UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-05120

 

Nuveen Municipal Value Fund, Inc.

(Exact name of registrant as specified in charter)

 

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

 

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

 

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

 

Date of fiscal year end: October 31

 

Date of reporting period: April 30, 2022

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

 

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

 
 


 

ITEM 1. REPORTS TO STOCKHOLDERS.

 

 

 


 

 

 

  

Table of Contents

Chair’s Letter to Shareholders 4
Important Notices 5
Fund Leverage 6
Common Share Information 7
Performance Overview and Holding Summaries 9
Shareholder Meeting Report 17
Portfolios of Investments 18
Statement of Assets and Liabilities 76
Statement of Operations 77
Statement of Changes in Net Assets 78
Statement of Cash Flows 80
Financial Highlights 82
Notes to Financial Statements 86
Risk Considerations 99
Additional Fund Information 100
Glossary of Terms Used in this Report 101

 

3


 
 

 

Chair’s Letter
to Shareholders

 

 

Dear Shareholders,

Markets have had a turbulent start to 2022. Global economic activity has been deteriorating from post-pandemic peaks, and crisis-era monetary and fiscal support programs are being phased out. Inflation has surged partially due to supply chain bottlenecks and exacerbated by Russia’s war in Ukraine and recent lockdowns across China to contain a large-scale COVID-19 outbreak.

We are now almost four months into the Eastern European conflict and are witnessing the scale of the humanitarian crisis and the economic impact caused by this event. Market uncertainty has remained elevated, as the situations in Russia/Ukraine and China have increased inflation and recession risks. The U.S. Federal Reserve (Fed) and other central banks now face an even more difficult task of slowing inflation without pulling the economy into recession. As anticipated, the Fed began the rate hiking cycle in March 2022, raising its short-term rate by 0.25% from near zero for the first time since the pandemic was declared two years ago, then made increasingly more aggressive moves of 0.50% in May and 0.75% in June 2022. Additional rate hikes of these larger magnitudes are expected this year, as inflation has lingered at a 40-year high and consumer sentiment indicators are slumping. Forecasting was made difficult given the wide range of potential outcomes with regard to the Russia-Ukraine war, the resilience of China’s economy, the reopening of supply chains, the impact of inflation on economic growth, and the Fed’s response to inflation. Accordingly, markets are struggling with pricing these risks.

In the meantime, while markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.

On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

 

 

Terence J. Toth
Chair of the Board
June 22, 2022

 

4


 

  

Important Notices

For Shareholders of

Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen AMT-Free Municipal Value Fund (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Enhanced Municipal Value Fund (NEV)

Portfolio Manager Commentaries in Semiannual Reports

The Funds include portfolio manager commentary in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of each Fund’s October 31, 2021 annual shareholder report.

For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.

For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.

For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

Fund Reorganization

Effective prior to the opening of business on June 6, 2022, NEV was reorganized into Nuveen Municipal Credit Income Fund (NZF) (the “Reorganization”). Refer to Note 1 and Note 10 of the Notes to Financial Statements within this report for further details on the Reorganization.

5


 

 

 

Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of NEV’s common shares relative to its comparative benchmark was the Fund’s use of leverage. The Fund obtains leverage through investments in inverse floating rate securities, which represent a leveraged investment in an underlying bond. This was also a factor, although less significantly, for NUV and NUW because their use of leverage is more modest. NMI did not invest in inverse floating rate securities during the reporting period.

The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value. All this will make the shares’ total return performance more variable over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

Leverage had a negligible impact on the performance of NUV and NUW over the reporting period. Leverage had a negative impact on the performance of NEV during the reporting period.

As of April 30, 2022, the Funds’ percentages of leverage are as shown in the accompanying table.

 

  NUV NUW NMI NEV
Effective Leverage* 1.08% 1.40% 0.00% 36.18%

 

*Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio.

6


 

 

 

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of April 30, 2022. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.

During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.

  Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date) NUV NUW NMI NEV
November 2021 $0.0280 $0.0390 $0.0270 $0.0565
December 0.0280 0.0390 0.0270 0.0565
January 0.0280 0.0390 0.0270 0.0565
February 0.0280 0.0390 0.0270 0.0565
March 0.0280 0.0390 0.0270 0.0565
April 2022 0.0280 0.0390 0.0255 0.0510
Total Distributions from Net Investment Income $0.1680 $0.2340 $0.1605 $0.3335
Total Distributions from Long Term Capital Gains* $ — $0.1714 $ — $0.0204
Total Distributions from Short Term Capital Gains* $ — $0.0205 $0.0005 $ —
Total Distributions $0.1680 $0.4259 $0.1610 $0.3539
 
Yields        
Market Yield** 3.66% 2.79% 2.78% 4.37%
Taxable-Equivalent Yield** 6.14% 5.44% 5.49% 8.61%

 

*Distribution paid in December 2021.
**Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 40.8%. Your actual federal income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was not exempt from federal income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.

All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, common shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.

7


 

 

 

Common Share Information (continued)

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closedendfunds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE EQUITY SHELF PROGRAM

During the current reporting period, NMI was authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, NMI, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per common share. The total amount of common shares authorized under these Shelf Offerings are shown in the accompanying table.

   
  NMI
Additional authorized common shares 2,200,000

 

During the current reporting period, NMI did not sell common shares through its shelf program.

Refer to the Notes to Financial Statements, Note 5 – Fund Shares for further details on Shelf Offerings and each Fund’s transactions.

COMMON SHARE REPURCHASES

During August 2021, the Funds’ Board of Directors/Trustees reauthorized an open-market common share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of April 30, 2022, (and since the inception of the Funds’ repurchase programs), each Fund have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

  NUV NUW NMI NEV
Common shares cumulatively repurchased and retired
Common shares authorized for repurchase 20,740,000 1,795,000 985,000 2,495,000

 

OTHER COMMON SHARE INFORMATION

As of April 30, 2022, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:

  NUV NUW NMI NEV
Common share NAV $9.50 $15.34 $10.13 $13.18
Common share price $9.19 $14.40 $ 9.42 $12.00
Premium/(Discount) to NAV (3.26)% (6.13)% (7.01)% (8.95)%
Average premium/(discount) to NAV (3.08)% (5.40)% (1.24)% (5.53)%

 

8


 

  

NUV Nuveen Municipal Value Fund, Inc.
  Performance Overview and Holding Summaries as of April 30, 2022

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of April 30, 2022*

  Cumulative   Average Annual
  6-month   1-Year 5-Year 10-Year
NUV at Common Share NAV (9.06)%   (8.36)% 2.30% 3.36%
NUV at Common Share Price (16.62)%   (15.74)% 1.98% 2.98%
S&P Municipal Bond Index (7.28)%   (6.97)% 1.86% 2.59%

 

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Index.

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

 

 

9


 

 

 

NUV Performance Overview and Holding Summaries as of
  April 30, 2022 (continued)

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 99.8%
Other Assets Less Liabilities 1.3%
Net Assets Plus Floating Rate  
Obligations 101.1%
Floating Rate Obligations (1.1)%
Net Assets 100%

 
Portfolio Credit Quality

 
(% of total investment exposure)  
U.S. Guaranteed 11.4%
AAA 5.4%
AA 29.6%
A 22.7%
BBB 18.3%
BB or Lower 2.3%
N/R 10.3%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Tax Obligation/Limited 26.8%
Transportation 19.6%
Utilities 13.4%
Tax Obligation/General 12.5%
U.S. Guaranteed 11.1%
Health Care 8.0%
Other 8.6%
Total 100%

 

States and Territories1  
(% of total municipal bonds)  
Texas 15.4%
Illinois 11.0%
New York 7.3%
Colorado 6.9%
California 6.8%
New Jersey 4.9%
Florida 4.7%
Ohio 4.5%
Washington 3.2%
Michigan 2.8%
Nevada 2.7%
Georgia 2.6%
South Carolina 2.4%
Indiana 1.8%
Kentucky 1.8%
District of Columbia 1.8%
Other 19.4%
Total 100%

 

1See Portfolio of Investments for the states comprising “Other” and not listed in the States and Territories above.

10


 

 

NUW Nuveen AMT-Free Municipal Value Fund
  Performance Overview and Holding Summaries as of April 30, 2022

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of April 30, 2022*

  Cumulative   Average Annual
  6-Month   1-Year 5-Year 10-Year
NUW at Common Share NAV (9.23)%   (8.64)% 2.25% 3.30%
NUW at Common Share Price (11.80)%   (10.53)% 0.78% 2.87%
S&P Municipal Bond Index (7.28)%   (6.97)% 1.86% 2.59%

 

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Index.

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

 

11


 

 

NUW Performance Overview and Holding Summaries as of
  April 30, 2022 (continued)

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 99.2%
Common Stocks 0.4%
Other Assets Less Liabilities 1.6%
Net Assets Plus Floating Rate  
Obligations 101.2%
Floating Rate Obligations (1.2)%
Net Assets 100%
 
Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 2.5%
AAA 7.8%
AA 35.5%
A 24.7%
BBB 20.4%
BB or Lower 2.2%
N/R 6.6%
N/A (not applicable) 0.3%
Total 100%

 

   
Portfolio Composition  
(% of total investments)  
Tax Obligation/Limited 22.1%
Utilities 20.6%
Tax Obligation/General 15.0%
Transportation 12.5%
Health Care 11.1%
Education and Civic Organizations 5.7%
Consumer Staples 5.1%
Other 7.9%
Total 100%

 

States and Territories1  
(% of total municipal bonds)  
California 11.9%
Texas 10.5%
Illinois 8.1%
New Jersey 7.5%
New York 5.9%
Nevada 5.6%
Colorado 5.3%
Pennsylvania 5.1%
Washington 4.3%
Kentucky 3.6%
Ohio 3.3%
Maryland 3.2%
Florida 3.2%
Georgia 3.1%
Puerto Rico 2.9%
Other 16.5%
Total 100%

 

1See Portfolio of Investments for the states comprising “Other” and not listed in the States and Territories above.

12


 

 

 

   
NMI Nuveen Municipal Income Fund, Inc.
  Performance Overview and Holding Summaries as of April 30, 2022

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of April 30, 2022*

  Cumulative   Average Annual
  6-Month   1-Year 5-Year 10-Year
NMI at Common Share NAV (8.78)%   (8.04)% 1.72% 3.23%
NMI at Common Share Price (17.90)%   (15.93)% 1.39% 2.14%
S&P Municipal Bond Index (7.28)%   (6.97)% 1.86% 2.59%

 

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Index.

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

 

13


 

 

NMI Performance Overview and Holding Summaries as of
  April 30, 2022 (continued)

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 97.3%
Short-Term Municipal Bonds 1.0%
Other Assets Less Liabilities 1.7%
Net Assets 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
U.S. Guaranteed 10.2%
AAA 1.0%
AA 22.4%
A 28.8%
BBB 16.5%
BB or Lower 3.8%
N/R 17.3%
Total 100%

 

   
Portfolio Composition  
(% of total investments)  
Health Care 19.9%
Tax Obligation/Limited 17.0%
Tax Obligation/General 16.7%
Transportation 12.8%
Education and Civic Organizations 9.9%
U.S. Guaranteed 9.7%
Utilities 6.7%
Other 7.3%
Total 100%

 

States and Territories1  
(% of total municipal bonds)  
Colorado 13.7%
California 11.7%
Illinois 9.3%
Texas 6.0%
Florida 5.9%
Wisconsin 5.0%
Pennsylvania 4.2%
New York 4.0%
Missouri 3.7%
Alabama 3.6%
Arizona 3.2%
New Jersey 2.8%
Virginia 2.4%
Indiana 2.3%
Michigan 2.3%
Other 19.9%
Total 100%

 

1 See Portfolio of Investments for the states comprising “Other” and not listed in the States and Territories above.

14


 

  

NEV Nuveen Enhanced Municipal Value Fund
  Performance Overview and Holding Summaries as of April 30, 2022

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of April 30, 2022*

  Cumulative     Average Annual  
  6-Month   1-Year 5-Year 10-Year
NEV at Common Share NAV (14.42)%   (12.52)% 2.76% 4.33%
NEV at Common Share Price (20.71)%   (26.95)% 1.80% 3.44%
S&P Municipal Bond Index (7.28)%   (6.97)% 1.86% 2.59%

 

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Index.

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

 

15


 

 

NEV Performance Overview and Holding Summaries as of
  April 30, 2022 (continued)

 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 140.4%
Common Stocks 5.1%
Other Assets Less Liabilities 2.9%
Net Assets Plus Floating Rate  
Obligations 148.4%
Floating Rate Obligations (48.4)%
Net Assets 100%

 

Portfolio Credit Quality

 
(% of total investment exposure)  
U.S. Guaranteed 3.0%
AAA 1.1%
AA 28.0%
A 15.7%
BBB 30.1%
BB or Lower 8.6%
N/R 10.2%
N/A (not applicable) 3.3%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Tax Obligation/Limited 23.5%
Health Care 20.3%
Transportation 18.3%
Tax Obligation/General 11.8%
Utilities 9.9%
Education and Civic Organizations 6.4%
Other 9.8%
Total 100%

 

States and Territories1  
(% of total municipal bonds)  
Illinois 13.3%
New York 9.9%
New Jersey 9.8%
California 8.9%
Florida 7.4%
Wisconsin 6.4%
Ohio 5.4%
Pennsylvania 5.2%
Louisiana 4.6%
Guam 4.1%
Virginia 2.7%
Puerto Rico 2.6%
Other 19.7%
Total 100%

 

1 See Portfolio of Investments for the states comprising “Other” and not listed in the States and Territories above.

16


 

  

Shareholder Meeting Report

The annual meeting of shareholders was held on April 29, 2022 for NEV. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members and to approve an Agreement and Plan of Reorganization.

  NEV
  Common
  Shares
To approve an Agreement and Plan of Reorganization  
For 12,617,718
Against 686,033
Abstain 660,938
BNV 8,689,599
Total 22,654,288
Approval of the Board Members was reached as follows:  
William C. Hunter  
For 21,433,141
Withhold 1,221,147
Total 22,654,288
Judith M. Stockdale  
For 21,462,052
Withhold 1,192,236
Total 22,654,288
Carole E. Stone  
For 21,542,745
Withhold 1,111,543
Total 22,654,288
Margaret L. Wolff  
For 21,529,814
Withhold 1,124,474
Total 22,654,288

 

17


 

  

NUV Nuveen Municipal Value Fund, Inc.
  Portfolio of Investments
  April 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 99.8%      
  MUNICIPAL BONDS – 99.8%      
  Alabama – 0.2%      
  Birmingham Airport Authority, Alabama, Airport Revenue Bonds, Series 2020:      
$ 255 4.000%, 7/01/39 – BAM Insured 7/30 at 100.00 AA $ 258,537
225 4.000%, 7/01/40 – BAM Insured 7/30 at 100.00 AA 226,813
3,805 Homewood, Alabama, General Obligation Warrants, Series 2016, 5.000%, 9/01/36 9/26 at 100.00 AA+ (4) 4,184,663
  (Pre-refunded 9/01/26)      
4,285 Total Alabama     4,670,013
  Alaska – 0.1%      
  Anchorage, Alaska, General Obligation Bonds, School Series 2021C:      
1,500 4.000%, 9/01/40 9/31 at 100.00 N/R 1,561,230
1,000 4.000%, 9/01/41 9/31 at 100.00 N/R 1,039,140
110 Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed 6/31 at 100.00 BBB+ 102,105
  Bonds, Senior Series 2021A Class 1, 4.000%, 6/01/50      
2,610 Total Alaska     2,702,475
  Arizona – 1.3%      
7,525 Chandler Industrial Development Authority, Arizona, Industrial Development Revenue 6/24 at 100.00 A+ 7,863,324
  Bonds, Intel Corporation Project, Series 2019, 5.000%, 6/01/49 (Mandatory Put 6/03/24) (AMT)      
2,935 Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien 7/27 at 100.00 Aa3 3,194,689
  Series 2017A, 5.000%, 7/01/35      
780 Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Subordinate 7/30 at 100.00 AAA 806,169
  Lien Series 2020A, 4.000%, 7/01/45      
2,590 Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien 7/31 at 100.00 AAA 2,930,533
  Series 2021A, 5.000%, 7/01/45      
2,175 Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Medical 4/31 at 100.00 A 2,112,469
  Center, Series 2021A, 4.000%, 4/01/46      
5,600 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy No Opt. Call A3 6,134,576
  Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37      
  Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2017:      
1,000 5.000%, 7/01/34 7/27 at 100.00 AA 1,102,000
750 5.000%, 7/01/35 7/27 at 100.00 AA 824,227
23,355 Total Arizona     24,967,987
  California – 6.8%      
4,615 Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement No Opt. Call AA 4,466,997
  Project, Series 1997C, 0.000%, 9/01/23 – AGM Insured      
5,000 Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 4/23 at 100.00 A1 (4) 5,139,300
  Series 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23)      
405 California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 6/30 at 100.00 BBB+ 393,235
  Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49      
1,250 California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 12/30 at 100.00 BBB+ 1,213,687
  Sonoma County Tobacco Securitization Corporation, Series 2020A, 4.000%, 6/01/49      
  California Health Facilities Financing Authority, California, Revenue Bonds, Sutter      
  Health, Refunding Series 2016B:      
4,080 5.000%, 11/15/46 (Pre-refunded 11/15/26) 11/26 at 100.00 N/R (4) 4,509,298
5,920 5.000%, 11/15/46 11/26 at 100.00 A1 6,324,869
1,200 California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los 8/27 at 100.00 BBB+ 1,305,336
  Angeles, Series 2017A, 5.000%, 8/15/37      

 

18


 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  California (continued)      
$ 3,850 California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health 7/23 at 100.00 AA– (4) $ 3,976,010
  System, Series 2013A, 5.000%, 7/01/33 (Pre-refunded 7/01/23)      
6,130 California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien 6/28 at 100.00 BBB– 6,411,796
  Series 2018A, 5.000%, 12/31/43 (AMT)      
2,725 California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San 1/29 at 100.00 BBB 2,884,440
  Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%,      
  11/21/45, 144A      
1,625 California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, 11/23 at 100.00 Aa3 1,681,517
  Series 2013I, 5.000%, 11/01/38      
3,500 California Statewide Communities Development Authority, California, Revenue Bonds, Loma 6/26 at 100.00 BB 3,611,580
  Linda University Medical Center, Series 2016A, 5.000%, 12/01/46, 144A      
4,505 Covina-Valley Unified School District, Los Angeles County, California, General No Opt. Call A+ 3,696,398
  Obligation Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured      
5,700 East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, 6/27 at 100.00 AAA 6,223,944
  Water System Revenue Bonds, Green Series 2017A, 5.000%, 6/01/45      
2,180 Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 1/31 at 100.00 A– 2,415,789
  Refunding Series 2013A, 0.000%, 1/15/42 (5)      
49,020 Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 12/31 at 27.75 N/R 5,300,042
  Asset-Backed Bonds, Capital Appreciation Series 2021B-2, 0.000%, 6/01/66      
2,550 Golden State Tobacco Securitization Corporation, California, Tobacco Settlement 6/22 at 100.00 N/R (4) 2,557,242
  Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47 (Pre-refunded 6/01/22)      
  Merced Union High School District, Merced County, California, General Obligation Bonds,      
  Series 1999A:      
2,500 0.000%, 8/01/23 – FGIC Insured No Opt. Call AA– 2,424,050
2,555 0.000%, 8/01/24 – FGIC Insured No Opt. Call AA– 2,399,119
2,365 Montebello Unified School District, Los Angeles County, California, General Obligation No Opt. Call A– 2,010,959
  Bonds, Election 1998 Series 2004, 0.000%, 8/01/27 – FGIC Insured      
  Mount San Antonio Community College District, Los Angeles County, California, General      
  Obligation Bonds, Election of 2008, Series 2013A:      
3,060 0.000%, 8/01/28 (5) 2/28 at 100.00 Aa1 3,325,302
2,315 0.000%, 8/01/43 (5) 8/35 at 100.00 Aa1 2,263,237
3,550 M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, No Opt. Call A 4,413,218
  Series 2009C, 6.500%, 11/01/39      
80 Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%, 8/29 at 100.00 AA 100,481
  8/01/38 – AGC Insured      
10,150 Placer Union High School District, Placer County, California, General Obligation Bonds, No Opt. Call AA 6,779,794
  Series 2004C, 0.000%, 8/01/33 – AGM Insured      
  San Bruno Park School District, San Mateo County, California, General Obligation Bonds,      
  Series 2000B:      
2,575 0.000%, 8/01/24 – FGIC Insured No Opt. Call Aa2 2,411,487
2,660 0.000%, 8/01/25 – FGIC Insured No Opt. Call Aa2 2,409,667
355 San Diego Tobacco Settlement Revenue Funding Corporation, California, Tobacco Settlement 6/28 at 100.00 BBB 354,698
  Bonds, Subordinate Series 2018C, 4.000%, 6/01/32      
10,000 San Francisco Airports Commission, California, Revenue Bonds, San Francisco 5/29 at 100.00 A1 10,981,900
  International Airport, Refunding Second Series 2019D, 5.000%, 5/01/39      
  San Joaquin Hills Transportation Corridor Agency, Orange County, California, Refunding      
  Senior Lien Toll Road Revenue Bonds, Series 2021A:      
315 4.000%, 1/15/39 1/32 at 100.00 N/R 312,326
525 4.000%, 1/15/41 1/32 at 100.00 N/R 516,548
550 4.000%, 1/15/43 1/32 at 100.00 N/R 535,937
200 4.000%, 1/15/44 1/32 at 100.00 N/R 193,970
12,095 San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road No Opt. Call Baa2 11,075,512
  Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured      

 

19


 

 

 

   
NUV Nuveen Municipal Value Fund, Inc.
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  California (continued)      
$ 13,220 San Mateo County Community College District, California, General Obligation Bonds, No Opt. Call AAA $ 10,967,048
  Series 2006A, 0.000%, 9/01/28 – NPFG Insured      
5,000 San Mateo Union High School District, San Mateo County, California, General Obligation No Opt. Call Aaa 4,717,900
  Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured      
5,815 San Ysidro School District, San Diego County, California, General Obligation Bonds, 8/25 at 29.16 AA 1,499,921
  Refunding Series 2015, 0.000%, 8/01/48      
755 Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 12/30 at 100.00 BBB– 725,963
  Bonds, Refunding Sacramento County Tobacco Securitization Corporation Series 2021B Class 2,      
  4.000%, 6/01/49      
575 Vernon, California, Electric System Revenue Bonds, Series 2021A, 5.000%, 4/01/28 No Opt. Call N/R 625,784
185,470 Total California     133,156,301
  Colorado – 6.9%      
7,500 Arapahoe County School District 6, Littleton, Colorado, General Obligation Bonds, Series 12/28 at 100.00 Aa1 8,652,375
  2019A, 5.500%, 12/01/43      
7,105 Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 1/23 at 100.00 BBB+ (4) 7,258,113
  Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23)      
4,155 Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 8/29 at 100.00 BBB+ 3,969,936
  Series 2019A-1, 4.000%, 8/01/44      
1,255 Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, 12/24 at 100.00 BBB 1,297,871
  Senior Lien Series 2017, 5.000%, 12/31/51      
7,070 Colorado Mountain College, Colorado, Certificates of Participation, Series 2021, 12/31 at 100.00 Aa3 7,068,303
  4.000%, 12/01/46      
4,500 Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 3/28 at 100.00 Aa2 4,990,680
  2018N, 5.000%, 3/15/37      
  Colorado State, Certificates of Participation, Higher Education Lease Purchase Financing      
  Program, Series 2020:      
900 4.000%, 9/01/38 9/31 at 100.00 Aa2 939,474
4,475 4.000%, 9/01/40 9/31 at 100.00 Aa2 4,654,045
2,750 4.000%, 9/01/41 9/31 at 100.00 Aa2 2,846,525
  Colorado State, Certificates of Participation, Lease Purchase Financing Program,      
  National Western Center, Series 2018A:      
1,250 5.000%, 9/01/30 3/28 at 100.00 Aa2 1,390,313
2,000 5.000%, 9/01/31 3/28 at 100.00 Aa2 2,219,620
1,260 5.000%, 9/01/32 3/28 at 100.00 Aa2 1,396,269
620 5.000%, 9/01/33 3/28 at 100.00 Aa2 686,073
3,790 Colorado State, Certificates of Participation, Rural Series 2018A, 5.000%, 12/15/37 12/28 at 100.00 Aa2 4,215,048
5,000 Colorado State, Certificates of Participation, Rural Series 2021A, 4.000%, 12/15/39 12/31 at 100.00 Aa2 5,177,600
  Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B:      
2,750 5.000%, 11/15/25 11/22 at 100.00 AA– 2,792,322
2,200 5.000%, 11/15/29 (Pre-refunded 11/15/22) 11/22 at 100.00 AA– (4) 2,239,754
5,160 Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 11/23 at 100.00 A+ 5,303,706
  2013B, 5.000%, 11/15/43      
2,000 Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center 12/26 at 100.00 Baa2 2,086,600
  Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/35      
  E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:      
9,660 0.000%, 9/01/29 – NPFG Insured No Opt. Call A 7,667,045
24,200 0.000%, 9/01/31 – NPFG Insured No Opt. Call A 17,742,472
17,000 0.000%, 9/01/32 – NPFG Insured No Opt. Call A 11,971,230
1,705 E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2020A, 9/24 at 100.00 A 1,777,514
  5.000%, 9/01/40      
7,600 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 9/26 at 52.09 A 3,427,448
  0.000%, 9/01/39 – NPFG Insured      

 

20


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Colorado (continued)      
$ 8,000 Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado No Opt. Call AA– $ 10,182,080
  Springs Utilities, Series 2008, 6.500%, 11/15/38      
1,250 Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit 1/31 at 100.00 A– 1,237,313
  Partners Eagle P3 Project, Series 2020A, 4.000%, 7/15/35      
2,900 Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, 5/31 at 100.00 AA+ 3,037,721
  Refunding Green Series 2021B, 4.000%, 11/01/40      
4,945 Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, 11/26 at 100.00 AA+ 5,386,490
  Series 2017A, 5.000%, 11/01/40      
4,250 University of Colorado, Enterprise System Revenue Bonds, Series 2018B, 5.000%, 6/01/43 6/28 at 100.00 Aa1 (4) 4,827,235
  (Pre-refunded 6/01/28)      
147,250 Total Colorado     136,441,175
  Connecticut – 0.7%      
8,440 Connecticut State, General Obligation Bonds, Series 2015E, 5.000%, 8/01/29 8/25 at 100.00 Aa3 9,019,912
5,000 Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/33 11/25 at 100.00 Aa3 5,341,200
13,440 Total Connecticut     14,361,112
  Delaware – 0.1%      
1,270 Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2021, 1/32 at 100.00 N/R 1,299,477
  4.000%, 1/01/46      
  District of Columbia – 1.7%      
15,000 District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 5/22 at 22.78 N/R 3,147,750
  Bonds, Series 2006A, 0.000%, 6/15/46      
5,390 District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Senior 4/28 at 100.00 AAA 5,980,421
  Lien Series 2018B, 5.000%, 10/01/43      
3,865 Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 10/29 at 100.00 A– 4,166,972
  Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B,      
  5.000%, 10/01/47      
10,000 Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 10/28 at 100.00 A– 11,852,200
  Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44      
  Washington Convention and Sports Authority, Washington D.C., Dedicated Tax Revenue      
  Bonds, Refunding Senior Lien Series 2021A:      
670 4.000%, 10/01/36 10/30 at 100.00 AA 708,224
1,000 4.000%, 10/01/37 10/30 at 100.00 AA 1,047,210
1,300 4.000%, 10/01/40 10/30 at 100.00 AA 1,353,404
1,745 Washington Convention and Sports Authority, Washington D.C., Dedicated Tax Revenue 10/30 at 100.00 AA 1,824,153
  Bonds, Refunding Senior Lien Series 2021B, 4.000%, 10/01/38      
1,805 Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds, Green Series 7/31 at 100.00 AA 2,035,372
  2021A, 5.000%, 7/15/41      
2,390 Washington Metropolitan Area Transit Authority, District of Columbia, Dedicated Revenue 7/30 at 100.00 AA 2,431,251
  Bonds, Series 2020A, 4.000%, 7/15/45      
43,165 Total District of Columbia     34,546,957
  Florida – 4.7%      
1,000 Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special 5/32 at 100.00 N/R 975,380
  Assessment Bonds, 2022 Project Series 2022, 5.000%, 5/01/53      
1,240 Broward County, Florida, Half-Cent Sales Tax Revenue Bonds, Refunding Series 2020, 10/30 at 100.00 AA+ 1,283,598
  4.000%, 10/01/40      
15,000 Broward County, Florida, Tourist Development Tax Revenue Bonds, Convention Center 9/31 at 100.00 N/R 14,902,950
  Expansion Project, Series 2021, 4.000%, 9/01/47      
1,355 Central Florida Expressway Authority, Revenue Bonds, Senior Lien Series 2021D, No Opt. Call A+ 1,582,355
  5.000%, 7/01/31      

 

21


 

 

 

