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)

Gifford R. Zimmerman
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, 2017

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 
66 
Statement of Operations 
67 
Statement of Changes in Net Assets 
68 
Financial Highlights 
70 
Notes to Financial Statements 
74 
Additional Fund Information 
85 
Glossary of Terms Used in this Report 
86 
Reinvest Automatically, Easily and Conveniently 
88 
 
NUVEEN 3

 

Chairman's Letter to Shareholders
Dear Shareholders,
Whether politics or the economy will prevail over the financial markets this year has been a much-analyzed question. After the U.S. presidential election, stocks rallied to new all-time highs, bonds tumbled, and business and consumer sentiment grew pointedly optimistic. But, to what extent the White House can translate rhetoric into stronger economic and corporate earnings growth remains to be seen. Stock prices have experienced upward momentum driven by positive economic news and earnings growth, inflation is ticking higher and interest rates are higher amid the Federal Reserve (Fed) rate hikes.
The Trump administration's early policy decisions have caused the markets to reassess their outlooks, cooling the stock market rally and stabilizing bond prices. The White House's pro-growth agenda of tax reform, infrastructure spending and deregulation remains on the table, but there is growing recognition that it may look different than Wall Street had initially expected. Additionally, Brexit negotiations in the U.K. face new uncertainties in light of the reshuffling of Parliament following the June snap election.
Nevertheless, there is a case for optimism. The jobs recovery, firming wages, the housing market and confidence measures are supportive of continued expansion in the economy. The Fed enacted a series of interest rate hikes in December 2016, March 2017 and June 2017, a vote of confidence that its employment and inflation targets are generally on track. Economies outside the U.S. have strengthened in recent months, possibly heralding the beginnings of a global synchronized recovery. Furthermore, the populist/nationalist undercurrent that helped deliver President Trump's win and triggered the U.K.'s Brexit remained in the minority during both March's Dutch general election and May's French presidential election, easing the political uncertainty surrounding Germany's elections later this year.
In the meantime, the markets will be focused on economic sentiment surveys along with "hard" data such as consumer and business spending to gauge the economy's progress. With the Fed now firmly in tightening mode, rate moves that are more aggressive than expected could spook the markets and potentially stifle economic growth. On the political economic front, President Trump's other signature platform plank, protectionism, is arguably anti-growth. We expect some churning in the markets as these issues sort themselves out.
Market volatility readings have been remarkably low of late, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. 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 23, 2017
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, an affiliate of Nuveen, LLC. Portfolio managers Daniel J. Close, CFA, Christopher L. Drahn, CFA, and Steven M. Hlavin discuss key investment strategies and the six-month performance of these four national Funds. Dan has managed NUV and NUW since 2016. 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.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2017?
The overall municipal bond market sold off sharply in the first two months of the reporting period following the unexpected U.S. presidential election outcome and concerns that the Trump administration's tax, regulatory, health care and infrastructure policy might have a negative impact on the demand for, as well as the performance of, municipal bonds. However, as the new administration's term began, the municipal bond market partially recovered the earlier losses, supported by the market pricing in more realistic expectations about reforms and a better understanding of the limited impact it would have on the municipal market. For the reporting period overall, interest rates rose and credit spreads widened, which were headwinds for municipal bond performance, offsetting a generally positive fundamental backdrop. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.
Our trading activity continued to focus on pursuing the Funds' investment objectives. Generally speaking, throughout this reporting period, the Funds maintained their overall positioning strategies in terms of duration and yield curve positioning, credit quality exposures and sector allocations.

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.
For financial reporting purposes, the ratings disclosed 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). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while 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)
NUV and NUW were active buyers throughout the reporting period, adding bonds from both the new issue and secondary markets across a range of sectors. The market conditions during the reporting period provided attractive opportunities for tax loss swaps. This strategy involves selling lower coupon bonds that were bought when interest rates were lower and using the proceeds to buy similarly structured bonds with higher coupons, to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds' income distribution capabilities. We also reinvested proceeds from called bonds in NUV and NUW. In NUV, Golden State Tobacco Settlement bonds were one of the larger holdings to be called in this reporting period. NUW continued to see heightened levels of call activity and maturities (which is to be expected as the Fund approaches its 10-year mark in 2019), and as such we sought to lengthen its duration when possible.
NMI's trading activity was somewhat muted, by comparison. Our purchases were focused on longer duration credits in the health care sector, including bonds issued for hospitals and senior living centers. NMI also took advantage of engaging in tax loss swaps to help boost the Fund's income stream. While bond calls and maturities were relatively small in this reporting period, NMI's weighting in the AA rated category declined mildly due to the combination of calls and tax loss swaps, with proceeds being reinvested into the single A, BBB and BB rated categories.
In NEV, we reinvested the proceeds from a fair amount of call activity and sold some toll road positions with lower book yields to fund the purchases of higher yielding bonds issued for an Iowa fertilizer plant, a toll road and the Chicago Board of Education.
As of April 30, 2017, 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, 2017?
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, 2017. Each Fund's total returns at net asset value (NAV) are compared with the performance of a corresponding market index.
For the six months ended April 30, 2017, the total returns at NAV for NUW exceeded the return for the national S&P Municipal Bond Index, while NUV and NMI performed in line with the index and NEV underperformed the index.
The Funds' relative performance was driven largely by their duration and yield curve positioning during the reporting period. Yields on the longer end of the curve rose more than yields on the shorter end, causing longer bonds to underperform. NUV and NEV were hurt by their overweight allocations to the longer end of the yield curve, while NUW and NMI held smaller overweights to longer duration bonds, which mitigated the negative impact. NUW also benefited from its overweight allocations to the shorter end of the yield curve (notably the two-to-four year bucket), as this end of the curve was the best-performing segment in this reporting period.
Credit quality also influenced performance, although to a lesser extent than duration and yield curve positioning. NUV and NUW strongly benefited from overweight allocations to single B rated credits (most of which were tobacco securitization bonds), but the relative gains were somewhat offset by the Funds' exposures to AA rated bonds, which detracted from performance. NEV's overweight allocations to BBB and below investment grade bonds were disadvantageous to performance, as these ratings categories underperformed. However, an overweight allocation to the non-rated segment, which outperformed, contributed positively. For NMI, the relative performance impact of credit quality exposures was not a major factor in this reporting period.
Sector positioning had a mixed influence on performance during the reporting period. Tobacco securitization bonds were a stand-out performer in this reporting period as refunding activity reduced supply and created more favorable technical conditions for the sector, and the fundamental outlook for the sector improved after a report that cigarette smoking rates have declined less than forecasted. NUV, NUW and NMI benefited from their exposures to the tobacco sector, while the sector had a negative impact on NEV's performance. In addition, NUV was helped by its overweight to the pre-refunded sector, which was another top-performing sector in this reporting period, despite underperformance from an underweight to the single-family housing sector. NUW was also hurt by an underweight allocation to the single-family housing sector, but this was offset by an underweight to the higher education sector,
6 NUVEEN

 

which bolstered performance. For NEV, overweight allocations to health care and the industrial development revenue sectors were also detractors from performance, along with its tobacco sector exposure.
In addition, the use of leverage was an important factor affecting 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: Puerto Rico's ongoing debt restructuring is one such case. Puerto Rico began warning investors in 2014 the island's debt burden might prove to be unsustainable and the Commonwealth pursued various strategies to deal with this burden.
In June 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation established an independent Financial Oversight and Management Board charged with restructuring Puerto Rico's financial operations and encouraging economic development. In addition to creating an oversight board, PROMESA also provides a legal framework and court-supervised debt restructuring process that enables Puerto Rico to adjust its debt obligations. In March 2017, the oversight board certified a ten-year fiscal plan projecting revenues, expenditures and a primary fiscal surplus available for debt service over the plan horizon. The fiscal plan was considered quite detrimental to creditors, identifying available resources to pay only about 24% of debt service due over the ten year term. In May 2017 (subsequent to the close of this reporting period), the oversight board initiated a bankruptcy-like process for the general government, general obligation debt, the Puerto Rico Sales Tax Financing Corporation (COFINA), the Highways and Transportation Authority (HTA), and the Employee Retirement System. Officials have indicated more public corporations could follow. As of June 2017 Puerto Rico has defaulted on many of its debt obligations, including General Obligation bonds.
In terms of Puerto Rico holdings, shareholders should note that NEV had limited exposure, which was either insured or investment grade, to Puerto Rico debt, 0.43%, while NUV, 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 in default and rated Caa3/D/D 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 its pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Funds' current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but they announced in March 2017, that they anticipate doing so sometime in the ensuing several months. Such changes could have an impact on the net asset value of the Funds' shares.
NUVEEN 7

 

Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of NEV 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 had a negligable impact on performance of NUV, NUW, and NMI during the reporting period, while making a negative contribution to NEV over this reporting period.
         
As of April 30, 2017, the Funds' percentages of leverage are as shown in the accompanying table. 
 
 
 
 
NUV 
NUW 
NMI 
NEV 
Effective Leverage* 
0.92% 
6.63% 
6.00% 
34.47% 
 
*  Effective Leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund's effective leverage ratio.
8 NUVEEN

 

Share Information
DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of April 30, 2017. 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 2016 
 
$
0.0325
   
$
0.0600
   
$
0.0415
   
$
0.0725
 
December 
   
0.0325
     
0.0600
     
0.0405
     
0.0680
 
January 
   
0.0325
     
0.0600
     
0.0405
     
0.0680
 
February 
   
0.0325
     
0.0600
     
0.0405
     
0.0680
 
March 
   
0.0325
     
0.0600
     
0.0405
     
0.0680
 
April 2017 
   
0.0325
     
0.0600
     
0.0405
     
0.0680
 
Total Monthly Per Share Distributions 
 
$
0.1950
   
$
0.3600
   
$
0.2440
   
$
0.4125
 
Ordinary Income Distribution* 
 
$
0.0022
   
$
0.0072
   
$
0.0020
   
$
0.0012
 
Total Distributions from Net Investment Income 
 
$
0.1972
   
$
0.3672
   
$
0.2460
   
$
0.4137
 
   
Yields 
                               
Market Yield** 
   
3.90
%
   
4.22
%
   
3.95
%
   
5.69
%
Taxable-Equivalent Yield** 
   
5.42
%
   
5.86
%
   
5.49
%
   
7.90
%
 
*
**
Distribution paid in December 2016.
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, 2017, 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. During the current fiscal period, each Fund was authorized to issue additional shares under one or more shelf offerings. The total amount of shares authorized under these Shelf Offerings are as shown in the accompanying table.
 
NUV 
NUW 
NEV 
Additional authorized shares 
19,600,000*
2,600,000 
5,200,000 
* Represents additional authorized shares for the period November 1, 2016 through February 28, 2017.
During the current reporting period, the following Fund sold common shares through its Shelf Offering at a weighted average premium to its NAV per share as shown in the accompanying table.
 
 
NUW
 
Shares sold through shelf offering 
   
123,474
 
Weighted average premium to NAV per share sold 
   
1.50
%
 
During the prior reporting period, NMI and NEV each filed an initial registration statement with the SEC to establish new Shelf Offerings. During May 2017, subsequent to the close of this reporting period, NMI's Shelf Offering was declared effective, while NEV's is not yet effective.
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 2016, 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, 2017, 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 
20,645,000 
1,430,000 
830,000 
2,455,000 
 
OTHER SHARE INFORMATION
As of April 30, 2017, 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 
 
$
10.14
   
$
16.79
   
$
11.31
   
$
14.86
 
Share price 
 
$
10.00
   
$
17.05
   
$
12.31
   
$
14.33
 
Premium/(Discount) to NAV 
   
(1.38
)%
   
1.55
%
   
8.84
%
   
(3.57
)%
6-month average premium/(discount) to NAV 
   
(3.73
)%
   
(0.89
)%
   
3.40
%
   
(4.04
)%
 
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, 2017
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, 2017
                         
 
 
Cumulative
         
Average Annual
       
 
 
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NUV at NAV 
   
(0.47
)%
   
0.51
%
   
4.43
%
   
4.59
%
NUV at Share Price 
   
2.25
%
   
(1.19
)%
   
3.98
%
   
4.64
%
S&P Municipal Bond Index 
   
(0.41
)%
   
0.57
%
   
3.33
%
   
4.29
%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
 
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.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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 
98.8% 
Corporate Bonds 
0.0% 
Short-Term Municipal Bonds 
0.5% 
Other Assets Less Liabilities 
1.4% 
Net Assets Plus Floating Rate 
 
Obligations 
100.7% 
Floating Rate Obligations 
(0.7)% 
Net Assets 
100% 
 
Credit Quality 
 
(% of total investment exposure) 
 
AAA/U.S. Guaranteed 
18.4% 
AA 
47.5% 
A 
14.0% 
BBB 
9.9% 
BB or Lower 
8.9% 
N/R (not rated) 
1.3% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
19.8% 
Transportation 
18.8% 
Health Care 
16.4% 
U.S. Guaranteed 
12.4% 
Tax Obligation/General 
11.5% 
Consumer Staples 
6.3% 
Utilities 
5.0% 
Other 
9.8% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
14.8% 
Texas 
12.8% 
California 
12.3% 
Colorado 
6.1% 
Florida 
5.6% 
Ohio 
5.3% 
New York 
4.8% 
New Jersey 
4.0% 
Michigan 
3.9% 
Wisconsin 
3.6% 
Nevada 
3.0% 
Indiana 
2.3% 
Washington 
2.2% 
Other 
19.3% 
Total 
100% 
 
NUVEEN 13

 

NUW
Nuveen AMT-Free Municipal Value Fund
Performance Overview and Holding Summaries as of April 30, 2017
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, 2017
                         
 
 
Cumulative
         
Average Annual
       
 
                   
Since
 
 
 
6-Month
   
1-Year
   
5-Year
   
Inception
 
NUW at NAV 
   
(0.33
)%
   
0.28
%
   
4.36
%
   
7.18
%
NUW at Share Price 
   
2.78
%
   
0.82
%
   
5.00
%
   
6.85
%
S&P Municipal Bond Index 
   
(0.41
)%
   
0.57
%
   
3.33
%
   
5.16
%
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 return information is provided for the Fund's shares at NAV only. Indexes 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.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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 
98.1% 
Other Assets Less Liabilities 
4.8% 
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 
34.6% 
AA 
30.4% 
A 
14.0% 
BBB 
12.5% 
BB or Lower 
7.2% 
N/R (not rated) 
1.3% 
Total 
100% 
 
Portfolio Composition 
 
(% of total investments) 
 
U.S. Guaranteed 
30.4% 
Tax Obligation/General 
11.6% 
Transportation 
11.4% 
Utilities 
11.1% 
Tax Obligation/Limited 
10.3% 
Health Care 
7.5% 
Consumer Staples 
7.2% 
Education and Civic Organizations 
3.2% 
Other 
7.3% 
Total 
100% 
 
States and Territories 
 
(% of total municipal bonds) 
 
California 
13.3% 
Illinois 
12.0% 
Florida 
8.6% 
Texas 
6.8% 
Ohio 
6.2% 
Wisconsin 
5.9% 
New Jersey 
5.4% 
Colorado 
5.3% 
Indiana 
5.3% 
Nevada 
4.0% 
New York 
3.6% 
Louisiana 
3.6% 
Other 
20.0% 
Total 
100% 
 
NUVEEN 15

 

NMI
Nuveen Municipal Income Fund, Inc.
Performance Overview and Holding Summaries as of April 30, 2017
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, 2017
                         
 
 
Cumulative
         
Average Annual
       
 
 
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NMI at NAV 
   
(0.43
)%
   
0.83
%
   
4.77
%
   
5.35
%
NMI at Share Price 
   
3.08
%
   
4.20
%
   
5.78
%
   
6.39
%
S&P Municipal Bond Index 
   
(0.41
)%
   
0.57
%
   
3.33
%
   
4.29
%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
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.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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 
98.4% 
Other Assets Less Liabilities 
1.6% 
Net Assets 
100% 
 
Credit Quality 
 
(% of total investment exposure) 
 
AAA/U.S. Guaranteed 
14.1% 
AA 
24.7% 
A 
25.1% 
BBB 
23.6% 
BB or Lower 
8.2% 
N/R (not rated) 
4.3% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
21.9% 
Tax Obligation/General 
13.4% 
Tax Obligation/Limited 
10.8% 
U.S. Guaranteed 
10.3% 
Transportation 
9.9% 
Education and Civic Organizations 
9.5% 
Utilities 
7.3% 
Consumer Staples 
5.4% 
Long-Term Care 
4.0% 
Other 
7.5% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
California 
17.7% 
Illinois 
10.4% 
Texas 
10.3% 
Colorado 
8.7% 
Wisconsin 
5.8% 
Florida 
5.6% 
Ohio 
4.8% 
Missouri 
4.1% 
New York 
3.7% 
Pennsylvania 
3.5% 
Tennessee 
2.4% 
Kentucky 
2.3% 
Georgia 
2.3% 
Other 
18.4% 
Total 
100% 
 
NUVEEN 17

 

NEV
Nuveen Enhanced Municipal Value Fund
Performance Overview and Holding Summaries as of April 30, 2017
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, 2017
                         
 
 
Cumulative
         
Average Annual
       
 
                   
Since
 
 
 
6-Month
   
1-Year
   
5-Year
   
Inception
 
NEV at NAV 
   
(1.90
)%
   
(0.85
)%
   
5.92
%
   
6.95
%
NEV at Share Price 
   
0.02
%
   
(5.82
)%
   
5.10
%
   
5.93
%
S&P Municipal Bond Index 
   
(0.41
)%
   
0.57
%
   
3.33
%
   
4.23
%
 
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 return information is provided for the Fund's shares at NAV only. Indexes 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.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. 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 
108.8% 
Common Stocks 
0.6% 
Short-Term Municipal Bonds 
0.8% 
Other Assets Less Liabilities 
2.9% 
Net Assets Plus Floating Rate 
 
Obligations 
113.1% 
Floating Rate Obligations 
(13.1)% 
Net Assets 
100% 
 
Credit Quality 
 
(% of total investment exposure) 
 
AAA/U.S. Guaranteed 
20.1% 
AA 
33.4% 
A 
16.4% 
BBB 
14.5% 
BB or Lower 
9.7% 
N/R (not rated) 
5.5% 
N/A (not applicable) 
0.4% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
21.2% 
Health Care 
20.7% 
Transportation 
12.4% 
U.S. Guaranteed 
9.9% 
Education and Civic Organizations 
6.5% 
Utilities 
6.2% 
Tax Obligation/General 
6.1% 
Consumer Staples 
5.6% 
Industrials 
3.2% 
Other 
8.2% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
California 
14.3% 
Illinois 
13.3% 
Ohio 
9.6% 
Wisconsin 
9.2% 
Pennsylvania 
6.0% 
Florida 
5.3% 
Georgia 
4.1% 
Washington 
4.0% 
New Jersey 
3.8% 
Louisiana 
3.3% 
Texas 
3.2% 
New York 
3.2% 
Colorado 
3.1% 
Other 
17.6% 
Total 
100% 
 
NUVEEN 19

NUV 
 
 
 
 
Nuveen Municipal Value Fund, Inc. 
 
 
 
Portfolio of Investments 
April 30, 2017 (Unaudited) 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 98.8% 
 
 
 
 
 
MUNICIPAL BONDS – 98.8% 
 
 
 
 
 
Alaska – 0.1% 
 
 
 
$   2,710 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
7/17 at 100.00 
B3 
$    2,635,990 
 
 
Series 2006A, 5.000%, 6/01/32 
 
 
 
 
 
Arizona – 0.8% 
 
 
 
2,500 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 
7/18 at 100.00 
AA– 
2,605,075 
 
 
2008A, 5.000%, 7/01/38 
 
 
 
2,575 
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 
12/17 at 102.00 
B– 
2,388,776 
 
 
2008, 7.000%, 12/01/27 
 
 
 
5,600 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
6,562,416 
 
 
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
 
 
 
4,240 
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale 
9/20 at 100.00 
AA 
4,555,074 
 
 
Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured 
 
 
 
14,915 
 
Total Arizona 
 
 
16,111,341 
 
 
Arkansas – 0.3% 
 
 
 
1,150 
 
Benton Washington Regional Public Water Authority, Arkansas, Water Revenue Bonds, Refunding & 
10/17 at 100.00 
A (4) 
1,169,056 
 
 
Improvement Series 2007, 4.750%, 10/01/33 (Pre-refunded 10/01/17) – SYNCORA GTY Insured 
 
 
 
5,650 
 
Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A, 4.750%, 11/01/18 – 
7/17 at 100.00 
AA 
5,667,289 
 
 
AGM Insured 
 
 
 
6,800 
 
Total Arkansas 
 
 
6,836,345 
 
 
California – 12.1% 
 
 
 
5,000 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 
10/26 at 100.00 
BBB+ 
5,593,300 
 
 
Subordinate Lien Series 2016B, 5.000%, 10/01/36 
 
 
 
4,615 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
No Opt. Call 
AA 
3,945,133 
 
 
Project, Series 1997C, 0.000%, 9/01/23 – AGM Insured 
 
 
 
5,000 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 
4/23 at 100.00 
AA– 
5,634,450 
 
 
2013S-4, 5.000%, 4/01/38 
 
 
 
4,800 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold 
7/17 at 100.00 
CCC 
1,906,752 
 
 
Country Settlement Funding Corporation, Refunding Series 2006, 0.000%, 6/01/33 
 
 
 
 
 
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 
3,323,044 
4,200 
 
5.600%, 6/01/36 
12/18 at 100.00 
B3 
4,275,096 
1,175 
 
California Department of Water Resources, Central Valley Project Water System Revenue Bonds, 
12/26 at 100.00 
AAA 
1,408,590 
 
 
Refunding Series 2016AW, 5.000%, 12/01/33 
 
 
 
10,000 
 
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, 
11/26 at 100.00 
AA– 
11,191,100 
 
 
Refunding Series 2016B, 5.000%, 11/15/46 
 
 
 
15,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, 
No Opt. Call 
AA– 
18,578,998 
 
 
Series 2017A-2, 5.000%, 11/01/47 (WI/DD, Settling 5/03/17) 
 
 
 
3,850 
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, 
7/23 at 100.00 
AA– 
4,359,779 
 
 
Series 2013A, 5.000%, 7/01/33 
 
 
 
2,335 
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 
7/20 at 100.00 
Baa2 
2,539,803 
 
 
2010A, 5.750%, 7/01/40 
 
 
 
2,130 
 
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric 
6/17 at 100.00 
A3 (4) 
2,136,688 
 
 
Company, Series 2004C, 4.750%, 12/01/23 (Pre-refunded 6/01/17) – FGIC Insured (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
 
20 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$   1,625 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
11/23 at 100.00 
A+ 
$    1,825,038 
 
 
2013I, 5.000%, 11/01/38 
 
 
 
1,620 
 
California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30 
7/17 at 100.00 
AA– 
1,624,147 
 
 
California State, General Obligation Bonds, Various Purpose Series 2007: 
 
 
 
9,730 
 
5.000%, 6/01/37 (Pre-refunded 6/01/17) 
6/17 at 100.00 
Aaa 
9,768,044 
6,270 
 
5.000%, 6/01/37 (Pre-refunded 6/01/17) 
6/17 at 100.00 
Aaa 
6,294,516 
5,000 
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 
10/21 at 100.00 
AA– 
5,569,250 
3,500 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/26 at 100.00 
BB 
3,720,010 
 
 
University Medical Center, Series 2016A, 5.000%, 12/01/46 
 
 
 
3,125 
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
N/R (4) 
3,522,188 
 
 
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 
 
 
 
3,600 
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, 
7/18 at 100.00 
AA– (4) 
3,805,740 
 
 
Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured 
 
 
 
6,120 
 
Chino Valley Unified School District, San Bernardino County, California, General Obligation 
8/17 at 53.63 
Aa2 
3,250,271 
 
 
Bonds, Series 2006D, 0.000%, 8/01/30 
 
 
 
5,000 
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 
8/18 at 100.00 
AA+ (4) 
5,264,800 
 
 
2006C, 5.000%, 8/01/32 (Pre-refunded 8/01/18) – AGM Insured 
 
 
 
4,505 
 
Covina-Valley Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
AA– 
3,190,441 
 
 
Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured 
 
 
 
16,045 
 
Desert Community College District, Riverside County, California, General Obligation Bonds, 
8/17 at 42.63 
AA 
6,821,371 
 
 
Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured 
 
 
 
2,180 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
1/31 at 100.00 
BBB– 
1,802,577 
 
 
Refunding Series 2013A, 6.850%, 1/15/42 
 
 
 
30,000 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
No Opt. Call 
AAA 
27,975,598 
 
