NPORT-EX 2 tiaa_NDMO.htm
1
Nuveen
Dynamic
Municipal
Opportiunities
Fund
Portfolio
of
Investments
January
31,
2023
(Unaudited)
NDMO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
134.6%  
(100.0%
of
Total
Investments)
X
826,616,325
MUNICIPAL
BONDS
-
122.7%
(91.1%
of
Total
Investments)
X
826,616,325
Alabama
-
1.5%
(1.1%
of
Total
Investments)
$
2,360
Hoover
Industrial
Development
Board,
Alabama,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Proejcet,
Green
Series
2020,
6.375%,
11/01/50,
(AMT),
(Mandatory
Put
11/01/30)
No
Opt.
Call
BB-  
$
2,649,808
3,500
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
A-  
3,253,565
4,960
Mobile
County,
Alabama,
Limited
Obligation
Warrants,
Gomesa
Projects,
Series
2020,
4.000%,
11/01/45,
144A
11/29
at
100.00
N/R  
4,407,754
10,820
Total
Alabama
10,311,127
Arizona
-
6.3%
(4.7%
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  
429,688
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  
1,950,867
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  
3,086,892
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  
926,520
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  
921,794
1,500
5.000%,
12/15/50,
144A
12/28
at
100.00
BB  
1,443,195
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-  
1,315,590
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
BB  
3,582,270
4,160
Chandler
Industrial
Development
Authority,
Arizona,
Industrial
Development
Revenue
Bonds,
Intel
Corporation
Project,
Series
2022-
2,
5.000%,
9/01/52,
(AMT),
(Mandatory
Put
9/01/27)
3/27
at
100.00
A+  
4,408,310
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  
948,583
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  
1,011,240
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  
2,860,745
Nuveen
Dynamic
Municipal
Opportiunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
2
NDMO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Arizona
(continued)
Pima
County
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
American
Leadership
Academy
Project,
Refunding
Series
2022.
Forward
Delivery:
$
690
4.000%,
6/15/41,
144A
6/26
at
100.00
N/R  
$
585,458
2,015
4.000%,
6/15/51,
144A
6/26
at
100.00
N/R  
1,561,686
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  
5,288,113
6,800
5.000%,
7/01/40,
144A
7/26
at
103.00
N/R  
6,598,584
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  
4,103,085
Pima
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Tucson
Medical
Center,
Series
2021A:
400
4.000%,
4/01/39
4/31
at
100.00
A  
398,180
800
4.000%,
4/01/40
4/31
at
100.00
A  
789,512
46,840
Total
Arizona
42,210,312
Arkansas
-
3.5%
(2.6%
of
Total
Investments)
5,500
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
5.450%,
9/01/52,
(AMT),
144A
9/25
at
105.00
BB  
5,503,080
20,000
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
Ba2  
18,128,200
25,500
Total
Arkansas
23,631,280
California
-
9.6%
(7.1%
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  
3,131,657
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  
2,930,118
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  
2,226,900
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  
919,625
5,500
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Los
Angeles
County
Museum
of
Natural
History
Foundation,
Series
2020,
3.000%,
7/01/50
7/30
at
100.00
A2  
4,406,985
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  
209,298
2,750
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
5.000%,
12/31/47,
(AMT)
6/28
at
100.00
BBB-  
2,786,795
7,000
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+  
6,944,840
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  
4,180,100
3
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
California
(continued)
$
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  
$
412,004
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  
1,537,880
6,680
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Various
Capital
Projects,
Series
2021D,
5.000%,
11/01/46
11/31
at
100.00
Aa3  
7,499,502
995
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  
805,801
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  
1,429,180
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  
5,477,643
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  
344,070
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  
785,230
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  
379,775
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  
987,040
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  
1,576,520
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
BBB-  
1,815,540
160
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1,
5.000%,
6/01/51
12/31
at
100.00
BBB+  
170,203
4,830
Huntington
Beach,
California,
Pension
Obligation
Bonds,
Taxable
Series
2021,
2.963%,
6/15/36
-
BAM
Insured
6/31
at
100.00
AA+  
3,975,476
1,280
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022C,
5.000%,
7/01/52
1/32
at
100.00
Aa2  
1,432,013
985
Northstar
Community
Services
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Series
2006,
1.250%,
9/01/37
(4)
9/23
at
100.00
N/R  
423,736
150
Ravenswood
City
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
2018
Series
2021A,
4.000%,
8/01/36
8/29
at
100.00
AAA  
156,510
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1:
1,070
5.000%,
9/01/42
-
AGM
Insured
9/29
at
103.00
AA  
1,182,147
525
5.250%,
9/01/52
-
AGM
Insured
9/29
at
103.00
AA  
578,592
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Subordinate
Series
2022B-2:
1,070
5.000%,
9/01/42
9/29
at
103.00
N/R  
1,061,483
1,805
5.250%,
9/01/47
9/29
at
103.00
N/R  
1,821,696
Nuveen
Dynamic
Municipal
Opportiunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
4
NDMO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
California
(continued)
$
1,000
5.000%,
9/01/52
9/29
at
103.00
N/R  
$
980,100
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  
589,118
750
San
Francisco
Municipal
Transportation
Agency,
California,
Revenue
Bonds,
Taxable
Refunding
Series
2021A,
1.302%,
3/01/28
No
Opt.
Call
Aa3  
640,717
San
Jose,
California,
Airport
Revenue
Bonds,
Taxable
Refunding
Series
2021C:
500
1.882%,
3/01/28
No
Opt.
Call
A  
435,190
290
2.310%,
3/01/30
No
Opt.
