revenue Bonds, Glendale Properties, Junior Series 2021A-2, 4.000%, 8/01/47, 144A   8/31 at 100.00 N/R 3,224,637
10,000   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2020B-2, 0.000%, 6/01/55   12/30 at 34.02 N/R 2,385,300
1,500   California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital at Stanford, Refunding Series 2022A. Forward Delivery, 4.000%, 5/15/46 (WI/DD, Settling 5/17/22)   5/32 at 100.00 A+ 1,683,945
2
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
    California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Health System, Series 2021A:        
$2,345   4.000%, 8/15/48   8/31 at 100.00 N/R $2,658,902
5,655   3.000%, 8/15/51   8/31 at 100.00 N/R 5,658,110
    California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A:        
5,000   4.000%, 4/01/44 (UB) (4)   4/30 at 100.00 BBB+ 5,527,250
8,000   4.000%, 4/01/45 (UB) (4)   4/30 at 100.00 BBB+ 8,826,960
4,010   4.000%, 4/01/49 (UB) (4)   4/30 at 100.00 BBB+ 4,399,892
3,562   California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2021-1, 3.500%, 11/20/35   No Opt. Call BBB+ 3,874,386
1,250   California Infrastructure and Economic Development Bank Infrastructure State, Revolving Fund Revenue Bonds, Tax Series 2020A, 2.786%, 10/01/43   10/30 at 100.00 AAA 1,172,812
15,500   California Infrastructure and Economic Development Bank, Revenue Bonds, Los Angeles County Museum of Natural History Foundation, Series 2020, 3.000%, 7/01/50 (UB) (4)   7/30 at 100.00 A2 15,818,060
250   California Infrastructure and Economic Development Bank, Revenue Bonds, WFCS Portfolio Projects, Senior Series 2021A-1, 5.000%, 1/01/56, 144A   1/31 at 100.00 N/R 269,163
5,000   California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, Inc. Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT)   No Opt. Call B+ 5,508,000
5,000   California Public Finance Authority, Charter School Lease Revenue Bonds, California Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A   7/28 at 100.00 N/R 5,203,300
465   California Public Finance Authority, Senior Living Revenue Bonds, Enso Village, Refunding Green Series 2021A, 5.000%, 11/15/51, 144A   11/29 at 102.00 N/R 518,573
2,000   California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools ? Obligated Group, Series 2020A, 5.000%, 6/01/60, 144A   6/28 at 100.00 N/R 2,008,460
    California State Public Works Board, Lease Revenue Bonds, Department of General Services, New Nature Resources, Green Series 2021C:        
1,070   4.000%, 11/01/46   11/31 at 100.00 N/R 1,212,117
695   5.000%, 11/01/46   11/31 at 100.00 N/R 860,125
    California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Refunding Series 2022A:        
2,500   5.000%, 8/01/28 (WI/DD, Settling 3/17/22)   No Opt. Call A+ 3,013,725
2,000   5.000%, 8/01/29 (WI/DD, Settling 3/17/22)   No Opt. Call A+ 2,459,440
2,500   5.000%, 8/01/30 (WI/DD, Settling 3/17/22)   No Opt. Call A+ 3,132,700
    California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2021B:        
1,000   4.000%, 5/01/37   5/31 at 100.00 A+ 1,148,940
1,500   4.000%, 5/01/41   5/31 at 100.00 A+ 1,708,800
9,750   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- 10,791,885
3,000   California Statewide Communities Development Authority, Revenue Bonds, Emanate Health, Series 2020A, 3.000%, 4/01/50   4/30 at 100.00 A 3,064,320
1,000   CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Junior Lien Series 2021A-2, 4.000%, 8/01/47, 144A   8/31 at 100.00 N/R 904,890
3
NDMO Nuveen Dynamic Municipal Opportunities Fund (continued)
  Portfolio of Investments January 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
$2,000   CMFA Special Finance Agency VII, California, Essential Housing Revenue Bonds, Senior Lien Series 2021A-1, 3.000%, 8/01/56, 144A   8/31 at 100.00 N/R $1,609,600
6,180   CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A, 5.000%, 1/01/54, 144A   1/31 at 100.00 N/R 6,372,507
445   CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Oceanaire-Long Beach, Series 2021A-1, 3.200%, 9/01/46, 144A   9/31 at 100.00 N/R 402,578
910   CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Parallel-Anaheim Series 2021A, 4.000%, 8/01/56, 144A   8/31 at 100.00 N/R 880,216
500   CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Mezzanine Senior Series 2021B, 4.000%, 12/01/56, 144A   12/31 at 100.00 N/R 421,485
2,000   CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Series 2021A-2, 3.000%, 12/01/56   12/31 at 100.00 N/R 1,601,480
1,000   CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Renaissance at City Center, Series 2020A, 5.000%, 7/01/51, 144A   7/31 at 100.00 N/R 1,032,560
2,000   CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Union South Bay, Series 2021A-2, 4.000%, 7/01/56, 144A   7/31 at 100.00 N/R 2,003,040
    Fairfield, California, Certificates of Participation, Fairfield Water Financing Series 2007A:        
1,915   0.000%, 4/01/36  –  SYNCORA GTY Insured   No Opt. Call AA 1,349,443
2,990   0.000%, 4/01/37  –  SYNCORA GTY Insured   No Opt. Call AA 2,042,200
    Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Taxable Series 2021B:        
2,145   1.886%, 6/01/27   No Opt. Call A+ 2,101,778
3,015   2.246%, 6/01/29   No Opt. Call A+ 2,942,821
14,940   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Series 2021B-2, 0.000%, 6/01/66   12/31 at 27.75 N/R 2,387,113
40   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 (Pre-refunded 6/01/22)   6/22 at 100.00 N/R 40,604
2,000   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Taxable Subordinate Series 2021B-1, 3.850%, 6/01/50   12/31 at 100.00 N/R 2,001,520
4,830   Huntington Beach, California, Pension Obligation Bonds, Taxable Series 2021, 2.963%, 6/15/36  –  BAM Insured   6/31 at 100.00 AA+ 4,730,840
10,000   Lodi Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2016 Series 2021, 3.000%, 8/01/46 (UB) (4)   8/30 at 100.00 Aa2 10,311,800
3,000   Long Beach Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2019F, 3.000%, 8/01/47   8/29 at 100.00 AA- 3,059,610
    Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Green Series 2021F:        
655   4.000%, 12/01/39   12/31 at 100.00 Aa2 758,962
565   4.000%, 12/01/40   12/31 at 100.00 Aa2 651,807
565   4.000%, 12/01/41   12/31 at 100.00 Aa2 650,756
2,500   Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2021C, 5.000%, 7/01/51   7/31 at 100.00 Aa2 3,093,850
4
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    California (continued)        
$1,885   Los Angeles Municipal Improvement Corporation, California, Lease Revenue Bonds, Capital Equipment Program, Refunding Series 2021A, 1.648%, 11/01/28   No Opt. Call AA- $1,816,103
995   Northstar Community Services District, Calfornia, Special Tax Bonds, Community Facilities District 1, Series 2006, 2.000%, 9/01/37 (5)   9/22 at 100.00 N/R 527,350
5,000   Oakland Unified School District, Alameda County, California, General Obligation Bonds, Taxable Refunding Series 2021, 2.774%, 8/01/34  –  BAM Insured   8/31 at 100.00 A1 4,976,900
1,575   Palomar Community College District, San Diego County, California, General Obligation Bonds, Series 2010B, 6.375%, 8/01/45 (6)   8/40 at 100.00 AA 1,710,970
5,345   Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/39  –  AGM Insured   No Opt. Call A2 3,237,573
    Ravenswood City School District, San Diego County, California, General Obligation Bonds, Election 2018 Series 2021A:        
150   4.000%, 8/01/36   8/29 at 100.00 AAA 172,571
370   4.000%, 8/01/39   8/29 at 100.00 AAA 424,172
320   4.000%, 8/01/41   8/29 at 100.00 AAA 365,824
    San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021B:        
1,335   4.000%, 7/01/51 (AMT)   7/31 at 100.00 N/R 1,460,583
1,425   4.000%, 7/01/56 (AMT)   7/31 at 100.00 N/R 1,553,150
750   San Francisco Community College District, California, General Obligation Bonds, Taxable Election 2020 Series 2020A-1, 3.165%, 6/15/41   6/30 at 100.00 A1 761,610
750   San Francisco Municipal Transportation Agency, California, Revenue Bonds, Taxable Refunding Series 2021A, 1.302%, 3/01/28   No Opt. Call AA- 712,860
    San Jose, California, Airport Revenue Bonds, Taxable Refunding Series 2021C:        
500   1.882%, 3/01/28   No Opt. Call A- 487,480
290   2.310%, 3/01/30   No Opt. Call A- 286,578
1,750   2.960%, 3/01/36   3/31 at 100.00 A- 1,760,062
2,000   3.060%, 3/01/37   3/31 at 100.00 A- 2,011,660
420   3.290%, 3/01/41   3/31 at 100.00 A- 416,753
1,000   University of California, General Revenue Bonds, Taxable Series 2021BI, 1.272%, 5/15/27   No Opt. Call AA 964,340
191,942   Total California       174,681,283
    Colorado – 13.0% (8.7% of Total Investments)        
2,370   64th Avenue ARI Authority, Adams County, Colorado, Special Revenue Bonds, Series 2020, 6.500%, 12/01/43   12/25 at 103.00 N/R 2,515,660