 
1995A, 0.000%, 1/01/22 (ETM) 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2007A-1: 
 
 
 
14,475 
 
5.000%, 6/01/33 
6/17 at 100.00 
B+ 
14,554,613 
1,500 
 
5.125%, 6/01/47 
6/17 at 100.00 
B– 
1,499,895 
2,545 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
N/R (4) 
2,553,526 
 
 
Bonds, Series 2007A-1, 4.500%, 6/01/27 (Pre-refunded 6/01/17) 
 
 
 
 
 
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– 
2,188,775 
2,555 
 
0.000%, 8/01/24 – FGIC Insured 
No Opt. Call 
AA– 
2,150,927 
2,365 
 
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
AA– 
1,751,188 
 
 
Election 1998 Series 2004, 0.000%, 8/01/27 – FGIC Insured 
 
 
 
 
 
Mount San Antonio Community College District, Los Angeles County, California, General 
 
 
 
 
 
Obligation Bonds, Election of 2008, Series 2013A: 
 
 
 
3,060 
 
0.000%, 8/01/28 (5) 
2/28 at 100.00 
Aa1 
2,832,917 
2,315 
 
0.000%, 8/01/43 (5) 
8/35 at 100.00 
Aa1 
1,713,656 
3,550 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
4,944,440 
 
 
2009C, 6.500%, 11/01/39 
 
 
 
 
 
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 
3,906,144 
11,575 
 
0.000%, 8/01/31 – NPFG Insured 
8/17 at 49.07 
Aa2 
5,656,355 
2,350 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Ba1 (4) 
2,682,619 
 
 
6.750%, 11/01/39 (Pre-refunded 11/01/19) 
 
 
 
10,150 
 
Placer Union High School District, Placer County, California, General Obligation Bonds, Series 
No Opt. Call 
AA 
5,539,160 
 
 
2004C, 0.000%, 8/01/33 – AGM Insured 
 
 
 
 
NUVEEN 21

 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$    4,000 
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical 
7/17 at 100.00 
Baa2 
$    4,015,360 
 
 
Center, Refunding Series 2007A, 5.000%, 7/01/47 
 
 
 
15,505 
 
Riverside Public Financing Authority, California, Tax Allocation Bonds, University 
8/17 at 100.00 
AA– 
15,625,629 
 
 
Corridor/Sycamore Canyon Merged Redevelopment Project, Arlington Redevelopment 
 
 
 
 
 
Project, Hunter Park/Northside Redevelopment Project, Magnolia Center Redevelopment 
 
 
 
 
 
Project, 5.000%, 8/01/37 – NPFG Insured 
 
 
 
 
 
San Bruno Park School District, San Mateo County, California, General Obligation Bonds, 
 
 
 
 
 
Series 2000B: 
 
 
 
2,575 
 
0.000%, 8/01/24 – FGIC Insured 
No Opt. Call 
AA 
2,183,394 
2,660 
 
0.000%, 8/01/25 – FGIC Insured 
No Opt. Call 
AA 
2,152,791 
250 
 
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
BBB+ (4) 
302,898 
 
 
Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41 (Pre-refunded 2/01/21) 
 
 
 
12,095 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
No Opt. Call 
AA– 
9,181,435 
 
 
Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured 
 
 
 
13,220 
 
San Mateo County Community College District, California, General Obligation Bonds, Series 
No Opt. Call 
AAA 
9,569,033 
 
 
2006A, 0.000%, 9/01/28 – NPFG Insured 
 
 
 
5,000 
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, 
No Opt. Call 
Aaa 
4,268,250 
 
 
Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured 
 
 
 
5,815 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding 
No Opt. Call 
AA 
1,211,613 
 
 
Series 2015, 0.000%, 8/01/48 
 
 
 
2,000 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
B+ 
1,999,940 
 
 
Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27 
 
 
 
 
 
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) 
401,687 
720 
 
5.250%, 5/15/39 (Pre-refunded 5/15/19) 
5/19 at 100.00 
AA (4) 
781,661 
210 
 
5.250%, 5/15/39 (Pre-refunded 5/15/19) 
5/19 at 100.00 
N/R (4) 
227,984 
290,260 
 
Total California 
 
 
253,222,614 
 
 
Colorado – 6.1% 
 
 
 
5,000 
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – 
7/17 at 100.00 
BBB– 
5,008,250 
 
 
SYNCORA GTY Insured 
 
 
 
5,200 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
7/17 at 100.00 
BBB+ 
5,212,064 
 
 
Series 2006A, 4.500%, 9/01/38 
 
 
 
7,105 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
1/23 at 100.00 
BBB+ 
7,419,467 
 
 
Series 2013A, 5.250%, 1/01/45 
 
 
 
1,700 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, 
9/18 at 102.00 
AA 
1,790,865 
 
 
Series 2005C, 5.250%, 3/01/40 – AGM Insured 
 
 
 
2,845 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
3,121,591 
 
 
Leavenworth Health Services Corporation, Refunding Composite Deal Series 2010B, 5.000%, 1/01/21 
 
 
 
15,925 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
17,016,657 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
2,000 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/22 at 100.00 
Aa2 
2,217,940 
 
 
Revenue Bonds, Series 2012A, 5.000%, 3/01/41 
 
 
 
 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B: 
 
 
 
2,750 
 
5.000%, 11/15/25 
11/22 at 100.00 
A+ 
3,174,490 
2,200 
 
5.000%, 11/15/29 
11/22 at 100.00 
A+ 
2,527,162 
5,160 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 
11/23 at 100.00 
A 
5,704,638 
 
 
5.000%, 11/15/43 
 
 
 
2,000 
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, 
12/26 at 100.00 
Baa2 
2,209,960 
 
 
Refunding Senior Lien Series 2016, 5.000%, 12/01/35 
 
 
 
 
22 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
$    9,660 
 
0.000%, 9/01/29 – NPFG Insured 
No Opt. Call 
AA– 
$    6,135,549 
24,200 
 
0.000%, 9/01/31 – NPFG Insured 
No Opt. Call 
AA– 
13,975,984 
17,000 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
AA– 
9,364,110 
7,600 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 
9/26 at 52.09 
AA– 
2,654,528 
 
 
9/01/39 – NPFG Insured 
 
 
 
 
 
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– 
4,689,762 
10,075 
 
0.000%, 3/01/36 – NPFG Insured 
9/20 at 41.72 
AA– 
3,648,158 
5,000 
 
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 
12/17 at 100.00 
AA (4) 
5,132,400 
 
 
5.350%, 12/01/37 (Pre-refunded 12/01/17) – RAAI Insured 
 
 
 
8,000 
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
No Opt. Call 
A 
11,012,720 
 
 
Utilities, Series 2008, 6.500%, 11/15/38 
 
 
 
5,000 
 
Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding 
11/21 at 100.00 
Baa1 
5,742,450 
 
 
Series 2011, 6.000%, 11/01/26 
 
 
 
3,750 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
7/20 at 100.00 
BBB+ 
4,143,563 
 
 
Activity Bonds, Series 2010, 6.000%, 1/15/41 
 
 
 
4,945 
 
Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, Series 
11/26 at 100.00 
AA+ 
5,691,646 
 
 
2017A, 5.000%, 11/01/40 
 
 
 
154,815 
 
Total Colorado 
 
 
127,593,954 
 
 
Connecticut – 0.1% 
 
 
 
1,500 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, 
7/21 at 100.00 
A 
1,596,825 
 
 
Series 2011A, 5.000%, 7/01/41 
 
 
 
8,959 
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 
No Opt. Call 
N/R 
347,620 
 
 
2013A, 0.240%, 7/01/31, PIK, (6) 
 
 
 
10,459 
 
Total Connecticut 
 
 
1,944,445 
 
 
District of Columbia – 0.6% 
 
 
 
15,000 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
7/17 at 100.00 
N/R 
2,102,700 
 
 
Series 2006A, 0.000%, 6/15/46 
 
 
 
10,000 
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, 
7/17 at 100.00 
AA+ 
10,022,300 
 
 
Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured 
 
 
 
25,000 
 
Total District of Columbia 
 
 
12,125,000 
 
 
Florida – 5.6% 
 
 
 
3,000 
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – 
10/21 at 100.00 
AA 
3,356,670 
 
 
AGM Insured 
 
 
 
565 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
6/25 at 100.00 
N/R 
575,492 
 
 
Charter School Income Projects, Series 2015A, 6.000%, 6/15/35 
 
 
 
2,845 
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding 
10/19 at 100.00 
AA– (4) 
3,111,548 
 
 
Series 2009C, 5.000%, 10/01/34 (Pre-refunded 10/01/19) 
 
 
 
2,290 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, 
10/24 at 100.00 
A+ 
2,554,037 
 
 
Subordinate Lien Series 2015B, 5.000%, 10/01/40 
 
 
 
5,000 
 
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, 
10/17 at 100.00 
BBB+ (4) 
5,088,550 
 
 
Refunding and Improvement Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17) 
 
 
 
5,090 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 
7/20 at 100.00 
A 
5,567,238 
 
 
5.000%, 7/01/40 
 
 
 
9,500 
 
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children's 
8/21 at 100.00 
A+ 
11,319,535 
 
 
Hospital, Series 2010A, 6.000%, 8/01/46 
 
 
 
2,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding 
10/24 at 100.00 
A 
2,234,800 
 
 
Series 2014B, 5.000%, 10/01/37 
 
 
 
 
NUVEEN 23

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$    6,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B, 
10/19 at 100.00 
A (4) 
$    6,629,160 
 
 
5.500%, 10/01/36 (Pre-refunded 10/01/19) 
 
 
 
4,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
A 
4,454,280 
 
 
5.000%, 10/01/29 
 
 
 
4,000 
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 
7/22 at 100.00 
AA 
4,447,080 
 
 
5.000%, 7/01/42 
 
 
 
9,590 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 
10/20 at 100.00 
AA 
10,579,496 
 
 
10/01/39 – AGM Insured 
 
 
 
10,725 
 
Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A, 
5/24 at 100.00 
AA+ (4) 
12,991,085 
 
 
5.000%, 11/01/44 (Pre-refunded 5/01/24) 
 
 
 
3,250 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, 
11/22 at 100.00 
BBB+ 
3,394,528 
 
 
Series 2013A, 5.000%, 11/01/43 
 
 
 
9,440 
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, 
7/17 at 100.00 
AA– (4) 
9,509,101 
 
 
Series 2007B, 5.000%, 7/01/40 (Pre-refunded 7/01/17) – NPFG Insured 
 
 
 
2,500 
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27 
10/17 at 100.00 
BBB 
2,527,850 
6,865 
 
South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 
5/25 at 100.00 
AA 
7,025,710 
 
 
4.000%, 5/01/34 
 
 
 
 
 
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– 
3,070,874 
14,730 
 
5.000%, 8/15/42 (UB) (7) 
8/17 at 100.00 
AA– 
14,828,249 
3,300 
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 
5/22 at 100.00 
Aa2 
3,672,306 
 
 
5.000%, 11/15/33 
 
 
 
107,725 
 
Total Florida 
 
 
116,937,589 
 
 
Georgia – 0.3% 
 
 
 
3,325 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/40 
5/25 at 100.00 
Aa2 
3,800,375 
2,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 
10/26 at 100.00 
AA+ 
2,292,620 
 
 
Refunding Series 2016A, 5.000%, 10/01/46 
 
 
 
5,325 
 
Total Georgia 
 
 
6,092,995 
 
 
Guam – 0.0% 
 
 
 
330 
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 
10/23 at 100.00 
BBB 
376,415 
 
 
(Alternative Minimum Tax) 
 
 
 
 
 
Hawaii – 0.2% 
 
 
 
3,625 
 
Honolulu City and County, Hawaii, General Obligation Bonds, Refunding Series 2009A, 5.250%, 
4/19 at 100.00 
Aa1 (4) 
3,918,009 
 
 
4/01/32 (Pre-refunded 4/01/19) 
 
 
 
 
 
Illinois – 14.7% 
 
 
 
5,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement 
4/27 at 100.00 
A 
5,173,550 
 
 
Revenues, Series 2016, 6.000%, 4/01/46 
 
 
 
5,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/25 at 100.00 
B 
4,839,700 
 
 
2016A, 7.000%, 12/01/44 
 
 
 
2,945 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/26 at 100.00 
B 
2,735,993 
 
 
2016B, 6.500%, 12/01/46 
 
 
 
17,725 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
AA– 
13,250,501 
 
 
Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured 
 
 
 
7,495 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
AA– 
3,744,727 
 
 
Revenues, Series 1999A, 0.000%, 12/01/31 – FGIC Insured 
 
 
 
1,500 
 
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 
1/22 at 100.00 
AA+ 
1,576,350 
 
 
5.000%, 1/01/36 
 
 
 
 
24 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A: 
 
 
 
$    2,750 
 
4.750%, 1/01/30 – AGM Insured 
7/17 at 100.00 
AA 
$    2,756,710 
5,000 
 
4.625%, 1/01/31 – AGM Insured 
7/17 at 100.00 
AA 
5,011,550 
285 
 
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured 
7/17 at 100.00 
AA– 
285,767 
7,750 
 
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured 
7/17 at 100.00 
AA 
7,770,228 
5,000 
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured 
1/18 at 100.00 
AA 
5,104,700 
3,320 
 
Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation 
No Opt. Call 
AA– 
3,110,807 
 
 
Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured 
 
 
 
8,875 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 
11/20 at 100.00 
AA– 
9,419,126 
3,260 
 
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
B– 
3,332,111 
 
 
Corporation Project, Series 2010, 6.500%, 10/15/40 
 
 
 
5,000 
 
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37 
11/22 at 100.00 
AAA 
5,382,900 
13,070 
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook 
No Opt. Call 
Aa3 
12,661,432 
 
 
and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured 
 
 
 
14,960 
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook 
No Opt. Call 
Aa3 (4) 
14,675,461 
 
 
and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – 
 
 
 
 
 
AGM Insured (ETM) 
 
 
 
1,800 
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago 
No Opt. Call 
A2 
1,740,096 
 
 
and Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured 
 
 
 
1,875 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 
11/19 at 100.00 
AA+ 
2,056,031 
 
 
5.500%, 11/01/39 
 
 
 
3,000 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 
11/19 at 100.00 
AA+ 
3,208,440 
1,415 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
A 
1,558,113 
 
 
6.000%, 5/15/39 
 
 
 
3,110 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
N/R (4) 
3,544,063 
 
 
6.000%, 5/15/39 (Pre-refunded 5/15/20) 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A: 
 
 
 
45 
 
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
51,705 
4,755 
 
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
BBB– (4) 
5,463,495 
 
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B: 
 
 
 
70 
 
5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured 
5/18 at 100.00 
AA (4) 
73,015 
1,930 
 
5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured 
5/18 at 100.00 
AA (4) 
2,012,295 
5,000 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
5/25 at 100.00 
A+ 
5,430,600 
 
 
Series 2015A, 5.000%, 11/15/38 
 
 
 
4,260 
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 
8/17 at 100.00 
N/R (4) 
4,310,183 
 
 
8/01/37 (Pre-refunded 8/01/17) 
 
 
 
4,475 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
8/18 at 100.00 
BBB+ 
4,615,963 
 
 
Refunding Series 2008A, 5.500%, 8/15/30 
 
 
 
 
 
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 
605,752 
825 
 
5.000%, 8/15/44 
8/25 at 100.00 
Baa1 
871,382 
2,500 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 
2/21 at 100.00 
AA– (4) 
2,891,025 
 
 
2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) 
 
 
 
3,000 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 
10/21 at 100.00 
AA+ 
3,231,690 
 
 
5.000%, 10/01/51 
 
 
 
5,245 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 
7/17 at 100.00 
AA+ (4) 
5,322,521 
 
 
2015-XF0248, 8.526%, 7/01/46 (Pre-refunded 7/01/17) (IF) (7) 
 
 
 
620 
 
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 
No Opt. Call 
N/R (4) 
646,815 
 
 
7.000%, 2/15/18 (ETM) 
 
 
 
3,750 
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – 
7/17 at 100.00 
BBB– 
3,840,713 
 
 
AMBAC Insured 
 
 
 
 
NUVEEN 25

 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$    1,755 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 
2/27 at 100.00 
BBB 
$    1,814,319 
655 
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 
8/22 at 100.00 
BBB 
678,881 
5,590 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
AA– 
6,178,403 
 
 
5.000%, 1/01/38 
 
 
 
5,000 
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel 
7/17 at 100.00 
N/R 
4,248,500 
 
 
Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured (6) 
 
 
 
16,800 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
AA– 
14,691,600 
 
 
Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured 
 
 
 
 
 
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– 
3,118,383 
3,950 
 
5.550%, 6/15/21 – NPFG Insured 
6/17 at 101.00 
AA– 
4,012,450 
 
 
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) 
716,372 
1,765 
 
5.550%, 6/15/21 (Pre-refunded 6/15/17) – NPFG Insured 
6/17 at 101.00 
AA– (4) 
1,793,575 
 
 
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– 
9,397,865 
9,270 
 
0.010%, 6/15/18 – FGIC Insured 
No Opt. Call 
AA– 
9,070,788 
2,905 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
AA– (4) 
2,901,514 
 
 
Project, Series 1993A, 0.000%, 6/15/17 – NPFG Insured (ETM) 
 
 
 
 
 
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– 
7,094,198 
3,635 
 
0.000%, 6/15/21 – NPFG Insured 
No Opt. Call 
AA– 
3,236,786 
5,190 
 
0.000%, 6/15/28 – NPFG Insured 
No Opt. Call 
AA– 
3,295,546 
11,670 
 
0.000%, 6/15/29 – FGIC Insured 
No Opt. Call 
AA– 
7,026,157 
 
 
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– 
11,245,000 
4,950 
 
0.000%, 12/15/32 – NPFG Insured 
No Opt. Call 
AA– 
2,482,227 
21,375 
 
0.000%, 6/15/34 – NPFG Insured 
No Opt. Call 
AA– 
9,799,155 
21,000 
 
0.000%, 12/15/35 – NPFG Insured 
No Opt. Call 
AA– 
8,877,960 
21,970 
 
0.000%, 6/15/36 – NPFG Insured 
No Opt. Call 
AA– 
8,991,442 
10,375 
 
0.000%, 12/15/36 – NPFG Insured 
No Opt. Call 
AA– 
4,148,029 
10,000 
 
0.000%, 12/15/37 – NPFG Insured 
No Opt. Call 
AA– 
3,777,500 
25,825 
 
0.000%, 6/15/39 – NPFG Insured 
No Opt. Call 
AA– 
8,971,605 
6,095 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
AA 
8,159,803 
 
 
Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured 
 
 
 
5,020 
 
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville 
No Opt. Call 
AA 
4,150,185 
 
 
Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured 
 
 
 
615 
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 
10/23 at 100.00 
A 
698,972 
 
 
6.000%, 10/01/42 
 
 
 
1,575 
 
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School 
No Opt. Call 
A3 
1,554,667 
 
 
Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured 
 
 
 
720 
 
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School 
No Opt. Call 
A3 (4) 
715,457 
 
 
Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM) 
 
 
 
2,550 
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
AA– 
2,209,550 
 
 
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured 
 
 
 
780 
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
AA– (4) 
708,864 
 
 
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured (ETM) 
 
 
 
388,645 
 
Total Illinois 
 
 
308,071,263 
 
26 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana – 2.3% 
 
 
 
$    300 
 
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 
7/17 at 100.00 
BB 
$    300,006 
 
 
5.000%, 10/01/24 
 
 
 
5,010 
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 
5/23 at 100.00 
A 
5,399,928 
 
 
2012A, 5.000%, 5/01/42 
 
 
 
2,250 
 
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, 
6/25 at 100.00 
AA 
2,277,900 
 
 
Refunding 2015A, 4.000%, 12/01/40 
 
 
 
5,740 
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 
7/23 at 100.00 
A– 
6,110,747 
 
 
Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax) 
 
 
 
6,400 
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, 
9/24 at 100.00 
B+ 
6,551,168 
 
 
Series 2014, 5.000%, 9/01/46 (Alternative Minimum Tax) 
 
 
 
2,250 
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint 
5/18 at 100.00 
Aa3 (4) 
2,348,415 
 
 
Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – 
 
 
 
 
 
AGM Insured 
 
 
 
 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: 
 
 
 
12,550 
 
0.000%, 2/01/21 – AMBAC Insured 
No Opt. Call 
AA 
11,699,738 
2,400 
 
0.000%, 2/01/25 – AMBAC Insured 
No Opt. Call 
AA 
1,944,168 
14,595 
 
0.000%, 2/01/27 – AMBAC Insured 
No Opt. Call 
AA 
10,934,574 
850 
 
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development 
7/20 at 100.00 
N/R 
907,035 
 
 
Project, Series 2010, 6.750%, 1/15/32 
 
 
 
52,345 
 
Total Indiana 
 
 
48,473,679 
 
 
Iowa – 1.3% 
 
 
 
14,500 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/18 at 100.00 
B 
14,753,605 
 
 
Project, Series 2013, 5.500%, 12/01/22 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
175 
 
5.375%, 6/01/38 
7/17 at 100.00 
B+ 
175,000 
7,000 
 
5.625%, 6/01/46 
7/17 at 100.00 
B+ 
7,000,140 
4,965 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
6/17 at 100.00 
B+ 
4,965,000 
 
 
5.600%, 6/01/34 
 
 
 
26,640 
 
Total Iowa 
 
 
26,893,745 
 
 
Kentucky – 0.6% 
 
 
 
645 
 
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue 
7/17 at 100.00 
AA– 
646,793 
 
 
Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured 
 
 
 
 
 
Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky 
 
 
 
 
 
International Airport, Series 2016: 
 
 
 
1,530 
 
5.000%, 1/01/27 
1/26 at 100.00 
A+ 
1,785,020 
1,600 
 
5.000%, 1/01/28 
1/26 at 100.00 
A+ 
1,849,376 
1,750 
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 
6/18 at 100.00 
AA 
1,820,193 
 
 
Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured 
 
 
 
1,170 
 
Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 
9/17 at 100.00 
AA– (4) 
1,186,614 
 
 
2007A, 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured 
 
 
 
6,000 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
7/31 at 100.00 
Baa3 
4,969,260 
 
 
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39 (5) 
 
 
 
12,695 
 
Total Kentucky 
 
 
12,257,256 
 
 
Louisiana – 1.5% 
 
 
 
12,000 
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue 
11/17 at 100.00 
BBB 
12,265,560 
 
 
Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 
 
 
 
2,310 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
8/20 at 100.00 
BBB 
2,613,026 
 
 
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 
 
 
 
5,450 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
11/20 at 100.00 
BBB 
6,217,251 
 
 
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35 
 
 
 
 
NUVEEN 27

 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$    5,075 
 
Louisiana Public Facilities Authority, Revenue Bonds, Nineteenth Judicial District Court 
6/17 at 100.00 
AA– (4) 
$    5,096,924 
 
 
Building Project, Series 2007, 5.500%, 6/01/41 (Pre-refunded 6/01/17) – NPFG Insured 
 
 
 
4,420 
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 
7/23 at 100.00 
AA– 
4,951,770 
 
 
5.000%, 7/01/28 
 
 
 
29,255 
 
Total Louisiana 
 
 
31,144,531 
 
 
Maine – 0.3% 
 
 
 
4,250 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/23 at 100.00 
BBB 
4,347,070 
 
 
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 
 
 
 
1,050 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical 
7/21 at 100.00 
BBB– 
1,139,387 
 
 
Center, Series 2011, 6.750%, 7/01/41 
 
 
 
5,300 
 
Total Maine 
 
 
5,486,457 
 
 
Maryland – 0.7% 
 
 
 
 
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A: 
 
 
 
1,300 
 
5.250%, 9/01/17 (Pre-refunded 6/23/17) – SYNCORA GTY Insured 
6/17 at 100.00 
Ba1 (4) 
1,303,640 
3,240 
 
4.600%, 9/01/30 (Pre-refunded 6/23/17) – SYNCORA GTY Insured 
6/17 at 100.00 
Ba1 (4) 
3,247,355 
1,545 
 
5.250%, 9/01/39 (Pre-refunded 6/23/17) – SYNCORA GTY Insured 
6/17 at 100.00 
Ba1 (4) 
1,548,492 
2,500 
 
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 
6/17 at 100.00 
BB (4) 
2,504,550 
 
 
5.875%, 9/01/39 (Pre-refunded 6/23/17) 
 
 
 
2,350 
 
Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line 
9/26 at 100.00 
BBB+ 
2,559,855 
 
 
Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/41 (Alternative Minimum Tax) 
 
 
 
1,050 
 
Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, 
7/25 at 100.00 
BBB 
1,134,714 
 
