N-CSRS 1 d493684dncsrs.htm NUVEEN MUNICIPAL VALUE FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number |  | 811-05120

Nuveen Municipal Value Fund, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: |  | October 31

Date of reporting period: |  | April 30, 2023

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.

Closed-End
Funds
Closed-End
Funds
Nuveen
Municipal
April
30,
2023
Semi-Annual
Report
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
Nuveen
Municipal
Value
Fund,
Inc.
NUV
Nuveen
AMT-Free
Municipal
Value
Fund
NUW
Nuveen
Municipal
Income
Fund,
Inc.
NMI
2
Table
of
Contents
Chair’s
Letter
to
Shareholders
3
Important
Notices
4
About
the
Funds’
Benchmarks
5
Performance
Overview
and
Holding
Summaries
6
Portfolios
of
Investments
12
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
Risk
Considerations
86
Additional
Fund
Information
87
Glossary
of
Terms
Used
in
this
Report
88
Chair’s
Letter
to
Shareholders
3
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
over
the
past
year
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
May
2023,
the
Fed
raised
the
target
fed
funds
rate
by
5.00%
to
a
range
of
5.00%
to
5.25%,
marking
the
fastest
interest
rate
hiking
cycle
in
its
history.
Across
most
of
the
world,
inflation
rates
have
fallen
from
their
post-pandemic
highs
but
currently
remain
well
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
surprisingly
resilient,
even
as
financial
conditions
have
tightened.
Despite
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
grew
2.1%
in
the
year
overall
compared
to
2021
and
expanded
at
a
more
moderate
pace
of
1.3%
in
the
first
quarter
of
2023.
A
relatively
strong
jobs
market
has
helped
support
consumer
sentiment
and
spending
despite
historically
high
inflation.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages,
although
the
recent
collapse
of
three
regional
U.S.
banks
(Silicon
Valley
Bank,
Signature
Bank
and
First
Republic
Bank)
and
major
European
bank
Credit
Suisse
is
likely
to
add
further
downward
pressure
to
the
economy
as
the
banking
system
slows
lending
in
response.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
activity
based
upon
these
factors
on
a
meeting-by-meeting
basis,
including
pausing
rate
adjustments
at
the
most
recent
meeting
in
June
2023
in
order
to
assess
the
effects
of
monetary
policy
so
far
on
the
economy.
While
uncertainty
has
increased
given
the
unpredictable
outcome
of
tighter
credit
conditions
on
the
economy,
the
Fed
remains
committed
to
acting
until
it
sees
sustainable
progress
toward
its
inflation
goals.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
The
debt
ceiling
debate
in
Congress
was
also
looming
over
the
markets
until
the
government
passed
an
increase
to
the
debt
limit
in
early
June
2023
and
averted
a
default
scenario.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
noise.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
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.
Terence
J.
Toth
Chair
of
the
Board
June
21,
2023
4
Important
Notices
For
Shareholders
of
Nuveen
Municipal
Value
Fund,
Inc.
(NUV)
Nuveen
AMT-Free
Municipal
Value
Fund
(NUW)
Nuveen
Municipal
Income
Fund,
Inc.
(NMI)
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
October
31,
2022
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
About
the
Funds’
Benchmarks
5
S&P
Municipal
Bond
Index
:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
U.S.
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
6
Nuveen
Municipal
Value
Fund,
Inc.
Performance
Overview
and
Holding
Summaries
as
of
April
30,
2023
NUV
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NUV
at
Common
Share
NAV
6/17/87
8.44%
1.94%
2.16%
2.75%
NUV
at
Common
Share
Price
6/17/87
7.41%
(0.54)%
2.06%
2.26%
S&P
Municipal
Bond
Index
—
7.15%
2.44%
2.06%
2.27%
7
Holdings
Summaries
as
of
April
30,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
99.2‌%
Other
Assets
&
Liabilities,
Net
1.9%
Floating
Rate
Obligations
(1.1)%
Net
Assets
100‌%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
2.2%
AAA
7.0%
AA
38.8%
A
30.4%
BBB
11.1%
BB
or
Lower
2.3%
N/R
(not
rated)
8.2%
Total
100‌%
Portfolio
Composition
(%
of
total
investments)
Tax
Obligation/Limited
28.8%
Transportation
19.8%
Utilities
14.0%
Tax
Obligation/General
13.6%
Health
Care
7.5%
U.S.
Guaranteed
6.9%
Education
and
Civic
Organizations
3.7%
Other
5.7%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
Texas
14.4%
Illinois
10.7%
New
York
7.9%
California
6.7%
Colorado
6.4%
Florida
6.0%
New
Jersey
4.9%
Georgia
4.2%
Ohio
3.8%
Washington
3.8%
Michigan
2.8%
Nevada
2.7%
South
Carolina
2.4%
Puerto
Rico
1.8%
Kentucky
1.8%
District
of
Columbia
1.8%
Indiana
1.5%
Oklahoma
1.3%
Arizona
1.3%
Maryland
1.2%
Other
12.6%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
an
d
not
listed
in
the
table
above.
8
Nuveen
AMT-Free
Municipal
Value
Fund
Performance
Overview
and
Holding
Summaries
as
of
April
30,
2023
NUW
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NUW
at
Common
Share
NAV
2/25/09
8.37%
1.90%
2.16%
2.65%
NUW
at
Common
Share
Price
2/25/09
6.64%
(0.67)%
1.13%
1.99%
S&P
Municipal
Bond
Index
—
7.15%
2.44%
2.06%
2.27%
9
Holdings
Summaries
as
of
April
30,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
98.9‌%
Common
Stocks
0.4‌%
Corporate
Bonds
0.0‌%
Other
Assets
&
Liabilities,
Net
1.4%
Floating
Rate
Obligations
(0.7)%
Net
Assets
100‌%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
1.1%
AAA
5.6%
AA
40.6%
A
31.8%
BBB
11.3%
BB
or
Lower
2.1%
N/R
(not
rated)
7.5%
Total
100‌%
Portfolio
Composition
(%
of
total
investments)
Tax
Obligation/Limited
22.3%
Utilities
20.8%
Tax
Obligation/General
15.1%
Transportation
10.5%
Health
Care
10.0%
Education
and
Civic
Organizations
8.1%
Consumer
Staples
4.8%
Other
8.0%
Common
Stocks
0.4%
Corporate
Bonds
0.0%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
California
11.3%
Illinois
10.6%
Texas
10.2%
New
Jersey
7.3%
New
York
5.8%
Nevada
5.5%
Pennsylvania
4.6%
Tennessee
4.5%
Colorado
4.1%
Florida
3.8%
Kentucky
3.4%
Maryland
3.2%
Ohio
3.2%
Puerto
Rico
3.1%
Georgia
3.0%
Washington
2.8%
West
Virginia
1.8%
South
Carolina
1.7%
Arizona
1.3%
Minnesota
1.1%
Other
7.7%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
10
Nuveen
Municipal
Income
Fund,
Inc.
Performance
Overview
and
Holding
Summaries
as
of
April
30,
2023
NMI
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
April
30,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NMI
at
Common
Share
NAV
4/20/88
8.46%
0.60%
1.32%
2.41%
NMI
at
Common
Share
Price
4/20/88
12.42%
3.63%
0.34%
1.46%
S&P
Municipal
Bond
Index
—
7.15%
2.44%
2.06%
2.27%
11
Holdings
Summaries
as
of
April
30,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
95.2‌%
Short-Term
Municipal
Bonds
3.4‌%
Other
Assets
&
Liabilities,
Net
1.4%
Net
Assets
100‌%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
0.4%
AAA
3.0%
AA
32.3%
A
35.4%
BBB
11.2%
BB
or
Lower
5.0%
N/R
(not
rated)
12.7%
Total
100‌%
Portfolio
Composition
(%
of
total
investments)
Health
Care
21.9%
Transportation
21.8%
Tax
Obligation/Limited
15.5%
Education
and
Civic
Organizations
9.6%
Tax
Obligation/General
9.4%
Utilities
8.3%
U.S.
Guaranteed
5.2%
Other
8.3%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
Illinois
13.8%
Colorado
13.7%
Texas
6.6%
Arizona
5.0%
New
York
4.9%
Wisconsin
4.9%
California
4.7%
Florida
4.4%
Alabama
3.7%
North
Carolina
3.6%
New
Jersey
2.8%
Missouri
2.8%
Louisiana
2.4%
Indiana
2.3%
Virginia
2.1%
Minnesota
1.9%
Hawaii
1.9%
Puerto
Rico
1.8%
Pennsylvania
1.8%
Iowa
1.4%
Other
13.5%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
12
Nuveen
Municipal
Value
Fund,
Inc.
Portfolio
of
Investments
April
30,
2023
(Unaudited)
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.2%
X
1,921,743,860
MUNICIPAL
BONDS
-
99.2%
X
1,921,743,860
Alabama
-
0.2%
Birmingham
Airport
Authority,
Alabama,
Airport
Revenue
Bonds,
Series
2020:
$
255
4.000%,
7/01/39
-
BAM
Insured
7/30
at
100.00
AA
$
256,721
225
4.000%,
7/01/40
-
BAM
Insured
7/30
at
100.00
AA
225,128
3,805
Homewood,
Alabama,
General
Obligation
Warrants,
Series
2016,
5.000%,
9/01/36,
(Pre-refunded
9/01/26)
9/26
at
100.00
AA+ (4)
4,080,444
Total
Alabama
4,562,293
Alaska
-
0.5%
9,750
Anchorage,
Alaska,
Solid
Waste
Services
Revenue
Bonds,
Refunding
Series
2022A,
4.000%,
11/01/52
11/32
at
100.00
AA
9,362,925
110
Northern
Tobacco
Securitization
Corporation,
Alaska,
Tobacco
Settlement
Asset-Backed
Bonds,
Senior
Series
2021A
Class
1,
4.000%,
6/01/50
6/31
at
100.00
BBB+
97,346
Total
Alaska
9,460,271
Arizona
-
1.2%
5,610
Chandler
Industrial
Development
Authority,
Arizona,
Industrial
Development
Revenue
Bonds,
Intel
Corporation
Project,
Series
2007,
2.700%,
12/01/37,
(AMT),
(Mandatory
Put
8/14/23)
No
Opt.
Call
A
5,584,362
1,915
Chandler
Industrial
Development
Authority,
Arizona,
Industrial
Development
Revenue
Bonds,
Intel
Corporation
Project,
Series
2019,
5.000%,
6/01/49,
(AMT),
(Mandatory
Put
6/03/24)
6/24
at
100.00
A
1,930,760
2,935
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Senior
Lien
Series
2017A,
5.000%,
7/01/35
7/27
at
100.00
Aa2
3,159,293
780
Phoenix
Civic
Improvement
Corporation,
Arizona,
Excise
Tax
Revenue
Bonds,
Subordinate
Lien
Series
2020A,
4.000%,
7/01/45
7/30
at
100.00
AAA
776,786
2,590
Phoenix
Civic
Improvement
Corporation,
Arizona,
Water
System
Revenue
Bonds,
Junior
Lien
Series
2021A,
5.000%,
7/01/45
7/31
at
100.00
AAA
2,867,959
2,175
Pima
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Tucson
Medical
Center,
Series
2021A,
4.000%,
4/01/46
4/31
at
100.00
A
2,003,762
5,600
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007,
5.000%,
12/01/37
No
Opt.
Call
A3
5,809,440
Tucson,
Arizona,
Water
System
Revenue
Bonds,
Refunding
Series
2017:
1,000
5.000%,
7/01/34
7/27
at
100.00
AA
1,084,940
750
5.000%,
7/01/35
7/27
at
100.00
AA
809,723
Total
Arizona
24,027,025
California
-
6.7%
4,615
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C,
0.000%,
9/01/23
-
AGM
Insured
No
Opt.
Call
AA
4,562,758
405
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
BBB+
375,844
13
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
California
(continued)
$
1,250
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Sonoma
County
Tobacco
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
12/30
at
100.00
BBB+
$
1,160,013
4,080
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B,
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
N/R (4)
4,408,807
5,920
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A,
5.000%,
11/15/48
11/27
at
100.00
A+
6,106,954
1,650
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2017A,
5.000%,
8/15/35
8/27
at
100.00
BBB+
1,737,549
3,850
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph
Health
System,
Series
2013A,
5.000%,
7/01/33,
(Pre-refunded
7/01/23)
7/23
at
100.00
A (4)
3,860,588
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A:
1,635
5.000%,
12/31/43,
(AMT)
6/28
at
100.00
BBB-
1,666,915
3,495
5.000%,
12/31/47,
(AMT)
6/28
at
100.00
BBB-
3,541,658
1,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018B,
5.000%,
6/01/48,
(AMT)
6/28
at
100.00
BBB-
1,012,160
2,290
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authority
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
7/01/39,
144A
1/29
at
100.00
BBB
2,340,792
1,625
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Various
Capital
Projects,
Series
2013I,
5.000%,
11/01/38
11/23
at
100.00
Aa3
1,637,253
3,500
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.000%,
12/01/46,
144A
6/26
at
100.00
BB+
3,351,705
4,505
Covina-Valley
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Series
2003B,
0.000%,
6/01/28
-
FGIC
Insured
No
Opt.
Call
A+
3,829,610
5,700
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Green
Series
2017A,
5.000%,
6/01/45
6/27
at
100.00
AAA
6,069,645
2,180
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A,
0.000%,
1/15/42
(5)
1/31
at
100.00
A
2,545,041
49,020
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-
2,
0.000%,
6/01/66
12/31
at
27.75
N/R
5,436,808
345
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1,
5.000%,
6/01/51
12/31
at
100.00
BBB+
361,394
2,780
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Series
2022I,
5.000%,
5/15/48
11/31
at
100.00
AA
3,083,854
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-
2,480,175
2,555
0.000%,
8/01/24
-
FGIC
Insured
No
Opt.
Call
AA-
2,456,070
2,365
Montebello
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
1998
Series
2004,
0.000%,
8/01/27
-
FGIC
Insured
No
Opt.
Call
A-
2,055,161
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
14
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
California
(continued)
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A:
$
3,060
0.000%,
8/01/28
(5)
2/28
at
100.00
Aa1
$
3,397,396
2,315
0.000%,
8/01/43
(5)
8/35
at
100.00
Aa1
2,132,138
3,550
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009C,
6.500%,
11/01/39
No
Opt.
Call
A
4,165,251
80
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A,
7.000%,
8/01/38
-
AGC
Insured
8/29
at
100.00
AA
92,936
10,150
Placer
Union
High
School
District,
Placer
County,
California,
General
Obligation
Bonds,
Series
2004C,
0.000%,
8/01/33
-
AGM
Insured
No
Opt.
Call
AA
7,117,586
San
Bruno
Park
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Series
2000B:
2,575
0.000%,
8/01/24
-
FGIC
Insured
No
Opt.
Call
Aa2
2,469,528
2,660
0.000%,
8/01/25
-
FGIC
Insured
No
Opt.
Call
Aa2
2,460,606
280
San
Diego
Tobacco
Settlement
Revenue
Funding
Corporation,
California,
Tobacco
Settlement
Bonds,
Subordinate
Series
2018C,
4.000%,
6/01/32
6/28
at
100.00
A
271,477
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019D:
6,000
5.000%,
5/01/36
5/29
at
100.00
A+
6,686,700
4,000
5.000%,
5/01/39
5/29
at
100.00
A+
4,373,960
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A:
315
4.000%,
1/15/39
1/32
at
100.00
A
313,154
525
4.000%,
1/15/41
1/32
at
100.00
A
512,725
550
4.000%,
1/15/43
1/32
at
100.00
A
531,768
200
4.000%,
1/15/44
1/32
at
100.00
A
192,112
12,095
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
1997A,
0.000%,
1/15/25
-
NPFG
Insured
No
Opt.
Call
BBB+
11,363,253
13,220
San
Mateo
County
Community
College
District,
California,
General
Obligation
Bonds,
Series
2006A,
0.000%,
9/01/28
-
NPFG
Insured
No
Opt.
Call
AAA
11,441,117
5,000
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
of
2000,
Series
2002B,
0.000%,
9/01/24
-
FGIC
Insured
No
Opt.