Call
A  
246,044
420
3.290%,
3/01/41
3/31
at
100.00
A  
324,551
79,845
Total
California
64,804,079
Colorado
-
17.9%
(13.3%
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  
2,310,916
480
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  
378,048
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  
1,222,528
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  
955,177
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  
2,149,637
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  
4,821,923
499
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  
473,167
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  
1,577,237
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  
889,410
734
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  
676,542
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  
487,280
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
3/23
at
100.00
N/R  
1,044,945
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  
2,454,733
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  
1,341,496
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-  
2,600,748
5
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Colorado
(continued)
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  
$
85,673
100
4.000%,
7/01/51,
144A
7/31
at
100.00
N/R  
78,320
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  
847,140
500
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Cappella
of
Grand
Junction
Project,
Series
2019,
5.000%,
12/01/54,
144A
(4)
12/26
at
103.00
N/R  
352,800
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  
14,948,640
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
12/30
at
100.00
AA  
5,053,360
656
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  
631,616
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022A:
1,000
5.000%,
11/15/31,
(AMT)
No
Opt.
Call
AA-  
1,153,320
1,355
5.500%,
11/15/40,
(AMT)
11/32
at
100.00
AA-  
1,564,862
1,085
5.500%,
11/15/53,
(AMT)
11/32
at
100.00
AA-  
1,213,855
4,000
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A,
6.750%,
12/01/34,
144A
9/27
at
103.00
N/R  
4,066,640
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  
953,760
Fourth
North
Business
Improvement
District,
Silverthorne,
Summit
County,
Colorado,
Special
Revenue
and
Tax
Supported
Bonds,
Refunding
&
Improvement
Senior
Series
2022A:
1,425
5.250%,
12/01/32
12/30
at
102.00
N/R  
1,429,945
1,200
5.750%,
12/01/52
12/30
at
102.00
N/R  
1,196,484
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  
1,754,220
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  
871,260
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  
5,188,995
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  
1,702,960
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  
904,950
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  
1,347,680
3,000
Ledge
Rock
Center
Commercial
Metropolitan
District
(In
the
Town
of
Johnstown,
Weld
County,
Colorado),
Limited
Tax
General
Obligation
Bonds,
Series
2022,
7.375%,
11/01/52,
144A
11/29
at
103.00
N/R  
3,028,500
Nuveen
Dynamic
Municipal
Opportiunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
6
NDMO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Colorado
(continued)
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  
$
465,465
500
5.000%,
4/15/51
6/26
at
103.00
N/R  
437,860
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  
400,025
480
Mountain
Sky
Metropolitan
District,
Fort
Lupton,
Weld
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2020A,
5.000%,
12/01/49
3/25
at
103.00
N/R  
442,214
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  
933,530
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  
1,610,411
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  
253,242
1,100
Peak
Metropolitan
District
3,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A-1,
7.500%,
12/01/52
12/27
at
103.00
N/R  
1,110,824
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  
895,243
7,040
Pioneer
Community
Authority
Board
(Weld
County,
Colorado),
Special
Revenue
Bonds,
Series
2022,
6.500%,
12/01/34
6/29
at
103.00
N/R  
6,764,525
Rampart
Range
Metropolitan
District
1,
Lone
Tree,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017:
3,665
5.000%,
12/01/42
12/27
at
100.00
AA  
3,977,661
1,685
5.000%,
12/01/47
12/27
at
100.00
AA  
1,818,536
2,000
Rampart
Range
Metropolitan
District
5,
Lone
Tree,
Douglas
County,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Series
2021,
4.000%,
12/01/41
10/26
at
102.00
N/R  
1,578,920
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
A-  
492,820
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  
938,275
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  
821,250
740
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  
722,825
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  
2,248,057
2,300
5.125%,
12/01/50
12/25
at
103.00
N/R  
2,101,418
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  
1,949,692
7
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Colorado
(continued)
$
496
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
3/23
at
103.00
N/R  
$
490,544
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
(5)
3/26
at
103.00
N/R  
759,470
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  
1,158,481
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  
3,381,450
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  
9,402,500
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  
1,346,325
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  
1,419,780
983
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  
940,692
130,928
Total
Colorado
120,620,802
District
of
Columbia
-
1.8%
(1.3%
of
Total
Investments)
3,375
District
of
Columbia,
Income
Tax
Secured
Revenue
Bonds,
Refunding
Forward
Delivery
Series
2022C,
5.000%,
12/01/36
12/32
at
100.00
AAA  
3,981,049
5,420
District
of
Columbia,
Income
Tax
Secured
Revenue
Bonds,
Series
2022A,
5.500%,
7/01/47
7/32
at
100.00
AAA  
6,332,132
1,000
Washington
Convention
and
Sports
Authority,
Washington
D.C.,
Dedicated
Tax
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A,
4.000%,
10/01/37
10/30
at
100.00
AA  
1,025,110
625
Washington
Convention
and
Sports
Authority,
Washington
D.C.,
Dedicated
Tax
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B,
4.000%,
10/01/38
10/30
at
100.00
AA  
642,462
10,420
Total
District
of
Columbia
11,980,753
Florida
-
18.0%
(13.4%
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  
972,630
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  
1,307,479
500
Ave
Maria
Stewardship
Community
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Phase
3
Master
Improvements
Project,
Series
2021,
4.000%,
5/01/52,
144A
5/32
at
100.00
N/R  
405,230
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  
1,042,904
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  
1,202,775
Nuveen
Dynamic
Municipal
Opportiunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
8
NDMO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Florida
(continued)
$
2,500
Broward
County,
Florida,
Port
Facilities
Revenue
Bonds,
Series
2019B,
4.000%,
9/01/39,
(AMT)
9/29
at
100.00
A1  
$
2,520,700
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  
1,155,898
1,260
5.000%,
6/15/55,
144A
6/27
at
100.00
N/R  
1,108,447
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  
190,718
450
4.200%,
8/15/56,
144A
8/28
at
100.00
N/R  
344,637
500
4.250%,
8/15/61,
144A
8/28
at
100.00
N/R  
375,635
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  
3,440,999
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  
735,070
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  
198,148
5,220
Currents
Community
Development
District,
Collier
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2020B,
4.250%,
5/01/41,
144A
No
Opt.