 
Meritus Medical Center, Series 2015, 5.000%, 7/01/40 
 
 
 
1,500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/22 at 100.00 
Baa3 
1,658,145 
 
 
Healthcare, Series 2011A, 6.125%, 1/01/36 
 
 
 
13,485 
 
Total Maryland 
 
 
13,956,751 
 
 
Massachusetts – 1.9% 
 
 
 
 
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A: 
 
 
 
1,450 
 
5.250%, 7/01/34 (Pre-refunded 7/01/18) 
7/18 at 100.00 
N/R (4) 
1,524,240 
3,550 
 
5.250%, 7/01/34 (Pre-refunded 7/01/18) 
7/18 at 100.00 
AAA 
3,731,760 
2,100 
 
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare 
11/23 at 100.00 
A 
2,335,410 
 
 
Obligated Group, Series 2013, 5.250%, 11/15/41 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
 
 
 
 
 
Series 2016E: 
 
 
 
2,905 
 
5.000%, 7/01/35 
7/26 at 100.00 
BBB 
3,135,367 
1,105 
 
5.000%, 7/01/36 
7/26 at 100.00 
BBB 
1,189,102 
2,765 
 
Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, 
12/26 at 100.00 
A1 
3,086,044 
 
 
Series 2016N, 5.000%, 12/01/41 
 
 
 
500 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., 
7/18 at 100.00 
A– (4) 
524,630 
 
 
Series 2008E-1 &2, 5.125%, 7/01/38 (Pre-refunded 7/01/18) 
 
 
 
 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, 
 
 
 
 
 
Refunding Series 2009A: 
 
 
 
835 
 
5.750%, 7/01/39 
7/19 at 100.00 
BBB 
900,648 
1,465 
 
5.750%, 7/01/39 (Pre-refunded 7/01/19) 
7/19 at 100.00 
N/R (4) 
1,611,324 
11,290 
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 
12/18 at 100.00 
AA 
11,593,249 
 
 
(Alternative Minimum Tax) 
 
 
 
9,110 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 
5/23 at 100.00 
AA+ 
10,255,491 
 
 
2013A, 5.000%, 5/15/43 
 
 
 
980 
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 
No Opt. Call 
AA– 
708,746 
 
 
1997A, 0.000%, 1/01/29 – NPFG Insured 
 
 
 
320 
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 
7/17 at 100.00 
Aaa 
321,190 
 
 
5.500%, 8/01/30 
 
 
 
38,375 
 
Total Massachusetts 
 
 
40,917,201 
 
28 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Michigan – 3.6% 
 
 
 
 
 
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013: 
 
 
 
$    2,000 
 
6.000%, 10/01/33 
10/23 at 100.00 
N/R 
$    1,975,240 
2,520 
 
6.000%, 10/01/43 
10/23 at 100.00 
N/R 
2,442,031 
5,870 
 
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 
5/17 at 100.00 
B– 
5,720,432 
 
 
5.500%, 5/01/21 
 
 
 
1,415 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A 
1,528,426 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
15 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 
7/17 at 100.00 
AA– 
15,030 
 
 
7/01/35 – NPFG Insured 
 
 
 
3,000 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 
No Opt. Call 
AA– 
3,585,630 
 
 
7/01/29 – FGIC Insured 
 
 
 
3,395 
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 
7/18 at 100.00 
AA+ (4) 
3,575,852 
 
 
7/01/36 (Pre-refunded 7/01/18) – BHAC Insured 
 
 
 
7,525 
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 – 
7/18 at 100.00 
AA+ 
7,861,292 
 
 
FGIC Insured 
 
 
 
5 
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2003B, 5.000%, 
7/17 at 100.00 
AA– 
5,014 
 
 
7/01/34 – NPFG Insured 
 
 
 
5 
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 
7/17 at 100.00 
A 
5,014 
 
 
7/01/34 – NPFG Insured 
 
 
 
2,200 
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2005B, 4.750%, 
7/18 at 100.00 
AA+ (4) 
2,297,966 
 
 
7/01/34 (Pre-refunded 7/01/18) – BHAC Insured 
 
 
 
895 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson 
5/20 at 100.00 
A2 
961,588 
 
 
Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured 
 
 
 
1,105 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson 
5/20 at 100.00 
A2 (4) 
1,235,954 
 
 
Methodist Hospital, Series 2010, 5.250%, 5/15/36 (Pre-refunded 5/15/20) – AGM Insured 
 
 
 
1,950 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/22 at 100.00 
A 
2,073,962 
 
 
Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44 
 
 
 
4,585 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 
12/21 at 100.00 
AA– 
5,140,564 
 
 
5.000%, 12/01/39 
 
 
 
15 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 
12/21 at 100.00 
N/R (4) 
17,389 
 
 
5.000%, 12/01/39 (Pre-refunded 12/01/21) 
 
 
 
5,000 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 
6/22 at 100.00 
AA– 
5,566,200 
 
 
5.000%, 12/01/35 
 
 
 
6,000 
 
Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, 
11/26 at 100.00 
AA+ 
6,061,680 
 
 
Refunding and Project Series 2010F-6, 4.000%, 11/15/47 
 
 
 
2,155 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 
10/20 at 100.00 
AAA 
2,424,698 
 
 
5.000%, 10/01/29 (Pre-refunded 10/01/20) 
 
 
 
5,000 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/21 at 100.00 
Aa2 
5,607,850 
 
 
2011-II-A, 5.375%, 10/15/41 
 
 
 
10,000 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 
10/25 at 100.00 
Aa2 
11,545,100 
 
 
5.000%, 4/15/30 
 
 
 
2,890 
 
Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42 
3/22 at 100.00 
A1 
3,163,567 
1,150 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
Aaa 
1,261,355 
 
 
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 
 
 
 
1,100 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County 
12/25 at 100.00 
A 
1,200,166 
 
 
Airport, Series 2015D, 5.000%, 12/01/45 
 
 
 
69,795 
 
Total Michigan 
 
 
75,272,000 
 
NUVEEN 29

 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Minnesota – 0.6% 
 
 
 
$    1,585 
 
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
7/17 at 100.00 
BBB+ 
$    1,589,914 
 
 
5.000%, 5/01/30 
 
 
 
6,375 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare 
11/18 at 100.00 
A+ (4) 
6,926,756 
 
 
Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18) 
 
 
 
3,200 
 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 
No Opt. Call 
AA 
3,978,560 
 
 
2016B, 5.000%, 11/15/34 
 
 
 
11,160 
 
Total Minnesota 
 
 
12,495,230 
 
 
Missouri – 0.8% 
 
 
 
3,465 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/23 at 100.00 
A2 
3,755,228 
 
 
CoxHealth, Series 2013A, 5.000%, 11/15/48 
 
 
 
12,000 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, 
6/20 at 100.00 
AA– 
12,876,480 
 
 
Series 2010B, 5.000%, 6/01/30 
 
 
 
15,465 
 
Total Missouri 
 
 
16,631,708 
 
 
Montana – 0.1% 
 
 
 
1,115 
 
Billings, Montana, Sewer System Revenue Bonds, Series 2017, 5.000%, 7/01/33 
7/27 at 100.00 
AA+ 
1,319,993 
 
 
Nebraska – 0.3% 
 
 
 
1,400 
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska 
11/25 at 100.00 
A– 
1,528,604 
 
 
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 
 
 
 
5,000 
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 5.500%, 
2/18 at 100.00 
AA (4) 
5,175,500 
 
 
2/01/39 (Pre-refunded 2/01/18) 
 
 
 
6,400 
 
Total Nebraska 
 
 
6,704,104 
 
 
Nevada – 3.0% 
 
 
 
2,000 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2007A-1, 5.000%, 7/01/26 
7/17 at 100.00 
Aa3 (4) 
2,013,740 
 
 
(Pre-refunded 7/01/17) – AMBAC Insured (Alternative Minimum Tax) 
 
 
 
5,075 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
5,644,009 
 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015: 
 
 
 
5,220 
 
5.000%, 6/01/33 
12/24 at 100.00 
Aa1 
5,981,180 
10,000 
 
5.000%, 6/01/34 
12/24 at 100.00 
Aa1 
11,406,900 
9,000 
 
5.000%, 6/01/39 
12/24 at 100.00 
Aa1 
10,148,580 
5,505 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding WaterImprovement 
6/26 at 100.00 
Aa1 
6,243,991 
 
 
Series 2016A, 5.000%, 6/01/41 
 
 
 
10,000 
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured 
7/17 at 100.00 
AA– 
10,002,600 
10,000 
 
Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007, 5.250%, 
7/17 at 100.00 
AA+ (4) 
10,077,900 
 
 
7/01/31 – BHAC Insured (Pre-refunded 7/01/17) (UB) (7) 
 
 
 
1,500 
 
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax 
6/18 at 100.00 
B1 
1,539,885 
 
 
Revenue Bonds Series 2008A, 6.750%, 6/15/28 
 
 
 
58,300 
 
Total Nevada 
 
 
63,058,785 
 
 
New Hampshire – 0.1% 
 
 
 
1,500 
 
New Hampshire Business Finance Authority,Revenue Bonds, Elliot Hospital Obligated Group Issue, 
10/19 at 100.00 
Baa1 (4) 
1,678,890 
 
 
Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 
 
 
 
 
 
New Jersey – 3.8% 
 
 
 
930 
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
1/24 at 100.00 
AA 
1,026,032 
 
 
Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) 
 
 
 
2,550 
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 
7/17 at 100.00 
AA– 
2,614,923 
 
 
2004A, 5.250%, 7/01/33 – NPFG Insured 
 
 
 
5,990 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
No Opt. Call 
AA 
7,116,779 
 
 
2005N-1, 5.500%, 9/01/25 – AGM Insured 
 
 
 
4,000 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
3/23 at 100.00 
A– 
4,208,920 
 
 
Bonds, Refunding Series 2013NN, 5.000%, 3/01/25 
 
 
 
 
30 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
$    6,000 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
12/26 at 100.00 
A– 
$  6,420,780 
 
 
Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31 
 
 
 
3,300 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
7/18 at 100.00 
BB+ 
3,384,744 
 
 
University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
9,420 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
A– 
4,473,558 
 
 
Appreciation Series 2010A, 0.000%, 12/15/31 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
 
 
 
 
 
Series 2006C: 
 
 
 
30,000 
 
0.000%, 12/15/30 – FGIC Insured 
No Opt. Call 
AA– 
16,456,800 
27,000 
 
0.000%, 12/15/32 – AGM Insured 
No Opt. Call 
AA 
13,333,950 
4,500 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA, 
6/23 at 100.00 
A– 
4,644,135 
 
 
5.000%, 6/15/29 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: 
 
 
 
2,750 
 
5.250%, 6/15/32 
6/25 at 100.00 
A– 
2,869,955 
2,150 
 
5.250%, 6/15/34 
6/25 at 100.00 
A– 
2,229,679 
1,135 
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 
5/23 at 100.00 
Aa3 
1,255,662 
 
 
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 
BBB 
4,343,930 
6,215 
 
4.750%, 6/01/34 
6/17 at 100.00 
BB– 
6,084,423 
110,275 
 
Total New Jersey 
 
 
80,464,270 
 
 
New Mexico – 0.0% 
 
 
 
735 
 
University of New Mexico, Revenue Bonds, Refunding Series 1992A, 6.000%, 6/01/21 
No Opt. Call 
AA 
798,673 
 
 
New York – 4.7% 
 
 
 
4,030 
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory 
7/27 at 100.00 
Aa3 
4,610,360 
 
 
Facilities, Series 2017A, 5.000%, 7/01/46 
 
 
 
9,490 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 
6/17 at 100.00 
A (4) 
9,557,664 
 
 
2/15/47 (Pre-refunded 6/30/17) – FGIC Insured 
 
 
 
5,160 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, 
5/19 at 100.00 
AA+ (4) 
5,620,582 
 
 
5/01/33 (Pre-refunded 5/01/19) – BHAC Insured 
 
 
 
12,855 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 
5/21 at 100.00 
A– 
14,255,038 
 
 
5.000%, 5/01/38 
 
 
 
9,850 
 
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium 
7/17 at 100.00 
AA– 
9,877,383 
 
 
Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured 
 
 
 
3,525 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
6/19 at 100.00 
AA+ 
3,823,744 
 
 
Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 
 
 
 
11,755 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
12,514,020 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44 
 
 
 
2,700 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
11/21 at 100.00 
A+ 
3,077,406 
 
 
Center Project, Series 2011, 5.750%, 11/15/51 
 
 
 
8,270 
 
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport 
7/24 at 100.00 
BBB 
8,890,415 
 
 
Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) 
 
 
 
3,250 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty 
8/17 at 100.00 
AA (4) 
3,290,723 
 
 
Eighth Series 2007, 5.000%, 8/15/33 (Pre-refunded 8/15/17) – AGM Insured 
 
 
 
9,925 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
11,160,067 
 
 
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
 
 
 
7,000 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA 
5/27 at 100.00 
AA– 
8,120,910 
 
 
Bridges & Tunnels, Series 2017B, 5.000%, 11/15/38 
 
 
 
 
NUVEEN 31

 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$    3,000 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding 
5/25 at 100.00 
AA– 
$  3,382,650 
 
 
Series 2015A, 5.000%, 11/15/50 
 
 
 
650 
 
TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B, 
No Opt. Call 
BBB 
719,992 
 
 
5.000%, 6/01/24 
 
 
 
91,460 
 
Total New York 
 
 
98,900,954 
 
 
North Carolina – 1.2% 
 
 
 
3,000 
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/18 at 100.00 
AA– (4) 
3,088,740 
 
 
Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47 (Pre-refunded 1/15/18) 
 
 
 
1,500 
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/21 at 100.00 
AA– 
1,648,845 
 
 
Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37 
 
 
 
3,000 
 
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, 
10/26 at 100.00 
AA+ 
3,481,320 
 
 
Refunding Series 2016B, 5.000%, 10/01/44 
 
 
 
 
 
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes 
 
 
 
 
 
Project, Series 2015: 
 
 
 
905 
 
5.000%, 12/31/37 (Alternative Minimum Tax) 
6/25 at 100.00 
BBB– 
973,717 
4,175 
 
5.000%, 6/30/54 (Alternative Minimum Tax) 
6/25 at 100.00 
BBB– 
4,390,221 
2,010 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/20 at 100.00 
AA (4) 
2,242,738 
 
 
Health System, Series 2010A, 5.000%, 6/01/42 (Pre-refunded 6/01/20) 
 
 
 
1,255 
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health 
10/17 at 100.00 
AA– 
1,268,454 
 
 
Combined Group, Series 2007, 4.500%, 10/01/31 
 
 
 
745 
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health 
10/17 at 100.00 
N/R (4) 
756,652 
 
 
Combined Group, Series 2007, 4.500%, 10/01/31 (Pre-refunded 10/01/17) 
 
 
 
2,995 
 
North Carolina Turnpike Authority, Monroe Expressway TollRevenue Bonds, Series 2017A, 
7/26 at 100.00 
BBB– 
3,249,276 
 
 
5.000%, 7/01/51 
 
 
 
 
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior 
 
 
 
 
 
Lien Series 2017: 
 
 
 
1,625 
 
5.000%, 1/01/30 
1/27 at 100.00 
BBB 
1,878,370 
1,850 
 
5.000%, 1/01/32 
1/27 at 100.00 
BBB 
2,113,533 
23,060 
 
Total North Carolina 
 
 
25,091,866 
 
 
North Dakota – 0.4% 
 
 
 
7,820 
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 
11/21 at 100.00 
A+ 
9,212,664 
 
 
6.250%, 11/01/31 
 
 
 
 
 
Ohio – 5.2% 
 
 
 
9,405 
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 
2/18 at 100.00 
N/R (4) 
9,733,893 
 
 
2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18) 
 
 
 
595 
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 
2/18 at 100.00 
A1 
612,499 
 
 
2008A, 5.250%, 2/15/43 
 
 
 
 
 
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– 
6,369,054 
6,075 
 
5.125%, 6/01/24 
6/17 at 100.00 
B– 
5,849,253 
12,205 
 
5.875%, 6/01/30 
6/17 at 100.00 
B– 
11,677,256 
17,165 
 
5.750%, 6/01/34 
6/17 at 100.00 
B– 
16,463,123 
4,020 
 
6.000%, 6/01/42 
6/17 at 100.00 
B– 
3,952,183 
11,940 
 
5.875%, 6/01/47 
6/17 at 100.00 
B– 
11,556,607 
16,415 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/22 at 100.00 
B– 
16,443,562 
 
 
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 
 
 
 
3,485 
 
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, 
6/27 at 100.00 
AA– 
3,519,536 
 
 
4.000%, 12/01/46 
 
 
 
1,730 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
AA– 
1,995,140 
 
 
2011A, 6.000%, 11/15/41 
 
 
 
 
32 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$    13,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
B1 
$  12,113,790 
 
 
Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 (Mandatory put 9/15/21) 
 
 
 
4,110 
 
Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth 
6/25 at 100.00 
AA 
4,477,598 
 
 
Bypass Project, Series 2015, 5.000%, 12/31/39 – AGM Insured (Alternative Minimum Tax) 
 
 
 
4,975 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 
2/23 at 100.00 
A+ 
5,446,829 
 
 
2013A-1, 5.000%, 2/15/48 
 
 
 
111,735 
 
Total Ohio 
 
 
110,210,323 
 
 
Oklahoma – 1.1% 
 
 
 
1,400 
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue 
8/21 at 100.00 
N/R 
1,601,880 
 
 
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 
 
 
 
2,000 
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007, 
9/17 at 100.00 
BBB+ 
2,003,660 
 
 
5.125%, 9/01/37 
 
 
 
4,000 
 
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Refunding Series 
7/26 at 100.00 
AAA 
4,654,760 
 
 
2016, 5.000%, 7/01/36 
 
 
 
 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical 
 
 
 
 
 
Center, Refunding Series 2015A: 
 
 
 
1,590 
 
5.000%, 8/15/27 
8/25 at 100.00 
AA– 
1,872,146 
1,250 
 
5.000%, 8/15/29 
8/25 at 100.00 
AA– 
1,449,813 
10,000 
 
Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2017A, 
1/26 at 100.00 
AA– 
11,394,300 
 
 
5.000%, 1/01/42 
 
 
 
20,240 
 
Total Oklahoma 
 
 
22,976,559 
 
 
Oregon – 0.1% 
 
 
 
760 
 
Oregon Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 
10/17 at 100.00 
A 
771,142 
 
 
5.000%, 10/01/32 
 
 
 
2,100 
 
Oregon Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 
10/17 at 100.00 
N/R (4) 
2,137,191 
 
 
10/01/32 (Pre-refunded 10/01/17) 
 
 
 
2,860 
 
Total Oregon 
 
 
2,908,333 
 
 
Pennsylvania – 0.9% 
 
 
 
3,155 
 
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger 
2/27 at 100.00 
AA 
3,568,589 
 
 
Health System, Series 2017A-2, 5.000%, 2/15/39 (WI/DD, Settling 5/09/17) 
 
 
 
 
 
Pennsylvania State University, Revenue Bonds, Refunding Series 2016A: 
 
 
 
1,325 
 
5.000%, 9/01/35 
9/26 at 100.00 
Aa1 
1,539,451 
2,000 
 
5.000%, 9/01/41 
9/26 at 100.00 
Aa1 
2,297,340 
1,250 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special 
No Opt. Call 
AA– 
1,097,163 
 
 
Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5) 
 
 
 
2,715 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special 
12/21 at 100.00 
AA– 
2,942,598 
 
 
Revenue, Series 2011B, 5.000%, 12/01/41 
 
 
 
7,500 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special 
12/22 at 100.00 
AA– 
8,242,350 
 
 
Revenue, Series 2013A, 5.000%, 12/01/43 
 
 
 
17,945 
 
Total Pennsylvania 
 
 
19,687,491 
 
 
South Carolina – 1.6% 
 
 
 
 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: 
 
 
 
12,760 
 
0.000%, 1/01/28 – AMBAC Insured 
No Opt. Call 
AA 
9,030,380 
9,535 
 
0.000%, 1/01/29 – AMBAC Insured 
No Opt. Call 
AA 
6,458,342 
8,000 
 
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 
12/26 at 100.00 
AA– 
8,564,160 
 
 
2016B, 5.000%, 12/01/56 
 
 
 
5,500 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
6/25 at 100.00 
AA– 
5,837,755 
 
 
Improvement Series 2015A, 5.000%, 12/01/50 
 
 
 
 
NUVEEN 33

 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
South Carolina (continued) 
 
 
 
$    3,455 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 
6/24 at 100.00 
AA– 
$  3,769,094 
 
 
5.500%, 12/01/54 
 
 
 
39,250 
 
Total South Carolina 
 
 
33,659,731 
 
 
Tennessee – 0.5% 
 
 
 
2,780 
 
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, 
4/18 at 100.00 
A+ 
2,873,936 
 
 
Refunding & Improvement Series 2008, 5.625%, 4/01/38 
 
 
 
7,520 
 
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, 
4/18 at 100.00 
N/R (4) 
7,849,752 
 
 
Refunding & Improvement Series 2008, 5.625%, 4/01/38 (Pre-refunded 4/01/18) 
 
 
 
10,300 
 
Total Tennessee 
 
 
10,723,688 
 
 
Texas – 12.7% 
 
 
 
3,900 
 
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier 
6/17 at 100.00 
BB (4) 
3,899,649 
 
 
Series 2006B, 5.750%, 1/01/34 (Pre-refunded 6/08/17) 
 
 
 
5,110 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
3/32 at 100.00 
N/R 
51 
 
 
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6) 
 
 
 
2,420 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A, 
1/23 at 100.00 
BBB+ 
2,602,662 
 
 
5.000%, 1/01/43 
 
 
 
5,355 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 
1/26 at 100.00 
BBB 
5,298,130 
 
 
2016, 4.000%, 1/01/41 
 
 
 
7,500 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 
11/21 at 100.00 
A+ 
8,072,325 
 
 
5.000%, 11/01/38 (Alternative Minimum Tax) 
 
 
 
240 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 
9/24 at 100.00 
BB+ 
252,434 
 
 
5.250%, 9/01/44 
 
 
 
5,000 
 
El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of Obligation, 
8/23 at 100.00 
AA– 
5,324,300 
 
 
Series 2013, 5.000%, 8/15/39 
 
 
 
6,005 
 
Friendswood Independent School District, Galveston County, Texas, General Obligation Bonds, 
2/18 at 100.00 
AAA 
6,203,105 
 
 
Schoolhouse Series 2008, 5.000%, 2/15/37 (Pre-refunded 2/15/18) 
 
 
 
27,340 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien 
10/23 at 100.00 
AA+ 
30,922,358 
 
 
Series 2013B, 5.000%, 4/01/53 
 
 
 
2,845 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston 
6/25 at 100.00 
AA 
2,880,278 
 
 
Methodist Hospital System, Series 2015, 4.000%, 12/01/45 
 
 
 
5,000 
 
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A, 
8/26 at 100.00 
Aa2 
5,705,650 
 
 
5.000%, 8/15/41 
 
 
 
7,295 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding 
11/31 at 39.79 
AA 
1,528,959 
 
 
Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured 
 
 
 
11,900 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 
No Opt. Call 
AA– 
7,913,143 
 
 
0.000%, 11/15/27 – NPFG Insured 
 
 
 
1,845 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 
11/24 at 100.00 
A3 
2,068,706 
 
 
2014C, 5.000%, 11/15/32 
 
 
 
14,905 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 
11/24 at 59.10 
AA– 
6,444,028 
 
 
0.000%, 11/15/33 – NPFG Insured 
 
 
 
 
 
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 
15,609,265 
12,940 
 
0.000%, 9/01/30 – AMBAC Insured 
No Opt. Call 
A2 
7,791,821 
10,000 
 
0.000%, 9/01/31 – AMBAC Insured 
No Opt. Call 
A2 
5,734,700 
7,000 
 
0.000%, 9/01/32 – AMBAC Insured 
No Opt. Call 
A2 
3,821,160 
5,120 
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/25 at 100.00 
AAA 
5,867,008 
 
 
Bonds, Refunding Series 2015A, 5.000%, 8/15/39 
 
 
 
4,510 
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/26 at 100.00 
AAA 
5,134,455 
 
 
Bonds, Refunding Series 2016A, 5.000%, 8/15/49 
 
 
 
 
34 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$    2,000 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
11/22 at 100.00 
Baa1 
$  2,208,760 
 
 
Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 
 
 
 
 
 
11/01/28 (Alternative Minimum Tax) 
 
 
 
1,750 
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 
4/21 at 100.00 
BBB 
1,901,305 
 
 
2011A, 7.250%, 4/01/36 
 
 
 