Call
Aaa
4,800,850
5,815
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015,
0.000%,
8/01/48
8/25
at
29.16
AA
1,524,053
610
Tobacco
Securitization
Authority
of
Northern
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Refunding
Sacramento
County
Tobacco
Securitization
Corporation
Series
2021B Class
2,
4.000%,
6/01/49
12/30
at
100.00
BBB-
598,197
575
Vernon,
California,
Electric
System
Revenue
Bonds,
Series
2021A,
5.000%,
4/01/28
No
Opt.
Call
BBB+
611,662
Total
California
129,137,223
Colorado
-
6.4%
7,500
Arapahoe
County
School
District
6,
Littleton,
Colorado,
General
Obligation
Bonds,
Series
2019A,
5.500%,
12/01/43
12/28
at
100.00
Aa1
8,395,425
4,155
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
4.000%,
8/01/49
8/29
at
100.00
A-
3,768,419
15
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Colorado
(continued)
$
1,255
Colorado
High
Performance
Transportation
Enterprise,
C-470
Express
Lanes
Revenue
Bonds,
Senior
Lien
Series
2017,
5.000%,
12/31/56
12/24
at
100.00
BBB
$
1,224,930
7,070
Colorado
Mountain
College,
Colorado,
Certificates
of
Participation,
Series
2021,
4.000%,
12/01/46
12/31
at
100.00
Aa3
6,759,839
4,500
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2018N,
5.000%,
3/15/37
3/28
at
100.00
Aa2
4,848,480
1,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2020R,
4.000%,
3/15/45
3/30
at
100.00
Aa2
980,540
900
Colorado
State,
Certificates
of
Participation,
Higher
Education
Lease
Purchase
Financing
Program,
Series
2020,
4.000%,
9/01/38
9/31
at
100.00
Aa2
907,776
Colorado
State,
Certificates
of
Participation,
Lease
Purchase
Financing
Program,
National
Western
Center,
Series
2018A:
1,250
5.000%,
9/01/30
3/28
at
100.00
Aa2
1,385,062
2,000
5.000%,
9/01/31
3/28
at
100.00
Aa2
2,215,580
1,260
5.000%,
9/01/32
3/28
at
100.00
Aa2
1,394,971
620
5.000%,
9/01/33
3/28
at
100.00
Aa2
685,528
3,790
Colorado
State,
Certificates
of
Participation,
Rural
Series
2018A,
5.000%,
12/15/37
12/28
at
100.00
Aa2
4,163,391
3,400
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022B,
5.250%,
11/15/53
11/32
at
100.00
AA-
3,785,356
5,160
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2013B,
5.000%,
11/15/43
11/23
at
100.00
A+
5,181,569
2,000
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016,
5.000%,
12/01/35
12/26
at
100.00
Baa2
2,032,380
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B:
9,660
0.000%,
9/01/29
-
NPFG
Insured
No
Opt.
Call
A
7,898,692
24,200
0.000%,
9/01/31
-
NPFG
Insured
No
Opt.
Call
A
18,319,884
17,000
0.000%,
9/01/32
-
NPFG
Insured
No
Opt.
Call
A
12,339,450
2,905
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2020A,
5.000%,
9/01/40
9/24
at
100.00
A
2,926,323
7,600
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Refunding
Series
2006B,
0.000%,
9/01/39
-
NPFG
Insured
9/26
at
52.09
A
3,439,228
8,000
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds, Colorado
Springs
Utilities,
Series
2008,
6.500%,
11/15/38
No
Opt.
Call
AA-
9,591,280
1,400
Regional
Transportation
District,
Colorado,
Private
Activity
Bonds,
Denver
Transit
Partners
Eagle
P3
Project,
Series
2020A,
4.000%,
7/15/34
1/31
at
100.00
A-
1,410,710
4,945
Regional
Transportation
District,
Colorado,
Sales
Tax
Revenue
Bonds,
Fastracks
Project,
Series
2017A,
5.000%,
11/01/40
11/26
at
100.00
AA+
5,180,629
State
of
Colorado,
Rural
Colorado,
Certificates
of
Participation,
Series
2022:
5,355
6.000%,
12/15/38
12/32
at
100.00
Aa2
6,566,247
3,000
6.000%,
12/15/41
12/32
at
100.00
Aa2
3,624,870
4,250
University
of
Colorado,
Enterprise
System
Revenue
Bonds,
Series
2018B,
5.000%,
6/01/43,
(Pre-refunded
6/01/28)
6/28
at
100.00
Aa1 (4)
4,775,173
Total
Colorado
123,801,732
Connecticut
-
0.7%
8,440
Connecticut
State,
General
Obligation
Bonds,
Series
2015E,
5.000%,
8/01/29
8/25
at
100.00
AA-
8,845,880
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
16
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Connecticut
(continued)
$
5,000
Connecticut
State,
General
Obligation
Bonds,
Series
2015F,
5.000%,
11/15/33
11/25
at
100.00
AA-
$
5,240,550
Total
Connecticut
14,086,430
Delaware
-
0.1%
1,270
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2021,
4.000%,
1/01/46
1/32
at
100.00
A1
1,246,429
Total
Delaware
1,246,429
District
of
Columbia
-
1.7%
15,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A,
0.000%,
6/15/46
5/23
at
24.22
N/R
3,464,700
5,390
District
of
Columbia
Water
and
Sewer
Authority,
Public
Utility
Revenue
Bonds,
Senior
Lien
Series
2018B,
5.000%,
10/01/43
4/28
at
100.00
AAA
5,769,564
3,865
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B,
5.000%,
10/01/47
10/29
at
100.00
A-
4,047,273
10,000
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
Capital
Appreciation,
Second
Senior
Lien
Series
2010B,
6.500%,
10/01/44
10/28
at
100.00
A-
11,372,900
Washington
Convention
and
Sports
Authority,
Washington
D.C.,
Dedicated
Tax
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A:
670
4.000%,
10/01/36
10/30
at
100.00
AA
685,792
1,060
4.000%,
10/01/38
10/30
at
100.00
AA
1,071,077
1,265
4.000%,
10/01/39
10/30
at
100.00
AA
1,267,366
1,745
Washington
Convention
and
Sports
Authority,
Washington
D.C.,
Dedicated
Tax
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B,
4.000%,
10/01/38
10/30
at
100.00
AA
1,763,235
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Dedicated
Revenue
Bonds,
Series
2020A:
2,390
4.000%,
7/15/45
7/30
at
100.00
AA
2,363,208
1,775
5.000%,
7/15/45
7/30
at
100.00
AA
1,935,105
Total
District
of
Columbia
33,740,220
Florida
-
5.9%
1,000
Babcock
Ranch
Community
Independent
Special
District,
Charlotte
County,
Florida,
Special
Assessment
Bonds,
2022
Project
Series
2022,
5.000%,
5/01/53
5/32
at
100.00
N/R
936,080
1,240
Broward
County,
Florida,
Half-Cent
Sales
Tax
Revenue
Bonds,
Refunding
Series
2020,
4.000%,
10/01/40
10/30
at
100.00
AA+
1,233,639
23,000
Broward
County,
Florida,
Tourist
Development
Tax
Revenue
Bonds,
Convention
Center
Expansion
Project,
Series
2021,
4.000%,
9/01/51
9/31
at
100.00
Aa3
21,968,450
1,355
Central
Florida
Expressway
Authority,
Revenue
Bonds,
Senior
Lien
Series
2021D,
5.000%,
7/01/31
No
Opt.
Call
A+
1,597,410
565
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School
Income
Projects,
Series
2015A,
6.000%,
6/15/35,
144A
6/25
at
100.00
N/R
570,757
Florida
Development
Finance
Corporation,
Healthcare
Facilities
Revenue
Bonds,
UF
Health
-
Jacksonville
Project,
Series
2022A:
1,800
4.000%,
2/01/41
-
AGM
Insured
2/32
at
100.00
AA
1,700,388
1,875
4.000%,
2/01/42
-
AGM
Insured
2/32
at
100.00
AA
1,761,919
17
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Florida
(continued)
$
15,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Passenger
Rail
Expansion
Project,
Series
2022A,
7.250%,
7/01/57,
(AMT),
(Mandatory
Put
10/03/23),
144A
5/23
at
103.00
N/R
$
15,191,550
4,000
Gainesville,
Florida,
Utilities
System
Revenue
Bonds,
Series
2017A,
5.000%,
10/01/36
10/27
at
100.00
Aa3
4,314,800
3,500
Gainesville,
Florida,
Utilities
System
Revenue
Bonds,
Series
2019A,
5.000%,
10/01/47
10/29
at
100.00
Aa3
3,721,760
2,290
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Subordinate
Lien
Series
2015B,
5.000%,
10/01/40,
(Pre-refunded
10/01/24)
10/24
at
100.00
A+ (4)
2,354,944
Lakeland,
Florida,
Energy
System
Revenue
Bonds,
Series
2021:
1,300
4.000%,
10/01/39
10/31
at
100.00
AA
1,306,409
1,000
4.000%,
10/01/40
10/31
at
100.00
AA
997,350
2,735
Miami
Beach
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Mount
Sinai
Medical
Center
of
Florida
Project,
Series
2021B,
4.000%,
11/15/46
11/31
at
100.00
A-
2,490,628
5,090
Miami-Dade
County
Expressway
Authority,
Florida,
Toll
System
Revenue
Bonds,
Series
2010A,
5.000%,
7/01/40
5/23
at
100.00
A
5,114,839
2,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Miami
International
Airport,
Refunding
Series
2014B,
5.000%,
10/01/37
10/24
at
100.00
A1
2,032,340
3,000
Miami-Dade
County,
Florida,
Transit
System
Sales
Surtax
Revenue
Bonds,
Series
2022,
5.000%,
7/01/51
7/32
at
100.00
AA
3,234,510
5,330
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Orlando
Health
Obligated
Group,
Inc.,
Series
2022,
4.000%,
10/01/52
4/32
at
100.00
A+
4,949,278
Orlando
Utilities
Commission,
Florida,
Utility
System
Revenue
Bonds,
Series
2018A:
3,500
5.000%,
10/01/36
10/27
at
100.00
AA
3,788,960
3,780
5.000%,
10/01/37
10/27
at
100.00
AA
4,072,156
1,120
5.000%,
10/01/38
10/27
at
100.00
AA
1,205,042
10,725
Orlando,
Florida,
Contract
Tourist
Development
Tax
Payments
Revenue
Bonds,
Series
2014A,
5.000%,
11/01/44,
(Pre-refunded
5/01/24)
5/24
at
100.00
Aa1 (4)
10,922,340
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Capital
Appreciation
Series
2019A-2:
3,500
0.000%,
10/01/43
10/29
at
61.27
BBB+
1,191,470
3,575
0.000%,
10/01/44
10/29
at
59.08
BBB+
1,144,250
4,000
0.000%,
10/01/45
10/29
at
56.95
BBB+
1,202,800
750
0.000%,
10/01/49
10/29
at
49.08
BBB+
177,240
5,000
0.000%,
10/01/50
10/29
at
47.17
BBB+
1,113,200
11,000
0.000%,
10/01/53
10/29
at
41.97
BBB+
2,047,210
4,000
Pembroke
Pines,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2019A,
4.000%,
7/01/38
7/29
at
100.00
AA
4,052,560
1,020
Putnam
County
Development
Authority,
Florida,
Pollution
Control
Revenue
Bonds,
Seminole
Electric
Cooperative,
Inc.
Project,
Refunding
Series
2018B,
5.000%,
3/15/42
5/28
at
100.00
A-
1,068,522
6,865
South
Broward
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
Refunding
Series
2015,
4.000%,
5/01/34
5/25
at
100.00
AA
6,965,160
Total
Florida
114,427,961
Georgia
-
4.2%
3,325
Atlanta,
Georgia,
Water
and
Wastewater
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
11/01/40
5/25
at
100.00
Aa2
3,433,362
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
18
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Georgia
(continued)
$
4,945
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Georgia
Power
Company,
Fourth
Series
1994,
2.250%,
10/01/32,
(Mandatory
Put
5/25/23)
No
Opt.
Call
A-
$
4,939,017
2,290
Fulton
County
Development
Authority,
Georgia,
Hospital
Revenue
Bonds,
Wellstar
Health
System,
Inc
Project,
Series
2017A,
5.000%,
4/01/47
4/27
at
100.00
A+
2,330,235
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2017B:
3,500
5.500%,
2/15/42
2/27
at
100.00
AA
3,732,960
2,500
5.250%,
2/15/45
2/27
at
100.00
AA
2,618,650
1,500
Geo.
L.
Smith
II
Georgia
World
Congress
Center
Authority,
Georgia,
Convention
Center
Hotel
Revenue
Bonds, First
Tier
Series
2021A,
4.000%,
1/01/54
1/31
at
100.00
BBB-
1,215,570
10,500
Georgia
Ports
Authority,
Revenue
Bonds,
Series
2022,
5.250%,
7/01/52
7/32
at
100.00
AA
11,705,295
17,010
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2019A,
5.000%,
1/01/49
-
BAM
Insured
7/28
at
100.00
AA
17,615,046
4,025
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
M
Bonds,
Series
19A,
5.000%,
1/01/59
-
AGM
Insured
7/28
at
100.00
AA
4,114,596
17,350
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
M
Bonds,
Series
2022A,
5.000%,
7/01/52
-
AGM
Insured
7/32
at
100.00
AA
18,264,865
2,415
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Lien
Series
2015A,
5.000%,
1/01/35
1/25
at
100.00
A2
2,469,507
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Lien
Series
2020A:
1,000
5.000%,
1/01/45
1/31
at
100.00
A2
1,042,050
5,500
5.000%,
1/01/50
1/31
at
100.00
A2
5,678,200
2,000
Private
Colleges
and
Universities
Authority,
Georgia,
Revenue
Bonds,
Emory
University,
Refunding
Series
2016A,
5.000%,
10/01/46
10/26
at
100.00
AA
2,066,380
Total
Georgia
81,225,733
Guam
-
0.0%
Guam
A.B.
Won
Pat International
Airport
Authority,
Revenue
Bonds,
Series
2013C:
170
6.375%,
10/01/43,
(Pre-refunded
10/01/23),
(AMT)
10/23
at
100.00
Baa2 (4)
171,894
160
6.375%,
10/01/43,
(AMT)
10/23
at
100.00
Baa2
161,782
Total
Guam
333,676
Hawaii
-
0.4%
4,830
Honolulu
City
and
County,
Hawaii,
General
Obligation
Bonds,
Series
2018A,
5.000%,
9/01/40
9/28
at
100.00
AA+
5,240,405
3,000
Honolulu
City
and
County,
Hawaii,
Wastewater
System
Revenue
Bonds,
First
Bond
Resolution,
Senior
Series
2018A,
5.000%,
7/01/37
1/28
at
100.00
Aa2
3,266,910
Total
Hawaii
8,507,315
Idaho
-
0.1%
University
of
Idaho,
General
Revenue
Bonds,
Refunding
Series
2021A:
505
5.000%,
4/01/39
-
AGM
Insured
4/31
at
100.00
AA
565,827
545
5.000%,
4/01/41
-
AGM
Insured
4/31
at
100.00
AA
607,931
1,550
University
of
Idaho,
General
Revenue
Bonds,
Refunding
Series
2022A,
4.000%,
4/01/45
-
BAM
Insured
4/32
at
100.00
AA
1,519,140
Total
Idaho
2,692,898
19
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Illinois
-
10.6%
$
5,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016,
6.000%,
4/01/46
4/27
at
100.00
A
$
5,257,000
5,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A,
7.000%,
12/01/44
12/25
at
100.00
BB+
5,272,200
2,945
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016B,
6.500%,
12/01/46
12/26
at
100.00
BB+
3,095,460
4,710
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2017A,
7.000%,
12/01/46,
144A
12/27
at
100.00
BB+
5,108,325
17,775
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1998B-1,
0.000%,
12/01/24
-
FGIC
Insured
No
Opt.
Call
Baa2
16,707,967
7,495
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1999A,
0.000%,
12/01/31
-
NPFG
Insured
No
Opt.