500   Alpine Mountain Ranch Metropolitan District, Routt County, Colorado, Special Assessment Revenue Bonds, Special Improvement District 1, Refunding Series 2021, 4.000%, 12/01/40   9/26 at 103.00 N/R 471,340
1,240   Arista Metropolitan District, Broomfield County, Colorado, General Obligation Limited Tax Bonds, Refunding & Improvement Convertible to Unlimited Tax Series 2018A, 5.000%, 12/01/38   12/23 at 103.00 N/R 1,316,347
1,060   Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A, 5.000%, 12/01/50   9/25 at 103.00 N/R 1,131,815
5
NDMO Nuveen Dynamic Municipal Opportunities Fund (continued)
  Portfolio of Investments January 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Colorado (continued)        
$2,285   Aurora Crossroads Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Subordinate Series 2020B, 7.750%, 12/15/50   9/25 at 103.00 N/R $2,323,022
5,220   Aurora Highlands Community Authority Board, Adams County, Colorado, Special Tax Revenue Bonds, Refunding & Improvement Series 2021A, 5.750%, 12/01/51   12/28 at 103.00 N/R 4,994,444
500   Aviation Station North Metropolitan District 2, Denver County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2019A, 4.000%, 12/01/29   9/24 at 103.00 N/R 520,730
1,725   Belford North Metropolitan District, Douglas County, Colorado, General Obligation Limited Tax Bonds, Series 2020A, 5.500%, 12/01/50   12/25 at 103.00 N/R 1,851,649
1,000   Bennett Ranch Metropolitan District 1, Adams County, Colorado, General Obligation Limited Tax Bonds, Convertible to Unlimited Tax Series 2021A, 5.000%, 12/01/51   3/26 at 103.00 N/R 1,059,240
741   Blue Lake Metropolitan District 3, Lochbuie, Weld County, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2018A, 5.250%, 12/01/48   12/23 at 103.00 N/R 749,121
500   Broadway Park North Metropolitan District 2, Denver, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2020, 5.000%, 12/01/40, 144A   12/25 at 103.00 N/R 542,040
1,500   Canyons Metropolitan District 5, Douglas County, Colorado, Limited Tax General Obligation and Special Revenue Bonds, Junior Subordinate Series 2016, 7.000%, 12/15/57   3/22 at 100.00 N/R 1,100,835
500   Castle Pines Commercial Metropolitan District 1, Castle Rock, Colorado, Limited Tax Supported Revenue Bonds, Series 2015, 5.000%, 12/01/39   3/22 at 100.00 N/R 500,505
500   Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/22, 144A   No Opt. Call N/R 511,650
2,755   Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2020A, 5.000%, 12/01/51   12/25 at 103.00 N/R 2,960,716
1,450   Citadel on Colfax Business Improvement District, Aurora, Colorado, Special Revenue and Tax Supported Bonds, Senior Series 2020A, 5.350%, 12/01/50   12/25 at 103.00 N/R 1,545,628
2,700   Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017, 4.000%, 6/30/51 (AMT)   12/27 at 100.00 A- 2,917,836
    Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, New Summit Charter Academy Project, Series 2021A:        
100   4.000%, 7/01/41, 144A   7/31 at 100.00 N/R 104,961
100   4.000%, 7/01/51, 144A   7/31 at 100.00 N/R 103,328
1,000   Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Global Village Academy - Northglenn Project, Series 2020, 5.000%, 12/01/55, 144A   12/30 at 100.00 N/R 1,050,170
500   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Cappella of Grand Junction Project, Series 2019, 5.000%, 12/01/54, 144A   12/26 at 103.00 N/R 491,255
16,000   Colorado International Center Metropolitan District 8, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020, 6.500%, 12/01/50   9/25 at 103.00 N/R 16,686,240
6,500   Crystal Valley Metropolitan District 2, Douglas County, Colorado, Limited Tax General Obligation Bonds, Refunding & Improvement Series 2020A, 3.000%, 12/01/49  –  AGM Insured (UB) (4)   12/30 at 100.00 A2 6,669,520
1,000   Dacono Urban Renewal Authority, Weld County, Colorado, Tax Increment Revenue Bonds, Series 2020, 6.250%, 12/01/39   12/25 at 103.00 N/R 1,046,120
1,000   Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 6.000%, 12/01/38   12/24 at 100.00 N/R 1,020,190
6
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Colorado (continued)        
$1,130   Fourth Street Crossing Business Improvement District, Silverthorne, Summit County, Colorado, Special Revenue and Tax Supported Bonds, Senior Series 2019A, 5.125%, 12/01/38, 144A   6/24 at 103.00 N/R $1,200,636
2,000   Future Legends Sports Park Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Series 2020A, 5.500%, 6/01/50, 144A   6/25 at 103.00 N/R 1,927,600
1,000   Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue Bonds, Refunding Series 2020, 4.750%, 12/01/50   12/25 at 102.00 N/R 1,066,380
5,250   Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Special Revenue Bonds, Subordinate Series 2020B, 5.750%, 12/15/50   12/23 at 103.00 N/R 5,541,480
2,000   Jones District Community Authority Board, Centennial, Colorado, Special Revenue Convertible Capital Appreciaiton Bonds, Series 2020A, 5.750%, 12/01/50   12/25 at 103.00 N/R 1,766,700
1,000   Kinston Metropolitan District 5, Loveland, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A, 5.125%, 12/01/50   12/25 at 103.00 N/R 1,071,620
1,380   Lanterns Metropolitan District 1, Castle Rock, Douglas County, Colorado, Limited Tax General Obligation Bonds, Series 2019A, 5.000%, 12/01/39   9/24 at 103.00 N/R 1,472,695
    Mayberry Community Authority, Colorado Springs, El Paso County, Colorado, Special Revenue Bonds, Series 2021A:        
500   5.000%, 12/01/41   6/26 at 103.00 N/R 515,430
500   5.000%, 4/15/51   6/26 at 103.00 N/R 508,555
500   Meadowbrook Heights Metropolitan District, Jefferson County, Colorado, General Obligation Limited Tax Bonds, Series 2021A(3), 4.875%, 12/01/51   9/26 at 103.00 N/R 479,550
1,000   North Range Metropolitan District 3, Adams County, Colorado, Limited Tax General Obligation Bonds, Series 2020A-3, 5.250%, 12/01/50   12/25 at 103.00 N/R 1,085,420
1,810   Northfield Metropolitan District 2, Fort Collins, Larimer County, Colorado, Limited Tax General Obligation Bonds, Series 2020A, 5.000%, 12/01/50   12/25 at 103.00 N/R 1,921,279
285   Peak Metropolitan District 1, Colorado Springs, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2021A, 5.000%, 12/01/51, 144A   3/26 at 103.00 N/R 304,913
925   Pinon Pines Metropolitan District 2, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020, 5.000%, 12/01/40   9/25 at 103.00 N/R 996,771
5,350   Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/47 (4)   12/27 at 100.00 A2 6,202,041
    Rampart Range Metropolitan District 5, Lone Tree, Douglas County, Colorado, Limited Tax Supported and Special Revenue Bonds, Series 2021:        
1,000   4.000%, 12/01/41   10/26 at 102.00 N/R 1,004,950
1,620   4.000%, 12/01/51   10/26 at 102.00 N/R 1,611,527
500   Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit Partners Eagle P3 Project, Series 2020A, 4.000%, 7/15/38   1/31 at 100.00 Baa2 570,335
1,055   Sabell Metropolitan District, Arvada, Colorado, Limited Tax General Obligation Bonds, Convertible to Unlimited Tax Series 2020A, 5.000%, 12/01/50, 144A   3/25 at 103.00 N/R 1,129,135
1,000   Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported District 2, Refunding & Improvement Senior Series 2020A, 3.750%, 12/01/40   12/25 at 102.00 N/R 1,073,850
750   Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported District 2, Subordinate Series 2020B, 7.125%, 12/15/50   12/25 at 102.00 N/R 772,823
7
NDMO Nuveen Dynamic Municipal Opportunities Fund (continued)
  Portfolio of Investments January 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Colorado (continued)        
    Sterling Ranch Metropolitan District 1, El Paso County, Colorado, General Obligation Limited Tax Bonds, Series 2020:        
$2,350   5.000%, 12/01/40   12/25 at 103.00 N/R $2,545,637
2,300   5.125%, 12/01/50   12/25 at 103.00 N/R 2,481,930
2,175   Sunlight Metropolitan District, Steamboat Springs, Colorado, Limited Tax General Obligation Bonds, Series 2020, 5.000%, 12/01/50   12/25 at 103.00 N/R 2,321,965
500   Tallman Gulch Metropolitan District, Douglas County, Colorado, Limited Tax General Obligation Refunding and Improvement Bonds,Subordinate Limited Tax General Obligation Bonds, Series 2018A, 5.250%, 12/01/47   12/22 at 103.00 N/R 522,625
1,000   Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Convertible Capital Appreciation Series 2021A-2, 0.000%, 12/01/51 (6)   3/26 at 103.00 N/R 888,900
1,270   Transport Metropolitan District 3, In the City of Aurora, Adams County, Colorado, General Obligation Limited Bonds, Series 2021A-1, 5.000%, 12/01/41   3/26 at 103.00 N/R 1,393,990
5,000   Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Convertible Capital Appreciation Series 2020A-2, 6.000%, 12/01/50   12/23 at 81.31 N/R 3,603,350