NUV Nuveen Municipal Value Fund, Inc.
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Florida (continued)      
$ 565 Florida Development Finance Corporation, Educational Facilities Revenue Bonds, 6/25 at 100.00 N/R $ 592,702
  Renaissance Charter School Income Projects, Series 2015A, 6.000%, 6/15/35, 144A      
2,500 Florida Development Finance Corporation, Healthcare Facilities Revenue Bonds, UF Health – 2/32 at 100.00 N/R 2,432,025
  Jacksonville Project, Series 2022A, 4.000%, 2/01/46 – AGM Insured      
4,000 Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37 10/27 at 100.00 Aa3 4,426,240
3,500 Gainesville, Florida, Utilities System Revenue Bonds, Series 2019A, 5.000%, 10/01/44 10/29 at 100.00 Aa3 3,872,960
2,290 Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International 10/24 at 100.00 A1 (4) 2,428,820
  Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 (Pre-refunded 10/01/24)      
  Lakeland, Florida, Energy System Revenue Bonds, Series 2021:      
1,300 4.000%, 10/01/39 10/31 at 100.00 N/R 1,361,256
1,000 4.000%, 10/01/40 10/31 at 100.00 N/R 1,045,230
2,735 Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai 11/31 at 100.00 A– 2,586,982
  Medical Center of Florida Project, Series 2021B, 4.000%, 11/15/46      
5,090 Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 5/22 at 100.00 A 5,115,348
  2010A, 5.000%, 7/01/40      
2,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, 10/24 at 100.00 A2 2,083,000
  Refunding Series 2014B, 5.000%, 10/01/37      
4,000 Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 7/22 at 100.00 AA (4) 4,023,880
  2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22)      
  Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Series 2018A:      
3,500 5.000%, 10/01/36 10/27 at 100.00 AA 3,863,720
3,780 5.000%, 10/01/37 10/27 at 100.00 AA 4,170,852
1,120 5.000%, 10/01/38 10/27 at 100.00 AA 1,237,578
10,725 Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A, 5/24 at 100.00 Aa2 (4) 11,272,082
  5.000%, 11/01/44 (Pre-refunded 5/01/24)      
  Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding &      
  Improvement Capital Appreciation Series 2019A-2:      
3,000 0.000%, 10/01/46 10/29 at 54.89 BBB+ 959,940
4,860 0.000%, 10/01/47 10/29 at 52.89 BBB+ 1,478,266
1,700 0.000%, 10/01/48 10/29 at 50.96 BBB+ 490,501
3,250 0.000%, 10/01/49 10/29 at 49.08 BBB+ 892,483
2,500 0.000%, 10/01/50 10/29 at 47.17 BBB+ 651,825
3,000 0.000%, 10/01/51 10/29 at 45.32 BBB+ 742,650
3,000 0.000%, 10/01/52 10/29 at 43.62 BBB+ 704,730
3,000 0.000%, 10/01/53 10/29 at 41.97 BBB+ 669,870
2,500 0.000%, 10/01/54 10/29 at 40.38 BBB+ 530,525
3,250 Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical 11/22 at 100.00 BBB+ 3,279,153
  Center, Series 2013A, 5.000%, 11/01/43      
4,000 Pembroke Pines, Florida, Capital Improvement Revenue Bonds, Series 2019A, 4.000%, 7/01/38 7/29 at 100.00 AA 4,162,720
1,020 Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole 5/28 at 100.00 A– 1,112,330
  Electric Cooperative, Inc. Project, Refunding Series 2018B, 5.000%, 3/15/42      
6,865 South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 5/25 at 100.00 AA 6,929,256
  4.000%, 5/01/34      
108,645 Total Florida     91,861,207
  Georgia – 2.6%      
3,325 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5/25 at 100.00 Aa2 3,545,215
  5.000%, 11/01/40      
4,945 Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia No Opt. Call A– 4,913,797
  Power Company, Fourth Series 1994, 2.250%, 10/01/32 (Mandatory Put 5/25/23)      
2,290 Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health 4/27 at 100.00 A 2,449,956
  System, Inc Project, Series 2017A, 5.000%, 4/01/47      

 

22


 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Georgia (continued)      
$ 6,000 Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 2/27 at 100.00 AA $ 6,603,180
  Certificates, Northeast Georgia Health Services Inc., Series 2017B, 5.500%, 2/15/42      
1,500 Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center 1/31 at 100.00 BBB– 1,355,220
  Hotel Revenue Bonds, First Tier Series 2021A, 4.000%, 1/01/54      
5,865 Municipal Electric Authority of Georgia, General Resolution Projects Subordinated Bonds, 1/28 at 100.00 A1 6,346,458
  Series 20188HH, 5.000%, 1/01/44      
16,145 Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, 7/28 at 100.00 A 17,174,567
  Series 2019A, 5.000%, 1/01/49      
4,025 Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project M Bonds, 1/30 at 100.00 AA 4,348,731
  Series 2021A, 5.000%, 1/01/62 – AGM Insured      
2,415 Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien 1/25 at 100.00 A2 2,536,281
  Series 2015A, 5.000%, 1/01/35      
2,000 Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 10/26 at 100.00 AA 2,138,120
  Refunding Series 2016A, 5.000%, 10/01/46      
48,510 Total Georgia     51,411,525
  Guam – 0.0%      
  Guam A.B. Won Pat International Airport Authority, Revenue Bonds, Series 2013C:      
170 6.375%, 10/01/43 (Pre-refunded 10/01/23) (AMT) 10/23 at 100.00 Baa2 (4) 179,399
160 6.375%, 10/01/43 (AMT) 10/23 at 100.00 Baa2 166,688
330 Total Guam     346,087
  Hawaii – 0.4%      
4,830 Honolulu City and County, Hawaii, General Obligation Bonds, Series 2018A, 9/28 at 100.00 Aa1 5,372,989
  5.000%, 9/01/40      
3,000 Honolulu City and County, Hawaii, Wastewater System Revenue Bonds, First Bond 1/28 at 100.00 Aa2 3,341,400
  Resolution, Senior Series 2018A, 5.000%, 7/01/37      
7,830 Total Hawaii     8,714,389
  Idaho – 0.1%      
  University of Idaho, General Revenue Bonds, Refunding Series 2021A:      
505 5.000%, 4/01/39 – AGM Insured 4/31 at 100.00 AA 577,498
545 5.000%, 4/01/41 – AGM Insured 4/31 at 100.00 AA 621,246
1,550 University of Idaho, General Revenue Bonds, Refunding Series 2022A, 4.000%, 4/01/45 – 4/32 at 100.00 N/R 1,572,428
  BAM Insured      
2,600 Total Idaho     2,771,172
  Illinois – 11.0%      
5,000 Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 4/27 at 100.00 A– 5,442,700
  Series 2016, 6.000%, 4/01/46      
5,000 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/25 at 100.00 BB 5,510,950
  Series 2016A, 7.000%, 12/01/44      
2,945 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/26 at 100.00 BB 3,257,052
  Series 2016B, 6.500%, 12/01/46      
4,710 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/27 at 100.00 BB 5,387,298
  Series 2017A, 7.000%, 12/01/46, 144A      
17,775 Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated No Opt. Call Baa2 16,324,915
  Tax Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured      
7,495 Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated No Opt. Call Baa2 5,084,608
  Tax Revenues, Series 1999A, 0.000%, 12/01/31 – NPFG Insured      
1,930 Chicago Greater Metropolitan Water Reclamation District, Illinois, General Obligation 12/31 at 100.00 N/R 1,896,109
  Bonds, Limited Tax Capital Improvement Green Series 2021A, 4.000%, 12/01/51      
2,425 Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal No Opt. Call A 2,665,487
  Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2021,      
  5.000%, 6/01/28      

 

23


 

 

NUV Nuveen Municipal Value Fund, Inc.
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Illinois (continued)      
$ 1,000 Cook County, Illinois, General Obligation Bonds, Refunding Series 2018, 5.000%, 11/15/35 11/26 at 100.00 A+ $ 1,081,940
1,650 Cook County, Illinois, General Obligation Bonds, Refunding Series 2021A, 11/30 at 100.00 A+ 1,874,021
  5.000%, 11/15/31      
5,000 Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37 11/22 at 100.00 AA– 5,079,900
3,110 Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A, 4.000%, 11/15/39 11/30 at 100.00 AA– 3,200,625
5,000 Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated 5/25 at 100.00 AA– 5,274,350
  Group, Series 2015A, 5.000%, 11/15/38      
  Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,      
  Refunding Series 2015C:      
560 5.000%, 8/15/35 8/25 at 100.00 A3 591,489
825 5.000%, 8/15/44 8/25 at 100.00 A3 863,775
5,125 Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 11/27 at 100.00 BBB 5,474,627
1,755 Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 No Opt. Call BBB 1,885,730
655 Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 8/22 at 100.00 BBB 660,908
5,590 Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 1/23 at 100.00 AA– 5,669,043
  5.000%, 1/01/38      
4,000 Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B, 7/26 at 100.00 AA– 4,284,680
  5.000%, 1/01/41      
6,005 Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2020A, 1/31 at 100.00 AA– 6,633,543
  5.000%, 1/01/45      
4,200 Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2021A, 1/32 at 100.00 N/R 4,179,840
  4.000%, 1/01/46      
9,015 Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 12/31 at 100.00 BBB+ 8,219,697
  Bonds, Refunding Series 2022A, 4.000%, 6/15/52      
  Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place      
  Expansion Project, Series 1994B:      
5,245 0.000%, 6/15/28 – NPFG Insured No Opt. Call BBB+ 4,150,369
11,675 0.000%, 6/15/29 – FGIC Insured No Opt. Call BBB+ 8,828,051
  Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place      
  Expansion Project, Series 2002A:      
2,315 5.700%, 6/15/24 (Pre-refunded 6/15/22) 6/22 at 101.00 N/R (4) 2,349,841
7,685 5.700%, 6/15/24 6/22 at 101.00 BBB+ 7,800,659
4,950 0.000%, 12/15/32 – NPFG Insured No Opt. Call BBB+ 3,159,486
21,375 0.000%, 6/15/34 – NPFG Insured No Opt. Call BBB+ 12,660,412
21,000 0.000%, 12/15/35 – NPFG Insured No Opt. Call BBB+ 11,523,330
21,970 0.000%, 6/15/36 – NPFG Insured No Opt. Call BBB+ 11,746,920
10,375 0.000%, 12/15/36 – NPFG Insured No Opt. Call BBB+ 5,402,989
10,000 0.000%, 12/15/37 – NPFG Insured No Opt. Call BBB+ 4,944,800
25,825 0.000%, 6/15/39 – NPFG Insured No Opt. Call BBB+ 11,718,352
6,095 Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, No Opt. Call AA+ 7,631,610
  Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured      
8,000 Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, No Opt. Call AA+ 9,762,480
  Illinois, General Obligation Bonds, Series 2003A, 6.000%, 7/01/33 – NPFG Insured      
5,000 Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 6/24 at 100.00 AA+ (4) 5,259,450
  Illinois, General Obligation Bonds, Series 2014A, 5.000%, 6/01/44 (Pre-refunded 6/01/24)      
5,020 Southwestern Illinois Development Authority, Local Government Revenue Bonds, No Opt. Call AA 4,793,498
  Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 –      
  AGM Insured      
615 University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 10/23 at 100.00 A– 642,878
  6.000%, 10/01/42      

 

24


 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Illinois (continued)      
  Will County Community Unit School District 201-U Crete-Monee, Illinois, General      
  Obligation Bonds, Capital Appreciation Series 2004:      
$ 780 0.000%, 11/01/22 – NPFG Insured (ETM) No Opt. Call Baa2 (4) $ 773,074
160 0.000%, 11/01/22 – NPFG Insured (ETM) No Opt. Call N/R (4) 158,656
590 0.000%, 11/01/22 – NPFG Insured (ETM) No Opt. Call N/R (4) 585,044
1,800 0.000%, 11/01/22 – NPFG Insured No Opt. Call N/R 1,780,704
271,245 Total Illinois     216,215,890
  Indiana – 1.8%      
5,010 Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, 5/23 at 100.00 A (4) 5,154,939
  Series 2012A, 5.000%, 5/01/42 (Pre-refunded 5/01/23)      
2,250 Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation 6/25 at 100.00 AA 2,234,430
  Group, Refunding 2015A, 4.000%, 12/01/40      
5,740 Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 7/23 at 100.00 A– (4) 5,899,802
  Project, Series 2013A, 5.000%, 7/01/48 (Pre-refunded 7/01/23) (AMT)      
2,000 Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 7/26 at 100.00 A+ 2,125,480
  2016A, 5.000%, 1/01/42      
5,000 Indianapolis Local Public Improvement Bond Bank, Indiana, Community Justice Campus 2/29 at 100.00 AAA 5,530,750
  Bonds, Courthouse & Jail Project, Series 2019A, 5.250%, 2/01/54      
  Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:      
2,400 0.000%, 2/01/25 – AMBAC Insured No Opt. Call AA 2,223,600
14,595 0.000%, 2/01/27 – AMBAC Insured No Opt. Call AA 12,670,795
36,995 Total Indiana     35,839,796
  Kentucky – 1.8%      
200 Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue 5/22 at 100.00 Baa2 200,490
  Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured      
  Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern      
  Kentucky International Airport, Series 2016:      
1,530 5.000%, 1/01/27 1/26 at 100.00 A1 1,646,984
1,600 5.000%, 1/01/28 1/26 at 100.00 A1 1,722,192
  Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington      
  Center Corporation Project, Series 2018A:      
1,280 5.000%, 9/01/37 9/28 at 100.00 A2 1,429,555
1,435 5.000%, 9/01/38 9/28 at 100.00 A2 1,596,983
4,000 5.000%, 9/01/43 9/28 at 100.00 A2 4,400,760
2,000 5.000%, 9/01/48 9/28 at 100.00 A2 2,176,220
1,000 Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 12/27 at 100.00 AA 1,039,340
  Louisville Arena Authority, Inc., Series 2017A, 4.000%, 12/01/41 – AGM Insured      
8,935 Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 7/25 at 100.00 BBB+ 9,407,483
  Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45      
6,000 Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown 7/31 at 100.00 Baa2 6,582,120
  Crossing Project, Convertible Capital Appreciation First Tier Series 2013C, 0.000%, 7/01/39 (5)      
5,000 Kentucky State Property and Buildings Commission, Revenue Bonds, Project 115, Series 4/27 at 100.00 A1 5,455,450
  2017, 5.000%, 4/01/30      
32,980 Total Kentucky     35,657,577
  Louisiana – 0.9%      
1,335 East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2019A, 2/29 at 100.00 AA– 1,330,408
  4.000%, 2/01/45      
4,420 Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 7/23 at 100.00 A2 4,563,650
  2013A, 5.000%, 7/01/28      
9,040 New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal 1/27 at 100.00 A2 9,543,257
  Project, Series 2017A, 5.000%, 1/01/48      

 

25


 

 

NUV Nuveen Municipal Value Fund, Inc.
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Louisiana (continued)      
$ 1,470 New Orleans Aviation Board, Louisiana, Special Facility Revenue Bonds, Parking 10/28 at 100.00 AA $ 1,634,331
  Facilities Corporation Consolidated Garage System, Series 2018A, 5.000%, 10/01/43 –      
  AGM Insured      
16,265 Total Louisiana     17,071,646
  Maine – 1.0%      
800 Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 7/23 at 100.00 BBB (4) 826,000
  Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 (Pre-refunded 7/01/23)      
  Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth      
  Issue, Series 2018A:      
1,190 5.000%, 7/01/43 7/28 at 100.00 A+ 1,307,084
5,940 5.000%, 7/01/48 7/28 at 100.00 A+ 6,482,025
  Maine Turnpike Authority, Turnpike Revenue Bonds, Series 2020:      
8,195 4.000%, 7/01/45 7/30 at 100.00 AA– 8,358,982
1,805 5.000%, 7/01/50 7/30 at 100.00 AA– 1,997,594
17,930 Total Maine     18,971,685
  Maryland – 1.2%      
  Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017:      
630 5.000%, 9/01/31 9/27 at 100.00 CCC 626,000
1,945 5.000%, 9/01/32 9/27 at 100.00 CCC 1,928,662
3,455 5.000%, 9/01/34 9/27 at 100.00 CCC 3,412,987
2,000 5.000%, 9/01/35 9/27 at 100.00 CCC 1,970,840
4,500 5.000%, 9/01/42 9/27 at 100.00 CCC 4,278,105
3,500 5.000%, 9/01/46 9/27 at 100.00 CCC 3,351,880
1,050 Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue 7/25 at 100.00 A– 1,111,110
  Bonds, Meritus Medical Center, Series 2015, 5.000%, 7/01/40      
  Maryland Stadium Authority, Revenue Bonds, Baltimore City Public Schools Construction &      
  Revitalization Program, Series 2018A:      
2,260 5.000%, 5/01/47 (Pre-refunded 5/01/28) 5/28 at 100.00 N/R (4) 2,550,297
4,375 5.000%, 5/01/47 5/28 at 100.00 AA 4,783,756
23,715 Total Maryland     24,013,637
  Massachusetts – 1.1%      
1,000 Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 1/29 at 100.00 A+ 1,109,650
  Refunding Senior Lien Series 2019A, 5.000%, 1/01/37      
2,100 Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare 11/23 at 100.00 A (4) 2,197,587
  Obligated Group, Series 2013, 5.250%, 11/15/41 (Pre-refunded 11/15/23)      
2,905 Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 7/25 at 100.00 BBB 3,029,479
  Green Bonds, Series 2015D, 5.000%, 7/01/44      
1,105 Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 7/26 at 100.00 BBB 1,178,969
  Series 2016E, 5.000%, 7/01/36      
2,765 Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute 12/26 at 100.00 A1 2,905,158
  Issue, Series 2016N, 5.000%, 12/01/46      
9,110 Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior 5/23 at 100.00 AAA (4) 9,388,401
  Series 2013A, 5.000%, 5/15/43 (Pre-refunded 5/15/23)      
980 Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior No Opt. Call A+ 797,279
  Series 1997A, 0.000%, 1/01/29 – NPFG Insured      
210 Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 5/22 at 100.00 Aaa 210,456
  5.500%, 8/01/30      
20,175 Total Massachusetts     20,816,979

 

26


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Michigan – 2.8%      
  Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds,      
  Refunding Series 2013:      
$ 1,600 6.000%, 10/01/33 10/23 at 100.00 N/R $ 1,598,576
2,520 6.000%, 10/01/43 10/23 at 100.00 N/R 2,446,013
1,415 Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 7/22 at 100.00 AA– (4) 1,424,141
  Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 (Pre-refunded 7/01/22)      
15 Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5/22 at 100.00 A+ 15,019
  4.500%, 7/01/35 – NPFG Insured      
3,000 Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, No Opt. Call A+ 3,330,030
  5.500%, 7/01/29 – NPFG Insured      
5 Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien Series 2003B, 5.000%, 5/22 at 100.00 A+ 5,014
  7/01/34 – NPFG Insured      
5 Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A, 5.000%, 5/22 at 100.00 A1 5,015
  7/01/34 – NPFG Insured      
3,315 Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of 11/28 at 100.00 Aa3 3,669,473
  Wayne Criminal Justice Center Project, Senior Lien Series 2018, 5.000%, 11/01/43 UB      
2,360 Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of 11/30 at 100.00 AA 2,454,707
  Wayne, Second Lien Refunding Series 2020, 4.000%, 11/01/37      
1,950 Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 7/22 at 100.00 N/R (4) 1,961,797
  Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44      
  (Pre-refunded 7/01/22)      
5,000 Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 6/22 at 100.00 AA– (4) 5,014,950
  2015MI, 5.000%, 12/01/35 (Pre-refunded 6/01/22)      
2,750 Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco 12/30 at 100.00 BBB– 2,858,762
  Receipts, Series 2020B-1-CL2, 5.000%, 6/01/49      
6,000 Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit 11/26 at 100.00 AA+ 5,839,920
  Group, Refunding & Project Series 2010F-6, 4.000%, 11/15/47      
  Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding      
  Series 2015-I:      
435 5.000%, 4/15/30 (Pre-refunded 10/15/25) 10/25 at 100.00 N/R (4) 471,379
9,565 5.000%, 4/15/30 10/25 at 100.00 Aa2 10,285,531
9,600 Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program, Series 2021A, 11/31 at 100.00 N/R 9,983,616
  4.000%, 11/15/40      
1,800 Northern Michigan University, General Revenue Bonds, Series 2021, 4.000%, 6/01/46 6/31 at 100.00 N/R 1,799,568
1,100 Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne 12/25 at 100.00 A1 1,160,170
  County Airport, Series 2015D, 5.000%, 12/01/45      
52,435 Total Michigan     54,323,681
  Minnesota – 0.3%      
3,200 Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding No Opt. Call AA 3,820,928
  Series 2016B, 5.000%, 11/15/34      
1,480 University of Minnesota, General Obligation Bonds, Series 2016A, 5.000%, 4/01/41 4/26 at 100.00 Aa1 1,601,641
4,680 Total Minnesota     5,422,569
  Missouri – 0.2%      
3,465 Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 11/23 at 100.00 A2 3,573,073
  CoxHealth, Series 2013A, 5.000%, 11/15/48      
  Montana – 0.6%      
1,115 Billings, Montana, Sewer System Revenue Bonds, Series 2017, 5.000%, 7/01/33 7/27 at 100.00 AA+ 1,229,288

 

27


 

 

NUV Nuveen Municipal Value Fund, Inc.
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Montana (continued)      
  Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell      
  Regional Medical Center, Series 2018B:      
$ 1,340 5.000%, 7/01/30 7/28 at 100.00 BBB $ 1,453,243
1,415 5.000%, 7/01/31 7/28 at 100.00 BBB 1,530,775
1,980 5.000%, 7/01/32 7/28 at 100.00 BBB 2,138,717
2,135 5.000%, 7/01/33 7/28 at 100.00 BBB 2,302,491
3,045 Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group, 8/28 at 100.00 AA– 3,353,154
  Series 2018A, 5.000%, 8/15/48      
11,030 Total Montana     12,007,668
  Nebraska – 0.3%      
  Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding      
  Crossover Series 2017A:      
1,710 5.000%, 9/01/37 No Opt. Call A 1,895,962
1,500 5.000%, 9/01/42 No Opt. Call A 1,645,140
1,855 Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 9/22 at 100.00 A2 1,873,272
  5.000%, 9/01/42      
1,400 Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska 11/25 at 100.00 A 1,467,564
  Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45      
6,465 Total Nebraska     6,881,938
  Nevada – 2.7%      
490 Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building 6/30 at 100.00 AA 507,753
  Series 2020A, 4.000%, 6/15/40 – AGM Insured      
  Clark County, Nevada, General Obligation Bonds, Transportation Improvement, Limited Tax,      
  Additionally Secured by Pledged Revenue Series 2018B:      
2,000 5.000%, 12/01/33 12/28 at 100.00 AA+ 2,243,680
5,000 5.000%, 12/01/35 12/28 at 100.00 AA+ 5,581,500
5,000 Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue 7/28 at 100.00 Aa3 5,468,550
  Bonds, Series 2018B, 5.000%, 7/01/43      
8,500 Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C, 7/28 at 100.00 Aa3 9,434,150
  5.250%, 7/01/43      
  Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding      
  Series 2015:      
5,220 5.000%, 6/01/33 12/24 at 100.00 Aa1 5,513,051
10,000 5.000%, 6/01/34 12/24 at 100.00 Aa1 10,556,300
9,000 5.000%, 6/01/39 12/24 at 100.00 Aa1 9,477,720
1,205 Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water 6/26 at 100.00 Aa1 1,294,640
  Improvement Series 2016A, 5.000%, 6/01/41 UB      
2,000 Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno 12/28 at 100.00 A3 2,104,220
  Transportation Rail Access Corridor Project, Series 2018A, 5.000%, 6/01/48      
250 Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno 12/28 at 100.00 AA 272,047
  Transportation Rail Access Corridor Project, Series 2018B, 5.000%, 6/01/33 – AGM Insured      
48,665 Total Nevada     52,453,611
  New Jersey – 4.9%      
2,500 Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2018A, 1/29 at 100.00 A+ 2,805,050
  5.000%, 1/01/36      
930 New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 1/24 at 100.00 AA 957,630
  Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (AMT)      
6,000 New Jersey Economic Development Authority, School Facilities Construction Bonds, 12/26 at 100.00 Baa1 (4) 6,776,460
  Refunding Series 2016BBB, 5.500%, 6/15/31 (Pre-refunded 12/15/26)      
5,990 New Jersey Economic Development Authority, School Facilities Construction Bonds, Series No Opt. Call AA 6,498,192
  2005N-1, 5.500%, 9/01/25 – AGM Insured      

 

28


 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  New Jersey (continued)      
$ 4,000 New Jersey Economic Development Authority, School Facilities Construction Financing 3/23 at 100.00 Baa1 $ 4,074,720
  Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/26      
3,300 New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 5/22 at 100.00 BB+ 3,306,501
  Peters University Hospital, Series 2007, 5.750%, 7/01/37      
9,420 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital No Opt. Call Baa1 6,379,789
  Appreciation Series 2010A, 0.000%, 12/15/31      
  New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding      
  Series 2006C:      
30,000 0.000%, 12/15/30 – FGIC Insured No Opt. Call Baa1 21,585,300
27,000 0.000%, 12/15/32 – AGM Insured No Opt. Call AA 17,928,540
4,500 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 6/23 at 100.00 Baa1 4,603,590
  2013AA, 5.000%, 6/15/29      
  New Jersey Transportation Trust Fund Authority, Transportation System Bonds,      
  Series 2015AA:      
2,750 5.250%, 6/15/32 6/25 at 100.00 Baa1 2,915,715
2,150 5.250%, 6/15/34 6/25 at 100.00 Baa1 2,275,152
4,600 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 12/30 at 100.00 Baa1 4,285,820
  2020AA, 4.000%, 6/15/50      
2,000 New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 5.000%, 1/01/40 1/28 at 100.00 A+ 2,175,980
3,760 New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2021A, 4.000%, 1/01/42 1/31 at 100.00 A+ 3,792,223
1,135 Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/23 at 100.00 Aa3 (4) 1,168,403
  5/01/43 (Pre-refunded 5/01/23)      
1,455 South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, 11/30 at 100.00 AA 1,619,371
  Series 2020A, 5.000%, 11/01/41 – BAM Insured      
2,720 Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 6/28 at 100.00 BB+ 2,840,007
  Bonds, Series 2018B, 5.000%, 6/01/46      
114,210 Total New Jersey     95,988,443
  New York – 7.3%      
3,750 Dormitory Authority of the State of New York, Lease Revenue Bonds, State University 7/27 at 100.00 Aa3 4,052,025
  Dormitory Facilities, Series 2017A, 5.000%, 7/01/42      
5,330 Dormitory Authority of the State of New York, Revenue Bonds, NYU Langone Hospitals 7/30 at 100.00 A 5,118,452
  Obligated Group, Series 2020A, 4.000%, 7/01/53      
  Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing      
  Program, Series 2021A:      
1,200 5.000%, 10/01/32 – AGM Insured 10/29 at 100.00 AA 1,346,736
1,125 5.000%, 10/01/33 – AGM Insured 10/29 at 100.00 AA 1,256,479
2,055 Long Island Power Authority, New York, Electric System General Revenue Bonds, Notes 9/23 at 100.00 A 1,896,888
  Series 2021, 1.000%, 9/01/25      
1,950 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 9/28 at 100.00 A 2,161,302
  2018, 5.000%, 9/01/39      
1,500 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 9/30 at 100.00 A 1,683,630
  2020A, 5.000%, 9/01/38      
3,000 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 9/31 at 100.00 A 3,018,420
  2021, 4.000%, 9/01/39      
8,325 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 5/30 at 100.00 A3 8,665,409
  Climate Bond Certified Series 2020C-1, 5.000%, 11/15/50      
2,500 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding 11/30 at 100.00 A3 2,413,650
  Green Climate Certified Series 2020E, 4.000%, 11/15/45      
  MTA Hudson Rail Yards Trust Obligations, New York, MTA Financing Agreement Payable by      
  the Metropolitan Transportation Authority, Series 2016A:      
3,135 5.000%, 11/15/51 5/22 at 100.00 A3 3,140,580
7,380 5.000%, 11/15/56 11/23 at 100.00 A3 7,567,673

 

29


 

 