Call
Baa2
5,298,665
Chicago
Greater
Metropolitan
Water
Reclamation
District,
Illinois,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Green
Series
2021A:
2,325
4.000%,
12/01/46
12/31
at
100.00
AAA
2,246,438
4,000
4.000%,
12/01/51
12/31
at
100.00
AAA
3,817,680
1,960
Chicago
Transit
Authority,
Illinois,
Capital
Grant
Receipts
Revenue
Bonds,
Federal
Transit
Administration
Section
5307
Urbanized
Area
Formula
Funds,
Refunding
Series
2021,
5.000%,
6/01/27
No
Opt.
Call
A+
2,097,082
5,000
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Second
Lien
Series
2022A,
5.000%,
12/01/46
-
BAM
Insured
12/31
at
100.00
AA
5,305,100
1,000
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2018,
5.000%,
11/15/35
11/26
at
100.00
AA-
1,034,520
1,500
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2021A,
5.000%,
11/15/32
11/30
at
100.00
AA-
1,707,780
Cook
County,
Illinois,
Sales
Tax
Revenue
Bonds,
Series
2021A:
2,040
4.000%,
11/15/40
11/30
at
100.00
AA-
2,013,460
1,000
4.000%,
11/15/41
11/30
at
100.00
AA-
987,990
1,300
Illinois
Finance
Authority,
Revenue
Bonds,
Rush
University
Medical
Center
Obligated
Group,
Series
2015A,
5.000%,
11/15/38
5/25
at
100.00
AA-
1,323,543
3,700
Illinois
Finance
Authority,
Revenue
Bonds,
Rush
University
Medical
Center
Obligated
Group,
Series
2015B,
5.000%,
11/15/39
5/25
at
100.00
AA-
3,760,680
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C:
560
5.000%,
8/15/35
8/25
at
100.00
A3
573,933
825
5.000%,
8/15/44
8/25
at
100.00
A3
826,543
5,125
Illinois
State,
General
Obligation
Bonds,
November
Series
2017C,
5.000%,
11/01/29
11/27
at
100.00
A-
5,487,696
1,755
Illinois
State,
General
Obligation
Bonds,
October
Series
2016,
5.000%,
2/01/27
No
Opt.
Call
A-
1,859,721
5,590
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2013A,
5.000%,
1/01/38
5/23
at
100.00
AA-
5,594,751
4,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2016B,
5.000%,
1/01/41
7/26
at
100.00
AA-
4,152,760
5,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2020A,
5.000%,
1/01/45
1/31
at
100.00
AA-
5,444,700
9,015
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A,
4.000%,
6/15/50
12/29
at
100.00
A
7,840,886
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
20
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Illinois
(continued)
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
1994B:
$
5,245
0.000%,
6/15/28
-
NPFG
Insured
No
Opt.
Call
A
$
4,378,421
11,675
0.000%,
6/15/29
-
FGIC
Insured
No
Opt.
Call
A
9,409,933
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A:
4,950
0.000%,
12/15/32
-
NPFG
Insured
No
Opt.
Call
A
3,427,133
21,375
0.000%,
6/15/34
-
NPFG
Insured
No
Opt.
Call
A
13,755,240
21,000
0.000%,
12/15/35
-
NPFG
Insured
No
Opt.
Call
A
12,428,220
21,970
0.000%,
6/15/36
-
NPFG
Insured
No
Opt.
Call
A
12,617,371
10,375
0.000%,
12/15/36
-
NPFG
Insured
No
Opt.
Call
A
5,785,411
10,000
0.000%,
12/15/37
-
NPFG
Insured
No
Opt.
Call
A
5,272,400
25,825
0.000%,
6/15/39
-
NPFG
Insured
No
Opt.
Call
A
12,563,346
6,095
Regional
Transportation
Authority,
Cook,
DuPage,
Kane,
Lake,
McHenry
and
Will
Counties,
Illinois,
General
Obligation
Bonds,
Series
2002A,
6.000%,
7/01/32
-
NPFG
Insured
No
Opt.
Call
AA+
7,780,207
8,000
Regional
Transportation
Authority,
Cook,
DuPage,
Kane,
Lake,
McHenry
and
Will
Counties,
Illinois,
General
Obligation
Bonds,
Series
2003A,
6.000%,
7/01/33
-
NPFG
Insured
No
Opt.
Call
AA+
9,875,680
5,000
Regional
Transportation
Authority,
Cook,
DuPage,
Kane,
Lake,
McHenry
and
Will
Counties,
Illinois,
General
Obligation
Bonds,
Series
2014A,
5.000%,
6/01/44,
(Pre-refunded
6/01/24)
6/24
at
100.00
AA+ (4)
5,103,500
5,020
Southwestern
Illinois
Development
Authority,
Local
Government
Revenue
Bonds,
Edwardsville
Community
Unit
School
District
7
Project,
Series
2007,
0.000%,
12/01/23
-
AGM
Insured
No
Opt.
Call
AA
4,907,853
615
University
of
Illinois,
Health
Services
Facilities
System
Revenue
Bonds,
Series
2013,
6.000%,
10/01/42
10/23
at
100.00
A2
622,214
Total
Illinois
204,741,809
Indiana
-
1.5%
2,250
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
University
Health
Obligation
Group,
Refunding
2015A,
4.000%,
12/01/40
6/25
at
100.00
AA
2,224,732
5,740
Indiana
Finance
Authority,
Private
Activity
Bonds,
Ohio
River
Bridges
East
End
Crossing
Project,
Series
2013A,
5.000%,
7/01/48,
(Pre-
refunded
7/01/23),
(AMT)
7/23
at
100.00
N/R (4)
5,754,465
2,000
Indiana
Municipal
Power
Agency
Power
Supply
System
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
1/01/42
7/26
at
100.00
A+
2,069,460
4,250
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Community
Justice
Campus
Bonds,
Courthouse
&
Jail
Project,
Series
2019A,
5.000%,
2/01/54
2/29
at
100.00
AAA
4,437,085
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E:
2,400
0.000%,
2/01/25
-
AMBAC
Insured
No
Opt.
Call
AA
2,267,928
14,595
0.000%,
2/01/27
-
AMBAC
Insured
No
Opt.
Call
AA
13,002,394
Total
Indiana
29,756,064
Kentucky
-
1.8%
Kenton
County
Airport
Board,
Kentucky,
Airport
Revenue
Bonds,
Cincinnati/Northern
Kentucky
International
Airport,
Refunding
Series
2016:
1,530
5.000%,
1/01/27
1/26
at
100.00
A1
1,616,246
1,600
5.000%,
1/01/28
1/26
at
100.00
A1
1,694,224
21
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Kentucky
(continued)
Kentucky
Bond
Development
Corporation,
Transient
Room
Tax
Revenue
Bonds,
Lexington
Center
Corporation
Project,
Series
2018A:
$
1,280
5.000%,
9/01/37
9/28
at
100.00
A2
$
1,382,541
1,435
5.000%,
9/01/38
9/28
at
100.00
A2
1,541,419
4,000
5.000%,
9/01/43
9/28
at
100.00
A2
4,231,480
2,000
5.000%,
9/01/48
9/28
at
100.00
A2
2,095,320
1,000
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Project
Revenue
Bonds,
Louisville
Arena
Authority,
Inc.,
Series
2017A,
5.000%,
12/01/45
-
AGM
Insured
12/27
at
100.00
AA
1,029,710
8,935
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
Next
Generation
Kentucky
Information
Highway
Project,
Senior
Series
2015A,
5.000%,
1/01/45
7/25
at
100.00
BBB+
8,843,595
6,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C,
0.000%,
7/01/39
(5)
7/31
at
100.00
Baa2
6,811,380
5,000
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
115,
Series
2017,
5.000%,
4/01/30
4/27
at
100.00
A1
5,360,100
Total
Kentucky
34,606,015
Louisiana
-
0.9%
1,335
East
Baton
Rouge
Sewerage
Commission,
Louisiana,
Revenue
Bonds,
Refunding
Series
2019A,
4.000%,
2/01/45
2/29
at
100.00
AA-
1,299,529
4,420
Louisiana
Stadium
and
Exposition
District,
Revenue
Refunding
Bonds,
Senior
Lien
Series
2013A,
5.000%,
7/01/28
7/23
at
100.00
A2
4,422,784
9,040
New
Orleans
Aviation
Board,
Louisiana,
General
Airport
Revenue
Bonds,
North
Terminal
Project,
Series
2017A,
5.000%,
1/01/48
-
AGM
Insured
1/27
at
100.00
AA
9,373,757
1,470
New
Orleans
Aviation
Board,
Louisiana,
Special
Facility
Revenue
Bonds,
Parking
Facilities
Corporation
Consolidated
Garage
System,
Series
2018A,
5.000%,
10/01/43
-
AGM
Insured
10/28
at
100.00
AA
1,551,879
Total
Louisiana
16,647,949
Maine
-
1.0%
800
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2013,
5.000%,
7/01/33,
(Pre-refunded
7/01/23)
7/23
at
100.00
Ba1 (4)
802,080
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
MaineHealth
Issue,
Series
2018A:
5,125
5.000%,
7/01/43
7/28
at
100.00
A+
5,330,205
2,005
5.000%,
7/01/48
7/28
at
100.00
A+
2,061,120
1,805
Maine
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2020,
5.000%,
7/01/50
7/30
at
100.00
AA-
1,933,263
7,990
University
of
Maine,
System
Revenue
Bonds,
Series
2022,
5.000%,
3/01/47
3/32
at
100.00
AA-
8,713,015
Total
Maine
18,839,683
Maryland
-
1.2%
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017:
1,140
5.000%,
9/01/29
9/27
at
100.00
CCC+
1,161,443
630
5.000%,
9/01/31
9/27
at
100.00
CCC+
641,498
1,945
5.000%,
9/01/32
9/27
at
100.00
CCC+
1,979,427
385
5.000%,
9/01/34
9/27
at
100.00
CCC+
390,686
2,750
5.000%,
9/01/35
9/27
at
100.00
CCC+
2,777,885
2,550
5.000%,
9/01/42
9/27
at
100.00
CCC+
2,457,461
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
22
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Maryland
(continued)
$
6,665
5.000%,
9/01/46
9/27
at
100.00
CCC+
$
6,282,029
1,050
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Maryland,
Revenue
Bonds,
Meritus
Medical
Center,
Series
2015,
5.000%,
7/01/40
7/25
at
100.00
A
1,067,136
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2018A:
4,375
5.000%,
5/01/47
5/28
at
100.00
AA
4,613,087
2,260
5.000%,
5/01/47,
(Pre-refunded
5/01/28)
5/28
at
100.00
N/R (4)
2,534,432
Total
Maryland
23,905,084
Massachusetts
-
0.6%
1,000
Massachusetts
Department
of
Transportation,
Metropolitan
Highway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2019A,
5.000%,
1/01/37
1/29
at
100.00
A+
1,094,690
2,100
Massachusetts
Development
Finance
Agency,
Hospital
Revenue
Bonds,
Cape
Cod
Healthcare
Obligated
Group,
Series
2013,
5.250%,
11/15/41,
(Pre-refunded
11/15/23)
11/23
at
100.00
N/R (4)
2,122,827
2,905
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Green
Bonds,
Series
2015D,
5.000%,
7/01/44
7/25
at
100.00
BBB
2,937,478
1,500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2016E,
5.000%,
7/01/35
7/26
at
100.00
BBB
1,548,975
2,765
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Dana-
Farber
Cancer
Institute
Issue,
Series
2016N,
5.000%,
12/01/46
12/26
at
100.00
A1
2,836,143
980
Massachusetts
Turnpike
Authority,
Metropolitan
Highway
System
Revenue
Bonds,
Senior
Series
1997A,
0.000%,
1/01/29
-
NPFG
Insured
No
Opt.
Call
A+
809,382
105
Massachusetts
Water
Pollution
Abatement
Trust,
Pooled
Loan
Program
Bonds,
Series
2000-6,
5.500%,
8/01/30
5/23
at
100.00
Aaa
105,206
Total
Massachusetts
11,454,701
Michigan
-
2.8%
Bloomfield
Hills
Schools,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023:
1,475
5.000%,
5/01/44
,
(WI/DD,
Settling
5/2/23)
5/33
at
100.00
Aa1
1,623,783
625
5.000%,
5/01/48
,
(WI/DD,
Settling
5/2/23)
5/33
at
100.00
Aa1
680,544
820
5.000%,
5/01/50
,
(WI/DD,
Settling
5/2/23)
5/33
at
100.00
Aa1
889,520
Detroit
Academy
of
Arts
and
Sciences,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2013:
1,505
6.000%,
10/01/33
10/23
at
100.00
N/R
1,439,833
2,520
6.000%,
10/01/43
10/23
at
100.00
N/R
2,296,451
15
Detroit,
Michigan,
Second
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2005A,
4.500%,
7/01/35
-
NPFG
Insured
5/23
at
100.00
A+
15,014
3,000
Detroit,
Michigan,
Senior
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2001B,
5.500%,
7/01/29
-
NPFG
Insured
No
Opt.
Call
A+
3,245,580
5
Detroit,
Michigan,
Water
Supply
System
Revenue
Bonds,
Second
Lien
Series
2003B,
5.000%,
7/01/34
-
NPFG
Insured
5/23
at
100.00
A+
5,007
5
Detroit,
Michigan,
Water
Supply
System
Revenue
Bonds,
Senior
Lien
Series
2003A,
5.000%,
7/01/34
-
NPFG
Insured
5/23
at
100.00
A1
5,007
4,000
Kalamazoo
County,
Michigan,
General
Obligation
Bonds,
Limited
Tax
Series
2022,
4.000%,
5/01/45
5/31
at
100.00
AA+
4,008,680
23
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Michigan
(continued)
$
3,315
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne
Criminal
Justice
Center
Project,
Senior
Lien
Series
2018,
5.000%,
11/01/43
11/28
at
100.00
Aa3
$
3,507,336
2,360
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020,
4.000%,
11/01/37
11/30
at
100.00
AA
2,444,512
2,220
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2007
Sold
Tobacco
Receipts,
Series
2020B-1-CL2,
5.000%,
6/01/49
12/30
at
100.00
BBB+
2,266,220
6,000
Michigan
Hospital
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Senior
Credit
Group,
Refunding
&
Project
Series
2010F-6,
4.000%,
11/15/47
11/26
at
100.00
AA+
5,621,280
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I:
9,565
5.000%,
4/15/30
10/25
at
100.00
Aa2
10,113,074
435
5.000%,
4/15/30,
(Pre-refunded
10/15/25)
10/25
at
100.00
N/R (4)
458,164
Michigan
State,
Trunk
Line
Fund
Bonds,
Rebuilding
Michigan
Program,
Series
2021A:
3,020
4.000%,
11/15/37
11/31
at
100.00
AA+
3,122,106
6,510
4.000%,
11/15/38
11/31
at
100.00
AA+
6,719,101
Michigan
Technological
University,
General
Revenue
Bonds,
Series
2023A:
1,515
5.000%,
10/01/47
-
AGM
Insured
10/31
at
100.00
AA
1,611,793
675
5.250%,
10/01/52
-
AGM
Insured
10/31
at
100.00
AA
726,908
1,800
Northern
Michigan
University,
General
Revenue
Bonds,
Series
2021,
4.000%,
6/01/46
6/31
at
100.00
A1
1,733,868
1,100
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2015D,
5.000%,
12/01/45
12/25
at
100.00
A1
1,126,455
Total
Michigan
53,660,236
Minnesota
-
0.3%
3,200
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Refunding
Series
2016B,
5.000%,
11/15/34
No
Opt.