10,000   Velocity Metropolitan District 5, In the City of Aurora, Colorado, Limited Tax General Obligation Bonds, Series 2020A-1, 5.375%, 12/01/50   12/23 at 103.00 N/R 10,500,600
1,500   Verve Metropolitan District 1, Jefferson County and the City and County of Broomfield, Colorado, General Obligation Bonds, Refunding and Improvement Limited Tax Series 2021, 5.000%, 12/01/51   3/26 at 103.00 N/R 1,614,330
2,000   Windler Public Improvement Authority, Aurora, Colorado, Limited Tax Supported Revenue Bonds, Series 2021A-1, 4.125%, 12/01/51, 144A   9/26 at 103.00 N/R 1,873,740
1,000   Woodmen Heights Metropolitan District 2, El Paso County, Colorado, General Obligation Limited Tax Bonds, Taxable Converting to Tax-Exempt Refunding Subordinate Series 2020B-1, 6.250%, 12/15/40   12/25 at 103.00 N/R 1,071,460
112,396   Total Colorado       115,226,579
    Connecticut – 0.1% (0.1% of Total Investments)        
1,015   Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2021A, 5.000%, 5/01/41   5/31 at 100.00 AA- 1,267,136
    District of Columbia – 0.8% (0.5% of Total Investments)        
    Washington Convention and Sports Authority, Washington D.C., Dedicated Tax Revenue Bonds, Refunding Senior Lien Series 2021A:        
505   4.000%, 10/01/35   10/30 at 100.00 A+ 582,811
1,060   4.000%, 10/01/38   10/30 at 100.00 A+ 1,217,325
8
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    District of Columbia (continued)        
    Washington Convention and Sports Authority, Washington D.C., Dedicated Tax Revenue Bonds, Refunding Senior Lien Series 2021B:        
$365   4.000%, 10/01/33   10/30 at 100.00 A+ $421,991
425   4.000%, 10/01/34   10/30 at 100.00 A+ 491,083
180   4.000%, 10/01/35   10/30 at 100.00 A+ 207,734
815   4.000%, 10/01/36   10/30 at 100.00 A+ 939,524
995   4.000%, 10/01/37   10/30 at 100.00 A+ 1,144,867
625   4.000%, 10/01/38   10/30 at 100.00 A+ 717,763
1,000   4.000%, 10/01/39   10/30 at 100.00 A+ 1,145,860
5,970   Total District of Columbia       6,868,958
    Florida – 16.8% (11.2% of Total Investments)        
1,000   Ave Maria Stewardship Community District, Florida, Bond Anticipation Notes, Phase 4 Master Improvements Project, Series 2021, 3.500%, 5/01/26, 144A   5/23 at 100.00 N/R 989,450
1,565   Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Ave Maria National Project, Series 2021, 3.750%, 5/01/41   5/31 at 100.00 N/R 1,587,677
500   Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Maple Ridge Phase 3 Master Improvements Project, Series 2021, 4.000%, 5/01/52, 144A   5/32 at 100.00 N/R 510,530
1,000   Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special Assessment Bonds, 2021 Project Series 2021, 4.000%, 5/01/52, 144A   5/31 at 100.00 N/R 1,020,130
1,310   Banyan Cay Community Development District, West Palm Beach, Florida, Special Assessment Bonds, 2020-1, 4.000%, 11/01/51   11/30 at 100.00 N/R 1,318,594
1,500   Belmont II Community Development District, Hillsborough County, Florida, Special Assessment Revenue Bonds, 2020 Aessessment Area, Series 2020, 4.000%, 12/15/50   12/30 at 100.00 N/R 1,535,985
2,500   Broward County, Florida, Port Facilities Revenue Bonds, Series 2019B, 4.000%, 9/01/39 (AMT) (UB) (4)   9/29 at 100.00 A 2,765,500
    Capital Trust Agency, Florida, Educational Facilities Lease Revenue Bonds, South Tech Schools Project, Series 2020A:        
1,235   5.000%, 6/15/40, 144A   6/27 at 100.00 N/R 1,306,309
1,260   5.000%, 6/15/55, 144A   6/27 at 100.00 N/R 1,316,561
    Capital Trust Agency, Florida, Revenue Bonds, Babcock Neighborhood School Inc, Series 2021:        
250   4.000%, 8/15/51, 144A   8/28 at 100.00 N/R 236,838
450   4.200%, 8/15/56, 144A   8/28 at 100.00 N/R 425,763
500   4.250%, 8/15/61, 144A   8/28 at 100.00 N/R 472,500
3,690   Capital Trust Agency, Florida, Revenue Bonds, Educational Growth Fund, LLC, Charter School Portfolio Projects, Series 2021A-1, 5.000%, 7/01/56, 144A   7/31 at 100.00 N/R 4,080,623
1,000   Capital Trust Agency, Florida, Revenue Bonds, St. Johns Classical Academy, Refunding Series 2021A, 4.000%, 6/15/56, 144A   6/30 at 100.00 N/R 993,480
    Central Florida Expressway Authority, Revenue Bonds, Refunding Senior Lien Series 2021:        
195   4.000%, 7/01/37  –  AGM Insured   7/31 at 100.00 AA 228,129
600   4.000%, 7/01/38  –  AGM Insured   7/31 at 100.00 AA 697,698
525   4.000%, 7/01/39  –  AGM Insured   7/31 at 100.00 AA 607,084
9
NDMO Nuveen Dynamic Municipal Opportunities Fund (continued)
  Portfolio of Investments January 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Florida (continued)        
$250   Centre Lake Community Development District, Miami Lakes, Florida, Special Assessment Bonds, Series 2021, 4.000%, 5/01/52, 144A   5/31 at 100.00 N/R $259,990
6,055   Currents Community Development District, Collier County, Florida, Capital Improvement Revenue Bonds, Series 2020B, 4.250%, 5/01/41, 144A   No Opt. Call N/R 6,314,820
1,500   Cypress Park Estates Community Development District, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Project, Series 2020, 4.000%, 5/01/51, 144A   5/32 at 100.00 N/R 1,531,875
2,500   Cypress Preserve Community Development District, Pasco County, Florida, Special Assessment Bonds, Assessment Area 2, Series 2019, 4.125%, 11/01/50   11/29 at 100.00 N/R 2,569,400
1,000   Edgewater East Community Development District, Osceola County, Florida, Special Assessment Revenue Bonds, Assessment Area 1 Series 2021, 4.000%, 5/01/51   5/31 at 100.00 N/R 1,020,880
10,000   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Discovery High School Project, Series 2020A, 5.000%, 6/01/55, 144A   6/29 at 100.00 N/R 10,694,900
1,100   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Mater Academy Projects, Series 2020A, 5.000%, 6/15/50, 144A   6/27 at 100.00 BBB 1,226,489
500   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, River City Science Academy Projects, Series 2021A, 4.000%, 7/01/55   7/28 at 100.00 Baa3 524,760
17,650   Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49 (AMT), 144A   1/24 at 107.00 N/R 19,177,607
5,890   Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A, 6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A   3/22 at 103.00 N/R 5,975,110
    Florida Development Finance Corporation, Healthcare Facilties Revenue Bonds, Lakeland Regional Health Systems, Series 2021:        
1,265   4.000%, 11/15/35   11/31 at 100.00 A2 1,474,003
1,110   4.000%, 11/15/38   11/31 at 100.00 A2 1,282,294
1,005   4.000%, 11/15/39   11/31 at 100.00 A2 1,157,177
1,100   Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Jacksonville University Project, Series 2018A-1, 5.000%, 6/01/48, 144A   6/28 at 100.00 N/R 1,223,255
11,180   Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Rollins College Project, Refunding Series 2020A, 3.000%, 12/01/48 (UB) (4)   12/30 at 100.00 A2 11,380,346
985   Forest Lake Community Development District, Polk County, Florida, Specia Assessment Bonds, Assessment Area 1 Project, Series 2020, 4.000%, 5/01/51, 144A   5/30 at 100.00 N/R 1,006,463
    Grand Oaks Community Development District, Saint Johns County, Florida, Special Assessment Bonds, Assessment Area 2, Series 2020:        
1,100   4.250%, 5/01/40   5/31 at 100.00 N/R 1,140,843
1,500   4.500%, 5/01/52   5/31 at 100.00 N/R 1,556,250
1,000   Hammock Reserve Community Development District, Haines City, Florida, Special Assessment Revenue Bonds, Area1 Project, Series 2020, 4.000%, 5/01/51   5/30 at 100.00 N/R 1,021,020
10,000   Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A, 3.500%, 8/01/55 (UB) (4)   2/31 at 100.00 Baa1 10,447,000
10
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Florida (continued)        
    JEA, Florida, Water and Sewer System Revenue Bonds, Series 2021A:        
$215   4.000%, 10/01/39   10/31 at 100.00 Aa3 $253,111
1,070   3.000%, 10/01/40   10/31 at 100.00 Aa3 1,137,506
720   3.000%, 10/01/41   10/31 at 100.00 Aa3 764,172
1,250   Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Northeast Sector Project, Phase 2B, Series 2020, 4.000%, 5/01/50, 144A   5/30 at 100.00 N/R 1,283,788
    Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai Medical Center of Florida Project, Series 2021B:        
1,380   4.000%, 11/15/46   11/31 at 100.00 Baa1 1,528,474
5,100   3.000%, 11/15/51 (4)   11/31 at 100.00 Baa1 4,959,240
1,865   4.000%, 11/15/51   11/31 at 100.00 Baa1 2,049,766
1,225   Miami Dade County Industrial Development Authority, Florida, Educational Facilities Revenue Bonds, Miami Community Charter School Inc Project, Series 2020A, 5.000%, 6/01/47, 144A   6/26 at 103.00 N/R 1,257,034
8,000   Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2014A, 5.000%, 7/01/44 (4)   7/24 at 100.00 BBB+ 8,622,320
3,275   Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2021A-2, 3.000%, 10/01/45  –  AGM Insured (4)   10/31 at 100.00 A3 3,404,199