NUV Nuveen Municipal Value Fund, Inc.
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) 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:      
$ 1,750 5.000%, 1/01/30 – AGM Insured No Opt. Call AA $ 1,935,273
1,250 5.000%, 1/01/31 – AGM Insured No Opt. Call AA 1,390,050
10,000 New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 7/28 at 100.00 AA 10,716,400
  Fiscal 2018, Series 2017S-3, 5.000%, 7/15/43      
7,000 New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, 7/28 at 100.00 AA 7,616,560
  Fiscal 2019 Subseries S-3A, 5.000%, 7/15/37      
3,520 New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 5.000%, 8/01/43 8/30 at 100.00 AA 3,869,818
5,000 New York City, New York, General Obligation Bonds, Fiscal 2021 Series F-1, 3/31 at 100.00 AA 5,471,350
  5.000%, 3/01/50      
11,755 New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 11/24 at 100.00 N/R 11,879,956
  Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A      
3,180 New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Secured by 2/30 at 100.00 N/R 3,197,713
  Port Authority Consolidated Bonds, Refunding Series 1WTC-2021, 4.000%, 2/15/43      
5,000 New York State Power Authority, General Revenue Bonds, Series 2020A, 4.000%, 11/15/50 5/30 at 100.00 AA 4,944,700
8,270 New York Transportation Development Corporation, New York, Special Facilities Bonds, 7/24 at 100.00 BBB 8,527,114
  LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (AMT)      
5,000 New York Transportation Development Corporation, New York, Special Facility Revenue 12/32 at 100.00 N/R 5,224,700
  Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2022, 5.000%,      
  12/01/42 (AMT)      
  New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta      
  Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018:      
3,250 5.000%, 1/01/34 (AMT) 1/28 at 100.00 Baa3 3,402,198
5,250 5.000%, 1/01/36 (AMT) 1/28 at 100.00 Baa3 5,486,722
4,500 Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 6/31 at 100.00 BBB+ 4,366,710
  Asset-Backed Bonds, Senior Series 2021A-2, 4.000%, 6/01/50      
7,550 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA 11/27 at 100.00 AA– 8,210,172
  Bridges & Tunnels, Series 2017C-2, 5.000%, 11/15/42      
4,000 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA 11/30 at 100.00 AA– 4,053,240
  Bridges & Tunnels, Series 2018D, 4.000%, 11/15/38      
3,000 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, 5/25 at 100.00 AA– 3,168,180
  Refunding Series 2015A, 5.000%, 11/15/50      
7,000 Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior 5/31 at 100.00 N/R 6,897,170
  Lien Series 2021B-1, 4.000%, 5/15/56      
650 TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B, No Opt. Call B– 648,414
  5.000%, 6/01/24      
138,175 Total New York     143,327,684
  North Carolina – 1.1%      
1,520 North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University 10/26 at 100.00 AA+ 1,650,978
  Project, Refunding Series 2016B, 5.000%, 10/01/44      
  North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot      
  Lanes Project, Series 2015:      
2,155 5.000%, 12/31/37 (AMT) 6/25 at 100.00 BBB– 2,206,591
4,175 5.000%, 6/30/54 (AMT) 6/25 at 100.00 BBB– 4,229,400
2,995 North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 7/26 at 100.00 BBB 3,124,594
  5.000%, 7/01/51      
  North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Capital      
  Appreciation Series 2019:      
2,000 0.000%, 1/01/41 1/30 at 71.45 AA+ 942,260
1,500 0.000%, 1/01/42 1/30 at 68.97 AA+ 671,220
14,500 0.000%, 1/01/49 1/30 at 54.10 AA+ 4,667,115

 

30


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  North Carolina (continued)      
  North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding      
  Senior Lien Series 2017:      
$ 1,625 5.000%, 1/01/30 1/27 at 100.00 BBB $ 1,746,501
1,850 5.000%, 1/01/32 1/27 at 100.00 BBB 1,979,408
32,320 Total North Carolina     21,218,067
  North Dakota – 0.1%      
1,840 Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System 12/27 at 100.00 Baa2 1,962,176
  Obligated Group, Series 2017A, 5.000%, 12/01/42      
  Ohio – 4.5%      
4,710 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 100.00 BBB+ 4,412,328
  Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48      
35,315 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 100.00 N/R 34,398,223
  Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55      
16,415 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/22 at 100.00 N/R (4) 16,479,839
  Revenue Bonds, Senior Lien Series 2007A-3, 6.250%, 6/01/37 (Pre-refunded 6/01/22)      
1,195 Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 11/27 at 100.00 Aa2 1,332,114
  Refunding & Improvement Series 2017A, 5.000%, 11/01/32      
3,485 Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, 6/27 at 100.00 AA– 3,425,232
  4.000%, 12/01/46      
5,000 Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018, 6/28 at 100.00 AAA 5,591,300
  5.000%, 6/01/43      
14,500 Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, No Opt. Call N/R 13,098,285
  FirstEnergy Generation Corporation Project, Refunding Series 2009D, 3.375%, 8/01/29      
  (Mandatory Put 9/15/21)      
4,110 Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth 6/25 at 100.00 AA 4,306,910
  Bypass Project, Series 2015, 5.000%, 12/31/39 – AGM Insured (AMT)      
4,975 Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission 2/23 at 100.00 Aa3 (4) 5,085,445
  Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.000%, 2/15/48      
  (Pre-refunded 2/15/23)      
89,705 Total Ohio     88,129,676
  Oklahoma – 1.6%      
4,000 Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Refunding 7/26 at 100.00 AAA 4,341,560
  Series 2016, 5.000%, 7/01/36      
  Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist      
  Medical Center, Refunding Series 2015A:      
1,590 5.000%, 8/15/27 8/25 at 100.00 A 1,692,189
1,250 5.000%, 8/15/29 8/25 at 100.00 A 1,328,725
  Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine      
  Project, Series 2018B:      
1,935 5.250%, 8/15/43 8/28 at 100.00 Baa3 2,003,286
5,000 5.250%, 8/15/48 8/28 at 100.00 Baa3 5,159,300
10,000 Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 1/26 at 100.00 AA– 10,714,300
  2017A, 5.000%, 1/01/42      
7,000 Oklahoma Water Resources Board, Revolving Fund Revenue Bonds, Master Trust, Series 2021, 4/31 at 100.00 N/R 7,146,930
  4.000%, 4/01/47      
30,775 Total Oklahoma     32,386,290
  Oregon – 0.8%      
2,500 Oregon Health and Science University, Revenue Bonds, Green Series 2021A, 4.000%, 7/01/44 1/32 at 100.00 N/R 2,473,400
6,585 Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding 5/27 at 100.00 AAA 7,309,877
  Senior Lien Series 2017B, 5.000%, 11/15/28      

 

31


 

 

 

NUV Nuveen Municipal Value Fund, Inc.
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Oregon (continued)      
$ 5,330 University of Oregon, General Revenue Bonds, Series 2018A, 5.000%, 4/01/48 4/28 at 100.00 Aa2 $ 5,861,561
14,415 Total Oregon     15,644,838
  Pennsylvania – 1.3%      
3,155 Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, 2/27 at 100.00 AA– 3,402,762
  Geisinger Health System, Series 2017A-2, 5.000%, 2/15/39      
3,000 Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, 5/32 at 100.00 N/R 2,930,070
  Thomas Jefferson University, Series 2022B, 4.000%, 5/01/47      
2,000 Pennsylvania State University, Revenue Bonds, Refunding Series 2016A, 5.000%, 9/01/41 9/26 at 100.00 Aa1 2,173,040
7,500 Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 12/22 at 100.00 AA– (4) 7,645,500
  Bonds, Subordinate Series 2013A, 5.000%, 12/01/43 (Pre-refunded 12/01/22)      
1,250 Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 12/26 at 100.00 AA– 1,333,350
  Bonds, Subordinate Series 2014A, 4.750%, 12/01/37      
3,000 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2020B, 5.000%, 12/01/50 12/30 at 100.00 A+ 3,292,230
3,645 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A, 12/30 at 100.00 A 3,434,064
  4.000%, 12/01/50      
570 Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue 9/29 at 100.00 AA 593,364
  Bonds, Refunding Subordinate Series 2019B, 4.000%, 9/01/34 – AGM Insured      
1,350 Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, 1/28 at 100.00 Baa3 1,432,769
  Series 2017, 5.000%, 1/01/38 (AMT)      
25,470 Total Pennsylvania     26,237,149
  Puerto Rico – 1.7%      
  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds,      
  Restructured 2018A-1:      
6,031 0.000%, 7/01/33 7/28 at 86.06 N/R 4,170,437
15,388 4.500%, 7/01/34 7/25 at 100.00 N/R 15,780,856
9,039 4.550%, 7/01/40 7/28 at 100.00 N/R 9,110,950
5,320 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 7/28 at 100.00 N/R 5,362,347
  Cofina Project Series 2019A-2A, 4.550%, 7/01/40      
35,778 Total Puerto Rico     34,424,590
  South Carolina – 2.4%      
  Patriots Energy Group, South Carolina, Gas System Revenue Bonds, Improvement and      
  Refunding Series 2021A:      
2,250 4.000%, 6/01/46 6/31 at 100.00 A2 2,215,260
3,000 4.000%, 6/01/51 6/31 at 100.00 A2 2,917,950
  Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:      
12,760 0.000%, 1/01/28 – AGC Insured No Opt. Call AA 10,714,572
9,535 0.000%, 1/01/29 – AGC Insured No Opt. Call AA 7,706,473
5,500 South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Improvement 12/31 at 100.00 N/R 5,353,040
  Series 2021B, 4.000%, 12/01/47      
5,500 South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 6/25 at 100.00 N/R 5,722,970
  Improvement Series 2015A, 5.000%, 12/01/50      
8,000 South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding 12/26 at 100.00 A 8,444,320
  Series 2016B, 5.000%, 12/01/56      
3,455 South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 6/24 at 100.00 N/R 3,610,544
  2014A, 5.500%, 12/01/54      
50,000 Total South Carolina     46,685,129

 

32


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Tennessee – 1.1%      
  Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue      
  Bonds, Refunding & Improvement Series 2022A:      
$ 310 4.000%, 4/01/32 4/31 at 100.00 N/R $ 331,523
875 4.000%, 4/01/33 4/31 at 100.00 N/R 930,055
1,305 4.000%, 4/01/34 4/31 at 100.00 N/R 1,374,452
760 4.000%, 4/01/37 4/31 at 100.00 N/R 788,211
1,305 4.000%, 4/01/40 4/31 at 100.00 N/R 1,338,121
  Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue      
  Bonds, Refunding Series 2021:      
1,000 5.000%, 10/01/31 No Opt. Call AA 1,172,960
250 5.000%, 10/01/32 No Opt. Call AA 296,450
1,450 Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Refunding Series 2020B, 10/30 at 100.00 AA+ 1,638,486
  5.000%, 10/01/45      
2,260 Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage 7/27 at 100.00 AA 2,465,276
  Revenue Bonds, Green Series 2017A, 5.000%, 7/01/42      
1,375 New Memphis Arena Public Building Authority, Memphis and Shelby County, Tennessee, Local 4/31 at 81.47 AA 661,966
  Government Public Improvement Bonds, Capital Appreciation Series 2021, 0.000%, 4/01/40      
3,000 Tennessee State School Bond Authority, Higher Educational Facilities Second Program 11/27 at 100.00 AA+ 3,265,050
  Bonds, Series 2017A, 5.000%, 11/01/42      
7,245 The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 4.000%, 2/23 at 100.43 A2 7,304,264
  5/01/48 (Mandatory Put 5/01/23)      
21,135 Total Tennessee     21,566,814
  Texas – 15.4%      
240 Baytown Municipal Development District, Texas, Hotel Revenue Bonds, Baytown Convention 10/31 at 100.00 BBB– 211,543
  Center Hotel, First-Lien Series 2021A, 4.000%, 10/01/50      
14,355 Bexar County Hospital District, Texas, Certificates of Obligation, Series 2018, 4.000%, 2/27 at 100.00 Aa1 14,754,356
  2/15/43 (UB), (6)      
2,420 Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 1/23 at 100.00 A– (4) 2,471,425
  2013A, 5.000%, 1/01/43 (Pre-refunded 1/01/23)      
2,680 Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien 1/30 at 100.00 BBB+ 2,551,923
  Series 2020G, 4.000%, 1/01/45      
745 Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020A, 1/30 at 100.00 A– 803,222
  5.000%, 1/01/40      
4,650 Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding & Improvement 12/30 at 100.00 AA+ 5,184,471
  Senior Lien Series 2021B, 5.000%, 12/01/47      
240 Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 9/24 at 100.00 BBB– 251,364
  2014A, 5.250%, 9/01/44      
5,000 El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of 8/23 at 100.00 A– 5,133,650
  Obligation Series 2013, 5.000%, 8/15/39      
  Fort Bend County Municipal Utility District 50, Texas, General Obligation Bonds,      
  Series 2018A:      
2,600 4.000%, 9/01/46 – AGM Insured 9/23 at 100.00 AA 2,618,642
5,500 4.000%, 9/01/48 – AGM Insured 9/23 at 100.00 AA 5,387,580
3,335 Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding 4/30 at 100.00 A+ 3,287,143
  First Tier Series 2020C, 4.000%, 10/01/49      
27,340 Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate 10/23 at 100.00 AA (4) 28,367,984
  Lien Series 2013B, 5.000%, 4/01/53 (Pre-refunded 10/01/23)      
2,845 Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 6/25 at 100.00 AA 2,775,753
  Houston Methodist Hospital System, Series 2015, 4.000%, 12/01/45      
4,000 Harris County, Texas, Toll Road Revenue Bonds, Refunding First Lien Series 2021A, 8/30 at 100.00 Aa2 3,998,080
  4.000%, 8/15/45      
7,295 Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation 11/31 at 39.79 AA 1,869,854
  Refunding Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured      

 

33


 

 

NUV Nuveen Municipal Value Fund, Inc.
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Texas (continued)      
  Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:      
$ 845 0.000%, 11/15/27 (ETM) No Opt. Call Baa2 (4) $ 718,723
11,055 0.000%, 11/15/27 No Opt. Call Baa2 8,845,769
  Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien      
  Series 2014C:      
425 5.000%, 11/15/23 No Opt. Call Baa1 437,801
1,565 5.000%, 11/15/31 11/24 at 100.00 Baa1 1,635,284
14,905 Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 11/24 at 59.10 Baa2 7,897,861
  0.000%, 11/15/33 – NPFG Insured      
1,000 Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee 12/31 at 100.00 N/R 950,360
  Revenue Bonds, Senior Lien Series 2022A, 4.000%, 12/01/41      
  Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B:      
1,590 5.000%, 7/01/43 7/28 at 100.00 A1 1,713,257
2,290 5.000%, 7/01/48 7/28 at 100.00 A1 2,451,537
1,500 Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series 11/31 at 100.00 AA 1,529,640
  2021A, 4.000%, 11/15/46      
  Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and      
  Entertainment Project, Series 2001B:      
24,755 0.000%, 9/01/29 – AMBAC Insured No Opt. Call A 19,089,571
12,940 0.000%, 9/01/30 – AMBAC Insured No Opt. Call A 9,564,730
10,000 0.000%, 9/01/31 – AMBAC Insured No Opt. Call A 7,067,700
19,500 0.000%, 9/01/32 – AMBAC Insured No Opt. Call A 13,198,965
5,120 Leander Independent School District, Williamson and Travis Counties, Texas, General 8/25 at 100.00 AAA 5,463,962
  Obligation Bonds, Refunding Series 2015A, 5.000%, 8/15/39      
4,510 Leander Independent School District, Williamson and Travis Counties, Texas, General 8/26 at 100.00 AAA 4,836,614
  Obligation Bonds, Refunding Series 2016A, 5.000%, 8/15/49      
2,000 Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 11/22 at 100.00 Baa1 2,023,280
  Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%,      
  11/01/28 (AMT)      
3,570 Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA 5/30 at 100.00 A+ 3,870,380
  Transmission Services Corporation Project, Refunding Series 2020A, 5.000%, 5/15/50      
  Lubbock, Texas, Electric Light and Power System Revenue Bonds, Series 2018:      
2,170 5.000%, 4/15/40 4/28 at 100.00 A+ 2,377,192
3,930 5.000%, 4/15/43 4/28 at 100.00 A+ 4,282,521
  North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital      
  Appreciation Series 2008I:      
30,000 6.200%, 1/01/42 – AGC Insured (Pre-refunded 1/01/25) 1/25 at 100.00 AA (4) 32,924,700
5,220 6.500%, 1/01/43 (Pre-refunded 1/01/25) 1/25 at 100.00 A+ (4) 5,761,940
15,450 North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, No Opt. Call AA 9,204,955
  0.000%, 1/01/36 – AGC Insured      
9,020 North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 1/23 at 100.00 A+ 9,164,320
  5.000%, 1/01/40      
8,000 North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2017B, 1/27 at 100.00 A 8,562,240
  5.000%, 1/01/43      
9,100 North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 1/25 at 100.00 A 9,553,453
  2015A, 5.000%, 1/01/32      
1,750 Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 8/26 at 100.00 AA 1,892,765
  Texas Health Resources System, Series 2016A, 5.000%, 2/15/41      
4,785 Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, No Opt. Call A2 5,125,788
  Senior Lien Series 2008D, 6.250%, 12/15/26      

 

34


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Texas (continued)      
  Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE      
  Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien      
  Series 2019A:      
$ 1,400 5.000%, 12/31/35 12/29 at 100.00 Baa2 $ 1,523,592
3,000 5.000%, 12/31/36 12/29 at 100.00 Baa2 3,259,050
7,180 Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding 8/22 at 100.00 A (4) 7,253,810
  First Tier Series 2012A, 5.000%, 8/15/41 (Pre-refunded 8/15/22)      
3,000 Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding 8/24 at 100.00 A 3,138,270
  First Tier Series 2015B, 5.000%, 8/15/37      
1,750 Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding 8/24 at 100.00 A– 1,808,502
  Second Tier Series 2015C, 5.000%, 8/15/33      
5,500 Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series No Opt. Call A 4,979,480
  2002A, 0.000%, 8/15/25 – AMBAC Insured      
  Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master      
  Trust Series 2017A:      
12,500 4.000%, 10/15/42 UB (6) 10/27 at 100.00 AAA 12,918,500
6,500 5.000%, 10/15/42 10/27 at 100.00 AAA 7,141,095
  Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds,      
  Infrastructure Improvement Facilities, Refunding Series 2021:      
600 3.000%, 9/01/38 9/31 at 100.00 Baa2 497,604
725 3.000%, 9/01/39 9/31 at 100.00 Baa2 588,548
332,395 Total Texas     302,920,749
  Utah – 0.8%      
5,345 Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, 7/27 at 100.00 A 5,738,071
  5.000%, 7/01/42      
3,500 Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B, 7/28 at 100.00 A 3,755,325
  5.000%, 7/01/43      
  Salt Lake County, Utah, Sales Tax Revenue Bonds, TRCC Series 2017:      
695 5.000%, 2/01/36 2/27 at 100.00 AAA 762,394
1,150 5.000%, 2/01/37 2/27 at 100.00 AAA 1,260,975
  Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind Project,      
  Refunding Series 2017A:      
1,250 5.000%, 9/01/29 3/28 at 100.00 AA– 1,383,538
1,000 5.000%, 9/01/30 3/28 at 100.00 AA– 1,103,780
1,250 5.000%, 9/01/31 3/28 at 100.00 AA– 1,369,725
660 5.000%, 9/01/32 3/28 at 100.00 AA– 720,298
540 Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017A, 3/27 at 100.00 AA 590,047
  5.000%, 3/01/37      
15,390 Total Utah     16,684,153
  Virginia – 1.0%      
1,805 Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, 7/26 at 100.00 BBB 1,886,027
  First Tier Series 2016, 5.000%, 7/01/46      
4,355 Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed 5/22 at 100.00 B– 4,360,574
  Bonds, Series 2007B1, 5.000%, 6/01/47      
4,100 Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 6/27 at 100.00 BBB 4,230,667
  66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/49 (AMT)      
  Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing,      
  OPCO LLC Project, Senior Lien Series 2012:      
4,180 5.250%, 1/01/32 (AMT) 7/22 at 100.00 BBB 4,204,244
1,355 6.000%, 1/01/37 (Pre-refunded 7/01/22) (AMT) 7/22 at 100.00 BBB (4) 1,364,458
3,770 5.500%, 1/01/42 (AMT) 7/22 at 100.00 BBB 3,793,374
19,565 Total Virginia     19,839,344

 

35


 

 

NUV Nuveen Municipal Value Fund, Inc.
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Washington – 3.1%      
  Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2016:      
$ 1,930 5.000%, 2/01/29 2/26 at 100.00 AA– $ 2,089,109
1,000 5.000%, 2/01/30 2/26 at 100.00 AA– 1,082,440
  Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue      
  Bonds, Series 2017:      
1,175 5.000%, 12/01/38 6/27 at 100.00 A1 1,228,874
5,000 5.000%, 12/01/41 6/27 at 100.00 A1 5,212,900
1,390 Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 8/29 at 100.00 BBB+ 1,328,089
  2019A-1, 4.000%, 8/01/44      
12,000 Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & 10/22 at 100.00 AA– 12,140,280
  Services, Refunding Series 2012A, 5.000%, 10/01/33      
1,310 Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical 8/27 at 100.00 BBB– 1,401,988
  Center, Series 2017, 5.000%, 8/15/30      
  Washington State Convention Center Public Facilities District, Lodging Tax Revenue      
  Bonds, Refunding Subordinate Series 2021B. Exchange Purchase:      
2,905 4.000%, 7/01/36 7/31 at 100.00 Baa3 2,775,873
7,740 4.000%, 7/01/43 7/31 at 100.00 Baa3 7,080,861
7,830 3.000%, 7/01/58 7/31 at 100.00 Baa3 5,127,241
3,240 4.000%, 7/01/58 7/31 at 100.00 Baa3 2,782,091
  Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:      
9,100 0.000%, 6/01/29 – NPFG Insured No Opt. Call Aaa 7,327,684
16,195 0.000%, 6/01/30 – NPFG Insured No Opt. Call Aaa 12,561,814
70,815 Total Washington     62,139,244
  West Virginia – 0.7%      
1,830 West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington 1/29 at 100.00 BBB+ 1,983,043
  Hospital, Inc. Project, Refunding & Improvement Series 2018A, 5.000%, 1/01/36      
3,750 West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area 9/29 at 100.00 Baa1 4,125,863
  Medical Center, Refunding & Improvement Series 2019A, 5.000%, 9/01/39      
3,000 West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United 6/23 at 100.00 A (4) 3,097,560
  Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44      
  (Pre-refunded 6/01/23)      
3,570 West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018, 6/28 at 100.00 AA– 3,946,028
  5.000%, 6/01/43      
12,150 Total West Virginia     13,152,494
  Wisconsin – 0.7%      
4,410 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, 6/22 at 100.00 A3 4,421,246
  Inc., Series 2012, 5.000%, 6/01/39      
6,600 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health 8/22 at 100.00 N/R (4) 6,667,848
  Care, Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22)      
  Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds,      
  Ascension Health Alliance Senior Credit Group, Series 2016A:      
935 4.000%, 11/15/46 (Pre-refunded 5/15/26) 5/26 at 100.00 N/R (4) 980,011
2,870 4.000%, 11/15/46 5/26 at 100.00 AA+ 2,803,502
14,815 Total Wisconsin     14,872,607
$ 2,153,758 Total Long-Term Investments (cost $1,939,155,356)     1,967,679,074
  Floating Rate Obligations – (1.1)%     (21,480,000)
  Other Assets Less Liabilities – 1.3%     24,960,569
  Net Assets Applicable to Common Shares – 100%     $ 1,971,159,643

 

36


 

 

 

(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)Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(5)Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(6)Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
144AInvestment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments mayonly be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
AMTAlternative Minimum Tax
ETMEscrowed to maturity
UBUnderlying bond of an inverse floating rate trust reflected as a financing transaction.

See accompanying notes to financial statements.

37


 

 

 

NUW Nuveen AMT-Free Municipal Value Fund
  Portfolio of Investments
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 99.6%      
  MUNICIPAL BONDS – 99.2%      
  Alaska – 0.3%      
$ 800 Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed No Opt. Call A $ 879,384
  Bonds, Senior Series 2021A Class 1, 5.000%, 6/01/31      
  Arizona – 1.8%      
345 Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Subordinate 7/30 at 100.00 AAA 356,575
  Lien Series 2020A, 4.000%, 7/01/45      
1,035 Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien 7/31 at 100.00 AAA 1,171,082
  Series 2021A, 5.000%, 7/01/45      
3,045 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy No Opt. Call A3 3,335,675
  Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37      
4,425 Total Arizona     4,863,332
  California – 11.8%      
1,790 Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 10/26 at 100.00 BBB+ 1,886,768
  Subordinate Lien Series 2016B, 5.000%, 10/01/37 (UB)      
1,730 Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement No Opt. Call AA 1,309,454
  Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured      
45 California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 6/30 at 100.00 BBB+ 43,693
  Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49      
340 California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San 1/29 at 100.00 BBB 359,893
  Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%,      
  11/21/45, 144A      
2,040 Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 5/29 at 100.00 Aa3 2,287,656
  Airport, Private Activity/Non AMT Refunding Subordinate Series 2019C, 5.000%, 5/15/30      
450 M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, No Opt. Call A 559,422
  Series 2009A, 6.500%, 11/01/39      
10,200 Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%, 8/29 at 100.00 AA 12,811,302
  8/01/38 – AGC Insured      
1,030 Poway Unified School District, San Diego County, California, General Obligation Bonds, No Opt. Call Aa2 633,769
  School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/35      
2,470 San Francisco Airports Commission, California, Revenue Bonds, San Francisco 5/27 at 100.00 A1 2,637,170
  International Airport, Governmental Purpose Second Series 2017B, 5.000%, 5/01/47      
12,955 San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 No Opt. Call AA 7,518,693
  Election Series 2012G, 0.000%, 8/01/35 – AGM Insured      
5,185 San Ysidro School District, San Diego County, California, General Obligation Bonds, 8/25 at 36.88 AA 1,697,621
  Refunding Series 2015, 0.000%, 8/01/44      
115 Vernon, California, Electric System Revenue Bonds, Series 2021A, 5.000%, 4/01/28 No Opt. Call N/R 125,157
700 Victor Elementary School District, San Bernardino County, California, General Obligation No Opt. Call Aa3 657,440
  Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured      
39,050 Total California     32,528,038
  Colorado – 5.3%      
3,025 Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 8/29 at 100.00 BBB+ 3,262,160
  Series 2019A-2, 5.000%, 8/01/44      
  Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center      
  Hotel, Refunding Senior Lien Series 2016:      
1,000 5.000%, 12/01/30 12/26 at 100.00 Baa2 1,050,600
1,500 5.000%, 12/01/36 12/26 at 100.00 Baa2 1,563,195

 

38


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Colorado (continued)      
$ 3,540 Denver Health and Hospitals Authority, Colorado, Healthcare Revenue Bonds, Series 2019A, 12/29 at 100.00 BBB $ 3,507,149
  4.000%, 12/01/37      
5,885 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, No Opt. Call A 3,812,067
  9/01/34 – NPFG Insured      
1,000 Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado No Opt. Call AA– 1,272,760
  Springs Utilities, Series 2008, 6.500%, 11/15/38      
15,950 Total Colorado     14,467,931
  Delaware – 0.2%      
  Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A:      
150 4.125%, 1/01/39 1/24 at 100.00 A1 151,945
200 5.000%, 1/01/44 1/24 at 100.00 A1 206,480
130 Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2019, 1/29 at 100.00 A1 132,409
  4.000%, 1/01/44      
480 Total Delaware     490,834
  District of Columbia – 1.1%      
205 District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed No Opt. Call A– 214,254
  Bonds, Series 2001, 6.500%, 5/15/33      
1,735 Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 10/29 at 100.00 A– 1,870,555
  Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B,      
  5.000%, 10/01/47      
725 Washington Metropolitan Area Transit Authority, Dedicated Revenue Bonds, Green Series 7/31 at 100.00 AA 817,532
  2021A, 5.000%, 7/15/41      
2,665 Total District of Columbia     2,902,341
  Florida – 3.1%      
1,055 Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A, 10/28 at 100.00 Aa3 1,079,972
  4.000%, 10/01/44      
500 Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37 10/27 at 100.00 Aa3 553,280
1,605 Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 11/24 at 100.00 A2 1,660,260
  5.000%, 11/15/45      
535 Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City 2/24 at 100.00 AA 553,768
  Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured      
3,350 Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 10/25 at 100.00 AA– 3,576,092
  2017B, 5.000%, 10/01/32      
510 Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole 5/28 at 100.00 A– 556,165
  Electric Cooperative, Inc. Project, Refunding Series 2018B, 5.000%, 3/15/42      
525 Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, 5/22 at 100.00 N/R 5
  Series 2007-3, 6.450%, 5/01/23 (4)      
805 Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 5/22 at 100.00 N/R 629,848
  Series 2015-2, 6.610%, 5/01/40 (5)      
880 Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 5/22 at 100.00 N/R 9
  Series 2015-3, 6.610%, 5/01/40 (4)      
9,765 Total Florida     8,609,399
  Georgia – 3.0%      
2,470 Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia No Opt. Call A– 2,454,415
  Power Company, Fourth Series 1994, 2.250%, 10/01/32 (Mandatory Put 5/25/23)      
2,000 Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 2/27 at 100.00 AA 2,201,060
  Certificates, Northeast Georgia Health Services Inc., Series 2017B, 5.500%, 2/15/42      
1,470 Municipal Electric Authority of Georgia, General Resolution Projects Subordinated Bonds, 1/28 at 100.00 A1 1,590,672
  Series 20188HH, 5.000%, 1/01/44      

 

39


 

  