Call
AA
3,889,024
1,480
University
of
Minnesota,
General
Obligation
Bonds,
Series
2016A,
5.000%,
4/01/41
4/26
at
100.00
Aa1
1,539,452
Total
Minnesota
5,428,476
Missouri
-
0.2%
3,465
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A,
5.000%,
11/15/48
11/23
at
100.00
A2
3,392,963
Total
Missouri
3,392,963
Montana
-
0.6%
1,115
Billings,
Montana,
Sewer
System
Revenue
Bonds,
Series
2017,
5.000%,
7/01/33
7/27
at
100.00
AA+
1,200,164
Montana
Facility
Finance
Authority,
Healthcare
Facility
Revenue
Bonds,
Kalispell
Regional
Medical
Center,
Series
2018B:
1,340
5.000%,
7/01/30
7/28
at
100.00
BBB
1,412,507
1,415
5.000%,
7/01/31
7/28
at
100.00
BBB
1,489,288
1,980
5.000%,
7/01/32
7/28
at
100.00
BBB
2,082,703
2,135
5.000%,
7/01/33
7/28
at
100.00
BBB
2,243,287
3,045
Montana
Facility
Finance
Authority,
Revenue
Bonds,
Billings
Clinic
Obligated
Group,
Series
2018A,
5.000%,
8/15/48
8/28
at
100.00
AA-
3,137,781
Total
Montana
11,565,730
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
24
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Nebraska
-
0.2%
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Refunding
Crossover
Series
2017A:
$
1,710
5.000%,
9/01/35
No
Opt.
Call
A
$
1,863,507
1,500
5.000%,
9/01/42
No
Opt.
Call
A
1,564,080
1,400
Douglas
County
Hospital
Authority
3,
Nebraska,
Health
Facilities
Revenue
Bonds,
Nebraska
Methodist
Health
System,
Refunding
Series
2015,
5.000%,
11/01/45
11/25
at
100.00
A
1,417,402
Total
Nebraska
4,844,989
Nevada
-
2.6%
490
Clark
County
School
District,
Nevada,
General
Obligation
Bonds,
Limited
Tax
Building
Series
2020A,
4.000%,
6/15/40
-
AGM
Insured
6/30
at
100.00
AA
486,090
Clark
County,
Nevada,
General
Obligation
Bonds,
Transportation
Improvement,
Limited
Tax,
Additionally
Secured
by
Pledged
Revenue
Series
2018B:
2,000
5.000%,
12/01/33
12/28
at
100.00
AA+
2,257,040
5,000
5.000%,
12/01/35
12/28
at
100.00
AA+
5,574,350
5,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Convention
Center
Expansion
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/43
7/28
at
100.00
Aa3
5,245,250
8,500
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Series
2018C,
5.250%,
7/01/43
7/28
at
100.00
Aa3
9,031,675
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
5,365,534
10,000
5.000%,
6/01/34
12/24
at
100.00
Aa1
10,267,900
9,000
5.000%,
6/01/39
12/24
at
100.00
Aa1
9,178,380
1,205
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Refunding
Water
Improvement
Series
2016A,
5.000%,
6/01/41
6/26
at
100.00
Aa1
1,254,706
2,000
Reno,
Nevada,
Subordinate
Lien
Sales
Tax
Revenue
Refunding
Bonds,
ReTrac-Reno
Transportation
Rail
Access
Corridor
Project,
Series
2018A,
5.000%,
6/01/48
12/28
at
100.00
A2
2,078,080
250
Reno,
Nevada,
Subordinate
Lien
Sales
Tax
Revenue
Refunding
Bonds,
ReTrac-Reno
Transportation
Rail
Access
Corridor
Project,
Series
2018B,
5.000%,
6/01/33
-
AGM
Insured
12/28
at
100.00
AA
274,292
Total
Nevada
51,013,297
New
Jersey
-
4.9%
2,500
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,
Series
2018A,
5.000%,
1/01/36
1/29
at
100.00
A+
2,767,250
930
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013,
5.125%,
1/01/39
-
AGM
Insured,
(AMT)
1/24
at
100.00
AA
934,827
6,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2016BBB,
5.500%,
6/15/31,
(Pre-refunded
12/15/26)
12/26
at
100.00
A2 (4)
6,601,800
5,990
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2005N-1,
5.500%,
9/01/25
-
AGM
Insured
No
Opt.
Call
AA
6,289,560
4,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Financing
Program
Bonds,
Refunding
Series
2013NN,
5.000%,
3/01/26,
(Pre-refunded
5/31/23)
5/23
at
100.00
A2 (4)
4,005,200
3,380
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022BB,
4.000%,
6/15/46
12/31
at
100.00
A2
3,243,245
9,420
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A,
0.000%,
12/15/31
No
Opt.
Call
A2
6,947,815
25
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C:
$
30,000
0.000%,
12/15/30
-
FGIC
Insured
No
Opt.
Call
A2
$
23,212,800
27,000
0.000%,
12/15/32
-
AGM
Insured
No
Opt.
Call
AA
19,376,550
4,500
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2013AA,
5.000%,
6/15/29
6/23
at
100.00
A2
4,510,350
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA:
2,750
5.250%,
6/15/32
6/25
at
100.00
A2
2,868,553
2,150
5.250%,
6/15/34
6/25
at
100.00
A2
2,238,472
1,220
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA,
4.000%,
6/15/50
12/30
at
100.00
A2
1,153,364
2,000
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2017B,
5.000%,
1/01/40
1/28
at
100.00
AA-
2,135,960
3,760
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2017G,
4.000%,
1/01/43
1/28
at
100.00
AA-
3,745,336
1,455
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2020A,
5.000%,
11/01/41
-
BAM
Insured
11/30
at
100.00
AA
1,566,220
2,720
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
BBB-
2,708,793
Total
New
Jersey
94,306,095
New
York
-
7.9%
4,200
Dormitory
Authority
of
the
State
of
New
York, State
Personal
Income
Tax
Revenue
Bonds, General
Purpose,
Series
2021B,
4.000%,
3/15/47
3/31
at
100.00
AA+
4,127,382
Dormitory
Authority
of
the
State
of
New
York,
Lease
Revenue
Bonds,
State
University
Dormitory
Facilities,
Series
2017A:
2,970
5.000%,
7/01/42
7/27
at
100.00
Aa3
3,151,526
780
5.000%,
7/01/42,
(Pre-refunded
7/01/27)
7/27
at
100.00
N/R (4)
854,935
2,055
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Notes
Series
2021,
1.000%,
9/01/25
9/23
at
100.00
A
1,919,267
1,950
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2018,
5.000%,
9/01/39
9/28
at
100.00
A
2,111,674
1,500
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2020A,
5.000%,
9/01/38
9/30
at
100.00
A
1,677,885
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2021A:
1,000
4.000%,
9/01/39
9/31
at
100.00
A
1,007,460
2,100
4.000%,
9/01/41
9/31
at
100.00
A
2,104,536
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1:
3,100
4.750%,
11/15/45
5/30
at
100.00
A3
3,163,085
8,325
5.000%,
11/15/50
5/30
at
100.00
A3
8,614,044
MTA
Hudson
Rail
Yards
Trust
Obligations,
New
York,
MTA
Financing
Agreement
Payable
by
the
Metropolitan
Transportation
Authority,
Series
2016A:
3,135
5.000%,
11/15/51
5/23
at
100.00
A3
3,119,294
7,380
5.000%,
11/15/56
11/23
at
100.00
A3
7,355,498
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
26
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
York
(continued)
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Queens
Baseball
Stadium
Project,
Refunding
Series
2021A:
$
1,500
5.000%,
1/01/29
-
AGM
Insured
No
Opt.
Call
AA
$
1,662,900
1,750
5.000%,
1/01/30
-
AGM
Insured
No
Opt.
Call
AA
1,967,297
4,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2019
Series
FF-2,
4.000%,
6/15/37
6/29
at
100.00
AA+
4,102,440
17,425
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
2019
Subseries
S-3A,
5.000%,
7/15/37
7/28
at
100.00
AA
18,945,680
5,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2022
Subseries
F-1,
5.000%,
2/01/51
2/32
at
100.00
AAA
5,445,350
3,465
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
C,
5.000%,
8/01/42
8/30
at
100.00
AA
3,796,878
11,755
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014,
5.000%,
11/15/44,
144A
11/24
at
100.00
N/R
11,422,569
3,180
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Secured
by
Port
Authority
Consolidated
Bonds,
Refunding
Series
1WTC-2021,
4.000%,
2/15/43
-
BAM
Insured
2/30
at
100.00
AA
3,149,186
4,000
New
York
State
Power
Authority,
General
Revenue
Bonds,
Series
2020A,
4.000%,
11/15/50
5/30
at
100.00
AA
3,886,320
1,000
New
York
State
Thruway
Authority,
State
Personal
Income
Tax
Revenue
Bonds,
Bidding
Group
1
Series
2022A,
4.000%,
3/15/49
9/32
at
100.00
AA+
975,570
8,270
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
5.000%,
7/01/41,
(AMT)
7/24
at
100.00
Baa2
8,287,202
5,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
5.000%,
12/01/40,
(AMT)
12/32
at
100.00
Baa1
5,228,300
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018:
3,250
5.000%,
1/01/34,
(AMT)
1/28
at
100.00
Baa3
3,398,947
5,250
5.000%,
1/01/36,
(AMT)
1/28
at
100.00
Baa3
5,435,483
4,500
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Senior
Series
2021A-2,
4.000%,
6/01/50
6/31
at
100.00
BBB+
4,032,810
8,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2017A,
5.000%,
11/15/37
5/27
at
100.00
AA-
8,581,600
3,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
11/15/50
5/25
at
100.00
AA-
3,064,200
7,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Green
Bonds,
Series
2022D-2,
4.500%,
5/15/52
11/32
at
100.00
AA+
7,215,110
5,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Subseries
2021A-1,
5.000%,
5/15/51
5/31
at
100.00
AA+
5,414,550
6,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-City
Sales
Tax,
Series
2022A,
5.250%,
5/15/57
11/32
at
100.00
AAA
6,634,560
27
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
York
(continued)
$
650
TSASC
Inc.,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Fiscal
2017
Series
B,
5.000%,
6/01/24
No
Opt.
Call
B-
$
645,599
Total
New
York
152,499,137
North
Carolina
-
1.1%
1,520
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Refunding
Series
2016B,
5.000%,
10/01/44
10/26
at
100.00
AA+
1,615,866
North
Carolina
Department
of
Transportation,
Private
Activity
Revenue
Bonds,
I-77
Hot
Lanes
Project,
Series
2015:
2,155
5.000%,
12/31/37,
(AMT)
6/25
at
100.00
BBB
2,163,620
4,175
5.000%,
6/30/54,
(AMT)
6/25
at
100.00
BBB
4,021,360
2,995
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Series
2017A,
5.000%,
7/01/54
7/26
at
100.00
BBB
3,025,280
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Capital
Appreciation
Series
2019:
2,000
0.000%,
1/01/41
1/30
at
71.45
AA+
925,880
1,500
0.000%,
1/01/42
1/30
at
68.97
AA+
657,090
14,500
0.000%,
1/01/49
1/30
at
54.10
AA+
4,429,315
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
1,718,697
1,850
5.000%,
1/01/32
1/27
at
100.00
BBB
1,952,805
Total
North
Carolina
20,509,913
North
Dakota
-
0.1%
1,840
Grand
Forks,
North
Dakota,
Health
Care
System
Revenue
Bonds,
Altru
Health
System
Obligated
Group,
Series
2017A,
5.000%,
12/01/42
12/27
at
100.00
Baa2
1,863,055
Total
North
Dakota
1,863,055
Ohio
-
3.8%
4,710
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1,
4.000%,
6/01/48
6/30
at
100.00
BBB+
4,169,998
44,665
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2,
5.000%,
6/01/55
6/30
at
100.00
N/R
41,695,224
1,195
Franklin
County,
Ohio,
Hospital
Revenue
Bonds,
Nationwide
Children's
Hospital
Project,
Refunding
&
Improvement
Series
2017A,
5.000%,
11/01/32
11/27
at
100.00
Aa2
1,310,306
3,485
Franklin
County,
Ohio,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017OH,
4.000%,
12/01/46
6/27
at
100.00
AA-
3,297,786
5,000
Franklin
County,
Ohio,
Sales
Tax
Revenue
Bonds,
Various
Purpose
Series
2018,
5.000%,
6/01/43
6/28
at
100.00
AAA
5,334,250
14,500
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Refunding
Series
2009D,
3.375%,
8/01/29,
(Mandatory
Put
9/15/21)
No
Opt.
Call
BBB-
13,203,265
4,110
Ohio
State,
Private
Activity
Bonds,
Portsmouth
Gateway
Group,
LLC
-
Borrower,
Portsmouth
Bypass
Project,
Series
2015,
5.000%,
12/31/39
-
AGM
Insured,
(AMT)
6/25
at
100.00
AA
4,132,523
Total
Ohio
73,143,352
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
28
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Oklahoma
-
1.3%
$
4,000
Oklahoma
City
Water
Utilities
Trust,
Oklahoma,
Water
and
Sewer
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
7/01/36,
(Pre-
refunded
7/01/26)
7/26
at
100.00
AAA (4)
$
4,279,280
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
Integris
Baptist
Medical
Center,
Refunding
Series
2015A:
1,590
5.000%,
8/15/27
8/25
at
100.00
A
1,648,512
1,250
5.000%,
8/15/29
8/25
at
100.00
A
1,297,612
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B:
1,790
5.250%,
8/15/43
8/28
at
100.00
BB-
1,704,098
5,090
5.500%,
8/15/57
8/28
at
100.00
BB-
4,700,157
1,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Taxable
Series
2022,
5.500%,
8/15/37
8/32
at
100.00
N/R
963,280
10,000
Oklahoma
State
Turnpike
Authority,
Turnpike
System
Revenue
Bonds,
Second
Senior
Series
2017A,
5.000%,
1/01/42
1/26
at
100.00
AA-
10,361,700
Total
Oklahoma
24,954,639
Oregon
-
0.9%
2,500
Oregon
Health
and
Science
University,
Revenue
Bonds,
Green
Series
2021A,
4.000%,
7/01/44
1/32
at
100.00
AA-
2,466,375
6,585
Oregon
State
Department
of
Transportation,
Highway
User
Tax
Revenue
Bonds,
Refunding
Senior
Lien
Series
2017B,
5.000%,
11/15/28
5/27
at
100.00
AAA
7,204,582
2,000
Oregon
State,
General
Obligation
Bonds,
Article
XI-Q
State
Projects
Series
2021A,
4.000%,
5/01/40
5/31
at
100.00
AA+
2,041,200
5,330
University
of
Oregon,
General
Revenue
Bonds,
Series
2018A,
5.000%,
4/01/48
4/28
at
100.00
Aa2
5,636,795
Total
Oregon
17,348,952
Pennsylvania
-
0.9%
3,155
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2017A-1,
5.000%,
2/15/45
2/27
at
100.00
AA-
3,231,414
3,035
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2022B,
4.000%,
5/01/52
5/32
at
100.00
A
2,732,896
2,000
Pennsylvania
State
University,
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
9/01/41
9/26
at
100.00
Aa1
2,094,040
1,250
Pennsylvania
Turnpike
Commission,
Motor
License
Fund-Enhanced
Turnpike
Special
Revenue
Bonds,
Subordinate
Series
2014A,
4.750%,
12/01/37
12/26
at
100.00
AA-
1,297,263
3,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2018A-2,
5.000%,
12/01/48
12/28
at
100.00
AA-
3,135,330
1,025
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2019A,
4.000%,
12/01/49
12/29
at
100.00
A
971,136
2,620
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2021A,
4.000%,
12/01/50
12/30
at
100.00
A+
2,471,629
570
Pittsburgh
Water
and
Sewer
Authority,
Pennsylvania,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Subordinate
Series
2019B,
4.000%,
9/01/34
-
AGM
Insured
9/29
at
100.00
AA
594,328
29
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
(continued)
$
1,350
Susquehanna
Area
Regional
Airport
Authority,
Pennsylvania,
Airport
System
Revenue
Bonds,
Series
2017,
5.000%,
1/01/38,
(AMT)
1/28
at
100.00
Baa3
$
1,363,689
Total
Pennsylvania
17,891,725
Puerto
Rico
-
1.8%
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
6,031
0.000%,
7/01/33
7/28
at
86.06
N/R
3,694,832
16,730
4.500%,
7/01/34
7/25
at
100.00
N/R
16,777,513
9,039
4.550%,
7/01/40
7/28
at
100.00
N/R
8,656,831
5,320
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A,
4.550%,
7/01/40
7/28
at
100.00
N/R
5,095,071
Total
Puerto
Rico
34,224,247
South
Carolina
-
2.4%
Patriots
Energy
Group,
South
Carolina,
Gas
System
Revenue
Bonds,
Improvement
and
Refunding
Series
2021A:
3,750
4.000%,
6/01/46
6/31
at
100.00
A2
3,561,488
1,500
4.000%,
6/01/51
6/31
at
100.00
A2
1,379,385
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2:
12,760
0.000%,
1/01/28
-
AGC
Insured
No
Opt.