5,420 
 
North Texas Municipal Water District, Water System Revenue Bonds, Refunding & Improvement 
3/22 at 100.00 
AAA 
6,255,276 
 
 
Series 2012, 5.000%, 9/01/26 
 
 
 
 
 
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 
36,822,294 
5,220 
 
6.500%, 1/01/43 
1/25 at 100.00 
A1 
6,407,707 
765 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 
1/18 at 100.00 
AA+ 
786,734 
 
 
5.750%, 1/01/40 – BHAC Insured 
 
 
 
3,190 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 
1/18 at 100.00 
AA+ (4) 
3,294,504 
 
 
5.750%, 1/01/40 (Pre-refunded 1/01/18) 
 
 
 
2,365 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 
1/18 at 100.00 
AA+ (4) 
2,442,477 
 
 
5.750%, 1/01/40 (Pre-refunded 1/01/18) – BHAC Insured 
 
 
 
15,450 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 
No Opt. Call 
AA 
7,128,630 
 
 
0.000%, 1/01/36 – AGC Insured 
 
 
 
9,020 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/23 at 100.00 
A1 
9,979,367 
 
 
5.000%, 1/01/40 
 
 
 
9,100 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 
1/25 at 100.00 
A2 
10,345,790 
 
 
5.000%, 1/01/32 
 
 
 
2,000 
 
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
7/22 at 100.00 
N/R 
20 
 
 
Company, Series 2003A, 5.800%, 7/01/22 (6) 
 
 
 
2,000 
 
San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment 
7/17 at 100.00 
A3 
2,000,600 
 
 
Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax) 
 
 
 
 
 
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) 
404,047 
4,455 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
AA– (4) 
5,070,503 
3,970 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
1/19 at 100.00 
AA 
4,249,766 
 
 
Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 – AGC Insured 
 
 
 
1,030 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
1/19 at 100.00 
AA (4) 
1,123,122 
 
 
Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured 
 
 
 
1,750 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas 
8/26 at 100.00 
AA 
1,959,650 
 
 
Health Resources System, Series 2016A, 5.000%, 2/15/41 
 
 
 
 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
2,500 
 
5.000%, 12/15/26 
12/22 at 100.00 
A3 
2,762,625 
10,400 
 
5.000%, 12/15/32 
12/22 at 100.00 
A3 
11,185,096 
7,180 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier 
8/22 at 100.00 
A– 
7,845,083 
 
 
Refunding Series 2012A, 5.000%, 8/15/41 
 
 
 
3,000 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier 
8/24 at 100.00 
A– 
3,342,600 
 
 
Refunding Series 2015B, 5.000%, 8/15/37 
 
 
 
1,750 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier 
8/24 at 100.00 
BBB+ 
1,943,848 
 
 
Refunding Series 2015C, 5.000%, 8/15/33 
 
 
 
5,500 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 
No Opt. Call 
A– 
4,318,160 
 
 
2002A, 0.000%, 8/15/25 – AMBAC Insured 
 
 
 
301,155 
 
Total Texas 
 
 
266,852,151 
 
NUVEEN 35

 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Utah – 0.3% 
 
 
 
$    5,345 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, 
7/27 at 100.00 
A+ 
$ 6,144,612 
 
 
5.000%, 7/01/42 
 
 
 
 
 
Virginia – 2.1% 
 
 
 
1,805 
 
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First 
7/26 at 100.00 
BBB 
1,997,900 
 
 
Tier Series 2016, 5.000%, 7/01/46 
 
 
 
1,500 
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage 
10/17 at 100.00 
BBB (4) 
1,526,910 
 
 
Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 (Pre-refunded 10/01/17) 
 
 
 
14,110 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
4/22 at 100.00 
BBB+ 
14,805,059 
 
 
Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
 
5.000%, 10/01/53 
 
 
 
10,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
10/28 at 100.00 
BBB+ 
11,381,900 
 
 
Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (5) 
 
 
 
4,355 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
6/17 at 100.00 
B– 
4,182,107 
 
 
Series 2007B1, 5.000%, 6/01/47 
 
 
 
 
 
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 
4,524,307 
1,355 
 
6.000%, 1/01/37 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
1,524,578 
3,770 
 
5.500%, 1/01/42 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
4,124,078 
41,075 
 
Total Virginia 
 
 
44,066,839 
 
 
Washington – 2.2% 
 
 
 
 
 
Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2016: 
 
 
 
1,930 
 
5.000%, 2/01/29 
2/26 at 100.00 
AA– 
2,284,676 
1,000 
 
5.000%, 2/01/30 
2/26 at 100.00 
AA– 
1,174,730 
3,780 
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 
1/21 at 100.00 
A 
4,106,176 
 
 
Center, Series 2011A, 5.625%, 1/01/35 
 
 
 
2,400 
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, 
12/20 at 100.00 
N/R (4) 
2,741,904 
 
 
Series 2010, 5.375%, 12/01/33 (Pre-refunded 12/01/20) 
 
 
 
12,000 
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, 
10/22 at 100.00 
AA– 
13,237,320 
 
 
Refunding Series 2012A, 5.000%, 10/01/33 
 
 
 
2,500 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
12/17 at 100.00 
N/R (4) 
2,570,050 
 
 
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/01/17) 
 
 
 
2,040 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical 
8/17 at 100.00 
AA– 
2,058,890 
 
 
Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured 
 
 
 
 
 
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+ 
6,484,933 
16,195 
 
0.000%, 6/01/30 – NPFG Insured 
No Opt. Call 
AA+ 
11,104,426 
50,945 
 
Total Washington 
 
 
45,763,105 
 
 
West Virginia – 0.2% 
 
 
 
3,000 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/23 at 100.00 
A 
3,359,670 
 
 
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
 
 
Wisconsin – 3.6% 
 
 
 
5,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health 
11/21 at 100.00 
AA+ 
5,509,200 
 
 
Alliance Senior Credit Group, Series 2012D, 5.000%, 11/15/41 
 
 
 
10,350 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health 
5/26 at 100.00 
AA+ 
10,396,679 
 
 
Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 
 
 
 
7,115 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Senior 
11/19 at 100.00 
AA+ 
7,699,924 
 
 
Credit Group, Series 2010E, 5.000%, 11/15/33 
 
 
 
2,375 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/22 at 100.00 
A– 
2,515,885 
 
 
Series 2012B, 5.000%, 2/15/40 
 
 
 
 
36 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
$    4,410 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., 
6/22 at 100.00 
A3 
$    4,682,097 
 
 
Series 2012, 5.000%, 6/01/39 
 
 
 
2,500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., 
12/18 at 100.00 
N/R (4) 
2,697,000 
 
 
Series 2009, 6.000%, 12/01/38 (Pre-refunded 12/01/18) 
 
 
 
 
 
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) 
4,100,950 
5,000 
 
6.000%, 5/01/41 (Pre-refunded 5/01/21) 
5/21 at 100.00 
N/R (4) 
5,907,100 
6,600 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, 
8/22 at 100.00 
N/R (4) 
7,765,692 
 
 
Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) 
 
 
 
10,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, 
6/20 at 100.00 
AA– 
10,776,800 
 
 
Series 2010A, 5.000%, 6/01/30 
 
 
 
2,310 
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 
5/19 at 100.00 
AA– 
2,516,999 
 
 
5.750%, 5/01/33 
 
 
 
 
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: 
 
 
 
240 
 
5.750%, 5/01/33 (Pre-refunded 5/01/19) 
5/19 at 100.00 
N/R (4) 
262,495 
8,945 
 
6.250%, 5/01/37 (Pre-refunded 5/01/19) 
5/19 at 100.00 
AA– (4) 
9,872,060 
68,345 
 
Total Wisconsin 
 
 
74,702,881 
 
 
Wyoming – 0.2% 
 
 
 
2,035 
 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power 
7/19 at 100.00 
A 
2,186,974 
 
 
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 
 
 
 
1,850 
 
West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40 
6/21 at 100.00 
BBB 
2,076,773 
3,885 
 
Total Wyoming 
 
 
4,263,747 
$ 2,261,869 
 
Total Municipal Bonds (cost $1,910,913,847) 
 
 
2,071,943,847 
 
Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.0% 
 
 
 
 
 
 
Transportation – 0.0% 
 
 
 
 
$    834 
 
Las Vegas Monorail Company, Senior Interest Bonds (8), (9) 
5.500% 
7/15/19 
N/R 
$ 517,738 
224 
 
Las Vegas Monorail Company, Senior Interest Bonds (8), (9) 
5.500% 
7/15/55 
N/R 
112,287 
$ 1,058 
 
Total Corporate Bonds (cost $88,940) 
 
 
 
630,025 
 
 
Total Long-Term Investments (cost $1,911,002,787) 
 
 
 
2,072,573,872 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
SHORT-TERM INVESTMENTS – 0.5% 
 
 
 
 
 
MUNICIPAL BONDS – 0.5% 
 
 
 
 
 
California – 0.1% 
 
 
 
$ 2,000 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, 
4/18 at 100.00 
VMIG-1 
$ 2,000,000 
 
 
Tender Option Bond Floater 2016-XM0452, Variable Rate Demand Obligations, 
 
 
 
 
 
0.950%, 4/01/39 (10) 
 
 
 
 
 
Michigan – 0.2% 
 
 
 
5,000 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Tender Option Bond 
10/25 at 100.00 
F-1+ 
5,000,000 
 
 
Floater 2015-XM0123, Variable Rate Demand Obligations, 1.120%, 4/15/34 (10) 
 
 
 
 
 
New Jersey – 0.1% 
 
 
 
2,250 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Tender Option 
6/21 at 100.00 
F-1+ 
2,250,000 
 
 
Bond Floater 2012-ZF0468, Variable Rate Demand Obligations, 0.950%, 6/15/36 (10) 
 
 
 
 
NUVEEN 37

 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York – 0.0% 
 
 
 
$      700 
 
New York State Thruway Authority, General Revenue Bonds, Tender Option Bond 
1/18 at 100.00 
A-1 
$ 700,000 
 
 
Floater 2016-ZF0482, Variable Rate Demand Obligations, 1.050%, 1/01/37 (10) 
 
 
 
 
 
Utah – 0.1% 
 
 
 
1,100 
 
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond 
6/18 at 100.00 
VMIG-1 
1,100,000 
 
 
Floater 2016-XM0453, Variable Rate Demand Obligations, 0.960%, 6/15/36 (10) 
 
 
 
$ 11,050 
 
Total Short-Term Investments (cost $11,050,000) 
 
 
11,050,000 
 
 
Total Investments (cost $1,922,052,787) – 99.3% 
 
 
2,083,623,872 
 
 
Floating Rate Obligations – (0.7)% 
 
 
(14,130,000) 
 
 
Other Assets Less Liabilities – 1.4% 
 
 
28,494,140 
 
 
Net Assets – 100% 
 
 
$ 2,097,988,012 
 
   
(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) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
 
 
(4) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings 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) 
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. 
 
(9) 
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 was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund's Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund's records. 
 
 
 
(10) 
Investment has a maturity of greater 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. 
PIK 
All or portion of this security is payment-in-kind. 
 
See accompanying notes to financial statements.
38 NUVEEN

 

         
NUW 
 
 
 
 
 
 
 
 
Nuveen AMT-Free Municipal Value Fund 
Portfolio of Investments 
April 30, 2017 (Unaudited) 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 98.1% 
 
 
 
 
 
MUNICIPAL BONDS – 98.1% 
 
 
 
 
 
Alaska – 0.4% 
 
 
 
 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
 
Series 2006A: 
 
 
 
$   625 
 
4.625%, 6/01/23 
6/17 at 100.00 
Ba2 
$   627,613 
350 
 
5.000%, 6/01/46 
7/17 at 100.00 
B3 
335,398 
975 
 
Total Alaska 
 
 
963,011 
 
 
Arizona – 3.3% 
 
 
 
4,000 
 
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El 
2/19 at 100.00 
Baa1 
4,382,600 
 
 
Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40 
 
 
 
3,045 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
3,568,314 
 
 
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
 
 
 
7,045 
 
Total Arizona 
 
 
7,950,914 
 
 
California – 13.0% 
 
 
 
1,500 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 
10/26 at 100.00 
BBB+ 
1,677,990 
 
 
Subordinate Lien Series 2016B, 5.000%, 10/01/36 
 
 
 
1,730 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
No Opt. Call 
AA 
1,030,872 
 
 
Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured 
 
 
 
2,500 
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services 
4/19 at 100.00 
Aaa 
2,750,875 
 
 
Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34 (Pre-refunded 4/01/19) 
 
 
 
500 
 
California State, General Obligation Bonds, Tender Option Bond Trust 2016-XG0039, 17.130%, 
3/20 at 100.00 
AA 
723,500 
 
 
3/01/40 – AGM Insured (IF) (4) 
 
 
 
4,235 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
B+ 
4,258,293 
 
 
Bonds, Series 2007A-1, 5.000%, 6/01/33 
 
 
 
450 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
626,760 
 
 
2009A, 6.500%, 11/01/39 
 
 
 
10,200 
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – 
8/29 at 100.00 
AA 
11,901,767 
 
 
AGC Insured (5) 
 
 
 
1,030 
 
Poway Unified School District, San Diego County, California, General Obligation Bonds, School 
No Opt. Call 
AA– 
492,690 
 
 
Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/35 
 
 
 
12,955 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 
No Opt. Call 
AA 
6,252,471 
 
 
Election Series 2012G, 0.000%, 8/01/35 – AGM Insured 
 
 
 
5,185 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding 
No Opt. Call 
AA 
1,370,810 
 
 
Series 2015, 0.000%, 8/01/44 
 
 
 
700 
 
Victor Elementary School District, San Bernardino County, California, General Obligation 
No Opt. Call 
AA– 
589,295 
 
 
Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured 
 
 
 
40,985 
 
Total California 
 
 
31,675,323 
 
 
Colorado – 5.2% 
 
 
 
1,500 
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, 
12/26 at 100.00 
Baa2 
1,652,370 
 
 
Refunding Senior Lien Series 2016, 5.000%, 12/01/36 
 
 
 
5,885 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – 
No Opt. Call 
AA– 
2,928,611 
 
 
NPFG Insured 
 
 
 
3,605 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 – 
9/20 at 67.94 
AA– 
2,195,661 
 
 
NPFG Insured 
 
 
 
4,000 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/19 at 100.00 
AA (6) 
4,532,280 
 
 
Bonds, Refunding Series 2009, 6.375%, 12/01/37 (Pre-refunded 12/01/19) – AGC Insured 
 
 
 
 
NUVEEN 39

 

     
NUW 
Nuveen AMT-Free Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$   1,000 
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
No Opt. Call 
A 
$   1,376,590 
 
 
Utilities, Series 2008, 6.500%, 11/15/38 
 
 
 
15,990 
 
Total Colorado 
 
 
12,685,512 
 
 
Florida – 8.5% 
 
 
 
1,605 
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 
11/24 at 100.00 
A2 
1,733,593 
 
 
5.000%, 11/15/45 
 
 
 
535 
 
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic 
2/24 at 100.00 
AA 
590,688 
 
 
Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured 
 
 
 
9,500 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 
10/19 at 100.00 
A 
10,386,635 
 
 
5.500%, 10/01/41 (UB) (4) 
 
 
 
 
 
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 (6) 
2,648,950 
2,000 
 
5.625%, 7/01/38 (Pre-refunded 7/01/18) 
7/18 at 100.00 
AA (6) 
2,110,420 
300 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/17 at 100.00 
N/R 
278,994 
 
 
Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 
 
 
 
865 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/19 at 100.00 
N/R 
516,639 
 
 
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (5) 
 
 
 
375 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
165,758 
 
 
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (5) 
 
 
 
525 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 
5/18 at 100.00 
N/R 
5 
 
 
2007-3, 6.450%, 5/01/23 (7) 
 
 
 
45 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing 
5/18 at 100.00 
N/R 
45,175 
 
 
ParcelSeries 2007-1. RMKT, 6.450%, 5/01/23 
 
 
 
905 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/17 at 100.00 
N/R 
887,443 
 
 
2012A-1, 6.450%, 5/01/23 
 
 
 
1,315 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
809,290 
 
 
2015-1, 0.000%, 5/01/40 
 
 
 
805 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
417,827 
 
 
2015-2, 0.000%, 5/01/40 (7) 
 
 
 
880 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
9 
 
 
2015-3, 6.610%, 5/01/40 (7) 
 
 
 
22,155 
 
Total Florida 
 
 
20,591,426 
 
 
Georgia – 1.2% 
 
 
 
415 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 
1/19 at 100.00 
A2 (6) 
455,985 
 
 
1/01/31 (Pre-refunded 1/01/19) 
 
 
 
1,000 
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air 
6/20 at 100.00 
Baa3 
1,178,810 
 
 
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 
 
 
 
1,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 
10/26 at 100.00 
AA+ 
1,146,310 
 
 
Refunding Series 2016A, 5.000%, 10/01/46 
 
 
 
2,415 
 
Total Georgia 
 
 
2,781,105 
 
 
Illinois – 11.8% 
 
 
 
2,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement 
4/27 at 100.00 
A 
2,069,420 
 
 
Revenues, Series 2016, 6.000%, 4/01/46 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 
 
 
 
470 
 
0.000%, 1/01/33 – FGIC Insured 
No Opt. Call 
AA– 
224,829 
3,000 
 
0.000%, 1/01/37 – FGIC Insured 
No Opt. Call 
AA– 
1,152,930 
5,035 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 
8/19 at 100.00 
AA+ 
5,536,184 
 
 
6.000%, 8/15/39 
 
 
 
 
40 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$   3,500 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.125%, 
5/19 at 100.00 
A (6) 
$   3,926,510 
 
 
11/15/37 (Pre-refunded 5/15/19) 
 
 
 
5,000 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
11/18 at 100.00 
Aaa 
5,470,050 
 
 
Series 2009A, 7.250%, 11/01/38 (Pre-refunded 11/01/18) 
 
 
 
3,920 
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., 
5/17 at 100.00 
BBB+ 
3,924,234 
 
 
Refunding Series 2007A, 5.250%, 5/01/34 
 
 
 
525 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 
2/27 at 100.00 
BBB 
542,745 
11,420 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
AA– 
4,313,905 
 
 
Project, Series 2002A, 0.000%, 12/15/37 – NPFG Insured 
 
 
 
615 
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 
10/23 at 100.00 
A 
698,972 
 
 
6.000%, 10/01/42 
 
 
 
745 
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
AA– 
617,687 
 
 
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – NPFG Insured 
 
 
 
300 
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
AA– (6) 
264,771 
 
 
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – NPFG Insured (ETM) 
 
 
 
36,530 
 
Total Illinois 
 
 
28,742,237 
 
 
Indiana – 5.2% 
 
 
 
5,000 
 
Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series 
3/19 at 100.00 
A+ (6) 
5,521,050 
 
 
2009A, 6.750%, 3/01/39 (Pre-refunded 3/01/19) 
 
 
 
3,600 
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint 
5/18 at 100.00 
Aa3 (6) 
3,757,464 
 
 
Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – 
 
 
 
 
 
AGM Insured 
 
 
 
2,000 
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 6.000%, 
1/19 at 100.00 
A+ (6) 
2,166,020 
 
 
1/01/39 (Pre-refunded 1/01/19) 
 
 
 
1,500 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – 
No Opt. Call 
AA 
1,215,105 
 
 
AMBAC Insured 
 
 
 
12,100 
 
Total Indiana 
 
 
12,659,639 
 
 
Iowa – 1.9% 
 
 
 
1,545 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/18 at 100.00 
B 
1,572,022 
 
 
Project, Series 2013, 5.500%, 12/01/22 
 
 
 
3,075 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
7/17 at 100.00 
B+ 
3,075,000 
 
 
5.375%, 6/01/38 
 
 
 
4,620 
 
Total Iowa 
 
 
4,647,022 
 
 
Kentucky – 0.5% 
 
 
 
1,150 
 
Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky 
1/26 at 100.00 
A+ 
1,318,809 
 
 
International Airport, Series 2016, 5.000%, 1/01/29 
 
 
 
 
 
Louisiana – 3.5% 
 
 
 
5,000 
 
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 
6/18 at 100.00 
AA (6) 
5,285,650 
 
 
6.125%, 6/01/25 (Pre-refunded 6/01/18) – AGC Insured 
 
 
 
3,255 
 
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 
6/17 at 100.00 
BBB 
3,263,170 
 
 
5.125%, 6/01/37 
 
 
 
8,255 
 
Total Louisiana 
 
 
8,548,820 
 
 
Maine – 1.7% 
 
 
 
3,335 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, 
7/19 at 100.00 
Aa2 
4,073,269 
 
 
Tender Option Bond Trust 2016-XL0014, 11.882%, 7/01/39 (IF) (4) 
 
 
 
 
 
Maryland – 0.2% 
 
 
 
 
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A: 
 
 
 
180 
 
5.250%, 9/01/26 (Pre-refunded 6/23/17) – SYNCORA GTY Insured 
6/17 at 100.00 
Ba1 (6) 
180,407 
275 
 
5.250%, 9/01/27 (Pre-refunded 6/23/17) – SYNCORA GTY Insured 
6/17 at 100.00 
Ba1 (6) 
275,622 
455 
 
Total Maryland 
 
 
456,029 
 
NUVEEN 41

 

     
NUW 
Nuveen AMT-Free Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Massachusetts – 0.5% 
 
 
 
$   1,000 
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond 
8/19 at 100.00 
AAA 
$   1,243,440 
 
 
Trust 2015-XF2181, 11.965%, 8/01/38 (IF) (4) 
 
 
 
 
 
Minnesota – 0.5% 
 
 
 
1,145 
 
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47 
12/26 at 100.00 
Aa3 
1,313,017 
 
 
Nevada – 3.9% 
 
 
 
1,000 
 
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 
7/19 at 100.00 
AAA 
1,090,290 
 
 
5.250%, 7/01/34 (Pre-refunded 7/01/19) 
 
 
 
5,415 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 
6/19 at 100.00 
BBB+ (6) 
6,194,218 
 
 
6/15/30 (Pre-refunded 6/15/19) 
 
 
 
2,000 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 
12/24 at 100.00 
Aa1 
2,255,240 
 
 
5.000%, 6/01/39 
 
 
 
8,415 
 
Total Nevada 
 
 
9,539,748 
 
 
New Jersey – 5.3% 
 
 
 
935 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
No Opt. Call 
AA– 
1,098,999 
 
 
2005N-1, 5.500%, 9/01/27 – FGIC Insured 
 
 
 
1,000 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
3/21 at 100.00 
A– 
1,050,000 
 
 
Bonds, Refunding Series 2011GG, 5.000%, 9/01/22 
 
 
 
1,250 
 
New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K, 
No Opt. Call 
A– 
1,346,088 
 
 
5.500%, 12/15/19 – AMBAC Insured 
 
 
 
 
 
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 (6) 
2,404,117 
3,000 
 
7.500%, 12/01/32 (Pre-refunded 6/01/19) 
6/19 at 100.00 
N/R (6) 
3,401,370 
5,020 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
A– 
2,383,998 
 
 
Appreciation Series 2010A, 0.000%, 12/15/31 
 
 
 
255 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 
6/25 at 100.00 
A– 
262,446 
 
 
5.250%, 6/15/41 
 
 
 
1,000 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
BBB– 
1,002,060 
 
 
Series 2007-1A, 5.000%, 6/01/29 
 
 
 
14,595 
 
Total New Jersey 
 
 
12,949,078 
 
 
New York – 3.6% 
 
 
 
2,845 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 
6/17 at 100.00 
A (6) 
2,891,260 
 
 
2/15/47 (Pre-refunded 6/30/17) 
 
 
 
1,450 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
6/19 at 100.00 
AA+ 
1,572,888 
 
 
Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 
 
 
 
3,000 
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, 
No Opt. Call 
A 
3,759,240 
 
 
Series 2007, 5.500%, 10/01/37 
 
 
 
430 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
483,509 
 
 
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
 
 
 
7,725 
 
Total New York 
 
 
8,706,897 
 
 
North Carolina – 1.3% 
 
 
 
2,000 
 
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, 
10/26 at 100.00 
AA+ 
2,320,880 
 
 
Refunding Series 2016B, 5.000%, 10/01/44 
 
 
 
700 
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior 
1/27 at 100.00 
BBB 
799,715 
 
 
Lien Series 2017, 5.000%, 1/01/32 
 
 
 
2,700 
 
Total North Carolina 
 
 
3,120,595 
 
 
Ohio – 6.0% 
 
 
 
5,000 
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 
2/19 at 100.00 
AA (6) 
5,423,800 
 
 
2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured 
 
 
 