NUW Nuveen AMT-Free Municipal Value Fund
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Georgia (continued)      
$ 2,000 Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien 1/25 at 100.00 A2 $ 2,100,440
  Series 2015A, 5.000%, 1/01/35      
7,940 Total Georgia     8,346,587
  Illinois – 8.0%      
2,000 Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 4/27 at 100.00 A– 2,177,080
  Series 2016, 6.000%, 4/01/46      
  Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:      
470 0.000%, 1/01/33 – FGIC Insured No Opt. Call BBB+ 306,026
3,000 0.000%, 1/01/37 – FGIC Insured No Opt. Call BBB+ 1,607,610
2,000 Cook County, Illinois, Sales Tax Revenue Bonds, Series 2017, 5.000%, 11/15/38 11/27 at 100.00 AA– 2,207,880
1,800 Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series 12/29 at 100.00 AA+ 2,001,654
  2019A, 5.000%, 12/01/43      
3,500 Illinois Finance Authority, State of Illinois Clean Water Initiative Revolving Fund 1/27 at 100.00 AAA 3,821,755
  Revenue Bonds, Series 2017, 5.000%, 7/01/37      
1,500 Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 No Opt. Call BBB 1,619,355
525 Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 No Opt. Call BBB 564,107
495 Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 12/31 at 100.00 BBB+ 451,331
  Bonds, Refunding Series 2022A, 4.000%, 6/15/52      
11,420 Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place No Opt. Call BBB+ 5,646,962
  Expansion Project, Series 2002A, 0.000%, 12/15/37 – NPFG Insured      
615 University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 10/23 at 100.00 A– 642,878
  6.000%, 10/01/42      
  Will County Community Unit School District 201-U Crete-Monee, Illinois, General      
  Obligation Bonds, Capital Appreciation Series 2004:      
50 0.000%, 11/01/23 – NPFG Insured (ETM) No Opt. Call N/R (6) 48,276
300 0.000%, 11/01/23 – NPFG Insured (ETM) No Opt. Call Baa2 (6) 289,227
340 0.000%, 11/01/23 – NPFG Insured (ETM) No Opt. Call N/R (6) 328,277
355 0.000%, 11/01/23 – NPFG Insured No Opt. Call N/R 340,090
28,370 Total Illinois     22,052,508
  Indiana – 0.5%      
1,500 Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – No Opt. Call AA 1,389,750
  AMBAC Insured      
  Kentucky – 3.6%      
1,150 Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern 1/26 at 100.00 A1 1,237,745
  Kentucky International Airport, Series 2016, 5.000%, 1/01/29      
1,000 Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington 9/28 at 100.00 A2 1,100,190
  Center Corporation Project, Series 2018A, 5.000%, 9/01/43      
2,500 Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 12/22 at 100.00 AA 2,539,925
  Louisville Arena Authority, Inc., Series 2017A, 5.000%, 12/01/47 – AGM Insured      
1,000 Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, 8/29 at 100.00 BBB+ 1,093,710
  Series 2019A-1, 5.000%, 8/01/32      
3,750 Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 7/25 at 100.00 BBB+ 3,948,300
  Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45      
9,400 Total Kentucky     9,919,870
  Maine – 0.6%      
1,545 Maine Turnpike Authority, Turnpike Revenue Bonds, Series 2020, 5.000%, 7/01/36 7/30 at 100.00 AA– 1,756,928
  Maryland – 3.2%      
  Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017:      
1,150 5.000%, 9/01/33 9/27 at 100.00 CCC 1,137,890
2,250 5.000%, 9/01/34 9/27 at 100.00 CCC 2,222,640

 

40


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Maryland (continued)      
$ 5,000 Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar 5/27 at 100.00 A $ 5,508,300
  Health Issue, Series 2017A, 5.000%, 5/15/42      
8,400 Total Maryland     8,868,830
  Michigan – 1.0%      
1,000 Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of 11/28 at 100.00 Aa3 1,106,930
  Wayne Criminal Justice Center Project, Senior Lien Series 2018, 5.000%, 11/01/43 UB      
1,500 Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco 12/30 at 100.00 BBB– 1,559,325
  Receipts, Series 2020B-1-CL2, 5.000%, 6/01/49      
2,500 Total Michigan     2,666,255
  Minnesota – 1.1%      
1,145 Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 12/26 at 100.00 AA 1,231,940
  5.000%, 12/01/47      
700 Southern Minnesota Municipal Power Agency, Badger Coulee Project Revenue Bonds, Series 1/30 at 100.00 AA– 790,314
  2019A, 5.000%, 1/01/32      
1,000 University of Minnesota, General Obligation Bonds, Series 2017A, 5.000%, 9/01/36 9/27 at 100.00 Aa1 1,108,230
2,845 Total Minnesota     3,130,484
  Montana – 0.9%      
  Montana Facility Finance Authority, Montana, Health Facilities Revenue Bonds, Bozeman      
  Deaconess Health Services Obligated Group, Series 2021A:      
500 5.000%, 6/01/31 No Opt. Call A 568,790
640 4.000%, 6/01/38 6/31 at 100.00 A 637,306
1,245 4.000%, 6/01/40 6/31 at 100.00 A 1,233,384
2,385 Total Montana     2,439,480
  Nebraska – 0.2%      
500 Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 9/22 at 100.00 A2 504,925
  5.000%, 9/01/42      
  Nevada – 5.5%      
3,000 Clark County, Nevada, General Obligation Bonds, Transportation Improvement, Limited Tax, 12/28 at 100.00 AA+ 3,365,520
  Additionally Secured by Pledged Revenue Series 2018B, 5.000%, 12/01/33      
4,000 Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C, 7/28 at 100.00 Aa3 4,439,600
  5.250%, 7/01/43      
  Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2019B:      
3,015 5.000%, 7/01/36 7/29 at 100.00 Aa3 3,360,700
1,665 5.000%, 7/01/37 7/29 at 100.00 Aa3 1,854,144
2,000 Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 12/24 at 100.00 Aa1 2,106,160
  2015, 5.000%, 6/01/39      
60 Sparks, Nevada, Sales Tax Revenue Bonds, Tourism Improvement District 1 Legends at No Opt. Call Ba2 56,696
  Sparks Marina, Refunding Senior Series 2019A, 2.750%, 6/15/28, 144A      
13,740 Total Nevada     15,182,820
  New Jersey – 7.5%      
  Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue      
  Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A:      
105 5.000%, 2/15/25 2/24 at 100.00 BBB+ 109,314
100 5.000%, 2/15/34 2/24 at 100.00 BBB+ 103,792
105 Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue 2/23 at 100.00 BBB+ 107,310
  Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42      
110 Camden County Improvement Authority, New Jersey, Lease Revenue Bonds, Rowan University 12/23 at 100.00 A 113,719
  School of Osteopathic Medicine Project, Refunding Series 2013A, 5.000%, 12/01/32      
80 Cumberland County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, 10/28 at 100.00 AA 81,744
  County Correctional Facility Project, Series 2018, 4.000%, 10/01/43 – BAM Insured      

 

41


 

 

 

NUW Nuveen AMT-Free Municipal Value Fund
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  New Jersey (continued)      
  Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2018A:      
$ 175 5.000%, 1/01/37 1/29 at 100.00 A+ $ 195,974
125 5.000%, 1/01/38 1/29 at 100.00 A+ 139,862
295 Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, 1/23 at 100.00 A 299,977
  Port District Project, Series 2012, 5.000%, 1/01/27      
245 Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, No Opt. Call AA 278,060
  Series 2005A, 5.750%, 11/01/28 – AGM Insured      
  Harrison, New Jersey, General Obligation Bonds, Parking Utility Series 2018:      
35 3.125%, 3/01/31 – BAM Insured 3/28 at 100.00 AA 34,355
30 3.250%, 3/01/32 – BAM Insured 3/28 at 100.00 AA 29,627
50 3.500%, 3/01/36 – BAM Insured 3/28 at 100.00 AA 49,514
150 Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, 5/26 at 100.00 AA 160,335
  Hudson County Vocational Technical Schools Project, Series 2016, 5.250%, 5/01/51      
100 Jersey City, New Jersey, General Obligation Bonds, Refunding General Improvement Series 11/27 at 100.00 AA– 111,258
  2017A, 5.000%, 11/01/29      
100 Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich 5/22 at 100.00 Caa3 67,154
  Center Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/32 (4)      
125 Middlesex County, New Jersey, General Obligation Bonds, Refunding Redevelopment Series No Opt. Call AAA 138,949
  2017, 5.000%, 1/15/27      
20 Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding 1/24 at 100.00 AAA 20,810
  Parking Utility Series 2014A, 5.000%, 1/01/37      
100 Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding School No Opt. Call AAA 104,522
  Series 2017B, 4.000%, 3/01/25      
  New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking      
  Revenue Bonds, Refunding Series 2016A:      
300 5.000%, 9/01/32 – BAM Insured 9/26 at 100.00 AA 323,418
140 5.000%, 9/01/39 – BAM Insured 9/26 at 100.00 AA 150,107
25 New Jersey Economic Development Authority, Charter School Revenue Bonds, Foundation 1/28 at 100.00 BBB– 25,673
  Academy Charter School, Series 2018A, 5.000%, 7/01/38      
  New Jersey Economic Development Authority, Charter School Revenue Bonds, North Star      
  Academy Charter School of Newark, Series 2017:      
220 4.000%, 7/15/37 7/27 at 100.00 BBB– 208,417
25 5.000%, 7/15/47 7/27 at 100.00 BBB– 25,525
100 New Jersey Economic Development Authority, Charter School Revenue Bonds, Teaneck 9/27 at 100.00 BB 100,943
  Community Charter School, Series 2017A, 5.125%, 9/01/52, 144A      
  New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds,      
  Series 2012:      
250 5.000%, 6/15/25 (Pre-refunded 6/15/22) 6/22 at 100.00 BBB (6) 251,107
400 5.000%, 6/15/28 (Pre-refunded 6/15/22) 6/22 at 100.00 BBB (6) 401,772
35 New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, 1/24 at 100.00 N/R 33,471
  Series 2014, 5.250%, 1/01/44      
100 New Jersey Economic Development Authority, Lease Revenue Bonds, State House Project, 12/28 at 100.00 Baa1 101,465
  Series 2017B, 4.500%, 6/15/40      
215 New Jersey Economic Development Authority, Natural Gas Facilities Revenue Bonds, New 8/24 at 100.00 A1 178,540
  Jersey Natural Gas Company Project, Refunding Series 2011A, 2.750%, 8/01/39      
125 New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, 7/27 at 100.00 Baa3 121,492
  Refunding Subordinate Series 2017A, 3.375%, 7/01/30      
55 New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Kean 1/27 at 100.00 B 55,041
  Properties LLC – Kean University Student Housing Project, Series 2017A, 5.000%, 7/01/47      
100 New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan 1/25 at 100.00 Ba3 96,896
  Properties LLC – Rowan University Student Housing Project, Series 2015A, 5.000%, 1/01/48      
115 New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding No Opt. Call A 122,645
  Series 2015, 5.000%, 3/01/25      

 

42


 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  New Jersey (continued)      
  New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding      
  Series 2017:      
$ 20 3.000%, 6/01/32 12/27 at 100.00 A $ 19,544
15 5.000%, 6/01/32 12/27 at 100.00 A 16,560
140 New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New 7/23 at 100.00 BB+ 140,664
  Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34      
40 New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New 7/24 at 100.00 BB+ 40,694
  Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29      
155 New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC – New 7/25 at 100.00 BB– 146,511
  Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47      
100 New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal 1/28 at 102.00 N/R 84,464
  LLC Project, Series 2020, 5.000%, 1/01/40, 144A      
45 New Jersey Economic Development Authority, Rutgers University General Obligation Lease 6/23 at 100.00 Aa3 (6) 50,784
  Revenue Bonds, Tender Option Bond 2016-XF2357, Formerly Tender Option Bond Trust 3359,      
  17.223%, 6/15/46 (Pre-refunded 6/15/23), 144A (IF) (7)      
935 New Jersey Economic Development Authority, School Facilities Construction Bonds, Series No Opt. Call Baa1 1,043,843
  2005N-1, 5.500%, 9/01/27 – NPFG Insured      
15 New Jersey Economic Development Authority, School Facilities Construction Bonds, Social 12/30 at 100.00 Baa1 13,976
  Series 2021QQQ, 4.000%, 6/15/50      
145 New Jersey Educational Facilities Authority, Revenue Bonds, College of New Jersey, 7/26 at 100.00 A 127,206
  Refunding Series 2016F, 3.000%, 7/01/40      
100 New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding 7/25 at 100.00 AA 102,353
  Series 2015H, 4.000%, 7/01/39 – AGM Insured      
50 New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, 7/24 at 100.00 A+ 52,361
  Series 2014A, 5.000%, 7/01/44      
  New Jersey Educational Facilities Authority, Revenue Bonds, Rider University,      
  Series 2017F:      
5 3.750%, 7/01/37 7/27 at 100.00 BB+ 4,255
100 4.000%, 7/01/42 7/27 at 100.00 BB+ 84,119
100 5.000%, 7/01/47 7/27 at 100.00 BB+ 97,887
75 New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, 7/23 at 100.00 BBB+ 76,174
  Series 2013D, 5.000%, 7/01/38      
  New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University,      
  Series 2016C:      
435 3.000%, 7/01/41 7/26 at 100.00 BBB+ 363,995
50 3.000%, 7/01/46 7/26 at 100.00 BBB+ 39,703
25 4.000%, 7/01/46 7/26 at 100.00 BBB+ 24,056
  New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of      
  Technology, Series 2017A:      
200 4.000%, 7/01/47 7/27 at 100.00 BBB+ 194,396
30 5.000%, 7/01/47 7/27 at 100.00 BBB+ 31,627
25 New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint 7/26 at 100.00 BB 25,091
  Elizabeth, Series 2016D, 5.000%, 7/01/46      
200 New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 5/22 at 100.00 BB+ 200,384
  Peters University Hospital, Refunding Series 2011, 6.250%, 7/01/35      
80 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital 1/27 at 100.00 AA– 79,425
  Corporation, Refunding Series 2016, 4.000%, 7/01/41      
230 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, 7/24 at 100.00 AA– 238,381
  Refunding Series 2014A, 5.000%, 7/01/44      
  New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack      
  Meridian Health Obligated Group, Refunding Series 2017A:      
150 5.000%, 7/01/28 7/27 at 100.00 AA– 165,223
150 5.000%, 7/01/57 7/27 at 100.00 AA– 160,756

 

43


 

 

 

NUW Nuveen AMT-Free Municipal Value Fund
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  New Jersey (continued)      
$ 110 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical 7/24 at 100.00 A+ $ 107,990
  Center, Refunding Series 2014A, 4.000%, 7/01/45      
50 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health 7/26 at 100.00 AA– 50,143
  Obligated Group Issue, Refunding Series 2016A, 4.000%, 7/01/41      
360 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health 7/27 at 100.00 AA– 383,364
  Obligated Group Issue, Series 2017A, 5.000%, 7/01/42 (UB), (7)      
  New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical      
  Center Obligated Group Issue, Refunding Series 2013:      
20 5.250%, 7/01/31 (Pre-refunded 7/01/23) 7/23 at 100.00 N/R (6) 20,672
85 5.250%, 7/01/31 (Pre-refunded 7/01/23) 7/23 at 100.00 N/R (6) 88,055
  New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton      
  HealthCare System, Series 2016A:      
25 5.000%, 7/01/32 7/26 at 100.00 AA 26,941
40 5.000%, 7/01/33 7/26 at 100.00 AA 43,057
30 5.000%, 7/01/34 7/26 at 100.00 AA 32,268
130 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood 7/24 at 100.00 AA– 135,096
  Johnson University Hospital Issue, Series 2014A, 5.000%, 7/01/39      
110 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood 7/23 at 100.00 AA– 113,023
  Johnson University Hospital, Series 2013A, 5.500%, 7/01/43      
125 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas 7/26 at 100.00 AA– 133,092
  Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43      
  New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s      
  Healthcare System Obligated Group Issue, Refunding Series 2016:      
10 3.000%, 7/01/32 7/26 at 100.00 BBB– 9,743
405 4.000%, 7/01/48 7/26 at 100.00 BBB– 414,214
100 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke’s 8/23 at 100.00 A– (6) 102,296
  Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37 (Pre-refunded 8/15/23)      
  New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University      
  Hospital Issue, Refunding Series 2015A:      
130 4.125%, 7/01/38 – AGM Insured 7/25 at 100.00 AA 130,092
110 5.000%, 7/01/46 – AGM Insured 7/25 at 100.00 AA 114,715
  New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Valley Health      
  System Obligated Group, Series 2019:      
50 4.000%, 7/01/44 7/29 at 100.00 A+ 49,110
205 3.000%, 7/01/49 7/29 at 100.00 A+ 158,348
50 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Village Drive 10/26 at 102.00 N/R 41,485
  Healthcare Urban Renewal LLC, Series 2018, 5.750%, 10/01/38, 144A      
15 New Jersey Higher Education Student Assistance Authority, Student Loan Revenue Bonds, 6/28 at 100.00 Aa1 14,807
  Refunding Senior Series 2019A, 2.375%, 12/01/29      
130 New Jersey Housing & Mortgage Finance Agency, Multifamily Conduit Revenue Bonds, No Opt. Call Aaa 129,687
  Riverside Village Family Apartments Phase 1 Project, Series 2019F, 1.350%, 12/01/22      
120 New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 11/24 at 100.00 AA– 120,302
  4.000%, 11/01/45      
270 New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016B, 11/25 at 100.00 AA– 263,463
  3.600%, 11/01/40      
435 New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2018A, 11/27 at 100.00 AA– 439,063
  3.875%, 11/01/38      
100 New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2019A, 11/28 at 100.00 AA– 91,459
  2.900%, 11/01/39      
200 New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2019B, No Opt. Call AA– 198,442
  1.500%, 5/01/23      

 

44


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  New Jersey (continued)      
  New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds,      
  Series 2018A:      
$ 130 3.600%, 4/01/33 10/27 at 100.00 AA $ 129,449
80 3.750%, 10/01/35 10/27 at 100.00 AA 79,563
665 New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, 4/28 at 100.00 AA 648,255
  Series 2019C, 3.950%, 10/01/44 (UB), (7)      
250 New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, 4/29 at 100.00 AA 211,915
  Series 2020E, 2.250%, 10/01/40      
200 New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 7/25 at 100.00 A1 212,740
  5.000%, 7/01/45      
70 New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A, No Opt. Call A3 73,028
  4.000%, 6/01/32      
100 New Jersey State, General Obligation Bonds, Various Purpose Series 2020, 2.250%, 6/01/35 12/27 at 100.00 A3 80,741
5,020 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital No Opt. Call Baa1 3,399,845
  Appreciation Series 2010A, 0.000%, 12/15/31      
2,170 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series No Opt. Call Baa1 963,849
  2009A, 0.000%, 12/15/39 (UB)      
50 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 6/22 at 100.00 Baa1 (6) 50,218
  2012A, 5.000%, 6/15/42 (Pre-refunded 6/15/22)      
255 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 6/25 at 100.00 Baa1 267,163
  2015AA, 5.250%, 6/15/41      
50 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 12/29 at 100.00 Baa1 48,640
  2019A, 4.000%, 12/15/39      
  New Jersey Transportation Trust Fund Authority, Transportation System Bonds,      
  Series 2019BB:      
225 3.500%, 6/15/46 12/28 at 100.00 Baa1 189,643
100 4.000%, 6/15/50 12/28 at 100.00 Baa1 93,170
  New Jersey Transportation Trust Fund Authority, Transportation System Bonds,      
  Series 2020AA:      
30 4.000%, 6/15/45 12/30 at 100.00 Baa1 28,501
40 3.000%, 6/15/50 12/30 at 100.00 Baa1 29,763
70 5.000%, 6/15/50 12/30 at 100.00 Baa1 73,835
255 New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45 1/25 at 100.00 A+ 266,511
200 Ocean City, New Jersey, General Obligation Bonds, General Improvement Series 2019, 9/26 at 100.00 AA 170,134
  2.250%, 9/15/33      
60 Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond 2016-XF2356, 5/23 at 100.00 Aa3 (6) 67,071
  Formerly Tender Option Bond Trust 3339, 17.465%, 5/01/43 (Pre-refunded 5/01/23), 144A (IF), (7)      
300 Salem County Pollution Control Financing Authority, New Jersey, Revenue Bonds, Atlantic No Opt. Call A 267,312
  City Electric Company Project, Refunding Series 2020, 2.250%, 6/01/29      
250 South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, 11/29 at 100.00 AA 282,795
  Refunding Series 2019A, 5.000%, 11/01/31 – AGM Insured      
30 South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, 11/30 at 100.00 BBB+ 32,293
  Series 2020A, 5.000%, 11/01/45      
125 Sussex County, New Jersey, General Obligation Bonds, Series 2019, 3.000%, 6/01/27 6/26 at 100.00 AA+ 126,617
  Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed      
  Bonds, Series 2018A:      
215 4.000%, 6/01/37 6/28 at 100.00 A– 217,451
305 5.250%, 6/01/46 6/28 at 100.00 BBB+ 325,886
480 Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 6/28 at 100.00 BB+ 501,178
  Bonds, Series 2018B, 5.000%, 6/01/46      
110 Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile No Opt. Call Aaa 211,748
  Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019, 24.463%, 5/01/30,      
  144A (IF), (7)      

 

45


 

 

 

   
NUW Nuveen AMT-Free Municipal Value Fund
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  New Jersey (continued)      
$ 170 Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency 5/22 at 100.00 Aaa $ 170,483
  Revenue Bonds, Series 2011A, 5.000%, 6/15/41      
23,290 Total New Jersey     20,597,944
  New York – 5.9%      
500 Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing 10/29 at 100.00 AA 558,435
  Program, Series 2021A, 5.000%, 10/01/33 – AGM Insured      
3,000 Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds No Opt. Call A2 3,517,290
  Series 2007, 5.500%, 10/01/37      
1,500 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 9/27 at 100.00 A 1,636,365
  2017, 5.000%, 9/01/42      
2,050 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 9/28 at 100.00 A 2,272,138
  2018, 5.000%, 9/01/39      
1,390 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 5/30 at 100.00 A3 1,446,837
  Climate Bond Certified Series 2020C-1, 5.000%, 11/15/50      
750 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding No Opt. Call A3 823,328
  Green Climate Certified Series 2020E, 5.000%, 11/15/30      
1,230 New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 5.000%, 8/01/43 8/30 at 100.00 AA 1,352,237
315 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 12/23 at 100.00 Aa3 325,874
  Seventy Ninth Series 2013, 5.000%, 12/01/43      
1,000 Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement No Opt. Call A 1,103,290
  Asset-Backed Bonds, Senior Series 2021A-2, 5.000%, 6/01/31      
3,345 Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Refunding No Opt. Call AA+ 3,071,546
  Senior Lien Subseries 2021A-2, 2.000%, 5/15/45 (Mandatory Put 5/15/28)      
15,080 Total New York     16,107,340
  North Carolina – 1.1%      
1,000 North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University 10/26 at 100.00 AA+ 1,086,170
  Project, Refunding Series 2016B, 5.000%, 7/01/42      
  North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding      
  Senior Lien Series 2017:      
1,095 5.000%, 1/01/31 – AGM Insured 1/27 at 100.00 AA 1,194,076
700 5.000%, 1/01/32 1/27 at 100.00 BBB 748,965
2,795 Total North Carolina     3,029,211
  Ohio – 3.3%      
570 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 100.00 BBB+ 533,976
  Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48      
8,830 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 100.00 N/R 8,600,773
  Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55      
9,400 Total Ohio     9,134,749
  Oklahoma – 0.1%      
255 Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine 8/28 at 100.00 Baa3 263,999
  Project, Series 2018B, 5.250%, 8/15/43      
  Pennsylvania – 5.0%      
160 Adams County, Pennsylvania, General Obligation Bonds, Series 2017B, 2.500%, 11/15/29 11/25 at 100.00 Aa2 157,082
50 Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, 10/27 at 100.00 Baa3 51,782
  Robert Morris University, Series 2017, 5.000%, 10/15/37      
465 Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny 4/28 at 100.00 A 461,429
  Health Network Obligated Group Issue, Series 2018A, 4.000%, 4/01/44      
115 Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University 7/29 at 100.00 A 116,505
  of Pittsburgh Medical Center, Series 2019A, 4.000%, 7/15/35      

 

46


 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Pennsylvania (continued)      
$ 220 Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, 12/23 at 100.00 AA– (6) $ 230,421
  12/01/32 (Pre-refunded 12/01/23)      
20 Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 12/22 at 100.00 AA– (6) 20,388
  5.000%, 12/01/37 (Pre-refunded 12/01/22)      
230 Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 5/27 at 100.00 Ba3 239,789
  Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A      
105 Avon Grove School District, Chester County, Pennsylvania, General Obligation Bonds, 5/29 at 100.00 AA 108,175
  Series 2021A, 4.000%, 11/15/37      
140 Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue No Opt. Call N/R 175
  Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (4)      
10 Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue No Opt. Call N/R 13
  Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008A, 2.700%, 4/01/35 (4)      
250 Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue No Opt. Call N/R 313
  Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (4)      
380 Berks County Industrial Development Authority, Pennsylvania, Health System Revenue 11/27 at 100.00 BB– 370,656
  Bonds, Tower Health Project, Series 2017, 5.000%, 11/01/50      
155 Berks County Industrial Development Authority, Pennsylvania, Healthcare Facilities 5/27 at 100.00 BBB 161,284
  Revenue Bonds, Highlands at Wyomissing, Series 2017A, 5.000%, 5/15/42      
15 Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University 10/29 at 100.00 BB+ 15,036
  Project, Series 2020, 5.000%, 10/01/39      
125 Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, 8/26 at 100.00 Aa2 129,766
  Refunding Series 2016, 4.000%, 8/01/33      
45 Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General 4/24 at 100.00 AA– 46,964
  Obligation Bonds, Series 2015, 5.000%, 10/01/38      
155 Bucks County Industrial Development Authority, Pennsylvania, Hospital Revenue Bonds, 8/30 at 100.00 A– 115,608
  Saint Luke’s University Health Network Project, Series 2021, 3.000%, 8/15/53      
70 Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane 3/27 at 100.00 BBB– 72,944
  Charter School Project, Series 2016, 5.125%, 3/15/36      
20 Bucks County Water and Sewer Authority, Pennsylvania, Water System Revenue Bonds, Series 12/28 at 100.00 AA 13,398
  2020, 2.125%, 12/01/45      
115 Canon-McMillan School District, Washington County, Pennsylvania, General Obligation 12/24 at 100.00 AA 120,797
  Bonds, Series 2014D, 5.000%, 12/15/39      
100 Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany 11/25 at 100.00 AA– (6) 108,192
  Medical Center Project, Series 2016A, 5.000%, 11/15/46 (Pre-refunded 11/15/25)      
75 Chester County Health and Education Facilities Authority, Pennsylvania, Health System 10/27 at 100.00 AA 75,139
  Revenue Bonds, Main Line Health System, Series 2017A, 4.000%, 10/01/37      
190 Chester County Health and Education Facilities Authority, Pennsylvania, Health System 9/30 at 100.00 AA 184,167
  Revenue Bonds, Main Line Health System, Series 2020A, 4.000%, 9/01/50      
35 Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, 12/25 at 103.00 N/R 32,456
  Simpson Senior Services Project, Series 2019, 5.000%, 12/01/51      
20 Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School 12/27 at 100.00 BBB– 20,301
  Revenue Bonds, Series 2017A, 5.000%, 12/15/47      
15 Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue 8/23 at 100.00 Ba2 15,011
  Bonds, University Student Housing, LLC Project at West Chester University Series 2013A,      
  5.000%, 8/01/45      
35 Clarion County Industrial Development Authority, Pennsylvania, Revenue Bonds, Clarion 7/24 at 100.00 A1 36,436
  University Foundation Inc. Student Housing Project at Clarion University, Series 2014A,      
  5.000%, 7/01/45      
100 Colonial School District, Montgomery County, Pennsylvania, General Obligation Bonds, 2/27 at 100.00 Aaa 109,058
  Series 2020, 5.000%, 2/15/44      

 

47


 

 

 