Call
AA
11,012,646
9,535
0.000%,
1/01/29
-
AGC
Insured
No
Opt.
Call
AA
7,989,853
5,500
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
&
Improvement
Series
2015A,
5.000%,
12/01/50
6/25
at
100.00
A-
5,526,180
4,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
&
Improvement
Series
2020A,
4.000%,
12/01/39
12/30
at
100.00
A-
3,933,000
8,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B,
5.000%,
12/01/56
12/26
at
100.00
A-
8,041,120
1,500
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022A,
5.000%,
12/01/55
6/32
at
100.00
A-
1,525,065
3,455
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Series
2014A,
5.500%,
12/01/54
6/24
at
100.00
A-
3,480,705
Total
South
Carolina
46,449,442
South
Dakota
-
0.2%
2,630
Baltic
School
District
No.
49-1,
South
Dakota,
General
Obligation
Bonds,
Series
2022,
5.250%,
12/01/47
-
AGM
Insured
12/31
at
100.00
AA
2,910,121
Total
South
Dakota
2,910,121
Tennessee
-
0.9%
Hallsdale-Powell
Utility
District,
Knox
County,
Tennessee,
Water
and
Sewer
Revenue
Bonds,
Refunding
&
Improvement
Series
2022A:
310
4.000%,
4/01/32
4/31
at
100.00
AA
338,157
875
4.000%,
4/01/33
4/31
at
100.00
AA
953,330
760
4.000%,
4/01/37
4/31
at
100.00
AA
790,240
1,305
4.000%,
4/01/40
4/31
at
100.00
AA
1,318,207
250
Hallsdale-Powell
Utility
District,
Knox
County,
Tennessee,
Water
and
Sewer
Revenue
Bonds,
Refunding
Series
2021,
5.000%,
10/01/32
No
Opt.
Call
AA
300,850
1,450
Memphis,
Tennessee,
Sanitary
Sewerage
System
Revenue
Bonds,
Refunding
Series
2020B,
5.000%,
10/01/45
10/30
at
100.00
AA+
1,588,127
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
30
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tennessee
(continued)
$
2,260
Metropolitan
Government
of
Nashville-Davidson
County,
Tennessee,
Water
and
Sewerage
Revenue
Bonds,
Green
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
AA
$
2,397,227
2,000
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Improvement
Revenue
Bonds,
Series
2022A,
5.250%,
7/01/47
7/32
at
100.00
A1
2,218,600
1,375
New
Memphis
Arena
Public
Building
Authority,
Memphis
and
Shelby
County,
Tennessee,
Local
Government
Public
Improvement
Bonds,
Capital
Appreciation
Series
2021,
0.000%,
4/01/40
4/31
at
81.47
AA
615,409
3,000
Tennessee
State
School
Bond
Authority,
Higher
Educational
Facilities
Second
Program
Bonds,
Series
2017A,
5.000%,
11/01/42
11/27
at
100.00
AA+
3,204,840
3,240
West
Wilson
Utility
District,
Wilson
County,
Tennessee,
Water
Revenue
Bonds,
Improvement
Series
2022,
4.000%,
6/01/52
6/32
at
100.00
AA
3,143,869
Total
Tennessee
16,868,856
Texas
-
14.3%
240
Baytown
Municipal
Development
District,
Texas,
Hotel
Revenue
Bonds,
Baytown
Convention
Center
Hotel,
First-Lien
Series
2021A,
4.000%,
10/01/50
10/31
at
100.00
BBB-
197,422
14,355
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2018,
4.000%,
2/15/43,
(UB)
(6)
2/27
at
100.00
Aa1
14,085,126
2,680
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2020G,
4.000%,
1/01/45
1/30
at
100.00
BBB+
2,444,321
710
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien
Series
2020A,
5.000%,
1/01/39
1/30
at
100.00
A-
758,394
240
Decatur
Hospital
Authority,
Texas,
Revenue
Bonds,
Wise
Regional
Health
System,
Series
2014A,
5.250%,
9/01/44
9/24
at
100.00
BB+
233,117
5,000
El
Paso
County
Hospital
District,
Texas,
General
Obligation
Bonds,
Certificates
of
Obligation
Series
2013,
5.000%,
8/15/39
8/23
at
100.00
A-
5,001,950
Fort
Bend
County
Municipal
Utility
District
50,
Texas,
General
Obligation
Bonds,
Series
2018A:
2,600
4.000%,
9/01/46
-
AGM
Insured
9/23
at
100.00
AA
2,496,312
5,500
4.000%,
9/01/48
-
AGM
Insured
9/23
at
100.00
AA
5,245,680
27,340
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Subordinate
Lien
Series
2013B,
5.000%,
4/01/53,
(Pre-
refunded
10/01/23)
10/23
at
100.00
N/R (4)
27,540,129
2,845
Harris
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Houston
Methodist
Hospital
System,
Series
2015,
4.000%,
12/01/45
6/25
at
100.00
AA
2,779,508
7,295
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A,
0.000%,
11/15/50
-
AGM
Insured
11/31
at
39.79
AA
1,890,499
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H:
11,055
0.000%,
11/15/27
No
Opt.
Call
Baa2
9,347,666
845
0.000%,
11/15/27,
(ETM)
No
Opt.
Call
Baa2 (4)
741,673
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Refunding
Second
Lien
Series
2014C:
425
5.000%,
11/15/23
No
Opt.
Call
Baa1
427,299
1,565
5.000%,
11/15/31
11/24
at
100.00
Baa1
1,601,856
14,905
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Third
Lien
Series
2004A-3,
0.000%,
11/15/33
-
NPFG
Insured
11/24
at
59.10
Baa2
8,264,673
31
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Texas
(continued)
$
1,000
Hidalgo
County
Regional
Mobility
Authority,
Texas,
Toll
and
Vehicle
Registration
Fee
Revenue
Bonds,
Senior
Lien
Series
2022A,
4.000%,
12/01/40
12/31
at
100.00
Baa2
$
903,180
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
&
Subordinate
Lien
Series
2018B:
1,590
5.000%,
7/01/43
7/28
at
100.00
A1
1,681,695
2,290
5.000%,
7/01/48
7/28
at
100.00
A1
2,400,424
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B:
24,755
0.000%,
9/01/29
-
AMBAC
Insured
No
Opt.
Call
A
19,866,630
12,940
0.000%,
9/01/30
-
AMBAC
Insured
No
Opt.
Call
A
9,994,856
10,000
0.000%,
9/01/31
-
AMBAC
Insured
No
Opt.
Call
A
7,422,900
19,500
0.000%,
9/01/32
-
AMBAC
Insured
No
Opt.
Call
A
13,884,390
5,120
Leander
Independent
School
District,
Williamson
and
Travis
Counties,
Texas,
General
Obligation
Bonds,
Refunding
Series
2015A,
5.000%,
8/15/39
8/25
at
100.00
AAA
5,265,613
4,510
Leander
Independent
School
District,
Williamson
and
Travis
Counties,
Texas,
General
Obligation
Bonds,
Refunding
Series
2016A,
5.000%,
8/15/49
8/26
at
100.00
AAA
4,654,861
2,000
Love
Field
Airport
Modernization
Corporation,
Texas,
Special
Facilities
Revenue
Bonds,
Southwest
Airlines
Company
-
Love
Field
Modernization
Program
Project,
Series
2012,
5.000%,
11/01/28,
(AMT)
5/23
at
100.00
Baa1
2,000,300
3,570
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2021A,
5.000%,
5/15/51
5/31
at
100.00
A+
3,817,508
Lubbock,
Texas,
Electric
Light
and
Power
System
Revenue
Bonds,
Series
2018:
2,170
5.000%,
4/15/40
4/28
at
100.00
A1
2,270,536
3,930
5.000%,
4/15/43
4/28
at
100.00
A1
4,085,274
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier
Capital
Appreciation
Series
2008I:
30,000
6.200%,
1/01/42,
(Pre-refunded
1/01/25)
-
AGC
Insured
1/25
at
100.00
AA (4)
31,560,000
5,220
6.500%,
1/01/43,
(Pre-refunded
1/01/25)
1/25
at
100.00
AA- (4)
5,507,935
15,450
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2008D,
0.000%,
1/01/36
-
AGC
Insured
No
Opt.
Call
AA
9,465,443
5,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2017A,
4.000%,
1/01/43
1/28
at
100.00
AA-
4,898,000
8,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier
Series
2017B,
5.000%,
1/01/43
1/27
at
100.00
A+
8,336,240
9,100
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier,
Series
2015A,
5.000%,
1/01/32
1/25
at
100.00
A+
9,413,313
1,750
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Texas
Health
Resources
System,
Series
2016A,
5.000%,
2/15/41
8/26
at
100.00
AA
1,805,563
5,000
Temple,
Texas,
General
Obligation
Bonds,
Combination
Tax
and
Revenue
Series
2022B,
4.000%,
8/01/47
8/31
at
100.00
AA
4,811,000
3,990
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
I,
Gas
Supply
Revenue
Bonds,
Senior
Lien
Series
2008D,
6.250%,
12/15/26
No
Opt.
Call
A2
4,169,151
5,400
Texas
Private
Activity
Bond
Surface
Transportation
Corporation,
Revenue
Bonds,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Managed
Lanes
Project,
Refunding
Senior
Lien
Series
2019A,
5.000%,
12/31/35
12/29
at
100.00
Baa2
5,723,676
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
32
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Texas
(continued)
$
3,000
Texas
Transportation
Commission,
Central
Texas
Turnpike
System
Revenue
Bonds,
Refunding
First
Tier
Series
2015B,
5.000%,
8/15/37
8/24
at
100.00
A+
$
3,054,330
1,750
Texas
Transportation
Commission,
Central
Texas
Turnpike
System
Revenue
Bonds,
Refunding
Second
Tier
Series
2015C,
5.000%,
8/15/33
8/24
at
100.00
A-
1,786,155
5,500
Texas
Turnpike
Authority,
Central
Texas
Turnpike
System
Revenue
Bonds,
First
Tier
Series
2002A,
0.000%,
8/15/25
-
AMBAC
Insured
No
Opt.
Call
A+
5,094,430
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2017A:
12,500
4.000%,
10/15/42,
(UB)
(6)
10/27
at
100.00
AAA
12,533,250
1,500
5.000%,
10/15/42
10/27
at
100.00
AAA
1,588,710
5,000
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2018B,
5.000%,
10/15/38
10/28
at
100.00
AAA
5,453,900
Uptown
Development
Authority,
Houston,
Texas,
Tax
Increment
Contract
Revenue
Bonds,
Infrastructure
Improvement
Facilities,
Refunding
Series
2021:
600
3.000%,
9/01/38
9/31
at
100.00
Baa2
485,790
725
3.000%,
9/01/39
9/31
at
100.00
Baa2
575,541
Total
Texas
277,566,219
Utah
-
0.8%
5,345
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017B,
5.000%,
7/01/42
7/27
at
100.00
A
5,570,398
3,500
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2018B,
5.000%,
7/01/43
7/28
at
100.00
A
3,680,040
Salt
Lake
County,
Utah,
Sales
Tax
Revenue
Bonds,
TRCC
Series
2017:
695
5.000%,
2/01/36
2/27
at
100.00
AAA
743,191
1,150
5.000%,
2/01/37
2/27
at
100.00
AAA
1,224,279
Utah
Associated
Municipal
Power
Systems,
Revenue
Bonds,
Horse
Butte
Wind
Project,
Refunding
Series
2017A:
1,250
5.000%,
9/01/29
3/28
at
100.00
AA-
1,379,025
1,000
5.000%,
9/01/30
3/28
at
100.00
AA-
1,103,270
1,250
5.000%,
9/01/31
3/28
at
100.00
AA-
1,372,825
660
5.000%,
9/01/32
3/28
at
100.00
AA-
722,852
540
Utah
Water
Finance
Agency,
Revenue
Bonds,
Pooled
Loan
Financing
Program,
Series
2017A,
5.000%,
3/01/37
3/27
at
100.00
AA
573,021
Total
Utah
16,368,901
Virginia
-
0.5%
1,805
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016,
5.000%,
7/01/51
7/26
at
100.00
BBB
1,836,913
4,355
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1,
5.000%,
6/01/47
5/23
at
100.00
B-
4,088,169
4,100
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
5.000%,
12/31/49,
(AMT)
6/27
at
100.00
BBB
4,095,736
Total
Virginia
10,020,818
Washington
-
3.8%
8,825
Central
Puget
Sound
Regional
Transit
Authority,
Washington,
Sales
Tax
and
Motor
Vehicle
Excise
Tax
Bonds,
Refunding
&
Improvement,
Green
Series
2021S-1,
4.000%,
11/01/46
11/31
at
100.00
AAA
8,749,282
33
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Washington
(continued)
$
2,235
Pierce
County
School
District
10,
Tacoma,
Washington,
General
Obligation
Bonds,
Series
2020B,
4.000%,
12/01/43
12/30
at
100.00
Aaa
$
2,242,242
Port
of
Seattle,
Washington,
Revenue
Bonds,
Refunding
Intermediate
Lien
Series
2016:
1,930
5.000%,
2/01/29
2/26
at
100.00
AA-
2,033,564
1,000
5.000%,
2/01/30
2/26
at
100.00
AA-
1,050,680
Spokane
Public
Facilities
District,
Washington,
Hotel,
Motel,
and
Sales
Use
Tax
Revenue
Bonds,
Series
2017:
1,175
5.000%,
12/01/38
6/27
at
100.00
A1
1,221,530
5,000
5.000%,
12/01/41
6/27
at
100.00
A1
5,203,750
1,390
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
4.000%,
8/01/44
8/29
at
100.00
A-
1,308,365
12,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2012A,
5.000%,
10/01/33
5/23
at
100.00
A
12,001,320
1,310
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Virginia
Mason
Medical
Center,
Series
2017,
5.000%,
8/15/30
8/27
at
100.00
BBB+
1,386,753
6,030
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Series2021B.
Exchange
Purchase,
4.000%,
7/01/37
7/31
at
100.00
Baa3
5,708,239
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Subordinate
Series
2021B. Exchange
Purchase:
4,615
4.000%,
7/01/43
7/31
at
100.00
Baa3
4,108,365
7,830
3.000%,
7/01/48
7/31
at
100.00
Baa3
5,412,644
3,240
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Series
2018,
4.000%,
7/01/58
7/28
at
100.00
Baa3
2,682,590
Washington
State,
Motor
Vehicle
Fuel
Tax
General
Obligation
Bonds,
Series
2002-03C:
9,100
0.000%,
6/01/29
-
NPFG
Insured
No
Opt.
Call
Aaa
7,567,469
16,195
0.000%,
6/01/30
-
NPFG
Insured
No
Opt.
Call
Aaa
13,021,914
Total
Washington
73,698,707
West
Virginia
-
0.8%
1,830
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Cabell
Huntington
Hospital,
Inc.
