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 811-22253

Nuveen AMT-Free Municipal Value Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
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, 2016

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.

 


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Table of Contents

 
Chairman's Letter to Shareholders
4
   
Portfolio Managers' Comments
5
   
Fund Leverage
8
   
Share Information
9
   
Risk Considerations
11
   
Performance Overview and Holding Summaries
12
   
Portfolios of Investments
20
   
Statement of Assets and Liabilities
65
   
Statement of Operations
66
   
Statement of Changes in Net Assets
67
   
Financial Highlights
70
   
Notes to Financial Statements
74
   
Additional Fund Information
86
   
Glossary of Terms Used in this Report
87
   
Reinvest Automatically, Easily and Conveniently
89

Nuveen
 
3


Chairman's Letter to Shareholders
 
 
Dear Shareholders,
The U.S. economy is now seven years into the recovery, but its pace remains stubbornly subpar compared to past recoveries. Economic data continues to be a mixed bag, as it has been throughout this expansion period. While the unemployment rate fell below its pre-recession level, a surprisingly weak jobs growth report in May was a disappointing sign, although not necessarily indicative of a lasting downtrend. Wages have grown slightly but not nearly enough to reinvigorate Americans' buying power. The housing market has improved markedly but its contribution to the recovery has been lackluster. Deflationary pressures, including the dramatic slide in commodity prices, have kept inflation much lower for longer than many expected.
Furthermore, frail economies across the rest of the world have continued to cast a shadow over the U.S. Although the European Central Bank and Bank of Japan have been providing aggressive monetary stimulus, including adopting negative interest rates in both Europe and Japan, their economies continue to lag the U.S.'s recovery. China's policy makers have also continued to manage its slowdown but investors are still worried about where the world's second-largest economy might ultimately land. Additionally, global markets were surprised by the U.K.'s June 23, 2016 referendum vote to leave the European Union, known as "Brexit." Heightened price volatility and negative sentiment are to be expected in the near term as markets readjust and await clarity on the Brexit process and its impact on the U.K., Europe and across the world.
Many of these ambiguities – both domestic and international – have kept the U.S. Federal Reserve (Fed) from raising short-term interest rates any further since December's first and only increase thus far. While markets rallied on the widely held expectation that the Fed would defer any increases until June, the unusually weak May jobs report and the Brexit concerns compelled the Fed to again hold rates steady.
With global economic growth still looking fairly fragile, financial markets have become more volatile over the past year. Although sentiment has improved and conditions have generally recovered from the intense volatility seen in early 2016, we expect that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
William J. Schneider
Chairman of the Board
June 24, 2016

4
 
Nuveen


Portfolio Managers' Comments
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)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Investments, Inc. Portfolio managers Thomas C. Spalding, CFA, Christopher L. Drahn, CFA, and Steven M. Hlavin discuss key investment strategies and the six-month performance of these four national Funds. Tom has managed NUV since its inception in 1987, adding NUW at its inception in 2009. Chris assumed portfolio management responsibility for NMI in 2011. Steve has been involved in the management of NEV since its inception in 2009, taking on full portfolio management responsibility in 2010.
Effective May 31, 2016 (subsequent to the close of this reporting period), Tom Spalding retired from NAM and Daniel J. Close, CFA, has taken over portfolio management responsibilities for NUV and NUW.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2016?
Municipal bonds rallied in the six-month reporting period amid falling interest rates, improved credit fundamentals, robust demand and tight supply. Our trading activity continued to focus on pursuing the Funds' investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve. The Funds' positioning emphasized intermediate and longer maturities, lower-rated credits and sectors offering higher yields. To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. In some cases, we sold bonds that we believed had deteriorating fundamentals or could be traded for a better relative value, as well as selling short-dated, higher quality issues that we tend to hold over short timeframes as a source of liquidity.
We have also continued to be more cautious in selecting individual securities. As investor demand for municipal securities has increased and created a slight supply-demand imbalance, we've started to see underwriters bring new issues to market that are structured with terms more favorable to the issuer and perhaps less advantageous to the investor than in the recent past. We believe this shift in the marketplace merits extra vigilance on our part to ensure that every credit considered for the portfolio offers adequate reward potential for the level of risk to the bondholder. In cases where our convictions have been less certain, we've sought compensation for the additional risk or have passed on the deal all together.
Buying activity covered a range of sectors and remained consistent with our strategy of investing in lower rated, longer maturity credits. We participated in a bond sale for the Chicago Board of Education, which manages the Chicago Public Schools system. The school system issued the bonds in January 2016 to help manage some of its short-term funding needs. NUV, NMI and NEV bought the bonds, which offered high yields and long maturities, and were available at attractive prices due to heightened

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch) 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. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Nuveen
 
5


Portfolio Managers' Comments (continued)
investor concerns about these credits at the time of issue. While the Chicago Board of Education continues to face challenges, the stabilization of some of the concerns helped the bond perform well since we initiated the positions.
Additionally, NUV and NUW bought a newly issued New Jersey State Transportation Trust credit and two hospital bonds, Wisconsin Health for Ascension Health Services and Orange County for Orlando Health. Ascension is the largest and possibly best-run hospital network in the country, with a strong balance sheet and AA credit rating. Orlando Health, which operates six hospitals in the Orlando, Florida area, carries an A rating and appears to be improving its financial position after losing market share a few years ago. NMI also made a purchase in the health care sector, a lower rated UMass Memorial Health Care bond. In NEV, we added credits from a range of sectors, including health care, tollroads, corporate-backed municipal bonds and tobacco.
Selling activity was generally muted during this reporting period, with cash for new purchases generated mainly from maturing and called bonds. NEV sold two Virgin Islands bonds due to our concerns about deteriorating credit conditions. However, demand for Virgin Islands bonds was strong, which helped these bonds command good prices, as investors continued to seek the triple (federal, state and local) tax-exemption feature offered by U.S. territory bonds while avoiding exposure to Puerto Rico. NEV also received cash proceeds from a shelf offering during this reporting period (discussed in the Notes to Financial Statement section of this semi-annual report), which were used to help fund buying activity.
As of April 30, 2016, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the Funds perform during the six-month reporting period ended April 30, 2016?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year, ten-year and since inception periods ended April 30, 2016. Each Fund's total returns at common share net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
For the six months ended April 30, 2016, the total returns at common share NAV for all four of these Funds exceeded the return for the national S&P Municipal Bond Index. NUV and NMI outperformed the average return for the Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average and NUW performed in line with this average, while NEV trailed the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average return.
Duration and yield curve positioning were among the main positive contributors to performance for the four Funds during this reporting period. Consistent with our long term strategy, these Funds tended to have longer durations than the benchmark, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. NUV and NUW, which have with higher weightings in zero coupon bonds, benefited from the strong performance of this segment of the market. "Zeros," which are typically issued with maturities of 25 years and longer remained in favor with investors seeking higher yields.
Credit ratings allocations also boosted performance of NUV, NUW and NMI during this reporting period but had a neutral impact on NEV's performance. The returns of lower quality bonds generally outpaced those of higher quality credits due to investor demand for higher yielding assets and a willingness to increase credit risk because of improving credit fundamentals. The Funds' overweight allocations to the lower quality categories and underweight allocations to AAA and AA rated credits were advantageous to performance.
Sector allocations and individual credit selection provided additional gains for the Funds. The tobacco sector, the best performing sector during this reporting period, contributed positively to the performance of NUV, NUW and NEV. NUV and NUW also benefited from their exposures to the transportation and education sectors, largely driven by holdings in strong-performing zero coupon bonds within those sectors. NMI's overweight allocation in the health care sector added to performance. NEV benefited from its overweight allocations to incremental tax, higher education and hospitals. Underweight positions in tollroads and utilities were somewhat detrimental to NEV's returns, but the gains from our credit selections within the two sectors more than offset the negative influence of the underweight allocations.

6
 
Nuveen


In addition, the use of leverage was an important positive factor affecting the performance of NEV. Leverage is discussed in more detail later in the Fund Leverage section of this report.
An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. Subsequent to the close of the reporting period, Puerto Rico's effort to restructure its public utility debt was struck down by the U.S. Supreme Court. All Puerto Rico debt restructuring efforts are now concentrated in Congress.
In terms of Puerto Rico holdings, shareholders should note that NUV and NEV had limited exposure which was either insured or investment grade to Puerto Rico debt, 0.4% and 0.7%, respectively, while NUW and NMI did not hold any Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. The Funds have received notification by their current municipal bond pricing service that such service has agreed to be acquired by the parent company of another pricing service, and that the transaction is under regulatory review. Thus there is an increased risk that each Fund's pricing service may change, or that the Funds' current pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

Nuveen
 
7


Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to its comparative benchmark was the Fund's use of leverage through investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. This was also a factor, although less significantly, for NUV, NUW and NMI because their use of leverage is more modest. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, 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. Leverage made a positive contribution to the performance of the Funds over this reporting period.
As of April 30, 2016, the Funds' percentages of leverage are as shown in the accompanying table.

   
NUV
   
NUW
   
NMI
   
NEV
 
Effective Leverage*
   
1.41%
 
   
6.52%
 
   
8.76%
 
   
33.38%
 

*
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.

8
 
Nuveen


Share Information
DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of April 30, 2016. 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 shareholders were as shown in the accompanying table.

     
Per Share Amounts
Ex-Dividend Date
   
NUV
   
NUW
   
NMI
   
NEV
 
November 2015
 
$
0.0325
 
$
0.0650
 
$
0.0415
 
$
0.0800
 
December
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
January
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
February
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
March
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
April 2016
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
Total Monthly Per Share Distributions
 
$
0.1950
 
$
0.3900
 
$
0.2490
 
$
0.4800
 
Ordinary Income Distribution*
 
$
0.0019
 
$
0.0152
 
$
0.0098
 
$
0.0051
 
Total Distributions from Net Investment Income
 
$
0.1969
 
$
0.4052
 
$
0.2588
 
$
0.4851
 
Yields
                         
Market Yield**
   
3.71%
 
 
4.42%
 
 
4.04%
 
 
5.95%
 
Taxable-Equivalent Yield**
   
5.15%
 
 
6.14%
 
 
5.61%
 
 
8.26%
 

*
Distribution paid in December 2015.
**
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 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
Each Fund in this report 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. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of April 30, 2016, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
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 was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. 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.

Nuveen
 
9


Share Information (continued)
EQUITY SHELF PROGRAMS
During the current reporting period, the following Funds were authorized by the Securities and Exchange Commission (SEC) to issue additional shares through an equity shelf program (Shelf Offering). Under these programs, each Fund, 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 the Fund's NAV per share. Under the Shelf Offering, each Fund is authorized to issue additional shares as shown in the accompanying table.

   
NUV
   
NUW
   
NEV
 
Additional authorized shares
   
19,600,000
     
1,200,000
     
5,200,000
 
During the current reporting period, each Fund sold common shares through its Shelf Offering at a weighted average premium to its NAV per share as shown in the accompanying table.

   
NUV
   
NUW
   
NEV
 
Shares sold through Shelf Offering
   
377,976
     
843,757
     
1,370,535
 
Weighted average premium to NAV per share sold
   
1.33
%
   
2.41
%
   
1.80
%
Subsequent to the close of this reporting period, NMI filed a registration statement with the SEC to establish a Shelf Offering.
Refer to Notes to Financial Statements, Note 4 – Fund Shares, Equity Shelf Programs and Offering Costs for further details of Shelf Offerings and each Fund's respective transactions.
SHARE REPURCHASES
During August 2015, the Funds' Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of April 30, 2016, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding shares as shown in the accompanying table.

   
NUV
   
NUW
   
NMI
   
NEV
 
Shares cumulatively repurchased and retired
   
     
     
     
 
Shares authorized for repurchase
   
20,565,000
     
1,335,000
     
830,000
     
2,110,000
 
OTHER SHARE INFORMATION
As of April 30, 2016, and during the current reporting period, the Funds' share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.

   
NUV
   
NUW
   
NMI
   
NEV
 
NAV
 
$
10.48
   
$
17.49
   
$
11.71
   
$
15.87
 
Share price
 
$
10.52
   
$
17.66
   
$
12.32
   
$
16.13
 
Premium/(Discount) to NAV
   
0.38
%
   
0.97
%
   
5.21
%
   
1.64
%
6-month average premium/(discount) to NAV
   
(2.60
)%
   
(0.31
)%
   
0.34
%
   
(1.49
)%

10
 
Nuveen


Risk Considerations
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.

Nuveen
 
11


NUV
 
 
Nuveen Municipal Value Fund, Inc.
 
Performance Overview and Holding Summaries as of April 30, 2016
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, 2016

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NUV at NAV
4.71%
 
6.77%
 
7.37%
 
5.22%
 
NUV at Share Price
6.48%
 
10.85%
 
7.87%
 
5.95%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
4.87%
 
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
4.27%
 
6.18%
 
6.90%
 
5.17%
 
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
12
 
Nuveen


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.
Ratings shown 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. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
98.5%
 
Short-Term Municipal Bonds
0.2%
 
Common Stocks
0.2%
 
Corporate Bonds
0.0%
 
Other Assets Less Liabilities
1.4%
 
Net Assets Plus Floating Rate Obligations
100.3%
 
Floating Rate Obligations
(0.3)%
 
Net Assets
100%
 

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
16.1%
 
AA
48.2%
 
A
15.8%
 
BBB
8.5%
 
BB or Lower
10.2%
 
N/R (not rated)
1.0%
 
N/A (not applicable)
0.2%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)
   
Tax Obligation/Limited
21.1%
 
Health Care
17.0%
 
Transportation
16.0%
 
Tax Obligation/General
12.6%
 
U.S. Guaranteed
11.0%
 
Consumer Staples
7.3%
 
Other
15.0%
 
Total
100%
 

States and Territories
   
(% of total municipal bonds)
   
Illinois
13.9%
 
Texas
13.6%
 
California
12.2%
 
Florida
6.7%
 
Colorado
5.5%
 
New York
4.5%
 
Ohio
4.5%
 
Michigan
4.0%
 
New Jersey
4.0%
 
Wisconsin
3.7%
 
Indiana
2.9%
 
Virginia
2.7%
 
Nevada
2.7%
 
Other
19.1%
 
Total
100%
 

Nuveen
 
13


NUW
 
 
Nuveen AMT-Free Municipal Value Fund
 
Performance Overview and Holding Summaries as of April 30, 2016
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, 2016

 
Cumulative
 
Average Annual
 
             
Since
 
 
6-Month
 
1-Year
 
5-Year
 
Inception
 
NUW at NAV
4.27%
 
6.74%
 
7.74%
 
8.18%
 
NUW at Share Price
4.97%
 
5.85%
 
8.64%
 
7.71%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
5.81%
 
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
4.27%
 
6.18%
 
6.90%
 
6.25%
 
Since inception returns are from 2/25/09. 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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
14
 
Nuveen


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.
Ratings shown 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. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
99.9%
 
Other Assets Less Liabilities
3.0%
 
Net Assets Plus Floating Rate Obligations
102.9%
 
Floating Rate Obligations
(2.9)%
 
Net Assets
100%
 

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
28.8%
 
AA
34.4%
 
A
16.7%
 
BBB
11.4%
 
BB or Lower
7.5%
 
N/R (not rated)
1.2%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)
   
U.S. Guaranteed
24.2%
 
Tax Obligation/Limited
17.2%
 
Tax Obligation/General
11.6%
 
Health Care
11.6%
 
Transportation
9.2%
 
Utilities
9.0%
 
Consumer Staples
6.9%
 
Other
10.3%
 
Total
100%
 

States and Territories
   
(% of total municipal bonds)
   
California
12.2%
 
Florida
10.0%
 
Illinois
9.7%
 
Indiana
6.9%
 
Louisiana
6.6%
 
Texas
6.6%
 
Wisconsin
5.9%
 
Ohio
5.5%
 
New Jersey
5.4%
 
Nevada
4.1%
 
Colorado
4.0%
 
New York
3.5%
 
Other
19.6%
 
Total
100%
 

Nuveen
 
15


NMI
 
 
Nuveen Municipal Income Fund, Inc.
 
Performance Overview and Holding Summaries as of April 30, 2016
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, 2016

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NMI at NAV
4.39%
 
6.61%
 
7.84%
 
5.94%
 
NMI at Share Price
13.98%
 
5.79%
 
9.82%
 
7.13%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
4.87%
 
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
4.27%
 
6.18%
 
6.90%
 
5.17%
 
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
16
 
Nuveen


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.
Ratings shown 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. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
102.2%
 
Other Assets Less Liabilities
1.2%
 
Net Assets Plus Floating Rate Obligations
103.4%
 
Floating Rate Obligations
(3.4)%
 
Net Assets
100%
 

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
12.4%
 
AA
28.6%
 
A
24.9%
 
BBB
23.4%
 
BB or Lower
6.6%
 
N/R (not rated)
4.1%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)
   
Health Care
21.6%
 
Tax Obligation/General
12.3%
 
Utilities
11.6%
 
Tax Obligation/Limited
10.8%
 
Education and Civic Organizations
9.9%
 
Transportation
9.8%
 
U.S. Guaranteed
8.6%
 
Other
15.4%
 
Total
100%
 

States and Territories
   
(% of total municipal bonds)
   
California
17.2%
 
Texas
10.2%
 
Illinois
9.9%
 
Missouri
8.5%
 
Colorado
7.9%
 
Wisconsin
5.6%
 
Florida
5.4%
 
Ohio
4.8%
 
New York
3.7%
 
Pennsylvania
3.4%
 
Tennessee
2.4%
 
Georgia
2.3%
 
Other
18.7%
 
Total
100%
 

Nuveen
 
17


NEV
 
 
Nuveen Enhanced Municipal Value Fund
 
Performance Overview and Holding Summaries as of April 30, 2016
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, 2016

 
Cumulative
 
Average Annual
             
Since
 
 
6-Month
 
1-Year
 
5-Year
 
Inception
 
NEV at NAV
4.98%
 
8.07%
 
10.77%
 
8.18%
 
NEV at Share Price
8.15%
 
9.61%
 
12.22%
 
7.83%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
4.79%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
6.28%
 
8.61%
 
10.09%
 
7.79%
 
Since inception returns are from 9/25/09. 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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
18
 
Nuveen


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.
Ratings shown 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. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
106.4%
 
Short-Term Municipal Bonds
0.3%
 
Common Stocks
0.7%
 
Other Assets Less Liabilities
1.6%
 
Net Assets Plus Floating Rate Obligations
109.0%
 
Floating Rate Obligations
(9.0)%
 
Net Assets
100%
 

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
11.2%
 
AA
40.3%
 
A
17.7%
 
BBB
12.9%
 
BB or Lower
10.1%
 
N/R (not rated)
7.3%
 
N/A (not applicable)
0.5%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)
   
Health Care
24.8%
 
Tax Obligation/Limited
19.8%
 
Transportation
10.1%
 
Education and Civic Organizations
9.9%
 
U.S. Guaranteed
6.5%
 
Consumer Staples
5.9%
 
Tax Obligation/General
5.0%
 
Other
18.0%
 
Total
100%
 

States and Territories
   
(% of total municipal bonds)
   
California
16.0%
 
Wisconsin
11.2%
 
Illinois
10.5%
 
Ohio
10.0%
 
Florida
6.1%
 
Pennsylvania
5.9%
 
Georgia
4.6%
 
Arizona
3.4%
 
Colorado
3.4%
 
New York
3.2%
 
Louisiana
3.1%
 
Texas
3.0%
 
Other
19.6%
 
Total
100%
 

Nuveen
 
19


NUV
   
 
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
LONG-TERM INVESTMENTS – 98.7%
             
     
MUNICIPAL BONDS – 98.5%
             
     
Alaska – 0.1%
             
$
2,710
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
7/16 at 100.00
 
B3
 
$
2,577,535
 
     
Arizona – 0.8%
             
 
2,500
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/38
7/18 at 100.00
 
AA–
   
2,703,325
 
 
2,575
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27
12/17 at 102.00
 
B–
   
2,508,205
 
 
5,600
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.  Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
BBB+
   
7,001,848
 
 
4,240
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured
9/20 at 100.00
 
AA
   
4,736,080
 
 
14,915
 
Total Arizona
         
16,949,458
 
     
Arkansas – 0.3%
             
 
1,150
 
Benton Washington Regional Public Water Authority, Arkansas, Water Revenue Bonds, Refunding & Improvement Series 2007, 4.750%, 10/01/33 (Pre-refunded 10/01/17) – SYNCORA GTY Insured
10/17 at 100.00
 
A (4)
   
1,216,045
 
 
5,650
 
Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A, 
4.750%, 11/01/18 – AGM Insured
No Opt. Call
 
AA
   
5,771,419
 
 
6,800
 
Total Arkansas
         
6,987,464
 
     
California – 11.9%
             
 
4,615
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/23 – AGM Insured
No Opt. Call
 
AA
   
3,949,932
 
 
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38
4/23 at 100.00
 
AA–
   
5,866,250
 
 
4,985
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Series 2006, 0.000%, 6/01/33
7/16 at 37.90
 
CCC
   
1,870,920
 
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
             
 
3,275
 
5.450%, 6/01/28
12/18 at 100.00
 
B3
   
3,320,130
 
 
4,200
 
5.600%, 6/01/36
12/18 at 100.00
 
B
   
4,257,834
 
 
3,850
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/33
7/23 at 100.00
 
AA–
   
4,561,519
 
 
2,335
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
7/20 at 100.00
 
Baa2
   
2,589,305
 
 
2,130
 
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)
6/17 at 100.00
 
A3
   
2,215,541
 
 
1,625
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38
11/23 at 100.00
 
A+
   
1,940,689
 
 
4,400
 
California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30 California State, General Obligation Bonds, Various Purpose Series 2007:
2/17 at 100.00
 