Call
N/R  
4,656,866
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  
1,196,445
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  
2,036,850
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  
798,230
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  
9,011,400
1,100
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Mater
Academy
Projects,
Series
2020A,
5.000%,
6/15/50
6/27
at
100.00
BBB  
1,085,689
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  
420,200
19,650
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  
17,783,250
Florida
Development
Finance
Corporation,
Florida,
Surface
Transportation
Facility
Revenue
Bonds,
Virgin
Trains
USA
Passenger
Rail
Project,
Series
2019A:
1,250
6.375%,
1/01/49,
(AMT),
(Mandatory
Put
1/01/26),
144A
3/23
at
102.00
N/R  
1,155,100
6,890
6.500%,
1/01/49,
(AMT),
(Mandatory
Put
1/01/29),
144A
3/23
at
102.00
N/R  
6,267,971
Florida
Development
Finance
Corporation,
Healthcare
Facilties
Revenue
Bonds,
Lakeland
Regional
Health
Systems,
Series
2021:
450
4.000%,
11/15/35
11/31
at
100.00
A2  
459,432
1,000
4.000%,
11/15/37
11/31
at
100.00
A2  
1,000,440
1,940
4.000%,
11/15/38
11/31
at
100.00
A2  
1,931,716
9
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Florida
(continued)
$
22,505
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Passenger
Rail
Expansion
Project,
Series
2022A,
7.250%,
7/01/57,
(AMT),
(Mandatory
Put
10/03/23),
144A
3/23
at
102.00
N/R  
$
22,470,117
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  
993,267
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  
785,666
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  
991,166
1,500
4.500%,
5/01/52
5/31
at
100.00
N/R  
1,299,960
2,500
Greater
Orlando
Aviation
Authority,
Florida,
Special
Purpose
Airport
Facilities
Revenue
Bonds,
JetBlue
Airways
Corporation,
Series
2013,
5.000%,
11/15/36,
(AMT)
5/23
at
100.00
N/R  
2,503,675
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  
798,920
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  
1,005,175
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
Ba2  
1,063,545
8,000
Miami-Dade
County
Expressway
Authority,
Florida,
Toll
System
Revenue
Bonds,
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
A  
8,126,800
870
Miami-Dade
County,
Florida,
Seaport
Revenue
Bonds,
Refunding
Series
2022A,
5.250%,
10/01/52,
(AMT),
(UB)
,
(WI/DD,
Settling
2/02/23)
10/32
at
100.00
A  
930,395
2,840
Miami-Dade
County,
Florida,
Special
Obligation
Bonds,
Subordinate
Series
2009,
0.000%,
10/01/42
-
BAM
Insured
No
Opt.
Call
AA  
1,231,623
1,200
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2021,
3.000%,
10/01/40
4/31
at
100.00
AA-  
1,062,564
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  
1,196,445
3,495
Miramar,
Florida,
Special
Obligation
Revenue
Bonds,
Taxable
Refunding
Series
2021,
2.643%,
10/01/36
10/31
at
100.00
Aa2  
2,726,764
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  
797,630
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  
800,890
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
6/27
at
103.00
N/R  
191,018
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  
1,189,875
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  
409,880
Nuveen
Dynamic
Municipal
Opportiunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
10
NDMO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Florida
(continued)
$
2,145
South
Broward
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
South
Broward
Hospital
District
Obligated
Group,
Refunding
Series
2016A,
4.000%,
5/01/44
5/26
at
100.00
AA  
$
2,117,565
3,000
South
Miami
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Baptist
Health
Systems
of
South
Florida
Obligated
Group,
Refunding
Series
2017,
4.000%,
8/15/47
8/27
at
100.00
AA-  
2,901,480
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  
1,153,545
245
Summit
View
Community
Development
District,
Dade
City,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2021B,
5.000%,
5/01/41
No
Opt.
Call
N/R  
223,658
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  
469,215
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  
365,232
525
Windward
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2020A-2,
4.400%,
11/01/35
No
Opt.
Call
N/R  
500,021
133,670
Total
Florida
121,110,950
Georgia
-
0.4%
(0.3%
of
Total
Investments)
500
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2021A,
3.000%,
2/15/51
2/31
at
100.00
A  
382,490
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-  
2,518,110
3,500
Total
Georgia
2,900,600
Guam
-
0.7%
(0.5%
of
Total
Investments)
415
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2021F.
Forward
Delivery,
4.000%,
1/01/42
1/31
at
100.00
Ba1  
391,063
1,600
Government
of
Guam,
Hotel
Occupancy
Tax
Revenue
Bonds,
Refunding
Series
2021A,
5.000%,
11/01/40
5/31
at
100.00
Ba1  
1,688,704
Guam
A.B.
Won
Pat  International
Airport
Authority,
Revenue
Bonds,
Series
2021A:
750
2.499%,
10/01/25
No
Opt.
Call
Baa2  
699,457
835
2.899%,
10/01/27
No
Opt.
Call
Baa2  
749,972
765
3.099%,
10/01/28
No
Opt.