2,840   Miami-Dade County, Florida, Special Obligation Bonds, Subordinate Series 2009, 0.000%, 10/01/42   No Opt. Call N/R 1,454,023
1,200   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2021, 3.000%, 10/01/40   4/31 at 100.00 A+ 1,267,092
1,500   Mirada II Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2021, 4.000%, 5/01/51   5/31 at 100.00 N/R 1,518,450
3,495   Miramar, Florida, Special Obligation Revenue Bonds, Taxable Refunding Series 2021, 2.643%, 10/01/36   10/31 at 100.00 AA- 3,422,863
1,000   North Powerline Road Community Development District, Polk County, Florida, Special Assessment Revenue Bonds, Series 2020, 4.000%, 5/01/51   5/30 at 100.00 N/R 1,016,830
1,000   Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 53, Series 2021, 4.000%, 8/01/51   8/31 at 100.00 N/R 1,025,450
250   Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Toby & Leon Cooperman Sinai Residences of Boca Raton, Refunding Series 2022, 4.250%, 6/01/56 (WI/DD, Settling 3/03/22)   6/27 at 103.00 N/R 252,935
1,500   Parrish Plantation Community Development District, Manatee County, Florida, Special Assessment Revenue Bonds, Assessment Area 1, Series 2021, 4.000%, 5/01/52   5/31 at 100.00 N/R 1,521,960
    Pompano Beach, Florida, Revenue Bonds, John Knox Village of Florida Inc Project, Series 2021A:        
740   4.000%, 9/01/51   9/27 at 103.00 N/R 795,596
1,275   4.000%, 9/01/56   9/27 at 103.00 N/R 1,365,806
500   Sawyers Landing Community Development District, Florida, Special Assessment Revenue Bonds, Series 2021, 4.250%, 5/01/53, 144A   5/31 at 100.00 N/R 521,330
1,500   Stoneybrook South Championsgate Community Development District, Florida, Special Assessment Revenue Bonds, Fox South Assessment Area, Series 2020, 3.750%, 12/15/50, 144A   12/30 at 100.00 N/R 1,503,315
11
NDMO Nuveen Dynamic Municipal Opportunities Fund (continued)
  Portfolio of Investments January 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Florida (continued)        
$300   Summit View Community Development District, Dade City, Florida, Special Assessment Revenue Bonds, Series 2021B, 5.000%, 5/01/41   No Opt. Call N/R $288,147
16,435   Tampa, Florida, Capital Improvement Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Series 2020A, 0.000%, 9/01/53   9/30 at 38.62 A+ 4,792,117
500   Three Rivers Community Development District, Florida, Special Assessment Revenue Bonds, South Assessment Area Series 2021B, 4.625%, 5/01/36, 144A   9/23 at 100.00 N/R 492,735
425   Tradition Community Development District 9, Port Saint Lucie, Florida, Special Assessment Bonds, Series 2021, 2.700%, 5/01/31   No Opt. Call N/R 412,747
910   Windward Community Development District, Florida, Special Assessment Bonds, Series 2020A-2, 4.400%, 11/01/35   No Opt. Call N/R 945,217
155,240   Total Florida       148,933,556
    Georgia – 1.6% (1.0% of Total Investments)        
    Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2021A:        
2,215   3.000%, 2/15/51   2/31 at 100.00 A 2,209,330
7,500   4.000%, 2/15/51   2/31 at 100.00 A 8,370,600
3,000   Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center Hotel Revenue Bonds, First Tier Series 2021A, 4.000%, 1/01/54   1/31 at 100.00 BBB- 3,262,140
12,715   Total Georgia       13,842,070
    Guam – 0.7% (0.5% of Total Investments)        
    Government of Guam, Business Privilege Tax Bonds, Refunding Series 2021F. Forward Delivery:        
180   5.000%, 1/01/30   No Opt. Call Ba1 216,376
180   5.000%, 1/01/31   No Opt. Call Ba1 219,886
420   4.000%, 1/01/36   1/31 at 100.00 Ba1 463,945
415   4.000%, 1/01/42   1/31 at 100.00 Ba1 452,454
1,600   Government of Guam, Hotel Occupancy Tax Revenue Bonds, Refunding Series 2021A, 5.000%, 11/01/40   5/31 at 100.00 Ba1 1,922,656
    Guam A.B. Won Pat International Airport Authority, Revenue Bonds, Series 2021A:        
750   2.499%, 10/01/25   No Opt. Call Baa2 741,022
835   2.899%, 10/01/27   No Opt. Call Baa2 822,650
765   3.099%, 10/01/28   No Opt. Call Baa2 755,835
450   4.460%, 10/01/43   10/31 at 100.00 Baa2 459,185
5,595   Total Guam       6,054,009
    Idaho – 0.4% (0.2% of Total Investments)        
1,715   Idaho Health Facilities Authority, Revenue Bonds, Saint Luke's Health System Project, Series 2021A, 4.000%, 3/01/51   3/32 at 100.00 A3 1,929,392
    Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2021A:        
645   4.000%, 7/15/38   7/31 at 100.00 A2 748,026
500   4.000%, 7/15/39   7/31 at 100.00 A2 576,620
2,860   Total Idaho       3,254,038
12
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois – 9.0% (6.0% of Total Investments)        
$3,000   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding Series 2017C, 5.000%, 12/01/30   12/27 at 100.00 BB $3,423,990
770   Chicago Greater Metropolitan Water Reclamation District, Illinois, General Obligation Bonds, Limited Tax Capital Improvement Green Series 2021A, 4.000%, 12/01/46   12/31 at 100.00 N/R 889,781
    Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014:        
5,000   5.250%, 12/01/49 (UB) (4)   12/24 at 100.00 AA 5,508,150
10,000   5.250%, 12/01/49 (4)   12/24 at 100.00 AA 11,016,300
3,825   Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Senior Lien Series 2016D, 5.000%, 1/01/47   1/27 at 100.00 A 4,422,388
    Cook County, Illinois, General Obligation Bonds, Refunding Series 2021A:        
1,825   5.000%, 11/15/31   11/30 at 100.00 A2 2,249,641
1,200   5.000%, 11/15/32   11/30 at 100.00 A2 1,476,732
1,175   5.000%, 11/15/33   11/30 at 100.00 A2 1,444,263
    Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A:        
175   4.000%, 11/15/39   11/30 at 100.00 AA- 198,156
475   4.000%, 11/15/40   11/30 at 100.00 AA- 536,512
5,085   DuPage County, Illinois, Revenue Bonds, Morton Arboretum Project, Green Series 2020, 3.000%, 5/15/47 (4)   5/30 at 100.00 A1 5,112,612
2,000   Illinois Finance Authority, Local Government Program Revenue Bonds, Maine Township High School District Number 207 Project, Series 2019, 4.000%, 12/01/36   12/29 at 100.00 Aa1 2,303,040
250   Illinois Finance Authority, Revenue Bonds, Acero Charter Schools, Inc., Series 2021, 4.000%, 10/01/42, 144A   10/31 at 100.00 BB+ 269,080
875   Illinois Finance Authority, Revenue Bonds, Lutheran Home and Services, Series 2019A, 5.000%, 11/01/49   11/26 at 103.00 N/R 946,120
10,000   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2020A, 3.000%, 5/15/50 (UB) (4)   11/30 at 100.00 A3 9,765,600
4,400   Illinois State, General Obligation Bonds, Build America Taxable Bonds, Series 2010-4, 7.100%, 7/01/35 (4)   No Opt. Call BBB- 5,578,056
6,195   Illinois State, General Obligation Bonds, Build America Taxable Bonds, Series 2010-5, 7.350%, 7/01/35   No Opt. Call BBB- 7,636,762
5,000   Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3, 6.725%, 4/01/35 (4)   No Opt. Call BBB- 5,997,600
    Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2022A:        
645   0.000%, 12/15/35 (WI/DD, Settling 3/17/22)   12/31 at 90.33 BB+ 431,144
1,285   0.000%, 6/15/36 (WI/DD, Settling 3/17/22)   12/31 at 89.03 BB+ 843,166
1,285   0.000%, 6/15/37 (WI/DD, Settling 3/17/22)   12/31 at 86.57 BB+ 811,246
1,605   0.000%, 12/15/38 (WI/DD, Settling 3/17/22)   12/31 at 82.94 BB+ 957,976
1,545   0.000%, 6/15/39 (WI/DD, Settling 3/17/22)   12/31 at 81.66 BB+ 903,439
1,500   0.000%, 6/15/40 (WI/DD, Settling 3/17/22)   12/31 at 79.15 BB+ 843,690
645   0.000%, 6/15/41 (WI/DD, Settling 3/17/22)   12/31 at 76.71 BB+ 348,906
550   0.000%, 12/15/41 (WI/DD, Settling 3/17/22)   12/31 at 75.58 BB+ 291,671
13
NDMO Nuveen Dynamic Municipal Opportunities Fund (continued)
  Portfolio of Investments January 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Illinois (continued)        
$5,190   Romeoville, Will County, Illinois, Revenue Bonds, Lewis University Project, Series 2015, 5.000%, 10/01/35 (4)   4/25 at 100.00 BBB $5,623,417
75,500   Total Illinois       79,829,438
    Indiana – 0.9% (0.6% of Total Investments)        
1,415   Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.875%, 6/01/55, 144A   6/30 at 100.00 N/R 1,503,848
3,445   Indiana Finance Authority, Educational Facilities Revenue Bonds, Rose Hulman Institute Of Technology Project, Series 2018, 5.000%, 6/01/39   12/28 at 100.00 A2 4,064,135
1,625   Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Series 2020, 6.750%, 5/01/39 (AMT)   11/30 at 100.00 B- 2,095,015
6,485   Total Indiana       7,662,998
    Kansas – 0.1% (0.1% of Total Investments)        
985   Kansas Independent College Finance Authority, Educational Facilities Revenue Bonds, Ottawa University Project, Series 2015, 7.000%, 6/01/45, 144A   6/22 at 103.00 N/R 1,026,981
    Kentucky – 1.2% (0.8% of Total Investments)        