Project,
Refunding
&
Improvement
Series
2018A,
5.000%,
1/01/34
1/29
at
100.00
BBB+
1,896,374
2,750
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Charleston
Area
Medical
Center,
Refunding
&
Improvement
Series
2019A,
5.000%,
9/01/38
9/29
at
100.00
Baa1
2,813,690
3,000
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
West
Virginia
United
Health
System
Obligated
Group,
Refunding
&
Improvement
Series
2013A,
5.500%,
6/01/44,
(Pre-refunded
6/01/23)
6/23
at
100.00
A (4)
3,004,980
3,570
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2018,
5.000%,
6/01/43
6/28
at
100.00
AA-
3,801,800
4,135
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2021,
5.000%,
6/01/47
6/31
at
100.00
AA-
4,497,061
Total
West
Virginia
16,013,905
Wisconsin
-
0.4%
4,410
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mercy
Alliance,
Inc.,
Series
2012,
5.000%,
6/01/39
5/23
at
100.00
A3
4,328,415
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
34
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Wisconsin
(continued)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2016A:
$
2,870
4.000%,
11/15/46
5/26
at
100.00
AA+
$
2,707,960
935
4.000%,
11/15/46,
(Pre-refunded
5/15/26)
5/26
at
100.00
N/R (4)
963,199
Total
Wisconsin
7,999,574
Total
Long-Term
Investments
(cost
$1,876,904,924)
1,921,743,860
Floating
Rate
Obligations
-
(1.1)%
(
21,480,000
)
Other
Assets
&
Liabilities,
Net
- 1.9%
37,624,072
Net
Assets
Applicable
to
Common
Shares
-
100%
$
1,937,887,932
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(4)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(5)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(6)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
See
Notes
to
Financial
Statements
35
Nuveen
AMT-Free
Municipal
Value
Fund
Portfolio
of
Investments
April
30,
2023
(Unaudited)
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.3%
X
268,943,988
MUNICIPAL
BONDS
-
98.9%
X
268,943,988
Alaska
-
0.3%
$
800
Northern
Tobacco
Securitization
Corporation,
Alaska,
Tobacco
Settlement
Asset-Backed
Bonds,
Senior
Series
2021A
Class
1,
5.000%,
6/01/31
No
Opt.
Call
A
$
887,960
Total
Alaska
887,960
Arizona
-
1.3%
345
Phoenix
Civic
Improvement
Corporation,
Arizona,
Excise
Tax
Revenue
Bonds,
Subordinate
Lien
Series
2020A,
4.000%,
7/01/45
7/30
at
100.00
AAA
343,579
3,045
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007,
5.000%,
12/01/37
No
Opt.
Call
A3
3,158,883
Total
Arizona
3,502,462
California
-
11.1%
1,730
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C,
0.000%,
9/01/30
-
AGM
Insured
No
Opt.
Call
AA
1,362,704
45
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
BBB+
41,760
340
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authority
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
7/01/39,
144A
1/29
at
100.00
BBB
347,541
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Private
Activity/
Non
AMT
Refunding
Subordinate
Series
2019C:
1,280
5.000%,
5/15/30,
(Pre-refunded
5/15/29)
5/29
at
100.00
N/R (4)
1,484,199
760
5.000%,
5/15/30
5/29
at
100.00
AA-
876,713
450
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009A,
6.500%,
11/01/39
No
Opt.
Call
A
527,989
10,200
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A,
7.000%,
8/01/38
-
AGC
Insured
8/29
at
100.00
AA
11,849,340
1,030
Poway
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
2007-1,
Series
2011A,
0.000%,
8/01/35
No
Opt.
Call
Aa2
673,095
2,470
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B,
5.000%,
5/01/47
5/27
at
100.00
A+
2,580,434
12,955
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
1997
Election
Series
2012G,
0.000%,
8/01/35
-
AGM
Insured
No
Opt.
Call
AA
8,065,265
5,185
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015,
0.000%,
8/01/44
8/25
at
36.88
AA
1,722,976
115
Vernon,
California,
Electric
System
Revenue
Bonds,
Series
2021A,
5.000%,
4/01/28
No
Opt.
Call
BBB+
122,332
700
Victor
Elementary
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Series
2002A,
0.000%,
8/01/24
-
FGIC
Insured
No
Opt.
Call
Aa3
670,831
Total
California
30,325,179
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
36
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Colorado
-
4.1%
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016:
$
1,000
5.000%,
12/01/30
12/26
at
100.00
Baa2
$
1,034,210
1,500
5.000%,
12/01/36
12/26
at
100.00
Baa2
1,515,615
Denver
Health
and
Hospitals
Authority,
Colorado,
Healthcare
Revenue
Bonds,
Series
2019A:
1,750
4.000%,
12/01/38
12/29
at
100.00
BBB
1,604,820
2,000
4.000%,
12/01/39
12/29
at
100.00
BBB
1,819,060
5,885
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A,
0.000%,
9/01/34
-
NPFG
Insured
No
Opt.
Call
A
3,906,993
1,000
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds, Colorado
Springs
Utilities,
Series
2008,
6.500%,
11/15/38
No
Opt.
Call
AA-
1,198,910
Total
Colorado
11,079,608
Delaware
-
0.2%
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2014A:
150
4.125%,
1/01/39
1/24
at
100.00
A1
150,165
200
5.000%,
1/01/44
1/24
at
100.00
A1
200,418
130
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2019,
4.000%,
1/01/44
1/29
at
100.00
A1
128,337
Total
Delaware
478,920
District
of
Columbia
-
1.0%
90
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2001,
6.500%,
5/15/33
No
Opt.
Call
A2
91,953
1,735
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B,
5.000%,
10/01/47
10/29
at
100.00
A-
1,816,823
725
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Dedicated
Revenue
Bonds,
Series
2020A,
5.000%,
7/15/45
7/30
at
100.00
AA
790,395
Total
District
of
Columbia
2,699,171
Florida
-
3.7%
1,655
Fort
Myers,
Florida,
Utility
System
Revenue
Bonds,
Refunding
Series
2019A,
4.000%,
10/01/49
10/28
at
100.00
Aa3
1,582,345
500
Gainesville,
Florida,
Utilities
System
Revenue
Bonds,
Series
2017A,
5.000%,
10/01/36
10/27
at
100.00
Aa3
539,350
1,000
JEA,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2020A,
5.000%,
10/01/34
4/30
at
100.00
AA+
1,142,260
1,605
Lakeland,
Florida,
Hospital
System
Revenue
Bonds,
Lakeland
Regional
Health,
Series
2015,
5.000%,
11/15/45
11/24
at
100.00
A2
1,606,878
535
Miami
Beach
Redevelopment
Agency,
Florida,
Tax
Increment
Revenue
Bonds,
City
Center/Historic
Convention
Village,
Series
2015A,
5.000%,
2/01/44
-
AGM
Insured
2/24
at
100.00
AA
532,972
3,350
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2017B,
5.000%,
10/01/32
10/25
at
100.00
AA-
3,474,687
510
Putnam
County
Development
Authority,
Florida,
Pollution
Control
Revenue
Bonds,
Seminole
Electric
Cooperative,
Inc.
Project,
Refunding
Series
2018B,
5.000%,
3/15/42
5/28
at
100.00
A-
534,261
805
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-2,
0.000%,
5/01/40
(5)
5/23
at
100.00
N/R
728,847
37
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Florida
(continued)
$
880
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-3,
6.610%,
5/01/40
(6)
5/23
at
100.00
N/R
$
9
Total
Florida
10,141,609
Georgia
-
3.0%
2,470
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Georgia
Power
Company,
Fourth
Series
1994,
2.250%,
10/01/32,
(Mandatory
Put
5/25/23)
No
Opt.
Call
A-
2,467,011
2,000
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2017B,
5.250%,
2/15/45
2/27
at
100.00
AA
2,094,920
1,470
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2019A,
5.000%,
1/01/49
-
BAM
Insured
7/28
at
100.00
AA
1,522,288
2,000
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Lien
Series
2015A,
5.000%,
1/01/35
1/25
at
100.00
A2
2,045,140
Total
Georgia
8,129,359
Illinois
-
10.5%
2,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016,
6.000%,
4/01/46
4/27
at
100.00
A
2,102,800
2,000
Cook
County,
Illinois,
Sales
Tax
Revenue
Bonds,
Series
2017,
5.000%,
11/15/38
11/27
at
100.00
AA-
2,109,040
1,800
Evanston,
Cook
County,
Illinois,
General
Obligation
Bonds,
Corporate
Purpose
Series
2019A,
5.000%,
12/01/43
12/29
at
100.00
AA+
1,923,606
7,500
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2023A,
5.250%,
5/15/54
5/33
at
100.00
AA+
8,439,975
Illinois
Finance
Authority,
State
of
Illinois
Clean
Water
Initiative
Revolving
Fund
Revenue
Bonds,
Series
2017:
375
5.000%,
7/01/37,
(Pre-refunded
1/01/27)
1/27
at
100.00
N/R (4)
404,636
3,125
5.000%,
7/01/37
1/27
at
100.00
AAA
3,336,438
1,500
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D,
5.000%,
11/01/27
No
Opt.
Call
A-
1,608,705
525
Illinois
State,
General
Obligation
Bonds,
October
Series
2016,
5.000%,
2/01/27
No
Opt.
Call
A-
556,327
495
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A,
4.000%,
6/15/50
12/29
at
100.00
A
430,531
11,420
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A,
0.000%,
12/15/37
-
NPFG
Insured
No
Opt.
Call
A
6,021,081
615
University
of
Illinois,
Health
Services
Facilities
System
Revenue
Bonds,
Series
2013,
6.000%,
10/01/42
10/23
at
100.00
A2
622,214
Will
County
Community
Unit
School
District
201-U
Crete-Monee,
Illinois,
General
Obligation
Bonds,
Capital
Appreciation
Series
2004:
300
0.000%,
11/01/23
-
NPFG
Insured,
(ETM)
No
Opt.
Call
Baa2 (4)
294,945
330
0.000%,
11/01/23
-
NPFG
Insured
No
Opt.
Call
A
323,760
340
0.000%,
11/01/23
-
NPFG
Insured,
(ETM)
No
Opt.
Call
Baa2 (4)
334,434
50
0.000%,
11/01/23
-
NPFG
Insured,
(ETM)
No
Opt.
Call
N/R (4)
49,181
25
0.000%,
11/01/23
-
NPFG
Insured,
(ETM)
No
Opt.
Call
Baa2 (4)
24,579
Total
Illinois
28,582,252
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
38
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Indiana
-
0.5%
$
1,500
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E,
0.000%,
2/01/25
-
AMBAC
Insured
No
Opt.
Call
AA
$
1,417,455
Total
Indiana
1,417,455
Kentucky
-
3.4%
1,150
Kenton
County
Airport
Board,
Kentucky,
Airport
Revenue
Bonds,
Cincinnati/Northern
Kentucky
International
Airport,
Refunding
Series
2016,
5.000%,
1/01/29
1/26
at
100.00
A1
1,218,229
1,000
Kentucky
Bond
Development
Corporation,
Transient
Room
Tax
Revenue
Bonds,
Lexington
Center
Corporation
Project,
Series
2018A,
5.000%,
9/01/43
9/28
at
100.00
A2
1,057,870
1,185
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Project
Revenue
Bonds,
Louisville
Arena
Authority,
Inc.,
Series
2017A,
5.000%,
12/01/47
-
AGM
Insured
5/23
at
100.00
AA
1,179,276
1,000
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
5.000%,
8/01/32
8/29
at
100.00
A-
1,084,510
3,750
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
Next
Generation
Kentucky
Information
Highway
Project,
Senior
Series
2015A,
5.000%,
1/01/45
7/25
at
100.00
BBB+
3,711,638
1,080
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Refunding
First
Tier
Series
2021B,
4.000%,
7/01/53
-
AGM
Insured
7/31
at
100.00
AA
953,014
Total
Kentucky
9,204,537
Maine
-
1.0%
2,425
University
of
Maine,
System
Revenue
Bonds,
Series
2022,
5.000%,
3/01/47
3/32
at
100.00
AA-
2,644,438
Total
Maine
2,644,438
Maryland
-
3.2%
3,420
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
9/01/33
9/27
at
100.00
CCC+
3,480,534
5,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
MedStar
Health
Issue,
Series
2017A,
5.000%,
5/15/45
5/27
at
100.00
A
5,156,700
Total
Maryland
8,637,234
Michigan
-
0.8%
1,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne
Criminal
Justice
Center
Project,
Senior
Lien
Series
2018,
5.000%,
11/01/43
11/28
at
100.00
Aa3
1,058,020
1,210
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2007
Sold
Tobacco
Receipts,
Series
2020B-1-CL2,
5.000%,
6/01/49
12/30
at
100.00
BBB+
1,235,192
Total
Michigan
2,293,212
Minnesota
-
1.1%
1,145
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
12/01/47
12/26
at
100.00
AA
1,191,384
700
Southern
Minnesota
Municipal
Power
Agency,
Badger
Coulee
Project
Revenue
Bonds,
Series
2019A,
5.000%,
1/01/32
1/30
at
100.00
AA-
802,921
1,000
University
of
Minnesota,
General
Obligation
Bonds,
Series
2017A,
5.000%,
9/01/36
9/27
at
100.00
Aa1
1,084,070
Total
Minnesota
3,078,375
39
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Montana
-
0.9%
Montana
Facility
Finance
Authority,
Montana,
Health
Facilities
Revenue
Bonds,
Bozeman
Deaconess
Health
Services
Obligated
Group,
Series
2021A:
$
500
5.000%,
6/01/31
No
Opt.
Call
A
$
558,470
640
4.000%,
6/01/38
6/31
at
100.00
A
640,269
1,245
4.000%,
6/01/40
6/31
at
100.00
A
1,229,786
Total
Montana
2,428,525
Nevada
-
5.4%
3,000
Clark
County,
Nevada,
General
Obligation
Bonds,
Transportation
Improvement,
Limited
Tax,
Additionally
Secured
by
Pledged
Revenue
Series
2018B,
5.000%,
12/01/33
12/28
at
100.00
AA+
3,385,560
4,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Series
2018C,
5.250%,
7/01/43
7/28
at
100.00
Aa3
4,250,200
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Series
2019B:
3,015
5.000%,
7/01/36
7/29
at
100.00
Aa3
3,285,024
1,665
5.000%,
7/01/37
7/29
at
100.00
Aa3
1,802,945
2,000
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Refunding
Series
2015,
5.000%,
6/01/39
12/24
at
100.00
Aa1
2,039,640
60
Sparks,
Nevada,
Sales
Tax
Revenue
Bonds,
Tourism
Improvement
District
1
Legends
at
Sparks
Marina,
Refunding
Senior
Series
2019A,
2.750%,
6/15/28,
144A
No
Opt.
Call
Ba1
54,447
Total
Nevada
14,817,816
New
Jersey
-
7.2%
Camden
County
Improvement
Authority,
New
Jersey,
Health
Care
Redevelopment
Revenue
Bonds,
Cooper
Health
System
Obligated
Group
Issue,
Refunding
Series
2014A:
105
5.000%,
2/15/25
2/24
at
100.00
A-
105,804
100
5.000%,
2/15/34
2/24
at
100.00
A-
100,762
105
Camden
County
Improvement
Authority,
New
Jersey,
Health
Care
Redevelopment
Revenue
Bonds,
Cooper
Health
System
Obligated
Group
Issue,
Series
2013A,
5.750%,
2/15/42
5/23
at
100.00
A-
105,146
110
Camden
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Rowan
University
School
of
Osteopathic
Medicine
Project,
Refunding
Series
2013A,
5.000%,
12/01/32
12/23
at
100.00
A
111,223
80
Cumberland
County
Improvement
Authority,
New
Jersey,
Guaranteed
Lease
Revenue
Bonds,
County
Correctional
Facility
Project,
Series
2018,
4.000%,
10/01/43
-
BAM
Insured
10/28
at
100.00
AA
78,928
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,
Series
2018A:
175
5.000%,
1/01/37
1/29
at
100.00
A+
191,856
125
5.000%,
1/01/38
1/29
at
100.00
A+
136,205
245
Garden
State
Preservation
Trust,
New
Jersey,
Open
Space
and
Farmland
Preservation
Bonds,
Series
2005A,
5.750%,
11/01/28
-
AGM
Insured
No
Opt.
Call
AA
269,439
Harrison,
New
Jersey,
General
Obligation
Bonds,
Parking
Utility
Series
2018:
35
3.125%,
3/01/31
-
BAM
Insured
3/28
at
100.00
AA
35,156
30
3.250%,
3/01/32
-
BAM
Insured
3/28
at
100.00
AA
30,244
50
3.500%,
3/01/36
-
BAM
Insured
3/28
at
100.00
AA
49,907
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
40
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
Jersey
(continued)
$
150
Hudson
County
Improvement
Authority,
New
Jersey,
County
Secured
Lease
Revenue
Bonds,
Hudson
County
Vocational
Technical
Schools
Project,
Series
2016,
5.250%,
5/01/51
5/26
at
100.00
AA
$
156,569
100
Jersey
City,
New
Jersey,
General
Obligation
Bonds,
Refunding
General
Improvement
Series
2017A,
5.000%,
11/01/29
11/27
at
100.00
AA-
110,237
100
Middlesex
County
Improvement
Authority,
New
Jersey,
Senior
Revenue
Bonds,
Heldrich
Center
Hotel/Conference
Center
Project,
Series
2005A,
5.000%,
1/01/32
(6)
5/23
at
100.00
Caa3
66,547
125
Middlesex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
Redevelopment
Series
2017,
5.000%,
1/15/27
No
Opt.