AA–
   
4,522,012
 
 
9,730
 
5.000%, 6/01/37 (Pre-refunded 6/01/17)
6/17 at 100.00
 
Aaa
   
10,199,958
 
 
6,270
 
5.000%, 6/01/37 (Pre-refunded 6/01/17)
6/17 at 100.00
 
Aaa
   
6,572,841
 
 
5,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
10/21 at 100.00
 
AA–
   
5,845,500
 
 
275
 
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
10/16 at 100.00
 
BBB+
   
276,152
 

20
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
California (continued)
             
$
3,125
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
8/19 at 100.00
 
N/R (4)
 
$
3,726,469
 
 
3,600
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
7/18 at 100.00
 
AA–
   
3,964,860
 
 
14,145
 
Chabot-Las Positas Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/43 – AMBAC Insured
No Opt. Call
 
Aa2
   
3,618,432
 
 
6,120
 
Chino Valley Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006D, 0.000%, 8/01/30
8/16 at 51.12
 
Aa2
   
3,119,731
 
 
5,000
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/32 (Pre-refunded 8/01/18) – AGM Insured
8/18 at 100.00
 
Aa1 (4)
   
5,484,750
 
 
4,505
 
Covina-Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured
No Opt. Call
 
AA–
   
2,931,584
 
 
16,045
 
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured
8/17 at 42.63
 
AA
   
6,730,717
 
 
2,180
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 6.850%, 1/15/42
1/31 at 100.00
 
BBB–
   
1,815,787
 
 
30,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM)
No Opt. Call
 
Aaa
   
27,709,800
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
23,995
 
4.500%, 6/01/27
6/17 at 100.00
 
B+
   
24,387,317
 
 
14,475
 
5.000%, 6/01/33
6/17 at 100.00
 
B–
   
14,491,212
 
 
1,500
 
5.125%, 6/01/47
6/17 at 100.00
 
B–
   
1,473,825
 
 
4,500
 
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 2008B, 5.125%, 8/01/37 (Pre-refunded 8/01/16) – AGC Insured
8/16 at 102.00
 
AA (4)
   
4,644,090
 
     
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–
   
2,127,175
 
 
2,555
 
0.000%, 8/01/24 – FGIC Insured
No Opt. Call
 
AA–
   
2,095,253
 
 
2,365
 
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Election 1998 Series 2004, 0.000%, 8/01/27 – FGIC Insured
No Opt. Call
 
AA–
   
1,664,392
 
     
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
 
AA
   
2,844,943
 
 
2,315
 
0.000%, 8/01/43 (5)
8/35 at 100.00
 
AA
   
1,817,692
 
 
3,550
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
No Opt. Call
 
A
   
5,094,534
 
     
Napa Valley Community College District, Napa and Sonoma Counties, California, General Obligation Bonds, Election 2002 Series 2007C:
             
 
7,200
 
0.000%, 8/01/29 – NPFG Insured
8/17 at 54.45
 
Aa2
   
3,866,904
 
 
11,575
 
0.000%, 8/01/31 – NPFG Insured
8/17 at 49.07
 
Aa2
   
5,592,346
 
 
2,620
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
No Opt. Call
 
AA–
   
1,449,725
 
 
2,350
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Ba1
   
2,631,601
 
 
10,150
 
Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/33 – AGM Insured
No Opt. Call
 
AA
   
5,745,611
 
 
2,125
 
Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation, Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured
7/17 at 100.00
 
A3
   
2,172,685
 
 
4,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/47
7/17 at 100.00
 
Baa2
   
4,120,880
 
 
15,505
 
Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor, Series 2007C, 5.000%, 8/01/37 – NPFG Insured
8/17 at 100.00
 
AA–
   
16,133,417
 

Nuveen
 
21


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
California (continued)
             
     
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
 
AA
 
$
2,172,862
 
 
2,660
 
0.000%, 8/01/25 – FGIC Insured
No Opt. Call
 
AA
   
2,166,091
 
 
250
 
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41 (Pre-refunded 2/01/21)
2/21 at 100.00
 
BBB+ (4)
   
319,150
 
 
12,095
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured
No Opt. Call
 
AA–
   
9,127,250
 
 
5,000
 
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax)
3/17 at 100.00
 
A2
   
5,205,600
 
 
13,220
 
San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/28 – NPFG Insured
No Opt. Call
 
AAA
   
10,090,033
 
 
5,000
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured
No Opt. Call
 
Aaa
   
4,258,200
 
 
5,815
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding  Series 2015, 0.000%, 8/01/48
No Opt. Call
 
AA
   
1,187,539
 
 
2,000
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27
6/17 at 100.00
 
B+
   
2,004,100
 
 
720
 
University of California, General Revenue Bonds, Series 2009O, 5.250%, 5/15/39
5/19 at 100.00
 
AA
   
810,252
 
     
University of California, General Revenue Bonds, Series 2009O: 
             
 
370
 
5.250%, 5/15/39 (Pre-refunded 5/15/19)
5/19 at 100.00
 
N/R (4)
   
419,784
 
 
210
 
5.250%, 5/15/39 (Pre-refunded 5/15/19)
5/19 at 100.00
 
N/R (4)
   
238,256
 
 
308,665
 
Total California
         
257,443,432
 
     
Colorado – 5.4%
             
 
5,000
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
10/16 at 100.00
 
BBB–
   
5,053,400
 
 
5,200
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
9/16 at 100.00
 
A+
   
5,258,656
 
 
7,105
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
   
8,067,159
 
 
1,700
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
9/18 at 102.00
 
AA
   
1,849,821
 
 
15,925
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
 
AA–
   
17,661,620
 
 
750
 
Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B, 5.000%, 12/01/23 – RAAI Insured
12/16 at 100.00
 
AA
   
766,073
 
 
2,000
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2012A, 5.000%, 3/01/41
3/22 at 100.00
 
Aa2
   
2,302,860
 
     
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B:
             
 
2,750
 
5.000%, 11/15/25
No Opt. Call
 
A+
   
3,353,350
 
 
2,200
 
5.000%, 11/15/29
11/22 at 100.00
 
A+
   
2,637,492
 
 
5,160
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
   
5,915,837
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
             
 
9,660
 
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
   
6,354,251
 
 
24,200
 
0.000%, 9/01/31 – NPFG Insured
No Opt. Call
 
AA–
   
14,747,722
 
 
17,000
 
0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
AA–
   
9,998,720
 
 
7,600
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured
9/26 at 52.09
 
AA–
   
2,675,808
 
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
             
 
7,700
 
0.000%, 9/01/27 – NPFG Insured
9/20 at 67.94
 
AA–
   
4,539,381
 
 
10,075
 
0.000%, 3/01/36 – NPFG Insured
9/20 at 41.72
 
AA–
   
3,570,782
 

22
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Colorado (continued)
             
$
5,000
 
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 (Pre-refunded 12/01/17) – RAAI Insured
12/17 at 100.00
 
AA (4)
 
$
5,366,250
 
 
7,000
 
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 5.700%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured
6/16 at 100.00
 
N/R (4)
   
7,046,550
 
 
5,000
 
Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding Series 2011, 6.000%, 11/01/26
11/21 at 100.00
 
Baa1
   
5,874,700
 
 
3,750
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
7/20 at 100.00
 
BBB+
   
4,347,000
 
 
144,775
 
Total Colorado
         
117,387,432
 
     
Connecticut – 0.8%
             
 
1,500
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2011A, 5.000%, 7/01/41
7/21 at 100.00
 
A
   
1,656,675
 
 
15,000
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42
7/16 at 100.00
 
AAA
   
15,114,000
 
 
8,608
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31 (6)
No Opt. Call
 
N/R
   
542,044
 
 
25,108
 
Total Connecticut
         
17,312,719
 
     
District of Columbia – 0.5%
             
 
10,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
10/16 at 100.00
 
A1
   
10,130,800
 
     
Florida – 6.7%
             
 
3,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
 
AA
   
3,479,490
 
 
4,000
 
Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/16
No Opt. Call
 
AA–
   
4,016,360
 
 
565
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A, 6.000%, 6/15/35
6/25 at 100.00
 
N/R
   
582,973
 
 
2,845
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding Series 2009C, 5.000%, 10/01/34
No Opt. Call
 
AA–
   
3,191,891
 
 
2,290
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40
10/24 at 100.00
 
A+
   
2,648,866
 
 
2,650
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41
10/16 at 100.00
 
A
   
2,687,206
 
 
5,000
 
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Refunding and Improvement Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17)
10/17 at 100.00
 
BBB+ (4)
   
5,307,000
 
 
5,090
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
A
   
5,780,204
 
 
9,500
 
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children's Hospital, Series 2010A, 6.000%, 8/01/46
8/21 at 100.00
 
A+
   
11,150,624
 
 
2,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37
10/24 at 100.00
 
A
   
2,359,280
 
 
6,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B, 5.500%, 10/01/36
10/19 at 100.00
 
A
   
6,853,200
 
 
4,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/29
10/20 at 100.00
 
A
   
4,617,440
 
 
4,000
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
AA
   
4,657,280
 
 
9,590
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured
10/20 at 100.00
 
AA
   
10,940,175
 

Nuveen
 
23


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Florida (continued)
             
$
5,520
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2016B, 4.000%, 10/01/45
10/26 at 100.00
 
A
 
$
5,751,840
 
 
2,900
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured
10/16 at 100.00
 
AA
   
2,951,040
 
 
10,725
 
Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A,  5.000%, 11/01/44
5/24 at 100.00
 
AA+
   
12,356,808
 
 
3,250
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/43
11/22 at 100.00
 
BBB+
   
3,542,305
 
 
9,440
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 – NPFG Insured
7/17 at 100.00
 
AA–
   
9,864,706
 
 
8,175
 
Saint John's County, Florida, Sales Tax Revenue Bonds, Series 2006, 5.000%, 10/01/36 (Pre-refunded 10/01/16) – BHAC Insured
10/16 at 100.00
 
AA+ (4)
   
8,329,753
 
 
2,500
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
10/17 at 100.00
 
BBB–
   
2,601,500
 
 
6,865
 
South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 4.000%, 5/01/34
5/25 at 100.00
 
AA
   
7,390,104
 
     
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007:
             
 
3,035
 
5.000%, 8/15/19
8/17 at 100.00
 
AA–
   
3,203,473
 
 
14,730
 
5.000%, 8/15/42 (UB) (7)
8/17 at 100.00
 
AA–
   
15,285,616
 
 
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
5/22 at 100.00
 
Aa2
   
3,819,750
 
 
130,970
 
Total Florida
         
143,368,884
 
     
Georgia – 0.1%
             
 
2,500
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/34
5/25 at 100.00
 
AA–
   
3,014,625
 
     
Guam – 0.0%
             
 
330
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
10/23 at 100.00
 
BBB
   
388,770
 
     
Hawaii – 0.2%
             
 
3,625
 
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2009A, 5.250%, 4/01/32 
(Pre-refunded 4/01/19)
4/19 at 100.00
 
Aa1 (4)
   
4,090,559
 
     
Illinois – 13.7%
             
 
5,000
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44
12/25 at 100.00
 
B+
   
4,751,750
 
 
17,725
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured
No Opt. Call
 
AA–
   
12,190,545
 
 
7,495
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/31 – FGIC Insured
No Opt. Call
 
AA–
   
3,332,577
 
 
1,500
 
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36
1/22 at 100.00
 
AA+
   
1,598,880
 
     
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A:
             
 
2,585
 
4.750%, 1/01/30 – AGM Insured
7/16 at 100.00
 
AA
   
2,588,257
 
 
5,000
 
4.625%, 1/01/31 – AGM Insured
7/16 at 100.00
 
AA
   
5,005,350
 
 
595
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2006A, 5.000%, 1/01/17 – AGM Insured
7/16 at 100.00
 
AA
   
599,022
 
 
230
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2005A, 5.000%, 1/01/17 – AGM Insured
7/16 at 100.00
 
AA
   
230,856
 
 
285
 
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured
7/16 at 100.00
 
AA–
   
285,624
 
 
7,750
 
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured
7/16 at 100.00
 
AA
   
7,760,385
 
 
3,320
 
Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured
No Opt. Call
 
AA–
   
2,895,936
 

24
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Illinois (continued)
             
$
3,020
 
Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, Series 2004, 5.000%, 12/01/19 – AGM Insured
12/16 at 100.00
 
AA
 
$
3,094,956
 
 
8,875
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
 
AA
   
9,580,208
 
 
3,260
 
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
10/20 at 100.00
 
Caa1
   
3,268,606
 
 
5,000
 
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37
No Opt. Call
 
AAA
   
5,750,250
 
 
13,070
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured
No Opt. Call
 
Aa3
   
12,384,871
 
 
14,960
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured (ETM)
No Opt. Call
 
Aa3 (4)
   
14,545,158
 
 
1,800
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured
No Opt. Call
 
A2
   
1,707,120
 
 
1,875
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
 
AA+
   
2,141,231
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
 
AA+
   
3,337,110
 
 
4,845
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
5/20 at 100.00
 
A
   
5,604,502
 
 
4,800
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
Baa2
   
5,732,352
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B, 5.000%, 5/15/19 – AGM Insured
5/18 at 100.00
 
AA
   
2,156,940
 
 
4,260
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 (Pre-refunded 8/01/17)
8/17 at 100.00
 
N/R (4)
   
4,514,833
 
 
4,475
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 5.500%, 8/15/30
8/18 at 100.00
 
BBB+
   
4,753,300
 
     
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
 
Baa1
   
636,843
 
 
825
 
5.000%, 8/15/44
8/25 at 100.00
 
Baa1
   
925,551
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
2/21 at 100.00
 
AA–
   
2,835,575
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
AA+
   
3,351,810
 
 
5,245
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.984%, 7/01/46 (Pre-refunded 7/01/17) (IF) (7)
7/17 at 100.00
 
AA+ (4)
   
5,780,147
 
 
1,205
 
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 7.000%, 2/15/18 (ETM)
No Opt. Call
 
N/R (4)
   
1,293,640
 
 
3,750
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – AMBAC Insured
6/16 at 100.00
 
A
   
3,772,275
 
 
655
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
8/22 at 100.00
 
A–
   
720,127
 
 
5,590
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
1/23 at 100.00
 
AA–
   
6,366,339
 
 
5,000
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured
7/16 at 100.00
 
CC
   
4,248,300
 
 
16,800
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured
No Opt. Call
 
AA–
   
14,216,663
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B:
             
 
3,070
 
5.500%, 6/15/20 – NPFG Insured
6/17 at 101.00
 
AA–
   
3,257,178
 
 
3,950
 
5.550%, 6/15/21 – NPFG Insured
6/17 at 101.00
 
AA–
   
4,189,331
 

Nuveen
 
25


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Illinois (continued)
             
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B:
             
$
705
 
5.500%, 6/15/20 (Pre-refunded 6/15/17) – NPFG Insured
6/17 at 101.00
 
AA– (4)
 
$
750,522
 
 
1,765
 
5.550%, 6/15/21 (Pre-refunded 6/15/17) – NPFG Insured
6/17 at 101.00
 
AA– (4)
   
1,879,954
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
             
 
9,415
 
0.000%, 6/15/17 – NPFG Insured
No Opt. Call
 
AA–
   
9,239,975
 
 
9,270
 
0.010%, 6/15/18 – FGIC Insured
No Opt. Call
 
BBB+
   
8,878,435
 
 
2,905
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/17 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
   
2,877,867
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B:
             
 
7,250
 
0.000%, 6/15/18 – NPFG Insured
No Opt. Call
 
AA–
   
6,943,760
 
 
3,635
 
0.000%, 6/15/21 – NPFG Insured
No Opt. Call
 
AA–
   
3,132,679
 
 
5,190
 
0.000%, 6/15/28 – NPFG Insured
No Opt. Call
 
AA–
   
3,263,472
 
 
11,670
 
0.000%, 6/15/29 – FGIC Insured
No Opt. Call
 
AA–
   
6,975,626
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
             
 
10,000
 
0.000%, 6/15/24 – NPFG Insured (5)
6/22 at 101.00
 
AA–
   
11,026,400
 
 
4,950
 
0.000%, 12/15/32 – NPFG Insured
No Opt. Call
 
AA–
   
2,486,039
 
 
21,375
 
0.000%, 6/15/34 – NPFG Insured
No Opt. Call
 
AA–
   
9,841,050
 
 
21,000
 
0.000%, 12/15/35 – NPFG Insured
No Opt. Call
 
AA–
   
8,963,430
 
 
21,970
 
0.000%, 6/15/36 – NPFG Insured
No Opt. Call
 
AA–
   
9,068,337
 
 
10,375
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
   
4,189,321
 
 
25,825
 
0.000%, 6/15/39 – NPFG Insured
No Opt. Call
 
AA–
   
9,133,528
 
 
6,095
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured
No Opt. Call
 
AA
   
8,736,207
 
 
1,160
 
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4, Series 2007, 4.700%, 3/01/33 – AGC Insured
3/17 at 100.00
 
AA
   
1,189,302
 
 
5,020
 
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured
No Opt. Call
 
AA
   
4,071,320
 
 
3,100
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 (Pre-refunded 3/01/17) – NPFG Insured
3/17 at 100.00
 
AA– (4)
   
3,213,553
 
 
615
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
10/23 at 100.00
 
A
   
720,632
 
 
1,575
 
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured
No Opt. Call
 
A3
   
1,513,024
 
 
720
 
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM)
No Opt. Call
 
A3 (4)
   
709,330
 
     
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004:
             
 
3,680
 
0.000%, 11/01/16 – FGIC Insured
No Opt. Call
 
AA–
   
3,662,888
 
 
3,330
 
0.000%, 11/01/22 – NPFG Insured
No Opt. Call
 
AA–
   
2,819,977
 
 
371,470
 
Total Illinois
         
296,691,026
 
     
Indiana – 2.9%
             
 
300
 
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/24
4/17 at 100.00
 
BB+
   
301,113
 
 
5,010
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
 
A
   
5,613,655
 
 
2,250
 
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 4.000%, 12/01/40
6/25 at 100.00
 
AA
   
2,381,828
 
 
5,740
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB+
   
6,224,800
 

26
 
Nuveen

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
 
Ratings (3)
   
Value
 
     
Indiana (continued)
             
$
6,400
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.000%, 9/01/46 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB–
 
$
6,934,656
 
 
2,250
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured
5/18 at 100.00
 
Aa3 (4)
   
2,452,523
 
 
970
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
 
A+
   
1,000,138
 
 
1,030
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
3/17 at 100.00
 
N/R (4)
   
1,072,209
 
 
8,235
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 (Pre-refunded 1/01/17) – NPFG Insured
1/17 at 100.00
 
AA– (4)
   
8,477,933
 
     
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
             
 
12,550
 
0.000%, 2/01/21 – AMBAC Insured
No Opt. Call
 
AA
   
11,610,131
 
 
2,400
 
0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
 
AA
   
1,970,712
 
 
14,595
 
0.000%, 2/01/27 – AMBAC Insured
No Opt. Call
 
AA
   
11,159,483
 
 
2,565
 
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.750%, 1/15/32
7/20 at 100.00
 
N/R
   
2,835,967
 
 
64,295
 
Total Indiana
         
62,035,148
 
     
Iowa – 1.3%
             
 
14,500
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22
12/18 at 100.00
 
BB–
   
15,105,375
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
             
 
175
 
5.375%, 6/01/38
7/16 at 100.00
 
B+
   
174,984
 
 
7,000
 
5.625%, 6/01/46
7/16 at 100.00
 
B+
   
6,999,510
 
 
4,965
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
   
4,977,710
 
 
26,640
 
Total Iowa
         
27,257,579
 
     
Kansas – 0.0%
             
 
45
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
No Opt. Call
 
A–
   
34,050
 
     
Kentucky – 0.4%
             
 
720
 
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured
7/16 at 100.00
 
AA–
   
722,153
 
 
1,750
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured
6/18 at 100.00
 
AA
   
1,892,293
 
 
1,170
 
Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 2007A, 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured
9/17 at 100.00
 
AA– (4)
   
1,237,802
 
 
6,000
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39 (5)
7/31 at 100.00
 
Baa3
   
4,867,680
 
 
9,640
 
Total Kentucky
         
8,719,928
 
     
Louisiana – 1.8%
             
 
12,000
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
11/17 at 100.00
 
BBB+
   
13,009,560
 
 
2,310
 
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29
8/20 at 100.00
 
BBB+
   
2,759,064
 
 
5,450
 
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35
11/20 at 100.00
 
BBB+
   
6,569,485
 
 
5,075
 
Louisiana Public Facilities Authority, Revenue Bonds, Nineteenth Judicial District Court Building Project, Series 2007, 5.500%, 6/01/41 (Pre-refunded 6/01/17) – NPFG Insured
6/17 at 100.00
 
AA– (4)
   
5,345,295
 


Nuveen
 
27


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Louisiana (continued)
             
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
             
$
2,640
 
5.250%, 5/15/38
5/17 at 100.00
 
A–
 
$
2,735,753
 
 
1,415
 
5.375%, 5/15/43
5/17 at 100.00
 
A–
   
1,466,492
 
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
             
 
1,005
 
5.250%, 5/15/38 (Pre-refunded 5/15/17)
5/17 at 100.00
 
N/R (4)
   
1,053,803
 
 
525
 
5.375%, 5/15/43 (Pre-refunded 5/15/17)
5/17 at 100.00
 
N/R (4)
   
551,177
 
 
5,000
 
Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology, Series 2006, 5.250%, 3/01/37 (Pre-refunded 9/01/16) – NPFG Insured
9/16 at 100.00
 
AA– (4)
   