3,000   Bell County, Kentucky, Special Assessment Industrial Building Revenue Bonds, Boone's Ridge Project, Series 2020, 6.000%, 12/01/40   12/30 at 100.00 N/R 3,088,740
3,255   Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities Company Project, Refunding Series 2006B, 2.125%, 10/01/34 (AMT)   6/31 at 100.00 A 3,212,750
2,515   Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project, Refunding Series 2016A, 5.000%, 9/01/36  –  NPFG Insured   9/26 at 100.00 Baa1 2,911,490
1,000   Newport, Kentucky, Special Obligation Revenue Bonds, Newport Clifton Project, Series 2020B, 5.500%, 12/01/60   12/30 at 100.00 N/R 1,000,600
9,770   Total Kentucky       10,213,580
    Louisiana – 2.1% (1.4% of Total Investments)        
1,150   Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Lincoln Preparatory School Project, Series 2021A, 5.250%, 6/01/51, 144A   6/31 at 100.00 N/R 1,221,358
    Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2020A:        
5,355   3.000%, 5/15/47 (UB) (4)   5/30 at 100.00 A3 5,475,273
2,145   4.000%, 5/15/49 (UB) (4)   5/30 at 100.00 A3 2,391,825
2,000   New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2017B, 5.000%, 1/01/48 (AMT)   1/27 at 100.00 A- 2,279,480
    New Orleans, Louisiana, Sewerage Service Revenue Bonds, Taxable Refunding Series 2021:        
2,000   2.839%, 6/01/41  –  AGM Insured   6/31 at 100.00 BBB+ 1,893,140
1,500   2.939%, 6/01/45  –  AGM Insured   6/31 at 100.00 BBB+ 1,408,245
1,100   New Orleans, Louisiana, Water Revenue Bonds, Taxable Refunding Series 2021, 2.889%, 12/01/41  –  AGM Insured   12/31 at 100.00 BBB+ 1,042,437
2,000   Saint James Parish, Louisiana, Revenue Bonds, NuStar Logistics, L.P. Project, Series 2010, 6.350%, 7/01/40, 144A   6/30 at 100.00 BB- 2,560,140
14
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Louisiana (continued)        
$600   Tangipahoa Parish Hospital Service District 1, Louisiana, Hospital Revenue Bonds, North Oaks Health System Project, Refunding Series 2021, 4.000%, 2/01/38   2/31 at 100.00 BBB+ $680,082
17,850   Total Louisiana       18,951,980
    Maryland – 1.6% (1.1% of Total Investments)        
2,200   Frederick County, Maryland, Special Obligation Bonds, Urbana Community Development Authority, Refunding Series 2020C, 4.000%, 7/01/50   7/30 at 100.00 N/R 2,400,068
5,330   Frederick County, Maryland, Special Tax Limited Obligation Bonds, Jefferson Technology Park Project, Refunding Series 2020A, 5.000%, 7/01/43, 144A   7/30 at 102.00 N/R 6,071,723
    Maryland Department of Transportation, Special Transportation Project Revenue Bonds, Baltimore/Washington International Thurgood Marshall Airport, Series 2021B:        
275   4.000%, 8/01/37 (AMT)   8/31 at 100.00 A 310,920
305   4.000%, 8/01/38 (AMT)   8/31 at 100.00 A 344,131
365   4.000%, 8/01/39 (AMT)   8/31 at 100.00 A 411,169
915   4.000%, 8/01/40 (AMT)   8/31 at 100.00 A 1,024,727
915   4.000%, 8/01/41 (AMT)   8/31 at 100.00 A 1,023,126
2,490   Maryland Economic Development Corporation, Federal Lease Revenue Bonds, SSA Baltimore Project, Taxable Series 2021, 3.997%, 4/01/34   1/34 at 100.00 Baa3 2,497,096
12,795   Total Maryland       14,082,960
    Massachusetts – 0.9% (0.6% of Total Investments)        
    Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2021B:        
1,000   3.000%, 4/01/48   4/31 at 100.00 N/R 1,033,270
7,000   3.000%, 4/01/49   4/31 at 100.00 AA 7,223,160
8,000   Total Massachusetts       8,256,430
    Michigan – 0.7% (0.5% of Total Investments)        
5,000   Detroit, Wayne County, Michigan, General Obligation Bonds, Financial Recovery Series 2014B-1, 4.000%, 4/01/44   3/22 at 100.00 N/R 4,637,950
    Gerald R. Ford International Airport Authority, Kent County, Michigan, Revenue Bonds, Limited Tax General Obligation Series 2021:        
300   5.000%, 1/01/46 (AMT)   1/32 at 100.00 AAA 370,569
410   5.000%, 1/01/51 (AMT)   1/32 at 100.00 AAA 504,226
7,610   Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco Receipts, Series 2020B2-CL2, 0.000%, 6/01/65   12/30 at 18.38 N/R 981,005
13,320   Total Michigan       6,493,750
    Minnesota – 0.3% (0.2% of Total Investments)        
1,140   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hope Community Academy Project, Series 2020A, 5.000%, 12/01/55   12/28 at 102.00 BB 1,187,834
1,100   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Math & Science Academy Charter School Project, Series 2021A, 4.000%, 6/01/41, 144A   6/29 at 102.00 N/R 1,089,704
2,240   Total Minnesota       2,277,538
15
NDMO Nuveen Dynamic Municipal Opportunities Fund (continued)
  Portfolio of Investments January 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Missouri – 1.2% (0.8% of Total Investments)        
    Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2021:        
$100   4.000%, 3/01/41   3/31 at 100.00 Ba1 $110,333
310   3.000%, 3/01/46   3/31 at 100.00 Ba1 305,341
80   4.000%, 3/01/46   3/31 at 100.00 Ba1 87,321
1,100   M150 and 135th Street Transporation Development District, Kansas City, Missouri, Transportation Sales Tax Revenue Bonds, Series 2020A, 4.250%, 10/01/43   10/27 at 100.00 N/R 1,118,062
4,940   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2020, 3.000%, 6/01/53 (UB) (4)   6/30 at 100.00 A+ 4,961,192
3,155   Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Expansion & Improvement Projects Series 2020, 5.000%, 10/01/45  –  AGM Insured (UB) (4)   10/30 at 100.00 A2 3,796,727
9,685   Total Missouri       10,378,976
    Nevada – 0.4% (0.3% of Total Investments)        
2,000   Director of Nevada State Department of Business & Industry, Environmental Improvement Revenue Bonds, Fulcrum Sierra BioFuels LLC Project, Green Series 2020, 6.750%, 2/15/38, 144A   2/31 at 100.00 N/R 2,086,400
    Las Vegas, Nevada, Local Improvement Bonds, Special Improvement District 611 Sunstone Phase I and II, Series 2020:        
450   4.000%, 6/01/40   6/30 at 100.00 N/R 478,548
1,150   4.125%, 6/01/50   6/30 at 100.00 N/R 1,214,550
3,600   Total Nevada       3,779,498
    New Hampshire – 0.1% (0.1% of Total Investments)        
1,250   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2017, 3.750%, 7/01/40   7/27 at 100.00 Baa3 1,318,313
    New Jersey – 7.0% (4.7% of Total Investments)        
7,850   New Jersey Economic Development Authority, School Facilities Construction Bonds, Social Series 2021QQQ, 4.000%, 6/15/46 (UB) (4)   12/30 at 100.00 BBB 8,584,838
    New Jersey Health Care Facilities Authority, Revenue Bonds, Atlanticare Health System Obligated Group Issue, Series 2021:        
1,910   3.000%, 7/01/41   7/31 at 100.00 AA- 1,938,459
1,560   3.000%, 7/01/51   7/31 at 100.00 AA- 1,526,101
11,410   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Series 2021A, 3.000%, 7/01/51   7/31 at 100.00 AA- 11,226,984
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Forward Delivery Series 2022A:        
620   4.000%, 6/15/38 (WI/DD, Settling 4/27/22)   6/32 at 100.00 BBB 687,289
770   4.000%, 6/15/39 (WI/DD, Settling 4/27/22)   6/32 at 100.00 BBB 851,073
700   4.000%, 6/15/40 (WI/DD, Settling 4/27/22)   6/32 at 100.00 BBB 771,771
640   4.000%, 6/15/41 (WI/DD, Settling 4/27/22)   6/32 at 100.00 BBB 703,456
520   4.000%, 6/15/42 (WI/DD, Settling 4/27/22)   6/32 at 100.00 BBB 569,722
9,000   3.000%, 6/15/50   12/31 at 100.00 N/R 8,488,980
16
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New Jersey (continued)        
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA:        
$25,990   3.000%, 6/15/50 (UB) (4)   12/30 at 100.00 BBB $24,514,288
545   4.000%, 6/15/50 (UB) (4)   12/30 at 100.00 BBB 592,083
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2021A:        
935   4.000%, 6/15/34   6/31 at 100.00 BBB 1,051,062
385   4.000%, 6/15/35   6/31 at 100.00 BBB 431,315
440   4.000%, 6/15/36   6/31 at 100.00 BBB 491,704
63,275   Total New Jersey       62,429,125
    New Mexico – 0.8% (0.5% of Total Investments)        
7,000   Winrock Town Center Tax Increment Development District 1, Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds, Subordinate Lien Series 2020, 8.000%, 5/01/40, 144A   11/23 at 103.00 N/R 7,075,670
    New York – 23.4% (15.6% of Total Investments)        
5,880   Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A   9/25 at 100.00 N/R 6,505,926
5,000   Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1, 5.500%, 6/01/55, 144A   12/30 at 100.00 N/R 5,027,350
    Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1:        
1,310   5.000%, 6/01/40, 144A   12/30 at 100.00 N/R 1,365,937
3,000   5.000%, 6/01/55, 144A   12/30 at 100.00 N/R 3,070,770
1,000   Build NYC Resource Corporation, Revenue Bonds, Shefa School, Series 2021A, 5.000%, 6/15/51, 144A   6/31 at 100.00 N/R 1,132,130
    Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2021A:        
1,000   2.018%, 7/01/28   No Opt. Call N/R 982,290