Call
Baa2  
678,540
450
4.460%,
10/01/43
10/31
at
100.00
Baa2  
363,469
4,815
Total
Guam
4,571,205
Idaho
-
0.2%
(0.1%
of
Total
Investments)
Idaho
Housing
and
Finance
Association,
Grant
and
Revenue
Anticipation
Bonds,
Federal
Highway
Trust
Funds,
Series
2021A:
645
4.000%,
7/15/38
7/31
at
100.00
A+  
659,461
500
4.000%,
7/15/39
7/31
at
100.00
A+  
509,135
1,145
Total
Idaho
1,168,596
Illinois
-
8.1%
(6.1%
of
Total
Investments)
2,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2021A,
5.000%,
12/01/34
12/30
at
100.00
BB+  
2,095,200
15,000
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Series
2014,
5.250%,
12/01/49
12/24
at
100.00
AA  
15,283,500
11
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Illinois
(continued)
$
1,000
Chicago,
Illinois,
Midway
Airport
Revenue
Bonds,
Refunding
Second
Lien
Series
2014A,
5.000%,
1/01/31
1/24
at
100.00
A  
$
1,016,020
Cook
County,
Illinois,
Sales
Tax
Revenue
Bonds,
Series
2021A:
2,475
4.000%,
11/15/39
11/30
at
100.00
AA-  
2,462,279
475
4.000%,
11/15/40
11/30
at
100.00
AA-  
470,563
5,085
DuPage
County,
Illinois,
Revenue
Bonds,
Morton
Arboretum
Project,
Green
Series
2020,
3.000%,
5/15/47
5/30
at
100.00
A1  
3,936,044
250
Illinois
Finance
Authority,
Revenue
Bonds,
Acero
Charter
Schools,
Inc.,
Series
2021,
4.000%,
10/01/42,
144A
10/31
at
100.00
BB+  
195,625
240
Illinois
Finance
Authority,
Revenue
Bonds,
Dominican
University,
Refunding
Series
2022,
5.000%,
3/01/34
9/32
at
100.00
BBB-  
253,923
875
Illinois
Finance
Authority,
Revenue
Bonds,
Lutheran
Home
and
Services,
Series
2019A,
5.000%,
11/01/49
11/26
at
103.00
N/R  
743,671
815
Illinois
Finance
Authority,
Revenue
Bonds,
Northshore
-
Edward-
Elmhurst
Health
Credit
Group,
Series
2022A,
5.000%,
8/15/47
8/32
at
100.00
AA-  
884,732
4,400
Illinois
State,
General
Obligation
Bonds,
Build
America
Taxable
Bonds,
Series
2010-4,
7.100%,
7/01/35
No
Opt.
Call
BBB+  
4,737,040
5,753
Illinois
State,
General
Obligation
Bonds,
Build
America
Taxable
Bonds,
Series
2010-5,
7.350%,
7/01/35
No
Opt.
Call
BBB+  
6,206,602
1,500
Illinois
State,
General
Obligation
Bonds,
May
Series
2014,
5.000%,
5/01/32
5/24
at
100.00
BBB+  
1,525,110
5,000
Illinois
State,
General
Obligation
Bonds,
Taxable
Build
America
Bonds,
Series
2010-3,
6.725%,
4/01/35
No
Opt.
Call
BBB+  
5,249,100
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2022A:
1,290
0.000%,
12/15/35
12/31
at
90.33
A-  
725,561
1,285
0.000%,
6/15/36
12/31
at
89.03
A-  
701,674
1,715
0.000%,
6/15/38
12/31
at
84.11
A-  
840,247
1,800
0.000%,
6/15/39
12/31
at
81.66
A-  
833,616
1,500
0.000%,
6/15/40
12/31
at
79.15
A-  
652,875
1,415
0.000%,
12/15/40
12/31
at
78.00
A-  
601,304
550
0.000%,
12/15/41
12/31
at
75.58
A-  
218,702
5,190
Romeoville,
Will
County,
Illinois,
Revenue
Bonds,
Lewis
University
Project,
Series
2015,
5.000%,
10/01/35
4/25
at
100.00
BBB  
5,238,786
59,613
Total
Illinois
54,872,174
Indiana
-
2.0%
(1.5%
of
Total
Investments)
6,750
Fort
Wayne,
Indiana
Economic
Development,
Solid
Waste
Facility
Revenue
Bonds,
Do
Good
Foods
LLC
Fort
Wayne,
Series
2022A-1,
9.000%,
12/01/44,
(AMT),
144A
12/29
at
105.00
N/R  
6,821,820
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  
1,263,850
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  
3,715,570
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
BB-  
1,854,921
13,235
Total
Indiana
13,656,161
Nuveen
Dynamic
Municipal
Opportiunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
12
NDMO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Iowa
-
0.5%
(0.4%
of
Total
Investments)
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022:
$
1,745
5.000%,
12/01/50,
(Mandatory
Put
12/01/42)
12/29
at
103.00
BBB-  
$
1,784,332
1,615
5.000%,
12/01/50
12/29
at
103.00
BBB-  
1,626,111
3,360
Total
Iowa
3,410,443
Kentucky
-
1.3%
(1.0%
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  
2,699,550
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
A1  
2,649,244
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  
2,651,087
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  
811,460
9,770
Total
Kentucky
8,811,341
Louisiana
-
0.8%
(0.6%
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  
1,004,928
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  
2,050,720
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-  
2,176,620
5,150
Total
Louisiana
5,232,268
Maryland
-
1.1%
(0.8%
of
Total
Investments)
200
Baltimore,
Maryland,
Special
Obligation
Bonds,
Harbor
Point
Project,
Refunding
Series
2022,
4.500%,
6/01/33,
144A
6/31
at
100.00
N/R  
198,848
2,200
Frederick
County,
Maryland,
Special
Obligation
Bonds,
Urbana
Community
Development
Authority,
Refunding
Series
2020C,
4.000%,
7/01/50,
144A
7/30
at
100.00
N/R  
1,924,010
5,255
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  
5,152,685
7,655
Total
Maryland
7,275,543
Massachusetts
-
0.7%
(0.5%
of
Total
Investments)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Northeastern
University,
Series
2022:
395
5.000%,
10/01/39
10/32
at
100.00
A1  
459,816
2,755
5.000%,
10/01/41
10/32
at
100.00
A1  
3,172,327
935
5.000%,
10/01/44
10/32
at
100.00
A1  
1,065,545
4,085
Total
Massachusetts
4,697,688
Michigan
-
0.8%
(0.6%
of
Total
Investments)
5,000
Detroit,
Wayne
County,
Michigan,
General
Obligation
Bonds,
Financial
Recovery
Series
2014B-1,
4.000%,
4/01/44
3/23
at
100.00
N/R  
3,775,900
710
Gerald
R.