5,081,000
 
 
35,420
 
Total Louisiana
         
38,571,629
 
     
Maine – 0.1%
             
 
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41
7/21 at 100.00
 
BBB–
   
1,196,255
 
     
Maryland – 0.7%
             
     
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
             
 
1,300
 
5.250%, 9/01/17 – SYNCORA GTY Insured
9/16 at 100.00
 
Ba1
   
1,317,277
 
 
3,240
 
4.600%, 9/01/30 – SYNCORA GTY Insured
9/16 at 100.00
 
Ba1
   
3,276,158
 
 
1,545
 
5.250%, 9/01/39 – SYNCORA GTY Insured
9/16 at 100.00
 
Ba1
   
1,562,227
 
 
2,500
 
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39
9/16 at 100.00
 
BB
   
2,523,500
 
 
1,050
 
Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, Meritus Medical Center, Series 2015, 5.000%, 7/01/40
7/25 at 100.00
 
BBB
   
1,200,507
 
 
1,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36
1/22 at 100.00
 
Baa2
   
1,755,975
 
 
3,510
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A, 4.000%, 7/01/42
7/26 at 100.00
 
BBB
   
3,633,096
 
 
14,645
 
Total Maryland
         
15,268,740
 
     
Massachusetts – 1.9%
             
 
3,550
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34
7/18 at 100.00
 
Aaa
   
3,877,381
 
 
1,450
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34 (Pre-refunded 7/01/18)
7/18 at 100.00
 
N/R (4)
   
1,590,810
 
 
2,100
 
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41
11/23 at 100.00
 
A
   
2,442,258
 
 
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
7/18 at 100.00
 
A–
   
530,130
 
 
2,300
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
BBB
   
2,570,940
 
 
11,510
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax)
12/18 at 100.00
 
AA–
   
12,126,705
 
 
9,110
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43
5/23 at 100.00
 
AA+
   
10,655,966
 
 
980
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/29 – NPFG Insured
No Opt. Call
 
AA–
   
731,149
 
 
320
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 5.500%, 8/01/30
7/16 at 100.00
 
Aaa
   
321,347
 
 
5,005
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A, 5.000%, 8/01/41 (Pre-refunded 8/01/16)
8/16 at 100.00
 
AA+ (4)
   
5,060,455
 
 
36,825
 
Total Massachusetts
         
39,907,141
 

28
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Michigan – 3.9%
             
     
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013:
             
$
2,065
 
6.000%, 10/01/33
10/23 at 100.00
 
N/R
 
$
2,014,821
 
 
2,520
 
6.000%, 10/01/43
10/23 at 100.00
 
N/R
   
2,393,446
 
 
7,150
 
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21
5/16 at 100.00
 
B–
   
7,081,432
 
 
1,415
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,   Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
A–
   
1,576,239
 
 
3,700
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23
11/20 at 100.00
 
AA
   
4,042,583
 
 
15
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 7/01/35 – NPFG Insured
7/16 at 100.00
 
AA–
   
15,044
 
 
3,000
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured
No Opt. Call
 
AA–
   
3,814,800
 
 
3,395
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
7/18 at 100.00
 
AA+
   
3,657,569
 
 
7,525
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 – FGIC Insured
7/18 at 100.00
 
AA+
   
8,112,251
 
 
5
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2003B, 5.000%, 7/01/34 – NPFG Insured
7/16 at 100.00
 
AA–
   
5,016
 
 
3,060
 
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
No Opt. Call
 
AA
   
3,081,022
 
 
5
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 7/01/34 – NPFG Insured
7/16 at 100.00
 
Baa1
   
5,016
 
 
2,200
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2005B, 4.750%, 7/01/34 – BHAC Insured
No Opt. Call
 
AA+
   
2,322,144
 
     
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D:
             
 
165
 
5.000%, 7/01/32 – AGM Insured
7/16 at 100.00
 
AA
   
166,134
 
 
5,250
 
4.625%, 7/01/32 – AGM Insured
7/16 at 100.00
 
AA
   
5,282,655
 
 
2,000
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
5/20 at 100.00
 
A2
   
2,239,320
 
 
1,950
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44
7/22 at 100.00
 
A–
   
2,133,671
 
 
4,585
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
12/21 at 100.00
 
AA–
   
5,161,472
 
 
15
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21)
12/21 at 100.00
 
N/R (4)
   
18,144
 
 
5,000
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 5.000%, 12/01/35
6/22 at 100.00
 
AA
   
5,738,350
 
 
2,155
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/29
10/20 at 100.00
 
AAA
   
2,488,529
 
 
5,000
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/41
10/21 at 100.00
 
Aa2
   
5,821,500
 
 
10,000
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/30
10/25 at 100.00
 
Aa2
   
12,243,000
 
 
2,890
 
Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42
No Opt. Call
 
A1
   
3,256,712
 
 
1,150
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
9/18 at 100.00
 
Aaa
   
1,349,916
 
 
1,100
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D, 5.000%, 12/01/45
12/25 at 100.00
 
A
   
1,257,476
 
 
77,315
 
Total Michigan
         
85,278,262
 

Nuveen
 
29


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Minnesota – 0.7%
             
$
1,670
 
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
7/16 at 100.00
 
A+
 
$
1,675,929
 
 
6,375
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18)
11/18 at 100.00
 
A+ (4)
   
7,302,308
 
 
6,730
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 (Pre-refunded 11/15/16)
11/16 at 100.00
 
Aaa
   
6,903,499
 
 
14,775
 
Total Minnesota
         
15,881,736
 
     
Missouri – 0.9%
             
 
3,465
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
11/23 at 100.00
 
A2
   
3,911,015
 
 
12,000
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B, 5.000%, 6/01/30
6/20 at 100.00
 
AA–
   
13,379,400
 
 
725
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 4.500%, 12/15/25 – NPFG Insured
12/16 at 100.00
 
AA–
   
742,436
 
 
1,875
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 4.500%, 12/15/25 (Pre-refunded 12/15/16)
12/16 at 100.00
 
AA– (4)
   
1,921,500
 
 
18,065
 
Total Missouri
         
19,954,351
 
     
Nebraska – 0.3%
             
 
1,400
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45
11/25 at 100.00
 
A–
   
1,598,352
 
 
5,000
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 5.500%, 2/01/39 (Pre-refunded 2/01/18)
2/18 at 100.00
 
AA (4)
   
5,419,650
 
 
6,400
 
Total Nebraska
         
7,018,002
 
     
Nevada – 2.6%
             
 
2,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2007A-1, 5.000%, 7/01/26 – AMBAC Insured (Alternative Minimum Tax)
No Opt. Call
 
A+
   
2,081,000
 
 
5,075
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
   
5,894,054
 
     
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
   
6,344,440
 
 
10,000
 
5.000%, 6/01/34
12/24 at 100.00
 
Aa1
   
12,110,600
 
 
9,000
 
5.000%, 6/01/39
12/24 at 100.00
 
Aa1
   
10,706,220
 
 
275
 
Nevada State, General Obligation Bonds, Municipal Bond Bank Projects R9A-R12, Refunding Series 2005F, 5.000%, 12/01/16 – AGM Insured
7/16 at 100.00
 
AA+
   
276,114
 
 
5,040
 
Nevada State, Unemployment Compensation Fund Special Revenue Bonds, Series 2013, 5.000%, 6/01/16
No Opt. Call
 
AAA
   
5,060,916
 
 
10,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
 
AA–
   
9,999,600
 
 
2,500
 
Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Trust 2634, 17.812%, 7/01/31 – BHAC Insured (IF) (7)
7/17 at 100.00
 
AA+
   
2,930,300
 
 
1,500
 
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A, 6.750%, 6/15/28
6/18 at 100.00
 
B1
   
1,594,920
 
 
50,610
 
Total Nevada
         
56,998,164
 
     
New Hampshire – 0.1%
             
 
1,500
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
10/19 at 100.00
 
Baa1
   
1,691,175
 
     
New Jersey – 3.9%
             
 
930
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax)
1/24 at 100.00
 
AA
   
1,041,498
 
 
2,550
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
7/16 at 100.00
 
AA–
   
2,576,367
 
 
5,990
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/25 – AGM Insured
No Opt. Call
 
AA
   
7,362,309
 

30
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
New Jersey (continued)
             
$
4,000
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/25
3/23 at 100.00
 
A–
 
$
4,396,080
 
 
3,300
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
7/18 at 100.00
 
BB+
   
3,536,148
 
 
4,740
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/34
1/17 at 41.49
 
A–
   
1,916,240
 
 
9,420
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/31
No Opt. Call
 
A–
   
4,659,791
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:
             
 
30,000
 
0.000%, 12/15/30 – FGIC Insured
No Opt. Call
 
AA–
   
16,749,000
 
 
27,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
 
AA
   
13,805,370
 
 
6,095
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42
No Opt. Call
 
A–
   
6,423,886
 
 
4,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA, 5.000%, 6/15/29
6/23 at 100.00
 
A–
   
4,869,540
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:
             
 
2,750
 
5.250%, 6/15/32
6/25 at 100.00
 
A–
   
3,055,003
 
 
2,150
 
5.250%, 6/15/34
6/25 at 100.00
 
A–
   
2,369,279
 
 
1,135
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43
5/23 at 100.00
 
Aa3
   
1,312,366
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
             
 
4,335
 
4.625%, 6/01/26
6/17 at 100.00
 
B+
   
4,369,507
 
 
6,215
 
4.750%, 6/01/34
6/17 at 100.00
 
B–
   
5,869,197
 
 
115,110
 
Total New Jersey
         
84,311,581
 
     
New Mexico – 0.1%
             
 
910
 
University of New Mexico, Revenue Bonds, Refunding Series 1992A, 6.000%, 6/01/21
No Opt. Call
 
AA
   
1,013,931
 
     
New York – 4.4%
             
 
10,000
 
Dormitory Authority of the State of New York, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (4)
   
10,123,000
 
 
9,490
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
2/17 at 100.00
 
A
   
9,769,575
 
 
2,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 (Pre-refunded 6/01/16)
6/16 at 100.00
 
A– (4)
   
2,008,040
 
 
5,160
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, 5/01/33 (Pre-refunded 5/01/19) – BHAC Insured
5/19 at 100.00
 
AA+ (4)
   
5,869,139
 
 
12,855
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
 
A–
   
14,364,691
 
 
1,510
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006B, 5.000%, 12/01/31
12/16 at 100.00
 
BB–
   
1,527,456
 
 
9,850
 
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured
9/16 at 100.00
 
AA–
   
9,964,753
 
 
3,525
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40
No Opt. Call
 
AA+
   
3,967,952
 
 
1,680
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27
5/17 at 100.00
 
AAA
   
1,746,679
 
 
3,320
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27 (Pre-refunded 5/01/17)
5/17 at 100.00
 
N/R (4)
   
3,457,415
 
 
10,000
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
 
N/R
   
10,868,400
 

Nuveen`
 
31


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
New York (continued)
             
$
2,700
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51
No Opt. Call
 
A+
 
$
3,225,717
 
 
3,250
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, 5.000%, 8/15/33 (Pre-refunded 8/15/17) – AGM Insured
8/17 at 100.00
 
AA (4)
   
3,433,658
 
 
9,925
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
Baa1
   
11,672,495
 
 
3,000
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50
5/25 at 100.00
 
AA–
   
3,534,570
 
 
88,265
 
Total New York
         
95,533,540
 
     
North Carolina – 0.4%
             
 
3,000
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
1/18 at 100.00
 
AA–
   
3,131,970
 
 
1,500
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37
1/21 at 100.00
 
AA–
   
1,701,750
 
 
2,010
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2010A, 5.000%, 6/01/42
6/20 at 100.00
 
AA
   
2,219,764
 
 
1,255
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health Combined Group, Series 2007, 4.500%, 10/01/31
10/17 at 100.00
 
AA–
   
1,308,312
 
 
745
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health Combined Group, Series 2007, 4.500%, 10/01/31 (Pre-refunded 10/01/17)
10/17 at 100.00
 
N/R (4)
   
785,476
 
 
8,510
 
Total North Carolina
         
9,147,272
 
     
North Dakota – 0.5%
             
 
7,820
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
11/21 at 100.00
 
A+
   
9,603,977
 
     
Ohio – 4.4%
             
 
9,405
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18)
2/18 at 100.00
 
N/R (4)
   
10,163,984
 
 
595
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43
2/18 at 100.00
 
A1
   
635,799
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
6,615
 
5.375%, 6/01/24
6/17 at 100.00
 
B–
   
6,428,920
 
 
6,075
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
   
5,874,100
 
 
12,205
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
   
11,925,750
 
 
17,165
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
   
16,458,660
 
 
4,020
 
6.000%, 6/01/42
6/17 at 100.00
 
B–
   
3,985,709
 
 
11,940
 
5.875%, 6/01/47
6/17 at 100.00
 
B–
   
11,633,381
 
 
16,415
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
6/22 at 100.00
 
B–
   
16,433,549
 
 
1,730
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
11/21 at 100.00
 
AA
   
2,093,456
 
 
4,000
 
Ohio State, General Obligation Bonds, Higher Education, Series 2015C, 2.000%, 11/01/16
No Opt. Call
 
AA+
   
4,031,400
 
 
4,975
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
 
A+
   
5,646,476
 
 
95,140
 
Total Ohio
         
95,311,184
 
     
Oklahoma – 0.3%
             
 
1,400
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
8/21 at 100.00
 
N/R
   
1,693,370
 
 
2,000
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007, 5.125%, 9/01/37
9/17 at 100.00
 
BBB–
   
2,060,620
 

32
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Oklahoma (continued)
             
     
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
 
AA–
 
$
1,973,890
 
 
1,250
 
5.000%, 8/15/29
8/25 at 100.00
 
AA–
   
1,533,725
 
 
6,240
 
Total Oklahoma
         
7,261,605
 
     
Oregon – 0.1%
             
 
2,860
 
Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/32
10/17 at 100.00
 
A
   
3,008,920
 
     
Pennsylvania – 0.6%
             
 
1,250
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5)
No Opt. Call
 
AA–
   
1,075,063
 
 
2,715
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41
12/21 at 100.00
 
AA–
   
3,053,370
 
 
7,500
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2013A, 5.000%, 12/01/43
12/22 at 100.00
 
AA–
   
8,568,750
 
 
11,465
 
Total Pennsylvania
         
12,697,183
 
     
Puerto Rico – 0.4%
             
 
76,485
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
Caa3
   
6,438,507
 
 
21,000
 
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 0.000%, 5/15/50
7/16 at 11.94
 
BB
   
1,895,880
 
 
97,485
 
Total Puerto Rico
         
8,334,387
 
     
Rhode Island – 0.3%
             
 
6,250
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 – NPFG Insured
5/16 at 100.00
 
AA–
   
6,270,125
 
     
South Carolina – 1.8%
             
     
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
             
 
12,560
 
0.000%, 1/01/28 – AMBAC Insured
No Opt. Call
 
AA
   
8,918,479
 
 
9,535
 
0.000%, 1/01/29 – AMBAC Insured
No Opt. Call
 
AA
   
6,468,925
 
 
3,000
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Refunding Series 2011B, 5.000%, 12/01/16
No Opt. Call
 
AA–
   
3,078,450
 
     
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A:
             
 
5,500
 
5.000%, 12/01/50
6/25 at 100.00
 
AA–
   
6,275,280
 
 
8,000
 
5.000%, 12/01/55
6/25 at 100.00
 
AA–
   
9,154,800
 
 
3,455
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
6/24 at 100.00
 
AA–
   
4,063,045
 
 
42,050
 
Total South Carolina
         
37,958,979
 
     
Tennessee – 0.7%
             
 
2,780
 
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Refunding Series 2008, 5.625%, 4/01/38
4/18 at 100.00
 
A+
   
2,997,535
 
 
7,520
 
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Refunding Series 2008, 5.625%, 4/01/38 (Pre-refunded 4/01/18)
4/18 at 100.00
 
N/R (4)
   
8,222,067
 
 
3,000
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
9/16 at 100.00
 
BBB+
   
3,038,670
 
 
13,300
 
Total Tennessee
         
14,258,272
 
     
Texas – 13.4%
             
 
2,000
 
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier Series 2006B, 5.750%, 1/01/34
1/17 at 100.00
 
BB
   
2,037,720
 

Nuveen
 
33


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Texas (continued)
             
$
5,560
 
Beaumont Independent School District, Jefferson County, Texas, General Obligation Bonds, Series 2008, 5.000%, 2/15/38
2/17 at 100.00
 
AAA
 
$
5,738,254
 
 
5,110
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6)
7/16 at 100.00
 
C
   
114,975
 
 
2,100
 
Carrollton-Farmers Branch Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2007, 4.500%, 2/15/17
No Opt. Call
 
AAA
   
2,166,633
 
 
2,420
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43
1/23 at 100.00
 
BBB+
   
2,688,959
 
 
7,500
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 5.000%, 11/01/38 (Alternative Minimum Tax)
No Opt. Call
 
A+
   
8,372,925
 
 
240
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44
9/24 at 100.00
 
BB+
   
257,561
 
 
5,000
 
El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of Obligation, Series 2013, 5.000%, 8/15/39
8/23 at 100.00
 
AA–
   
5,534,850
 
 
1,965
 
Fort Worth Independent School District, Tarrant County, Texas, General Obligation Bonds, Refunding Series 2006, 5.000%, 2/15/18
No Opt. Call
 
AAA
   
1,992,510
 
 
6,005
 
Friendswood Independent School District, Galveston County, Texas, General Obligation Bonds, Schoolhouse Series 2008, 5.000%, 2/15/37 (Pre-refunded 2/15/18)
2/18 at 100.00
 
AAA
   
6,466,304
 
 
27,340
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53
10/23 at 100.00
 
AA+
   
30,914,704
 
 
2,845
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 4.000%, 12/01/45
6/25 at 100.00
 
AA
   
3,018,602
 
 
5,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
 
AA+
   
5,165,700
 
 
7,295
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured
11/31 at 39.79
 
AA
   
1,550,625
 
 
11,900
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/27 – NPFG Insured
No Opt. Call
 
AA–
   
7,927,185
 
 
1,845
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/32
11/24 at 100.00
 
A3
   
2,139,370
 
 
14,905
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/33 – NPFG Insured
11/24 at 59.10
 
AA–
   
6,385,898
 
     
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
 
A2
   
15,716,702
 
 
12,940
 
0.000%, 9/01/30 – AMBAC Insured
No Opt. Call
 
A2
   
7,877,225
 
 
10,000
 
0.000%, 9/01/31 – AMBAC Insured
No Opt. Call
 
A2
   
5,798,300
 
 
5,120
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/15/39
8/25 at 100.00
 
AAA
   
6,123,930
 
 
3,750
 
Lewisville Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 1996, 0.000%, 8/15/16
No Opt. Call
 
Aaa
   
3,744,750
 
 
2,000
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax)
11/22 at 100.00
 
Baa1
   
2,279,160
 
 
1,750
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36
4/21 at 100.00
 
BBB
   
1,972,198
 
 
5,420
 
North Texas Municipal Water District, Water System Revenue Bonds, Refunding & Improvement Series 2012, 5.000%, 9/01/26
3/22 at 100.00
 
AAA
   
6,484,596
 
     
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I:
             
 
30,000
 
6.200%, 1/01/42 – AGC Insured
1/25 at 100.00
 
AA
   
39,381,600
 
 
5,220
 
6.500%, 1/01/43
1/25 at 100.00
 
A1
   
6,744,292
 

34
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Texas (continued)
             
$
3,130
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40
1/18 at 100.00
 
AA+
 
$
3,380,244
 
 
3,190
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 (Pre-refunded 1/01/18)
1/18 at 100.00
 
AA+ (4)
   
3,453,685
 
 
15,450
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/36 – AGC Insured
No Opt. Call
 
AA
   
7,951,806
 
 
9,020
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40
1/23 at 100.00
 
A1
   
10,343,865
 
 
9,100
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/32
1/25 at 100.00
 
A2
   
10,777,858
 
 
2,000
 
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2003A, 5.800%, 7/01/22 (6)
7/16 at 100.00
 
C
   
45,000
 
 
11,585
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Tender Option Bond Trust 2016-XG0013, Formerly Tender Option Bond Trust 1201, 8.953%, 2/15/36 (IF) (7)
2/17 at 100.00
 
AA
   
12,244,882
 
     
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:
             
 
355
 
5.500%, 8/15/45 (Pre-refunded 8/15/20)
8/20 at 100.00
 
N/R (4)
   
421,946
 
 
4,455
 
5.500%, 8/15/45 (Pre-refunded 8/15/20)
8/20 at 100.00
 
AA– (4)
   
5,301,316
 
 
1,620
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42
5/26 at 100.00
 
AA–
   
1,730,565
 
 
3,970
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 – AGC Insured
1/19 at 100.00
 
AA
   
4,466,766
 
 
1,030
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured
1/19 at 100.00
 
AA (4)
   
1,180,318
 
 
6,435
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Refunding Series 2007A, 5.000%, 2/15/20
No Opt. Call
 
AA
   
6,664,022
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
             
 
2,500
 
5.000%, 12/15/26
No Opt. Call
 
A3
   
2,894,375
 
 
10,400
 
5.000%, 12/15/32
No Opt. Call
 
A3
   
11,654,655
 
 
7,180
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
8/22 at 100.00
 
A–
   
8,205,735
 
 
3,000
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37
8/24 at 100.00
 
A–
   
3,487,800
 
 
1,750
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/33
8/24 at 100.00
 
BBB+
   
2,020,533
 
 
5,500
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured
No Opt. Call
 
A–
   
4,319,260
 
 
311,655
 
Total Texas
         
289,140,159
 
     
Virginia – 2.7%
             
 
1,500
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
10/17 at 100.00
 
BBB
   
1,553,895
 
 
10,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (5)
10/28 at 100.00
 
BBB+
   
11,682,499
 
 
14,110
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
4/22 at 100.00
 
BBB+
   
15,420,678
 
 
1,270
 
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 – SYNCORA GTY Insured
No Opt. Call
 