1,500   2.084%, 7/01/29   No Opt. Call N/R 1,469,070
10,000   Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health System Obligated Group Series 2019A, 4.000%, 7/01/45 (UB) (4)   7/29 at 100.00 BBB 10,532,900
9,120   Dormitory Authority of the State of New York, Revenue Bonds, NYU Langone Hospitals Obligated Group, Series 2020A, 4.000%, 7/01/53 (UB) (4)   7/30 at 100.00 A3 10,085,534
20,000   Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020A Bidding Group 1 thru 5, 3.000%, 3/15/50 (UB) (4)   9/30 at 100.00 Aa2 20,097,600
7,775   Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020A. Bidding Group 1 thru 5, 3.000%, 3/15/38   9/30 at 100.00 Aa2 7,997,987
705   Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2021, 3.000%, 9/01/40   9/31 at 100.00 A 736,753
10,000   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014D-1, 5.250%, 11/15/44 (UB) (4)   11/24 at 100.00 BBB+ 10,919,100
17
NDMO Nuveen Dynamic Municipal Opportunities Fund (continued)
  Portfolio of Investments January 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New York (continued)        
    New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium Project, Refunding Series 2021A:        
$1,000   3.000%, 1/01/34  –  AGM Insured   1/31 at 100.00 BBB $1,046,480
1,205   3.000%, 1/01/37  –  AGM Insured   1/31 at 100.00 BBB 1,250,898
    New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes Revenue Bonds, Yankee Stadium Project, Series 2020A:        
5,385   3.000%, 3/01/39  –  AGM Insured (UB) (4)   9/30 at 100.00 BBB+ 5,589,253
3,845   3.000%, 3/01/40  –  AGM Insured (UB) (4)   9/30 at 100.00 BBB+ 3,980,844
3,500   4.000%, 3/01/45   9/30 at 100.00 Baa1 3,847,235
2,275   3.000%, 3/01/49 (UB) (4)   9/30 at 100.00 Baa1 2,279,004
    New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2022 Series BB-1:        
5,680   3.000%, 6/15/44   12/31 at 100.00 AA+ 5,836,598
7,500   4.000%, 6/15/45   12/31 at 100.00 AA+ 8,558,100
575   New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2022 Subseries S-1A, 4.000%, 7/15/40   7/31 at 100.00 Aa3 660,830
    New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2022 Subseries B-1:        
2,630   4.000%, 8/01/45   8/31 at 100.00 Aa1 2,974,293
2,580   4.000%, 8/01/48   8/31 at 100.00 Aa1 2,903,145
2,500   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2022 Subseries C-1, 4.000%, 2/01/51   2/32 at 100.00 N/R 2,817,350
1,410   New York City, New York, General Obligation Bonds, Fiscal 2021 Series D, 2.223%, 8/01/35   No Opt. Call AA- 1,299,470
4,000   New York Counties Tobacco Trust IV, Tobacco Settlement Pass-Through Bonds, Turbo Term Series 2005A, 5.000%, 6/01/42   2/22 at 100.00 B- 4,051,000
3,000   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A   11/24 at 100.00 N/R 3,226,530
    New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Secured by Port Authority Consolidated Bonds, Refunding Series 1WTC-2021:        
5,380   3.000%, 2/15/42   2/30 at 100.00 N/R 5,466,134
5,040   4.000%, 2/15/43   2/30 at 100.00 N/R 5,584,522
3,045   2.750%, 2/15/44   2/30 at 100.00 N/R 2,875,728
    New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, 2010 Master Financing Program, Green Series 2021B:        
260   4.000%, 8/15/46   2/32 at 100.00 Aaa 304,008
385   4.000%, 8/15/51   2/32 at 100.00 Aaa 448,109
5,000   New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2021A-1, 4.000%, 3/15/57   3/31 at 100.00 N/R 5,547,300
6,230   New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020C, 5.000%, 3/15/50   9/30 at 100.00 N/R 7,535,372
1,050   New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Empire Series 2021A, 4.000%, 3/15/44   9/31 at 100.00 AA+ 1,192,559
18
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    New York (continued)        
$3,675   New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Series 2021A, 4.000%, 3/15/45   9/31 at 100.00 AA+ $4,164,878
180   New York Transportation Development Corporation, New York, Facility Revenue Bonds, Thruway Service Areas Project, Series 2021, 4.000%, 10/31/41 (AMT)   10/31 at 100.00 BBB- 202,088
    New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2020:        
12,210   5.250%, 8/01/31 (AMT)   8/30 at 100.00 B- 14,059,327
3,400   5.375%, 8/01/36 (AMT)   8/30 at 100.00 B- 4,119,678
515   New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Series 2021, 2.250%, 8/01/26 (AMT)   No Opt. Call B 518,296
1,000   New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2020C, 4.000%, 12/01/41   12/30 at 100.00 BBB 1,097,500
1,000   New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2020, 4.000%, 10/01/30 (AMT)   No Opt. Call BB+ 1,123,800
    Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Twenty-Third Series 2021:        
2,350   4.000%, 7/15/40 (AMT)   7/31 at 100.00 A+ 2,624,339
3,000   5.000%, 7/15/56 (AMT)   7/31 at 100.00 A+ 3,580,200
4,520   Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Taxable Series 2007B, 5.693%, 1/01/28  –  SYNCORA GTY Insured, 144A   No Opt. Call CC 4,480,721
2,015   Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Series 2021C-1A, 5.000%, 5/15/51   11/31 at 100.00 AA+ 2,508,594
3,955   Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Series 2021C-3, 3.000%, 5/15/51   11/31 at 100.00 AA+ 4,010,924
4,190   Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Subseries 2021A-1, 5.000%, 5/15/51   5/31 at 100.00 AA+ 5,169,077
191,775   Total New York       206,857,531
    North Carolina – 0.0% (0.0% of Total Investments)        
415   North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, The Forest at Duke, Inc., Series 2021, 4.000%, 9/01/41   9/28 at 103.00 BBB 462,310
    Ohio – 7.3% (4.9% of Total Investments)        
    Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health Obligated Group, Refunding Series 2020:        
220   4.000%, 11/15/36 (UB) (4)   11/30 at 100.00 Baa2 247,603
1,500   4.000%, 11/15/38 (UB) (4)   11/30 at 100.00 Baa2 1,694,670
10,325   3.000%, 11/15/40 (UB) (4)   11/30 at 100.00 BBB+ 10,381,168
7,750   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 3.000%, 6/01/48   6/30 at 100.00 BBB+ 7,461,933
19
NDMO Nuveen Dynamic Municipal Opportunities Fund (continued)
  Portfolio of Investments January 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Ohio (continued)        
$9,140   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55   6/30 at 100.00 N/R $10,053,452
    Cleveland, Ohio, General Obligation Bonds, Various Purpose Refunding Series 2021A:        
485   3.000%, 12/01/32   6/30 at 100.00 A1 522,408
485   3.000%, 12/01/33   6/30 at 100.00 A1 520,240
605   3.000%, 12/01/34   6/30 at 100.00 A1 645,583
1,000   Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds, Bridge Park D Block Project, Series 2019A-1, 5.000%, 12/01/51   6/29 at 100.00 N/R 1,067,480
4,250   Ohio Air Quality Development Authority, Ohio, Exempt Facilities Revenue Bonds, AMG Vanadium Project, Series 2019, 5.000%, 7/01/49 (AMT), 144A   7/29 at 100.00 B- 4,718,648
1,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D, 3.375%, 8/01/29   No Opt. Call N/R 980,810
750   Ohio Higher Educational Facility Commission, Senior Hospital Parking Revenue Bonds, University Circle Incorporated 2020 Project, Series 2020, 5.000%, 1/15/50   1/30 at 100.00 A3 872,115
1,000   Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2020A, 3.000%, 1/15/45   1/30 at 100.00 N/R 984,170
21,000   Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series 2020A, 7.000%, 12/01/42 (AMT), 144A   12/27 at 103.00 N/R 23,617,650
1,000   Southern Ohio Port Authority, Ohio, Facility Revenue Bonds, Purecycle Project, Series 2020B, 10.000%, 12/01/27 (AMT), 144A   12/26 at 105.00 N/R 1,156,170
60,510   Total Ohio       64,924,100
    Oklahoma – 0.1% (0.1% of Total Investments)        
1,000   Mannford Public Works Authority, Oklahoma, Revenue Bonds, Capital Improvement Series 2021, 3.250%, 1/01/51   1/29 at 100.00 N/R 993,810
    Oregon – 0.6% (0.4% of Total Investments)        
5,000   Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Taxable Refunding Senior Lien Series 2020B, 1.330%, 11/15/28 (4)   No Opt. Call Aa1 4,780,250
250   Oregon State, General Obligation Bonds, Article XI-Q State Projects, Taxable Various Series 2021B, 1.528%, 5/01/28   No Opt. Call AA+ 244,882
5,250   Total Oregon       5,025,132
    Pennsylvania – 2.7% (1.8% of Total Investments)        
5,000   Allegheny County Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corp., Refunding Series 2019, 5.125%, 5/01/30   No Opt. Call B- 5,915,200
980   Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront Project, Senior Series 2021, 6.000%, 5/01/42, 144A   5/31 at 100.00 N/R 1,179,793
500   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 (Mandatory Put 4/01/21)   4/31 at 100.00 N/R 499,670