Ford
International
Airport
Authority,
Kent
County,
Michigan,
Revenue
Bonds,
Limited
Tax
General
Obligation
Series
2021,
5.000%,
1/01/46,
(AMT)
1/32
at
100.00
AAA  
766,175
13
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Michigan
(continued)
$
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  
$
794,332
13,320
Total
Michigan
5,336,407
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-  
977,185
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  
872,949
2,240
Total
Minnesota
1,850,134
Missouri
-
1.1%
(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
BBB-  
91,524
310
3.000%,
3/01/46
3/31
at
100.00
BBB-  
219,821
80
4.000%,
3/01/46
3/31
at
100.00
BBB-  
71,462
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  
929,852
3,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2014F,
4.000%,
11/15/45
11/24
at
100.00
A+  
2,951,850
Saint
Louis
Municipal
Finance
Corporation,
Missouri,
Leasehold
Revenue
Bonds,
Convention
Center,
Expansion
&
Improvement
Projects
Series
2020:
2,625
5.000%,
10/01/45
-
AGM
Insured
10/30
at
100.00
AA  
2,812,766
530
5.000%,
10/01/49
-
AGM
Insured
10/30
at
100.00
AA  
564,296
7,745
Total
Missouri
7,641,571
Nevada
-
0.5%
(0.4%
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  
1,777,100
Las
Vegas,
Nevada,
Local
Improvement
Bonds,
Special
Improvement
District
611
Sunstone
Phase
I
and
II,
Series
2020:
445
4.000%,
6/01/40
6/30
at
100.00
N/R  
399,219
1,145
4.125%,
6/01/50
6/30
at
100.00
N/R  
982,032
3,590
Total
Nevada
3,158,351
New
Hampshire
-
0.2%
(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
BBB+  
1,086,950
1,250
Total
New
Hampshire
1,086,950
New
Jersey
-
0.3%
(0.2%
of
Total
Investments)
2,035
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016,
4.000%,
7/01/48
7/26
at
100.00
BBB-  
1,706,633
545
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA,
4.000%,
6/15/50,
(UB)
(6)
12/30
at
100.00
A3  
518,976
2,580
Total
New
Jersey
2,225,609
Nuveen
Dynamic
Municipal
Opportiunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
14
NDMO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
Mexico
-
0.9%
(0.7%
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  
$
6,371,120
7,000
Total
New
Mexico
6,371,120
New
York
-
12.7%
(9.4%
of
Total
Investments)
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  
3,943,950
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  
1,145,595
3,000
5.000%,
6/01/55,
144A
12/30
at
100.00
N/R  
2,415,330
1,000
Build
Resource
Corporation,
New
York,
Revenue
Bonds,
Shefa
School,
Series
2021A,
5.000%,
6/15/51,
144A
6/31
at
100.00
N/R  
942,190
10,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Catholic
Health
System
Obligated
Group
Series
2019A,
4.000%,
7/01/45
7/29
at
100.00
B-  
7,172,600
10,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2014D-1,
5.250%,
11/15/44,
(UB)
(6)
11/24
at
100.00
A3  
10,070,200
4,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2022
Subseries
F-1,
5.000%,
2/01/47
2/32
at
100.00
AAA  
4,431,680
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2023
Series
A-1:
2,785
5.250%,
8/01/42
8/32
at
100.00
AAA  
3,221,187
4,640
5.000%,
8/01/43
8/32
at
100.00
AAA  
5,236,843
3,005
5.000%,
8/01/44
8/32
at
100.00
AAA  
3,376,809
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  
2,995,800
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
7
World
Trade
Center
Project,
Refunding
Green
Series
2022A-CL2:
1,290
3.250%,
9/15/52
3/30
at
100.00
Aa3  
1,041,546
515
3.500%,
9/15/52
3/30
at
100.00
A2  
424,319
3,045
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Secured
by
Port
Authority
Consolidated
Bonds,
Refunding
Series
1WTC-2021,
2.750%,
2/15/44
-
BAM
Insured
2/30
at
100.00
AA  
2,364,199
3,530
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Bidding
Group
1
Series
2022A,
5.000%,
3/15/41
9/32
at
100.00
AA+  
3,972,203
2,500
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Climate
Certified
Green
Series
2022C,
5.000%,
3/15/53
9/32
at
100.00
AA+  
2,737,750
3,500
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2022A,
5.000%,
3/15/45
9/32
at
100.00
Aa1  
3,895,640
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-  
166,786
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020:
11,250
5.250%,
8/01/31,
(AMT)
8/30
at
100.00
B  
11,602,125
3,400
5.375%,
8/01/36,
(AMT)
8/30
at
100.00
B  
3,453,414
15
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
York
(continued)
$
420
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  
$
396,862
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
Baa3  
1,004,470
3,960
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
AAA  
3,794,551
3,240
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2020A,
5.000%,
11/15/49
11/30
at
100.00
AA-  
3,533,188
1,985
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2021A,
5.000%,
11/15/56
5/31
at
100.00
AA-  
2,158,826
87,555
Total
New
York
85,498,063
North
Carolina
-
0.1%
(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-  
362,855
415
Total
North
Carolina
362,855
Ohio
-
4.3%
(3.2%
of
Total
Investments)
2,115
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1,
4.000%,
6/01/48
6/30
at
100.00
BBB+  
1,947,006
6,790
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  
6,484,450
Cleveland,
Ohio,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2021A:
485
3.000%,
12/01/33
6/30
at
100.00
AA+  
492,512
605
3.000%,
12/01/34
6/30
at
100.00
AA+  
609,459
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  
1,001,520
1,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Refunding
Series
2009D,
3.375%,
8/01/29,
(Mandatory
Put
9/15/21)
No
Opt.