 
42 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
 
 
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– 
$   2,023,547 
5,910 
 
6.500%, 6/01/47 
6/17 at 100.00 
B– 
5,926,311 
1,305 
 
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, 
6/27 at 100.00 
AA– 
1,317,933 
 
 
4.000%, 12/01/46 
 
 
 
14,330 
 
Total Ohio 
 
 
14,691,591 
 
 
Oklahoma – 0.9% 
 
 
 
2,150 
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007, 
9/17 at 100.00 
BBB+ 
2,153,935 
 
 
5.125%, 9/01/37 
 
 
 
 
 
Rhode Island – 1.4% 
 
 
 
3,000 
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, 
5/19 at 100.00 
Aaa 
3,360,450 
 
 
Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39 (Pre-refunded 5/15/19) 
 
 
 
 
 
South Carolina – 1.5% 
 
 
 
5,435 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 
No Opt. Call 
AA 
3,681,289 
 
 
0.000%, 1/01/29 – AMBAC Insured 
 
 
 
 
 
Texas – 6.6% 
 
 
 
2,000 
 
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2017, 5.000%, 11/15/35 
11/26 at 100.00 
AA 
2,328,100 
1,855 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 
10/23 at 100.00 
BBB+ 
2,057,752 
 
 
2013A, 5.500%, 4/01/53 
 
 
 
3,000 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
No Opt. Call 
A2 
1,637,640 
 
 
Project, Series 2001B, 0.000%, 9/01/32 – AMBAC Insured 
 
 
 
915 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/25 at 100.00 
A1 
1,013,774 
 
 
5.000%, 1/01/45 
 
 
 
5,435 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 
1/18 at 100.00 
A2 (6) 
5,613,051 
 
 
5.750%, 1/01/38 (Pre-refunded 1/01/18) 
 
 
 
250 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas 
8/26 at 100.00 
AA 
279,950 
 
 
Health Resources System, Series 2016A, 5.000%, 2/15/41 
 
 
 
1,500 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 
12/22 at 100.00 
A3 
1,613,235 
 
 
2012, 5.000%, 12/15/32 
 
 
 
 
 
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 
936,900 
1,945 
 
0.000%, 8/15/38 
No Opt. Call 
AAA 
684,251 
18,900 
 
Total Texas 
 
 
16,164,653 
 
 
Utah – 0.3% 
 
 
 
655 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, 
7/27 at 100.00 
A+ 
752,988 
 
 
5.000%, 7/01/42 
 
 
 
 
 
Virginia – 2.5% 
 
 
 
1,160 
 
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First 
7/26 at 100.00 
BBB 
1,277,299 
 
 
Tier Series 2016, 5.000%, 7/01/51 
 
 
 
1,400 
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital 
7/28 at 100.00 
BBB 
1,097,880 
 
 
Appreciation Series 2012B, 0.000%, 7/15/40 (5) 
 
 
 
1,500 
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 3.350%, 5/01/36 
5/25 at 100.00 
AA+ 
1,485,405 
2,000 
 
Washington County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Mountain 
1/19 at 100.00 
BBB+ 
2,163,180 
 
 
States Health Alliance, Series 2009C, 7.750%, 7/01/38 
 
 
 
6,060 
 
Total Virginia 
 
 
6,023,764 
 
NUVEEN 43

 

     
NUW 
Nuveen AMT-Free Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Washington – 0.9% 
 
 
 
$   3,330 
 
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric 
No Opt. Call 
AA+ 
$   2,216,714 
 
 
System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/29 – NPFG Insured 
 
 
 
 
 
West Virginia – 0.7% 
 
 
 
1,500 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/23 at 100.00 
A 
1,679,835 
 
 
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
 
 
Wisconsin – 5.8% 
 
 
 
1,250 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health 
5/26 at 100.00 
AA+ 
1,255,638 
 
 
Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 
 
 
 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/22 at 100.00 
A– 
1,099,080 
 
 
Series 2012B, 5.000%, 2/15/27 
 
 
 
1,605 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. 
2/19 at 100.00 
N/R (6) 
1,764,922 
 
 
Obligated Group, Series 2009, 6.625%, 2/15/39 (Pre-refunded 2/15/19) 
 
 
 
9,000 
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 
5/19 at 100.00 
AA– (6) 
9,888,119 
 
 
6.000%, 5/01/36 (Pre-refunded 5/01/19) 
 
 
 
12,855 
 
Total Wisconsin 
 
 
14,007,759 
$ 259,805 
 
Total Long-Term Investments (cost $210,610,611) 
 
 
238,698,869 
 
 
Floating Rate Obligations – (2.9)% 
 
 
(7,125,000) 
 
 
Other Assets Less Liabilities – 4.8% 
 
 
11,809,722 
 
 
Net Assets – 100% 
 
 
$ 243,383,591 
 
   
(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) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
 
 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Step-up coupon. The rate shown is the coupon as of the end of the reporting period. 
(6) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities. 
 
(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. 
 
 
(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. 
 
 
See accompanying notes to financial statements.
44 NUVEEN

 

           
NMI 
 
 
 
 
 
 
 
Nuveen Municipal Income Fund, Inc. 
Portfolio of Investments 
April 30, 2017 (Unaudited) 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 98.4% 
 
 
 
 
 
MUNICIPAL BONDS – 98.4% 
 
 
 
 
 
Alabama – 0.5% 
 
 
 
$   500 
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, 
7/17 at 100.00 
AA 
$   501,685 
 
 
Series 2004A, 5.250%, 1/01/23 – AGM Insured 
 
 
 
 
 
Arizona – 1.4% 
 
 
 
600 
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, 
12/24 at 100.00 
A2 
662,898 
 
 
Refunding Series 2014A, 5.000%, 12/01/39 
 
 
 
515 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
610,522 
 
 
Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28 
 
 
 
1,115 
 
Total Arizona 
 
 
1,273,420 
 
 
California – 17.4% 
 
 
 
5,530 
 
Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series 
No Opt. Call 
AA– 
4,865,735 
 
 
1997A, 0.000%, 9/01/22 – NPFG Insured 
 
 
 
 
 
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 
1,863,639 
2,070 
 
0.000%, 8/01/22 – FGIC Insured 
No Opt. Call 
AA– 
1,868,071 
2,120 
 
0.000%, 8/01/23 – FGIC Insured 
No Opt. Call 
AA– 
1,856,080 
325 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los 
12/18 at 100.00 
Ba1 
328,858 
 
 
Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21 
 
 
 
85 
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E, 
7/17 at 100.00 
AA– 
85,076 
 
 
4.800%, 8/01/37 (Alternative Minimum Tax) 
 
 
 
375 
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB+ 
407,235 
 
 
of the West, Series 2010, 6.000%, 10/01/29 
 
 
 
1,000 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
7/17 at 100.00 
CCC 
899,510 
 
 
Health System, Series 2005A, 5.500%, 7/01/39 (4) 
 
 
 
940 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
B3 
942,190 
 
 
Bonds, Series 2007A-1, 5.750%, 6/01/47 
 
 
 
60 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
N/R (5) 
60,269 
 
 
Bonds, Series 2007A-1, 5.750%, 6/01/47 (Pre-refunded 6/01/17) 
 
 
 
60 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
N/R (5) 
60,201 
 
 
Bonds, Series 2007A-1, 4.500%, 6/01/27 (Pre-refunded 6/01/17) 
 
 
 
250 
 
Madera County, California, Certificates of Participation, Children's Hospital Central 
3/20 at 100.00 
AA– 
269,560 
 
 
California, Series 2010, 5.375%, 3/15/36 
 
 
 
300 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
421,935 
 
 
2009A, 7.000%, 11/01/34 
 
 
 
250 
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation 
6/20 at 100.00 
A– 
282,530 
 
 
Bonds,Refunding Series 2010, 6.125%, 6/30/37 
 
 
 
385 
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
A– (5) 
452,671 
 
 
Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24 (Pre-refunded 2/01/21) 
 
 
 
500 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
1/25 at 100.00 
BBB– 
541,310 
 
 
Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 
 
 
 
1,000 
 
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, 
12/21 at 100.00 
A+ 
1,178,470 
 
 
Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22 
 
 
 
17,250 
 
Total California 
 
 
16,383,340 
 
NUVEEN 45

 

           
NMI 
 
Nuveen Municipal Income Fund, Inc. 
 
 
 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado – 8.6% 
 
 
 
 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding 
 
 
 
 
 
Series 2013A: 
 
 
 
$   150 
 
5.125%, 12/01/29 
12/23 at 100.00 
BBB 
$   166,374 
250 
 
5.375%, 12/01/33 
12/23 at 100.00 
BBB 
278,305 
500 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods 
1/24 at 102.00 
N/R 
516,525 
 
 
Project, Refunding Series 2016, 5.000%, 1/01/37 
 
 
 
1,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
1,068,550 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
1,000 
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan 
7/17 at 100.00 
BBB+ 
1,001,700 
 
 
Society, Series 2005, 5.000%, 6/01/35 
 
 
 
750 
 
Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 
11/23 at 100.00 
AA 
855,293 
 
 
5.000%, 11/15/38 
 
 
 
1,000 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 
11/22 at 100.00 
A+ 
1,138,180 
110 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/25 at 100.00 
N/R 
117,803 
 
 
Bonds, Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
1,000 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/20 at 100.00 
AA (5) 
1,169,850 
 
 
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
815 
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
No Opt. Call 
A 
980,388 
 
 
Utilities, Series 2008, 6.125%, 11/15/23 
 
 
 
270 
 
Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 
12/17 at 100.00 
AA 
274,749 
 
 
2007, 5.250%, 12/01/34 – RAAI Insured 
 
 
 
500 
 
Tallyn's Reach Metropolitan District 3, Aurora, Colorado, General Obligation Refunding and 
12/23 at 100.00 
N/R 
517,340 
 
 
Improvement Bonds, Limited Tax Convertible to Unlimited Tax, Series 2013, 5.000%, 12/01/33 
 
 
 
7,345 
 
Total Colorado 
 
 
8,085,057 
 
 
Florida – 5.5% 
 
 
 
850 
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter 
9/23 at 100.00 
BBB– 
871,760 
 
 
Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33 
 
 
 
100 
 
Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy 
6/17 at 100.00 
N/R 
100,002 
 
 
Residential Services Inc., Series 1995, 8.000%, 6/01/22 
 
 
 
500 
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern 
4/21 at 100.00 
A– 
573,160 
 
 
University, Refunding Series 2011, 6.375%, 4/01/31 
 
 
 
1,025 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
AA 
1,123,257 
 
 
5.000%, 10/01/35 – AGM Insured 
 
 
 
1,000 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 
10/22 at 100.00 
Aa3 
1,108,930 
 
 
5.000%, 10/01/42 
 
 
 
515 
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 
10/20 at 100.00 
AA 
565,166 
 
 
5.375%, 10/01/40 
 
 
 
310 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, 
4/22 at 100.00 
A 
332,456 
 
 
Inc., Series 2012A, 5.000%, 10/01/42 
 
 
 
475 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 
5/17 at 100.00 
N/R 
472,126 
 
 
5.400%, 5/01/37 
 
 
 
4,775 
 
Total Florida 
 
 
5,146,857 
 
 
Georgia – 2.2% 
 
 
 
455 
 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, 
7/25 at 100.00 
Aa3 
521,257 
 
 
Senior Lien Series 2015A-1, 5.250%, 7/01/40 
 
 
 
625 
 
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, 
11/23 at 100.00 
BBB+ 
645,863 
 
 
Trestletree Village Apartments, Series 2013A, 4.000%, 11/01/25 
 
 
 
500 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 
11/19 at 100.00 
AA 
549,950 
 
 
11/01/34 – AGM Insured 
 
 
 
 
46 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Georgia (continued) 
 
 
 
$   355 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22 
No Opt. Call 
A 
$   394,149 
1,935 
 
Total Georgia 
 
 
2,111,219 
 
 
Hawaii – 0.3% 
 
 
 
250 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
BB 
269,305 
 
 
University, Series 2013A, 6.625%, 7/01/33 
 
 
 
 
 
Illinois – 10.2% 
 
 
 
250 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement 
4/27 at 100.00 
A 
258,678 
 
 
Revenues, Series 2016, 6.000%, 4/01/46 
 
 
 
650 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/25 at 100.00 
B 
629,161 
 
 
2016A, 7.000%, 12/01/44 
 
 
 
640 
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, 
11/24 at 100.00 
A 
661,414 
 
 
Series 2002, 4.500%, 11/01/36 
 
 
 
1,000 
 
Illinois Finance Authority, Revenue Bonds, Children's Memorial Hospital, Tender Option Bond 
8/18 at 100.00 
AA 
1,172,880 
 
 
Trust 2016-XG0008, 15.981%, 8/15/33 – AGC Insured (IF) (6) 
 
 
 
280 
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 
5/20 at 100.00 
AA– 
297,620 
 
 
5.125%, 5/15/35 
 
 
 
80 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 
7/23 at 100.00 
A– 
91,534 
 
 
5.500%, 7/01/28 
 
 
 
450 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
5/19 at 100.00 
Aaa 
497,372 
 
 
Series 2009C, 6.375%, 11/01/29 (Pre-refunded 5/01/19) 
 
 
 
200 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
8/25 at 100.00 
Baa1 
211,244 
 
 
Refunding Series 2015C, 5.000%, 8/15/44 
 
 
 
500 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 
8/19 at 100.00 
N/R (5) 
566,395 
 
 
2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19) 
 
 
 
250 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
AA 
269,643 
 
 
Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured 
 
 
 
990 
 
Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31 
7/23 at 100.00 
BBB 
1,015,621 
220 
 
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel 
7/17 at 100.00 
D 
64,148 
 
 
Revenue Bonds, Series 2005B, 5.250%, 1/01/36 (7) 
 
 
 
1,555 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
6/22 at 100.00 
BBB– 
1,547,334 
 
 
Refunding Series 2012B, 5.000%, 6/15/52 
 
 
 
450 
 
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana 
10/22 at 100.00 
Baa1 
500,216 
 
 
College, Series 2012, 5.000%, 10/01/27 
 
 
 
800 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 
6/21 at 100.00 
A– 
911,080 
 
 
2010, 6.000%, 6/01/28 
 
 
 
315 
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – 
3/25 at 100.00 
AA 
347,143 
 
 
AGM Insured 
 
 
 
490 
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 
10/23 at 100.00 
A 
569,405 
 
 
6.000%, 10/01/32 
 
 
 
9,120 
 
Total Illinois 
 
 
9,610,888 
 
 
Indiana – 2.1% 
 
 
 
525 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
B– 
520,275 
 
 
Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 
 
 
 
655 
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 
7/23 at 100.00 
A– 
697,306 
 
 
Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax) 
 
 
 
100 
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, 
9/24 at 100.00 
B+ 
105,579 
 
 
Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax) 
 
 
 
500 
 
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 
9/21 at 100.00 
N/R (5) 
636,570 
 
 
2011, 8.000%, 9/01/41 (Pre-refunded 9/01/21) 
 
 
 
1,780 
 
Total Indiana 
 
 
1,959,730 
 
NUVEEN 47

 

     
NMI 
Nuveen Municipal Income Fund, Inc. 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Iowa – 1.0% 
 
 
 
$   835 
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of 
10/21 at 100.00 
BBB 
$   904,639 
 
 
Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26 
 
 
 
 
 
Kansas – 0.4% 
 
 
 
330 
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park 
7/17 at 100.00 
BB+ 
330,132 
 
 
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured 
 
 
 
 
 
Kentucky – 2.2% 
 
 
 
500 
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro 
6/20 at 100.00 
BBB 
557,395 
 
 
Medical Health System, Series 2010A, 6.500%, 3/01/45 
 
 
 
1,500 
 
Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue 
2/18 at 100.00 
Aaa 
1,560,300 
 
 
Bonds, Jewish Hospital & Saint Mary's HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 
 
 
 
 
 
(Pre-refunded 2/01/18) 
 
 
 
2,000 
 
Total Kentucky 
 
 
2,117,695 
 
 
Louisiana – 0.6% 
 
 
 
500 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
1/19 at 100.00 
AA (5) 
538,125 
 
 
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) 
 
 
 
 
 
Maine – 0.5% 
 
 
 
500 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/23 at 100.00 
BBB 
504,460 
 
 
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 
 
 
 
 
 
Maryland – 1.9% 
 
 
 
1,000 
 
Maryland Economic Development Corporation, Economic Development Revenue Bonds, 
6/20 at 100.00 
Baa3 
1,074,920 
 
 
Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 
 
 
 
210 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park 
7/19 at 100.00 
BB+ 
215,653 
 
 
Public Charter School Issue, Series 2010, 6.000%, 7/01/40 
 
 
 
500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional 
7/24 at 100.00 
A 
541,260 
 
 
Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 
 
 
 
1,710 
 
Total Maryland 
 
 
1,831,833 
 
 
Massachusetts – 0.6% 
 
 
 
500 
 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series 
7/26 at 100.00 
BBB+ 
536,865 
 
 
2016I, 5.000%, 7/01/46 
 
 
 
 
 
Michigan – 1.6% 
 
 
 
355 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A 
383,457 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
1,025 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/21 at 100.00 
Aa2 
1,154,683 
 
 
2011-II-A, 5.375%, 10/15/36 
 
 
 
1,380 
 
Total Michigan 
 
 
1,538,140 
 
 
Minnesota – 0.3% 
 
 
 
300 
 
City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker 
11/22 at 100.00 
N/R 
295,932 
 
 
Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31 
 
 
 
 
 
Mississippi – 1.5% 
 
 
 
310 
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
10/17 at 100.00 
BBB+ 
311,296 
 
 
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
 
 
 
1,000 
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial 
9/26 at 100.00 
A– 
1,111,860 
 
 
Healthcare, Series 2016A, 5.000%, 9/01/36 
 
 
 
1,310 
 
Total Mississippi 
 
 
1,423,156 
 
48 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Missouri – 4.1% 
 
 
 
$   265 
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, 
10/19 at 100.00 
A– 
$   285,553 
 
 
Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 
 
 
 
135 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
5/23 at 100.00 
BBB+ 
146,634 
 
 
Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 
 
 
 
1,000 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
10/22 at 100.00 
BBB– 
1,042,540 
 
 
Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33 
 
 
 
200 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
10/23 at 100.00 
A+ 
222,224 
 
 
University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 
 
 
 
965 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health 
2/22 at 100.00 
BBB+ 
1,060,554 
 
 
System, Series 2012, Reg S, 5.000%, 2/15/26 
 
 
 
500 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, 
10/18 at 103.00 
BB+ 
532,945 
 
 
Series 1999, 6.000%, 10/01/25 
 
 
 
500 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, 
10/18 at 103.00 
BB+ 
531,110 
 
 
Series 2011A, 5.250%, 10/01/20 
 
 
 
3,565 
 
Total Missouri 
 
 
3,821,560 
 
 
Nebraska – 0.5% 
 
 
 
400 
 
Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding 
5/21 at 100.00 
Aa3 
449,456 
 
 
Series 2011, 5.050%, 9/01/30 
 
 
 
 
 
New Jersey – 1.6% 
 
 
 
100 
 
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue 
No Opt. Call 
BBB– 
108,684 
 
 
Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax) 
 
 
 
110 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital 
7/25 at 100.00 
AA 
119,034 
 
 
Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 
 
 
 
545 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 
6/25 at 100.00 
A– 
546,412 
 
 
5.000%, 6/15/45 
 
 
 
 
 
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 
BBB 
250,515 
500 
 
4.750%, 6/01/34 
6/17 at 100.00 
BB– 
489,495 
1,505 
 
Total New Jersey 
 
 
1,514,140 
 
 
New York – 3.6% 
 
 
 
630 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
1/20 at 100.00 
AA+ (5) 
715,371 
 
 
Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 (Pre-refunded 1/15/20) 
 
 
 
60 
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, 
7/25 at 100.00 
BBB+ 
66,239 
 
 
Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 
 
 
 
400 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
2/21 at 100.00 
A 
455,028 
 
 
2011A, 5.750%, 2/15/47 
 
 
 
500 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
532,285 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44 
 
 
 
265 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
297,977 
 
 
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
 
 
 
1,335 
 
Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage 
8/17 at 100.00 
N/R 
1,359,537 
 
 
Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41 
 
 
 
3,190 
 
Total New York 
 
 
3,426,437 
 
 
North Dakota – 0.7% 
 
 
 
200 
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center 
7/21 at 100.00 
N/R (5) 
228,920 
 
 
Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21) 
 
 
 
300 
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 
11/21 at 100.00 
A+ 
353,427 
 
 
6.250%, 11/01/31 
 
 
 
 
NUVEEN 49

 

     
NMI 
Nuveen Municipal Income Fund, Inc. 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
North Dakota (continued) 
 
 
 
$   100 
 
Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and 
12/26 at 100.00 
N/R 
$   99,984 
 
 
Services Obligated Group, Series 2017, 5.000%, 12/01/36 (WI/DD, Settling 5/04/17) 
 
 
 
600 
 
Total North Dakota 
 
 
682,331 
 
 
Ohio – 4.7% 
 
 
 
 
 
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– 
288,846 
1,020 
 
5.125%, 6/01/24 
6/17 at 100.00 
B– 
982,097 
725 
 
6.000%, 6/01/42 
6/17 at 100.00 
B– 
712,769 
1,750 
 
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center 
8/21 at 100.00 
A2 
1,887,322 
 
 
Project, Refunding Series 2011, 5.250%, 8/01/36 
 
 
 
500 
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
536,955 
 
 
Refunding & improvement Series 2010, 6.375%, 4/01/30 
 
 
 
4,295 
 
Total Ohio 
 
 
4,407,989 
 
 
Oregon – 1.3% 
 
 
 
300 
 
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding 
5/22 at 100.00 
BBB 
315,438 
 
 
Series 2014A, 5.000%, 5/01/40 
 
 
 
850 
 
Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 
6/22 at 100.00 
A1 
953,802 
 
 
5.000%, 6/15/29 
 
 
 
1,150 
 
Total Oregon 
 
 
1,269,240 
 
 
Pennsylvania – 3.5% 
 
 
 
1,000 
 
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical 
5/22 at 100.00 
A+ 
1,075,970 
 
 
Center Project, Series 2012A, 5.000%, 11/01/40 
 
 
 
45 
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
BBB+ 
48,483 
 
 
Ministries Project, Series 2009, 6.125%, 1/01/29 
 
 
 
415 
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
N/R (5) 
450,163 
 
 
Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19) 
 
 
 
560 
 
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, 
1/25 at 100.00 
Baa2 
598,366 
 
 
Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/36 
 
 
 
1,000 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student 
7/22 at 100.00 
BBB+ 
1,075,780 
 
 
Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41 
 
 
 
3,020 
 
Total Pennsylvania 
 
 
3,248,762 
 
 
South Carolina – 0.6% 
 
 
 
475 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 
No Opt. Call 
A3 (5) 
520,078 
 
 
1991, 6.750%, 1/01/19 – FGIC Insured (ETM) 
 
 
 
 
 
Tennessee – 2.4% 
 
 
 
1,250 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic 
1/23 at 100.00 
BBB+ 
1,311,088 
 
 
Health Initiatives, Series 2013A, 5.250%, 1/01/45 
 
 
 
870 
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
9/26 at 100.00 
BBB+ 
942,723 
 
 
University Health System, Inc., Series 2016, 5.000%, 9/01/47 
 
 
 
2,120 
 
Total Tennessee 
 
 
2,253,811 
 
 
Texas – 10.2% 
 
 
 
670 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 
7/25 at 100.00 
BBB+ 
741,382 
 
 
5.000%, 1/01/40 
 
 
 
335 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 
10/23 at 100.00 
BBB+ 
366,071 
 
 
2013A, 5.125%, 10/01/43 
 
 
 
500 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission 
5/25 at 100.00 
A+ 
558,140 
 
 
Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 
 
 
 
 
50 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
 
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Tender Option 
 
 
 
 
 
Bond Trust 1015: 
 
 
 
$   150 
 
18.020%, 1/01/38 (Pre-refunded 1/01/18) (IF) (6) 
1/18 at 100.00 
A2 (5) 
$   190,814 
850 
 
17.906%, 1/01/38 (Pre-refunded 1/01/18) (IF) (6) 
1/18 at 100.00 
A2 (5) 
1,059,653 
200 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital 
9/31 at 100.00 
AA+ 
207,506 
 
 
Appreciation Series 2011C, 0.000%, 9/01/43 (8) 
 
 
 
410 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/23 at 100.00 
A1 
453,608 
 
 
5.000%, 1/01/40 
 
 
 
500 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 
1/25 at 100.00 
A2 
557,555 
 
 
5.000%, 1/01/38 
 
 
 
240 
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 
2/24 at 100.00 
Ba2 
247,898 
 
 
5.000%, 2/01/34 
 
 
 
295 
 
SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 
No Opt. Call 
A 
360,570 
 
 
2007, 5.500%, 8/01/27 
 
 
 
 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
1,165 
 
5.000%, 12/15/27 
12/22 at 100.00 
A3 
1,281,675 
505 
 
5.000%, 12/15/28 
12/22 at 100.00 
A3 
552,839 
405 
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility 
12/19 at 100.00 
Baa2 
456,459 
 
 
Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 
 
 
 
 
 
6.875%, 12/31/39 
 
 
 
770 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ 
6/20 at 100.00 
Baa3 
873,596 
 
 
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40 
 
 
 
500 
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds,Idea Public 
8/17 at 100.00 
BBB (5) 
506,215 
 
 
School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured 
 
 
 
1,000 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier 
8/24 at 100.00 
BBB+ 
1,114,890 
 
 
Refunding Series 2015C, 5.000%, 8/15/32 
 
 
 
45 
 
West Texas Independent School District, McLennan and Hill Counties, General Obligation 
7/17 at 100.00 
AAA 
28,670 
 
 
Refunding Bonds, Series 1998, 0.000%, 8/15/25 
 
 
 
8,540 
 
Total Texas 
 
 
9,557,541 
 
 
Virginia – 0.2% 
 
 
 
205 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
7/22 at 100.00 
BBB 
230,656 
 
 
Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax) 
 
 
 
 
 
Washington – 0.5% 
 
 
 
500 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
12/17 at 100.00 
N/R (5) 
514,010 
 
 
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/01/17) 
 
 
 
 
 
Wisconsin – 5.7% 
 
 
 
290 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, 
4/20 at 100.00 
A– 
305,663 
 
 
Inc., Series 2010B, 5.000%, 4/01/30 
 
 
 
955 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, 
10/21 at 100.00 
A+ 
1,041,638 
 
 
Series 2011A, 5.250%, 10/15/39 
 
 
 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University, 
10/22 at 100.00 
A2 
1,041,050 
 
 
Series 2012, 4.000%, 10/01/32 
 
 
 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., 
5/21 at 100.00 
N/R (5) 
1,161,970 
 
 
Series 2011A, 5.500%, 5/01/31 (Pre-refunded 5/01/21) 
 
 
 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. 
8/24 at 100.00 
A+ 
1,098,510 
 
 
Obligated Group, Refunding Series 2015, 5.000%, 8/15/39 
 
 
 
500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial 
7/24 at 100.00 
A– 
528,335 
 
 
Hospital, Inc., Series 2014B, 5.000%, 7/01/44 
 
 
 
 
NUVEEN 51

 

     
NMI 
Nuveen Municipal Income Fund, Inc. 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
$      200 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson 
10/22 at 102.00 
N/R 
$      201,466 
 
 
 Hollow Project. Series 2014, 5.125%, 10/01/34 
 
 
 
4,945 
 
Total Wisconsin 
 
 
5,378,632 
$ 87,945 
 
Total Long-Term Investments (cost $84,313,376) 
 
 
92,637,121 
 
 
Other Assets Less Liabilities – 1.6% 
 
 
1,469,864 
 
 
Net Assets – 100% 
 
 
$ 94,106,985 
 
   
(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) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
 
(4) 
The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016. 
(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 ratings of such securities. 
 