   
NUW Nuveen AMT-Free Municipal Value Fund
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Pennsylvania (continued)      
  Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master      
  Settlement, Series 2018:      
$ 40 5.000%, 6/01/33 UB 6/28 at 100.00 A1 $ 43,309
155 4.000%, 6/01/39 – AGM Insured UB 6/28 at 100.00 AA 156,579
200 4.000%, 6/01/39 – AGM Insured (UB), (7) 6/28 at 100.00 AA 202,038
70 Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Asbury Pennsylvania 1/25 at 104.00 N/R 70,666
  Obligated Group, Refunding Series 2019, 5.000%, 1/01/45      
  Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran      
  Social Ministries Project, Series 2015:      
20 4.000%, 1/01/33 (Pre-refunded 1/01/25) 1/25 at 100.00 N/R (6) 20,759
45 4.000%, 1/01/33 1/25 at 100.00 N/R 45,531
60 4.000%, 1/01/33 (Pre-refunded 1/01/25) 1/25 at 100.00 N/R (6) 62,278
15 5.000%, 1/01/38 (Pre-refunded 1/01/25) 1/25 at 100.00 N/R (6) 15,953
55 5.000%, 1/01/38 (Pre-refunded 1/01/25) 1/25 at 100.00 N/R (6) 58,495
65 5.000%, 1/01/38 1/25 at 100.00 N/R 67,403
100 Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran 1/26 at 100.00 BBB+ 105,919
  Social Ministries Project, Series 2016, 5.000%, 1/01/29      
  Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran      
  Social Ministries Project, Series 2019A:      
25 4.125%, 1/01/38 1/29 at 100.00 BBB+ 25,651
5 5.000%, 1/01/39 (Pre-refunded 1/01/29) 1/29 at 100.00 N/R (6) 5,663
25 5.000%, 1/01/39 1/29 at 100.00 N/R 26,734
100 Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Dickinson College 11/27 at 100.00 A+ 107,128
  Project, Second Series 2017A, 5.000%, 11/01/39      
200 Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Penn State Health, 11/29 at 100.00 A+ 198,444
  Series 2019, 4.000%, 11/01/44      
30 Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University 5/29 at 100.00 Baa3 30,448
  Project, Series 2019, 5.000%, 5/01/48      
30 Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, 5/24 at 100.00 Baa3 30,512
  Series 2014, 5.000%, 5/01/37      
55 Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle 6/26 at 100.00 A 58,483
  Health System Project, Refunding Series 2016A, 5.000%, 6/01/35      
35 Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle 6/22 at 100.00 A (6) 35,103
  Health System Project, Series 2012A, 5.000%, 6/01/42 (Pre-refunded 6/01/22)      
  Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System      
  Revenue Bonds, Series 2017:      
245 5.000%, 7/01/42 7/27 at 100.00 A1 267,775
540 5.000%, 7/01/47 7/27 at 100.00 A1 589,388
295 Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System No Opt. Call A1 332,801
  Revenue Bonds, Series 2019A, 5.000%, 7/01/28      
225 Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A, 7/26 at 100.00 BBB– 236,758
  5.000%, 7/01/41      
25 Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2019A, 7/29 at 100.00 BBB– 23,931
  4.000%, 7/01/45      
150 Dubois Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Penn Highlands 1/28 at 100.00 A– 160,504
  Healthcare, Series 2018, 5.000%, 7/15/48      
30 East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services 7/24 at 100.00 N/R (6) 31,614
  Inc – Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46      
  (Pre-refunded 7/01/24)      
100 East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services 7/25 at 100.00 N/R (6) 107,562
  Inc – Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47      
  (Pre-refunded 7/01/25)      
25 Easton Area School District, Northampton County, Pennsylvania, General Obligation Bonds, 2/28 at 100.00 Aa2 28,191
  Series 2020B, 5.000%, 2/01/31      

 

48


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Pennsylvania (continued)      
$ 60 Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon 11/26 at 100.00 BBB+ $ 55,780
  University, Series 2016, 4.000%, 5/01/46      
75 General Authority of Southcentral Pennsylvania, Revenue Bonds, AICUP Financing 10/27 at 100.00 A– 70,780
  Program-York College of Pennsylvania, Series 2017 PP4, 3.375%, 11/01/37      
  Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College,      
  Series 2016OO2:      
15 3.250%, 5/01/36 5/26 at 100.00 BBB 13,223
35 3.500%, 5/01/41 5/26 at 100.00 BBB 30,384
20 Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic 5/25 at 100.00 A 20,942
  Villages Project, Series 2015, 5.000%, 11/01/35      
40 Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint 3/27 at 102.00 BB+ 38,430
  Anne’s Retirement Community, Inc., Series 2020, 5.000%, 3/01/50      
100 Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health 8/26 at 100.00 AA 108,117
  System, Refunding Series 2016B, 5.000%, 8/15/46      
155 Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health 8/26 at 100.00 AA 168,035
  System, Series 2016A, 5.000%, 8/15/42      
55 Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot 5/23 at 100.00 N/R (6) 56,995
  Village Project, Series 2013, 5.750%, 5/01/35 (Pre-refunded 5/01/23)      
25 Lancaster School District, Lancaster County, Pennsylvania, General Obligation Bonds, 12/28 at 100.00 AA 25,835
  Series 2020, 4.000%, 6/01/35 – AGM Insured      
  Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown      
  Concession, Series 2013A:      
95 5.125%, 12/01/47 12/23 at 100.00 A 98,626
105 5.125%, 12/01/47 (Pre-refunded 12/01/23) 12/23 at 100.00 N/R (6) 109,605
100 Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd 5/26 at 100.00 A– 100,131
  Group, Refunding Series 2016, 4.000%, 11/01/41      
40 Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd 11/22 at 100.00 A– (6) 40,474
  Group, Series 2012, 4.000%, 11/01/32 (Pre-refunded 11/01/22)      
195 Lehighton Area School District, Carbon County, Pennsylvania, General Obligation Bonds, 11/23 at 100.00 AA 202,153
  Limited Tax Series 2015A, 5.000%, 11/15/43 – BAM Insured      
100 Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue 7/24 at 100.00 N/R 97,671
  Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33, 144A      
50 Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, 9/28 at 100.00 A 54,287
  Thomas Jefferson University, Series 2018A, 5.000%, 9/01/48      
  Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds,      
  Thomas Jefferson University, Series 2019:      
50 4.000%, 9/01/44 9/29 at 100.00 A 49,321
25 4.000%, 9/01/49 9/29 at 100.00 A 24,280
200 Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue 1/25 at 100.00 Ba1 (6) 213,376
  Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45      
  (Pre-refunded 1/15/25)      
200 Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS 11/26 at 100.00 A– 214,378
  Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36      
90 Northampton County General Purpose Authority, Pennsylvania, Revenue Bonds, Lafayette 11/28 at 100.00 Aa3 92,669
  College, Refunding Series 2018, 4.000%, 11/01/38      
55 Northampton County Industrial Development Authority, Pennsylvania, Revenue Bonds, 11/26 at 103.00 BB+ 54,414
  Morningstar Senior Living, Inc., Series 2019, 5.000%, 11/01/44      
55 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, No Opt. Call N/R 69
  Shippingport Project, First Energy Guarantor., Series 2006A, 2.550%, 11/01/41 (4)      
90 Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue 9/25 at 100.00 Caa1 59,097
  Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38      
140 Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, 1/24 at 100.00 AA 144,294
  Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured      

 

49


 

 

 

   
NUW Nuveen AMT-Free Municipal Value Fund
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Pennsylvania (continued)      
$ 250 Pennsylvania Economic Development Financing Authority, Revenue Bonds, 10/29 at 100.00 A+ $ 212,490
  Pennsylvania-American Water Company, Refunding Series 2019, 3.000%, 4/01/39      
35 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family 9/23 at 100.00 BBB– 36,202
  University, Series 2013A, 6.500%, 9/01/38      
120 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia 6/23 at 100.00 N/R (6) 123,724
  University, Refunding Series 2013, 5.000%, 6/01/32 (Pre-refunded 6/01/23)      
45 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson 9/22 at 100.00 A (6) 45,508
  University, Series 2012, 5.000%, 3/01/42 (Pre-refunded 9/01/22)      
  Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the      
  Sciences in Philadelphia, Series 2012:      
35 4.000%, 11/01/39 11/22 at 100.00 Baa1 34,956
60 5.000%, 11/01/42 11/22 at 100.00 Baa1 60,413
300 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University 7/26 at 100.00 Baa3 308,943
  Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania,      
  Series 2016A, 5.000%, 7/01/35      
95 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, 7/23 at 100.00 A– (6) 98,749
  Series 2013A, 5.500%, 7/15/38 (Pre-refunded 7/15/23)      
45 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 4/25 at 100.00 AA+ 44,907
  2016-119, 3.500%, 10/01/36      
370 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 10/25 at 100.00 AA+ 365,090
  2016-120, 3.200%, 4/01/40      
  Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds,      
  Series 2016-121:      
90 3.200%, 10/01/41 10/25 at 100.00 AA+ 80,861
360 3.200%, 10/01/41 (UB), (7) 10/25 at 100.00 AA+ 323,446
65 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 10/26 at 100.00 AA+ 64,340
  2017-123B, 3.450%, 10/01/32      
55 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 4/27 at 100.00 AA+ 54,960
  2017-125B, 3.700%, 10/01/47      
250 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 10/28 at 100.00 AA+ 223,585
  2019-129, 3.350%, 10/01/45      
125 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 10/28 at 100.00 AA+ 103,890
  2019-130A, 3.000%, 10/01/46      
45 Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 10/29 at 100.00 AA+ 34,269
  2020-133, 2.500%, 10/01/45      
100 Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 12/26 at 100.00 AA– 106,668
  Bonds, Subordinate Series 2014A, 4.750%, 12/01/37      
100 Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Subordinate Series 12/28 at 100.00 A+ 107,418
  2018B, 5.000%, 12/01/48      
585 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 12/25 at 100.00 A1 620,246
50 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A, 12/30 at 100.00 A 47,107
  4.000%, 12/01/50      
25 Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue 6/28 at 100.00 BB+ 25,001
  Bonds, Philadelphia Performing Arts: A String Theory Charter School, Series 2020, 5.000%,      
  6/15/50, 144A      
70 Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, La Salle 11/27 at 100.00 BB+ 59,147
  University, Series 2017, 3.625%, 5/01/35      
50 Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, 3/28 at 100.00 BB 48,732
  University of the Arts, Series 2017, 5.000%, 3/15/45, 144A      
105 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 1998 General Ordinance, Sixteenth 8/30 at 100.00 AA 114,183
  Series 2020A, 5.000%, 8/01/50 – AGM Insured      

 

50


 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Pennsylvania (continued)      
$ 150 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifteenth Series 8/27 at 100.00 A $ 160,492
  2017, 5.000%, 8/01/47      
125 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 8/25 at 100.00 A 133,309
  5.000%, 8/01/30      
145 Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 7/22 at 100.00 BBB– 146,011
  Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42      
100 Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 7/27 at 100.00 BBB– 106,856
  Revenue Bonds, Temple University Health System Obligated Group, Series of 2017, 5.000%, 7/01/30      
100 Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Parking 12/27 at 100.00 A 111,101
  Revenue Bonds, Series 2017, 5.000%, 12/15/34      
15 Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, 9/22 at 100.00 AA 15,168
  Series 2014A, 5.000%, 9/01/25 – BAM Insured      
20 Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue 9/30 at 100.00 AA 20,108
  Bonds, First Lien Series 2020B, 4.000%, 9/01/45 – AGM Insured      
25 Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue 9/29 at 100.00 AA 26,025
  Bonds, Refunding Subordinate Series 2019B, 4.000%, 9/01/34 – AGM Insured      
400 Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26 9/22 at 100.00 AA– (6) 404,712
  (Pre-refunded 9/01/22)      
200 Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley 1/27 at 100.00 A+ 215,128
  Health Network, Series 2016B, 5.000%, 7/01/45      
35 Rostraver Township, Westmoreland County, Pennsylvania, General Obligation Bonds, Series 9/25 at 100.00 AA 35,093
  2018, 3.500%, 9/01/34 – AGM Insured      
80 Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016, 5/24 at 100.00 BB+ 81,060
  5.000%, 11/15/32      
100 Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue 6/26 at 100.00 BB+ 99,579
  Bonds, Marywood University, Series 2016, 5.000%, 6/01/46      
210 Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated 6/29 at 100.00 Aa3 228,119
  Group, Series 2019A, 5.000%, 6/01/49      
10 The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, 5/24 at 100.00 BB+ 9,544
  Guaranteed Lease Revenue Bonds, Series 2016A, 5.000%, 11/15/28      
40 Upper Allegheny Joint Sanitary Authority, Allegheny County, Pennsylvania, Sewer Revenue 9/29 at 100.00 AA 33,872
  Bonds, Refunding Series 2019A, 3.000%, 9/01/44 – AGM Insured      
100 Upper Dublin School District, Montgomery County, Pennsylvania, General Obligation Bonds, 3/29 at 100.00 Aa3 103,113
  Series 2021A, 4.000%, 9/15/38      
145 Washington County Industrial Development Authority, Pennsylvania, College Revenue Bonds, 11/27 at 100.00 BBB+ 129,750
  AICUP Financing Program-Washington and Jefferson College Project, Series 2017-PP5,      
  3.375%, 11/01/36      
15 Washington County Redevelopment Authority, Pennsylvania, Tanger Outlet Victory Center 1/28 at 100.00 BB 15,183
  Tax Increment Bonds, Series 2018, 5.000%, 7/01/35      
15 Westmoreland County Industrial Development Authority, Pennsylvania, Revenue Bonds, 1/31 at 100.00 Baa1 15,031
  Excela Health Project, Series 2020A, 4.000%, 7/01/37      
  Williamsport Sanitary Authority, Lycoming County, Pennsylvania, Sewer Revenue Bonds,      
  Series 2021.:      
100 5.000%, 1/01/25 – BAM Insured No Opt. Call AA 106,594
25 5.000%, 1/01/28 – BAM Insured No Opt. Call AA 28,055
14,135 Total Pennsylvania     13,871,009
  Puerto Rico – 2.9%      
  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds,      
  Restructured 2018A-1:      
3,329 4.500%, 7/01/34 7/25 at 100.00 N/R 3,413,989
3,740 4.550%, 7/01/40 7/28 at 100.00 N/R 3,769,771
72 5.000%, 7/01/58 7/28 at 100.00 N/R 73,977

 

51


 

 

 

   
NUW Nuveen AMT-Free Municipal Value Fund
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Puerto Rico (continued)      
$ 710 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 7/28 at 100.00 N/R $ 715,652
  Cofina Project Series 2019A-2A, 4.550%, 7/01/40      
  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable      
  Restructured Cofina Project Series 2019A-2:      
10 4.329%, 7/01/40 7/28 at 100.00 N/R 9,911
10 4.329%, 7/01/40 7/28 at 100.00 N/R 9,911
49 4.784%, 7/01/58 7/28 at 100.00 N/R 49,781
7,920 Total Puerto Rico     8,042,992
  South Carolina – 1.6%      
5,435 Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, No Opt. Call AA 4,392,730
  0.000%, 1/01/29 – AGC Insured      
  Tennessee – 2.6%      
2,000 Metropolitan Government of Nashville-Davidson County Health and Educational Facilities 5/31 at 100.00 A+ 1,933,620
  Board, Tennessee, Revenue Bonds, Belmont University, Refunding & Improvement Series 2021,      
  4.000%, 5/01/46      
135 Metropolitan Government of Nashville-Davidson County Health and Educational Facilities 7/26 at 100.00 A3 143,308
  Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A,      
  5.000%, 7/01/46      
605 Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage 7/27 at 100.00 AA 659,952
  Revenue Bonds, Green Series 2017A, 5.000%, 7/01/42      
4,000 The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, No Opt. Call BBB 4,355,280
  5.625%, 9/01/26      
6,740 Total Tennessee     7,092,160
  Texas – 10.4%      
1,000 Austin Community College District Public Facility Corporation, Texas, Lease Revenue 8/27 at 100.00 AA 1,085,400
  Bonds, Highland Campus – Building 3000 Project, Series 2018A, 5.000%, 8/01/42      
1,000 Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2017, 5.000%, 11/15/35 11/26 at 100.00 AA 1,094,350
500 Bexar County Hospital District, Texas, Certificates of Obligation, Series 2020, 5.000%, 2/15/45 2/29 at 100.00 Aa1 543,250
710 Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020A, 1/30 at 100.00 A– 767,105
  5.000%, 1/01/39      
1,855 Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier 10/23 at 100.00 A+ (6) 1,937,548
  Series 2013A, 5.500%, 4/01/53 (Pre-refunded 10/01/23)      
1,000 Harris County, Texas, Toll Road Revenue Bonds, Refunding First Lien Series 2021A, No Opt. Call Aa2 1,159,970
  5.000%, 8/15/30      
  Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and      
  Entertainment Project, Series 2001B:      
3,000 0.000%, 9/01/32 – AMBAC Insured No Opt. Call A 2,030,610
7,935 0.000%, 9/01/33 – AMBAC Insured No Opt. Call A 5,138,547
1,430 Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA 5/30 at 100.00 A+ 1,550,320
  Transmission Services Corporation Project, Refunding Series 2020A, 5.000%, 5/15/50      
915 North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 1/25 at 100.00 A+ 954,162
  5.000%, 1/01/45      
250 Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 8/26 at 100.00 AA 270,395
  Texas Health Resources System, Series 2016A, 5.000%, 2/15/41      
1,600 Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE 12/29 at 100.00 Baa2 1,741,248
  Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien      
  Series 2019A, 5.000%, 12/31/35      

 

52


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Texas (continued)      
7,635 Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master 10/26 at 100.00 AAA $ 7,871,609
  Trust Series 2016, 4.000%, 10/15/41      
2,500 Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master 10/27 at 100.00 AAA 2,583,700
  Trust Series 2017A, 4.000%, 10/15/42 (UB) (7)      
31,330 Total Texas     28,728,214
  Utah – 0.5%      
1,405 Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, 7/27 at 100.00 A 1,508,324
  5.000%, 7/01/42      
  Virginia – 1.0%      
1,160 Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, 7/26 at 100.00 BBB 1,207,479
  First Tier Series 2016, 5.000%, 7/01/51      
1,400 Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital 7/28 at 100.00 BBB+ 1,414,714
  Appreciation Series 2012B, 0.000%, 7/15/40 (5)      
2,560 Total Virginia     2,622,193
  Washington – 4.3%      
3,330 Chelan County Public Utility District 1, Washington, Columbia River-Rock Island No Opt. Call AA+ 2,636,994
  Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/29 – NPFG Insured      
3,890 University of Washington, General Revenue Bonds, Refunding Series 2021A, 5.000%, 4/01/46 4/31 at 100.00 Aaa 4,370,843
690 Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical 8/27 at 100.00 BBB– 738,452
  Center, Series 2017, 5.000%, 8/15/30      
2,140 Washington State Convention Center Public Facilities District, Lodging Tax Revenue 7/31 at 100.00 Baa1 2,041,110
  Bonds, Refunding Series2021B. Exchange Purchase, 4.000%, 7/01/43      
2,165 Washington State Convention Center Public Facilities District, Lodging Tax Revenue 7/31 at 100.00 Baa3 1,980,628
  Bonds, Refunding Subordinate Series 2021B. Exchange Purchase, 4.000%, 7/01/43      
12,215 Total Washington     11,768,027
  West Virginia – 1.8%      
235 West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington 1/29 at 100.00 BBB+ 254,653
  Hospital, Inc. Project, Refunding & Improvement Series 2018A, 5.000%, 1/01/36      
2,000 West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area 9/29 at 100.00 Baa1 2,200,460
  Medical Center, Refunding & Improvement Series 2019A, 5.000%, 9/01/39      
1,000 West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United 6/23 at 100.00 A (6) 1,032,520
  Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44      
  (Pre-refunded 6/01/23)      
1,430 West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018, 6/28 at 100.00 AA– 1,580,622
  5.000%, 6/01/43      
4,665 Total West Virginia     5,068,255
$ 289,485 Total Municipal Bonds (cost $269,168,751)     273,226,843

 

53


 

 

 

   
NUW Nuveen AMT-Free Municipal Value Fund
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

     
Shares Description (1) Value
  COMMON STOCKS – 0.4%  
  Independent Power & Renewable Electricity Producers – 0.4%  
14,686 Energy Harbor Corp (8), (9), (10) $ 950,008
  Total Common Stocks (cost $407,801) 950,008
  Total Long-Term Investments (cost $269,576,552) 274,176,851
  Floating Rate Obligations – (1.2)% (3,185,000)
  Other Assets Less Liabilities – 1.6% (11) 4,316,488
  Net Assets Applicable to Common Shares – 100% $ 275,308,339

 

Investments in Derivatives            
Futures contracts            
            Variation
          Unrealized Margin
  Number of Expiration Notional   Appreciation Receivable/
Description Contracts Date Amount Value (Depreciation) (Payable)
U.S. Treasury 10-Year Note (204) 6/22 ($25,833,026) $(24,307,875) $1,525,151 $41,438

 

(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)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.
(7)Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(8)Common Stock received as part of the bankruptcy settlements during February 2020 for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35; Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35; Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35; and Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2006A, 2.550%, 11/01/41.
(9)For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information.
(10)Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(11)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.
144AInvestment 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.
ETMEscrowed to maturity.
IFInverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association
UBUnderlying bond of an inverse floating rate trust reflected as a financing transaction.

See accompanying notes to financial statements.

54


 

 

NMI Nuveen Municipal Income Fund, Inc.
  Portfolio of Investments
  April 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 97.3%      
  MUNICIPAL BONDS – 97.3%      
  Alabama – 3.5%      
$ 3,000 Gardendale, Alabama, General Obligation Warrants, Series 2021B, 4.000%, 5/01/46 5/31 at 100.00 AA– $ 2,953,830
500 Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, No Opt. Call A2 543,610
  5.000%, 9/01/46      
100 Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone 5/29 at 100.00 N/R 98,843
  Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A      
3,600 Total Alabama     3,596,283
  Arizona – 3.1%      
600 Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals 12/24 at 100.00 A+ 622,752
  Project, Refunding Series 2014A, 5.000%, 12/01/39      
1,000 Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of 1/28 at 100.00 AA– 1,057,540
  Math & Science Projects, Series 2018A, 5.000%, 7/01/48      
1,000 Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, KIPPC NYC 7/31 at 100.00 N/R 916,430
  Public Charter Schools – Macombs Facility Project, Series 2021A, 4.000%, 7/01/41      
515 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy No Opt. Call A3 564,121
  Inc Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28      
3,115 Total Arizona     3,160,843
  California – 11.5%      
5,000 Adelanto School District, San Bernardino County, California, General Obligation Bonds, No Opt. Call A+ 4,969,550
  Series 1997A, 0.000%, 9/01/22 – NPFG Insured      
  Brea Olinda Unified School District, Orange County, California, General Obligation      
  Bonds, Series 1999A:      
2,070 0.000%, 8/01/22 – FGIC Insured No Opt. Call Aa2 2,062,072
2,120 0.000%, 8/01/23 – FGIC Insured No Opt. Call Aa2 2,056,612
500 California Health Facilities Financing Authority, California, Revenue Bonds, Sutter 11/27 at 100.00 A1 494,335
  Health, Series 2018A, 4.000%, 11/15/42      
365 California Statewide Communities Development Authority, California, Revenue Bonds, Loma 6/28 at 100.00 BB 386,590
  Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A      
275 California Statewide Communities Development Authority, Revenue Bonds, Front Porch 4/27 at 100.00 A 283,770
  Communities & Services Project, Series 2017A, 4.000%, 4/01/36      
85 California Statewide Community Development Authority, Revenue Bonds, Daughters of 1/22 at 100.00 N/R 76,775
  Charity Health System, Series 2005A, 5.500%, 7/01/39 (4), (5)      
600 Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 7/29 at 100.00 A– 491,142
  Refunding Term Rate Sub-Series 2013B-1, 3.500%, 1/15/53      
300 M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, No Opt. Call A 374,133
  Series 2009A, 7.000%, 11/01/34      
500 San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road 1/25 at 100.00 BBB+ 522,420
  Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44      
11,815 Total California     11,717,399
  Colorado – 12.5%      
  Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds,      
  Refunding Series 2013A:      
150 5.125%, 12/01/29 12/23 at 100.00 BBB 153,863
250 5.375%, 12/01/33 12/23 at 100.00 BBB 256,553

 

55


 

 

 

NMI Nuveen Municipal Income Fund, Inc.
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Colorado (continued)      
$ 350 Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The 6/27 at 100.00 N/R (6) $ 389,837
  Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, 5.000%, 6/01/42      
  (Pre-refunded 6/01/27)      
500 Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living 1/24 at 102.00 N/R 510,180
  Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37      
1,140 Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 8/29 at 100.00 BBB+ 1,080,560
  Series 2019A-2, 4.000%, 8/01/49 (UB)      
750 Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 11/23 at 100.00 AA+ 777,165
  5.000%, 11/15/38      
1,000 Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/22 at 100.00 AA– (6) 1,018,070
  11/15/32 (Pre-refunded 11/15/22)      
1,395 Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 12/28 at 100.00 A+ 1,465,238
  2018A, 5.000%, 12/01/48 (AMT)      
575 Erie Farm Metropolitan District, Erie, Boulder County, Colorado, General Obligation 12/31 at 100.00 AA 640,498
  Limited Tax Bonds, Refunding & Improvement, Series 2021, 5.000%, 12/01/41 – AGM Insured      
900 Heritage Ridge Metropolitan District, Berthoud, Colorado, Senior Limited Tax General 12/26 at 103.00 N/R 922,887
  Obligation Bonds, Refunding Series 2021A, 4.000%, 12/01/51 – AGM Insured      
1,000 Northern Colorado Water Conservancy District Building Corporation, Certificates of 7/31 at 100.00 AA+ 1,029,920
  Participation, Refunding Series 2021, 4.000%, 7/01/51      
110 Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported 12/25 at 100.00 A 115,487
  Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45      
650 Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported 12/28 at 100.00 A 660,784
  Revenue Bonds, Series 2018A, 4.000%, 12/01/51      
235 Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado No Opt. Call AA– 243,502
  Springs Utilities, Series 2008, 6.125%, 11/15/23      
1,100 Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and 12/27 at 100.00 AA 1,174,679
  Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/42      
1,250 Southshore Metropolitan District 2 Aurora, Arapahoe County, Colorado, General Obligation 12/30 at 100.00 AA 1,286,462
  Bonds, Subordinate Limited Tax Improvement Series 2020A-2, 4.000%, 12/01/46 – BAM Insured      
477 Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, 12/23 at 100.00 N/R (6) 494,716
  Limited Tax Convertible to Unlimited Tax, Refunding & Improvement Series 2013, 5.000%,      
  12/01/33 (Pre-refunded 12/01/23)      
525 Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General 3/27 at 103.00 N/R 488,885
  Obligation Bonds, Series 2022A, 4.500%, 12/01/31      
12,357 Total Colorado     12,709,286
  Delaware – 0.1%      
100 Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center Project, 12/28 at 100.00 BBB 107,237
  Series 2018, 5.000%, 6/01/48      
  District of Columbia – 0.1%      
105 Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 10/29 at 100.00 A– 104,696
  Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B,      
  4.000%, 10/01/49      
  Florida – 5.8%      
850 Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter 9/23 at 100.00 BBB 863,115
  Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33      
200 Florida Development Finance Corporation, Florida, Surface Transportation Facility 1/24 at 107.00 N/R 204,868
  Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49      
  (AMT), 144A      

 

56


 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Florida (continued)      
  Florida Development Finance Corporation, Florida, Surface Transportation Facility      
  Revenue Bonds, Virgin Trains USA Passenger Rail Project, Series 2019A:      
$ 350 6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A 5/22 at 103.00 N/R $ 345,317
380 6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A 5/22 at 103.00 N/R 371,154
270 Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail 5/22 at 102.50 N/R 267,659
  Expansion Project, Series 2021A-1, 6.750%, 12/01/56 (AMT) (Mandatory Put 8/15/23), 144A      
500 Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, 10/27 at 100.00 A1 524,075
  Priority Subordinated Series 2017A, 5.000%, 10/01/47 (AMT)      
1,280 Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, 2/31 at 100.00 A 1,226,419
  Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A, 4.000%, 8/01/50      
1,000 Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/22 at 100.00 AA– (6) 1,014,470
  10/01/42 (Pre-refunded 10/01/22)      
1,000 Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando 4/32 at 100.00 N/R 960,800
  Health Obligated Group, Inc., Series 2022, 4.000%, 10/01/52      
100 Tampa, Florida, Revenue Bonds, H. Lee Moffitt Cancer Center and Research Institute, 7/30 at 100.00 A2 98,027
  Series 2020B, 4.000%, 7/01/45      
5,930 Total Florida     5,875,904
  Georgia – 1.3%      
455 Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium 7/25 at 100.00 A1 483,752
  Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40      
280 Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, 11/23 at 100.00 BB+ 266,126
  Testletree Village Apartments, Series 2013A, 4.000%, 11/01/25      
370 Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. 7/29 at 100.00 AA– 359,385
  Project, Series 2019A, 4.000%, 7/01/49      
255 Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project M Bonds, Series 7/28 at 100.00 A 271,363
  2019A, 5.000%, 1/01/63      
1,360 Total Georgia     1,380,626
  Hawaii – 0.2%      
250 Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 7/23 at 100.00 BB 257,040
  University, Series 2013A, 6.625%, 7/01/33      
  Illinois – 9.2%      
250 Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 4/27 at 100.00 A– 272,135
  Series 2016, 6.000%, 4/01/46      
435 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/28 at 100.00 BB 450,847
  Refunding Series 2018D, 5.000%, 12/01/46      
650 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/25 at 100.00 BB 716,423
  Series 2016A, 7.000%, 12/01/44      
1,000 Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural 11/24 at 100.00 A 1,041,110
  History, Series 2002.RMKT, 4.500%, 11/01/36      
500 Illinois Finance Authority, Revenue Bonds, Bradley University, Refunding Series 2021A, 8/31 at 100.00 BBB+ 448,825
  4.000%, 8/01/51      
80 Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 7/23 at 100.00 A– 82,859
  2013A, 5.500%, 7/01/28      
200 Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 8/25 at 100.00 A3 209,400
  Refunding Series 2015C, 5.000%, 8/15/44      
400 Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 5/30 at 100.00 BBB 435,456
990 Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31 7/23 at 100.00 BBB 1,016,562
1,555 Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 6/22 at 100.00 BBB+ 1,561,236
  Bonds, Refunding Series 2012B, 5.000%, 6/15/52      

 

57


 

 