Call
BBB-  
890,310
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  
758,760
1,000
Ohio
State,
Hospital
Revenue
Bonds,
University
Hospitals
Health
System,
Inc.,
Fixed
Interest
Rate
Series
2020A,
3.000%,
1/15/45
1/30
at
100.00
A  
796,030
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  
15,299,970
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  
906,140
35,745
Total
Ohio
29,186,157
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  
783,220
1,000
Total
Oklahoma
783,220
Nuveen
Dynamic
Municipal
Opportiunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
16
NDMO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
-
2.9%
(2.1%
of
Total
Investments)
$
955
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  
$
972,458
500
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Generation
Project,
Series
2008B,
3.750%,
10/01/47
4/31
at
100.00
BBB-  
383,575
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  
943,070
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  
2,038,100
1,300
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  
1,071,603
2,960
Pennsylvania
Economic
Development
Financing
Authority,
Parking
System
Revenue
Bonds,
Capitol
Region
Parking
System,
Junior
Guaranteed
Series
2013B,
0.000%,
1/01/45
-
BAM
Insured
No
Opt.
Call
AA  
994,678
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  
2,555,775
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2022B:
30
5.250%,
12/01/41
12/32
at
100.00
AA-  
33,670
485
5.250%,
12/01/42
12/32
at
100.00
AA-  
544,330
1,310
5.250%,
12/01/44
12/32
at
100.00
AA-  
1,470,252
1,965
5.250%,
12/01/47
12/32
at
100.00
AA-  
2,200,918
5,000
5.250%,
12/01/52
12/32
at
100.00
AA-  
5,567,600
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  
619,184
20,805
Total
Pennsylvania
19,395,213
Puerto
Rico
-
5.1%
(3.8%
of
Total
Investments)
1,946
HTA
Claas
6,
Puerto
Rico
Highway
and
Transportation
Authority
Highway
Revenue
Bonds,
Series
2022,
5.250%,
7/01/38
2/23
at
100.00
N/R  
1,947,319
8,000
Puerto
Rico
Electric
Power
Authority,
Power
Revenue
Bonds,
Series
2010XX,
3.978%,
7/01/40
(4)
3/23
at
100.00
D  
5,620,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
35,000
0.000%,
7/01/51
7/28
at
30.01
N/R  
7,315,350
7,560
5.000%,
7/01/58
7/28
at
100.00
N/R  
7,467,314
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
447
5.250%,
7/01/23
No
Opt.
Call
N/R  
448,890
267
0.000%,
7/01/24
No
Opt.
Call
N/R  
250,610
891
5.375%,
7/01/25
No
Opt.
Call
N/R  
912,022
883
5.625%,
7/01/27
No
Opt.
Call
N/R  
925,790
869
5.625%,
7/01/29
No
Opt.
Call
N/R  
924,909
844
5.750%,
7/01/31
No
Opt.
Call
N/R  
916,756
1,029
0.000%,
7/01/33
7/31
at
89.94
N/R  
597,677
800
4.000%,
7/01/33
7/31
at
103.00
N/R  
749,842
719
4.000%,
7/01/35
7/31
at
103.00
N/R  
654,995
1,117
4.000%,
7/01/37
7/31
at
103.00
N/R  
991,691
839
4.000%,
7/01/41
7/31
at
103.00
N/R  
724,239
873
4.000%,
7/01/46
7/31
at
103.00
N/R  
730,720
17
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Puerto
Rico
(continued)
$
6,474
Puerto
Rico,
General
Obligation
Bonds,
Vintage
CW
NT
Claims
Taxable
Series
2022,
0.000%,
11/01/43
No
Opt.
Call
N/R  
$
2,864,887
68,558
Total
Puerto
Rico
34,043,011
South
Carolina
-
0.7%
(0.5%
of
Total
Investments)
2,500
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Custodial
Receipts
CR-086,
5.000%,
8/15/36,
(Pre-refunded
8/15/26),
144A
8/26
at
100.00
N/R  (7)
2,720,550
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  
930,590
1,000
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Horse
Creek
Academy
Project,
Series
2021A,
5.000%,
11/15/55,
144A
11/26
at
100.00
N/R  
899,270
250
South
Carolina
Jobs-Economic
Development
Authority,
Retirement
Community
Revenue
Notes,
Kiawah
Life
Plan
Village,
Inc.
