Nuveen Municipal Credit Income Fund
Actively managed U.S. bond closed-end fund
As of its 2026 Q2 report, Nuveen Municipal Credit Income Fund held 662 positions with $2.45B in net assets. Its ten largest holdings made up 23.5% of the fund. Over the 12 months to May 2026, NZF returned 10.1%, with dividends reinvested. In 2026 Q3 it added 13 new positions and exited 16.
Nuveen Municipal Credit Income Fund is actively managed U.S. bond closed-end fund.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 5.00% · due 2058-07-01 | 4.15% | $101.43M | — |
Texas Private Activity Bond Surface Transporation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 LLC Segments 3C Project, Se 5.00% · due 2058-06-30 | 3.69% | $90.17M | — |
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014 5.00% · due 2044-11-15 | 3.34% | $81.73M | — |
New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A 5.25% · due 2050-01-01 | 2.80% | $68.37M | — |
New York Transportation Development Corporation, New York, Special Facilities Revenue Bonds, Terminal 6 John F Kennedy International Airport Redevelop 5.50% · due 2060-12-31 | 1.93% | $47.09M | — |
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A 0.00% · due 2038-12-15 | 1.61% | $39.44M | — |
Public Finance Authority, Wisconsin, Toll Revenue Bonds, Georgia SR 400 Express Lanes Project, Senior Lien Series 2025 5.75% · due 2060-06-30 | 1.58% | $38.67M | — |
Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016 5.00% · due 2046-12-01 | 1.55% | $37.84M | — |
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A 5.25% · due 2043-12-01 | 1.49% | $36.47M | — |
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016 5.00% · due 2051-07-01 | 1.40% | $34.18M | — |
The 200 largest of 662 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 165.36% |
| Loans | 0.01% |
These positions come to 165.37% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
How it has done
NZF share class · total returns with dividends reinvested
Volatility over the last 12 months: 7.52%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Nuveen Municipal Credit Income Fund is an actively managed U.S. bond closed-end fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Closed-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Long duration
This fund files no prospectus profile. Unit investment trusts and closed-end funds register on forms that carry no objective or fee tagging, and some fund families file without it — a gap in what was filed, not a fund without an objective or without fees.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
13 new· the largest 8
16 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 97.3% |
| Floating rate | 2.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.8% |
| 1-3y | 3.2% |
| 3-5y | 2.1% |
| 5-10y | 9.6% |
| 10y+ | 84.3% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 53% |
| Credit spreads | 47% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +9.45 yr |
| High yield | +2.03 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.20 yr | 2% |
| 1 yr | 0.71 yr | 5% |
| 5 yr | 2.04 yr | 15% |
| 10 yr | 5.78 yr | 44% |
| 30 yr | 4.44 yr | 34% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.11 yr | 1% |
| 5 yr | 0.69 yr | 6% |
| 10 yr | 3.32 yr | 29% |
| 30 yr | 7.34 yr | 64% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.20 | +0.01 | +0.00 | $2.8k | $71 |
| 1 yr | +0.71 | +0.11 | +0.00 | $27.3k | $653 |
| 5 yr | +2.04 | +0.64 | +0.05 | $156.7k | $13.2k |
| 10 yr | +5.78 | +2.72 | +0.60 | $665.2k | $147.4k |
| 30 yr | +4.44 | +5.97 | +1.37 | $1.46m | $335.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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