NMI Nuveen Municipal Income Fund, Inc.
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Illinois (continued)      
$ 200 Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 12/25 at 100.00 BBB+ $ 208,786
  Bonds, Series 2015A, 5.500%, 6/15/53      
  Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project      
  Bonds, Series 2017A:      
3,000 0.000%, 12/15/56 – BAM Insured No Opt. Call AA 572,940
6,000 0.000%, 12/15/56 No Opt. Call BBB+ 917,100
205 Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place No Opt. Call BBB+ 112,490
  Expansion Project, Series 2002A, 0.000%, 12/15/35 – NPFG Insured      
450 Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana 10/22 at 100.00 Baa1 452,353
  College, Series 2012, 5.000%, 10/01/27      
315 Sangamon County, Illinois, General Obligation Bonds, Limited Tax Series 2021, 4.000%, 12/29 at 100.00 N/R 326,012
  12/15/40 – BAM Insured      
490 University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 10/23 at 100.00 A– 511,619
  6.000%, 10/01/32      
16,720 Total Illinois     9,336,153
  Indiana – 2.3%      
735 Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, 6/30 at 100.00 N/R 689,327
  Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.875%,      
  6/01/55, 144A      
1,000 Indiana Finance Authority, Hospital Revenue Bonds, Marion General Hospital Project, 7/30 at 100.00 A 964,580
  Series 2020A, 4.000%, 7/01/50      
655 Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 7/23 at 100.00 A– (6) 673,235
  Project, Series 2013A, 5.000%, 7/01/44 (Pre-refunded 7/01/23) (AMT)      
2,390 Total Indiana     2,327,142
  Iowa – 0.5%      
500 Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 12/29 at 103.00 N/R 507,355
  Company Project, Refunding Series 2022, 5.000%, 12/01/50 (WI/DD, Settling 5/17/22)      
  Louisiana – 1.2%      
1,000 East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2019A, 2/29 at 100.00 AA– 996,560
  4.000%, 2/01/45      
200 New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal 1/27 at 100.00 A2 207,402
  Project, Series 2017B, 5.000%, 1/01/48 (AMT)      
1,200 Total Louisiana     1,203,962
  Maine – 0.5%      
500 Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine 7/23 at 100.00 BBB (6) 516,250
  Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 (Pre-refunded 7/01/23)      
  Maryland – 0.8%      
250 Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge 7/27 at 100.00 A+ 250,775
  Health Issue, Series 2017, 4.000%, 7/01/42      
500 Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula 7/24 at 100.00 A (6) 526,355
  Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 (Pre-refunded 7/01/24)      
750 Total Maryland     777,130
  Massachusetts – 0.6%      
50 Massachusetts Development Finance Agency, Revenue Bonds, Atrius Health Issue, Series 6/29 at 100.00 BBB 49,530
  2019A, 4.000%, 6/01/49      
500 Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, 7/26 at 100.00 A– 527,965
  Series 2016I, 5.000%, 7/01/46      
550 Total Massachusetts     577,495

 

58


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Michigan – 2.3%      
$ 355 Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 7/22 at 100.00 AA– (6) $ 357,293
  Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 (Pre-refunded 7/01/22)      
1,000 Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of 11/30 at 100.00 AA 972,490
  Wayne, Second Lien Refunding Series 2020, 4.000%, 11/01/50      
1,000 Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series 11/29 at 100.00 A 972,460
  2019A, 4.000%, 11/15/50      
2,355 Total Michigan     2,302,243
  Minnesota – 2.2%      
75 Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory 8/26 at 100.00 BB+ 66,493
  Academy, Refunding Series 2016A, 4.250%, 8/01/46      
300 City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, 11/22 at 100.00 N/R 276,732
  Walker Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31      
1,000 Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, 2/28 at 100.00 A– 1,078,400
  Essentia Health Obligated Group, Series 2018A, 5.000%, 2/15/53      
300 Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian 9/24 at 100.00 N/R 295,332
  Homes Bloomington Project, Refunding Series 2017, 4.250%, 9/01/37      
500 West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, 2/27 at 100.00 AAA 525,735
  Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39      
2,175 Total Minnesota     2,242,692
  Mississippi – 1.0%      
1,000 Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial 9/26 at 100.00 BBB+ 1,051,560
  Healthcare, Series 2016A, 5.000%, 9/01/36      
  Missouri – 3.7%      
135 Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 5/23 at 100.00 BBB 139,100
  Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33      
1,000 Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 10/22 at 100.00 BBB– 988,430
  Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33      
125 Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 10/23 at 100.00 A+ 129,646
  Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34      
1,000 Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 7/31 at 100.00 AA 983,000
  BJC Health System, Series 2021A, 4.000%, 7/01/46      
1,000 Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 6/30 at 100.00 A+ 973,890
  Mercy Health, Series 2020, 4.000%, 6/01/53      
215 Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 9/25 at 103.00 BB+ 217,984
  Village Saint Louis Obligated Group, Series 2018A, 5.250%, 9/01/53      
335 Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, 10/23 at 100.00 N/R 308,160
  Missouri Valley College, Series 2017, 4.500%, 10/01/40      
3,810 Total Missouri     3,740,210
  New Jersey – 2.7%      
65 Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control No Opt. Call BBB–(6) 67,496
  Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (AMT) (ETM)      
110 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University 7/25 at 100.00 AA 114,714
  Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured      
545 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 6/25 at 100.00 Baa1 565,078
  2015AA, 5.000%, 6/15/45      
1,000 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 12/28 at 100.00 Baa1 954,090
  2019BB, 4.000%, 6/15/44      
1,000 Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 6/28 at 100.00 BBB+ 1,051,050
  Bonds, Series 2018A, 5.000%, 6/01/46      
2,720 Total New Jersey     2,752,428

 

59


 

 

NMI Nuveen Municipal Income Fund, Inc.
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  New York – 4.0%      
$ 60 Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue 7/25 at 100.00 BBB $ 61,452
  Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35      
1,000 Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, 2/30 at 100.00 AA+ 993,610
  General Purpose, Series 2019D, 4.000%, 2/15/47      
315 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green 5/30 at 100.00 A3 332,939
  Climate Bond Certified Series 2020C-1, 5.250%, 11/15/55      
500 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 11/30 at 100.00 AAA 494,730
  Subordinate Fiscal 2021 Subseries C-1, 4.000%, 5/01/44      
1,500 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, 2/32 at 100.00 N/R 1,660,725
  Subordinate Fiscal 2022 Subseries C-1, 5.000%, 2/01/47      
500 New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 11/24 at 100.00 N/R 505,315
  Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A      
3,875 Total New York     4,048,771
  North Carolina – 2.1%      
1,775 North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien 1/30 at 100.00 Aa1 1,890,144
  Series 2019, 5.000%, 1/01/49      
225 University of North Carolina, Chapel Hill, Revenue Bonds, Hospital System, Series 2019, No Opt. Call AA 257,184
  5.000%, 2/01/45      
2,000 Total North Carolina     2,147,328
  North Dakota – 0.1%      
100 Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley 12/26 at 100.00 N/R 96,385
  Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36      
  Ohio – 1.6%      
650 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 100.00 N/R 633,126
  Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55      
1,000 Cleveland-Cuyahoga County Port Authority, Ohio, Cultural Facility Revenue Bonds, The 7/31 at 100.00 A3 1,015,200
  Cleveland Museum of Natural History Project, Series 2021, 4.000%, 7/01/46      
1,650 Total Ohio     1,648,326
  Oklahoma – 0.7%      
670 Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine 8/28 at 100.00 Baa3 704,016
  Project, Series 2018B, 5.500%, 8/15/57      
  Oregon – 0.0%      
55 Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., 11/25 at 102.00 N/R 55,895
  Series 2020A, 5.250%, 11/15/50      
55 Total Oregon     55,895
  Pennsylvania – 4.1%      
1,000 Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2020B, 12/30 at 100.00 Aa3 996,560
  4.000%, 6/01/45      
1,000 Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital & 5/22 at 100.00 BB– 999,980
  Medical Center Project, Series 2012A, 5.000%, 11/01/40      
  Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Penn State Health,      
  Series 2021:      
500 5.000%, 11/01/46 11/29 at 100.00 A+ 531,720
100 Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, 9/29 at 100.00 A 97,121
  Thomas Jefferson University, Series 2019, 4.000%, 9/01/49      
560 Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue 1/25 at 100.00 Ba1 (6) 597,453
  Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/36      
  (Pre-refunded 1/15/25)      

 

60


 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Pennsylvania (continued)      
$ 1,000 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for 7/22 at 100.00 N/R (6) $ 1,005,970
  Student Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41      
  (Pre-refunded 7/01/22)      
4,160 Total Pennsylvania     4,228,804
  Puerto Rico – 2.1%      
  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:      
200 4.550%, 7/01/40 7/28 at 100.00 N/R 201,592
1,760 0.000%, 7/01/51 7/28 at 30.01 N/R 370,885
989 5.000%, 7/01/58 7/28 at 100.00 N/R 1,016,158
500 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 7/28 at 100.00 N/R 507,965
  Restructured Cofina Project Series 2019A-2, 4.784%, 7/01/58      
3,449 Total Puerto Rico     2,096,600
  South Carolina – 0.6%      
620 South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, 4/26 at 103.00 BBB– 570,071
  Bishop Gadsden Episcopal Retirement Community, Series 2019A, 4.000%, 4/01/49      
  South Dakota – 0.1%      
100 Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, 11/26 at 100.00 BB 100,777
  Series 2017, 5.125%, 11/01/47      
  Tennessee – 2.2%      
1,250 Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, 1/23 at 100.00 BBB+ (6) 1,276,512
  Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23)      
870 Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 9/26 at 100.00 BBB 917,981
  University Health System, Inc., Series 2016, 5.000%, 9/01/47      
2,120 Total Tennessee     2,194,493
  Texas – 5.9%      
670 Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 7/25 at 100.00 A– (6) 721,724
  5.000%, 1/01/40 (Pre-refunded 7/01/25)      
1,000 Dallas Fort Worth International Airport, Joint Revenue Bonds, Refunding Series 2021B, 11/30 at 100.00 N/R 996,540
  4.000%, 11/01/45      
335 Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier 10/23 at 100.00 A+ 343,978
  Series 2013A, 5.125%, 10/01/43      
500 Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding 4/30 at 100.00 A+ 492,825
  First Tier Series 2020C, 4.000%, 10/01/49      
500 Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA 5/25 at 100.00 A+ 529,965
  Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40      
125 Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, 5/22 at 105.00 BB– 129,301
  Senior Lien Series 2018, 4.625%, 10/01/31 (AMT), 144A      
200 North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible 9/31 at 100.00 N/R (6) 246,858
  Capital Appreciation Series 2011C, 0.000%, 9/01/43 (Pre-refunded 9/01/31) (7)      
410 North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 1/23 at 100.00 A+ 416,560
  5.000%, 1/01/40      
500 North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 1/25 at 100.00 A 523,090
  2015A, 5.000%, 1/01/38      
240 Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2/24 at 100.00 Ba1 245,815
  2014A, 5.000%, 2/01/34      
295 SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, No Opt. Call A2 327,409
  Series 2007, 5.500%, 8/01/27      
1,000 Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding 8/24 at 100.00 A– 1,034,070
  Second Tier Series 2015C, 5.000%, 8/15/32      
5,775 Total Texas     6,008,135

 

61


 

 

 

   
NMI Nuveen Municipal Income Fund, Inc.
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Virgin Islands – 0.4%      
$ 380 Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, No Opt. Call N/R $ 396,572
  Series 2022A, 5.000%, 10/01/30      
  Virginia – 2.4%      
1,265 Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 6/27 at 100.00 BBB 1,299,433
  66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56 (AMT)      
  Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC      
  Project, Refunding Senior Lien Series 2022:      
140 4.000%, 1/01/48 (AMT) 1/32 at 100.00 N/R 131,068
750 5.000%, 12/31/57 (AMT) 12/32 at 100.00 N/R 795,788
205 Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing, 7/22 at 100.00 BBB (6) 206,431
  OPCO LLC Project, Senior Lien Series 2012, 6.000%, 1/01/37 (Pre-refunded 7/01/22) (AMT)      
2,360 Total Virginia     2,432,720
  West Virginia – 1.0%      
1,000 West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United 6/28 at 100.00 A 1,063,980
  Health System Obligated Group, Series 2018A, 5.000%, 6/01/52      
  Wisconsin – 4.9%      
  Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds,      
  Lombard Public Facilities Corporation, Second Tier Series 2018B:      
4 0.000%, 1/01/46, 144A (5) No Opt. Call N/R 87
4 0.000%, 1/01/47, 144A (5) No Opt. Call N/R 81
4 0.000%, 1/01/48, 144A (5) No Opt. Call N/R 77
4 0.000%, 1/01/49, 144A (5) No Opt. Call N/R 74
3 0.000%, 1/01/50, 144A (5) No Opt. Call N/R 68
4 0.000%, 1/01/51, 144A (5) No Opt. Call N/R 72
98 1.000%, 7/01/51, 144A (5) 3/28 at 100.00 N/R 50,706
4 0.000%, 1/01/52, 144A (5) No Opt. Call N/R 68
4 0.000%, 1/01/53, 144A (5) No Opt. Call N/R 64
4 0.000%, 1/01/54, 144A (5) No Opt. Call N/R 61
4 0.000%, 1/01/55, 144A (5) No Opt. Call N/R 58
4 0.000%, 1/01/56, 144A (5) No Opt. Call N/R 55
4 0.000%, 1/01/57, 144A (5) No Opt. Call N/R 52
4 0.000%, 1/01/58, 144A (5) No Opt. Call N/R 49
3 0.000%, 1/01/59, 144A (5) No Opt. Call N/R 47
3 0.000%, 1/01/60, 144A (5) No Opt. Call N/R 45
3 0.000%, 1/01/61, 144A (5) No Opt. Call N/R 42
3 0.000%, 1/01/62, 144A (5) No Opt. Call N/R 40
3 0.000%, 1/01/63, 144A (5) No Opt. Call N/R 38
3 0.000%, 1/01/64, 144A (5) No Opt. Call N/R 36
3 0.000%, 1/01/65, 144A (5) No Opt. Call N/R 34
3 0.000%, 1/01/66, 144A (5) No Opt. Call N/R 31
42 0.000%, 1/01/67, 144A (5) No Opt. Call N/R 373
500 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette 10/22 at 100.00 A2 (6) 505,090
  University, Series 2012, 4.000%, 10/01/32 (Pre-refunded 10/01/22)      
200 Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson 10/22 at 102.00 N/R 200,012
  Hollow Project. Series 2014, 5.125%, 10/01/34      
1,000 Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Medical 12/31 at 100.00 N/R 989,200
  College of Wisconsin, Inc., Series 2022, 4.000%, 12/01/51      
200 Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Oakwood 1/27 at 103.00 N/R 157,878
  Lutheran Senior Ministries, Series 2021, 4.000%, 1/01/57      
1,000 Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, PHW 10/23 at 102.00 N/R 950,700
  Oconomowoc, Inc. Project, Series 2018, 5.125%, 10/01/48      

 

62


 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Wisconsin (continued)      
$ 1,000 Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, 8/24 at 100.00 A+ $ 1,049,940
  ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39      
500 Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers 7/24 at 100.00 A 522,480
  Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44      
545 Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint 9/23 at 100.00 BBB– 562,805
  John’s Communities Inc., Series 2018A, 5.000%, 9/15/50 (Pre-refunded 9/15/23) (6)      
5,160 Total Wisconsin     4,990,363
$ 106,776 Total Long-Term Investments (cost $101,630,739)     99,027,170

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  SHORT-TERM INVESTMENTS – 1.0%      
  MUNICIPAL BONDS – 1.0%      
  Colorado – 1.0%      
1,000 University of Colorado Hospital Authority, Colorado, Revenue Bonds, Variable Rate Series 5/22 at 100.00 AA $ 1,000,000
  2018B, 0.450%, 11/15/35 (Mandatory Put 5/06/22)      
$ 1,000 Total Short-Term Investments (cost $1,000,000)     1,000,000
  Total Investments (cost $102,630,739) – 98.3%     100,027,170
  Other Assets Less Liabilities – 1.7%     1,699,549
  Net Assets Applicable to Common Shares – 100%     $ 101,726,719

 

(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)Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3.
(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)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.
(7)Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
144AInvestment 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.
AMTAlternative Minimum Tax.
ETMEscrowed to maturity.
WI/DDPurchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

63


 

 

 

NEV Nuveen Enhanced Municipal Value Fund
  Portfolio of Investments
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  LONG-TERM INVESTMENTS – 145.5%      
  MUNICIPAL BONDS – 140.4%      
  Alabama – 0.5%      
$ 340 Hoover Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, 10/29 at 100.00 B $ 366,292
  United States Steel Corporation Project, Series 2019, 5.750%, 10/01/49 (AMT)      
1,350 Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%, 10/23 at 102.00 AA 1,422,387
  10/01/48 – AGM Insured      
1,690 Total Alabama     1,788,679
  Arizona – 0.0%      
35 Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 7/25 at 100.00 N/R 34,313
  The Paideia Academies Project, 2019, 5.125%, 7/01/39      
50 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy No Opt. Call A3 54,625
  Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32      
85 Total Arizona     88,938
  Arkansas – 0.6%      
2,000 Arkansas Development Finance Authority, Industrial Development Revenue Bonds, Big River 9/26 at 103.00 Ba3 1,855,140
  Steel Project, Series 2019, 4.500%, 9/01/49 (AMT), 144A      
  California – 12.6%      
180 Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 10/26 at 100.00 BBB+ 189,731
  Subordinate Lien Series 2016B, 5.000%, 10/01/37 (UB)      
10,000 Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 10/29 at 100.00 AA– 8,052,800
  Subordinate Series 2019S-8, 3.000%, 4/01/54 (UB)      
1,510 California Community Housing Agency, California, Essential Housing Revenue Bonds, 2/30 at 100.00 N/R 1,427,660
  Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A      
60 California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, 6/30 at 100.00 BBB+ 58,257
  Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49      
3,500 California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, 4/30 at 100.00 BBB+ 3,308,130
  Series 2020A, 4.000%, 4/01/49      
4,000 California Municipal Finance Authority, Revenue Bonds, HumanGood California Obligated 10/28 at 103.00 A– 2,949,360
  Group, Series 2021., 3.000%, 10/01/49 (UB) (4)      
  California Statewide Communities Development Authority, California, Revenue Bonds, Loma      
  Linda University Medical Center, Series 2014A:      
2,500 5.250%, 12/01/44 12/24 at 100.00 BB 2,581,725
1,712 5.500%, 12/01/54 12/24 at 100.00 BB 1,768,719
3,450 California Statewide Communities Development Authority, California, Revenue Bonds, Loma 6/26 at 100.00 BB 3,576,477
  Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A      
2,760 California Statewide Community Development Authority, Certificates of Participation, 1/28 at 100.00 BBB+ 2,814,786
  Methodist Hospital of Southern California, Series 2018, 4.250%, 1/01/43      
  Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,      
  Refunding Senior Lien Series 2021A:      
5,000 4.000%, 1/15/46 (UB) 1/31 at 100.00 A– 4,777,200
5,000 4.000%, 1/15/46 (UB) 1/31 at 100.00 A– 4,777,200
  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement      
  Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038:      
1,100 17.567%, 6/01/40, 144A (IF) (4) 6/25 at 100.00 AA– 1,431,221
1,345 17.567%, 6/01/40 (Pre-refunded 6/01/25), 144A (IF) (4) 6/25 at 100.00 N/R (5) 1,749,993
565 17.581%, 6/01/40, 144A (IF) (4) 6/25 at 100.00 AA– 735,274
685 17.581%, 6/01/40 (Pre-refunded 6/01/25), 144A (IF) (4) 6/25 at 100.00 N/R (5) 891,438

 

64


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  California (continued)      
$ 225 Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, No Opt. Call AA– $ 223,249
  Series 2007B, 1.789%, 11/15/27      
43,592 Total California     41,313,220
  Colorado – 2.8%      
  Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017:      
750 4.000%, 12/31/30 (AMT) 12/27 at 100.00 A– 778,837
250 4.000%, 6/30/31 (AMT) 12/27 at 100.00 A– 259,350
820 Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 8/29 at 100.00 BBB+ 777,245
  Series 2019A-2, 4.000%, 8/01/49 (UB)      
4,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 9/26 at 52.09 A 1,803,920
  0.000%, 9/01/39 – NPFG Insured      
  Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado      
  Springs Utilities, Series 2008:      
475 6.250%, 11/15/28 No Opt. Call AA– 533,544
4,030 6.500%, 11/15/38 No Opt. Call AA– 5,129,223
10,325 Total Colorado     9,282,119
  Connecticut – 0.1%      
400 Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford 7/22 at 100.00 BBB+ 402,324
  Hospital, Series 2012J, 5.000%, 7/01/37      
  District of Columbia – 1.6%      
10,000 Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, No Opt. Call A– 5,206,000
  Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B, 0.000%,      
  10/01/37 – AGC Insured      
  Florida – 10.3%      
1,000 Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, 5/27 at 100.00 N/R 1,001,320
  Assessment Area 2 Project, Series 2016, 4.500%, 5/01/34      
325 Capital Trust Agency, Florida, Revenue Bonds, Renaissance Charter School Project, Series 6/26 at 100.00 N/R 329,563
  2019A, 5.000%, 6/15/39, 144A      
150 Charlotte County Industrial Development Authority, Florida, Utility System Revenue 10/27 at 100.00 N/R 151,284
  Bonds, Town & Country Utilities Project, Series 2019, 5.000%, 10/01/49 (AMT), 144A      
2,000 Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria 6/23 at 100.00 BBB– 2,049,620
  University, Refunding Series 2013A, 5.625%, 6/01/33      
  Escambia County Health Facilities Authority, Florida, Health Care Facilities Revenue      
  Bonds, Baptist Health Care Corporation Obligated, Series 2020A:      
2,500 4.000%, 8/15/45 2/30 at 100.00 BBB+ 2,343,700
5,675 4.000%, 8/15/45 2/30 at 100.00 BBB+ 5,320,199
4,500 Florida Development Finance Corporation, Florida, Surface Transportation Facility 1/24 at 107.00 N/R 4,609,530
  Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%,      
  1/01/49 (AMT), 144A      
4,210 Florida Development Finance Corporation, Florida, Surface Transportation Facility 5/22 at 103.00 N/R 4,111,991
  Revenue Bonds, Virgin Trains USA Passenger Rail Project, Series 2019A, 6.500%, 1/01/49 (AMT)      
  (Mandatory Put 1/01/29), 144A      
1,000 Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Series 2021A-1, 4.000%, 10/31 at 100.00 AA 974,300
  10/01/45 – AGM Insured (AMT) (UB) (4)      
1,000 Miami-Dade County, Florida, Seaport Revenue Bonds, Refunding Subordinate Series 2021B-1, 10/31 at 100.00 Aa3 981,400
  4.000%, 10/01/46 (AMT) (UB) (4)      

 

65


 

 

NEV Nuveen Enhanced Municipal Value Fund
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Florida (continued)      
  Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Refunding &      
  Improvement Capital Appreciation Series 2019A-2:      
$ 1,000 0.000%, 10/01/44 10/29 at 59.08 BBB+ $ 356,860
4,200 0.000%, 10/01/47 10/29 at 52.89 BBB+ 1,277,514
1,250 0.000%, 10/01/48 10/29 at 50.96 BBB+ 360,663
1,000 0.000%, 10/01/49 10/29 at 49.08 BBB+ 274,610
2,000 0.000%, 10/01/50 10/29 at 47.17 BBB+ 521,460
7,475 0.000%, 10/01/52 10/29 at 43.62 BBB+ 1,755,952
2,300 0.000%, 10/01/54 10/29 at 40.38 BBB+ 488,083
  Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical      
  Center, Series 2013A:      
1,000 5.000%, 11/01/33 11/22 at 100.00 BBB+ 1,010,050
2,000 5.000%, 11/01/43 11/22 at 100.00 BBB+ 2,017,940
205 Palm Beach County, Florida, Revenue Bonds, Provident Group – PBAU Properties LLC – Palm 4/29 at 100.00 Ba1 208,100
  Beach Atlantic University Housing Project, Series 2019A, 5.000%, 4/01/39, 144A      
720 Tampa, Florida, Revenue Bonds, H. Lee Moffitt Cancer Center and Research Institute, 7/30 at 100.00 A2 705,795
  Series 2020B, 4.000%, 7/01/45      
3,000 Tampa, Florida, Revenue Bonds, University of Tampa, Refunding Series 2020A, 4/30 at 100.00 A– 3,008,850
  4.000%, 4/01/50      
135 Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, 5/22 at 100.00 N/R 1
  Series 2007-3, 6.650%, 5/01/40 (6)      
215 Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 5/22 at 100.00 N/R 168,220
  Series 2015-2, 6.610%, 5/01/40 (7)      
235 Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding 5/22 at 100.00 N/R 2
  Series 2015-3, 6.610%, 5/01/40 (6)      
49,095 Total Florida     34,027,007
  Georgia – 0.1%      
285 Atlanta Development Authority, Georgia, Senior Health Care Facilities Revenue Bonds, 1/28 at 100.00 N/R 151,050
  Georgia Proton Treatment Center Project, Current Interest Series 2017A-1, 6.500%, 1/01/29 (6)      
260 Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, No Opt. Call A+ 282,285
  5.500%, 9/15/26      
545 Total Georgia     433,335
  Guam – 5.8%      
  Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:      
195 5.000%, 11/15/33 11/25 at 100.00 BB 205,386
1,805 5.000%, 11/15/34 11/25 at 100.00 BB 1,899,889
500 Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 7/23 at 100.00 A– (5) 518,515
  2013, 5.500%, 7/01/43 (Pre-refunded 7/01/23)      
  Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:      
2,500 5.000%, 12/01/28 (UB) (4) 12/26 at 100.00 BB 2,687,100
1,750 5.000%, 12/01/30 (UB), (4) 12/26 at 100.00 BB 1,872,710
2,500 5.000%, 12/01/32 (UB) (4) 12/26 at 100.00 BB 2,667,875
1,750 5.000%, 12/01/34 (UB), (4) 12/26 at 100.00 BB 1,864,012
6,000 5.000%, 12/01/46 (UB), (4) 12/26 at 100.00 BB 6,317,400
1,000 Guam Power Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/37 10/27 at 100.00 BBB 1,047,650
18,000 Total Guam     19,080,537
  Illinois – 18.7%      
620 CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, No Opt. Call N/R 619,789
  4.000%, 6/15/23 (Mandatory Put 12/15/22), 144A      
5,000 Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, 4/27 at 100.00 A– 5,442,700
  Series 2016, 6.000%, 4/01/46      

 

66


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Illinois (continued)      
$ 2,255 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/24 at 100.00 BB $ 2,339,788
  Project Series 2015C, 5.250%, 12/01/35      
1,335 Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 12/26 at 100.00 BB 1,476,457
  Series 2016B, 6.500%, 12/01/46      
  Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated      
  Tax Revenues, Series 1998B-1:      
1,000 0.000%, 12/01/22 – FGIC Insured No Opt. Call Baa2 986,140
1,000 0.000%, 12/01/27 – NPFG Insured No Opt. Call Baa2 815,800
1,000 Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 1/25 at 100.00 BBB+ 1,056,080
  2002B, 5.500%, 1/01/33      
  Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C:      
3,470 5.000%, 1/01/24 No Opt. Call BBB+ 3,586,453
350 5.000%, 1/01/29 1/26 at 100.00 BBB+ 367,696
770 5.000%, 1/01/38 1/26 at 100.00 BBB+ 804,419
1,150 Chicago, Illinois, General Obligation Bonds, Series 2015A, 5.500%, 1/01/33 1/25 at 100.00 BBB+ 1,214,492
10,125 Chicago, Illinois, General Obligation Bonds, Series 2019A, 5.000%, 1/01/44 (UB) 1/29 at 100.00 BBB+ 10,621,631
405 DuPage County, Illinois, Revenue Bonds, Morton Arboretum Project, Green Series 2020, 5/30 at 100.00 A1 325,875
  3.000%, 5/15/47      
  Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond      
  Trust 2016-XF2339:      
1,540 16.984%, 9/01/38, 144A (IF) 9/22 at 100.00 AA+ 1,610,594
1,605 20.933%, 9/01/38, 144A (IF) 9/22 at 100.00 AA+ 1,696,774
  Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender      
  Option Bond Trust 2015-XF0076:      
150 16.500%, 8/15/37, 144A (IF) 8/22 at 100.00 AA+ 156,086
690 16.500%, 8/15/37, 144A (IF) 8/22 at 100.00 AA+ 717,993
20,830 Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 No Opt. Call BBB 22,487,443
1,380 Illinois State, General Obligation Bonds, November Series 2019B, 4.000%, 11/01/34 11/29 at 100.00 BBB 1,344,396
2,125 Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 12/29 at 100.00 BBB+ 1,956,381
  Bonds, Refunding Series 2020A, 4.000%, 6/15/50      
8,000 Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project No Opt. Call AA 1,527,840
  Bonds, Series 2017B, 0.000%, 12/15/56 – AGM Insured      
190 Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US 8/22 at 100.00 B 190,718
  Steel Corporation Project, Series 2012, 5.750%, 8/01/42 (AMT)      
64,990 Total Illinois     61,345,545
  Indiana – 2.5%      
2,000 Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, 6/30 at 100.00 N/R 1,875,720
  Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.875%,      
  6/01/55, 144A      
1,500 Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 7/23 at 100.00 A– (5) 1,541,760
  Project, Series 2013A, 5.000%, 7/01/35 (Pre-refunded 7/01/23) (AMT)      
4,375 Indianapolis Local Public Improvement Bond Bank, Indiana, Community Justice Campus 2/29 at 100.00 AAA 4,234,169
  Bonds, Courthouse & Jail Project, Series 2019A, 3.840%, 2/01/54 UB      
400 Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 1/24 at 100.00 N/R 419,792
  2013, 7.000%, 1/01/44 (AMT)      
8,275 Total Indiana     8,071,441
  Iowa – 0.4%      
155 Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 12/23 at 100.00 BB– 163,603
  Company Project, Series 2013, 5.250%, 12/01/25      
995 Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer 12/22 at 103.00 BB– 1,040,123
  Company Project, Series 2018A, 5.250%, 12/01/50 (Mandatory Put 12/01/33)      
1,150 Total Iowa     1,203,726