(6) 
Investment, or portion of investment, has been pledged as collateral for the net payment obligations 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. 
(WI/DD) 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. 
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, 2017 (Unaudited) 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 109.4% 
 
 
 
 
 
MUNICIPAL BONDS – 108.8% 
 
 
 
 
 
Alabama – 1.0% 
 
 
 
$   2,000 
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, 
7/17 at 100.00 
AA 
$   2,006,740 
 
 
Series 2004A, 5.250%, 1/01/23 – AGM Insured 
 
 
 
1,350 
 
Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%, 
10/23 at 102.00 
AA 
1,523,219 
 
 
10/01/48 – AGM Insured 
 
 
 
3,350 
 
Total Alabama 
 
 
3,529,959 
 
 
Arizona – 3.3% 
 
 
 
1,585 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender 
1/22 at 100.00 
AA– 
2,178,804 
 
 
Option Bond Trust 2015-XF2046, 15.675%, 1/01/43 (IF) (4) 
 
 
 
2,000 
 
Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured 
10/19 at 100.00 
AA 
2,182,180 
2,500 
 
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, 
7/19 at 100.00 
AA 
2,695,425 
 
 
Series 2009, 6.500%, 7/15/31 – BAM Insured 
 
 
 
1,030 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great 
7/21 at 100.00 
BB+ 
1,123,503 
 
 
Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47 
 
 
 
320 
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 
12/17 at 102.00 
B– 
296,858 
 
 
2008, 7.000%, 12/01/27 
 
 
 
1,835 
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, 
5/17 at 100.00 
B+ 
1,979,433 
 
 
Series 2012A, 9.750%, 5/01/25 
 
 
 
50 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
57,776 
 
 
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32 
 
 
 
1,631 
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 
7/17 at 100.00 
N/R 
1,554,522 
 
 
2005, 6.000%, 7/01/30 
 
 
 
10,951 
 
Total Arizona 
 
 
12,068,501 
 
 
California – 15.7% 
 
 
 
180 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 
10/26 at 100.00 
BBB+ 
200,747 
 
 
Subordinate Lien Series 2016B, 5.000%, 10/01/37 
 
 
 
5,000 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 
4/19 at 100.00 
AA (5) 
5,382,848 
 
 
2009F-1, 5.000%, 4/01/34 (Pre-refunded 4/01/19) 
 
 
 
920 
 
California Educational Facilities Authority, Revenue Bonds, University of Southern California, 
10/18 at 100.00 
Aa1 (5) 
1,153,652 
 
 
Tender Option Bond Trust 2015-XF2188, 16.224%, 10/01/38 (Pre-refunded 10/01/18) (IF) (4) 
 
 
 
2,040 
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/19 at 100.00 
AA– 
2,907,775 
 
 
Tender Option Bond Trust 2015-XF0120, 21.105%, 10/01/39 (IF) (4) 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option 
 
 
 
 
 
Bond Trust 2016-XG0048: 
 
 
 
300 
 
21.339%, 8/15/26 (IF) (4) 
8/20 at 100.00 
AA– 
497,460 
1,700 
 
21.339%, 8/15/26 (IF) (4) 
8/20 at 100.00 
AA– 
2,798,795 
1,000 
 
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 
11/19 at 100.00 
A3 (5) 
1,170,240 
 
 
2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19) 
 
 
 
3,450 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/26 at 100.00 
BB 
3,709,958 
 
 
University Medical Center, Series 2016A, 5.250%, 12/01/56 
 
 
 
500 
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB+ 
541,870 
 
 
of the West, Series 2010, 5.750%, 10/01/25 
 
 
 
 
NUVEEN 53

 

     
NEV 
Nuveen Enhanced Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$   400 
 
Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, 
12/21 at 100.00 
A+ 
$   484,916 
 
 
Subordinate Series 2011A, 7.000%, 12/01/36 
 
 
 
490 
 
Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Facilities 
9/19 at 100.00 
N/R (5) 
551,598 
 
 
District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32 (Pre-refunded 9/01/19) 
 
 
 
2,000 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
No Opt. Call 
AA 
1,733,720 
 
 
Refunding Series 2013A, 0.000%, 1/15/29 – AGM Insured (6) 
 
 
 
1,885 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
B3 
1,889,392 
 
 
Bonds, Series 2007A-1, 5.750%, 6/01/47 
 
 
 
115 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
N/R (5) 
115,516 
 
 
Bonds, Series 2007A-1, 5.750%, 6/01/47 (Pre-refunded 6/01/17) 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Tender Option Bond Trust 2015-XF1038: 
 
 
 
1,250 
 
14.694%, 6/01/40 (IF) (4) 
6/25 at 100.00 
A+ 
1,807,713 
2,445 
 
14.683%, 6/01/40 (IF) (4) 
6/25 at 100.00 
A+ 
3,534,932 
2,550 
 
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 
7/21 at 100.00 
Aaa 
5,531,229 
 
 
2017-XF2453, 29.194%, 7/15/40 (Pre-refunded 7/15/21) (IF) (4) 
 
 
 
960 
 
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
N/R 
960,250 
 
 
Bonds, Series 2007, 4.625%, 6/01/21 
 
 
 
225 
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 
No Opt. Call 
A 
212,654 
 
 
2007B, 2.146%, 11/15/27 
 
 
 
1,710 
 
Los Angeles Community College District, California, General Obligation Bonds, Tender Option 
8/18 at 100.00 
AA+ (5) 
2,211,885 
 
 
Bond Trust 2016-XG0045, 21.098%, 8/01/33 (Pre-refunded 8/01/18) (IF) 
 
 
 
1,600 
 
Los Angeles County, California, Community Development Commission Headquarters Office 
9/21 at 100.00 
Aa3 
2,611,920 
 
 
Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., 
 
 
 
 
 
Tender Option Bond Trust 2016-XL0022, 19.308%, 9/01/42 (IF) (4) 
 
 
 
525 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/20 at 100.00 
AA 
582,404 
 
 
Airport, Senior Lien Series 2010A, 5.000%, 5/15/31 
 
 
 
1,080 
 
National City Community Development Commission, California, Tax Allocation Bonds, National 
8/21 at 100.00 
A 
1,294,812 
 
 
City Redevelopment Project, Series 2011, 7.000%, 8/01/32 
 
 
 
1,165 
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment 
9/21 at 100.00 
BBB+ 
1,369,038 
 
 
Project, Series 2011, 6.750%, 9/01/40 
 
 
 
840 
 
Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, 
7/17 at 102.00 
CCC+ 
802,376 
 
 
Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25 
 
 
 
265 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Ba1 (5) 
302,508 
 
 
6.750%, 11/01/39 (Pre-refunded 11/01/19) 
 
 
 
250 
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation 
6/20 at 100.00 
A– 
282,530 
 
 
Bonds, Refunding Series 2010, 6.125%, 6/30/37 
 
 
 
 
 
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) 
597,045 
700 
 
6.750%, 8/01/33 (Pre-refunded 2/01/21) 
2/21 at 100.00 
A– (5) 
841,988 
500 
 
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
BBB+ (5) 
599,235 
 
 
Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27 (Pre-refunded 2/01/21) 
 
 
 
1,000 
 
San Jose, California, Airport Revenue Bonds, Refunding Series 2017B, 5.000%, 3/01/42 
3/27 at 100.00 
A2 
1,135,520 
360 
 
Santee Community Development Commission, California, Santee Redevelopment Project Tax 
2/21 at 100.00 
A (5) 
435,730 
 
 
Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21) 
 
 
 
1,000 
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, 
12/19 at 100.00 
A+ 
1,088,690 
 
 
California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 
 
 
 
2,400 
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, 
12/19 at 100.00 
A+ 
3,463,824 
 
 
California, Revenue Bonds, Tender Option Bond Trust 2015-XF0117, 17.874%, 12/01/34 (IF) (4) 
 
 
 
 
54 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$   3,110 
 
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, 
8/17 at 100.00 
AA (5) 
$   3,143,775 
 
 
Election 2005 Series 2007, 5.000%, 8/01/31 (Pre-refunded 8/01/17) – AGM Insured 
 
 
 
1,045 
 
Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, 
6/21 at 100.00 
A+ 
1,223,977 
 
 
Series 2011A, 6.500%, 12/01/28 
 
 
 
1,020 
 
Western Placer Unified School District, Placer County, California, Certificates of 
8/19 at 100.00 
AA 
1,100,876 
 
 
Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured 
 
 
 
46,480 
 
Total California 
 
 
58,273,398 
 
 
Colorado – 3.4% 
 
 
 
1,859 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of 
7/17 at 100.00 
N/R 
1,861,026 
 
 
Evergreen, Series 2005A, 6.500%, 12/01/35 
 
 
 
 
 
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, 
 
 
 
 
 
Series 2007: 
 
 
 
26 
 
5.000%, 6/01/17 (Alternative Minimum Tax) (7), (8) 
No Opt. Call 
N/R 
25,273 
250 
 
6.200%, 4/01/18 (Alternative Minimum Tax) (7) 
No Opt. Call 
N/R 
222,163 
2,000 
 
Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation 
12/17 at 100.00 
AA 
2,016,520 
 
 
Bonds, Limited Tax Series 2007, 5.125%, 12/01/37 – RAAI Insured 
 
 
 
4,000 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 
9/26 at 52.09 
AA– 
1,397,120 
 
 
9/01/39 – NPFG Insured 
 
 
 
 
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
 
 
 
 
 
Utilities, Series 2008: 
 
 
 
475 
 
6.250%, 11/15/28 
No Opt. Call 
A 
596,648 
4,030 
 
6.500%, 11/15/38 
No Opt. Call 
A 
5,547,656 
815 
 
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax 
12/20 at 100.00 
N/R 
850,868 
 
 
Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 
 
 
 
13,455 
 
Total Colorado 
 
 
12,517,274 
 
 
Connecticut – 0.2% 
 
 
 
827 
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue 
4/20 at 100.00 
N/R 
896,509 
 
 
Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 
 
 
 
 
 
District of Columbia – 0.4% 
 
 
 
1,500 
 
District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., 
3/21 at 100.00 
BBB– 
1,626,150 
 
 
Series 2011, 6.375%, 3/01/31 
 
 
 
 
 
Florida – 5.8% 
 
 
 
1,695 
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 
7/17 at 100.00 
N/R 
1,587,927 
 
 
2006A, 5.125%, 5/01/38 
 
 
 
1,000 
 
Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, 
5/27 at 100.00 
N/R 
948,660 
 
 
Assessment Area 2 Project, Series 2016, 4.500%, 5/01/34 
 
 
 
2,000 
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, 
6/23 at 100.00 
BBB– 
2,204,940 
 
 
Refunding Series 2013A, 5.625%, 6/01/33 
 
 
 
950 
 
Copperstone Community Development District, Manatee County, Florida, Capital Improvement 
5/17 at 100.00 
N/R 
949,962 
 
 
Revenue Bonds, Series 2007, 5.200%, 5/01/38 
 
 
 
1,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
6/21 at 100.00 
BB 
1,122,410 
 
 
Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33 
 
 
 
1,000 
 
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children's 
8/20 at 100.00 
A+ 
1,111,090 
 
 
Hospital, Series 2010A, 6.000%, 8/01/30 
 
 
 
1,625 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 
10/20 at 100.00 
A 
1,798,534 
 
 
2010A-1, 5.375%, 10/01/35 
 
 
 
3,660 
 
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition Series 2009A, 
4/19 at 100.00 
AA 
3,867,229 
 
 
5.125%, 4/01/34 – AGC Insured 
 
 
 
 
NUVEEN 55

 

     
NEV 
Nuveen Enhanced Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$   1,500 
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 
10/20 at 100.00 
AA 
$   1,646,115 
 
 
5.375%, 10/01/40 
 
 
 
 
 
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+ 
1,060,660 
2,000 
 
5.000%, 11/01/43 
11/22 at 100.00 
BBB+ 
2,088,940 
425 
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, 
7/17 at 100.00 
AA– (5) 
428,111 
 
 
Series 2007B, 5.000%, 7/01/33 (Pre-refunded 7/01/17) – NPFG Insured 
 
 
 
80 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/17 at 100.00 
N/R 
74,398 
 
 
Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39 
 
 
 
230 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/19 at 100.00 
N/R 
137,372 
 
 
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6) 
 
 
 
95 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
41,992 
 
 
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6) 
 
 
 
135 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 
5/18 at 100.00 
N/R 
1 
 
 
2007-3, 6.650%, 5/01/40 (7) 
 
 
 
15 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing 
5/18 at 100.00 
N/R 
15,081 
 
 
ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40 
 
 
 
235 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/17 at 100.00 
N/R 
235,024 
 
 
2012A-1, 6.650%, 5/01/40 
 
 
 
350 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
215,401 
 
 
2015-1, 0.000%, 5/01/40 
 
 
 
215 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
111,594 
 
 
2015-2, 0.000%, 5/01/40 (7) 
 
 
 
235 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
2 
 
 
2015-3, 6.610%, 5/01/40 (7) 
 
 
 
810 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 
5/17 at 100.00 
N/R 
805,100 
 
 
5.400%, 5/01/37 
 
 
 
1,080 
 
Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue 
5/22 at 100.00 
N/R 
1,116,018 
 
 
Bonds, Series 2012-A2, 5.500%, 5/01/34 
 
 
 
21,335 
 
Total Florida 
 
 
21,566,561 
 
 
Georgia – 4.5% 
 
 
 
12,000 
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2010C, 5.250%, 1/01/30 – 
1/21 at 100.00 
AA 
13,483,800 
 
 
AGM Insured (UB) 
 
 
 
615 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 
1/19 at 100.00 
A2 (5) 
675,737 
 
 
1/01/31 (Pre-refunded 1/01/19) 
 
 
 
430 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 
1/19 at 100.00 
A2 (5) 
462,972 
 
 
1/01/20 (Pre-refunded 1/01/19) 
 
 
 
1,250 
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air 
6/20 at 100.00 
Baa3 
1,473,513 
 
 
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 
 
 
 
90 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22 
No Opt. Call 
A 
99,925 
260 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26 
No Opt. Call 
A 
310,679 
14,645 
 
Total Georgia 
 
 
16,506,626 
 
 
Guam – 0.9% 
 
 
 
1,760 
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 
1/22 at 100.00 
A 
1,810,072 
1,250 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 
7/23 at 100.00 
A– 
1,372,400 
 
 
5.500%, 7/01/43 
 
 
 
3,010 
 
Total Guam 
 
 
3,182,472 
 
56 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois – 13.8% 
 
 
 
$   2,710 
 
CenterPoint Intermodal Center Program Trust, Illinois, Class A Certificates, Series 2004, 
12/22 at 100.00 
N/R 
$   2,709,052 
 
 
4.000%, 6/15/23 
 
 
 
5,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement 
4/27 at 100.00 
A 
5,173,550 
 
 
Revenues, Series 2016, 6.000%, 4/01/46 
 
 
 
1,335 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/26 at 100.00 
B 
1,240,255 
 
 
2016B, 6.500%, 12/01/46 
 
 
 
 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
 
 
 
 
 
Revenues, Series 1998B-1: 
 
 
 
1,000 
 
0.000%, 12/01/22 – NPFG Insured 
No Opt. Call 
AA– 
823,710 
1,000 
 
0.000%, 12/01/27 – NPFG Insured 
No Opt. Call 
AA– 
632,190 
1,000 
 
Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, 
1/25 at 100.00 
BBB+ 
1,004,260 
 
 
5.500%, 1/01/33 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C: 
 
 
 
320 
 
5.000%, 1/01/23 
1/22 at 100.00 
BBB+ 
325,174 
160 
 
5.000%, 1/01/25 
1/22 at 100.00 
BBB+ 
160,982 
 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: 
 
 
 
3,470 
 
5.000%, 1/01/24 
No Opt. Call 
BBB+ 
3,512,959 
350 
 
5.000%, 1/01/29 
1/26 at 100.00 
BBB+ 
343,907 
2,000 
 
Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series 
12/21 at 100.00 
AA 
2,318,840 
 
 
2005, 6.000%, 12/01/24 – AGM Insured 
 
 
 
3,000 
 
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
B– 
3,066,360 
 
 
Corporation Project, Series 2010, 6.500%, 10/15/40 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 
 
 
 
 
 
2016-XF2339: 
 
 
 
1,605 
 
17.550%, 9/01/38 (IF) (4) 
9/22 at 100.00 
BBB 
1,939,610 
1,540 
 
14.395%, 9/01/38 (IF) (4) 
9/22 at 100.00 
BBB 
1,797,380 
645 
 
Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, 
5/20 at 100.00 
BBB– 
698,845 
 
 
6.125%, 5/15/27 
 
 
 
355 
 
Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, 
5/20 at 100.00 
N/R (5) 
406,557 
 
 
6.125%, 5/15/27 (Pre-refunded 5/15/20) 
 
 
 
835 
 
Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 
7/17 at 100.00 
BB– 
835,134 
 
 
5.375%, 2/15/25 
 
 
 
4,000 
 
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 
7/17 at 100.00 
Baa3 
3,848,320 
 
 
2006A, 5.000%, 4/01/36 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option 
 
 
 
 
 
Bond Trust 2015-XF0076: 
 
 
 
690 
 
15.417%, 8/15/37 (IF) 
8/22 at 100.00 
AA+ 
931,583 
150 
 
15.417%, 8/15/43 (IF) 
8/22 at 100.00 
AA+ 
199,476 
1,975 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bond 
8/19 at 100.00 
AA+ 
2,957,958 
 
 
Trust 2016-XL0021, 24.061%, 8/15/39 (IF) (4) 
 
 
 
1,000 
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 
5/20 at 100.00 
AA– 
1,062,930 
 
 
5.125%, 5/15/35 
 
 
 
35 
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding 
5/19 at 100.00 
N/R (5) 
38,611 
 
 
Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19) 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding 
 
 
 
 
 
Series 2009: 
 
 
 
30 
 
6.125%, 5/15/25 (Pre-refunded 5/15/19) 
5/19 at 100.00 
N/R (5) 
33,044 
935 
 
6.125%, 5/15/25 (Pre-refunded 5/15/19) 
5/19 at 100.00 
BBB– (5) 
1,031,473 
500 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
AA 
539,285 
 
 
Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured 
 
 
 
455 
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 
8/21 at 100.00 
AA 
765,101 
 
 
2015-XF0121, 23.456%, 8/15/41 – AGM Insured (IF) (4) 
 
 
 
 
NUVEEN 57

 

     
NEV 
Nuveen Enhanced Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$   3,000 
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/23 – 
No Opt. Call 
BBB– 
$   2,403,300 
 
 
AMBAC Insured 
 
 
 
1,000 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B, 
7/26 at 100.00 
AA– 
1,119,300 
 
 
5.000%, 1/01/41 
 
 
 
 
 
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel 
 
 
 
 
 
Revenue Bonds, Series 2005B: 
 
 
 
2,685 
 
5.250%, 1/01/30 (9) 
7/17 at 100.00 
D 
782,892 
1,515 
 
5.250%, 1/01/36 (9) 
7/17 at 100.00 
D 
441,744 
5,000 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
AA– 
2,935,250 
 
 
Project, Series 2002A, 0.000%, 12/15/29 – NPFG Insured 
 
 
 
1,000 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 
6/21 at 100.00 
A– 
1,138,850 
 
 
2010, 6.000%, 6/01/28 
 
 
 
1,000 
 
Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special 
3/19 at 100.00 
N/R 
1,021,100 
 
 
Assessment Bonds, Series 2009, 7.875%, 3/01/32 
 
 
 
2,500 
 
Wauconda, Illinois, Special Service Area 1 Special Tax Bonds, Liberty Lake Project, Refunding 
3/25 at 100.00 
AA 
2,760,525 
 
 
Series 2015, 5.000%, 3/01/33 – BAM Insured 
 
 
 
53,795 
 
Total Illinois 
 
 
50,999,507 
 
 
Indiana – 1.5% 
 
 
 
1,395 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
B– 
1,379,237 
 
 
Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29 
 
 
 
1,500 
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 
7/23 at 100.00 
A– 
1,596,885 
 
 
Project, Series 2013A, 5.000%, 7/01/35 (Alternative Minimum Tax) 
 
 
 
2,000 
 
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 
9/21 at 100.00 
N/R (5) 
2,526,300 
 
 
2011, 7.750%, 9/01/31 (Pre-refunded 9/01/21) 
 
 
 
4,895 
 
Total Indiana 
 
 
5,502,422 
 
 
Iowa – 0.3% 
 
 
 
 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
 
 
 
 
 
Project, Series 2013: 
 
 
 
995 
 
5.000%, 12/01/19 
No Opt. Call 
B 
1,019,328 
155 
 
5.250%, 12/01/25 
12/23 at 100.00 
B 
157,198 
1,150 
 
Total Iowa 
 
 
1,176,526 
 
 
Kansas – 2.3% 
 
 
 
3,000 
 
Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding 
5/20 at 100.00 
A 
3,211,650 
 
 
Series 2010S, 5.000%, 5/15/30 
 
 
 
1,000 
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park 
7/17 at 100.00 
BB+ 
1,000,400 
 
 
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured 
 
 
 
3,565 
 
Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate 
12/22 at 100.00 
N/R 
3,146,148 
 
 
Project, Series 2012, 6.000%, 12/15/32 
 
 
 
1,130 
 
Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35 
7/25 at 100.00 
A1 
1,258,899 
8,695 
 
Total Kansas 
 
 
8,617,097 
 
 
Kentucky – 0.3% 
 
 
 
1,000 
 
Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, Series 
8/23 at 100.00 
AA 
1,133,800 
 