1,000   Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2017, 5.125%, 10/15/41, 144A   10/27 at 100.00 BB 1,099,570
20
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Pennsylvania (continued)        
$2,000   Dauphin County General Authority, Pennsylvania, Revenue Bonds, Harrisburg University of Science & Technology Project, Series 2020, 6.250%, 10/15/53, 144A   10/28 at 100.00 BB $2,382,540
1,315   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills LLC Project, Series 2021A, 10.000%, 12/01/31   No Opt. Call N/R 1,291,041
    Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol Region Parking System, Junior Guaranteed Series 2013B:        
995   0.000%, 1/01/45  –  BAM Insured   No Opt. Call A2 499,888
940   0.000%, 1/01/46  –  BAM Insured   No Opt. Call A2 453,757
1,025   0.000%, 1/01/47  –  BAM Insured   No Opt. Call A2 476,840
2,500   Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/34 (AMT)   6/26 at 100.00 BBB 2,871,050
    Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A:        
890   4.000%, 12/01/38   12/31 at 100.00 A3 1,022,779
1,000   4.000%, 12/01/39   12/31 at 100.00 A3 1,147,280
1,110   4.000%, 12/01/40   12/31 at 100.00 A3 1,270,006
1,175   4.000%, 12/01/41   12/31 at 100.00 A3 1,338,889
1,335   4.000%, 12/01/42   12/31 at 100.00 A3 1,513,983
800   Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue Bonds, Philadelphia Electrical & Technology Charter School, Series 2021A, 4.000%, 6/01/51   6/31 at 100.00 BB 837,416
500   Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue Bonds, Philadelphia Performing Arts: A String Theory Charter School, Series 2020, 5.000%, 6/15/50, 144A   6/28 at 100.00 BB+ 562,555
23,065   Total Pennsylvania       24,362,257
    Puerto Rico – 7.2% (4.8% of Total Investments)        
1,000   Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A, 5.000%, 7/01/47, 144A   7/30 at 100.00 N/R 1,174,030
    Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A:        
5,020   5.125%, 7/01/37   7/22 at 100.00 CCC 5,111,364
2,000   6.000%, 7/01/47   7/22 at 100.00 CCC 2,043,460
8,000   Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.250%, 7/01/40 (5)   3/22 at 100.00 D 8,290,000
3,000   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%, 7/01/38  –  AMBAC Insured   No Opt. Call N/R 3,054,030
    Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2007M2:        
1   1.850%, 7/01/34 (5)   3/22 at 100.00 N/R 1,180
4,585   1.850%, 7/01/34 (5)   3/22 at 100.00 N/R 5,479,075
21
NDMO Nuveen Dynamic Municipal Opportunities Fund (continued)
  Portfolio of Investments January 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Puerto Rico (continued)        
    Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:        
$20,000   0.000%, 7/01/46   7/28 at 41.38 N/R $6,518,400
35,000   0.000%, 7/01/51   7/28 at 30.01 N/R 8,242,500
5,514   4.750%, 7/01/53   7/28 at 100.00 N/R 6,065,951
2,500   5.000%, 7/01/58   7/28 at 100.00 N/R 2,785,050
17,000   Puerto Rico, General Obligation Bonds, Series 2014A, 1.990%, 7/01/35 (5)   3/22 at 100.00 N/R 15,342,500
103,620   Total Puerto Rico       64,107,540
    South Carolina – 0.3% (0.2% of Total Investments)        
1,000   South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Columbia College, Refunding Series 2020A, 5.625%, 10/01/40   10/27 at 103.00 N/R 1,042,000
1,000   South Carolina Jobs-Economic Development Authority, Educational Facilities Revenue Bonds, Hoese Creek Academy Project, Series 2021A, 5.000%, 11/15/55, 144A   11/26 at 100.00 N/R 1,003,720
250   South Carolina Jobs-Economic Development Authority, Retirement Community Revenue Notes, Kiawah Life Plan Village, Inc. Project, Series 2021A, 8.750%, 7/01/25   2/22 at 100.00 N/R 254,898
2,250   Total South Carolina       2,300,618
    South Dakota – 0.5% (0.3% of Total Investments)        
2,145   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument Health, Inc, Series 2020A, 3.000%, 9/01/45 (UB) (4)   9/30 at 100.00 A1 2,178,012
1,800   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Monument Health, Inc., Series 2020A, 4.000%, 9/01/50 (UB) (4)   9/30 at 100.00 A1 2,006,550
3,945   Total South Dakota       4,184,562
    Tennessee – 0.4% (0.3% of Total Investments)        
    New Memphis Arena Public Building Authority, Memphis and Shelby County, Tennessee, Local Government Public Improvement Bonds, Capital Appreciation Series 2021:        
1,250   0.000%, 4/01/32   4/31 at 98.30 AA 981,238
1,250   0.000%, 4/01/35   4/31 at 92.42 AA 895,100
1,250   0.000%, 4/01/36   4/31 at 90.26 AA 866,175
1,250   0.000%, 4/01/38   4/31 at 85.68 AA 809,550
5,000   Total Tennessee       3,552,063
    Texas – 6.0% (4.0% of Total Investments)        
500   Abilene Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Second-Lien Series 2021B, 5.000%, 10/01/50, 144A   10/31 at 100.00 N/R 526,790
    Austin, Texas, Rental Car Special Facility Revenue Bonds, Taxable Refunding Series 2021:        
500   1.027%, 11/15/26  –  AGM Insured   No Opt. Call A- 480,285
625   1.325%, 11/15/27  –  AGM Insured   No Opt. Call A- 600,875
500   1.710%, 11/15/29  –  AGM Insured   No Opt. Call A- 482,640
755   Bexar County, Texas, Venue Project Revenue Bonds, Taxable Refunding Combined Venue Tax Series 2021, 3.031%, 8/15/41  –  AGM Insured   8/31 at 100.00 A- 732,999
22
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
    Carrollton-Farmers Branch Independent School District, Dallas County, Texas, General Obligation Bonds, School Building Series 2021:        
$190   3.000%, 2/15/37   2/30 at 100.00 AAA $205,065
175   3.000%, 2/15/38   2/30 at 100.00 AAA 188,527
145   3.000%, 2/15/39   2/30 at 100.00 AAA 155,984
115   3.000%, 2/15/40   2/30 at 100.00 AAA 123,507
1,000   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2021B, 4.000%, 1/01/41   1/31 at 100.00 Baa1 1,127,820
460   Eagle Pass, Texas, Combination Tax and Limited Pledge Revenue Certificates of Obligation, Series 2021, 4.000%, 3/01/38  –  AGM Insured   3/31 at 100.00 AA 534,971
1,000   Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement District 1, Refunding Series 2021, 3.500%, 9/01/36, 144A   9/31 at 100.00 N/R 953,660
1,200   Hays County, Texas, Special Assessment Revenue Bonds, La Cima Public Improvement District Neighbor Improvement Areas 1-2 Project, Series 2020, 4.000%, 9/15/50, 144A   9/30 at 100.00 N/R 1,211,292
    Houston Community College System, Texas, General Obligation Bonds, Taxable Refunding Limited Tax Series 2021B:        
1,000   2.059%, 2/15/36   2/31 at 100.00 AA+ 924,900
750   2.109%, 2/15/37   2/31 at 100.00 AA+ 688,125
750   2.209%, 2/15/38   2/31 at 100.00 AA+ 688,132
750   2.259%, 2/15/39   2/31 at 100.00 AA+ 684,622
1,000   Kyle, Texas, Special Assessment Revenue Bonds, 6 Creeks Public Improvement District Improvement Area 2 Project, Series 2020, 4.000%, 9/01/46, 144A   9/30 at 100.00 N/R 987,630
6,225   Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds, Refunding Series 2021, 4.000%, 11/01/38  –  AGM Insured (AMT) (4)   11/31 at 100.00 A 7,059,337
    Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2021:        
1,665   5.000%, 5/15/39   5/30 at 100.00 A 2,048,067
2,625   5.000%, 5/15/40   5/30 at 100.00 A 3,221,479
375   5.000%, 5/15/41   5/30 at 100.00 A 459,266
500   Marble Falls, Burnet County, Texas, Special Assessment Revenue Bonds, Thunder Rock Public Improvement District Improvement Area 1 Project, Series 2021, 4.125%, 9/01/41, 144A   9/31 at 100.00 N/R 471,220
625   McLendon-Chisholm, Texas, Special Assessment Revenue Bonds, Sonoma Public Improvement District Improvement Area 3 Project, Series 2021, 3.625%, 9/15/41, 144A   9/31 at 100.00 N/R 601,975
4,175   New Hope Cultural Education Facilities Finance Corporation, Texas, Education Revenue Bonds, Southwest Preparatory School, Series 2020A, 5.000%, 8/15/50, 144A   8/25 at 103.00 BB+ 4,589,661
    New Hope Cultural Education Facilities Finance Corporation, Texas, Senior Living Revenue Bonds, Sanctuary LTC LLC Project, Series 2021A-1:        
6,795   5.250%, 1/01/42   1/28 at 103.00 N/R 6,687,503
6,465   5.500%, 1/01/57   1/28 at 103.00 N/R 6,336,799
23
NDMO Nuveen Dynamic Municipal Opportunities Fund (continued)
  Portfolio of Investments January 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Texas (continued)        
    Port of Houston Authority, Harris County, Texas, General Obligation Bonds, First Lien Series 2021:        
$1,660   4.000%, 10/01/46   4/32 at 100.00 N/R $1,921,135
4,500   5.000%, 10/01/51   4/32 at 100.00 N/R 5,715,450
2,035   Sachse, Texas, Special Assessment Bonds, Sachse Public Improvement District 1 Major Improvement Area Project, Series 2020, 5.375%, 9/15/40, 144A   9/30 at 100.00 N/R 2,075,639
    Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Taxable Series 2021:        