 

67


 

 

 

NEV Nuveen Enhanced Municipal Value Fund
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Kansas – 1.6%      
$ 2,085 Overland Park Development Corporation, Kansas, Revenue Bonds, Convention Center Hotel, 3/29 at 100.00 BB– $ 2,040,652
  Refunding & improvement Series 2019, 5.000%, 3/01/44      
3,565 Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at 12/22 at 100.00 N/R 1,867,525
  Lionsgate Project, Series 2012, 6.000%, 12/15/32      
1,130 Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35 7/25 at 100.00 A1 1,197,416
6,780 Total Kansas     5,105,593
  Kentucky – 1.0%      
1,000 Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, 8/23 at 100.00 AA (5) 1,042,390
  Series 2013, 5.700%, 8/01/39 (Pre-refunded 8/01/23) – AGM Insured      
2,000 Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 7/25 at 100.00 BBB+ 2,105,760
  Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45      
3,000 Total Kentucky     3,148,150
  Louisiana – 6.5%      
500 Jefferson Parish Economic Development and Port District, Louisiana, Kenner Discovery 6/28 at 100.00 N/R 513,085
  Health Sciences Academy Project, Series 2018A, 5.625%, 6/15/48, 144A      
2,585 Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue 12/29 at 100.00 AA 2,646,833
  Bonds, Series 2019B, 4.000%, 12/01/38 – AGM Insured      
2,000 Louisiana Local Government Environmental Facilities and Community Development Authority, 2/24 at 100.00 A+ (5) 2,070,860
  Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A,      
  4.375%, 2/01/39 (Pre-refunded 2/01/24)      
1,215 Louisiana Local Government Environmental Facilities and Community Development Authority, 10/25 at 100.00 AA 1,302,723
  Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative      
  Student Facilities, 5.000%, 10/01/33 – AGM Insured      
1,500 Louisiana Public Facilities Authority, Louisiana, Revenue Bonds, Ochsner Clinic Foundation 5/30 at 100.00 A 1,443,000
  Project, Series 2020A, 4.000%, 5/15/49      
1,000 Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries 7/27 at 100.00 A 1,081,040
  of Our Lady Health System, Series 2017A, 5.000%, 7/01/47      
1,000 Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship 7/26 at 100.00 A 1,041,040
  Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A,      
  5.000%, 7/01/56      
3,305 Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 5/23 at 100.00 A3 3,330,415
  2008, 4.250%, 12/01/38      
2,050 Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy 5/22 at 100.00 N/R 2,054,736
  Foundation Project, Series 2011A, 7.750%, 12/15/31      
  Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project,      
  Refunding Series 2017:      
2,835 0.000%, 10/01/31 (7) No Opt. Call Baa1 2,683,554
1,775 0.000%, 10/01/36 (7) 10/33 at 100.00 Baa1 1,677,038
1,000 New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal 1/27 at 100.00 A2 1,037,010
  Project, Series 2017B, 5.000%, 1/01/48 (AMT)      
330 Saint John the Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation No Opt. Call BBB– 326,205
  Project, Refunding Series 2017A-1, 2.000%, 6/01/37 (Mandatory Put 4/01/23)      
21,095 Total Louisiana     21,207,539
  Maryland – 0.2%      
1,000 Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Greater 7/31 at 100.00 A+ 794,990
  Baltimore Medical Center, Series 2021A, 3.000%, 7/01/46 (UB)      
  Massachusetts – 0.9%      
1,800 Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, 10/26 at 100.00 Baa2 1,928,016
  5.000%, 10/01/34      
530 Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, 7/22 at 100.00 AA 532,374
  Series 2013, 5.000%, 7/01/25 (AMT)      

 

68


 

 

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Massachusetts (continued)      
$ 1,000 Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2021B, 2.125%, 4/31 at 100.00 Aa1 $ 640,240
  4/01/51 (UB) (4)      
3,330 Total Massachusetts     3,100,630
  Michigan – 0.0%      
10 Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A, 5.000%, 5/22 at 100.00 A1 10,029
  7/01/34 – NPFG Insured      
  Missouri – 0.3%      
825 Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson 11/25 at 100.00 N/R 770,806
  Shoppes Redevelopment Project, Refunding Series 2017A, 3.900%, 11/01/29      
55 Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities 3/27 at 100.00 BBB– 57,884
  Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36      
880 Total Missouri     828,690
  Montana – 0.8%      
  Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell      
  Regional Medical Center, Series 2018B:      
1,255 5.000%, 7/01/29 7/28 at 100.00 BBB 1,365,076
1,235 5.000%, 7/01/30 7/28 at 100.00 BBB 1,339,370
2,490 Total Montana     2,704,446
  New Jersey – 13.8%      
2,500 New Jersey Economic Development Authority, Lease Revenue Bonds, State Government 12/27 at 100.00 Baa1 2,638,300
  Buildings-Health Department & Taxation Division Office Project, Series 2018A, 5.000%, 6/15/42      
  New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW:      
40 5.250%, 6/15/40 (Pre-refunded 6/15/25) 6/25 at 100.00 N/R (5) 43,287
755 5.250%, 6/15/40 6/25 at 100.00 Baa1 791,451
2,175 New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 6/27 at 100.00 Baa1 2,285,621
  2017DDD, 5.000%, 6/15/42 (UB)      
  New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental      
  Airlines Inc., Series 1999:      
530 5.125%, 9/15/23 (AMT) 8/22 at 101.00 Ba3 538,909
1,650 5.250%, 9/15/29 (AMT) 8/22 at 101.00 Ba3 1,674,189
2,155 New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark 10/27 at 100.00 Baa3 2,276,003
  Container Terminal LLC Project, Refunding Series 2017, 5.000%, 10/01/37 (AMT)      
9,640 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Valley Health 7/29 at 100.00 A+ 7,446,225
  System Obligated Group, Series 2019, 3.000%, 7/01/49 (UB), (4)      
20,000 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding No Opt. Call Baa1 10,702,200
  Series 2006C, 0.000%, 12/15/36 – AMBAC Insured, (UB), (4)      
15,000 New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 12/28 at 100.00 Baa1 16,081,800
  2018A, 5.000%, 12/15/34 (UB) (4)      
755 Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 6/28 at 100.00 BB+ 788,311
  Bonds, Series 2018B, 5.000%, 6/01/46      
55,200 Total New Jersey     45,266,296
  New York – 13.9%      
500 Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of 9/25 at 100.00 N/R 525,995
  Medicine, Inc, Series 2015, 5.500%, 9/01/45, 144A      
350 Jefferson County Civic Facility Development Corporation, New York, Revenue Bonds, 11/27 at 100.00 BB 328,878
  Samaritan Medical Center Project, Series 2017A, 4.000%, 11/01/42      
1,500 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Bond No Opt. Call N/R 1,501,695
  Anticipation Note Series 2019B-1, 5.000%, 5/15/22      
1,000 Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John 5/22 at 100.00 A– 1,002,350
  Fisher College, Series 2011, 6.000%, 6/01/34      

 

69


 

 

 

   
NEV Nuveen Enhanced Municipal Value Fund
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  New York (continued)      
$ 1,000 New York City Housing Development Corp, 3.050%, 5/01/50 (UB) (4) 5/27 at 100.00 AA+ $ 810,890
  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 2.000%, 1/01/38 – AGM Insured (UB), (4) 1/31 at 100.00 AA 713,350
2,000 2.000%, 1/01/38 – AGM Insured 1/31 at 100.00 AA 1,426,700
2,855 New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 4.000%, 8/01/37 8/30 at 100.00 AA 2,880,666
500 New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 11/24 at 100.00 N/R 512,015
  Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A      
15,000 New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Series 9/29 at 100.00 AA+ 12,356,550
  2019A, 3.000%, 3/15/49 (UB)      
10,000 New York State Urban Development Corporation, State Sales Tax Revenue Bonds, Series 9/31 at 100.00 AA+ 8,197,100
  2021A, 3.000%, 3/15/50 (UB)      
  New York Transportation Development Corporation, New York, Special Facilities Bonds,      
  LaGuardia Airport Terminal B Redevelopment Project, Series 2016A:      
4,000 4.000%, 7/01/33 (AMT) 7/24 at 100.00 BBB 3,992,920
2,105 5.000%, 7/01/46 (AMT) 7/24 at 100.00 BBB 2,170,444
1,100 New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta 1/28 at 100.00 Baa3 1,153,141
  Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, 5.000%,      
  1/01/33 (AMT)      
4,115 Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 7/30 at 100.00 Aa3 3,942,911
  Twenty-One Series 2020, 4.000%, 7/15/50 (AMT) (UB) (4)      
2,000 Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior 11/31 at 100.00 AA+ 1,975,280
  Lien Series 2021C-3, 4.000%, 5/15/51 (UB) (4)      
2,150 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 6/27 at 100.00 N/R 2,168,125
51,175 Total New York     45,659,010
  North Carolina – 0.8%      
1,000 Charlotte, North Carolina, Certificates of Participation, Transit Projects, Refunding 6/31 at 100.00 AA+ 827,530
  Series 2021A, 3.000%, 6/01/48 (UB) (4)      
  North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien      
  Series 2019:      
875 4.000%, 1/01/55 – AGM Insured 1/30 at 100.00 AA 879,541
1,000 4.000%, 1/01/55 1/30 at 100.00 Aa1 971,490
2,875 Total North Carolina     2,678,561
  North Dakota – 0.9%      
3,750 Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System 12/31 at 100.00 AA 2,997,638
  Obligated Group, Series 2021, 3.000%, 12/01/46 – AGM Insured      
  Ohio – 7.5%      
8,375 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 22.36 N/R 1,111,865
  Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2,      
  0.000%, 6/01/57      
5,480 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 100.00 BBB+ 4,034,540
  Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 3.000%, 6/01/48      
3,220 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 6/30 at 100.00 N/R 3,136,409
  Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55      
310 Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, 12/29 at 100.00 BBB– 312,458
  Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51      
10,000 Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 5/25 at 100.00 AA+ 10,620,200
  2015, 5.000%, 5/15/40 (UB) (4)      
295 Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, No Opt. Call N/R 266,482
  FirstEnergy Generation Corporation Project, Refunding Series 2009D, 3.375%, 8/01/29      
  (Mandatory Put 9/15/21)      

 

70


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Ohio (continued)      
$ 6,000 Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, No Opt. Call N/R $ 7,500
  FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (6)      
860 Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, No Opt. Call N/R 860,740
  FirstEnergy Nuclear Generation Project, Refunding Series 2009A, 4.375%, 6/01/33 (Mandatory      
  Put 6/01/22)      
5,000 Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 7/31 at 100.00 A 3,933,400
  2021A, 3.000%, 1/15/46 (UB)      
375 Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy No Opt. Call N/R 375,323
  Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory Put 6/01/22)      
60 Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy No Opt. Call N/R 60,052
  Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory Put 6/01/22)      
39,975 Total Ohio     24,718,969
  Oklahoma – 2.2%      
  Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine      
  Project, Series 2018B:      
440 5.000%, 8/15/38 8/28 at 100.00 Baa3 450,547
5,000 5.500%, 8/15/52 8/28 at 100.00 Baa3 5,265,000
1,500 Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., 6/25 at 100.00 B– 1,543,410
  Refunding Series 2015, 5.000%, 6/01/35 (AMT) (Mandatory Put 6/01/25)      
6,940 Total Oklahoma     7,258,957
  Pennsylvania – 7.2%      
1,050 Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue No Opt. Call N/R 1,050,956
  Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 4.375%, 1/01/35      
  (Mandatory Put 7/01/22)      
2,000 Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue No Opt. Call N/R 2,500
  Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (6)      
1,000 Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 4/31 at 100.00 N/R 813,320
  Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 3.750%, 10/01/47 (Mandatory      
  Put 4/01/21)      
  Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master      
  Settlement, Series 2018:      
4,000 5.000%, 6/01/32 (UB) 6/28 at 100.00 A1 4,342,480
2,260 5.000%, 6/01/33 UB (4) 6/28 at 100.00 A1 2,446,970
1,275 5.000%, 6/01/34 (UB), (4) 6/28 at 100.00 A1 1,378,224
1,975 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of 8/29 at 100.00 AA 1,921,320
  Pennsylvania Health System, Series 2019, 4.000%, 8/15/49      
130 Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University 7/26 at 100.00 Baa3 134,577
  Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania,      
  Series 2016A, 5.000%, 7/01/31      
1,000 Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of No Opt. Call AA 1,101,310
  Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured      
  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation      
  Series 2009E:      
3,530 6.000%, 12/01/30 12/27 at 100.00 A 4,104,860
2,000 6.375%, 12/01/38 12/27 at 100.00 A 2,322,700
4,000 Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, 5/27 at 100.00 Baa1 4,162,760
  University of the Sciences in Philadelphia, Series 2017, 5.000%, 11/01/47 (UB)      
24,220 Total Pennsylvania     23,781,977

 

71


 

 

 

NEV Nuveen Enhanced Municipal Value Fund
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Puerto Rico – 3.7%      
$ 75,000 Children’s Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Series 2008A, 5/22 at 7.31 N/R $ 4,551,750
  0.000%, 5/15/57      
1,000 Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 7/22 at 100.00 CCC 1,006,760
  5.750%, 7/01/37      
  Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N:      
1,000 8.600%, 7/01/27 – AMBAC Insured No Opt. Call N/R 967,880
1,000 5.250%, 7/01/36 – AGC Insured No Opt. Call AA 1,049,030
  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:      
565 0.000%, 7/01/51 7/28 at 30.01 N/R 119,062
2,000 4.750%, 7/01/53 7/28 at 100.00 N/R 2,028,300
2,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 7/28 at 100.00 N/R 1,982,260
  Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40      
500 Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1, 4.000%, 7/01/46 7/31 at 103.00 N/R 439,875
83,065 Total Puerto Rico     12,144,917
  South Carolina – 2.4%      
7,500 South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding 12/26 at 100.00 A 7,955,100
  Series 2016B, 5.000%, 12/01/46 (UB) (4)      
  Tennessee – 0.3%      
1,000 Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle 12/26 at 100.00 N/R 981,000
  Project, Series 2016A, 5.125%, 12/01/42, 144A      
155 The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, No Opt. Call A 159,957
  5.000%, 2/01/24      
1,155 Total Tennessee     1,140,957
  Texas – 3.3%      
2,545 Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 11/30 at 100.00 A1 2,584,524
  2020A, 4.000%, 11/01/35      
150 Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy 11/22 at 100.00 Baa2 151,246
  Inc. Project, Series 2012B, 4.750%, 11/01/42      
1,000 Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 10/31 at 100.00 AA 808,050
  Bonds, Texas Childrens Hospital, Series 2021A, 3.000%, 10/01/51 (UB) (4)      
825 New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 7/25 at 100.00 Caa1 783,750
  Revenue Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, Series      
  2015A, 5.000%, 7/01/47      
1,000 Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue 5/22 at 100.00 N/R 625,000
  Bonds, Eden Home Inc., Series 2012, 4.087%, 12/15/47 (6)      
1,240 Texas Department of Housing and Community Affairs, Single Family Mortgage Revenue Bonds, 9/27 at 100.00 Aaa 1,273,381
  Series 2018A, 4.250%, 9/01/48      
  Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue      
  Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016:      
3,600 5.000%, 12/31/50 (AMT) 12/25 at 100.00 Baa3 3,752,928
805 5.000%, 12/31/55 (AMT) 12/25 at 100.00 Baa3 837,401
11,165 Total Texas     10,816,280
  Utah – 1.0%      
3,000 Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2021A, 5.000%, 7/31 at 100.00 N/R 3,215,460
  7/01/51 (AMT)      
  Virginia – 3.8%      
5,595 Richmond, Virginia, Public Utility Revenue Bonds, Series 2020A, 4.000%, 1/15/38 1/30 at 100.00 Aa1 5,776,166
2,000 Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed 5/22 at 100.00 B– 2,002,560
  Bonds, Series 2007B1, 5.000%, 6/01/47      

 

72


 

 

 

Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Virginia (continued)      
$ 2,500 Virginia Housing Development Authority, Rental Housing Bonds, Series 2018E, 12/27 at 100.00 AA+ $ 2,525,075
  4.150%, 12/01/49      
1,155 Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 6/27 at 100.00 BBB 1,186,439
  66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56 (AMT)      
1,010 Virginia Small Business Financing Authority, Revenue Bonds, Elizabeth River Crossing, 7/22 at 100.00 BBB 1,016,262
  OPCO LLC Project, Senior Lien Series 2012, 5.500%, 1/01/42 (AMT)      
12,260 Total Virginia     12,506,502
  Washington – 3.3%      
5,000 Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016B, 5.000%, 4/26 at 100.00 Aa2 5,351,500
  10/01/31 (AMT) (UB), (4)      
3,155 Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley 12/26 at 100.00 Baa2 3,430,936
  Hospital, Refunding & Improvement Series 2016, 5.000%, 12/01/27      
135 Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, 5/22 at 100.00 N/R 131,331
  Series 2013, 5.750%, 4/01/43      
2,000 Washington Health Care Facilities Authority, Revenue Bonds, Seattle Cancer Center 9/30 at 100.00 A+ 1,941,820
  Alliance, Series 2020, 4.000%, 9/01/50      
10,290 Total Washington     10,855,587
  Wisconsin – 9.0%      
25 Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community 6/24 at 100.00 N/R 25,028
  School, North Carolina, Series 2017A, 5.000%, 6/15/37, 144A      
170 Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina 6/26 at 100.00 N/R 150,249
  Charter Educational Foundation Project, Series 2016A, 5.000%, 6/15/36, 144A      
  Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds,      
  Lombard Public Facilities Corporation, Second Tier Series 2018B:      
69 0.000%, 1/01/46, 144A (6) No Opt. Call N/R 1,661
68 0.000%, 1/01/47, 144A (6) No Opt. Call N/R 1,543
68 0.000%, 1/01/48, 144A (6) No Opt. Call N/R 1,477
67 0.000%, 1/01/49, 144A (6) No Opt. Call N/R 1,407
67 0.000%, 1/01/50, 144A (6) No Opt. Call N/R 1,307
73 0.000%, 1/01/51, 144A (6) No Opt. Call N/R 1,378
1,874 1.000%, 7/01/51, 144A (6) 3/28 at 100.00 N/R 968,023
72 0.000%, 1/01/52, 144A (6) No Opt. Call N/R 1,292
71 0.000%, 1/01/53, 144A (6) No Opt. Call N/R 1,227
71 0.000%, 1/01/54, 144A (6) No Opt. Call N/R 1,163
70 0.000%, 1/01/55, 144A (6) No Opt. Call N/R 1,101
69 0.000%, 1/01/56, 144A (6) No Opt. Call N/R 1,048
68 0.000%, 1/01/57, 144A (6) No Opt. Call N/R 993
67 0.000%, 1/01/58, 144A (6) No Opt. Call N/R 939
67 0.000%, 1/01/59, 144A (6) No Opt. Call N/R 899
67 0.000%, 1/01/60, 144A (6) No Opt. Call N/R 849
66 0.000%, 1/01/61, 144A (6) No Opt. Call N/R 798
65 0.000%, 1/01/62, 144A (6) No Opt. Call N/R 759
64 0.000%, 1/01/63, 144A (6) No Opt. Call N/R 719
64 0.000%, 1/01/64, 144A (6) No Opt. Call N/R 689
63 0.000%, 1/01/65, 144A (6) No Opt. Call N/R 649
62 0.000%, 1/01/66, 144A (6) No Opt. Call N/R 598
808 0.000%, 1/01/67, 144A (6) No Opt. Call N/R 7,128
1,690 Public Finance Authority of Wisconsin, Limited Obligation Grant Revenue Bonds, American No Opt. Call N/R 1,607,224
  Dream @ Meadowlands Project, Series 2017A, 3.125%, 8/01/27, 144A (6)      
1,350 Public Finance Authority of Wisconsin, Limited Obligation PILOT Revenue Bonds, American 12/27 at 100.00 N/R 1,290,668
  Dream @ Meadowlands Project, Series 2017, 7.000%, 12/01/50, 144A      
160 Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., 12/27 at 100.00 BBB– 170,738
  Series 2017A, 5.200%, 12/01/37      

 

73


 

 

 

   
NEV Nuveen Enhanced Municipal Value Fund
  Portfolio of Investments (continued)
  April 30, 2022 (Unaudited)

 

         
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Wisconsin (continued)      
$ 2,905 Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing 7/25 at 100.00 BBB– $ 2,999,877
  Foundation – Cullowhee LLC – Western California University Project, Series 2015A,      
  5.000%, 7/01/35      
1,000 Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A, No Opt. Call AA 694,730
  0.000%, 12/15/31      
1,290 Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert 10/22 at 100.00 AA 1,332,493
  Community Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118, 15.577%,      
  4/01/42, 144A (IF) (4)      
  Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds,      
  Ascension Health Alliance Senior Credit Group, Series 2016A:      
10,000 5.000%, 11/15/35 (UB) (4) 5/26 at 100.00 AA+ 10,436,370
5,000 5.000%, 11/15/36 (UB) (4) 5/26 at 100.00 AA+ 5,364,700
3,000 5.000%, 11/15/39 (UB) (4) 5/26 at 100.00 AA+ 3,211,770
25 Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Monroe 8/25 at 100.00 N/R (5) 26,917
  Clinic Inc., Refunding Series 2016, 5.000%, 2/15/28 (Pre-refunded 8/15/25)      
  Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Three      
  Pillars Senior Living Communities, Refunding Series 2013:      
85 5.000%, 8/15/43 (Pre-refunded 8/15/23) 8/23 at 100.00 A (5) 88,075
1,005 5.000%, 8/15/43 (Pre-refunded 8/15/23) 8/23 at 100.00 BBB+ (5) 1,041,361
31,805 Total Wisconsin     29,437,847
$ 593,107 Total Municipal Bonds (cost $488,631,758)     461,432,136

 

     
Shares Description (1) Value
  COMMON STOCKS – 5.1%  
  Independent Power & Renewable Electricity Producers – 5.1%  
258,655 Energy Harbor Corp (8), (9), (10) $ 16,731,875
  Total Common Stocks (cost $7,346,611) 16,731,875
  Total Long-Term Investments (cost $495,978,369) 478,164,011
  Floating Rate Obligations – (48.4)% (159,214,000)
  Other Assets Less Liabilities – 2.9% 9,980,242
  Net Assets Applicable to Common Shares – 100% $ 328,930,253

 

74


 

 

 

(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)Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6)Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(7)Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(8)Common Stock received as part of the bankruptcy settlements for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35; and Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 0.000%, 12/01/23.
(9)For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information.
(10)Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
144AInvestment 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.
AMTAlternative Minimum Tax.
IFInverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UBUnderlying bond of an inverse floating rate trust reflected as a financing transaction.
Seeaccompanying notes to financial statements.

75


 

  

Statement of Assets and Liabilities

April 30, 2022 (Unaudited)

  NUV NUW NMI NEV
Assets        
Long-term investments, at value (cost $1,939,155,356, $269,576,552,        
$101,630,739 and $495,978,369, respectively) $1,967,679,074 $274,176,851 $ 99,027,170 $478,164,011
Short-term investments, at value (cost approximates value) 1,000,000
Cash 371,966 1,376,740 977,724 2,164,848
Cash collateral at brokers for investments in futures(1) 364,641
Receivable for:        
Interest 22,863,663 3,095,223 1,303,203 7,880,445
Investments sold 8,256,489 400,000 774,687 2,315,319
Variation margin on futures contracts 41,438
Deferred offering costs 111,370
Other assets 486,268 1,782 107 114,431
Total assets 1,999,657,460 279,456,675 103,194,261 490,639,054
Liabilities        
Floating rate obligations 21,480,000 3,185,000 159,214,000
Payable for:        
Dividends 5,341,553 682,517 240,939 1,266,816
Interest 45,310 5,216 876,459
Investments purchased - regular settlement 532,239
Investments purchased - when-issued/delayed-delivery settlement 508,185
Accrued expenses:        
Management fees 712,377 127,748 51,672 257,652
Custody expense 222,513 76,145 25,186 56,466
Directors/Trustees fees 499,459 3,668 775 37,408
Shelf offering costs 76,464
Other 196,605 68,042 32,082
Total liabilities 28,497,817 4,148,336 1,467,542 161,708,801
Commitments and contingencies (as disclosed in Note 8)        
Net assets applicable to common shares $1,971,159,643 $275,308,339 $101,726,719 $328,930,253
Common shares outstanding 207,541,595 17,951,336 10,046,142 24,959,414
Net asset value (“NAV”) per common share outstanding $ 9.50 $ 15.34 $ 10.13 $ 13.18
Net assets applicable to common shares consist of:        
Common shares, $0.01 par value per share $ 2,075,416 $ 179,513 $ 100,461 $ 249,594
Paid-in-surplus 1,963,547,906 268,657,661 105,270,661 347,239,933
Total distributable earnings 5,536,321 6,471,165 (3,644,403) (18,559,274)
Net assets applicable to common shares $1,971,159,643 $275,308,339 $101,726,719 $328,930,253
Authorized common shares 350,000,000 Unlimited 200,000,000 Unlimited

 

(1)Cash pledged to collateralize the net payment obligations for investments in derivatives.

 

See accompanying notes to financial statements.

76


 

 

Statement of Operations

Six Months Ended April 30, 2022 (Unaudited)

  NUV NUW NMI NEV
Investment Income $ 39,185,789 $ 5,002,327 $ 2,032,652 $ 9,754,568
Expenses        
Management fees 4,475,898 821,404 330,610 1,655,302
Interest expense 93,528 14,995 303 618,194
Custodian expenses, net 84,044 42,690 9,588 18,567
Directors/Trustees fees 31,214 4,416 1,624 5,494
Professional fees 52,357 39,027 19,433 37,850
Shareholder reporting expenses 89,697 17,208 11,004 13,968
Shareholder servicing agent fees 118,997 571 3,456 550
Stock exchange listing fees 31,977 3,682 4,969 3,710
Investor relations expenses 48,697 6,857 2,698 8,406
Reorganization expenses 8,523 288,000
Other 20,016 9,234 8,383 7,420
Total expenses 5,046,425 968,607 392,068 2,657,461
Net investment income (loss) 34,139,364 4,033,720 1,640,584 7,097,107
Realized and Unrealized Gain (Loss)        
Net realized gain (loss) from:        
Investments (11,893,739) (303,597) (1,021,161) (297,279)
Futures contracts 1,202,607
Change in net unrealized appreciation (depreciation) of:        
Investments (219,741,651) (34,085,335) (10,496,025) (62,737,187)
Futures contracts 1,014,218
Net realized and unrealized gain (loss) (231,635,390) (32,172,107) (11,517,186) (63,034,466)
Net increase (decrease) in net assets applicable to common shares        
from operations $(197,496,026) $(28,138,387) $ (9,876,602) $(55,937,359)

 

See accompanying notes to financial statements.

77


 

  

Statement of Changes in Net Assets

           
  NUV   NUW
  Six Month     Six Month  
  Ended     Ended  
  4/30/22 Year Ended   4/30/22 Year Ended
  (Unaudited) 10/31/21   (Unaudited) 10/31/21
Operations          
Net investment income (loss) $ 34,139,364 $ 72,777,158   $ 4,033,720 $ 7,759,026
Net realized gain (loss) from:          
Investments (11,893,739) 6,565,768   (303,597) 2,459,384
Futures contracts   1,202,607 726,757
Change in net unrealized appreciation (depreciation) of:          
Investments (219,741,651) 22,668,067   (34,085,335) 5,037,877
Futures contracts   1,014,218 335,646
Net increase (decrease) in net assets applicable to common shares          
from operations (197,496,026) 102,010,993   (28,138,387) 16,318,690
Distributions to Common Shareholders          
Dividends (34,866,987) (74,633,069)   (7,645,474) (8,014,507)
Decrease in net assets applicable to common shares from          
distributions to common shareholders (34,866,987) (74,633,069)   (7,645,474) (8,014,507)
Capital Share Transactions          
Proceeds from shelf offering, net of offering costs and adjustments  
Net proceeds from common shares issued to common shareholders          
due to reinvestment of distributions 347,096 4,693,703  
Issued in the Reorganizations   41,997,759
Net increase (decrease) in net assets applicable to common shares          
from capital share transactions 347,096 4,693,703   41,997,759
Net increase (decrease) in net assets applicable to common shares (232,015,917) 32,071,627   (35,783,861) 50,301,942
Net assets applicable to common shares at the beginning of period 2,203,175,560 2,171,103,933   311,092,200 260,790,258
Net assets applicable to common shares at the end of period $1,971,159,643 $2,203,175,560   $275,308,339 $311,092,200

 

See accompanying notes to financial statements.