N/R
   
1,287,056
 

Nuveen
 
35


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Virginia (continued)
             
     
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C:
             
$
640
 
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
2/17 at 100.00
 
N/R (4)
 
$
661,312
 
 
845
 
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
2/17 at 100.00
 
N/R (4)
   
873,139
 
 
1,415
 
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
2/17 at 100.00
 
N/R (4)
   
1,462,558
 
 
2,505
 
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
2/17 at 100.00
 
N/R (4)
   
2,588,417
 
 
4,405
 
Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2006, 5.250%, 6/15/31
6/16 at 100.00
 
Baa1
   
4,418,303
 
 
4,355
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
6/17 at 100.00
 
B–
   
3,833,010
 
 
3,350
 
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2011A, 5.000%, 8/01/16
No Opt. Call
 
AA+
   
3,389,262
 
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
             
 
4,180
 
5.250%, 1/01/32 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
   
4,723,734
 
 
1,650
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
   
1,958,303
 
 
3,770
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
   
4,310,995
 
 
53,995
 
Total Virginia
         
58,163,161
 
     
Washington – 2.3%
             
 
3,780
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
 
A
   
4,255,940
 
 
2,400
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.375%, 12/01/33 (Pre-refunded 12/01/20)
12/20 at 100.00
 
N/R (4)
   
2,866,968
 
 
12,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 5.000%, 10/01/33
10/22 at 100.00
 
AA
   
14,021,520
 
 
2,500
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/04/17)
12/17 at 100.00
 
N/R (4)
   
2,692,575
 
 
5,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured
10/16 at 100.00
 
AA
   
5,040,600
 
 
2,185
 
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured
8/17 at 100.00
 
AA–
   
2,285,554
 
     
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:
             
 
9,100
 
0.000%, 6/01/29 – NPFG Insured
No Opt. Call
 
AA+
   
6,696,053
 
 
16,195
 
0.000%, 6/01/30 – NPFG Insured
No Opt. Call
 
AA+
   
11,621,694
 
 
53,160
 
Total Washington
         
49,480,904
 
     
West Virginia – 0.3%
             
 
3,000
 
West Virginia Economic Development Authority, Lease Revenue Bonds, Juvenile & Public Safety Facilities, Refunding Series 2011A, 5.000%, 6/01/16
No Opt. Call
 
Aa2
   
3,012,330
 
 
3,000
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
   
3,512,190
 
 
6,000
 
Total West Virginia
         
6,524,520
 
     
Wisconsin – 3.6%
             
 
4,000
 
Milwaukee, Wisconsin, General Obligation Bonds, Series 2011N-3, 5.000%, 5/15/16
No Opt. Call
 
AA
   
4,008,360
 
 
10,350
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 (WI/DD, Settling 5/11/16)
5/26 at 100.00
 
AA+
   
11,028,649
 
 
7,115
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Senior Credit Group, Series 2010E, 5.000%, 11/15/33
11/19 at 100.00
 
AA+
   
8,070,971
 
 
2,375
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40
2/22 at 100.00
 
A–
   
2,641,166
 
 
4,410
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
6/22 at 100.00
 
A3
   
4,875,431
 

36
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Wisconsin (continued)
             
$
2,500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2009, 6.000%, 12/01/38 (Pre-refunded 12/01/18)
12/18 at 100.00
 
N/R (4)
 
$
2,835,975
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A:
             
 
3,500
 
5.750%, 5/01/35 (Pre-refunded 5/01/21)
5/21 at 100.00
 
N/R (4)
   
4,297,265
 
 
5,000
 
6.000%, 5/01/41 (Pre-refunded 5/01/21)
5/21 at 100.00
 
N/R (4)
   
6,199,750
 
 
6,600
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32
8/22 at 100.00
 
AA
   
7,509,876
 
 
10,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2010A, 5.000%, 6/01/30
6/20 at 100.00
 
AA–
   
11,236,900
 
     
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
             
 
2,550
 
5.750%, 5/01/33
5/19 at 100.00
 
AA–
   
2,912,687
 
 
8,945
 
6.250%, 5/01/37
5/19 at 100.00
 
AA–
   
10,346,592
 
 
2,620
 
Wisconsin State, General Obligation Bonds, Series 2012-1, 5.000%, 5/01/16
No Opt. Call
 
AA
   
2,620,707
 
 
69,965
 
Total Wisconsin
         
78,584,329
 
     
Wyoming – 0.2%
             
 
2,035
 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39
7/19 at 100.00
 
A1
   
2,305,065
 
 
1,850
 
West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40
6/21 at 100.00
 
BBB
   
2,187,662
 
 
3,885
 
Total Wyoming
         
4,492,727
 
$
2,373,158
 
Total Municipal Bonds (cost $1,898,658,368)
         
2,127,251,620
 
 
 
Shares
 
Description (1)
         
Value
 
     
COMMON STOCKS – 0.2%
             
     
Airlines – 0.2%
             
 
97,183
 
American Airlines Group Inc. (8)
       
$
3,371,278
 
     
Total Common Stocks (cost $2,775,109)
         
3,371,278
 

 
Principal
Amount (000)
 
 
Description (1)
 
Coupon
 
 
Maturity
 
 
Ratings (3)
   
 
Value
 
     
CORPORATE BONDS – 0.0%
                 
     
Transportation – 0.0%
                 
$
841
 
Las Vegas Monorail Company, Senior Interest Bonds (9), (10)
5.500%
 
7/15/19
 
N/R
 
$
25,230
 
 
224
 
Las Vegas Monorail Company, Senior Interest Bonds (9), (10)
5.500%
 
7/15/55
 
N/R
   
6,710
 
$
1,065
 
Total Corporate Bonds (cost $95,463)
             
31,940
 
     
Total Long-Term Investments (cost $1,901,528,940)
             
2,130,654,838
 
 
 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
SHORT-TERM INVESTMENTS – 0.2%
             
     
MUNICIPAL BONDS – 0.2%
             
     
California – 0.1%
             
$
2,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bonds Floater 1043, 0.500%, 4/01/39 (11)
4/18 at 100.00
 
Aa3
 
$
2,000,000
 
     
New York – 0.0%
             
 
700
 
New York State Thruway Authority, General Revenue Bonds, Tender Option Bond Floater 3600Z, 0.530%, 1/01/16
No Opt. Call
 
A-1
   
700,000
 

Nuveen
 
37


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Utah – 0.1%
             
$
1,100
 
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Floater 1050, 0.510%, 6/15/36 (11)
6/18 at 100.00
 
Aa2
 
$
1,100,000
 
$
3,800
 
Total Short-Term Investments (cost $3,800,000)
         
3,800,000
 
     
Total Investments (cost $1,905,328,940) – 98.9%
         
2,134,454,838
 
     
Floating Rate Obligations – (0.3)%
         
(6,630,000
     
Other Assets Less Liabilities – 1.4%
         
31,361,972
 
     
Net Assets – 100%
       
$
2,159,186,810
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(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)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(7)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(8)
On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(9)
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. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(10)
During January 2010, Las Vegas Monorail Company ("Las Vegas Monorail") filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
(11)
Investment has a maturity of more than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
144A
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
See accompanying notes to financial statements.
 
38
 
Nuveen


NUW
   
 
Nuveen AMT-Free Municipal Value Fund
 
 
Portfolio of Investments
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
LONG-TERM INVESTMENTS – 99.9%
             
     
MUNICIPAL BONDS – 99.9%
             
     
Alaska – 0.4%
             
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
             
$
605
 
4.625%, 6/01/23
7/16 at 100.00
 
Ba1
 
$
608,388
 
 
350
 
5.000%, 6/01/46
7/16 at 100.00
 
B3
   
329,917
 
 
955
 
Total Alaska
         
938,305
 
     
Arizona – 3.4%
             
 
4,000
 
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40
2/19 at 100.00
 
Baa1
   
4,629,920
 
 
3,045
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
BBB+
   
3,807,255
 
 
7,045
 
Total Arizona
         
8,437,175
 
     
California – 12.2%
             
 
1,730
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured
No Opt. Call
 
AA
   
1,067,583
 
 
2,500
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34
4/19 at 100.00
 
A+
   
2,908,775
 
 
500
 
California State, General Obligation Bonds, Tender Option Bond Trust 3162, 18.840%, 3/01/18 – AGM Insured (IF)
No Opt. Call
 
AA
   
837,260
 
 
4,235
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
6/17 at 100.00
 
B–
   
4,239,743
 
 
450
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.500%, 11/01/39
No Opt. Call
 
A
   
645,786
 
 
10,200
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured (4)
8/29 at 100.00
 
AA
   
11,924,615
 
 
1,030
 
Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/35
No Opt. Call
 
AA–
   
535,600
 
 
12,955
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/35 – AGM Insured
No Opt. Call
 
AA
   
6,222,287
 
 
5,185
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/44
No Opt. Call
 
AA
   
1,344,004
 
 
700
 
Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured
No Opt. Call
 
AA–
   
581,105
 
 
39,485
 
Total California
         
30,306,758
 
     
Colorado – 4.0%
             
 
5,885
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
No Opt. Call
 
AA–
   
3,162,658
 
 
3,605
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 – NPFG Insured
9/20 at 67.94
 
AA–
   
2,125,256
 
 
4,000
 
Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.375%, 12/01/37 (Pre-refunded 12/01/19) – AGC Insured
12/19 at 100.00
 
AA (5)
   
4,753,400
 
 
13,490
 
Total Colorado
         
10,041,314
 
     
Florida – 10.0%
             
 
1,605
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45
11/24 at 100.00
 
A2
   
1,827,822
 

Nuveen
 
39


NUW
Nuveen AMT-Free Municipal Value Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Florida (continued)
             
$
535
 
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured
2/24 at 100.00
 
AA
 
$
615,715
 
 
9,500
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41 (UB) (6)
10/19 at 100.00
 
A
   
10,696,810
 
     
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2009-B1:
             
 
2,500
 
6.000%, 7/01/38 (Pre-refunded 7/01/18)
7/18 at 100.00
 
AA (5)
   
2,794,950
 
 
2,000
 
5.625%, 7/01/38 (Pre-refunded 7/01/18)
7/18 at 100.00
 
AA (5)
   
2,198,240
 
 
2,850
 
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2007A, 5.000%, 4/01/21 – AMBAC Insured
4/17 at 100.00
 
AA–
   
2,959,754
 
 
660
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2016B, 4.000%, 10/01/45
10/26 at 100.00
 
A
   
687,720
 
 
300
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 (4)
5/17 at 100.00
 
N/R
   
240,987
 
 
865
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (4)
5/19 at 100.00
 
N/R
   
519,709
 
 
375
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (4)
5/22 at 100.00
 
N/R
   
167,044
 
 
525
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.450%, 5/01/23 (7)
5/18 at 100.00
 
N/R
   
5
 
 
45
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.450%, 5/01/23 (7)
5/18 at 100.00
 
N/R
   
45,865
 
 
905
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.450%, 5/01/23
5/17 at 100.00
 
N/R
   
909,643
 
 
1,315
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (7)
5/18 at 100.00
 
N/R
   
815,129
 
 
805
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (7)
5/18 at 100.00
 
N/R
   
422,359
 
 
880
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (7)
5/18 at 100.00
 
N/R
   
9
 
 
25,665
 
Total Florida
         
24,901,761
 
     
Georgia – 0.7%
             
 
430
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
1/19 at 100.00
 
A2
   
494,749
 
 
1,000
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
6/20 at 100.00
 
Baa3
   
1,234,960
 
 
1,430
 
Total Georgia
         
1,729,709
 
     
Illinois – 9.7%
             
 
1,260
 
Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Series 2008B, 5.000%, 1/01/20 – AGM Insured
1/17 at 100.00
 
AA
   
1,296,515
 
     
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
             
 
355
 
0.000%, 1/01/33 – FGIC Insured
No Opt. Call
 
AA–
   
149,746
 
 
3,000
 
0.000%, 1/01/37 – FGIC Insured
No Opt. Call
 
AA–
   
996,120
 
 
200
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2005A, 5.000%, 1/01/17 – AGM Insured
7/16 at 100.00
 
AA
   
200,744
 
 
5,035
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 6.000%, 8/15/39
8/19 at 100.00
 
AA+
   
5,834,558
 
 
3,500
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A,  7.125%, 11/15/37 (Pre-refunded 5/15/19)
5/19 at 100.00
 
A (5)
   
4,163,355
 
 
5,000
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/38 (Pre-refunded 11/01/18)
11/18 at 100.00
 
Aaa
   
5,804,500
 

40
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Illinois (continued)
             
$
3,930
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
5/17 at 100.00
 
BBB+
 
$
4,002,430
 
 
615
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
10/23 at 100.00
 
A
   
720,632
 
 
1,045
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – FGIC Insured
No Opt. Call
 
AA–
   
849,836
 
 
23,940
 
Total Illinois
         
24,018,436
 
     
Indiana – 6.9%
             
 
5,000
 
Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series 2009A, 6.750%, 3/01/39 (Pre-refunded 3/01/19)
3/19 at 100.00
 
AA– (5)
   
5,826,950
 
 
3,600
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured
5/18 at 100.00
 
Aa3 (5)
   
3,924,036
 
 
1,770
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
 
A+
   
1,824,994
 
 
1,880
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
3/17 at 100.00
 
N/R (5)
   
1,957,042
 
 
2,000
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B,  6.000%, 1/01/39 (Pre-refunded 1/01/19)
1/19 at 100.00
 
A+ (5)
   
2,272,400
 
 
1,500
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
 
AA
   
1,231,695
 
 
15,750
 
Total Indiana
         
17,037,117
 
     
Iowa – 1.9%
             
 
1,545
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22
12/18 at 100.00
 
BB–
   
1,609,504
 
 
3,075
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
7/16 at 100.00
 
B+
   
3,074,723
 
 
4,620
 
Total Iowa
         
4,684,227
 
     
Kansas – 0.0%
             
 
5
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
No Opt. Call
 
A–
   
3,783
 
     
Louisiana – 6.6%
             
 
5,000
 
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 6.125%, 6/01/25 – AGC Insured
6/18 at 100.00
 
AA
   
5,527,400
 
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
             
 
5,075
 
5.375%, 5/15/43
5/17 at 100.00
 
A–
   
5,259,679
 
 
200
 
5.500%, 5/15/47
5/17 at 100.00
 
A–
   
207,620
 
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
             
 
1,925
 
5.375%, 5/15/43 (Pre-refunded 5/15/17)
5/17 at 100.00
 
N/R (5)
   
2,020,981
 
 
75
 
5.500%, 5/15/47 (Pre-refunded 5/15/17)
5/17 at 100.00
 
N/R (5)
   
78,837
 
 
3,255
 
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37
6/17 at 100.00
 
BBB
   
3,340,118
 
 
15,530
 
Total Louisiana
         
16,434,635
 
     
Maine – 1.8%
             
 
3,335
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Tender Option Bond Trust 2009-5B, 12.509%, 7/01/39 (IF) (6)
7/19 at 100.00
 
Aa2
   
4,479,472
 

Nuveen
 
41


NUW
Nuveen AMT-Free Municipal Value Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Maryland – 0.2%
             
     
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
             
$
180
 
5.250%, 9/01/26 – SYNCORA GTY Insured
9/16 at 100.00
 
Ba1
 
$
182,007
 
 
275
 
5.250%, 9/01/27 – SYNCORA GTY Insured
9/16 at 100.00
 
Ba1
   
278,066
 
 
455
 
Total Maryland
         
460,073
 
     
Massachusetts – 0.6%
             
 
1,000
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2015-XF2181. Formerly Tender Option Bond Trust 2989, 12.809%, 8/01/38 (IF)
8/19 at 100.00
 
AAA
   
1,384,490
 
     
Michigan – 1.8%
             
 
50
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B,  5.000%, 7/01/33 – NPFG Insured
7/16 at 100.00
 
AA–
   
50,344
 
 
3,100
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D, 5.000%, 7/01/32 – AGM Insured
7/16 at 100.00
 
AA
   
3,121,297
 
 
2,085
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/26 – AGM Insured
10/16 at 61.33
 
AA
   
1,271,370
 
 
5,235
 
Total Michigan
         
4,443,011
 
     
Missouri – 1.0%
             
 
2,515
 
Missouri Highways and Transportation Commission, State Road Revenue Bonds, Refunding Senior Lien Series 2010C, 5.000%, 2/01/17
No Opt. Call
 
AAA
   
2,600,208
 
     
Nevada – 4.1%
             
 
1,000
 
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/34
7/19 at 100.00
 
AAA
   
1,128,190
 
 
5,415
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19)
6/19 at 100.00
 
BBB+ (5)
   
6,569,316
 
 
2,000
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/39
12/24 at 100.00
 
Aa1
   
2,379,160
 
 
8,415
 
Total Nevada
         
10,076,666
 
     
New Jersey – 5.4%
             
 
935
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/27 – FGIC Insured
No Opt. Call
 
AA–
   
1,130,836
 
 
1,000
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22
3/21 at 100.00
 
A–
   
1,089,730
 
 
1,250
 
New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K, 5.500%, 12/15/19 – AMBAC Insured
No Opt. Call
 
A–
   
1,381,500
 
     
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B:
             
 
2,135
 
7.125%, 12/01/23 (Pre-refunded 6/01/19)
6/19 at 100.00
 
N/R (5)
   
2,535,953
 
 
3,000
 
7.500%, 12/01/32 (Pre-refunded 6/01/19)
6/19 at 100.00
 
N/R (5)
   
3,597,570
 
 
5,020
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/31
No Opt. Call
 
A–
   
2,483,243
 
 
255
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/41
6/25 at 100.00
 
A–
   
278,348
 
 
1,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29
6/17 at 100.00
 
B
   
1,000,450
 
 
14,595
 
Total New Jersey
         
13,497,630
 
     
New York – 3.5%
             
 
2,845
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
2/17 at 100.00
 
A
   
2,928,814
 
 
1,450
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40
No Opt. Call
 
AA+
   
1,632,207
 

42
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
New York (continued)
             
$
3,000
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37
No Opt. Call
 
A
 
$
3,947,490
 
 
130
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
Baa1
   
152,889
 
 
7,425
 
Total New York
         
8,661,400
 
     
Ohio – 5.5%
             
 
5,000
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured
2/19 at 100.00
 
AA (5)
   
5,676,550
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
2,115
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
   
2,066,609
 
 
5,910
 
6.500%, 6/01/47
6/17 at 100.00
 
B–
   
5,919,870
 
 
13,025
 
Total Ohio
         
13,663,029
 
     
Oklahoma – 0.9%
             
 
2,150
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007, 5.125%, 9/01/37
9/17 at 100.00
 
BBB–
   
2,215,167
 
     
Rhode Island – 1.4%
             
 
3,000
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39
5/19 at 100.00
 
BBB+
   
3,448,050
 
     
South Carolina – 1.5%
             
 
5,435
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/29 – AMBAC Insured
No Opt. Call
 
AA
   
3,687,321
 
     
Texas – 6.4%
             
 
3,550
 
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/31 (Pre-refunded 8/15/16)
8/16 at 46.64
 
Aaa
   
1,653,093
 
 
1,855
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53
10/23 at 100.00
 
BBB+
   
2,100,917
 
 
915
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/45
1/25 at 100.00
 
A1
   
1,050,777
 
 
5,435
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18)
1/18 at 100.00
 
A2 (5)
   
5,884,257
 
 
195
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42
5/26 at 100.00
 
AA–
   
208,309
 
 
1,500
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
No Opt. Call
 
A3
   
1,680,960
 
 
2,000
 
Wichita Falls Independent School District, Wichita County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/01/23 (Pre-refunded 2/01/17)
2/17 at 100.00
 
AAA
   
2,067,060
 
     
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010:
             
 
2,000
 
0.000%, 8/15/33
No Opt. Call
 
AAA
   
940,460
 
 
1,945
 
0.000%, 8/15/38
No Opt. Call
 
AAA
   
680,167
 
 
19,395
 
Total Texas
         
16,266,000
 
     
Virgin Islands – 0.5%
             
 
1,000
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
10/19 at 100.00
 
Baa3
   
1,124,230
 
     
Virginia – 2.0%
             
 
1,400
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40 (4)
7/28 at 100.00
 
BBB
   
1,093,134
 

Nuveen
 
43


NUW
Nuveen AMT-Free Municipal Value Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Virginia (continued)
             
$
1,500
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 3.350%, 5/01/36 (WI/DD, Settling 5/17/16)
5/25 at 100.00
 
AA+
 
$
1,510,395
 
 
2,000
 
Washington County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38
1/19 at 100.00
 
BBB+
   
2,287,280
 
 
4,900
 
Total Virginia
         
4,890,809
 
     
Washington – 0.9%
             
 
3,330
 
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/29 – NPFG Insured
No Opt. Call
 
AA
   
2,273,424
 
     
West Virginia – 0.7%
             
 
1,500
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
 
A
   
1,756,095
 
     
Wisconsin – 5.9%
             
 
1,250
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 (WI/DD, Settling 5/11/16)
5/26 at 100.00
 
AA+
   
1,331,963
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/27
2/22 at 100.00
 
A–
   
1,157,930
 
 
1,605
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/39 (Pre-refunded 2/15/19)
2/19 at 100.00
 
A1 (5)
   
1,862,346
 
 
9,000
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36
5/19 at 100.00
 
AA–
   
10,355,310
 
 
12,855
 
Total Wisconsin
         
14,707,549
 
$
257,480
 
Total Long-Term Investments (cost $207,948,126)
         
248,167,844
 
     
Floating Rate Obligations – (2.9)%
         
(7,125,000
     
Other Assets Less Liabilities – 3.0%
         
7,301,203
 
     
Net Assets – 100%
       
$
248,344,047
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(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)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.
 