Project,
Series
2021A,
8.750%,
7/01/25
2/23
at
100.00
N/R  
264,145
4,750
Total
South
Carolina
4,814,555
South
Dakota
-
0.3%
(0.2%
of
Total
Investments)
1,800
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Monument
Health,
Inc.,
Series
2020A,
4.000%,
9/01/50
9/30
at
100.00
AA-  
1,770,912
1,800
Total
South
Dakota
1,770,912
Texas
-
10.8%
(8.0%
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  
442,165
2,500
Argyle
Independent
School
District,
Denton
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2022,
5.000%,
8/15/47
8/32
at
100.00
Aaa  
2,822,125
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
AA  
572,456
1,000
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021D,
4.000%,
1/01/44
7/31
at
100.00
A-  
998,530
225
City
of
Midlothian,
Texas,
Westside
Preserve
Public
Improvement
District
Improvement
Area
No.1
Project,
Special
Assessment
Revenue
Bonds,
Series
2022,
4.750%,
9/15/32,
144A
No
Opt.
Call
N/R  
220,901
5,405
Community
Independent
School
District,
Collin
&
Hunt
Counties,
Texas,
School
Building
Series
2022A,
5.000%,
2/15/52
2/31
at
100.00
AAA  
5,932,366
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  
842,220
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  
979,500
Houston
Community
College
System,
Texas,
General
Obligation
Bonds,
Taxable
Refunding
Limited
Tax
Series
2021B:
750
2.209%,
2/15/38
2/31
at
100.00
Aaa  
548,520
750
2.259%,
2/15/39
2/31
at
100.00
Aaa  
540,315
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  
846,810
Nuveen
Dynamic
Municipal
Opportiunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
18
NDMO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Texas
(continued)
Love
Field
Airport
Modernization
Corporation,
Texas,
General
Airport
Revenue
Bonds,
Refunding
Series
2021:
$
5,610
4.000%,
11/01/38
-
AGM
Insured,
(AMT)
11/31
at
100.00
AA  
$
5,599,060
1,000
4.000%,
11/01/39
-
AGM
Insured,
(AMT)
11/31
at
100.00
AA  
986,940
375
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2021,
5.000%,
5/15/41
5/30
at
100.00
A+  
407,925
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  
440,520
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  
504,106
5,885
Melissa
Independent
School
District,
Collin
County,
Texas,
General
Obligation
Bonds,
Series
2022,
5.000%,
2/01/52
8/32
at
100.00
AAA  
6,597,497
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+  
3,886,132
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Senior
Living
Revenue
Bonds,
Sanctuary
LTC
LLC
Project,
Series
2021A-1:
6,795
5.250%,
1/01/42
1/28
at
103.00
N/R  
5,354,596
6,465
5.500%,
1/01/57
1/28
at
103.00
N/R  
4,832,781
Pflugerville
Independent
School
District,
Travis
and
Williamson
Counties,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023A:
1,485
4.000%,
2/15/42
,
(WI/DD,
Settling
2/21/23)
2/33
at
100.00
AA+  
1,507,720
2,075
4.000%,
2/15/44
,
(WI/DD,
Settling
2/21/23)
2/33
at
100.00
AA+  
2,091,953
3,500
Port
Beaumont
Industrial
Development
Authority,
Texas,
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021B,
4.100%,
1/01/28,
144A
7/23
at
102.05
N/R  
2,808,750
6,675
Rockwall
Independent
School
District,
Rockwall,
Kaufman,
and
Collin
Counties,
Texas,
General
Obligation
Bonds,
School
Building
Series
2022A,
5.000%,
2/15/47
2/31
at
100.00
AAA  
7,432,346
2,020
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  
2,005,234
2,000
Spring
Independent
School
District,
Hardin
County,
Texas,
Unlimited
Tax
School
Building
Bonds,
Series
2023,
4.000%,
8/15/52
,
(WI/DD,
Settling
2/23/23)
8/33
at
100.00
Aa2  
1,948,840
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Hospital
Revenue
Bonds,
Hendrick
Medical
Center,
Taxable
Series
2021:
450
3.292%,
9/01/40
-
AGM
Insured
9/30
at
100.00
AA  
358,632
350
3.422%,
9/01/50
-
AGM
Insured
9/30
at
100.00
AA  
259,780
3,540
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2021,
4.000%,
10/15/51
10/31
at
100.00
N/R  
3,507,963
6,915
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2022,
4.800%,
10/15/52
10/32
at
100.00
AAA  
7,482,376
75,525
Total
Texas
72,759,059
Utah
-
0.3%
(0.2%
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  
397,200
19
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utah
(continued)
$
985
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  
$
787,340
Utah
Infrastructure
Agency,
Telecommunications
Revenue
Bonds,
Series
2021:
375
4.000%,
10/15/41
4/31
at
100.00
BBB-  
317,670
500
3.000%,
10/15/45
4/31
at
100.00
BBB-  
329,785
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  
63,605
95
4.000%,
5/01/38
-
AGM
Insured
5/31
at
100.00
AA  
98,640
2,515
Total
Utah
1,994,240
Virgin
Islands
-
0.5%
(0.4%
of
Total
Investments)
2,365
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/32
No
Opt.
Call
N/R  
2,462,272
1,000
West
Indian
Company
Limited,
Virgin
Islands,
Port
Facilities
Revenue
Bonds,
WICO
Financing,
Series
2022A,
6.125%,
10/01/42,
144A
10/29
at
104.00
N/R  
966,480
3,365
Total
Virgin
Islands
3,428,752
Virginia
-
1.1%
(0.9%
of
Total
Investments)
Virginia
Commonwealth
Transportation
Board,
Interstate
81
Corridor
Program
Revenue
Bonds,
Senior
Lien
Series
2021:
600
4.000%,
5/15/36
5/31
at
100.00
Aa1  
640,548
900
4.000%,
5/15/38
5/31
at
100.00
Aa1  
944,217
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017:
2,000
5.000%,
12/31/47,
(AMT)
6/27
at
100.00
BBB  
2,010,880
1,000
5.000%,
12/31/49,
(AMT)
6/27
at
100.00
BBB  
1,003,480
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022:
770
5.000%,
12/31/47,
(AMT)
12/32
at
100.00
Baa1  
800,738
1,230
5.000%,
12/31/52,
(AMT)
12/32
at
100.00
Baa1  
1,273,604
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  
1,070,200
7,500
Total
Virginia
7,743,667
Washington
-
1.2%
(0.9%
of
Total
Investments)
2,145
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014D,
5.000%,
10/01/41
10/24
at
100.00
A+  
2,169,496
1,915
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Saint
Joseph
Health,
Refunding
Series
2021B,
4.000%,
10/01/42,
(Mandatory
Put
10/01/30)
No
Opt.