 
2013, 5.700%, 8/01/39 – AGM Insured 
 
 
 
 
 
Louisiana – 3.6% 
 
 
 
1,215 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
10/25 at 100.00 
AA 
1,362,963 
 
 
Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative 
 
 
 
 
 
Student Facilities Inc. Project, Refunding Series 2015, 5.000%, 10/01/33 
 
 
 
2,000 
 
Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General 
5/20 at 100.00 
A– 
2,115,620 
 
 
Medical Center Project, Series 2010, 5.500%, 11/01/40 
 
 
 
 
58 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$   3,305 
 
Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, 
5/23 at 100.00 
A3 
$   3,401,770 
 
 
4.250%, 12/01/38 
 
 
 
2,620 
 
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation 
12/21 at 100.00 
N/R 
2,891,013 
 
 
Project, Series 2011A, 7.750%, 12/15/31 
 
 
 
985 
 
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding 
10/21 at 100.00 
Aaa 
1,149,219 
 
 
Series 2011, 5.250%, 10/01/28 (Pre-refunded 10/01/21) 
 
 
 
1,165 
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0035, 
5/20 at 100.00 
AA 
1,586,672 
 
 
15.532%, 5/01/39 (IF) 
 
 
 
1,000 
 
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 
6/17 at 100.00 
BBB 
1,002,510 
 
 
5.125%, 6/01/37 
 
 
 
12,290 
 
Total Louisiana 
 
 
13,509,767 
 
 
Massachusetts – 0.9% 
 
 
 
1,620 
 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds Issue K Series 
7/22 at 100.00 
AA 
1,748,369 
 
 
2013, 5.000%, 7/01/25 (Alternative Minimum Tax) 
 
 
 
625 
 
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 
1/20 at 100.00 
AA 
679,463 
 
 
2010A, 5.500%, 1/01/22 
 
 
 
50 
 
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 
1/20 at 100.00 
AA 
53,056 
 
 
2010B, 5.500%, 1/01/23 (Alternative Minimum Tax) 
 
 
 
775 
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 
6/20 at 100.00 
AA 
803,272 
 
 
(Alternative Minimum Tax) 
 
 
 
3,070 
 
Total Massachusetts 
 
 
3,284,160 
 
 
Michigan – 0.6% 
 
 
 
10 
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 
7/17 at 100.00 
A 
10,028 
 
 
7/01/34 – NPFG Insured 
 
 
 
2,100 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A (5) 
2,341,668 
 
 
Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 
 
 
 
2,110 
 
Total Michigan 
 
 
2,351,696 
 
 
Mississippi – 0.1% 
 
 
 
310 
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
10/17 at 100.00 
BBB+ 
311,296 
 
 
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
 
 
 
 
 
Missouri – 0.2% 
 
 
 
640 
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village 
9/17 at 100.00 
BBB– 
644,403 
 
 
of West County, Series 2007A, 5.375%, 9/01/21 
 
 
 
 
 
Nevada – 1.3% 
 
 
 
2,000 
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
Aa3 
2,165,820 
 
 
International Airport, Series 2010A, 5.000%, 7/01/30 
 
 
 
1,670 
 
Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 2016-XF2312, 28.386%, 
4/19 at 100.00 
AA (5) 
2,616,890 
 
 
4/01/39 (Pre-refunded 4/01/19) (IF) (4) 
 
 
 
3,670 
 
Total Nevada 
 
 
4,782,710 
 
 
New Jersey – 4.2% 
 
 
 
795 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
6/25 at 100.00 
A– 
811,822 
 
 
Bonds, Series 2015WW, 5.250%, 6/15/40 (UB) (4) 
 
 
 
 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
 
 
 
 
 
Airlines Inc., Series 1999: 
 
 
 
1,000 
 
5.125%, 9/15/23 (Alternative Minimum Tax) 
9/17 at 100.00 
BB– 
1,067,980 
1,650 
 
5.250%, 9/15/29 (Alternative Minimum Tax) 
8/22 at 101.00 
BB– 
1,789,359 
1,460 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare 
7/26 at 100.00 
Baa2 
1,637,843 
 
 
System, Series 2016A, 5.000%, 7/01/34 
 
 
 
 
NUVEEN 59

 

     
NEV 
Nuveen Enhanced Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
$   1,070 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 
12/19 at 100.00 
Aaa 
$   1,119,744 
 
 
5.000%, 12/01/26 
 
 
 
20,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 
No Opt. Call 
A– 
7,607,600 
 
 
0.000%, 12/15/36 – AMBAC Insured (UB) (4) 
 
 
 
1,500 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
BBB 
1,503,090 
 
 
Series 2007-1A, 4.625%, 6/01/26 
 
 
 
27,475 
 
Total New Jersey 
 
 
15,537,438 
 
 
New York – 3.5% 
 
 
 
 
 
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 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (5) 
1,241,735 
1,225 
 
6.250%, 7/15/40 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (5) 
1,391,000 
2,500 
 
6.375%, 7/15/43 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (5) 
2,847,100 
1,000 
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher 
6/21 at 100.00 
A– 
1,116,720 
 
 
College, Series 2011, 6.000%, 6/01/34 
 
 
 
1,000 
 
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball 
7/17 at 100.00 
BBB 
1,002,170 
 
 
Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured 
 
 
 
500 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
538,985 
 
 
Center Project, Class 2 Series 2014, 5.150%, 11/15/34 
 
 
 
2,105 
 
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport 
7/24 at 100.00 
BBB 
2,262,917 
 
 
Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) 
 
 
 
265 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
297,977 
 
 
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
 
 
 
2,150 
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 
6/27 at 100.00 
N/R 
2,209,104 
11,845 
 
Total New York 
 
 
12,907,708 
 
 
Ohio – 10.5% 
 
 
 
 
 
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– 
962,840 
6,000 
 
5.750%, 6/01/34 
6/17 at 100.00 
B– 
5,754,658 
6,500 
 
5.875%, 6/01/47 
6/17 at 100.00 
B– 
6,291,283 
760 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/20 at 100.00 
BBB– 
818,642 
 
 
Services, Improvement Series 2010A, 5.625%, 7/01/26 
 
 
 
10,000 
 
Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015, 
5/25 at 100.00 
AA+ 
11,066,100 
 
 
5.000%, 5/15/40 (UB) 
 
 
 
3,000 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
AA– 
3,451,410 
 
 
2011A, 5.750%, 11/15/31 
 
 
 
1,000 
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
1,073,910 
 
 
Refunding & improvement Series 2010, 6.375%, 4/01/30 
 
 
 
1,670 
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 
5/19 at 100.00 
BBB+ 
2,303,064 
 
 
2016-XF2311, 22.220%, 5/01/34 (IF) (4) 
 
 
 
6,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
Caa1 
2,640,000 
 
 
Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) 
 
 
 
1,200 
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation 
No Opt. Call 
BBB– 
1,244,820 
 
 
Project, Series 2009E, 5.625%, 10/01/19 
 
 
 
 
 
Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center, 
 
 
 
 
 
Refunding Series 2016: 
 
 
 
1,460 
 
5.000%, 2/15/33 
2/26 at 100.00 
A2 
1,661,246 
1,455 
 
5.000%, 2/15/34 
2/26 at 100.00 
A2 
1,649,592 
40,045 
 
Total Ohio 
 
 
38,917,565 
 
60 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania – 6.5% 
 
 
 
$   1,313 
 
Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds, Subordinated 
No Opt. Call 
N/R 
$   1,332,863 
 
 
Series 2013, 5.000%, 5/15/26 
 
 
 
1,390 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement 
11/19 at 100.00 
B 
1,455,914 
 
 
Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24 
 
 
 
1,500 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement 
12/21 at 100.00 
B 
1,462,740 
 
 
Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27 
 
 
 
1,335 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley 
7/17 at 100.00 
B2 
1,247,317 
 
 
General Hospital, Series 2005A, 5.125%, 4/01/35 
 
 
 
530 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
B1 
493,690 
 
 
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory 
 
 
 
 
 
put 4/01/21) 
 
 
 
 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
 
 
 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B: 
 
 
 
2,000 
 
3.500%, 12/01/35 (Mandatory put 6/01/20) 
No Opt. Call 
Caa1 
880,000 
1,000 
 
2.500%, 12/01/41 (Mandatory put 6/01/17) 
No Opt. Call 
Caa1 
757,500 
150 
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
BBB+ 
161,612 
 
 
Ministries Project, Series 2009, 6.125%, 1/01/29 
 
 
 
1,350 
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
N/R (5) 
1,464,386 
 
 
Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19) 
 
 
 
2,000 
 
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, 
12/19 at 100.00 
N/R 
2,086,300 
 
 
Series 2009, 7.750%, 12/15/27 
 
 
 
1,080 
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage 
8/20 at 100.00 
N/R (5) 
1,602,202 
 
 
Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 
 
 
 
 
 
15.449%, 8/01/24 (Pre-refunded 8/01/20) (IF) (4) 
 
 
 
1,000 
 
Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG 
6/17 at 100.00 
BB+ 
999,880 
 
 
Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) 
 
 
 
1,000 
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, 
1/20 at 100.00 
BBB+ 
1,064,580 
 
 
Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 
 
 
 
1,200 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
7/20 at 100.00 
N/R (5) 
1,368,204 
 
 
Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30 (Pre-refunded 7/01/20) 
 
 
 
130 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties 
7/26 at 100.00 
Baa3 
140,439 
 
 
Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, 
 
 
 
 
 
5.000%, 7/01/31 
 
 
 
1,000 
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of 
No Opt. Call 
AA 
1,147,750 
 
 
Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured 
 
 
 
 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E: 
 
 
 
3,530 
 
0.000%, 12/01/30 (6) 
12/27 at 100.00 
A– 
4,193,852 
2,000 
 
0.000%, 12/01/38 (6) 
12/27 at 100.00 
A– 
2,403,360 
23,508 
 
Total Pennsylvania 
 
 
24,262,589 
 
 
Puerto Rico – 0.7% 
 
 
 
1,500 
 
Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, 
12/18 at 100.00 
A+ 
1,581,045 
 
 
Modernization Series 2008, 5.125%, 12/01/27 
 
 
 
1,000 
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding Series 
No Opt. Call 
C 
1,086,170 
 
 
2005C, 5.500%, 7/01/26 – AMBAC Insured 
 
 
 
2,500 
 
Total Puerto Rico 
 
 
2,667,215 
 
 
Rhode Island – 0.3% 
 
 
 
1,110 
 
Providence Redevelopment Agency, Rhode Island, Revenue Bonds, Public Safety and Municipal 
4/25 at 100.00 
Baa2 
1,235,108 
 
 
Building Projects, Refunding Series 2015A, 5.000%, 4/01/27 
 
 
 
 
NUVEEN 61

 

     
NEV 
Nuveen Enhanced Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
South Carolina – 2.2% 
 
 
 
$   7,500 
 
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 
12/26 at 100.00 
AA– 
$   8,092,350 
 
 
2016B, 5.000%, 12/01/41 (UB) 
 
 
 
 
 
Tennessee – 0.0% 
 
 
 
155 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24 
No Opt. Call 
A 
176,883 
 
 
Texas – 3.5% 
 
 
 
80 
 
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Leadership 
6/21 at 100.00 
BB 
77,634 
 
 
Prep School, Series 2016A, 5.000%, 6/15/46 
 
 
 
3,500 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
7/18 at 100.00 
N/R 
35 
 
 
Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (7) 
 
 
 
2,095 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 
1/26 at 100.00 
BBB 
2,320,003 
 
 
2016, 5.000%, 1/01/35 
 
 
 
150 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. 
11/22 at 100.00 
Baa3 
153,515 
 
 
Project, Series 2012B, 4.750%, 11/01/42 
 
 
 
250 
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 
10/18 at 103.00 
BB– 
262,165 
 
 
2016B, 5.750%, 10/01/31 (Alternative Minimum Tax) 
 
 
 
1,800 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 
9/21 at 100.00 
AA+ 
3,164,130 
 
 
2016-XF2220, 21.161%, 9/01/41 (IF) 
 
 
 
1,000 
 
Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden 
12/21 at 100.00 
N/R 
789,800 
 
 
Home Inc., Series 2012, 7.250%, 12/15/47 (7) 
 
 
 
455 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
No Opt. Call 
BBB+ 
550,309 
 
 
Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
 
 
Texas Private Activity Bond Surface Transpiration Corporation, Senior Lien Revenue Bonds, 
 
 
 
 
 
Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016: 
 
 
 
1,275 
 
5.000%, 12/31/50 (Alternative Minimum Tax) 
12/25 at 100.00 
Baa3 
1,361,713 
805 
 
5.000%, 12/31/55 (Alternative Minimum Tax) 
12/25 at 100.00 
Baa3 
856,963 
810 
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility 
12/19 at 100.00 
Baa2 
912,919 
 
 
Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 
 
 
 
 
 
6.875%, 12/31/39 
 
 
 
1,000 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ 
6/20 at 100.00 
Baa3 
1,138,500 
 
 
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34 
 
 
 
1,500 
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public 
8/17 at 100.00 
BBB (5) 
1,518,645 
 
 
School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured 
 
 
 
14,720 
 
Total Texas 
 
 
13,106,331 
 
 
Utah – 0.3% 
 
 
 
1,000 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High 
7/20 at 100.00 
BB 
1,048,390 
 
 
School, Series 2010A, 6.250%, 7/15/30 
 
 
 
 
 
Vermont – 0.9% 
 
 
 
 
 
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School 
 
 
 
 
 
Project, Series 2011A: 
 
 
 
1,000 
 
6.125%, 1/01/28 (Pre-refunded 1/01/21) 
1/21 at 100.00 
N/R (5) 
1,168,650 
1,760 
 
6.250%, 1/01/33 (Pre-refunded 1/01/21) 
1/21 at 100.00 
N/R (5) 
2,064,691 
2,760 
 
Total Vermont 
 
 
3,233,341 
 
 
Virginia – 0.8% 
 
 
 
2,000 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
6/17 at 100.00 
B– 
1,920,600 
 
 
Series 2007B1, 5.000%, 6/01/47 
 
 
 
1,010 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
7/22 at 100.00 
BBB 
1,104,859 
 
 
Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax) 
 
 
 
3,010 
 
Total Virginia 
 
 
3,025,459 
 
62 NUVEEN

 

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Washington – 4.3% 
 
 
 
$   5,000 
 
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016B, 5.000%, 10/01/31 
4/26 at 100.00 
Aa2 
$   5,748,250 
 
 
(Alternative Minimum Tax) (UB) 
 
 
 
3,155 
 
Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, 
12/26 at 100.00 
Baa2 
3,536,534 
 
 
Refunding & Improvement Series 2016, 5.000%, 12/01/27 
 
 
 
215 
 
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, 
4/18 at 100.00 
N/R 
215,108 
 
 
Series 2013, 5.750%, 4/01/43 
 
 
 
2,000 
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 
1/21 at 100.00 
A 
2,170,560 
 
 
Center, Series 2011A, 5.375%, 1/01/31 
 
 
 
2,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A (5) 
2,204,540 
 
 
Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 
 
 
 
2,000 
 
Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, 
10/19 at 100.00 
Baa1 (5) 
2,216,200 
 
 
Series 2009, 5.625%, 10/01/40 (Pre-refunded 10/01/19) 
 
 
 
14,370 
 
Total Washington 
 
 
16,091,192 
 
 
West Virginia – 0.2% 
 
 
 
750 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., 
10/18 at 100.00 
N/R 
767,220 
 
 
Series 2008, 6.500%, 10/01/38 
 
 
 
 
 
Wisconsin – 10.1% 
 
 
 
3,500 
 
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 
2/19 at 102.00 
AA– 
3,830,610 
 
 
6.500%, 2/01/31 
 
 
 
2,905 
 
Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing 
7/25 at 100.00 
BBB– 
3,073,606 
 
 
Foundation – Cullowhee LLC – Western California University Project, Series 2015A, 
 
 
 
 
 
5.000%, 7/01/35 
 
 
 
1,000 
 
Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A, 
No Opt. Call 
AA 
627,110 
 
 
0.000%, 12/15/31 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health 
 
 
 
 
 
Alliance Senior Credit Group, Series 2016A: 
 
 
 
10,000 
 
5.000%, 11/15/35 (UB) (4) 
5/26 at 100.00 
AA+ 
11,311,800 
5,000 
 
5.000%, 11/15/36 (UB) (4) 
5/26 at 100.00 
AA+ 
5,639,250 
3,000 
 
5.000%, 11/15/39 (UB) (4) 
5/26 at 100.00 
AA+ 
3,366,120 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 
6/20 at 100.00 
Baa2 (5) 
1,144,420 
 
 
2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20) 
 
 
 
500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, 
4/20 at 100.00 
A– 
527,005 
 
 
Inc., Series 2010B, 5.000%, 4/01/30 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community 
 
 
 
 
 
Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118: 
 
 
 
1,000 
 
18.637%, 4/01/34 (Pre-refunded 4/01/19) (IF) (4) 
4/19 at 100.00 
AA– (5) 
1,374,400 
1,290 
 
13.646%, 4/01/42 (IF) (4) 
10/22 at 100.00 
AA– 
1,377,707 
25 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc., 
8/25 at 100.00 
A3 
28,971 
 
 
Refunding Series 2016, 5.000%, 2/15/28 
 
 
 
1,090 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior 
8/23 at 100.00 
A 
1,149,460 
 
 
Living Communities, Refunding Series 2013, 5.000%, 8/15/43 
 
 
 
2,500 
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust 
5/19 at 100.00 
AA– (5) 
3,980,200 
 
 
2016-XL0020, 28.218%, 5/01/36 (Pre-refunded 5/01/19) (IF) (4) 
 
 
 
32,810 
 
Total Wisconsin 
 
 
37,430,659 
 
NUVEEN 63

 

     
NEV 
Nuveen Enhanced Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
April 30, 2017 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
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 
$      773,772 
1,600 
 
6.500%, 7/01/43 
7/21 at 100.00 
BBB 
1,752,528 
2,310 
 
Total Wyoming 
 
 
2,526,300 
$ 393,046 
 
Total Municipal Bonds (cost $375,416,459) 
 
 
403,506,582 
 
Shares 
 
Description (1) 
 
 
Value 
 
 
COMMON STOCKS – 0.6% 
 
 
 
 
 
Airlines – 0.6% 
 
 
 
50,333 
 
American Airlines Group Inc., (10) 
 
 
$   2,145,192 
 
 
Total Common Stocks (cost $1,491,886) 
 
 
2,145,192 
 
 
Total Long-Term Investments (cost $376,908,345) 
 
 
405,651,774 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
SHORT-TERM INVESTMENTS – 0.8% 
 
 
 
 
 
MUNICIPAL BONDS – 0.8% 
 
 
 
 
 
Illinois – 0.8% 
 
 
 
$ 2,070 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Alternative 
7/17 at 100.00 
B+ 
$     2,070,000 
 
 
Revenue, Project Series 2015G, Variable Rate Demand Obligations, 9.000%, 3/01/32 (11) 
 
 
 
1,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues 
7/17 at 100.00 
B+ 
997,110 
 
 
Series 2011C-1, Variable Rate Demand Obligations, 9.000%, 3/01/32 (11) 
 
 
 
$ 3,070 
 
Total Short-Term Investments (cost $3,053,313) 
 
 
3,067,110 
 
 
Total Investments (cost $379,961,658) – 110.2% 
 
 
408,718,884 
 
 
Floating Rate Obligations – (13.1)% 
 
 
(48,545,000) 
 
 
Other Assets Less Liabilities – 2.9% 
 
 
10,570,146 
 
 
Net Assets – 100% 
 
 
$ 370,744,030 
 
64 NUVEEN

 

   
(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)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities. 
(6)
Step-up coupon. The rate shown is the coupon as of the end of the reporting period. 
(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. 
(8)
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. 
(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 greater 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. 
 
(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. 
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.
NUVEEN 65

 

                         
Statement of 
                       
Assets and Liabilities 
             
April 30, 2017 (Unaudited)
 
   
   
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Assets 
                       
Long-term investments, at value (cost $1,911,002,787, $210,610,611, 
                       
$84,313,376 and $376,908,345, respectively) 
 
$
2,072,573,872
   
$
238,698,869
   
$
92,637,121
   
$
405,651,774
 
Short-term investments, at value (cost $11,050,000, $—, $— and 
                               
$3,053,313, respectively) 
   
11,050,000
     
     
     
3,067,110
 
Cash 
   
19,432,284
     
1,251,327
     
583,985
     
810,612
 
Receivable for: 
                               
Shares sold 
   
     
566,077
     
     
 
Interest 
   
25,534,878
     
3,644,454
     
1,288,892
     
7,642,620
 
Investments sold 
   
12,451,559
     
7,293,671
     
85,420
     
4,135,000
 
Deferred offering costs 
   
     
100,863
     
     
 
Other assets 
   
325,053
     
5,606
     
4,937
     
29,767
 
Total assets 
   
2,141,367,646
     
251,560,867
     
94,600,355
     
421,336,883
 
Liabilities 
                               
Floating rate obligations 
   
14,130,000
     
7,125,000
     
     
48,545,000
 
Payable for: 
                               
Dividends 
   
5,972,546
     
810,262
     
307,776
     
1,682,807
 
Investments purchased 
   
21,813,489
     
     
99,378
     
 
Accrued expenses: 
                               
Management fees 
   
793,903
     
118,378
     
47,269
     
274,760
 
Directors/Trustees fees 
   
294,080
     
1,959
     
763
     
17,944
 
Other 
   
375,616
     
121,677
     
38,184
     
72,342
 
Total liabilities 
   
43,379,634
     
8,177,276
     
493,370
     
50,592,853
 
Net assets 
 
$
2,097,988,012
   
$
243,383,591
   
$
94,106,985
   
$
370,744,030
 
Shares outstanding 
   
206,875,449
     
14,499,387
     
8,319,849
     
24,950,068
 
Net asset value ("NAV") per share outstanding 
 
$
10.14
   
$
16.79
   
$
11.31
   
$
14.86
 
   
Net assets consist of: 
                               
Shares, $0.01 par value per share 
 
$
2,068,754
   
$
144,994
   
$
83,198
   
$
249,501
 
Paid-in surplus 
   
1,956,404,758
     
212,702,467
     
85,771,342
     
366,211,930
 
Undistributed (Over-distribution of) net investment income 
   
11,557,741
     
969,810
     
251,837
     
802,754
 
Accumulated net realized gain (loss) 
   
(33,614,326
)
   
1,478,062
     
(323,137
)
   
(25,277,381
)
Net unrealized appreciation (depreciation) 
   
161,571,085
     
28,088,258
     
8,323,745
     
28,757,226
 
Net assets 
 
$
2,097,988,012
   
$
243,383,591
   
$
94,106,985
   
$
370,744,030
 
Authorized shares 
   
350,000,000
   
Unlimited
     
200,000,000
   
Unlimited
 
 
See accompanying notes to financial statements.
66 NUVEEN

 

         
Statement of 
 
 
 
 
Operations 
Six Months Ended April 30, 2017 (Unaudited) 
 
 
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Investment Income 
 
$
46,942,002
   
$
6,359,539
   
$
2,382,229
   
$
12,233,963
 
Expenses 
                               
Management fees 
   
4,768,186
     
708,707
     
284,055
     
1,657,623
 
Interest expense 
   
92,836
     
44,583
     
235
     
305,356
 
Custodian fees 
   
108,020
     
17,323
     
12,468
     
31,544
 
Directors/Trustees fees 
   
32,161
     
3,699
     
1,445
     
5,741
 
Professional fees 
   
50,604
     
16,564
     
13,505
     
29,464
 
Shareholder reporting expenses 
   
139,159
     
16,975
     
10,845
     
20,744
 
Shareholder servicing agent fees 
   
108,415
     
159
     
5,953
     
166
 
Stock exchange listing fees 
   
31,843
     
3,856
     
3,621
     
8,005
 
Investor relations expenses 
   
105,934
     
12,276
     
5,597
     
17,333
 
Other 
   
58,731
     
11,006
     
6,616
     
20,493
 
Total expenses 
   
5,495,889
     
835,148
     
344,340
     
2,096,469
 
Net investment income (loss) 
   
41,446,113
     
5,524,391
     
2,037,889
     
10,137,494
 
Realized and Unrealized Gain (Loss) 
                               
Net realized gain (loss) from investments 
   
4,528,845
     
2,001,598
     
(680
)
   
(49,501
)
Change in net unrealized appreciation (depreciation) of investments 
   
(57,634,659
)
   
(8,448,470
)
   
(2,502,804
)
   
(17,856,799
)
Net realized and unrealized gain (loss) 
   
(53,105,814
)
   
(6,446,872
)
   
(2,503,484
)
   