44
 
Nuveen


NMI
   
 
Nuveen Municipal Income Fund, Inc.
 
 
Portfolio of Investments
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
LONG-TERM INVESTMENTS – 102.2%
             
     
MUNICIPAL BONDS – 102.2%
             
     
Alabama – 0.5%
             
$
500
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured
7/16 at 100.00
 
AA
 
$
503,000
 
     
Arizona – 1.4%
             
 
600
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/39
12/24 at 100.00
 
A2
   
693,936
 
 
515
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28
No Opt. Call
 
BBB+
   
633,908
 
 
1,115
 
Total Arizona
         
1,327,844
 
     
California – 17.6%
             
 
5,530
 
Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series 1997A, 0.000%, 9/01/22 – NPFG Insured
No Opt. Call
 
AA–
   
4,787,708
 
     
Brea Olinda Unified School District, Orange County, California, General Obligation Bonds, Series 1999A:
             
 
2,000
 
0.000%, 8/01/21 – FGIC Insured
No Opt. Call
 
Aa2
   
1,830,360
 
 
2,070
 
0.000%, 8/01/22 – FGIC Insured
No Opt. Call
 
AA–
   
1,834,517
 
 
2,120
 
0.000%, 8/01/23 – FGIC Insured
No Opt. Call
 
AA–
   
1,822,054
 
 
345
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21
12/18 at 100.00
 
BBB–
   
351,945
 
 
225
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E, 4.800%, 8/01/37 (Alternative Minimum Tax)
2/17 at 100.00
 
A
   
230,108
 
 
375
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.000%, 10/01/29
10/19 at 100.00
 
BBB+
   
427,376
 
 
1,000
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/39 (4)
7/16 at 100.00
 
CCC
   
1,001,310
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
540
 
4.500%, 6/01/27
6/17 at 100.00
 
B+
   
548,829
 
 
1,000
 
5.750%, 6/01/47
6/17 at 100.00
 
B–
   
1,002,920
 
 
250
 
Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36
3/20 at 100.00
 
AA–
   
280,035
 
 
300
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34
No Opt. Call
 
A
   
450,651
 
 
250
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37
6/20 at 100.00
 
A–
   
291,273
 
 
385
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24 (Pre-refunded 2/01/21)
2/21 at 100.00
 
A– (5)
   
474,070
 
 
500
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44
1/25 at 100.00
 
BB+
   
550,585
 
 
1,000
 
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22
12/21 at 100.00
 
A+
   
1,225,870
 
 
17,890
 
Total California
         
17,109,611
 

Nuveen
 
45


NMI
Nuveen Municipal Income Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)
 
   Principal      Optional Call            
  Amount (000)  
Description (1)
 Provisions (2)    Ratings (3)      Value  
     
Colorado – 8.1%
             
     
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A:
             
$
150
 
5.125%, 12/01/29
12/23 at 100.00
 
BBB
 
$
173,118
 
 
250
 
5.375%, 12/01/33
12/23 at 100.00
 
BBB
   
290,668
 
 
1,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
 
AA–
   
1,109,050
 
 
1,000
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/35
6/16 at 100.00
 
BBB+
   
1,002,310
 
 
750
 
Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 5.000%, 11/15/38
11/23 at 100.00
 
AA
   
891,803
 
 
1,000
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32
11/22 at 100.00
 
A+
   
1,186,880
 
 
110
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45
12/25 at 100.00
 
BBB
   
124,488
 
 
1,000
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured
12/20 at 100.00
 
AA (5)
   
1,221,570
 
 
815
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.125%, 11/15/23
No Opt. Call
 
A
   
1,028,488
 
 
270
 
Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.250%, 12/01/34 – RAAI Insured
12/17 at 100.00
 
AA
   
283,460
 
 
500
 
Tallyn's Reach Metropolitan District 3, Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Limited Tax Convertible to Unlimited Tax, Series 2013, 5.000%, 12/01/33
12/23 at 100.00
 
N/R
   
535,720
 
 
6,845
 
Total Colorado
         
7,847,555
 
     
Florida – 5.5%
             
 
850
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33
9/23 at 100.00
 
BBB–
   
896,359
 
 
100
 
Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy Residential Services Inc., Series 1995, 8.000%, 6/01/22
6/16 at 100.00
 
N/R
   
100,049
 
 
500
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31
4/21 at 100.00
 
A–
   
594,685
 
 
1,025
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured
10/20 at 100.00
 
AA
   
1,162,760
 
 
1,000
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
 
Aa3
   
1,154,520
 
 
515
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40
10/20 at 100.00
 
AA
   
585,452
 
 
310
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
4/22 at 100.00
 
A
   
335,445
 
 
505
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37
7/16 at 100.00
 
N/R
   
505,490
 
 
4,805
 
Total Florida
         
5,334,760
 
     
Georgia – 2.3%
             
 
455
 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40
7/25 at 100.00
 
Aa3
   
545,827
 
 
685
 
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Trestletree Village Apartments, Series 2013A, 4.000%, 11/01/25
11/23 at 100.00
 
BBB+
   
723,956
 
 
500
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%,  11/01/34 – AGM Insured
11/19 at 100.00
 
AA
   
562,605
 
 
355
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22
No Opt. Call
 
A
   
409,727
 
 
1,995
 
Total Georgia
         
2,242,115
 

46
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Hawaii – 0.3%
             
$
250
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.625%, 7/01/33
7/23 at 100.00
 
BB+
 
$
283,590
 
     
Illinois – 10.1%
             
 
650
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44
12/25 at 100.00
 
B+
   
617,728
 
 
640
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 4.500%, 11/01/36
11/24 at 100.00
 
A
   
665,690
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Children's Memorial Hospital, Tender Option Bond Trust 2016-XG0008, Formerly Tender Option Bond Trust 1098, 17.937%, 8/15/33 – AGC Insured (IF) (6)
8/18 at 100.00
 
AA
   
1,321,160
 
 
280
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
5/20 at 100.00
 
AA–
   
308,669
 
 
80
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 5.500%, 7/01/28
7/23 at 100.00
 
A–
   
94,400
 
 
450
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.375%, 11/01/29 (Pre-refunded 5/01/19)
5/19 at 100.00
 
Aaa
   
524,237
 
 
200
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44
8/25 at 100.00
 
Baa1
   
224,376
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19)
8/19 at 100.00
 
N/R (5)
   
598,825
 
 
250
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
3/20 at 100.00
 
AA
   
280,055
 
 
990
 
Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31
7/23 at 100.00
 
A–
   
1,079,981
 
 
220
 
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/36 (7)
7/16 at 100.00
 
D
   
67,630
 
 
1,555
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52
6/22 at 100.00
 
BBB+
   
1,649,046
 
 
450
 
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 5.000%, 10/01/27
10/22 at 100.00
 
Baa1
   
509,225
 
 
800
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28
6/21 at 100.00
 
A–
   
956,864
 
 
315
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – AGM Insured
3/25 at 100.00
 
AA
   
362,263
 
 
490
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/32
10/23 at 100.00
 
A
   
583,379
 
 
8,870
 
Total Illinois
         
9,843,528
 
     
Indiana – 2.0%
             
 
525
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39
10/19 at 100.00
 
B–
   
515,482
 
 
655
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB+
   
713,341
 
 
100
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB–
   
113,175
 
 
500
 
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 8.000%, 9/01/41
9/21 at 100.00
 
N/R
   
598,705
 
 
1,780
 
Total Indiana
         
1,940,703
 
     
Iowa – 0.9%
             
 
835
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26
10/21 at 100.00
 
BBB
   
931,083
 

Nuveen
 
47


NMI
Nuveen Municipal Income Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Kansas – 0.4%
             
$
375
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
1/17 at 100.00
 
BB+
 
$
377,760
 
     
Kentucky – 2.3%
             
 
500
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
6/20 at 100.00
 
BBB+
   
578,635
 
 
1,500
 
Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue Bonds, Jewish Hospital & Saint Mary's HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37
(Pre-refunded 2/01/18)
2/18 at 100.00
 
Aaa
   
1,642,215
 
 
2,000
 
Total Kentucky
         
2,220,850
 
     
Louisiana – 0.6%
             
 
500
 
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, City of Shreveport Airport System Project, Series 2008A, 5.750%, 1/01/28 (Pre-refunded 1/01/19) – AGM Insured (Alternative Minimum Tax)
1/19 at 100.00
 
AA (5)
   
560,980
 
     
Maryland – 1.9%
             
 
1,000
 
Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35
6/20 at 100.00
 
Baa3
   
1,096,250
 
 
210
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40
7/20 at 100.00
 
BBB–
   
222,447
 
 
500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Series 2015, 5.000%, 7/01/45
7/24 at 100.00
 
A
   
571,005
 
 
1,710
 
Total Maryland
         
1,889,702
 
     
Massachusetts – 0.6%
             
 
500
 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Healthcare, Refunding Series 2016I, 5.000%, 7/01/46
7/26 at 100.00
 
A–
   
575,485
 
     
Michigan – 1.6%
             
 
355
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
A–
   
395,452
 
 
1,025
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/36
10/21 at 100.00
 
Aa2
   
1,193,408
 
 
1,380
 
Total Michigan
         
1,588,860
 
     
Minnesota – 0.3%
             
 
300
 
City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31
11/22 at 100.00
 
N/R
   
305,847
 
     
Mississippi – 0.3%
             
 
310
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
10/16 at 100.00
 
BBB
   
319,942
 
     
Missouri – 8.7%
             
 
265
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
10/19 at 100.00
 
A–
   
295,979
 
 
4,450
 
Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured (Alternative Minimum Tax) (UB) (6)
12/16 at 100.00
 
AA+
   
4,500,018
 
 
135
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33
5/23 at 100.00
 
BBB+
   
152,065
 
 
1,000
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33
10/22 at 100.00
 
BBB–
   
1,083,830
 
 
200
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34
10/23 at 100.00
 
A
   
232,646
 

48
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Missouri (continued)
             
$
965
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2012, Reg S, 5.000%, 2/15/26
2/22 at 100.00
 
BBB+
 
$
1,086,320
 
 
500
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 1999, 6.000%, 10/01/25
10/18 at 103.00
 
BBB–
   
557,535
 
 
500
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 5.250%, 10/01/20
10/18 at 103.00
 
BBB–
   
554,880
 
 
8,015
 
Total Missouri
         
8,463,273
 
     
Nebraska – 0.5%
             
 
400
 
Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.050%, 9/01/30
5/21 at 100.00
 
Aa3
   
459,872
 
     
New Jersey – 1.6%
             
 
100
 
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax)
No Opt. Call
 
BBB–
   
114,285
 
 
110
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured
7/25 at 100.00
 
AA
   
125,767
 
 
545
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.000%, 6/15/45
6/25 at 100.00
 
A–
   
579,449
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
             
 
250
 
4.625%, 6/01/26
6/17 at 100.00
 
B+
   
251,990
 
 
500
 
4.750%, 6/01/34
6/17 at 100.00
 
B–
   
472,180
 
 
1,505
 
Total New Jersey
         
1,543,671
 
     
New York – 3.8%
             
 
630
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
1/20 at 100.00
 
BBB–
   
725,697
 
 
60
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35
7/25 at 100.00
 
BBB+
   
70,568
 
 
400
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
 
A
   
470,692
 
 
500
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
 
N/R
   
543,420
 
 
265
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
Baa1
   
311,659
 
 
1,525
 
Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41
8/16 at 100.00
 
N/R
   
1,564,833
 
 
3,380
 
Total New York
         
3,686,869
 
     
North Dakota – 0.6%
             
 
200
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21)
7/21 at 100.00
 
N/R (5)
   
238,610
 
 
300
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
11/21 at 100.00
 
A+
   
368,439
 
 
500
 
Total North Dakota
         
607,049
 
     
Ohio – 4.9%
             
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
300
 
5.375%, 6/01/24
6/17 at 100.00
 
B–
   
291,561
 
 
1,020
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
   
986,269
 
 
1,000
 
Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center Project, Series 2006, 5.250%, 8/15/46
8/16 at 100.00
 
A–
   
1,009,020
 

Nuveen
 
49


NMI
Nuveen Municipal Income Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Ohio (continued)
             
$
1,750
 
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/36
8/21 at 100.00
 
A2
 
$
1,935,114
 
 
500
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30
4/20 at 100.00
 
BBB–
   
556,405
 
 
4,570
 
Total Ohio
         
4,778,369
 
     
Oregon – 1.4%
             
 
300
 
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 5.000%, 5/01/40
5/22 at 100.00
 
BBB
   
332,403
 
 
850
 
Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 5.000%, 6/15/29
6/22 at 100.00
 
A1
   
993,786
 
 
1,150
 
Total Oregon
         
1,326,189
 
     
Pennsylvania – 3.5%
             
 
1,000
 
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical Center Project, Series 2012A, 5.000%, 11/01/40
5/22 at 100.00
 
AA–
   
1,115,570
 
 
45
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
1/19 at 100.00
 
BBB+
   
50,557
 
 
415
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19)
1/19 at 100.00
 
N/R (5)
   
472,058
 
 
560
 
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/36
1/25 at 100.00
 
Baa2
   
626,539
 
 
1,000
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41
7/22 at 100.00
 
BBB+
   
1,108,320
 
 
3,020
 
Total Pennsylvania
         
3,373,044
 
     
South Carolina – 0.6%
             
 
475
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 1991, 6.750%, 1/01/19 – FGIC Insured (ETM)
No Opt. Call
 
A3 (5)
   
549,499
 
     
Tennessee – 2.5%
             
 
1,250
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
   
1,416,850
 
 
1,000
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
9/16 at 100.00
 
BBB+
   
1,012,890
 
 
2,250
 
Total Tennessee
         
2,429,740
 
     
Texas – 10.4%
             
 
670
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/40
7/25 at 100.00
 
BBB+
   
772,657
 
 
335
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43
10/23 at 100.00
 
BBB+
   
372,781
 
 
500
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40
5/25 at 100.00
 
A+
   
576,125
 
     
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Tender Option Bond Trust 1015:
             
 
150
 
19.374%, 1/01/38 (Pre-refunded 1/01/18) (IF) (6)
1/18 at 100.00
 
A2 (5)
   
221,780
 
 
850
 
19.263%, 1/01/38 (Pre-refunded 1/01/18) (IF) (6)
1/18 at 100.00
 
A2 (5)
   
1,234,301
 
 
200
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, 0.000%, 9/01/43 (8)
9/31 at 100.00
 
AA+
   
204,790
 

50
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Texas (continued)
             
$
410
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40
1/23 at 100.00
 
A1
 
$
470,176
 
 
500
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/38
1/25 at 100.00
 
A2
   
577,495
 
 
240
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.000%, 2/01/34
2/24 at 100.00
 
Baa2
   
262,973
 
 
295
 
SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27
No Opt. Call
 
A
   
371,756
 
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
             
 
1,165
 
5.000%, 12/15/27
No Opt. Call
 
A3
   
1,341,077
 
 
505
 
5.000%, 12/15/28
No Opt. Call
 
A3
   
578,669
 
 
405
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39
12/19 at 100.00
 
Baa2
   
478,050
 
 
770
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40
6/20 at 100.00
 
Baa3
   
924,447
 
 
500
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured
8/17 at 100.00
 
BBB (5)
   
528,055
 
 
1,000
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/32
8/24 at 100.00
 
BBB+
   
1,158,580
 
 
45
 
West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998, 0.000%, 8/15/25
7/16 at 60.81
 
AAA
   
27,167
 
 
8,540
 
Total Texas
         
10,100,879
 
     
Virgin Islands – 0.5%
             
 
420
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
10/19 at 100.00
 
Baa3
   
472,177
 
     
Virginia – 0.3%
             
 
250
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
   
296,713
 
     
Washington – 0.5%
             
 
500
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/04/17)
12/17 at 100.00
 
N/R (5)
   
538,515
 
     
Wisconsin – 5.7%
             
 
290
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30
4/20 at 100.00
 
A–
   
310,471
 
 
955
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
10/21 at 100.00
 
A+
   
1,088,280
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University, Series 2012, 4.000%, 10/01/32
10/22 at 100.00
 
A2
   
1,078,610
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.500%, 5/01/31 (Pre-refunded 5/01/21)
5/21 at 100.00
 
N/R (5)
   
1,215,640
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39
8/24 at 100.00
 
A+
   
1,140,730
 

Nuveen
 
51


NMI
Nuveen Municipal Income Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Wisconsin (continued)
             
$
500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44
7/24 at 100.00
 
BBB+
 
$
556,075
 
 
200
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 5.125%, 10/01/34
10/22 at 102.00
 
N/R
   
207,786
 
 
4,945
 
Total Wisconsin
         
5,597,592
 
$
91,880
 
Total Long-Term Investments (cost $87,761,426)
         
99,426,666
 
     
Floating Rate Obligations – (3.4)%
         
(3,335,000
     
Other Assets Less Liabilities – 1.2%
         
1,174,095
 
     
Net Assets – 100%
       
$
97,265,761
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(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)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)
On May 7, 2015, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.250% to 2.100%.
(8)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
Reg S
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.
See accompanying notes to financial statements.
 
52
 
Nuveen


NEV
 
 
 
Nuveen Enhanced Municipal Value Fund
 
 
Portfolio of Investments
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
LONG-TERM INVESTMENTS – 107.1%
             
     
MUNICIPAL BONDS – 106.4%
             
     
Alabama – 1.0%
             
$
2,000
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured
7/16 at 100.00
 
AA
 
$
2,012,000
 
 
1,350
 
Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%, 10/01/48 10/01/48 – AGM Insured
10/23 at 102.00
 
AA
   
1,520,289
 
 
3,350
 
Total Alabama
         
3,532,289
 
     
Arizona – 3.6%
             
 
1,585
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 2015-XF2046, 16.958%, 7/01/36 (IF) (4)
1/22 at 100.00
 
AA–
   
2,338,065
 
 
2,000
 
Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
 
AA
   
2,236,460
 
 
2,500
 
Festival Ranch Community Facilities District, Town of Buckeye, Arizona, District General Obligation Bonds, Series 2009, 6.500%, 7/15/31 – BAM Insured
7/19 at 100.00
 
AA
   
2,818,150
 
 
1,030
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47
7/21 at 100.00
 
BB
   
1,154,609
 
 
320
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27
12/17 at 102.00
 
B–
   
311,699
 
 
2,000
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, Series 2012A, 9.750%, 5/01/25
5/22 at 100.00
 
B+
   
2,252,380
 
 
50
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32
No Opt. Call
 
BBB+
   
61,368
 
 
1,775
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30
7/16 at 100.00
 
N/R
   
1,779,651
 
 
11,260
 
Total Arizona
         
12,952,382
 
     
California – 17.1%
             
 
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1, 5.000%, 4/01/34 (Pre-refunded 4/01/19)
4/19 at 100.00
 
AA (5)
   
5,604,550
 
 
920
 
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 2015-XF2188. Formerly Tender Option Bond Trust 3144, 17.602%, 11/15/16 (IF)
No Opt. Call
 
Aa1
   
1,306,345
 
 
2,040
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015-XF0120, 23.062%, 10/01/33 (IF) (4)
10/19 at 100.00
 
AA
   
3,453,149
 
     
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3248:
             
 
1,700
 
22.945%, 2/15/23 (IF) (4)
8/20 at 100.00
 
AA–
   
3,363,280
 
 
300
 
22.945%, 2/15/23 (IF) (4)
8/20 at 100.00
 
AA–
   
586,365
 
 
1,000
 
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)
11/19 at 100.00
 
A3 (5)
   
1,239,430
 
 
3,450
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56 (WI/DD, Settling 5/11/16)
6/26 at 100.00
 
BB+
   
3,765,260
 
 
500
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 5.750%, 10/01/25
10/19 at 100.00
 
BBB+
   
566,725
 
 
400
 
Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36
12/21 at 100.00
 
A+
   
508,040
 

Nuveen
 
53


NEV
Nuveen Enhanced Municipal Value Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
California (continued)
             
$
275
 
Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of Participation, Series 2006A, 5.000%, 7/01/32 (Pre-refunded 7/01/16) – NPFG Insured
7/16 at 100.00
 
AA+ (5)
 
$
277,181
 
 
490
 
Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Faculties District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32
9/19 at 100.00
 
N/R
   
545,762
 
 
2,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47
6/17 at 100.00
 
B–
   
2,005,840
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038:
             
 
1,250
 
16.036%, 6/01/40 (IF) (4)
6/25 at 100.00
 
A+
   
2,148,838
 
 
2,445
 
16.024%, 6/01/40 (IF) (4)
6/25 at 100.00
 
A+
   
4,201,610
 
 
2,550
 
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 3253, 31.352%, 1/15/19 (IF) (4)
No Opt. Call
 
Aaa
   
6,437,399
 
 
1,000
 
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 4.625%, 6/01/21
6/17 at 100.00
 
CC
   
1,005,220
 
 
1,710
 
Los Angeles Community College District, California, General Obligation Bonds, Tender Option Bond Trust 3237, 23.318%, 8/01/27 (Pre-refunded 8/01/18) (IF)
8/18 at 100.00
 
AA+ (5)
   
2,631,023
 
 
1,600
 
Los Angeles County, California, Community Development Commission Headquarters Office Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender Option Bond Trust Series 2011-23B, 21.297%, 9/01/42 (IF) (4)
9/21 at 100.00
 
Aa3
   
2,976,480
 
 
525
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010A, 5.000%, 5/15/31
5/20 at 100.00
 
AA
   
604,858
 
 
1,080
 
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32
8/21 at 100.00
 
A
   
1,356,372
 
 
1,165
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
   
1,418,551
 
 
945
 
Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25
7/16 at 102.00
 
CCC+
   
928,935
 
 
265
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Ba1
   
296,755
 
 
250
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37
6/20 at 100.00
 
A–
   
291,273
 
     
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C:
             