Call
AAA
135,830
20
Montclair
Township,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
Parking
Utility
Series
2014A,
5.000%,
1/01/37
1/24
at
100.00
AAA
20,165
100
Montclair
Township,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
School
Series
2017B,
4.000%,
3/01/25
No
Opt.
Call
AAA
102,087
New
Brunswick
Parking
Authority,
Middlesex
County,
New
Jersey,
Guaranteed
Parking
Revenue
Bonds,
Refunding
Series
2016A:
300
5.000%,
9/01/32
-
BAM
Insured
9/26
at
100.00
AA
319,521
140
5.000%,
9/01/39
-
BAM
Insured
9/26
at
100.00
AA
146,405
25
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Foundation
Academy
Charter
School,
Series
2018A,
5.000%,
7/01/38
1/28
at
100.00
BBB-
25,337
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
North
Star
Academy
Charter
School
of
Newark,
Series
2017:
220
4.000%,
7/15/37
7/27
at
100.00
BBB-
208,837
25
5.000%,
7/15/47
7/27
at
100.00
BBB-
25,211
100
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Teaneck
Community
Charter
School,
Series
2017A,
5.125%,
9/01/52,
144A
9/27
at
100.00
BB
91,315
35
New
Jersey
Economic
Development
Authority,
Fixed
Rate
Revenue
Bonds,
Lions
Gate
Project,
Series
2014,
5.250%,
1/01/44
1/24
at
100.00
N/R
30,382
100
New
Jersey
Economic
Development
Authority,
Lease
Revenue
Bonds,
State
House
Project,
Series
2017B,
4.500%,
6/15/40
12/28
at
100.00
A2
102,541
215
New
Jersey
Economic
Development
Authority,
Natural
Gas
Facilities
Revenue
Bonds,
New
Jersey
Natural
Gas
Company
Project,
Refunding
Series
2011A,
2.750%,
8/01/39
8/24
at
100.00
A1
178,366
125
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Motor
Vehicle
Surcharge,
Refunding
Subordinate
Series
2017A,
3.375%,
7/01/30
7/27
at
100.00
Baa3
122,199
55
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Kean
Properties
LLC
-
Kean
University
Student
Housing
Project,
Series
2017A,
5.000%,
7/01/47
1/27
at
100.00
B
50,860
100
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Rowan
Properties
LLC
-
Rowan
University
Student
Housing
Project,
Series
2015A,
5.000%,
1/01/48
1/25
at
100.00
B1
91,151
115
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2015,
5.000%,
3/01/25
No
Opt.
Call
A
118,854
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2017:
20
3.000%,
6/01/32
12/27
at
100.00
A
19,633
15
5.000%,
6/01/32
12/27
at
100.00
A
16,030
41
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
Jersey
(continued)
$
140
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
United
Methodist
Homes
of
New
Jersey
Obligated
Group
Issue,
Refunding
Series
2013,
5.000%,
7/01/34,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R (4)
$
140,342
40
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
United
Methodist
Homes
of
New
Jersey
Obligated
Group
Issue,
Refunding
Series
2014A,
5.000%,
7/01/29,
(Pre-refunded
7/01/24)
7/24
at
100.00
N/R (4)
40,832
155
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
West
Campus
Housing
LLC
-
New
Jersey
City
University
Student
Housing
Project,
Series
2015,
5.000%,
7/01/47
7/25
at
100.00
B
130,315
100
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
White
Horse
HMT
Urban
Renewal
LLC
Project,
Series
2020,
5.000%,
1/01/40,
144A
1/28
at
102.00
N/R
71,981
170
New
Jersey
Economic
Development
Authority,
Rutgers
University
General
Obligation
Lease
Revenue
Bonds,
College
Avenue
Redevelopment
Project,
Series
2013,
5.000%,
6/15/46,
(Pre-refunded
6/15/23)
6/23
at
100.00
Aa3 (4)
170,350
935
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2005N-1,
5.500%,
9/01/27
-
NPFG
Insured
No
Opt.
Call
A2
1,028,855
15
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Social
Series
2021QQQ,
4.000%,
6/15/50
12/30
at
100.00
A2
14,181
145
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
College
of
New
Jersey,
Refunding
Series
2016F,
3.000%,
7/01/40
7/26
at
100.00
A
115,284
100
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Kean
University,
Refunding
Series
2015H,
4.000%,
7/01/39
-
AGM
Insured
7/25
at
100.00
AA
100,200
50
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
A+
50,499
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series 2017F:
5
3.750%,
7/01/37
7/27
at
100.00
BB
3,928
100
4.000%,
7/01/42
7/27
at
100.00
BB
75,891
100
5.000%,
7/01/47
7/27
at
100.00
BB
85,843
75
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2013D,
5.000%,
7/01/38
7/23
at
100.00
BBB+
75,114
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C:
435
3.000%,
7/01/41
7/26
at
100.00
BBB+
344,490
50
3.000%,
7/01/46
7/26
at
100.00
BBB+
37,342
25
4.000%,
7/01/46
7/26
at
100.00
BBB+
22,752
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology,
Series
2017A:
200
4.000%,
7/01/47
7/27
at
100.00
BBB+
181,668
30
5.000%,
7/01/47
7/27
at
100.00
BBB+
30,523
25
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
The
College
of
Saint
Elizabeth,
Series
2016D,
5.000%,
7/01/46
7/26
at
100.00
BB
22,584
80
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
AHS
Hospital
Corporation,
Refunding
Series
2016,
4.000%,
7/01/41
1/27
at
100.00
AA-
79,101
230
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Barnabas
Health,
Refunding
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
AA-
232,762
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hackensack
Meridian
Health
Obligated
Group,
Refunding
Series
2017A:
150
5.000%,
7/01/28
7/27
at
100.00
AA-
163,149
150
5.000%,
7/01/57
7/27
at
100.00
AA-
154,182
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
42
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
Jersey
(continued)
$
110
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hunterdon
Medical
Center,
Refunding
Series
2014A,
4.000%,
7/01/45
7/24
at
100.00
A+
$
106,256
50
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Refunding
Series
2016A,
4.000%,
7/01/41
7/26
at
100.00
AA-
49,819
360
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
AA-
371,963
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Palisades
Medical
Center
Obligated
Group
Issue,
Refunding
Series
2013:
20
5.250%,
7/01/31,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R (4)
20,057
85
5.250%,
7/01/31,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R (4)
85,269
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Princeton
HealthCare
System,
Series
2016A:
25
5.000%,
7/01/32
7/26
at
100.00
AA
26,590
40
5.000%,
7/01/33
7/26
at
100.00
AA
42,452
30
5.000%,
7/01/34
7/26
at
100.00
AA
31,733
130
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Robert
Wood
Johnson
University
Hospital
Issue,
Series
2014A,
5.000%,
7/01/39
7/24
at
100.00
AA-
132,049
110
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Robert
Wood
Johnson
University
Hospital,
Series
2013A,
5.500%,
7/01/43
7/23
at
100.00
AA-
110,202
125
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Refunding
Series
2016A,
5.000%,
7/01/43
7/26
at
100.00
AA-
128,936
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016:
10
3.000%,
7/01/32
7/26
at
100.00
BBB-
9,082
405
4.000%,
7/01/48
7/26
at
100.00
BBB-
336,061
100
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Luke's
Warren
Hospital
Obligated
Group,
Series
2013,
4.000%,
8/15/37,
(Pre-refunded
8/15/23)
8/23
at
100.00
A- (4)
100,196
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
University
Hospital
Issue,
Refunding
Series
2015A:
130
4.125%,
7/01/38
-
AGM
Insured
7/25
at
100.00
AA
129,581
110
5.000%,
7/01/46
-
AGM
Insured
7/25
at
100.00
AA
111,189
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2019:
50
4.000%,
7/01/44
7/29
at
100.00
A+
49,093
205
3.000%,
7/01/49
7/29
at
100.00
A+
148,240
50
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Village
Drive
Healthcare
Urban
Renewal
LLC,
Series
2018,
5.750%,
10/01/38,
144A
10/26
at
102.00
N/R
38,198
120
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2015A,
4.000%,
11/01/45
11/24
at
100.00
AA-
114,210
270
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2016B,
3.600%,
11/01/40
11/25
at
100.00
AA-
254,227
435
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A,
3.875%,
11/01/38
11/27
at
100.00
AA-
425,643
43
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
Jersey
(continued)
$
100
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019A,
2.900%,
11/01/39
11/28
at
100.00
AA-
$
85,278
200
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019B,
1.500%,
5/01/23
No
Opt.
Call
AA-
200,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018A:
125
3.600%,
4/01/33
10/27
at
100.00
AA
120,956
75
3.750%,
10/01/35
10/27
at
100.00
AA
72,682
665
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2019C,
3.950%,
10/01/44
4/28
at
100.00
AA
638,107
235
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2020E,
2.250%,
10/01/40
4/29
at
100.00
AA
172,269
200
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
A1
204,818
70
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A,
4.000%,
6/01/32
No
Opt.
Call
A1
77,081
100
New
Jersey
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020,
2.250%,
6/01/35
12/27
at
100.00
A1
85,382
5,020
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A,
0.000%,
12/15/31
No
Opt.
Call
A2
3,702,551
2,170
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2009A,
0.000%,
12/15/39
No
Opt.
Call
A2
1,027,321
255
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA,
5.250%,
6/15/41
6/25
at
100.00
A2
261,936
50
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019A,
4.000%,
12/15/39
12/29
at
100.00
A2
50,113
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB:
225
3.500%,
6/15/46
12/28
at
100.00
A2
192,582
100
4.000%,
6/15/50
12/28
at
100.00
A2
94,538
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA:
40
3.000%,
6/15/50
12/30
at
100.00
A2
30,228
30
4.000%,
6/15/50
12/30
at
100.00
A2
28,361
70
5.000%,
6/15/50
12/30
at
100.00
A2
74,016
255
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Refunding
Series
2015E,
5.000%,
1/01/45
1/25
at
100.00
AA-
260,544
200
Ocean
City,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2019,
2.250%,
9/15/33
9/26
at
100.00
AA
180,930
300
Salem
County
Pollution
Control
Financing
Authority,
New
Jersey,
Revenue
Bonds,
Atlantic
City
Electric
Company
Project,
Refunding
Series
2020,
2.250%,
6/01/29
No
Opt.
Call
A
276,810
250
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Refunding
Series
2019A,
5.000%,
11/01/31
-
AGM
Insured
11/29
at
100.00
AA
278,513
30
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2020A,
5.000%,
11/01/45
11/30
at
100.00
BBB+
31,240
125
Sussex
County,
New
Jersey,
General
Obligation
Bonds,
Series
2019,
3.000%,
6/01/27
6/26
at
100.00
AA+
125,955
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A:
215
4.000%,
6/01/37
6/28
at
100.00
A-
217,427
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
44
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
Jersey
(continued)
$
305
5.250%,
6/01/46
6/28
at
100.00
BBB+
$
319,076
480
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
BBB-
478,022
535
Union
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Bonds,
Juvenile
Detention
Center
Facility
Project,
Refunding
Series
2015A,
5.500%,
5/01/30
No
Opt.
Call
Aaa
637,313
170
Union
County
Utilities
Authority,
New
Jersey,
Solid
Waste
System
County
Deficiency
Revenue
Bonds,
Series
2011A,
5.000%,
6/15/41
5/23
at
100.00
Aaa
170,104
Total
New
Jersey
19,640,114
New
York
-
5.8%
500
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
School
Districts
Financing
Program,
Series
2021A,
5.000%,
10/01/32
-
AGM
Insured
10/29
at
100.00
AA
571,885
3,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarters
Revenue
Bonds
Series
2007,
5.500%,
10/01/37
No
Opt.
Call
A2
3,460,080
1,500
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2017,
5.000%,
9/01/42
9/27
at
100.00
A
1,611,345
2,050
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2018,
5.000%,
9/01/39
9/28
at
100.00
A
2,219,966
1,390
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1,
5.000%,
11/15/50
5/30
at
100.00
A3
1,438,261
750
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Green
Climate
Certified
Series
2020E,
5.000%,
11/15/30
No
Opt.
Call
A3
815,648
1,230
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
C,
5.000%,
8/01/42
8/30
at
100.00
AA
1,347,809
315
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Seventy
Ninth
Series
2013,
5.000%,
12/01/43
12/23
at
100.00
AA-
317,340
1,000
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Senior
Series
2021A-2,
5.000%,
6/01/31
No
Opt.
Call
A
1,101,350
3,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Subseries
2021A-1,
2.000%,
5/15/45,
(Mandatory
Put
5/15/26)
No
Opt.
Call
AA+
2,757,390
Total
New
York
15,641,074
North
Carolina
-
1.1%
1,000
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Refunding
Series
2016B,
5.000%,
7/01/42
10/26
at
100.00
AA+
1,064,740
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2017:
1,095
5.000%,
1/01/31
-
AGM
Insured
1/27
at
100.00
AA
1,177,705
700
5.000%,
1/01/32
1/27
at
100.00
BBB
738,899
Total
North
Carolina
2,981,344
Ohio
-
3.2%
570
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1,
4.000%,
6/01/48
6/30
at
100.00
BBB+
504,649
45
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Ohio
(continued)
$
8,670
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2,
5.000%,
6/01/55
6/30
at
100.00
N/R
$
8,093,532
Total
Ohio
8,598,181
Oklahoma
-
0.2%
500
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B,
5.500%,
8/15/57
8/28
at
100.00
BB-
461,705
Total
Oklahoma
461,705
Pennsylvania
-
4.5%
160
Adams
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2017B,
2.500%,
11/15/29
11/25
at
100.00
Aa2
160,098
50
Allegheny
County
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Robert
Morris
University,
Series
2017,
5.000%,
10/15/37
10/27
at
100.00
Baa3
50,326
465
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Allegheny
Health
Network
Obligated
Group
Issue,
Series
2018A,
4.000%,
4/01/44
4/28
at
100.00
A
432,557
115
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2019A,
4.000%,
7/15/35
7/29
at
100.00
A
116,525
220
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2013C-72,
5.250%,
12/01/32,
(Pre-refunded
12/01/23)
12/23
at
100.00
AA- (4)
222,671
230
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Refunding
Project,
Series
2017,
5.000%,
5/01/42,
144A
5/27
at
100.00
Ba3
225,359
105
Avon
Grove
School
District,
Chester
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A,
4.000%,
11/15/37
5/29
at
100.00
AA
107,388
140
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2005A,
4.000%,
1/01/35
(6)
No
Opt.
Call
N/R
1
10
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2008A,
2.700%,
4/01/35
(6)
No
Opt.
Call
N/R
0
250
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Series
2006B,
3.500%,
12/01/35
(6)
No
Opt.