(17,906,300
)
Net increase (decrease) in net assets from operations 
 
$
(11,659,701
)
 
$
(922,481
)
 
$
(465,595
)
 
$
(7,768,806
)
 
See accompanying notes to financial statements.
NUVEEN 67

 

                         
Statement of 
                       
Changes in Net Assets 
                   
(Unaudited)
 
   
 
 
 
     
NUV
       
NUW
 
 
 
Six Months
         
Six Months
       
 
 
Ended
   
Year Ended
   
Ended
   
Year Ended
 
 
 
4/30/17
   
10/31/16
   
4/30/17
   
10/31/16
 
Operations 
                       
Net investment income (loss) 
 
$
41,446,113
   
$
83,294,176
   
$
5,524,391
   
$
10,645,109
 
Net realized gain (loss) from investments 
   
4,528,845
     
(9,063,243
)
   
2,001,598
     
767,370
 
Change in net unrealized appreciation (depreciation) of investments 
   
(57,634,659
)
   
47,249,567
     
(8,448,470
)
   
(193,067
)
Net increase (decrease) in net assets from operations 
   
(11,659,701
)
   
121,480,500
     
(922,481
)
   
11,219,412
 
Distributions to Shareholders 
                               
From net investment income 
   
(40,795,848
)
   
(80,761,259
)
   
(5,281,674
)
   
(10,943,206
)
Decrease in net assets from distributions to shareholders 
   
(40,795,848
)
   
(80,761,259
)
   
(5,281,674
)
   
(10,943,206
)
Capital Share Transactions 
                               
Proceeds from shelf offering, net of offering costs 
   
     
9,540,333
     
2,082,380
     
17,451,974
 
Net proceeds from shares issued to shareholders due to 
                               
reinvestment of distributions 
   
     
3,676,267
     
111,501
     
713,294
 
Net increase (decrease) in net assets from capital share transactions 
   
     
13,216,600
     
2,193,881
     
18,165,268
 
Net increase (decrease) in net assets 
   
(52,455,549
)
   
53,935,841
     
(4,010,274
)
   
18,441,474
 
Net assets at the beginning of period 
   
2,150,443,561
     
2,096,507,720
     
247,393,865
     
228,952,391
 
Net assets at the end of period 
 
$
2,097,988,012
   
$
2,150,443,561
   
$
243,383,591
   
$
247,393,865
 
Undistributed (Over-distribution of) 
                               
net investment income at the end of period 
 
$
11,557,741
   
$
10,907,476
   
$
969,810
   
$
727,093
 
 
See accompanying notes to financial statements.
68 NUVEEN

 

                         
 
   
  NMI 
   
  NEV 
 
 
 
Six Months
         
Six Months
       
 
 
Ended
   
Year Ended
   
Ended
   
Year Ended
 
 
 
4/30/17
   
10/31/16
   
4/30/17
   
10/31/16
 
Operations 
                       
Net investment income (loss) 
 
$
2,037,889
   
$
4,200,062
   
$
10,137,494
   
$
19,652,593
 
Net realized gain (loss) from investments 
   
(680
)
   
(20,534
)
   
(49,501
)
   
(537,166
)
Change in net unrealized appreciation (depreciation) of investments 
   
(2,502,804
)
   
1,237,919
     
(17,856,799
)
   
633,718
 
Net increase (decrease) in net assets from operations 
   
(465,595
)
   
5,417,447
     
(7,768,806
)
   
19,749,145
 
Distributions to Shareholders 
                               
From net investment income 
   
(2,045,888
)
   
(4,216,821
)
   
(10,321,843
)
   
(21,633,059
)
Decrease in net assets from distributions to shareholders 
   
(2,045,888
)
   
(4,216,821
)
   
(10,321,843
)
   
(21,633,059
)
Capital Share Transactions 
                               
Proceeds from shelf offering, net of offering costs 
   
     
     
     
61,693,894
 
Net proceeds from shares issued to shareholders due to 
                               
reinvestment of distributions 
   
86,466
     
181,990
     
     
168,274
 
Net increase (decrease) in net assets from capital share transactions 
   
86,466
     
181,990
     
     
61,862,168
 
Net increase (decrease) in net assets 
   
(2,425,017
)
   
1,382,616
     
(18,090,649
)
   
59,978,254
 
Net assets at the beginning of period 
   
96,532,002
     
95,149,386
     
388,834,679
     
328,856,425
 
Net assets at the end of period 
 
$
94,106,985
   
$
96,532,002
   
$
370,744,030
   
$
388,834,679
 
Undistributed (Over-distribution of) 
                               
net investment income at the end of period 
 
$
251,837
   
$
259,836
   
$
802,754
   
$
987,103
 
 
See accompanying notes to financial statements.
NUVEEN 69

 

 
Financial 
Highlights (Unaudited) 
 
Selected data for a share outstanding throughout each period:
 
 
Investment Operations 
 
Less Distributions 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Premium 
 
 
 
 
 
 
 
 
 
 
 
from 
 
 
 
 
 
 
 
 
From 
 
 
Shares 
 
 
 
 
Net 
Net 
 
From 
Accumu- 
 
 
Sold 
 
 
 
 
Investment 
Realized/ 
 
Net 
lated Net 
 
 
through 
 
Ending 
 
Beginning 
Income 
Unrealized 
 
Investment 
Realized 
 
Offering 
Shelf 
Ending 
Share 
 
NAV 
(Loss) 
Gain (Loss) 
Total 
Income 
Gains 
Total 
Costs 
Offering 
NAV 
Price 
 
NUV 
 
 
 
 
 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
 
 
 
 
 
 
 
2017(d) 
$10.39 
$0.20 
$(0.25) 
$ (0.05) 
$(0.20) 
$ — 
$(0.20) 
$ — 
$ — 
$10.14 
$10.00 
2016 
10.20 
0.40 
0.18 
0.58 
(0.39) 
 
(0.39) 
 
—* 
10.39 
9.98 
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 
 
NUW 
 
 
 
 
 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
 
 
 
 
 
 
 
2017(d) 
17.22 
0.38 
(0.44) 
(0.06) 
(0.37) 
 
(0.37) 
—* 
—* 
16.79 
17.05 
2016 
17.17 
0.76 
0.06 
0.82 
(0.79) 
 
(0.79) 
(0.01) 
0.03 
17.22 
16.96 
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 
(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 distribu- tions, 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 Date
 
 
Total Returns 
 
 
Ratios to Average Net Assets
 
 
     
Based
   
Ending
                   
Based
   
on
   
Net
         
Net
   
Portfolio
 
on
   
Share
   
Assets
         
Investment
   
Turnover
 
NAV(a)
   
Price(a)
     
(000
)
 
Expenses(b)
   
Income (Loss)
   
Rate(c)
 
 
(0.47
)%
   
2.25
%
 
$
2,097,988
     
0.53
%***
   
4.01
%***
   
8
%
 
5.74
     
2.91
     
2,150,444
     
0.51
     
3.87
     
11
 
 
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
 
 
(0.33
)
   
2.78
     
243,384
     
0.70
***
   
4.64
***
   
9
 
 
4.90
     
2.99
     
247,394
     
0.71
     
4.38
     
12
 
 
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
 
 
(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:
 
         
NUV 
 
 
NUW 
 
Year Ended 10/31: 
 
 
Year Ended 10/31: 
 
2017(d) 
0.01%*** 
 
2017(d) 
0.04%*** 
2016 
0.01 
 
2016 
0.03 
2015 
0.00** 
 
2015 
0.02 
2014 
0.01 
 
2014 
0.02 
2013 
0.00** 
 
2013 
0.00** 
2012 
0.02 
 
2012 
 
 
(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, 2017.
*     
Rounds to less than $0.01 per share.
**     
Rounds to less than 0.01%.
***     
Annualized.
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 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Premium 
 
 
 
 
 
 
 
 
 
 
 
from 
 
 
 
 
 
 
 
 
From 
 
 
Shares 
 
 
 
 
Net 
Net 
 
From 
Accumu- 
 
 
Sold 
 
 
 
 
Investment 
Realized/ 
 
Net 
lated Net 
 
 
through 
 
Ending 
 
Beginning 
Income 
Unrealized 
 
Investment 
Realized 
 
Offering 
Shelf 
Ending 
Share 
 
NAV 
(Loss) 
Gain (Loss) 
Total 
Income 
Gains 
Total 
Costs 
Offering 
NAV 
Price 
 
NMI 
 
 
 
 
 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
 
 
 
 
 
 
 
2017(e) 
$11.61 
$0.25 
$(0.30) 
$(0.05) 
$(0.25) 
$ — 
$(0.25) 
$ — 
$ — 
$11.31 
$12.31 
2016 
11.47 
0.50 
0.15 
0.65 
(0.51) 
 
(0.51) 
 
 
11.61 
12.20 
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 
 
NEV 
 
 
 
 
 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
 
 
 
 
 
 
 
2017(e) 
15.58 
0.41 
(0.72) 
(0.31) 
(0.41) 
 
(0.41) 
 
 
14.86 
14.33 
2016 
15.59 
0.85 
0.04 
0.89 
(0.95) 
 
(0.95) 
 
0.05 
15.58 
14.75 
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 
 
(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 distribu- tions, 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 Date
 
 
Total Returns 
 
 
Ratios to Average Net Assets
 
 
 
 
     
Based
   
Ending
                   
Based
   
on
   
Net
         
Net
   
Portfolio
 
on
   
Share
   
Assets
         
Investment
   
Turnover
 
NAV(a)
   
Price(a)
     
(000
)
 
Expenses(b)
   
Income (Loss)
   
Rate(d)
 
   
 
(0.43
)%
   
3.08
%
 
$
94,107
     
0.74
%**
   
4.39
%**
   
4
%
 
5.71
     
15.22
     
96,532
     
0.76
     
4.33
     
4
 
 
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
 
 
(1.90
)
   
0.02
     
370,744
     
1.15
**
   
5.55
**
   
5
 
 
6.10
     
1.85
     
388,835
     
1.03
     
5.44
     
6
 
 
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
 
 
(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:
 
         
NMI 
 
 
NEV 
 
Year Ended 10/31: 
 
 
Year Ended 10/31: 
 
2017(e) 
0.00%*** 
 
2017(e) 
0.17%** 
2016 
0.03 
 
2016 
0.07 
2015 
0.01 
 
2015 
0.07 
2014 
0.01 
 
2014 
0.09 
2013 
0.01 
 
2013 
0.08 
2012 
0.01 
 
2012 
0.09 
 
(c)     
During the fiscal year ended October 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with an equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement. 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 
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, 2017.
*     
During the fiscal year ended October 31, 2013, 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.
***     
Annualized ratio rounds to less than 0.01%.
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)
· Nuveen AMT-Free Municipal Value Fund (NUW)
· Nuveen Municipal Income Fund, Inc. (NMI)
· Nuveen Enhanced Municipal Value Fund (NEV)
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. NUV and NMI were incorporated under the state laws of Minnesota on April 8, 1987 and February 26, 1988, respectively. NUW and NEV were organized as Massachusetts business trusts on November 19, 2008 and July 27, 2009, respectively.
The end of the reporting period for the Funds is April 30, 2017, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2017 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen, LLC ("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
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:
     
 
NUV 
NMI 
Outstanding when-issued/delayed delivery purchase commitments 
$21,813,489 
$99,378 
 
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 reflects paydown gains and losses, if any.
74 NUVEEN

 

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, if any, 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.
Compensation
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 Funds' Board of Directors/Trustees (the "Board") has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
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 current fiscal 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 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,
NUVEEN 75

 

Notes to Financial Statements (Unaudited) (continued)
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 observability of the significant inputs.
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 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 observability 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:
                         
NUV 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*: 
                       
Municipal Bonds 
 
$
   
$
2,071,943,847
   
$
   
$
2,071,943,847
 
Corporate Bonds 
   
     
     
630,025
**
   
630,025
 
Short-Term Investments*: 
                               
Municipal Bonds 
   
     
11,050,000
     
     
11,050,000
 
Total 
 
$
   
$
2,082,993,847
   
$
630,025
   
$
2,083,623,872
 
   
NUW 
                               
Long-Term Investments*: 
                               
Municipal Bonds 
 
$
   
$
238,698,869
   
$
   
$
238,698,869
 
   
NMI 
                               
Long-Term Investments*: 
                               
Municipal Bonds 
 
$
   
$
92,637,121
   
$
   
$
92,637,121
 
   
NEV 
                               
Long-Term Investments*: 
                               
Municipal Bonds 
 
$
   
$
403,481,309
   
$
25,273
**
 
$
403,506,582
 
Common Stocks 
   
2,145,192
     
     
     
2,145,192
 
Short-Term Investments*: 
                               
Municipal Bonds 
   
     
3,067,110
     
     
3,067,110
 
Total 
 
$
2,145,192
   
$
406,548,419
   
$
25,273
   
$
408,718,884
 
 
*     
Refer to the Fund's Portfolio of Investments for state and/or industry classifications.
**     
Refer to the Fund's Portfolio of Investments for securities classified as Level 3.
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
76 NUVEEN

 

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.
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
NUVEEN 77

 

Notes to Financial Statements (Unaudited) (continued)
Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
                         
Floating Rate Obligations Outstanding 
 
NUV
   
NUW
   
NMI
   
NEV
 
Floating rate obligations: self-deposited Inverse Floaters 
 
$
14,130,000
   
$
7,125,000
   
$
   
$
48,545,000
 
Floating rate obligations: externally-deposited Inverse Floaters 
   
5,250,000
     
10,165,000
     
6,005,000
     
146,485,000
 
Total 
 
$
19,380,000
   
$
17,290,000
   
$
6,005,000
   
$
195,030,000
 
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
                         
Self-Deposited Inverse Floaters 
 
NUV
   
NUW
   
NMI
   
NEV
 
Average floating rate obligations outstanding 
 
$
14,130,000
   
$
7,125,000
   
$
   
$
48,485,000
 
Average annual interest rate and fees 
   
1.25
%
   
1.24
%
   
%
   
1.27
%
 
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, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
                         
Floating Rate Obligations - Recourse Trusts 
 
NUV
   
NUW
   
NMI
   
NEV
 
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters 
 
$
14,130,000
   
$
7,125,000
   
$
   
$
34,920,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
   
5,250,000
     
10,165,000
     
6,005,000
     
136,185,000
 
Total 
 
$
19,380,000
   
$
17,290,000
   
$
6,005,000
   
$
171,105,000
 
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
78 NUVEEN

 

Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
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 one or more equity shelf program ("Shelf Offering"), which became effective with the SEC during a prior fiscal period.
Under these Shelf Offerings, the Funds, subject to market conditions, may raise additional equity capital by issuing additional 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:
 
     
NUV
   
NUW
   
NEV
 
 
 
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
 
 
4/30/17
   
10/31/16*
   
4/30/17
   
10/31/16**
   
4/30/17
   
10/31/16
 
Additional authorized shares 
   
19,600,000
     
19,600,000
     
2,600,000
     
2,600,000
     
5,200,000
     
5,200,000
 
Shares sold 
   
     
900,076
     
123,474
     
992,372
     
     
3,842,469
 
Offering proceeds, net of offering costs 
 
$
   
$
9,540,333
   
$
2,082,380
   
$
17,451,974
   
$
   
$
61,693,894
 
 
*     
Represents total additional authorized shares for the period March 22, 2016 through October 31, 2016.
**     
Represents total additional authorized shares for the period February 26, 2016 through October 31, 2016; and the period November 1, 2015 through November 15, 2015.
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.
NUVEEN 79

 

Notes to Financial Statements (Unaudited) (continued)
During the prior reporting period, NMI and NEV each filed an initial registration statement with the SEC to establish new Shelf Offerings. During May 2017, subsequent to the close of this reporting period, NMI's Shelf Offering was declared effective, while NEV's is not yet effective.
Common Share Transactions
Transactions in common shares during the Funds' current and prior fiscal period, where applicable, were as follows:
                         
 
 
NUV
   
NUW
 
 
 
Six Months
   
Year
   
Six Months
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
 
 
 
4/30/17
   
10/31/16
   
4/30/17
   
10/31/16
 
Shares sold through shelf offering 
   
     
900,076
     
123,474
     
992,372
 
Shares issued to shareholders due to reinvestment of distributions 
   
     
347,727
     
6,671
     
40,963
 
Weighted average premium to NAV per shelf offering share sold 
   
%
   
1.22
%
   
1.50
%
   
2.34
%
   
 
 
 
NMI*
   
NEV
 
 
 
Six Months
   
Year
   
Six Months
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
 
 
 
4/30/17
   
10/31/16
   
4/30/17
   
10/31/16
 
Shares sold through shelf offering 
   
     
     
     
3,842,469
 
Shares issued to shareholders due to reinvestment of distributions 
   
7,550
     
15,227
     
     
10,581
 
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: 
 
 
 
 
NUV 
NUW 
NMI 
NEV 
Purchases 
$173,283,636 
$22,253,347 
$3,916,089 
$19,729,194 
Sales and maturities 
183,661,760 
25,132,606 
6,816,816 
26,816,111 
 
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.
As of April 30, 2017, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
                         
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Cost of investments 
 
$
1,900,669,570
   
$
202,151,634
   
$
84,250,030
   
$
330,487,776
 
Gross unrealized: 
                               
Appreciation 
 
$
186,980,843
   
$
30,205,981
   
$
8,892,769
   
$
42,476,554
 
Depreciation 
   
(18,156,618
)
   
(783,746
)
   
(505,678
)
   
(12,790,386
)
Net unrealized appreciation (depreciation) of investments 
 
$
168,824,225
   
$
29,422,235
   
$
8,387,091
   
$
29,686,168
 
 
80 NUVEEN

 

Permanent differences, primarily due to taxable market discount, federal taxes paid and nondeductible offering costs resulted in reclassifications among the Funds' components of net assets as of October 31, 2016, the Funds' last tax year end, as follows:
                         
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Paid-in-surplus 
 
$
(61
)
 
$
1
   
$
1
   
$
(166
)
Undistributed (Over-distribution of) net investment income 
   
(816,585
)
   
(33,380
)
   
(56,822
)
   
(81,165
)
Accumulated net realized gain (loss) 
   
816,646
     
33,379
     
56,821
     
81,331
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2016, the Funds' last tax year end, were as follows:
                         
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Undistributed net tax-exempt income1 
 
$
6,069,945
   
$
331,949
   
$
378,414
   
$
1,701,271
 
Undistributed net ordinary income2 
   
457,488
     
103,869
     
16,452
     
29,263
 
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 3, 2016 and paid on November 1, 2016.
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, 2016, was designated for purposes of the dividends paid deduction as follows:
                         
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Distributions from net tax-exempt income 
 
$
80,329,085
   
$
10,748,111
   
$
4,134,879
   
$
21,404,317
 
Distributions from net ordinary income2 
   
391,620
     
202,880
     
81,311
     
107,623
 
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, 2016, 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.
                         
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Expiration: 
                       
October 31, 2017 
 
$
   
$
   
$
159,522
   
$
 
October 31, 2018 
   
     
     
     
2,946,811
 
October 31, 2019 
   
     
     
     
16,146,849
 
Not subject to expiration 
   
34,533,782
     
726,001
     
     
6,141,628
 
Total 
 
$
34,533,782
   
$
726,001
   
$
159,522
   
$
25,235,288
 
   
During the Funds' last tax year ended October 31, 2016, the following Funds utilized capital loss carryforwards as follows:
                 
 
                 
NUW
   
NMI
 
Utilized capital loss carryforwards 
                 
$
800,750
   
$
199,223
 
 
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser and for NUV a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
NUVEEN 81

 

       
Notes to Financial Statements (Unaudited) (continued) 
     
   
   
The annual Fund-level fee, payable monthly, for NUV is calculated according to the following schedule: 
     
 
 
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, NUV pays an annual management fee, payable monthly, based on gross interest income (excluding interest on bonds underlying a "self-deposited inverse floater" trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) as follows:
       
 
 
NUV
 
Gross Interest Income 
 
Gross Income Fee
 
For the first $50 million 
   
4.125
%
For the next $50 million 
   
4.000
 
For gross income over $100 million 
   
3.875
 
       
The annual Fund-level fee, payable monthly, for NUW, NMI and NEV is calculated according to the following schedules: 
       
 
 
NUW
 
Average Daily Managed Assets* 
 
Fund-Level Fee
 
For the first $125 million 
   
0.4000
%
For the next $125 million 
   
0.3875
 
For the next $250 million 
   
0.3750
 
For the next $500 million 
   
0.3625
 
For the next $1 billion 
   
0.3500
 
For the next $3 billion 
   
0.3250
 
For managed assets over $5 billion 
   
0.3125
 
       
 
 
NMI
 
Average Daily Net Assets 
 
Fund-Level Fee
 
For the first $125 million 
   
0.4500
%
For the next $125 million 
   
0.4375
 
For the next $250 million 
   
0.4250
 
For the next $500 million 
   
0.4125
 
For the next $1 billion 
   
0.4000
 
For the next $3 billion 
   
0.3750
 
For net assets over $5 billion 
   
0.3625
 
       
 
 
NEV
 
Average Daily Managed Assets* 
 
Fund-Level Fee
 
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
 
 
82 NUVEEN

 

The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund's daily managed assets (net assets for NUV and NMI):
       
Complex-Level 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 complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen 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, 2017, the complex-level fee rate for each Fund was 0.1610%.
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 Funds did not engage in inter-fund trades pursuant to these procedures.
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, 2016 (the only date utilized during the current fiscal period), the following Funds borrowed the following amount from the Unsecured Credit Line, each at an annualized interest rate of 2.02% on their respective balance.
     
 
NUV 
NEV 
Outstanding balance at December 31, 2016 
$8,374,528 
$3,187,609 
 
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser ("Participating Funds"), have established a 364-day, approximately $2.5 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 2017 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
NUVEEN 83

 

Notes to Financial Statements (Unaudited) (continued)
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, NUV utilized this facility. The Fund's maximum outstanding balance during the utilization period was as follows:
 
 
NUV
 
Maximum Outstanding Balance
 
$
28,000,000
 
During the current fiscal period, the average daily balance and average annual interest rate on the Fund's Borrowings during the utilization period were as follows:
       
 
 
NUV
 
Average daily balance outstanding 
 
$
23,000,000
 
Average annual interest rate 
   
2.02
%
 
Borrowings outstanding as of the end of the reporting period are recognized as "Borrowings" on the Statement of Assets and Liabilities, where applicable.
9. New Accounting Pronouncements
Amendments to Regulation S-X
In October 2016, the SEC adopted new rules and amended existing rules (together, the "final rules") intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X is August 1, 2017. Management is still evaluating the impact of the final rules, if any.
Accounting Standards Update 2017-08 ("ASU 2017-08") Premium Amortization on Purchased Callable Debt Securities
During March 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.
10. Subsequent Events
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "Inter-Fund Program"). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund's outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund's inter-fund loans to any one fund shall not exceed 5% of the lending fund's net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day's notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund's investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During May 2017, the Board approved the Nuveen funds participation in the Inter-Fund Program. As of the time this shareholder report was prepared, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
84 NUVEEN

 

           
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 
Judith M. Stockdale 
Carole E. Stone 
Terence J. Toth 
Margaret L. Wolff 
Robert L. Young*** 
 
 
 
 
 
 
*     
Interested Board Member and retired from the Funds' Board of Directors/Trustees effective June 30, 2017.
**     
Interested Board Member.
***     
Effective July 1, 2017.
         
         
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 
 
200 East Randolph Drive 
& Trust Company 
 
Boston, MA 02111 
 
Chicago, IL 60601 
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) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

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

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.
NUVEEN 85

 

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. 
   
 ■
Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf 
 
of a private sector company and intended to build or acquire factories or other heavy equipment and tools. 
   
 ■
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), 
 
are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, 
 
(a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some 
 
fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes 
 
referred to as an "inverse floater") to an investor (such as a fund) interested in gaining investment exposure to a long-term 
 
municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the 
 
floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the 
 
underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any 
 
potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the 
 
underlying bond on a leveraged basis. 
   
 ■
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% 
 
of the investment capital. 
   
 ■
Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and 
 
receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding. 
   
 ■
Pre-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. 
   
 ■
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. 
 
86 NUVEEN

 

   
 ■
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. 
 
NUVEEN 87

 

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.
88 NUVEEN

 

Notes
NUVEEN 89

 

Notes
90 NUVEEN

 

Notes
NUVEEN 91

 
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 solutions designed to be integral components of a well-diversified core portfolio.

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

Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial 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
 
Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com



ESA-A-0417D 184320-INV-B-06/18






 
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/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary

Date: July 6, 2017
 
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/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)

Date: July 6, 2017
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: July 6, 2017