 
500
 
6.500%, 8/01/27 (Pre-refunded 2/01/21)
2/21 at 100.00
 
A– (5)
   
627,255
 
 
700
 
6.750%, 8/01/33 (Pre-refunded 2/01/21)
2/21 at 100.00
 
A– (5)
   
886,263
 
 
500
 
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27 (Pre-refunded 2/01/21)
2/21 at 100.00
 
BBB+ (5)
   
629,620
 
 
360
 
Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31
2/21 at 100.00
 
A
   
444,290
 
 
1,000
 
Semi trophic Improvement District of Semi trophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38
12/19 at 100.00
 
A+
   
1,128,280
 
 
2,400
 
Semi trophic Improvement District of Semi trophic Water Storage District, Kern County, California, Revenue Bonds, Tender Option Bond Trust 2015-XF0117, 19.710%, 6/01/17 (IF) (4)
No Opt. Call
 
A+
   
3,938,712
 
 
3,110
 
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2005 Series 2007, 5.000%, 8/01/31 (Pre-refunded 8/01/17) – AGM Insured
8/17 at 100.00
 
AA (5)
   
3,282,417
 
 
1,045
 
Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, Series 2011A, 6.500%, 12/01/28
6/21 at 100.00
 
A+
   
1,282,225
 
 
1,020
 
Western Placer Unified School District, Placer County, California, Certificates of Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured
8/19 at 100.00
 
AA
   
1,141,156
 
 
43,495
 
Total California
         
60,879,459
 

54
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Colorado – 3.6%
             
$
1,902
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of Evergreen, Series 2005A, 6.500%, 12/01/35
7/16 at 100.00
 
N/R
 
$
1,904,682
 
     
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007:
             
 
250
 
6.200%, 4/01/16 (Alternative Minimum Tax) (6)
No Opt. Call
 
N/R
   
224,988
 
 
26
 
5.000%, 9/01/16 (Alternative Minimum Tax) (6), (7)
No Opt. Call
 
N/R
   
24,003
 
 
2,000
 
Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Series 2007, 5.125%, 12/01/37 – RAAI Insured
12/17 at 100.00
 
AA
   
2,024,520
 
 
4,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured
9/26 at 52.09
 
AA–
   
1,408,320
 
     
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008:
             
 
475
 
6.250%, 11/15/28
No Opt. Call
 
A
   
615,135
 
 
4,030
 
6.500%, 11/15/38
No Opt. Call
 
A
   
5,760,803
 
 
815
 
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39
12/20 at 100.00
 
N/R
   
877,299
 
 
13,498
 
Total Colorado
         
12,839,750
 
     
Connecticut – 0.3%
             
 
936
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22
4/20 at 100.00
 
N/R
   
1,052,944
 
     
Delaware – 0.0%
             
 
140
 
Wilmington, Delaware, Replacement Housing Factor Fund Securitization Revenue Bonds, Wilmington Housing Authority-Lincoln Towers Project, Series 2011, 5.750%, 7/15/16
6/16 at 100.00
 
N/R
   
140,101
 
     
District of Columbia – 0.5%
             
 
1,500
 
District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., Series 2011, 6.375%, 3/01/31
3/21 at 100.00
 
BBB–
   
1,693,905
 
     
Florida – 6.5%
             
 
1,745
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38
5/16 at 100.00
 
N/R
   
1,730,220
 
 
1,000
 
Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2016, 4.500%, 5/01/34
5/27 at 100.00
 
N/R
   
1,002,580
 
 
2,000
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, Refunding Series 2013A, 5.625%, 6/01/33
6/23 at 100.00
 
BBB–
   
2,193,480
 
 
975
 
Copperstone Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Series 2007, 5.200%, 5/01/38
5/17 at 100.00
 
N/R
   
981,484
 
 
1,000
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33
6/21 at 100.00
 
BB–
   
1,181,300
 
 
600
 
Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Shell Point/Alliance Obligated Group, Shell Point Village/Alliance Community Project, Series 2006, 5.000%, 11/15/32
11/16 at 100.00
 
BBB
   
610,926
 
 
1,000
 
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children's Hospital, Series 2010A, 6.000%, 8/01/30
8/20 at 100.00
 
A+
   
1,164,370
 
 
1,625
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/35
10/20 at 100.00
 
A
   
1,872,910
 
 
3,660
 
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition Series 2009A, 5.125%, 4/01/34 – AGC Insured
4/19 at 100.00
 
AA
   
3,996,426
 
 
1,500
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40
10/20 at 100.00
 
AA
   
1,705,200
 

Nuveen
 
55


NEV
Nuveen Enhanced Municipal Value Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Florida (continued)
             
     
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+
 
$
1,099,100
 
 
2,000
 
5.000%, 11/01/43
11/22 at 100.00
 
BBB+
   
2,179,880
 
 
425
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
 
AA–
   
444,886
 
 
80
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 (8)
5/17 at 100.00
 
N/R
   
64,263
 
 
230
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (8)
5/19 at 100.00
 
N/R
   
138,189
 
 
95
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (8)
5/22 at 100.00
 
N/R
   
42,318
 
 
135
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (6)
5/18 at 100.00
 
N/R
   
1
 
 
15
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 (6)
5/18 at 100.00
 
N/R
   
15,332
 
 
245
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40
5/17 at 100.00
 
N/R
   
247,901
 
 
350
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (6)
5/18 at 100.00
 
N/R
   
216,955
 
 
215
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (6)
5/18 at 100.00
 
N/R
   
112,804
 
 
235
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (6)
5/18 at 100.00
 
N/R
   
2
 
 
865
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37
7/16 at 100.00
 
N/R
   
865,839
 
 
1,080
 
Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A2, 5.500%, 5/01/34
5/22 at 100.00
 
N/R
   
1,151,010
 
 
22,075
 
Total Florida
         
23,017,376
 
     
Georgia – 4.9%
             
 
12,000
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2010C, 5.250%, 1/01/30 (UB)
1/21 at 100.00
 
AA
   
13,987,560
 
 
640
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
1/19 at 100.00
 
A2
   
736,371
 
 
555
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20
1/19 at 100.00
 
A2
   
635,636
 
 
1,250
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
6/20 at 100.00
 
Baa3
   
1,543,700
 
 
90
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22
No Opt. Call
 
A
   
103,874
 
 
260
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26
No Opt. Call
 
A
   
325,764
 
 
14,795
 
Total Georgia
         
17,332,905
 
     
Guam – 1.4%
             
 
1,760
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42
1/22 at 100.00
 
A
   
1,941,315
 
 
1,250
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
 
A–
   
1,456,400
 
 
1,500
 
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/44
10/24 at 100.00
 
AA
   
1,732,650
 
 
4,510
 
Total Guam
         
5,130,365
 

56
 
Nuveen


 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
 
Ratings (3)
   
Value
 
     
Illinois – 11.0%
             
$
2,945
 
CenterPoint Intermodal Center Program Trust, Illinois, Class A Certificates, Series 2004, 3.490%, 6/15/23
12/16 at 100.00
 
N/R
 
$
2,950,536
 
     
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:
             
 
1,000
 
0.000%, 12/01/22 – NPFG Insured
No Opt. Call
 
AA–
   
762,600
 
 
1,000
 
0.000%, 12/01/27 – NPFG Insured
No Opt. Call
 
AA–
   
573,760
 
 
1,000
 
Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, 5.500%, 1/01/33
1/25 at 100.00
 
BBB+
   
999,920
 
 
2,000
 
Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series 2005, 6.000%, 12/01/24 – AGM Insured
12/21 at 100.00
 
AA
   
2,385,860
 
 
3,000
 
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
10/20 at 100.00
 
Caa1
   
3,007,920
 
     
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 1122:
             
 
1,605
 
18.914%, 9/01/38 (IF) (4)
9/22 at 100.00
 
BBB
   
2,304,138
 
 
1,540
 
15.398%, 9/01/38 (IF) (4)
9/22 at 100.00
 
BBB
   
2,077,768
 
 
645
 
Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, 6.125%, 5/15/27
5/20 at 100.00
 
BBB–
   
720,775
 
 
355
 
Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, 6.125%, 5/15/27 (Pre-refunded 5/15/20)
5/20 at 100.00
 
N/R (5)
   
426,550
 
 
920
 
Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.375%, 2/15/25
7/16 at 100.00
 
BB–
   
920,322
 
 
4,000
 
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 2006A, 5.000%, 4/01/36
7/16 at 100.00
 
Baa3
   
3,999,920
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A, 5.500%, 5/15/26
5/17 at 100.00
 
N/R
   
1,012,000
 
     
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option Bond Trust 2015-XF0076:
             
 
690
 
16.787%, 8/15/20 (IF)
No Opt. Call
 
AA+
   
1,048,276
 
 
150
 
16.787%, 8/15/20 (IF)
No Opt. Call
 
AA+
   
222,360
 
 
1,975
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds Trust 11-16B, 25.989%, 8/15/39 (IF) (4)
8/19 at 100.00
 
AA+
   
3,543,150
 
 
1,000
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
5/20 at 100.00
 
AA–
   
1,102,390
 
 
970
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25
5/19 at 100.00
 
Baa2
   
1,092,172
 
 
30
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19)
5/19 at 100.00
 
N/R (5)
   
34,717
 
 
500
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
3/20 at 100.00
 
AA
   
560,110
 
 
455
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 2015-XF0121, 25.254%, 2/15/35 – AGM Insured (IF) (4)
8/21 at 100.00
 
AA
   
887,842
 
 
2,235
 
Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois IV LLC, Fullerton Village Project, Series 2004A, 5.000%, 6/01/24 (6)
7/16 at 100.00
 
Caa2
   
2,011,433
 
     
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:
             
 
2,685
 
5.250%, 1/01/30 (9)
7/16 at 100.00
 
D
   
825,396
 
 
1,515
 
5.250%, 1/01/36 (9)
7/16 at 100.00
 
D
   
465,726
 

Nuveen
 
57


NEV
Nuveen Enhanced Municipal Value Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Illinois (continued)
             
$
1,000
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28
6/21 at 100.00
 
A–
 
$
1,196,080
 
 
1,000
 
Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32
3/17 at 102.00
 
N/R
   
1,036,720
 
 
2,500
 
Wauconda, Illinois, Special Service Area 1 Serial Tax Bonds, Liberty Lake Project, Refunding Series 2015, 5.000%, 3/01/33 – BAM Insured
3/25 at 100.00
 
AA
   
2,885,575
 
 
37,715
 
Total Illinois
         
39,054,016
 
     
Indiana – 1.5%
             
 
1,395
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29
10/19 at 100.00
 
B–
   
1,361,673
 
 
1,500
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/35 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB+
   
1,663,635
 
 
2,000
 
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 7.750%, 9/01/31
9/21 at 100.00
 
N/R
   
2,395,980
 
 
4,895
 
Total Indiana
         
5,421,288
 
     
Kansas – 2.5%
             
 
3,000
 
Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding Series 2010S, 5.000%, 5/15/30
5/20 at 100.00
 
A
   
3,245,310
 
 
1,130
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
1/17 at 100.00
 
BB+
   
1,138,317
 
 
3,565
 
Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32
No Opt. Call
 
N/R
   
3,365,431
 
 
1,130
 
Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35
7/25 at 100.00
 
A1
   
1,323,840
 
 
8,825
 
Total Kansas
         
9,072,898
 
     
Kentucky – 0.3%
             
 
1,000
 
Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, Series 2013, 5.700%, 8/01/39 – AGM Insured
8/23 at 100.00
 
AA
   
1,183,190
 
     
Louisiana – 3.3%
             
 
2,000
 
Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2010, 5.500%, 11/01/40
5/20 at 100.00
 
A–
   
2,187,780
 
 
3,305
 
Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, 4.250%, 12/01/38
5/23 at 100.00
 
A3
   
3,528,286
 
 
2,710
 
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 7.750%, 12/15/31
12/21 at 100.00
 
N/R
   
3,087,800
 
 
1,165
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 11899, 17.070%, 5/01/33 (IF)
5/20 at 100.00
 
AA
   
1,796,430
 
 
1,000
 
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37
6/17 at 100.00
 
BBB
   
1,026,150
 
 
10,180
 
Total Louisiana
         
11,626,446
 
     
Massachusetts – 1.2%
             
 
2,000
 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds Issue K Series 2013, 5.000%, 7/01/25 (Alternative Minimum Tax)
7/22 at 100.00
 
AA
   
2,167,360
 
 
625
 
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010A, 5.500%, 1/01/22
1/20 at 100.00
 
AA
   
707,275
 
 
480
 
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 5.500%, 1/01/23 (Alternative Minimum Tax)
1/20 at 100.00
 
AA
   
520,368
 

58
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Massachusetts (continued)
             
$
3,000
 
Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.250%, 1/15/28 (6)
1/18 at 100.00
 
N/R
 
$
7,320
 
 
1,000
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 (Alternative Minimum Tax)
6/20 at 100.00
 
AA–
   
1,056,490
 
 
7,105
 
Total Massachusetts
         
4,458,813
 
     
Michigan – 1.5%
             
 
10
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%,  7/01/34 – NPFG Insured
7/16 at 100.00
 
Baa1
   
10,032
 
 
2,865
 
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, School Building and Site, Series 2007, 5.000%, 5/01/32 (Pre-refunded 5/01/17) – AGM Insured
5/17 at 100.00
 
Aa1 (5)
   
2,991,948
 
 
2,100
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
11/19 at 100.00
 
A–
   
2,389,779
 
 
4,975
 
Total Michigan
         
5,391,759
 
     
Mississippi – 0.1%
             
 
310
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
10/16 at 100.00
 
BBB
   
319,942
 
     
Missouri – 0.2%
             
 
640
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A, 5.375%, 9/01/21
9/17 at 100.00
 
BBB–
   
658,822
 
     
Nebraska – 0.3%
             
 
1,000
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43 (Pre-refunded 2/01/17)
2/17 at 100.00
 
AA (5)
   
1,033,530
 
     
Nevada – 1.5%
             
 
2,000
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.000%, 7/01/30
1/20 at 100.00
 
A+
   
2,243,820
 
 
1,670
 
Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 3265, 30.867%, 4/01/17 (IF)
No Opt. Call
 
AA
   
3,161,093
 
 
3,670
 
Total Nevada
         
5,404,913
 
     
New Jersey – 2.3%
             
 
795
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2015, 5.250%, 6/15/40 (UB) (4)
6/25 at 100.00
 
A–
   
870,970
 
     
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
             
 
1,000
 
5.125%, 9/15/23 (Alternative Minimum Tax)
9/16 at 100.00
 
BB–
   
1,117,920
 
 
1,650
 
5.250%, 9/15/29 (Alternative Minimum Tax)
9/22 at 101.00
 
BB–
   
1,831,286
 
 
1,460
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A, 5.000%, 7/01/34
7/26 at 100.00
 
Baa2
   
1,736,144
 
 
1,240
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/26
12/19 at 100.00
 
AA
   
1,301,913
 
 
1,500
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.625%, 6/01/26
6/17 at 100.00
 
B+
   
1,511,940
 
 
7,645
 
Total New Jersey
         
8,370,173
 

Nuveen
 
59


NEV
Nuveen Enhanced Municipal Value Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
New York – 3.4%
             
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
             
$
1,100
 
6.000%, 7/15/30
1/20 at 100.00
 
BBB–
 
$
1,259,764
 
 
1,225
 
6.250%, 7/15/40
1/20 at 100.00
 
BBB–
   
1,411,078
 
 
2,500
 
6.375%, 7/15/43
1/20 at 100.00
 
BBB–
   
2,886,800
 
 
1,000
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011, 6.000%, 6/01/34
6/21 at 100.00
 
BBB+
   
1,159,510
 
 
2,500
 
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
8/16 at 101.00
 
N/R
   
2,569,824
 
 
500
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014, 5.150%, 11/15/34
11/24 at 100.00
 
N/R
   
550,765
 
 
265
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
Baa1
   
311,659
 
 
2,000
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/26
6/16 at 100.00
 
BB–
   
2,004,580
 
 
11,090
 
Total New York
         
12,153,980
 
     
Ohio – 10.7%
             
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
1,000
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
   
966,930
 
 
6,000
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
   
5,753,100
 
 
6,500
 
5.875%, 6/01/47
6/17 at 100.00
 
B–
   
6,333,080
 
 
760
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26
7/21 at 100.00
 
BBB–
   
835,004
 
 
10,000
 
Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015, 5.000%, 5/15/40 (UB)
5/25 at 100.00
 
AA+
   
11,686,000
 
 
3,000
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 5.750%, 11/15/31
11/21 at 100.00
 
AA
   
3,636,720
 
 
1,000
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30
4/20 at 100.00
 
BBB–
   
1,112,810
 
 
1,670
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 3260, 27.505%, 5/01/29 (IF)
5/19 at 100.00
 
A+
   
2,878,997
 
 
1,200
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
 
BBB–
   
1,337,052
 
     
Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center, Refunding Series 2016:
             
 
1,460
 
5.000%, 2/15/33 (WI/DD, Settling 5/10/16)
2/26 at 100.00
 
A2
   
1,741,619
 
 
1,455
 
5.000%, 2/15/34 (WI/DD, Settling 5/10/16)
2/26 at 100.00
 
A2
   
1,728,802
 
 
34,045
 
Total Ohio
         
38,010,114
 
     
Pennsylvania – 6.2%
             
 
1,361
 
Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds, Subordinated Series 2013, 5.000%, 5/15/26
No Opt. Call
 
N/R
   
1,418,815
 
 
1,390
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24
11/19 at 100.00
 
B+
   
1,308,685
 
 
1,500
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27
12/21 at 100.00
 
B+
   
1,396,290
 
 
1,335
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35
7/16 at 100.00
 
B2
   
1,335,280
 
 
1,070
 
Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16
No Opt. Call
 
B+
   
1,078,164
 

60
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Pennsylvania (continued)
             
$
150
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
1/19 at 100.00
 
BBB+
 
$
168,522
 
 
1,350
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19)
1/19 at 100.00
 
N/R (5)
   
1,535,612
 
 
2,000
 
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27
12/19 at 100.00
 
N/R
   
2,096,480
 
 
1,080
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 16.946%, 8/01/38 (Pre-refunded 8/01/20) (IF) (4)
8/20 at 100.00
 
N/R (5)
   
1,803,265
 
 
25
 
Northumberland County Industrial Development Authority, Pennsylvania, Facility Revenue Bonds, NHS Youth Services Inc. Series 2002A, 7.500%, 2/15/29
7/16 at 100.00
 
N/R
   
19,475
 
 
1,000
 
Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)
6/16 at 100.00
 
B
   
1,000,290
 
 
1,000
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
1/20 at 100.00
 
BBB+
   
1,106,660
 
 
1,200
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30
7/20 at 100.00
 
Baa3
   
1,293,816
 
 
1,000
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured
No Opt. Call
 
AA
   
1,172,690
 
     
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E:
             
 
3,530
 
0.000%, 12/01/30 (8)
12/27 at 100.00
 
A–
   
4,315,672
 
 
1,000
 
0.000%, 12/01/38 (8)
12/27 at 100.00
 
A–
   
1,208,920
 
 
19,991
 
Total Pennsylvania
         
22,258,636
 
     
Puerto Rico – 0.7%
             
 
1,500
 
Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%, 12/01/27
12/18 at 100.00
 
A+
   
1,628,760
 
 
1,000
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/26 – AMBAC Insured
No Opt. Call
 
Ca
   
1,041,280
 
 
2,500
 
Total Puerto Rico
         
2,670,040
 
     
Rhode Island – 0.4%
             
 
1,110
 
Providence Redevelopment Agency, Rhode Island, Revenue Bonds, Public Safety and Municipal Building Projects, Refunding Series 2015A, 5.000%, 4/01/27
4/25 at 100.00
 
Baa2
   
1,280,762
 
     
Tennessee – 0.1%
             
 
155
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24
No Opt. Call
 
A
   
184,566
 
     
Texas – 3.2%
             
 
3,500
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (6)
7/18 at 100.00
 
N/R
   
78,750
 
 
25
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B, 4.750%, 11/01/42
11/22 at 100.00
 
Baa3
   
26,007
 
 
250
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (WI/DD, Settling 5/04/16) (Alternative Minimum Tax)
10/18 at 103.00
 
BB–
   
260,688
 
 
1,800
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 11947, 23.388%, 3/01/35 (IF)
9/21 at 100.00
 
AA+
   
3,452,400
 
 
1,000
 
Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012, 7.250%, 12/15/47 (6)
12/21 at 100.00
 
N/R
   
883,620
 
 
455
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26
No Opt. Call
 
BBB+
   
575,880
 

Nuveen
 
61


NEV
Nuveen Enhanced Municipal Value Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Texas (continued)
             
     
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016:
             
$
1,275
 
5.000%, 12/31/50 (WI/DD, Settling 5/09/16) (Alternative Minimum Tax)
12/25 at 100.00
 
Baa3
 
$
1,394,251
 
 
805
 
5.000%, 12/31/55 (WI/DD, Settling 5/09/16) (Alternative Minimum Tax)
12/25 at 100.00
 
Baa3
   
873,530
 
 
810
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39
12/19 at 100.00
 
Baa2
   
956,100
 
 
1,000
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34
6/20 at 100.00
 
Baa3
   
1,201,470
 
 
1,500
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured
8/17 at 100.00
 
BBB (5)
   
1,584,165
 
 
12,420
 
Total Texas
         
11,286,861
 
     
Utah – 0.3%
             
 
1,000
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.250%, 7/15/30
7/20 at 100.00
 
BB–
   
1,039,680
 
     
Vermont – 0.8%
             
     
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A:
             