450   3.292%, 9/01/40  –  AGM Insured   9/30 at 100.00 A2 460,647
350   3.422%, 9/01/50  –  AGM Insured   9/30 at 100.00 A2 356,492
49,860   Total Texas       53,302,494
    Utah – 0.4% (0.3% of Total Investments)        
500   Red Bridge Public Infrastructure District 1, Utah, Limited Tax General Obligation Bonds, Series 2021A, 4.125%, 2/01/41, 144A   2/26 at 103.00 N/R 502,245
1,000   Utah Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School Project, Series 2020A, 5.125%, 7/15/51, 144A   1/25 at 102.00 N/R 1,022,170
1,000   Utah Charter School Finance Authority, Charter School Revenue Bonds, Providence Hall Projects, Refunding Serier 2021A, 4.000%, 10/15/51   10/31 at 100.00 Aa2 1,125,440
    Utah Infrastructure Agency, Telecommunications Revenue Bonds, Series 2021:        
375   4.000%, 10/15/41   4/31 at 100.00 BBB- 417,113
500   3.000%, 10/15/45   4/31 at 100.00 BBB- 493,555
    Vineyard Redevelopment Agency, Utah, Tax Increment Revenue Bonds, Refunding Series 2021:        
60   4.000%, 5/01/36  –  AGM Insured   5/31 at 100.00 AA 69,056
95   4.000%, 5/01/38  –  AGM Insured   5/31 at 100.00 AA 109,014
3,530   Total Utah       3,738,593
    Virginia – 3.1% (2.0% of Total Investments)        
5,000   Hampton Roads Transportation Accountability Commision, Virginia, Revenue Bonds, Hampton Roads Transportation Fund, Senior Lien Series 2020A, 5.250%, 7/01/60   7/30 at 100.00 AA 6,160,600
10,750   Roanoke Economic Development Authority, Virginia, Hospital Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A, 4.000%, 7/01/51 (UB) (4)   7/30 at 100.00 AA- 12,006,998
    Virginia Commonwealth Transportation Board, Interstate 81 Corridor Program Revenue Bonds, Senior Lien Series 2021:        
600   4.000%, 5/15/36   5/31 at 100.00 AA- 709,104
900   4.000%, 5/15/38   5/31 at 100.00 AA- 1,059,696
2,030   4.000%, 5/15/39   5/31 at 100.00 AA- 2,386,407
3,000   Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/49 (AMT) (4)   6/27 at 100.00 Baa3 3,487,110
1,000   Virginia Small Business Financing Authority, Tourism Development Financing Program Revenue Bonds, Virginia Beach Oceanfront South Hotel Project, Senior Series 2020A-1, 8.000%, 10/01/43, 144A   10/30 at 120.40 N/R 1,241,000
23,280   Total Virginia       27,050,915
24
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Washington – 0.7% (0.5% of Total Investments)        
$1,230   King and Pierce Counties School District 408 Auburn, Washington, General Obligation Bonds, Refunding Series 2020, 3.000%, 12/01/38   12/30 at 100.00 Aaa $1,321,266
5,000   King County Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding Series 2019, 3.000%, 11/01/39   11/29 at 100.00 AAA 5,233,950
6,230   Total Washington       6,555,216
    West Virginia – 0.6% (0.4% of Total Investments)        
4,000   West Virginia Economic Development Authority, Dock and Wharf Facilities Revenue Bonds, Empire Trimodal Terminal, LLC Project, Series 2020, 7.625%, 12/01/40, 144A   12/27 at 103.00 N/R 4,015,880
1,000   West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Arch Resources Project, Series 2021, 4.125%, 7/01/45 (AMT) (Mandatory Put 7/01/25)   1/25 at 100.00 B 1,040,220
5,000   Total West Virginia       5,056,100
    Wisconsin – 3.4% (2.3% of Total Investments)        
3,000   Gillett, Wisconsin, Solid Waste Disposal Revenue Bonds, WI RNG Hub North LLC Renewable Natural Gas Production Plant Project, Series 2021A, 5.500%, 12/01/32 (AMT), 144A   12/26 at 100.00 N/R 2,907,000
6,350   Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Freedom Classical Academy Inc., Series 2020A, 5.000%, 1/01/56, 144A   1/28 at 100.00 N/R 6,653,974
1,000   Public Finance Authority of Wisconsin, Education Revenue Bonds, The Capitol Encore Academy, Series 2021A, 5.000%, 6/01/56, 144A   6/28 at 100.00 N/R 1,022,240
1,000   Public Finance Authority of Wisconsin, Educational Facility Revenue Bonds, LEAD Academy Project, Series 2021, 5.000%, 8/01/51, 144A   8/28 at 100.00 N/R 1,018,300
    Public Finance Authority of Wisconsin, Health Care Facilities Revenue Bonds, Appalachian Regional Healthcare System Obligated Group, Series 2021A:        
300   5.000%, 7/01/35   1/31 at 100.00 BBB 370,485
190   5.000%, 7/01/38   1/31 at 100.00 BBB 233,782
    Public Finance Authority of Wisconsin, Hospital Revenue Bonds, Renown Regional Medical Center Project, Refunding Series 2020A:        
2,035   3.000%, 6/01/45 (UB) (4)   6/30 at 100.00 A+ 2,088,358
5,415   3.000%, 6/01/45  –  AGM Insured (UB) (4)   6/30 at 100.00 A+ 5,598,027
5,000   Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A   12/27 at 100.00 N/R 5,366,700
2,170   Public Finance Authority of Wisconsin, Revenue Bonds, Bayhealth Medical Center Project, Series 2021A, 3.000%, 7/01/50   1/32 at 100.00 N/R 2,123,041
2,000   Public Finance Authority of Wisconsin, Revenue Bonds, Sky Harbour LLC Obligated Group Aviation Facilities Project, Series 2021, 4.000%, 7/01/41 (AMT)   7/31 at 100.00 N/R 2,009,540
200   Public Finance Authority of Wisconsin, Revenue Bonds, Wonderful Foundations Charter School WFCS Portfolio Projects, Senior Series 2021A-1, 5.000%, 1/01/56, 144A   1/31 at 100.00 N/R 213,012
205   Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Gundersen Health System, Refunding Series 2021A, 3.000%, 10/15/37   10/31 at 100.00 AA- 213,059
28,865   Total Wisconsin       29,817,518
$1,352,043   Total Municipal Bonds (cost $1,311,295,907)       1,324,115,382
    
25
NDMO Nuveen Dynamic Municipal Opportunities Fund (continued)
  Portfolio of Investments January 31, 2022
  (Unaudited)
Principal Amount (000)   Description (1) Coupon Maturity Ratings (3) Value
    CORPORATE BONDS – 0.2% (0.1% of Total Investments)        
    Real Estate – 0.1% (0.1% of Total Investments)        
$1,000   Benloch Ranch Improvement Association No 1 9.750% 12/01/39 N/R $1,071,754
    Utilities – 0.1% (0.0% of Total Investments)        
1,500   Talen Energy Supply LLC 6.000% 12/15/36 CCC 517,500
$2,500   Total Corporate Bonds (cost $1,770,115)       1,589,254
    Total Long-Term Investments (cost $1,313,066,022)       1,325,704,636
    Floating Rate Obligations – (23.1)%       (204,590,000)
    Borrowings – (21.7)% (7), (8)       (191,900,000)
    Reverse Repurchase Agreements, including accrued interest – (5.1)% (9)       (44,806,969)
    Other Assets Less Liabilities – 0.2% (10)       1,248,186
    Net Assets Applicable to Common Shares – 100%       $885,655,853
    
Futures Contracts - Short  
Description Number of
Contracts 		Expiration
Date 		Notional
Amount 		Value Unrealized
Appreciation
(Depreciation) 		Variation
Margin
Receivable/
(Payable)
U.S. Treasury 5-Year Note (1,188) 03/22 $(141,619,392) $(141,613,312) $6,079 $(46,406)
U.S. Treasury 10-Year Note (459) 03/22 (59,436,096) (58,737,656) 698,439 (7,172)
U.S. Treasury Long Bond (201) 03/22 (32,013,323) (31,280,625) 732,698 25,125
U.S. Treasury Ultra Bond (325) 03/22 (63,365,385) (61,404,688) 1,960,698 192,969
Total     $(296,434,196) $(293,036,281) $3,397,914 $164,516
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/Trustees. 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. U.S. GAAP establishes the three-tier hierarchy which 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 management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
26
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value them:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $1,324,115,382 $ — $1,324,115,382
Corporate Bonds  — 1,589,254  — 1,589,254
Investments in Derivatives:        
Futures Contracts* 3,397,914  —  — 3,397,914
Total $3,397,914 $1,325,704,636 $ — $1,329,102,550
    
* Represents net unrealized appreciation (depreciation).
    
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.  
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.  
(3) The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.  
(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for inverse floating rate transactions and/or reverse repurchase agreements. As of the end of the reporting period, investments with a value of $50,410,872 have been pledged as collateral for reverse repurchase agreements.  
(5) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.  
(6) Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.  
(7) Borrowings as a percentage of Total Investments is 14.5%.  
(8) The Fund segregates 100% of its eligible investments (excluding any investments separately pledged as collateral for specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings.  
(9) Reverse Repurchase Agreements, including accrued interest as a percentage of Total Investments is 3.4%.  
(10) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
AMT Alternative Minimum Tax  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
WI/DD Purchased on a when-issued or delayed delivery basis.  
27