78


 

 

 

         
  NMI NEV
  Six Month   Six Month  
  Ended   Ended  
  4/30/22 Year Ended 4/30/22 Year Ended
  (Unaudited) 10/31/21 (Unaudited) 10/31/21
Operations        
Net investment income (loss) $ 1,640,584 $ 3,517,318 $ 7,097,107 $ 17,201,404
Net realized gain (loss) from:        
Investments (1,021,161) 211,181 (297,279) 342,738
Futures contracts
Change in net unrealized appreciation (depreciation) of:        
Investments (10,496,025) 1,485,410 (62,737,187) 24,590,671
Futures contracts
Net increase (decrease) in net assets applicable to common shares        
from operations (9,876,602) 5,213,909 (55,937,359) 42,134,813
Distributions to Common Shareholders        
Dividends (1,617,287) (3,639,056) (8,833,137) (23,993,952)
Decrease in net assets applicable to common shares from        
distributions to common shareholders (1,617,287) (3,639,056) (8,833,137) (23,993,952)
Capital Share Transactions        
Proceeds from shelf offering, net of offering costs and adjustments (9,169) 9,576,034
Net proceeds from common shares issued to common shareholders        
due to reinvestment of distributions 38,776 115,887 147,345
Issued in the Reorganizations
Net increase (decrease) in net assets applicable to common shares        
from capital share transactions 29,607 9,691,921 147,345
Net increase (decrease) in net assets applicable to common shares (11,464,282) 11,266,774 (64,770,496) 18,288,206
Net assets applicable to common shares at the beginning of period 113,191,001 101,924,227 393,700,749 375,412,543
Net assets applicable to common shares at the end of period $101,726,719 $113,191,001 $328,930,253 $393,700,749

 

See accompanying notes to financial statements.

79


 

  

Statement of Cash Flows

Six Months Ended April 30, 2022 (Unaudited)

   
  NEV
Cash Flows from Operating Activities:  
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations $(55,937,359)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from  
operations to net cash provided by (used in) operating activities:  
Purchases of investments (20,737,909)
Proceeds from sales and maturities of investments 24,761,833
Amortization (Accretion) of premiums and discounts, net 1,042,668
(Increase) Decrease in:  
Receivable for interest (23,675)
Receivable for investments sold 5,151,074
Other assets (79,674)
Increase (Decrease) in:  
Payable for interest 536,902
Investments purchased - when-issued/delayed-delivery settlement (1,011,667)
Accrued custody expenses (3,212)
Accrued Directors/Trustees fees 296
Accrued management fees (32,263)
Accrued other expenses (51,590)
Net realized (gain) loss from investments 297,279
Change in net unrealized (appreciation) depreciation of investments 62,737,187
Net cash provided by (used in) operating activities 16,649,890
Cash Flow from Financing Activities:  
Proceeds from floating rate obligations 297,000
(Repayment of) borrowings (5,900,000)
Cash distributions paid to common shareholders (8,969,354)
Net cash provided by (used in) financing activities (14,572,354)
Net Increase (Decrease) in Cash and Cash Collateral at Brokers 2,077,536
Cash and cash collateral at brokers at the beginning of period 87,312
Cash and cash collateral at brokers at the end of period 2,164,848

 

Supplemental Disclosures of Cash Flow Information

NEV
Cash paid for interest (excluding amortization of offering costs) $ 74,093
Non-cash financing activities not included herein consists of reinvestments of common share distributions

 

See accompanying notes to financial statements.

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81


 

 

 

Financial Highlights

Selected data for a common share outstanding throughout each period:

            Less Distributions          
    Investment Operations   to Common Shareholders     Common Share  
                      Premium    
                      from    
              From       Shares    
  Beginning Net Net     From Accumu-       Sold    
  Common Investment Realized/     Net lated Net     Shelf through   Ending
  Share Income Unrealized     Investment Realized     Offering Shelf Ending Share
  NAV (Loss) Gain (Loss) Total   Income Gains Total   Costs Offering NAV Price
NUV                          
Year Ended 10/31:                          
2022(e) $10.62 $0.16 $(1.11) $(0.95)   $(0.17) $ — $(0.17)   $ — $ — $ 9.50 $ 9.19
2021 10.48 0.35 0.15 0.50   (0.36) (0.36)   10.62 11.21
2020 10.57 0.37 (0.09) 0.28   (0.37) (0.37)   10.48 10.81
2019 9.84 0.37 0.73 1.10   (0.37) (0.37)   10.57 10.43
2018 10.30 0.38 (0.45) (0.07)   (0.39) (0.39)   9.84 9.18
2017 10.39 0.40 (0.10) 0.30   (0.39) (0.39)   10.30 10.12

 

NUW

                         
Year Ended 10/31:                          
2022(e) 17.33 0.22 (1.79) (1.57)   (0.23) (0.19) (0.42)   15.34 14.40
2021 16.81 0.45 0.54 0.99   (0.47) (0.47)   —* 17.33 16.76
2020 16.90 0.47 (0.08) 0.39   (0.48) (0.48)   16.81 16.21
2019 15.88 0.60 1.16 1.76   (0.65) (0.10) (0.75)   0.01 16.90 16.83
2018 16.99 0.70 (0.92) (0.22)   (0.72) (0.18) (0.90)   0.01 15.88 14.36
2017 17.22 0.75 (0.26) 0.49   (0.73) (0.73)   (0.01) 0.02 16.99 17.17

 

(a)Total Return Based on Common Shares NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

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      Common Share Supplemental Data/  
        Ratio Applicable to Common Shares  
Common Share        
Total Returns   Ratios to Average Net Assets  
 
 
  Based Ending      
Based on Net   Net Portfolio
on Share Assets   Investment Turnover
NAV(a) Price(a) (000) Expenses(b) Income (Loss) Rate(c)
 
(9.06)% (16.62)% $1,971,160 0.48%** 3.21%** 12%
4.79 7.19 2,203,176 0.48 3.27 11
2.72 7.41 2,171,104 0.51 3.52 11
11.35 17.92 2,186,923 0.54 3.63 13
(0.71) (5.55) 2,035,221 0.54 3.76 20
3.03 5.48 2,130,046 0.52 3.89 17
 
(9.23) (11.80) 275,308 0.65** 2.71** 3
5.89 6.31 311,092 0.68(d) 2.60(d) 10
2.33 (0.77) 260,790 0.78(d) 2.79(d) 13
11.38 22.81 262,190 0.73 3.61 31
(1.31) (11.54) 244,612 0.80 4.26 30
3.02 5.71 256,281 0.81 4.45 16

 

(b)The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:
  Ratios of Interest Expense to     Ratios of Interest Expense to
  Average Net Assets Applicable     Average Net Assets Applicable
NUV to Common Shares   NUW to Common Shares
Year Ended 10/31:   Year Ended 10/31:
2022(e) 0.01%   2022(e) 0.01%
2021 0.01   2021 0.01
2020 0.02   2020 0.01
2019 0.04   2019 0.07
2018 0.03   2018 0.10
2017 0.01   2017 0.06

 

(c)Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(d)During the period ended October 31, 2021 and October 31, 2020, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with a common shares equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect the voluntary expense reimbursement from Adviser. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser were as follows:
     
Ratios to Average Net Assets
    Net
    Investment
NUW Expenses Income (Loss)
Year Ended 10/31:  
2022(e) 0.65%** 2.71%**
2021 0.68 2.60
2020 0.82 2.75

 

(e)For the six months ended April 30, 2022.
*Value rounds to zero.
**Annualized

See accompanying notes to financial statements.

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Financial Highlights (continued)

Selected data for a common share outstanding throughout each period:

            Less Distributions          
    Investment Operations     to Common Shareholders     Common Share  
                      Premium    
                      from    
              From       Shares    
  Beginning Net Net     From Accumu-       Sold    
  Common Investment Realized/     Net lated Net     Shelf through   Ending
  Share Income Unrealized     Investment Realized     Offering Shelf Ending Share
  NAV (Loss) Gain (Loss) Total   Income Gains Total   Costs Offering NAV Price
NMI                          
Year Ended 10/31:                          
2022(d) $11.27 $0.16 $(1.14) $(0.98)   $(0.16) $ —* $(0.16)   $ — $ — $10.13 $ 9.42
2021 11.08 0.37 0.20 0.57   (0.38) (0.38)   11.27 11.65
2020 11.32 0.41 (0.20) 0.21   (0.41) (0.04) (0.45)   —* 11.08 11.31
2019 10.92 0.43 0.47 0.90   (0.43) (0.07) (0.50)   —* 11.32 11.33
2018 11.38 0.43 (0.43)   (0.46) (0.46)   (0.01) 0.01 10.92 10.09
2017 11.61 0.48 (0.22) 0.26   (0.49) (0.49)   (0.01) 0.01 11.38 11.45
NEV                          
Year Ended 10/31:                          
2022(d) 15.77 0.28 (2.52) (2.24)   (0.33) (0.02) (0.35)   13.18 12.00
2021 15.05 0.69 0.99 1.68   (0.73) (0.23) (0.96)   15.77 15.52
2020 15.23 0.71 (0.18) 0.53   (0.71) (0.71)   15.05 14.61
2019 14.24 0.73 0.94 1.67   (0.68) (0.68)   15.23 14.60
2018 15.03 0.75 (0.77) (0.02)   (0.77) (0.77)   14.24 12.70
2017 15.58 0.82 (0.55) 0.27   (0.82) (0.82)   15.03 14.28

 

(a)Total Return Based on Common Shares NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

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        Common Share Supplemental Data/  
        Ratio Applicable to Common Shares  
Common Share          
Total Returns     Ratios to Average Net Assets  
 
  Based   Ending      
Based on   Net   Net Portfolio
on Share   Assets   Investment Turnover
NAV(a) Price(a)   (000) Expenses(b) Income (Loss) Rate(c)
 
(8.78)% (17.90)%   $101,727 0.72%** 3.00%** 19%
5.18 6.51   113,191 0.73 3.23 15
1.86 3.87   101,924 0.74 3.70 15
8.45 17.61   99,822 0.79 3.83 10
(0.05) (8.14)   95,396 0.89 3.87 17
2.34 (2.04)   97,138 0.79 4.23 12
 
(14.42) (20.71)   328,930 1.42** 3.80** 4
11.37 12.86   393,701 1.14 4.36 13
3.55 5.03   375,413 1.41 4.73 19
11.92 20.66   379,961 1.61 4.92 11
(0.17) (5.93)   355,342 1.42 5.14 15
1.93 2.50   375,081 1.14 5.47 8

 

(b)The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:
         
NMI     NEV  
Year Ended 10/31:     Year Ended 10/31:  
2022(d) —%   2022(d) 0.33%
2021   2021 0.22
2020   2020 0.45
2019   2019 0.61
2018   2018 0.40
2017   2017 0.17

 

(c)Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(d)For the six months ended April 30, 2022.
*Value rounds to zero.
**Annualized

See accompanying notes to financial statements.

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Notes to

Financial Statements (Unaudited)

1. General Information

Fund Information

The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):

• Nuveen Municipal Value Fund, Inc. (NUV)

• Nuveen AMT-Free Municipal Value Fund (NUW)

• Nuveen Municipal Income Fund, Inc. (NMI)

• Nuveen Enhanced Municipal Value Fund (NEV)

The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified closed-end management investment companies. NUV and NMI were incorporated under the state laws of Minnesota on April 8, 1987 and February 26, 1988, respectively. NUW and NEV were organized as Massachusetts business trusts on November 19, 2008 and July 27, 2009, respectively.

Current Fiscal Period

The end of the reporting period for the Funds is April 30, 2022, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2022 (the “current fiscal period”).

Investment Adviser and Sub-Adviser

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Fund Reorganization

During December 2021, the Board of Trustees (the “Board”) of NEV and Nuveen Municipal Credit Income Fund (NZF) approved the merger of NEV the “Target Fund”) into NZF (the “Acquiring Fund”) (the “Reorganization”). The Reorganization is intended to create one larger fund with lower operating expenses and increased trading volume on the exchange for common shares. The Reorganization was approved by shareholders of the Target Fund at a special meeting on April 29, 2022, and was completed before the opening of business on June 6, 2022 (subsequent to the close of this reporting period). See Note 10 – Subsequent Events for further details.

Developments Regarding the Funds’ Control Share By-Law

On October 5, 2020, the Funds and certain other closed-end funds in the Nuveen fund complex amended their by-laws. Among other things, the amended by-laws included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”). On January 14, 2021, a shareholder of certain Nuveen closed-end funds filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against certain Nuveen funds and their trustees, seeking a declaration that such funds’ Control Share By-Laws violate the 1940 Act, rescission of such fund’s Control Share By-Laws and a permanent injunction against such funds applying the Control Share By-Laws. On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share By-Laws and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share By-Laws violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board of Trustees amended the Funds’ by-laws to provide that the Funds’ Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Funds’ Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.

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Other Matters

The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation

The Funds pay no compensation directly to those of its directors/trustees or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Directors/Trustees (the “Board”) has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Custodian Fee Credit

As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the “Custodian”) whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of “Custodian expenses, net.” During the current reporting period, the custodian fee credit earned by each Fund was as follows:

         
  NUV NUM NMI NEV
Custodian Fee Credit $866 $377 $234 $1,075

 

Distributions to Common Shareholders

Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications

Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Investments and Investment Income

Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is recorded on an accrual basis and includes the accretion of discounts and the amortization of premiums for financial reporting purposes. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Investment income also reflects dividend income, which is recorded on the ex-dividend date.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

87


 

 

 

Notes to Financial Statements (Unaudited) (continued)

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.

New Accounting Pronouncements and Rule Issuances

Reference Rate Reform

In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.

Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework

In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. 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).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:

Prices of fixed-income securities are generally provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied,

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they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and these securities are generally classified as Level 2.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as Level 1.

Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:

         
NUV Level 1 Level 2 Level 3 Total
Long-Term Investments*:        
Municipal Bonds $ — $1,967,679,074 $ — $1,967,679,074
NUW        
Long-Term Investments*:        
Municipal Bonds $ — $ 273,226,843 $ — $273,226,843
Common Stock 950,008*** 950,008
Investments in Derivatives:        
Futures Contracts**** 1,525,151 1,525,151
Total $1,525,151 $ 274,176,851 $ — $275,702,002
NMI        
Long-Term Investments*:        
Municipal Bonds $ — $98,950,395 $ 76,775** $ 99,027,170
Short-Term Investments*:        
Municipal Bonds 1,000,000 1,000,000
Total $ — $99,950,395 $ 76,775 $100,027,170
NEV        
Long-Term Investments*:        
Municipal Bonds $ — $461,432,136 $ — $461,432,136
Common Stock 16,731,875*** 16,731,875
Total $ — $478,164,011 $ — $478,164,011
*Refer to the Fund’s Portfolio of Investments for state and/or industry classifications.
**Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.
***Refer to the Fund’s Portfolio of Investments for securities classified as Level 2.
****Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

The Funds hold liabilities in floating rate obligations, where applicable, which are not reflected in the tables above. The fair values of the Funds’ liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and further described in Note 4 - Portfolio Securities and Investments in Derivatives.

4. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts

89


 

 

 

Notes to Financial Statements (Unaudited) (continued)

equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.

The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).

An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Receivable for interest” and “Payable for interest” on the Statement of Assets and Liabilities, respectively.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

         
Floating Rate Obligations Outstanding NUV NUW NMI NEV
Floating rate obligations: self-deposited Inverse Floaters $21,480,000 $3,185,000 $ — $159,214,000
Floating rate obligations: externally-deposited Inverse Floaters 725,000 29,775,000
Total $21,480,000 $3,910,000 $ — $188,989,000

 

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:

         
Self-Deposited Inverse Floaters NUV NUW NMI NEV
Average floating rate obligations outstanding $28,352,945 $3,185,000 $ — $159,028,477
Average annual interest rate and fees 0.61% 0.71% —% 0.77%

 

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters

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by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.

As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility for any of the Funds.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

         
Floating Rate Obligations – Recourse Trusts NUV NUW NMI NEV
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters $21,480,000 $3,185,000 $ — $159,214,000
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 725,000 27,265,000
Total $21,480,000 $3,910,000 $ — $186,479,000

 

Zero Coupon Securities

A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Investment Transactions

Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:

  NUV NUW NMI NEV
Purchases $255,114,287 $ 8,290,398 $22,619,980 $20,737,909
Sales and maturities 256,626,523 10,488,652 20,484,749 24,761,833

 

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/ delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

Investments in Derivatives

In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

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Notes to Financial Statements (Unaudited) (continued)

Futures Contracts

Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Cash collateral at brokers for investments in futures contracts” on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

During the current reporting period, NUW managed the duration of its portfolio by shorting interest rate futures contracts.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:

  NUW
Average notional amount of futures contracts outstanding* $27,072,493

 

*The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

The following table presents the fair value of all futures contracts held by the Fund as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

    Location on the Statement of Assets and Liabilities
Underlying Derivative Asset Derivatives (Liability) Derivatives
Risk Exposure Instrument Location Value Location Value
NUW          
Interest rate Futures contracts Receivable for variation margin 1,525,151 $ —
    on futures contracts*      

 

* Value represents the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the asset and/or liability derivative location as described in the table above.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

         
      Net Realized Change in Net Unrealized
  Underlying Risk Derivative Gain (Loss) from Appreciation (Depreciation) of
Fund Exposure Instrument Futures Contracts Futures Contracts
NUW Interest rate Futures contracts $1,202,607 $1,014,218

 

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have

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instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

5. Fund Shares

Common Share Equity Shelf Programs and Offering Costs

The following Funds have each filed registration statements with the SEC authorizing each Fund to issue additional common shares through one or more equity shelf programs (“Shelf Offering”), which became effective with the SEC during a prior fiscal period.

Under these Shelf Offerings, the Funds, subject to market conditions, may raise additional equity capital by issuing additional common shares from time to time in varying amounts and by different offering methods at a net price at or above each Fund’s NAV per common share. In the event each Fund’s Shelf Offering registration statement is no longer current, the Funds may not issue additional common shares until a post-effective amendment to the registration statement has been filed with the SEC.

Additional authorized common shares, common shares sold and offering proceeds, net of offering costs under each Fund’s Shelf Offering during the Funds’ current and prior fiscal period were as follows:

             
  NUW     NMI
  Six Months   Year   Six Months Year
  Ended   Ended   Ended Ended
  4/30/22   10/31/21   4/30/22 10/31/21
Additional authorized common shares   1,500,000*   2,200,000 2,200,000
Common shares sold     834,470
Offering proceeds, net of offering costs $ — $ —   $ — $9,576,034

 

* Represents additional authorized common shares for the period November 1, 2020 through August 31, 2021.

Costs incurred by the Funds in connection with their initial shelf registrations are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining after the effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of “Shelf offering expense” on the Statement of Operations.

Common Share Transactions

Transactions in common shares during the Funds’ current and prior fiscal period, where applicable, were as follows:

     
  NUW
  Six Months Year
  Ended Ended
  4/30/22 10/31/21
Common shares:    
Issued in the Reorganizations 2,435,254

 

  NUV   NUW   NMI
  Six Months Year   Six Months Year   Six Months Year
  Ended Ended   Ended Ended   Ended Ended
  4/30/22 10/31/21   4/30/22 10/31/21   4/30/22 10/31/21
Common shares:                
Issued to shareholders due to reinvestment of distributions 32,361 434,220   3,430 10,201   9,346
Sold through shelf offering   834,470  
Weighted average common share:                
Premium to NAV per shelf offering common share sold —% —%   —% 2.35%   —% —%

 

6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

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Notes to Financial Statements (Unaudited) (continued)

Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation, and in the case of NUW the AMT applicable to individuals.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.

As of the end of the reporting period the aggregate cost and net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:

    Gross Gross Net Unrealize
    Unrealized Unrealized Appreciation
Fund Tax Cost Appreciation (Depreciation) (Depreciation)
NUV $1,914,115,733 $93,785,545 $(61,702,136) $ 32,083,409
NUW 267,648,014 12,575,217 (7,706,601) 4,868,616
NMI 102,549,307 1,703,938 (4,226,075) (2,522,137)
NEV 336,897,135 17,148,892 (34,796,703) (17,647,811)

 

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:

 

  Undistributed Undistributed Undistributed Unrealized     Other  
  Tax-Exempt Ordinary Long-Term Appreciation Capital Loss Late-Year Loss Book-to-Tax  
Fund Income1 Income Capital Gains (Depreciation) Carryforwards Deferrals Differences Total
NUV $8,387,576 $942,228 $ — $252,522,676 $(18,142,890) $— $(5,810,258) $237,899,332
NUW 415,840 538,802 3,075,337 38,925,149 (700,102) 42,255,026
NMI 139,993 4,909 7,975,737 (271,153) 7,849,486
NEV 2,032,245 17,233 506,792 45,065,159 (1,410,207) 46,211,222

 

1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2021 and paid on November 1, 2021.

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

       
Fund Short-Term Long-Term Total
NUV $12,424,745 $5,718,145 $18,142,890
NUW
NMI
NEV

 

7. Management Fees and Other Transactions with Affiliates

Management Fees

Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser and for NUV a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for NUV is calculated according to the following schedule:

 

  NUV
Average Daily Net Assets Fund-Level Fee Rate
For the first $500 million 0.1500%
For the next $500 million 0.1250
For net assets over $1 billion 0.1000

 

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In addition, NUV pays an annual management fee, payable monthly, based on gross interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) as follows:

  NUV
Gross Interest Income Gross Income Fee Rate
For the first $50 million 4.125%
For the next $50 million 4.000
For gross income over $100 million 3.875

 

The annual fund-level fee, payable monthly, for NUW, NMI and NEV is calculated according to the following schedules:

  NUW
Average Daily Managed Assets* Fund-Level Fee Rate
For the first $125 million 0.4000%
For the next $125 million 0.3875
For the next $250 million 0.3750
For the next $500 million 0.3625
For the next $1 billion 0.3500
For the next $3 billion 0.3250
For managed assets over $5 billion 0.3125

 

  NMI
Average Daily Net Assets Fund-Level Fee Rate
For the first $125 million 0.4500%
For the next $125 million 0.4375
For the next $250 million 0.4250
For the next $500 million 0.4125
For the next $1 billion 0.4000
For the next $3 billion 0.3750
For net assets over $5 billion 0.3625

 

  NEV
Average Daily Managed Assets* Fund-Level Fee Rate
For the first $125 million 0.4500%
For the next $125 million 0.4375
For the next $250 million 0.4250
For the next $500 million 0.4125
For the next $1 billion 0.4000
For the next $3 billion 0.3750
For managed assets over $5 billion 0.3625

 

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Notes to Financial Statements (Unaudited) (continued)

The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets (net assets for NUV and NMI):

   
Complex-Level Eligible Asset Breakpoint Level* Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion 0.2000%
$56 billion 0.1996
$57 billion 0.1989
$60 billion 0.1961
$63 billion 0.1931
$66 billion 0.1900
$71 billion 0.1851
$76 billion 0.1806
$80 billion 0.1773
$91 billion 0.1691
$125 billion 0.1599
$200 billion 0.1505
$250 billion 0.1469
$300 billion 0.1445

 

*For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of April 30, 2022, the complex-level fee rate for each Fund was 0.1557%.

Other Transactions with Affiliates

Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser (“Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.

During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures as follows:

 

Cross-Trades NUV NMI
Purchases $10,186,676 $6,173,595
Sales 6,162,390
Realized gain (loss)

 

8. Commitments and Contingencies

In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include recourse arrangements for certain TOB Trusts, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the reporting period, the Funds did not have any unfunded commitments.

From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds’ rights under contracts. As of the end of the reporting period, management has determined that any legal proceeding(s) the Fund is subject to, including those described within this report, are unlikely to have a material impact to any of the Fund’s financial statements.

9. Borrowing Arrangements

Committed Line of Credit

The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.635 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based

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upon a multifactor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2022 unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Prior to June 23, 2021, the drawn interest rate was equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. The Participating Funds also incurred a 0.05% upfront fee on the increase of the $230 million commitment amount during the reporting period. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Interest expense” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the”Adviser and the Board of each Participating Fund.

During the current fiscal period, the following Funds utilized this facility. Each Fund’s maximum outstanding balance during the utilization period was as follows:

         
  NUV NUW NMI NEV
Maximum outstanding balance $7,723,370 $2,587,233 $156,188 $5,900,000

 

During each Fund’s utilization period(s), during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:

  NUV NUW NMI NEV
Utilization period (days outstanding) 3 3 3 30
Average daily balance outstanding $7,723,370 $2,587,233 $156,188 $3,740,000
Average annual interest rate 1.27% 1.27% 1.27% 1.11%

 

Borrowings outstanding as of the end of the reporting period, if any, are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.

Inter-Fund Borrowing and Lending

The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

97


 

 

 

Notes to Financial Statements (Unaudited) (continued)

10. Subsequent Events

Fund Reorganization

As noted in Note 1 – General Information, before the opening of business on June 6, 2022 NEV merged into NZF. The net assets of NEV were $337,312,370 prior to the closing of the Reorganization.

Upon the closing of the Reorganization, NEV transferred its assets to NZF in exchange for common shares of NZF and the assumption by NZF of the liabilities of NEV. NEV was then liquidated, dissolved and terminated in accordance with its Declaration of Trust. Shareholders of NEV became shareholders of NZF. Holders of common shares of NEV received newly issued common shares of NZF, the aggregate NAV of which is equal to the aggregate NAV of the common shares of NEV held immediately prior to the Reorganization (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled).

Committed Line of Credit

During June 2022, the Participating Funds renewed the standby credit facility through June 2023. In conjunction with this renewal the commitment amount increased from $2.635 billion to $2.700 billion. The Participating Funds also incurred a 0.05% upfront fee on the increased commitments from select lenders. All other terms remain unchanged.

98


 

  

Risk Considerations (Unaudited)

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.

Nuveen Municipal Value Fund, Inc. (NUV)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NUV.

Nuveen AMT-Free Municipal Value Fund (NUW)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NUW.

Nuveen Municipal Income Fund, Inc. (NMI)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NMI.

Nuveen Enhanced Municipal Value Fund (NEV)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. The Fund uses only inverse floaters for its leverage, increasing its exposure to interest rate risk and credit risk, including counter-party credit risk. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NEV.

99


 

  

Additional Fund Information (Unaudited)

           
Board of Directors/Trustees        
Jack B. Evans William C. Hunter Amy B. R. Lancellotta Joanne T. Medero Albin F. Moschner John K. Nelson
Judith M. Stockdale Carole E. Stone Matthew Thornton III Terence J. Toth Margaret L. Wolff Robert L. Young

 

Investment Adviser Custodian Legal Counsel Independent Registered Transfer Agent and
Nuveen Fund Advisors, LLC State Street Bank Chapman and Cutler LLP Public Accounting Firm Shareholder Services
333 West Wacker Drive & Trust Company Chicago, IL 60603 KPMG LLP Computershare Trust
Chicago, IL 60606 One Lincoln Street   200 East Randolph Street Company, N.A.
  Boston, MA 02111   Chicago, IL 60601 150 Royall Street
        Canton, MA 02021
        (800) 257-8787

 

Portfolio of Investments Information

Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.

 

Nuveen Funds’ Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

 

CEO Certification Disclosure

Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

 

Common Share Repurchases

Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

 

  NUV NUW NMI NEV
Common shares repurchased

 

FINRA BrokerCheck

The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

 

100


 

 

 

Glossary of Terms Used in this Report (Unaudited)

• Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.

Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.

Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.

Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.

Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.

Pre-Refunded Bond/Pre-Refunding: Pre-Refunded Bond/Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.

101


 

 

 

Glossary of Terms Used in this Report (Unaudited) (continued)

S&P Municipal Bond Index: An index designed to measure the performance of the tax-exempt U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Tax Obligation/General Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the ability to increase taxes by an unlimited amount to pay the bonds back.

Tax Obligation/Limited Bonds: Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesn’t have the ability to increase taxes by an unlimited amount to pay the bonds back.

Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.

Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

102


 

 

 

Notes

103


 

 

 

 

Nuveen:

Serving Investors for Generations

Since 1898, financial professionals and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial professional, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds

Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

 

 

ESA-A-0422D 2216972-B-06/23

 

 
 

  

ITEM 2. CODE OF ETHICS.

 

Not applicable to this filing.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable to this filing.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable to this filing.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable to this filing.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a) See Portfolio of Investments in Item 1.

 

(b) Not applicable.

 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable to this filing.

 

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable to this filing.

 

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

 

ITEM 11. CONTROLS AND PROCEDURES.

 
 

 

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)(17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 13. EXHIBITS.

 

File the exhibits listed below as part of this Form.

 

(a)(1)

Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

 

(a)(2)

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.

 

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the  report by or on behalf of the registrant to 10 or more persons: Not applicable.

 

(a)(4)

Change in the registrant’s independent public accountant. Not applicable.

 

(b)

If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.

 

 
 

  

SIGNATURES

 

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

 

(Registrant) Nuveen Municipal Value Fund, Inc.

 

By (Signature and Title) /s/ Mark L. Winget

Mark L. Winget

Vice President and Secretary

 

Date: July 7, 2022

 

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

 

By (Signature and Title) /s/ David J. Lamb

David J. Lamb

Chief Administrative Officer

(principal executive officer)

 

Date: July 7, 2022

 

By (Signature and Title) /s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

 

Date: July 7, 2022



 

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