 
1,000
 
6.125%, 1/01/28
1/21 at 100.00
 
N/R
   
1,057,550
 
 
1,760
 
6.250%, 1/01/33
1/21 at 100.00
 
N/R
   
1,853,843
 
 
2,760
 
Total Vermont
         
2,911,393
 
     
Virginia – 0.8%
             
 
2,000
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
6/17 at 100.00
 
B–
   
1,760,280
 
 
1,010
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
 
BBB–
   
1,154,935
 
 
3,010
 
Total Virginia
         
2,915,215
 
     
Washington – 2.3%
             
 
240
 
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013, 5.750%, 4/01/43
4/17 at 100.00
 
N/R
   
240,715
 
 
2,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31
1/21 at 100.00
 
A
   
2,241,220
 
 
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19)
7/19 at 100.00
 
A (5)
   
2,316,560
 
 
1,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Group Health Cooperative of Puget Sound, Series 2006, 5.000%, 12/01/36 – RAAI Insured
12/16 at 100.00
 
AA
   
1,021,740
 
 
2,000
 
Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.625%, 10/01/40
10/19 at 100.00
 
Baa1
   
2,224,420
 
 
7,240
 
Total Washington
         
8,044,655
 
     
West Virginia – 0.2%
             
 
750
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38
10/18 at 100.00
 
N/R
   
791,963
 

62
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Wisconsin – 12.0%
             
$
3,500
 
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 6.500%, 2/01/31
2/19 at 102.00
 
AA–
 
$
4,004,980
 
 
2,905
 
Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing Foundation – Cullowhee LLC – Western California University Project, Series 2015A, 5.000%, 7/01/35
7/25 at 100.00
 
BBB–
   
3,098,473
 
 
1,000
 
Wisconsin Center District, Senior Dedicated Tax Revenue Refunding Bonds, Series 2003A, 0.000%, 12/15/31
No Opt. Call
 
AA
   
647,060
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 2016A:
             
 
10,000
 
5.000%, 11/15/35 (WI/DD, Settling 5/12/16) (UB) (4)
5/26 at 100.00
 
AA+
   
12,113,300
 
 
5,000
 
5.000%, 11/15/36 (WI/DD, Settling 5/12/16) (UB) (4)
5/26 at 100.00
 
AA+
   
6,002,900
 
 
3,000
 
5.000%, 11/15/39 (WI/DD, Settling 5/12/16) (UB) (4)
5/26 at 100.00
 
AA+
   
3,575,610
 
 
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.000%, 6/01/30
6/20 at 100.00
 
Baa2
   
1,127,980
 
 
500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30
4/20 at 100.00
 
A–
   
535,295
 
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118:
             
 
1,290
 
15.602%, 10/01/20 (IF) (4)
No Opt. Call
 
AA–
   
1,617,402
 
 
1,000
 
20.597%, 4/01/29 (IF) (4)
4/19 at 100.00
 
AA–
   
1,411,800
 
 
1,090
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/43
8/23 at 100.00
 
A–
   
1,186,716
 
 
2,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/21 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (5)
   
2,027,880
 
 
500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (5)
   
506,790
 
 
2,500
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust 10B, 30.816%, 5/01/36 (IF) (4)
5/19 at 100.00
 
AA–
   
4,758,850
 
 
35,285
 
Total Wisconsin
         
42,615,036
 
     
Wyoming – 0.7%
             
     
Wyoming Community Development Authority, Student Housing Revenue Bonds, CHF-Wyoming, L.L.C. – University of Wyoming Project, Series 2011:
             
 
710
 
6.250%, 7/01/31
7/21 at 100.00
 
BBB
   
802,478
 
 
1,600
 
6.500%, 7/01/43
7/21 at 100.00
 
BBB
   
1,819,888
 
 
2,310
 
Total Wyoming
         
2,622,366
 
$
337,185
 
Total Municipal Bonds (cost $372,357,301)
         
379,352,533
 

Nuveen
 
63


NEV
Nuveen Enhanced Municipal Value Fund
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

Shares
 
Description (1)
   
Value
 
   
COMMON STOCKS – 0.7%
       
   
Airlines – 0.7%
       
75,333
 
American Airlines Group Inc. (10)
 
$
2,613,302
 
   
Total Common Stocks (cost $2,340,765)
   
2,613,302
 
   
Total Long-Term Investments (cost $329,698,066)
   
381,965,835
 

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
SHORT-TERM INVESTMENTS – 0.3%
             
     
MUNICIPAL BONDS – 0.3%
             
     
Illinois – 0.3%
             
$
1,000
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011C-1, 0.960%, 3/01/32 (Mandatory Put 3/01/16) (11)
7/16 at 100.00
 
B+
 
$
999,230
 
     
Total Short-Term Investments (cost $996,250)
         
999,230
 
     
Total Investments (cost $330,694,316) – 107.4%
         
382,965,065
 
     
Floating Rate Obligations – (9.0)%
         
(32,095,000
) 
     
Other Assets Less Liabilities – 1.6%
         
5,665,217
 
     
Net Assets – 100%
       
$
356,535,282
 

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(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)
Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(7)
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. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(9)
On May 7, 2015, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.250% to 2.100%.
(10)
On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(11)
Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)
Investment, or portion of investment purchased on a when-issued or delayed delivery basis.
144A
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
 See accompanying notes to financial statements.
 
64
 
Nuveen


 
Statement of 
 
Assets and Liabilities
April 30, 2016 (Unaudited)

     
Municipal Value
(NUV
)
 
AMT-Free
Municipal Value
(NUW
)
 
Municipal Income
(NMI
)
 
Enhanced
Municipal Value
(NEV
)
Assets
                         
Long-term investments, at value (cost $1,901,528,940, $207,948,126, $87,761,426 and $329,698,066, respectively)
 
$
2,130,654,838
 
$
248,167,844
 
$
99,426,666
 
$
381,965,835
 
Short-term investments, at value (cost $3,800,000, $—, $— and $996,250, respectively)
   
3,800,000
   
   
   
999,230
 
Cash
   
11,459,004
   
6,698,711
   
87,229
   
17,869,138
 
Receivable for:
                         
Interest
   
25,879,113
   
3,604,464
   
1,349,074
   
6,959,715
 
Investments sold
   
11,994,881
   
230,281
   
125,741
   
6,132,891
 
Shares sold
   
   
594,607
   
   
377,649
 
Other assets
   
327,915
   
5,608
   
5,504
   
19,171
 
Total assets
   
2,184,115,751
   
259,301,515
   
100,994,214
   
414,323,629
 
Liabilities
                         
Floating rate obligations
   
6,630,000
   
7,125,000
   
3,335,000
   
32,095,000
 
Payable for:
                         
Dividends
   
5,914,866
   
855,432
   
312,954
   
1,745,955
 
Investments purchased
   
10,918,112
   
2,818,613
   
   
23,620,300
 
Accrued expenses:
                         
Management fees
   
810,584
   
119,627
   
48,797
   
252,073
 
Directors/Trustees fees
   
285,591
   
386
   
155
   
13,996
 
Other
   
369,788
   
38,410
   
31,547
   
61,023
 
Total liabilities
   
24,928,941
   
10,957,468
   
3,728,453
   
57,788,347
 
Net assets
 
$
2,159,186,810
 
$
248,344,047
 
$
97,265,761
 
$
356,535,282
 
Shares outstanding
   
206,056,124
   
14,201,641
   
8,303,473
   
22,471,668
 
Net asset value ("NAV") per share outstanding
 
$
10.48
 
$
17.49
 
$
11.71
 
$
15.87
 
Net assets consist of:
                         
Shares, $0.01 par value per share
 
$
2,060,561
 
$
142,016
 
$
83,035
 
$
224,717
 
Paid-in surplus
   
1,947,686,396
   
207,570,275
   
85,578,352
   
326,224,829
 
Undistributed (Over-distribution of) net investment income
   
10,625,560
   
837,197
   
265,168
   
2,369,257
 
Accumulated net realized gain (loss)
   
(30,311,605
)
 
(425,159
)
 
(326,034
)
 
(24,554,270
)
Net unrealized appreciation (depreciation)
   
229,125,898
   
40,219,718
   
11,665,240
   
52,270,749
 
Net assets
 
$
2,159,186,810
 
$
248,344,047
 
$
97,265,761
 
$
356,535,282
 
Authorized shares
   
350,000,000
   
Unlimited
   
200,000,000
   
Unlimited
 
See accompanying notes to financial statements.

Nuveen
 
65


Statement of 
 
 
Operations
Six Months Ended April 30, 2016 (Unaudited)

     
Municipal Value (NUV
)
 
AMT-Free
Municipal Value (NUW
)
 
Municipal Income (NMI
)
 
Enhanced
Municipal Value (NEV
)
Investment Income
 
$
47,427,345
 
$
6,113,927
 
$
2,434,763
 
$
11,358,025
 
Expenses
                         
Management fees
   
4,849,476
   
701,343
   
293,605
   
1,488,539
 
Interest expense
   
36,871
   
21,842
   
4,941
   
56,390
 
Custodian fees
   
102,131
   
15,735
   
11,635
   
28,020
 
Directors/Trustees fees
   
30,001
   
3,340
   
1,398
   
4,740
 
Professional fees
   
43,389
   
13,957
   
12,068
   
17,573
 
Shareholder reporting expenses
   
137,890
   
37,010
   
10,098
   
40,412
 
Shareholder servicing agent fees
   
123,388
   
188
   
6,511
   
168
 
Stock exchange listing fees
   
32,754
   
3,917
   
3,935
   
3,917
 
Investor relations expenses
   
118,022
   
12,575
   
5,996
   
17,662
 
Other
   
29,271
   
11,098
   
4,857
   
10,250
 
Total expenses
   
5,503,193
   
821,005
   
355,044
   
1,667,671
 
Net investment income (loss)
   
41,924,152
   
5,292,922
   
2,079,719
   
9,690,354
 
Realized and Unrealized Gain (Loss)
                         
Net realized gain (loss) from investments
   
(413,477
)
 
899,257
   
32,711
   
217,863
 
Change in net unrealized appreciation (depreciation) of investments
   
57,169,721
   
3,489,923
   
2,076,610
   
6,290,442
 
Net realized and unrealized gain (loss)
   
56,756,244
   
4,389,180
   
2,109,321
   
6,508,305
 
Net increase (decrease) in net assets from operations
 
$
98,680,396
 
$
9,682,102
 
$
4,189,040
 
$
16,198,659
 
See accompanying notes to financial statements.

66
 
Nuveen



Statement of 
 
Changes in Net Assets (Unaudited)

   
Municipal Value (NUV)
 
AMT-Free
Municipal Value (NUW)
 
     
Six Months
Ended
4/30/16
   
Year Ended
10/31/15
   
Six Months
Ended
4/30/16
   
Year Ended 10/31/15
 
Operations
                         
Net investment income (loss)
 
$
41,924,152
 
$
85,381,787
 
$
5,292,922
 
$
10,755,117
 
Net realized gain (loss) from:
                         
Investments
   
(413,477
)
 
11,068,291
   
899,257
   
1,465,514
 
Swaps
   
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
57,169,721
   
(15,782,237
)
 
3,489,923
   
(2,129,189
)
Swaps
   
   
   
   
 
Net increase (decrease) in net assets from operations
   
98,680,396
   
80,667,841
   
9,682,102
   
10,091,442
 
Distributions to Shareholders
                         
From net investment income
   
(40,489,736
)
 
(83,258,650
)
 
(5,514,294
)
 
(10,453,742
)
Decrease in net assets from distributions to shareholders
   
(40,489,736
)
 
(83,258,650
)
 
(5,514,294
)
 
(10,453,742
)
Capital Share Transactions
                         
Proceeds from shelf offering, net of offering costs
   
3,962,190
   
   
14,844,139
   
2,131,586
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
526,240
   
   
379,709
   
328,495
 
Net increase (decrease) in net assets from capital share transactions
   
4,488,430
   
   
15,223,848
   
2,460,081
 
Net increase (decrease) in net assets
   
62,679,090
   
(2,590,809
)
 
19,391,656
   
2,097,781
 
Net assets at the beginning of period
   
2,096,507,720
   
2,099,098,529
   
228,952,391
   
226,854,610
 
Net assets at the end of period
 
$
2,159,186,810
 
$
2,096,507,720
 
$
248,344,047
 
$
228,952,391
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
10,625,560
 
$
9,191,144
 
$
837,197
 
$
1,058,569
 
See accompanying notes to financial statements.

Nuveen
 
67

 
Statement of Changes in Net Assets (Unaudited) (continued)

   
Municipal Income (NMI)
 
Enhanced Municipal
Value (NEV)
 
     
Six Months
Ended
4/30/16
   
Year Ended 10/31/15
   
Six Months
Ended
4/30/16
   
Year Ended 10/31/15
 
Operations
                         
Net investment income (loss)
 
$
2,079,719
 
$
4,209,643
 
$
9,690,354
 
$
19,547,437
 
Net realized gain (loss) from:
                         
Investments
   
32,711
   
494,625
   
217,863
   
2,839,424
 
Swaps
   
   
   
   
(1,040,000
)
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
2,076,610
   
(903,386
)
 
6,290,442
   
(3,616,419
)
Swaps
   
   
   
   
588,900
 
Net increase (decrease) in net assets from operations
   
4,189,040
   
3,800,882
   
16,198,659
   
18,319,342
 
Distributions to Shareholders
                         
From net investment income
   
(2,147,968
)
 
(4,231,229
)
 
(10,369,831
)
 
(20,379,002
)
Decrease in net assets from distributions to shareholders
   
(2,147,968
)
 
(4,231,229
)
 
(10,369,831
)
 
(20,379,002
)
Capital Share Transactions
                         
Proceeds from shelf offering, net of offering costs
   
   
   
21,785,390
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
75,303
   
116,109
   
64,639
   
46,885
 
Net increase (decrease) in net assets from capital share transactions
   
75,303
   
116,109
   
21,850,029
   
46,885
 
Net increase (decrease) in net assets
   
2,116,375
   
(314,238
)
 
27,678,857
   
(2,012,775
)
Net assets at the beginning of period
   
95,149,386
   
95,463,624
   
328,856,425
   
330,869,200
 
Net assets at the end of period
 
$
97,265,761
 
$
95,149,386
 
$
356,535,282
 
$
328,856,425
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
265,168
 
$
333,417
 
$
2,369,257
 
$
3,048,734
 
See accompanying notes to financial statements.

68
 
Nuveen

 
THIS PAGE INTENTIONALLY LEFT BLANK

Nuveen
 
69



Financial 
 
Highlights (Unaudited)
Selected data for a share outstanding throughout each period:
 
       
Investment Operations
   
Less Distributions
                 
   
Beginning
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Total
   
From
Net
Investment
Income
   
From
Accumu-
lated Net
Realized
Gains
   
Total
   
Offering
Costs
   
Premium
from
Shares
Sold
through
Shelf
Offering
   
Ending
NAV
   
Ending
Share
Price
 
Municipal Value (NUV)
                                     
Year Ended 10/31:
                                           
2016(d)
 
$
10.20
   
$
0.20
   
$
0.28
   
$
0.48
   
$
(0.20
)
 
$
   
$
(0.20
)
 
$
   
$
*
 
$
10.48
   
$
10.52
 
2015
   
10.21
     
0.42
     
(0.03
)
   
0.39
     
(0.40
)
   
     
(0.40
)
   
     
     
10.20
     
10.07
 
2014
   
9.61
     
0.43
     
0.61
     
1.04
     
(0.44
)
   
     
(0.44
)
   
     
     
10.21
     
9.64
 
2013
   
10.31
     
0.44
     
(0.70
)
   
(0.26
)
   
(0.45
)
   
     
(0.45
)
   
     
0.01
     
9.61
     
9.05
 
2012
   
9.65
     
0.46
     
0.71
     
1.17
     
(0.47
)
   
(0.06
)
   
(0.53
)
   
*
   
0.02
     
10.31
     
10.37
 
2011
   
9.82
     
0.48
     
(0.16
)
   
0.32
     
(0.47
)
   
(0.02
)
   
(0.49
)
   
     
*
   
9.65
     
9.66
 
                                                                                         
AMT-Free Municipal Value (NUW)
                                                                         
Year Ended 10/31:
                                                                                       
2016(d)
   
17.17
     
0.38
     
0.29
     
0.67
     
(0.41
)
   
     
(0.41
)
   
     
0.06
     
17.49
     
17.66
 
2015
   
17.19
     
0.80
     
(0.04
)
   
0.76
     
(0.79
)
   
     
(0.79
)
   
     
0.01
     
17.17
     
17.22
 
2014
   
16.35
     
0.82
     
0.92
     
1.74
     
(0.81
)
   
(0.09
)
   
(0.90
)
   
     
     
17.19
     
16.89
 
2013
   
17.78
     
0.85
     
(1.48
)
   
(0.63
)
   
(0.80
)
   
(0.01
)
   
(0.81
)
   
*
   
0.01
     
16.35
     
15.23
 
2012
   
16.47
     
0.84
     
1.29
     
2.13
     
(0.82
)
   
     
(0.82
)
   
     
     
17.78
     
18.66
 
2011
   
16.85
     
0.93
     
(0.39
)
   
0.54
     
(0.90
)
   
(0.02
)
   
(0.92
)
   
     
     
16.47
     
17.06
 

(a)
Total Return Based on NAV is the combination of changes in 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 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.

70
 
Nuveen


 
     
Ratios/Supplemental Data       
 
Total Returns    
         
Ratios to Average Net Assets    
       
Based
on
NAV
(a)   
Based
on
Share
Price
(a)   
Ending
Net
Assets
(000
)   
Expenses
(b)   
Net
Investment
Income (Loss
)   
Portfolio
Turnover
Rate
(c) 
                                 
                                 
 
4.71
%
   
6.48
%
 
$
2,159,187
     
0.52
%***
   
3.97
%***
   
4
%
 
3.94
     
8.86
     
2,096,508
     
0.53
     
4.08
     
16
 
 
11.04
     
11.54
     
2,099,099
     
0.56
     
4.36
     
17
 
 
(2.55
)
   
(8.67
)
   
1,975,227
     
0.55
     
4.34
     
19
 
 
12.62
     
13.15
     
2,105,323
     
0.60
     
4.63
     
14
 
 
3.53
     
1.61
     
1,915,231
     
0.65
     
5.15
     
10
 
                                             
                                             
 
4.27
     
4.97
     
248,344
     
0.70
***
   
4.52
***     7
 
 
4.56
     
6.79
     
228,952
     
0.72
     
4.72
     
6
 
 
10.95
     
17.27
     
226,855
     
0.75
     
4.92
     
10
 
 
(3.59
)
   
(14.31
)
   
215,764
     
0.72
     
4.93
     
7
 
 
13.23
     
14.73
     
231,140
     
0.68
     
4.90
     
10
 
 
3.61
     
2.93
     
212,873
     
0.71
     
5.92
     
1
 
 
(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 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

Municipal Value (NUV)
     
Year Ended 10/31:
   
2016(d)
   
0.00
%****
2015
   
0.00
**
2014
   
0.01
 
2013
   
0.00
**
2012
   
0.02
 
2011
   
0.01
 

AMT-Free Municipal Value (NUW)
     
Year Ended 10/31:
   
2016(d)
   
0.02
%***
2015
   
0.02
 
2014
   
0.02
 
2013
   
0.00
**
2012
   
 
2011
   
 

(c)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(d)
For the six months ended April 30, 2016.
*
Rounds to less than $0.01 per share.
**
Rounds to less than 0.01%.
***
Annualized.
****
Annualized ratio rounds to less than 0.01%.
See accompanying notes to financial statements.

Nuveen
 
71

 
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:

       
Investment Operations
   
Less Distributions
                 
   
Beginning
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Total
   
From
Net
Investment
Income
   
From
Accumu-
lated Net
Realized
Gains
   
Total
   
Offering
Costs
   
Premium
from
Shares
Sold
through
Shelf
Offering
   
Ending
NAV
   
Ending
Share
Price
 
Municipal Income (NMI)
                                         
Year Ended 10/31:
                                           
2016(e)
 
$
11.47
   
$
0.25
   
$
0.25
   
$
0.50
   
$
(0.26
)
 
$
   
$
(0.26
)
 
$
   
$
   
$
11.71
   
$
12.32
 
2015
   
11.52
     
0.51
     
(0.05
)
   
0.46
     
(0.51
)
   
     
(0.51
)
   
     
     
11.47
     
11.05
 
2014
   
10.80
     
0.50
     
0.77
     
1.27
     
(0.55
)
   
     
(0.55
)
   
     
     
11.52
     
11.30
 
2013
   
11.66
     
0.54
     
(0.83
)
   
(0.29
)
   
(0.57
)
   
     
(0.57
)
   
     
     
10.80
     
10.11
 
2012
   
10.75
     
0.57
     
0.91
     
1.48
     
(0.57
)
   
     
(0.57
)
   
     
     
11.66
     
12.66
 
2011
   
10.84
     
0.58
     
(0.10
)
   
0.48
     
(0.57
)
   
     
(0.57
)
   
     
     
10.75
     
11.13
 
                                                                                         
Enhanced Municipal Value (NEV)
                                                                         
Year Ended 10/31:
                                                                                       
2016(e)
   
15.59
     
0.45
     
0.25
     
0.70
     
(0.49
)
   
     
(0.49
)
   
     
0.07
     
15.87
     
16.13
 
2015
   
15.69
     
0.93
     
(0.06
)
   
0.87
     
(0.97
)
   
     
(0.97
)
   
     
     
15.59
     
15.38
 
2014
   
14.10
     
0.96
     
1.59
     
2.55
     
(0.96
)
   
     
(0.96
)
   
     
     
15.69
     
14.91
 
2013
   
15.82
     
0.96
     
(1.80
)
   
(0.84
)
   
(0.96
)
   
     
(0.96
)
   
(0.01
)
   
0.09
     
14.10
     
13.92
 
2012
   
13.97
     
1.01
     
1.80
     
2.81
     
(0.96
)
   
     
(0.96
)
   
     
     
15.82
     
16.16
 
2011
   
14.78
     
1.01
     
(0.89
)
   
0.12
     
(0.93
)
   
     
(0.93
)
   
     
     
13.97
     
13.70
 

(a)
Total Return Based on NAV is the combination of changes in 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 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.