Call
A+  
2,027,353
3,500
Washington
State,
General
Obligation
Bonds,
Various
Purpose
Series
2022A-2,
5.000%,
8/01/40
8/31
at
100.00
Aaa  
3,988,705
7,560
Total
Washington
8,185,554
West
Virginia
-
0.6%
(0.5%
of
Total
Investments)
3,890
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  
3,191,045
Nuveen
Dynamic
Municipal
Opportiunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
20
NDMO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
West
Virginia
(continued)
$
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
BB-  
$
987,880
4,890
Total
West
Virginia
4,178,925
Wisconsin
-
3.5%
(2.6%
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,
144A
12/26
at
100.00
N/R  
2,510,130
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  
5,565,267
200
Public
Finance
Authority
of
Wisconsin,
Education
Revenue
Bonds,
Shining
Rock
Classical
Academy,
Series
2022A,
6.125%,
6/15/57
6/29
at
101.00
N/R  
193,720
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  
847,660
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  
840,420
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  
325,842
190
5.000%,
7/01/38
1/31
at
100.00
BBB  
201,366
2,000
Public
Finance
Authority
of
Wisconsin,
Hotel
Revenue
Bonds,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Senior
Lien
Series
2022A,
5.000%,
2/01/52
2/32
at
100.00
BBB-  
1,951,780
Public
Finance
Authority
of
Wisconsin,
Hotel
Revenue
Bonds,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Subordinate
Lien
Series
2022B:
1,670
5.625%,
2/01/46,
144A
2/32
at
100.00
N/R  
1,625,211
2,000
6.000%,
2/01/62,
144A
2/32
at
100.00
N/R  
1,985,280
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  
4,390,250
1,000
Public
Finance
Authority
of
Wisconsin,
Pollution
Control
Revenue
Bonds,
Duke
Energy
Progress
Project,
Refunding
Series
2022B,
4.000%,
10/01/46,
(Mandatory
Put
10/01/30)
No
Opt.
Call
Aa3  
1,056,580
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  
1,594,360
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  
164,788
100
Public
Finance
Authority
of
Wisconsin,
Wisconsin
Revenue
Note,
KDC
Agribusiness
LLC
Project,
Series
2022B,
15.000%,
2/01/23
2/23
at
105.00
N/R  
100,000
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-  
184,024
26,215
Total
Wisconsin
23,536,678
$
936,274
Total
Municipal
Bonds
(cost
$881,028,093)
826,616,325
21
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).
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:
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(3)
Value
X
78,729,696
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
11.7%
(8.7%
of
Total
Investments)
X
78,729,696
$
60,000
United
States
Treasury
Bill
0.000
5/25/23
Aaa
$
59,141,671
20,000
United
States
Treasury
Bill
0.000
7/13/23
Aaa
19,588,025
$
80,000
Total
U.S.
Government
and
Agency
Obligations
(cost
$78,733,284)
78,729,696
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(3)
Value
X
1,698,093
CORPORATE
BONDS
-
0.2%
(0.2%
of
Total
Investments)
X
1,698,093
Electric
Utilities
-
0.1%
(0.1%
of
Total
Investments)
$
1,500
Talen
Energy
Supply
LLC
(4)
6.000%
12/15/36
N/R
$
583,038
1,500
Total
Electric
Utilities
583,038
Independent
Power
And
Renewable
Electricity
Producers
-
0.1%
(0.1%
of
Total
Investments)
2,172
Talen
Energy
Corp
0.000%
8/31/23
N/R
613,624
2,172
Total
Independent
Power
And
Renewable
Electricity
Producers
613,624
Real
Estate
Management
&
Development
-
0.0%
(0.0%
of
Total
Investments)
517
Benloch
Ranch
Improvement
Association
No
1,
144A
9.750%
12/01/39
N/R
501,431
517
Total
Real
Estate
Management
&
Development
501,431
$
4,189
Total
Corporate
Bonds
(cost
$1,290,874)
1,698,093
Total
Long-Term
Investments
(cost
$961,052,251)
907,044,114
Floating
Rate
Obligations
-
(1.3)%
(
9,055,000
)
MuniFund
Preferred
Shares,
net
of
deferred
offering
costs
-
(35.6)%(8)
(
239,700,375
)
Other
Assets
&
Liabilities,
Net
-  2.3%
15,440,890
Net
Assets
Applicable
to
Common
Shares
-
100%
$
673,729,629
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
826,616,325
$
–
$
826,616,325
U.S.
Government
and
Agency
Obligations
–
78,729,696
–
78,729,696
Corporate
Bonds
–
1,698,093
–
1,698,093
Total
$
–
$
907,044,114
$
–
$
907,044,114
Nuveen
Dynamic
Municipal
Opportiunities
Fund
(continued)
Portfolio
of
Investments
January
31,
2023
(Unaudited)
22
NDMO
(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)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(4)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(5)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(6)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(7)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(8)
MuniFund
Preferred
Shares,
net
of
deferred
offering
costs
as
a
percentage
of
Total
Investments
is
26.4%.
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.