72
 
Nuveen


   
Ratios/Supplemental Data
 
Total Returns
       
Ratios to Average Net Assets
     
Based
on
NAV
(a)   
Based
on
Share
Price
(a)   
Ending
Net
Assets
(000
)   
Expenses
(b)   
Net
Investment
Income (Loss
)   
Portfolio
Turnover
Rate
(d) 
                                             
                                             
 
4.39
%
   
13.98
%
 
$
97,266
     
0.74
%**
   
4.35
%**
   
1
%
 
4.08
     
2.31
     
95,149
     
0.74
     
4.43
     
10
 
 
12.06
     
17.55
     
95,464
     
0.76
     
4.55
     
15
 
 
(2.58
)
   
(15.91
)
   
89,384
     
0.73
     
4.73
     
18
 
 
14.05
     
19.51
     
96,298
     
0.78
     
5.09
     
15
 
 
4.73
     
4.62
     
88,488
     
0.77
     
5.61
     
16
 
                                             
                                             
 
4.98
     
8.15
     
356,535
     
1.00
**
   
5.82
**
   
1
 
 
5.68
     
9.90
     
328,856
     
1.05
(c)
   
5.93
(c)
   
12
 
 
18.67
     
14.58
     
330,869
     
1.08
     
6.49
     
5
 
 
(5.02
)*
   
(8.12
)
   
297,404
     
1.08
     
6.44
     
12
 
 
20.67
     
25.68
     
305,341
     
1.12
     
6.73
     
11
 
 
1.28
     
1.02
     
269,050
     
1.17
     
7.47
     
33
 
 
(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 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

Municipal Income (NMI)
     
Year Ended 10/31:
   
2016(e)
   
0.01
%**
2015
   
0.01
 
2014
   
0.01
 
2013
   
0.01
 
2012
   
0.01
 
2011
   
0.01
 

Enhanced Municipal Value (NEV)
     
Year Ended 10/31:
   
2016(e)
   
0.03
%**
2015
   
0.07
 
2014
   
0.09
 
2013
   
0.08
 
2012
   
0.09
 
2011
   
0.08
 

(c)
During the fiscal year ended October 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with a equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement from Adviser. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser are as follows:

Ratios to Average Net Assets
 
       
Net Investment
 
Enhanced Municipal Value (NEV)
 
Expenses
   
Income (Loss)
 
Year Ended 10/31:
       
2015
   
1.08
%
   
5.91
%

(d)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(e)
For the six months ended April 30, 2016.
*
During the fiscal year ended October 31, 2013, Enhanced Municipal Value (NEV) received payments from the Adviser of $168,146 to offset losses realized on the disposal of investments purchased in violation of the Fund's investment restrictions. This reimbursement did not have an impact on the Fund's Total Return on NAV.
**
Annualized.

See accompanying notes to financial statements.

Nuveen
 
73

 
Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
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) ("Municipal Value (NUV)")
 
Nuveen AMT-Free Municipal Value Fund (NUW) ("AMT-Free Municipal Value (NUW)")
 
Nuveen Municipal Income Fund, Inc. (NMI) ("Municipal Income (NMI)")
 
Nuveen Enhanced Municipal Value Fund (NEV) ("Enhanced Municipal Value (NEV)")

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. Municipal Value (NUV) and Municipal Income (NMI) were incorporated under the state laws of Minnesota on April 8, 1987 and February 26, 1988, respectively. AMT-Free Municipal Value (NUW) and Enhanced Municipal Value (NEV) were organized as Massachusetts business trusts on November 19, 2008 and July 27, 2009, respectively.
The end of the reporting period for the Funds is April 30, 2016, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2016 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). Nuveen is an operating division of TIAA Global Asset Management. The Adviser is responsible for each Fund's overall investment strategy and 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.
Investment Objectives and Principal Investment Strategies
Each Fund's primary investment objective is to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 "Financial Services-Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments 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.
As of the end of the reporting period, the following Funds' outstanding when-issued/delayed delivery purchase commitments were as follows:

           
AMT-Free
   
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Value
 
     
(NUV
)
 
(NUW
)
 
(NEV
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
10,918,112
 
$
2,818,613
 
$
23,620,300
 
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any.

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Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount 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.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative 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.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 
Level 1 –  
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 –  
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 –  
Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

Prices of fixed income securities are provided by an independent pricing service ("pricing service") approved by the Funds' Board of Directors/Trustees (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. These securities are generally classified as Level 2. 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 or Level 3 depending on the priority of the significant inputs.

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75
 

 
Notes to Financial Statements (Unaudited) (continued)
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value ("NAV") (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. 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. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:

Municipal Value (NUV)
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments:
               
Municipal Bonds*
 
$
   
$
2,127,251,620
   
$
   
$
2,127,251,620
 
Common Stocks**
   
3,371,278
     
     
     
3,371,278
 
Corporate Bonds**
   
     
     
31,940
***
   
31,940
 
Short-Term Investments*:
                               
Municipal Bonds
   
     
3,800,000
     
     
3,800,000
 
Total
 
$
3,371,278
   
$
2,131,051,620
   
$
31,940
   
$
2,134,454,838
 
                                 
AMT-Free Municipal Value (NUW)
                               
                                 
Long-Term Investments:
                               
Municipal Bonds*
 
$
   
$
248,167,844
   
$
   
$
248,167,844
 
                                 
Municipal Income (NMI)
                               
Long-Term Investments:
                               
Municipal Bonds*
 
$
   
$
99,426,666
   
$
   
$
99,426,666
 
Enhanced Municipal Value (NEV)
                               
Long-Term Investments:
                               
Municipal Bonds*
 
$
   
$
379,328,530
   
$
24,003
***
 
$
379,352,533
 
Common Stocks**
   
2,613,302
     
     
     
2,613,302
 
Short-Term Investments:
                               
Municipal Bonds*
   
     
999,230
     
     
999,230
 
Total
 
$
2,613,302
   
$
380,327,760
   
$
24,003
   
$
382,965,065
 

*
Refer to the Fund's Portfolio of Investments for state classifications.
**
Refer to the Fund's Portfolio of Investments for industry classifications.
***
Refer to the Fund's Portfolio of Investments for securities classified as Level 3.

The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

76
 
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The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
 
 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. 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 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" on the Statement of Operations.
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.

Nuveen
 
77

 
Notes to Financial Statements (Unaudited) (continued)
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:

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
Floating Rate Obligations Outstanding
   
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Floating rate obligations: self-deposited Inverse Floaters
 
$
6,630,000
 
$
7,125,000
 
$
3,335,000
 
$
32,095,000
 
Floating rate obligations: externally-deposited Inverse Floaters
   
24,335,000
   
10,165,000
   
6,005,000
   
146,485,000
 
Total
 
$
30,965,000
 
$
17,290,000
 
$
9,340,000
 
$
178,580,000
 
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:

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
Self-Deposited Inverse Floaters
   
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Average floating rate obligations outstanding
 
$
9,498,132
 
$
7,125,000
 
$
3,335,000
 
$
17,779,066
 
Average annual interest rate and fees
   
0.67
%
 
0.60
%
 
0.28
%
 
0.63
%
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 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 are 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, Enhanced Municipal Value (NEV) had outstanding borrowings under such liquidity facilities in the amount of $696,113, which are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities. There were no loans outstanding under such facilities for any of the other Funds as of the end of the reporting period.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (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:

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
Floating Rate Obligations - Recourse Trusts
   
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
 
$
6,630,000
 
$
7,125,000
 
$
 
$
24,095,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
   
24,335,000
   
10,165,000
   
6,005,000
   
143,975,000
 
Total
 
$
30,965,000
 
$
17,290,000
 
$
6,005,000
 
$
168,070,000
 

78
 
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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.
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 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.
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
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 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.
4. Fund Shares
Equity Shelf Programs and Offering Costs
The following Funds have each filed registration statements with the Securities and Exchange Commission ("SEC") authorizing each Fund to issue additional shares through an equity shelf program ("Shelf Offering"), which became effective with the SEC during the current and/or prior fiscal period.
Under these Shelf Offerings, the Funds, subject to market conditions, may raise additional equity capital by issuing additional shares from time to time in varying amounts and by different offering methods at a net price at or above the Fund's NAV per share. In the event a Fund's Shelf Offering registration statement is no longer current, the Fund may not issue additional shares until a post-effective amendment to the registration statement has been filed with the SEC.
Additional authorized shares, shares sold and offering proceeds, net of offering costs under each Fund's Shelf Offering during the Fund's current and/or prior fiscal period (unless otherwise noted), were as follows:

   
Municipal Value (NUV)
   
AMT-Free
Municipal Value (NUW)
   
Enhanced
Municipal Value (NEV)
 
   
Six Months
Ended
4/30/16
 
*
 
Year
Ended
10/31/15
   
Six Months
Ended
4/30/16
 
**
 
Year
Ended
10/31/15
 
***
 
Six Months
Ended
4/30/16
   
Year
Ended
10/31/15
 
Additional authorized shares
   
19,600,000
     
     
1,200,000
     
1,200,000
     
5,200,000
     
5,200,000
 
Shares sold
   
377,976
     
     
843,757
     
122,737
     
1,370,535
     
 
Offering proceeds, net of offering costs
 
$
3,962,190
   
$
   
$
14,844,139
   
$
2,131,586
   
$
21,785,390
   
$
 

*
Represents additional authorized shares for the period March 22, 2016 through April 30, 2016.
**
Represents additional authorized shares for the period February 26, 2016 through April 30, 2016; and the period November 1, 2015 through November 15, 2015.
***
Represents additional authorized shares for the period January 27, 2015 through October 31, 2015.

Nuveen
 
79
 

 
Notes to Financial Statements (Unaudited) (continued)
Costs incurred by the Funds in connection with their Shelf Offerings were recorded as a deferred charge and recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities. The deferred assets are reduced during the one-year period that additional shares are sold by reducing the proceeds from such sales and is recognized as a component of "Proceeds from shelf offering, net of offering costs" on the Statement of Changes in Net Assets. Any remaining deferred charges at the end of the one-year life of the Shelf Offering period will be expensed accordingly, as well as any additional Shelf Offering costs the Funds may incur. As Shelf Offering costs are expensed they are recognized as a component of "Other expenses" on the Statement of Operations.
Share Transactions
Transactions in shares during the Funds' current and prior fiscal period were as follows:

   
Municipal Value (NUV)
   
AMT-Free
Municipal Value (NUW)
 
   
Six Months
Ended
4/30/16
   
Year
Ended
10/31/15
   
Six Months
Ended
4/30/16
   
Year
Ended
10/31/15
 
Shares sold through shelf offering
   
377,976
     
     
843,757
     
122,737
 
Shares issued to shareholders due to reinvestment of distributions
   
50,502
     
     
21,977
     
18,995
 
Weighted average premium to NAV per shelf offering share sold
   
1.33
%
   
%
   
2.41
%
   
1.36
%


   
Municipal Income (NMI)*
   
Enhanced Municipal
Value (NEV)
 
   
Six Months
Ended
4/30/16
   
Year
Ended
10/31/15
   
Six Months
Ended
4/30/16
   
Year
Ended
10/31/15
 
Shares sold through shelf offering
   
     
     
1,370,535
     
 
Shares issued to shareholders due to reinvestment of distributions
   
6,401
     
10,033
     
4,115
     
2,917
 
Weighted average premium to NAV per shelf offering share sold
   
%
   
%
   
1.80
%
   
%

*
Fund was not authorized to issue additional shares through a Shelf Offering.

5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:

   
Municipal
Value
(NUV
 
AMT-Free
Municipal
Value
(NUW
)  
Municipal
Income
(NMI
)  
Enhanced
Municipal
Value
(NEV
)
Purchases
 
$
91,616,334
   
$
27,893,490
   
$
3,158,867
   
$
40,808,220
 
Sales and maturities
   
99,813,698
     
17,306,041
     
755,000
     
5,017,872
 
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 to 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. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of AMT-Free Municipal Value (NUW) the alternative minimum tax applicable to individuals, 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.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

80
 
Nuveen

 
As of April 30, 2016, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
 
     
Municipal
Value
(NUV
)
 
AMT-Free
Municipal
Value
(NUW
)
 
Municipal
Income
(NMI
)
 
Enhanced
Municipal
Value
(NEV
)
Cost of investments
 
$
1,891,937,204
 
$
199,582,207
 
$
84,225,730
 
$
297,656,246
 
Gross unrealized:
                         
Appreciation
 
$
257,810,934
 
$
41,738,274
 
$
12,151,765
 
$
57,342,335
 
Depreciation
   
(21,923,418
)
 
(277,637
)
 
(285,739
)
 
(4,128,246
)
Net unrealized appreciation (depreciation) of investments
 
$
235,887,516
 
$
41,460,637
 
$
11,866,026
 
$
53,214,089
 
 
Permanent differences, primarily due to taxable market discount, paydowns and non deductible offering costs resulted in reclassifications among the Funds' components of net assets as of October 31, 2015, the Funds' last tax year end, as follows:
 
     
Municipal
Value
(NUV
)
 
AMT-Free
Municipal
Value
(NUW
)
 
Municipal
Income
(NMI
)
 
Enhanced
Municipal
Value
(NEV
)
Paid-in-surplus
 
$
(4
)
$
3
 
$
(2
)
$
(168,660
)
Undistributed (Over-distribution of) net investment income
   
(287,479
)
 
(167,666
)
 
(1,375
)
 
151,781
 
Accumulated net realized gain (loss)
   
287,483
   
167,663
   
1,377
   
16,879
 

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2015, the Funds' last tax year end, were as follows:
 
     
Municipal
Value
(NUV
)
 
AMT-Free
Municipal
Value
(NUW
)
 
Municipal
Income
(NMI
)
 
Enhanced
Municipal
Value
(NEV
)
Undistributed net tax-exempt income1
 
$
5,574,303
 
$
655,809
 
$
395,590
 
$
3,767,334
 
Undistributed net ordinary income2
   
391,620
   
202,880
   
81,248
   
106,740
 
Undistributed net long-term capital gains
   
   
   
   
 
 
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2015 and paid on November 2, 2015.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

The tax character of distributions paid during the Funds' last tax year ended October 31, 2015, was designated for purposes of the dividends paid deduction as follows:
 
     
Municipal
Value
(NUV
)
 
AMT-Free
Municipal
Value
(NUW
)
 
Municipal
Income
(NMI
)
 
Enhanced
Municipal
Value
(NEV
)
Distributions from net tax-exempt income
 
$
83,476,720
 
$
10,401,699
 
$
4,196,006
 
$
20,251,258
 
Distributions from net ordinary income2
   
193,185
   
69,219
   
43,093
   
127,511
 
Distributions from net long-term capital gains
   
   
   
   
 
 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

As of October 31, 2015, the Funds' last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

Nuveen
 
81

 
Notes to Financial Statements (Unaudited) (continued)
 
     
Municipal
Value
(NUV
)
 
AMT-Free
Municipal
Value
(NUW
)
 
Municipal
Income
(NMI
)
 
Enhanced
Municipal
Value
(NEV
)
Expiration:
                         
October 31, 2016
 
$
 
$
 
$
68,923
 
$
 
October 31, 2017
   
   
   
289,822
   
 
October 31, 2018
   
   
   
   
2,946,811
 
October 31, 2019
   
   
   
   
16,146,849
 
Not subject to expiration
   
26,234,335
   
1,526,751
   
   
5,678,609
 
Total
 
$
26,234,335
 
$
1,526,751
 
$
358,745
 
$
24,772,269
 
 
During the Funds' last tax year ended October 31, 2015, the Funds utilized capital loss carryforwards as follows:
 
     
Municipal
Value
(NUV
)
 
AMT-Free
Municipal
Value
(NUW
)
 
Municipal
Income
(NMI
)
 
Enhanced
Municipal
Value
(NEV
)
Utilized capital loss carryforwards
 
$
11,011,739
 
$
1,633,178
 
$
496,000
 
$
939,312
 
 
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 Municipal Value (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 Municipal Value (NUV) is calculated according to the following schedule:
 
 
Municipal Value (NUV
)
Average Daily Net Assets
Fund-Level Fee
 
For the first $500 million
   
0.1500
%
For the next $500 million
   
0.1250
 
For net assets over $1 billion
   
0.1000
 
 
In addition, Municipal Value (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:
 
  Municipal Value (NUV
)
Gross Interest Income
 
Gross Income Fee
 
For the first $50 million
   
4.125
%
For the next $50 million
   
4.000
 
For gross income over $100 million
   
3.875
 
 
82
 
Nuveen

 
The annual Fund-level fee, payable monthly, for AMT-Free Municipal Value (NUW), Municipal Income (NMI) and Enhanced Municipal Value (NEV) is calculated according to the following schedules:

 
   
AMT-Free Municipal Value (NUW
)
Average Daily Managed Assets*
 
Fund-Level Fee
 
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 managed assets over $2 billion
   
0.3375
 

   
Municipal Income (NMI
)
Average Daily Net Assets
 
Fund-Level Fee
 
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
   
0.3875
 
For net assets over $5 billion
   
0.3750
 

 
 
Enhanced Municipal Value (NEV
)
Average Daily Managed Assets* 
   Fund-Level Fee  
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 managed assets over $2 billion
   
0.3875
 
 
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 Municipal Value (NUV) and Municipal Income (NMI)):

Complex-Level Managed Asset Breakpoint Level*
   
Effective 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 fund-level and 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 the 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 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. As of April 30, 2016, the complex-level fee rate for each Fund was 0.1629%.

Nuveen
 
83

 
Notes to Financial Statements (Unaudited) (continued)
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. 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.
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser ("inter-fund trade") under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of "Receivable for investments sold" and/or "Payable for investments purchased" on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the following Fund engaged in inter-fund trades pursuant to these procedures as follows:

Inter-Fund Trades
   
Municipal Value (NUV
)
Purchases
 
$
7,029,390
 
Sales
   
 
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. On December 31, 2015 (the only date utilized during the current fiscal period), the following Fund borrowed the following amount from the Unsecured Credit Line at an annualized interest rate of 1.68% on its outstanding balance.

     
Municipal Value (NUV
)
Outstanding balance at December 31, 2015
 
$
4,687,261
 
The remaining Funds in this report did not draw on this Unsecured Credit Line during the current fiscal period.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser ("Participating Funds"), have established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2016 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate 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. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" 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, none of the Funds utilized this facility.

84
 
Nuveen

 
9. Subsequent Events
Equity Shelf Programs
During May 2016, Municipal Income (NMI) filed a registration statement with the SEC to issue an additional 800,000 shares through a Shelf Offering.
Management Fees
Effective August 1, 2016, the annual fund-level fee for the following Funds, payable monthly, will be calculated according to the following schedule:

     
AMT-Free Municipal Value (NUW
)
 
Enhanced Municipal Value (NEV
)
Averaged Daily Managed Assets
   
Fund-Level Fee
   
Fund-Level Fee
 
For the first $125 million
   
0.4000
%
 
0.4500
%
For the next $125 million
   
0.3875
   
0.4375
 
For the next $250 million
   
0.3750
   
0.4250
 
For the next $500 million
   
0.3625
   
0.4125
 
For the next $1 billion
   
0.3500
   
0.4000
 
For the next $3 billion
   
0.3520
   
0.3750
 
For managed assets over $5 billion
   
0.3125
   
0.3625
 

     
Municipal Income (NMI
)
Average Daily Net Assets
   
Fund-Level Fee
 
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
 

Nuveen
 
85



Additional Fund Information

Board of Directors/Trustees
                   
William Adams IV*
 
Margo Cook**
 
Jack B. Evans
 
William C. Hunter
 
David J. Kundert
 
Albin F. Moschner***
John K. Nelson
 
William J. Schneider
 
Thomas S. Schreier, Jr.****
 
Judith M. Stockdale
 
Carole E. Stone
 
Terence J. Toth
Margaret L. Wolff
                   

*
Interested Board Member.
**
Interested Board Member effective July 1, 2016.
***
Effective July 1, 2016.
****
Interested Board Member and retired from the Funds' Board of Directors/Trustees effective May 31, 2016.
   

Fund Manager
 
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
 
State Street Bank
Chicago, IL 60606
 
One Lincoln Street
     
Chicago, IL 60601
 
& Trust Company
   
Boston, MA 02111
         
Nuveen Funds
               
P.O. Box 43071
               
Providence, RI 02940-3071
               
(800) 257-8787
                 
Quarterly Form N-Q 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 on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
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) 3257-8787. 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.

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
 
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.

86
 
Nuveen
 

 
Glossary of Terms Used in this Report

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.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
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.
   
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
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-Refunding: 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.

Nuveen
 
87



Glossary of Terms Used in this Report (continued)

Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
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.

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Nuveen


Reinvest Automatically, Easily and Conveniently  
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

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Notes

 
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Nuveen:   
 
Serving Investors for Generations
 

Since 1898, financial advisors 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 equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 

Focused on meeting investor needs.
Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen's teams of experts align with clients' specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages more than $229 billion in assets as of March 31, 2016.
 

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 advisor, 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/cef
 
Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com    
 
ESA-A-0416D 16846-INV-B-06/17
 

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 second fiscal quarter of 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. 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.

(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 AMT-Free Municipal Value Fund

By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary

Date: July 7, 2016
 
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/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)

Date: July 7, 2016
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: July 7, 2016