Call
N/R
3
380
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Tower
Health
Project,
Series
2017,
5.000%,
11/01/50
11/27
at
100.00
B
216,144
155
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Healthcare
Facilities
Revenue
Bonds,
Highlands
at
Wyomissing,
Series
2017A,
5.000%,
5/15/42
5/27
at
100.00
BBB
144,708
15
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Alvernia
University
Project,
Series
2020,
5.000%,
10/01/39
10/29
at
100.00
BB+
14,195
125
Bethel
Park
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Refunding
Series
2016,
4.000%,
8/01/33
8/26
at
100.00
Aa2
129,004
45
Boyertown
Area
School
District,
Berks
and
Montgomery
Counties,
Pennsylvania,
General
Obligation
Bonds,
Series
2015,
5.000%,
10/01/38
4/24
at
100.00
AA-
45,648
155
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Saint
Luke's
University
Health
Network
Project,
Series
2021,
3.000%,
8/15/53
8/30
at
100.00
A-
106,471
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
46
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
(continued)
$
70
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
School
Lane
Charter
School
Project,
Series
2016,
5.125%,
3/15/36
3/27
at
100.00
BBB-
$
72,570
20
Bucks
County
Water
and
Sewer
Authority,
Pennsylvania,
Water
System
Revenue
Bonds,
Series
2020,
2.125%,
12/01/45
12/28
at
100.00
AA
13,040
115
Canon-McMillan
School
District,
Washington
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2014D,
5.000%,
12/15/39
12/24
at
100.00
AA
117,064
100
Centre
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Mount
Nittany
Medical
Center
Project,
Series
2016A,
5.000%,
11/15/46,
(Pre-refunded
11/15/25)
11/25
at
100.00
A+ (4)
105,405
75
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Main
Line
Health
System,
Series
2017A,
4.000%,
10/01/37
10/27
at
100.00
AA-
75,234
190
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Main
Line
Health
System,
Series
2020A,
4.000%,
9/01/50
9/30
at
100.00
AA-
175,138
35
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2019,
5.000%,
12/01/51
12/25
at
103.00
N/R
28,490
20
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Avon
Grove
Charter
School
Revenue
Bonds,
Series
2017A,
5.000%,
12/15/47
12/27
at
100.00
BBB-
20,110
15
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Student
Housing
Revenue
Bonds,
University
Student
Housing,
LLC
Project
at
West
Chester
University
Series
2013A,
5.000%,
8/01/45
8/23
at
100.00
Ba2
14,171
35
Clarion
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Clarion
University
Foundation
Inc.
Student
Housing
Project
at
Clarion
University,
Series
2014A,
5.000%,
7/01/45
7/24
at
100.00
A1
35,321
100
Colonial
School
District,
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020,
5.000%,
2/15/44
2/27
at
100.00
Aaa
106,332
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018:
40
5.000%,
6/01/33
6/28
at
100.00
A1
43,369
355
4.000%,
6/01/39
-
AGM
Insured
6/28
at
100.00
AA
349,590
70
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Asbury
Pennsylvania
Obligated
Group, Refunding
Series
2019,
5.000%,
1/01/45
1/25
at
104.00
N/R
60,054
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2015:
20
4.000%,
1/01/33,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R (4)
20,338
60
4.000%,
1/01/33,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R (4)
61,013
45
4.000%,
1/01/33
1/25
at
100.00
BBB+
42,506
65
5.000%,
1/01/38
1/25
at
100.00
BBB+
65,180
15
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R (4)
15,495
55
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R (4)
56,815
100
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2016,
5.000%,
1/01/29
1/26
at
100.00
BBB+
101,311
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A:
25
4.125%,
1/01/38
1/29
at
100.00
BBB+
22,817
5
5.000%,
1/01/39,
(Pre-refunded
1/01/29)
1/29
at
100.00
N/R (4)
5,635
47
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
(continued)
$
5
5.000%,
1/01/39
1/29
at
100.00
BBB+
$
4,973
20
5.000%,
1/01/39,
(Pre-refunded
1/01/29)
1/29
at
100.00
N/R (4)
22,539
100
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Dickinson
College
Project,
Second
Series
2017A,
5.000%,
11/01/39
11/27
at
100.00
A+
106,575
200
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2019,
4.000%,
11/01/44
11/29
at
100.00
A
187,654
30
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University
Project,
Series
2019,
5.000%,
5/01/48
5/29
at
100.00
Baa3
28,337
30
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University,
Series
2014,
5.000%,
5/01/37
5/24
at
100.00
Baa3
30,005
55
Dauphin
County
General
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Pinnacle
Health
System
Project,
Refunding
Series
2016A,
5.000%,
6/01/35
6/26
at
100.00
A
57,308
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017:
245
5.000%,
7/01/42
7/27
at
100.00
A+
257,446
540
5.000%,
7/01/47
7/27
at
100.00
A+
563,987
295
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2019A,
5.000%,
7/01/28
No
Opt.
Call
A+
330,568
225
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2016A,
5.000%,
7/01/41
7/26
at
100.00
B3
189,092
25
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2019A,
4.000%,
7/01/45
7/29
at
100.00
B3
17,575
150
Dubois
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Penn
Highlands
Healthcare,
Series
2018,
5.000%,
7/15/48
1/28
at
100.00
A-
153,987
30
East
Hempfield
Township
Industrial
Development
Authority,
Pennsylvania,
Student
Services
Inc
-
Student
Housing
Project
at
Millersville
University,
Series
2014,
5.000%,
7/01/46,
(Pre-refunded
7/01/24)
7/24
at
100.00
N/R (4)
30,607
100
East
Hempfield
Township
Industrial
Development
Authority,
Pennsylvania,
Student
Services
Inc
-
Student
Housing
Project
at
Millersville
University,
Series
2015,
5.000%,
7/01/47,
(Pre-refunded
7/01/25)
7/25
at
100.00
N/R (4)
104,419
25
Easton
Area
School
District,
Northampton
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020B,
5.000%,
2/01/31
2/28
at
100.00
Aa2
27,692
60
Erie
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Gannon
University,
Series
2016,
4.000%,
5/01/46
11/26
at
100.00
BBB+
49,101
75
General
Authority
of
Southcentral
Pennsylvania,
Revenue
Bonds,
AICUP
Financing
Program-York
College
of
Pennsylvania,
Series
2017
PP4,
3.375%,
11/01/37
10/27
at
100.00
A-
67,865
Huntingdon
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Juniata
College,
Series
2016OO2:
15
3.250%,
5/01/36
5/26
at
100.00
BBB
13,394
35
3.500%,
5/01/41
5/26
at
100.00
BBB
29,792
20
Lancaster
County
Hospital
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Masonic
Villages
Project,
Series
2015,
5.000%,
11/01/35
5/25
at
100.00
A
20,360
40
Lancaster
County
Hospital
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Saint
Anne's
Retirement
Community,
Inc.,
Series
2020,
5.000%,
3/01/50
3/27
at
102.00
BB+
31,787
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
48
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
(continued)
$
100
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Refunding
Series
2016B,
5.000%,
8/15/46
8/26
at
100.00
AA
$
102,373
155
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2016A,
5.000%,
8/15/42
8/26
at
100.00
AA
160,192
25
Lancaster
School
District,
Lancaster
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020,
4.000%,
6/01/35
-
AGM
Insured
12/28
at
100.00
AA
26,101
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Series
2013A:
105
5.125%,
12/01/47,
(Pre-refunded
12/01/23)
12/23
at
100.00
N/R (4)
106,199
95
5.125%,
12/01/47
12/23
at
100.00
A
92,928
100
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Good
Shepherd
Group,
Refunding
Series
2016,
4.000%,
11/01/41
5/26
at
100.00
A-
93,363
195
Lehighton
Area
School
District,
Carbon
County,
Pennsylvania,
General
Obligation
Bonds,
Limited
Tax
Series
2015A,
5.000%,
11/15/43
-
BAM
Insured
11/23
at
100.00
AA
196,757
100
Monroe
County
Industrial
Development
Authority,
Pennsylvania,
Special
Obligation
Revenue
Bonds,
Tobyhanna
Township
Project,
Series
2014,
6.875%,
7/01/33,
144A
7/24
at
100.00
N/R
98,952
50
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2018A,
5.000%,
9/01/48
9/28
at
100.00
A
51,272
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2019:
50
4.000%,
9/01/44
9/29
at
100.00
A
46,991
25
4.000%,
9/01/49
9/29
at
100.00
A
22,812
200
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Albert
Einstein
Healthcare
Network
Issue,
Series
2015A,
5.250%,
1/15/45,
(Pre-refunded
1/15/25)
1/25
at
100.00
N/R (4)
207,236
200
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Series
2016,
5.000%,
11/15/36
11/26
at
100.00
A-
199,410
90
Northampton
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Lafayette
College,
Refunding
Series
2018,
4.000%,
11/01/38
11/28
at
100.00
Aa3
90,196
55
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Morningstar
Senior
Living,
Inc.,
Series
2019,
5.000%,
11/01/44
11/26
at
103.00
BB
47,512
55
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
Shippingport
Project,
First
Energy
Guarantor.,
Series
2006A,
2.550%,
11/01/41
(6)
No
Opt.
Call
N/R
1
90
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Refunding
Bonds,
PPL
Energy
Supply,
LLC
Project,
Series
2009A,
6.400%,
12/01/38
(6)
9/25
at
100.00
N/R
28,800
140
Pennsylvania
Economic
Development
Financing
Authority,
Parking
System
Revenue
Bonds,
Capitol
Region
Parking
System,
Series
2013A,
5.250%,
1/01/44
-
AGM
Insured
1/24
at
100.00
AA
141,085
250
Pennsylvania
Economic
Development
Financing
Authority,
Revenue
Bonds,
Pennsylvania-American
Water
Company,
Refunding
Series
2019,
3.000%,
4/01/39
10/29
at
100.00
A+
211,192
35
Pennsylvania
Higher
Educational
Facilities
Authority, Revenue
Bonds,
Holy
Family
University,
Series
2013A,
6.500%,
9/01/38
9/23
at
100.00
A-
35,352
49
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
(continued)
$
120
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Philadelphia
University,
Refunding
Series
2013,
5.000%,
6/01/32,
(Pre-
refunded
6/01/23)
6/23
at
100.00
N/R (4)
$
120,146
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2012:
35
4.000%,
11/01/39
5/23
at
100.00
N/R
33,015
60
5.000%,
11/01/42
5/23
at
100.00
N/R
60,020
300
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
Properties
Inc.
Student
Housing
Project
at
East
Stroudsburg
University
of
Pennsylvania,
Series
2016A,
5.000%,
7/01/35
7/26
at
100.00
Baa3
293,298
95
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Widener
University,
Series
2013A,
5.500%,
7/15/38,
(Pre-refunded
7/15/23)
7/23
at
100.00
N/R (4)
95,411
45
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-119,
3.500%,
10/01/36
4/25
at
100.00
AA+
43,798
350
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-120,
3.200%,
4/01/40
10/25
at
100.00
AA+
307,447
450
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-121,
3.200%,
10/01/41
10/25
at
100.00
AA+
381,924
65
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-123B,
3.450%,
10/01/32
10/26
at
100.00
AA+
63,994
45
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-125B,
3.700%,
10/01/47
4/27
at
100.00
AA+
42,994
250
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-129,
3.350%,
10/01/45
10/28
at
100.00
AA+
208,795
125
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-130A,
3.000%,
10/01/46
10/28
at
100.00
AA+
94,918
45
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-133,
2.500%,
10/01/45
10/29
at
100.00
AA+
32,489
100
Pennsylvania
Turnpike
Commission,
Motor
License
Fund-Enhanced
Turnpike
Special
Revenue
Bonds,
Subordinate
Series
2014A,
4.750%,
12/01/37
12/26
at
100.00
AA-
103,781
100
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Subordinate
Series
2018B,
5.000%,
12/01/48
12/28
at
100.00
A2
103,702
585
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B,
5.000%,
12/01/45
12/25
at
100.00
AA-
601,386
50
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2019A,
4.000%,
12/01/49
12/29
at
100.00
A
47,373
25
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Charter
School
Revenue
Bonds,
Philadelphia
Performing
Arts:
A
String
Theory
Charter
School,
Series
2020,
5.000%,
6/15/50,
144A
6/28
at
100.00
BB+
24,030
70
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
La
Salle
University,
Series
2017,
3.625%,
5/01/35
11/27
at
100.00
BB+
55,359
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
University
of
the
Arts,
Series
2017:
5
5.000%,
3/15/45,
(Pre-refunded
3/15/28),
144A
3/28
at
100.00
N/R (4)
5,541
45
5.000%,
3/15/45,
144A
3/28
at
100.00
BB-
37,751
150
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
1998
General
Ordinance,
Fifteenth
Series
2017,
5.000%,
8/01/47
8/27
at
100.00
A
154,649
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
50
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
(continued)
$
105
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
1998
General
Ordinance,
Sixteenth
Series
2020A,
5.000%,
8/01/50
-
AGM
Insured
8/30
at
100.00
AA
$
111,852
125
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
Refunding
Thirteenth
Series
2015,
5.000%,
8/01/30
8/25
at
100.00
A
129,657
100
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Temple
University
Health
System
Obligated
Group,
Series
of
2017,
5.000%,
7/01/30
7/27
at
100.00
BBB
104,365
100
Pittsburgh
and
Allegheny
County
Sports
and
Exhibition
Authority,
Pennsylvania,
Parking
Revenue
Bonds,
Series
2017,
5.000%,
12/15/34
12/27
at
100.00
A
108,465
20
Pittsburgh
Water
and
Sewer
Authority,
Pennsylvania,
Water
and
Sewer
System
Revenue
Bonds,
First
Lien
Series
2020B,
4.000%,
9/01/45
-
AGM
Insured
9/30
at
100.00
AA
20,032
25
Pittsburgh
Water
and
Sewer
Authority,
Pennsylvania,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Subordinate
Series
2019B,
4.000%,
9/01/34
-
AGM
Insured
9/29
at
100.00
AA
26,067
200
Pottsville
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2016B,
5.000%,
7/01/45
1/27
at
100.00
A+
204,496
35
Rostraver
Township,
Westmoreland
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2018,
3.500%,
9/01/34
-
AGM
Insured
9/25
at
100.00
AA
35,057
80
Scranton,
Lackawanna
County,
Pennsylvania,
General
Obligation
Notes,
Series
2016,
5.000%,
11/15/32
5/24
at
100.00
BB+
80,160
100
Scranton-Lackawanna
Health
and
Welfare
Authority,
Pennsylvania,
University
Revenue
Bonds,
Marywood
University,
Series
2016,
5.000%,
6/01/46
6/26
at
100.00
BB+
89,188
210
Southcentral
Pennsylvania
General
Authority,
Revenue
Bonds,
Wellspan
Health
Obligated
Group,
Series
2019A,
5.000%,
6/01/49
6/29
at
100.00
Aa3
217,730
10
The
Redevelopment
Authority
of
the
City
of
Scranton,
Lackawanna
county,
Pennsylvania,
Guaranteed
Lease
Revenue
Bonds,
Series
2016A,
5.000%,
11/15/28
5/24
at
100.00
BB+
9,867
40
Upper
Allegheny
Joint
Sanitary
Authority,
Allegheny
County,
Pennsylvania,
Sewer
Revenue
Bonds,
Refunding
Series
2019A,
3.000%,
9/01/44
-
AGM
Insured
9/29
at
100.00
AA
31,914
100
Upper
Dublin
School
District,
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A,
4.000%,
9/15/38
3/29
at
100.00
Aa3
101,875
145
Washington
County
Industrial
Development
Authority,
Pennsylvania,
College
Revenue
Bonds,
AICUP
Financing
Program-Washington
and
Jefferson
College
Project,
Series
2017-PP5,
3.375%,
11/01/36
11/27
at
100.00
BBB+
129,730
15
Washington
County
Redevelopment
Authority,
Pennsylvania,
Tanger
Outlet
Victory
Center
Tax
Increment
Bonds,
Series
2018,
5.000%,
7/01/35
1/28
at
100.00
BB
14,757
15
Westmoreland
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Excela
Health
Project,
Series
2020A,
4.000%,
7/01/37
1/31
at
100.00
Baa1
14,080
Williamsport
Sanitary
Authority,
Lycoming
County,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2021.:
100
5.000%,
1/01/25
-
BAM
Insured
No
Opt.
Call
AA
103,250
25
5.000%,
1/01/28
-
BAM
Insured
No
Opt.
Call
AA
27,615
Total
Pennsylvania
12,333,861
Puerto
Rico
-
3.0%
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
3,829
4.500%,
7/01/34
7/25
at
100.00
N/R
3,839,874
3,740
4.550%,
7/01/40
7/28
at
100.00
N/R
3,581,873
51
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Puerto
Rico
(continued)
$
72
5.000%,
7/01/58
7/28
at
100.00
N/R
$
69,523
710
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A,
4.550%,
7/01/40
7/28
at
100.00
N/R
679,981
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
10
4.329%,
7/01/40
7/28
at
100.00
N/R
9,323
10
4.329%,
7/01/40
7/28
at
100.00
N/R
9,323
49
4.784%,
7/01/58
7/28
at
100.00
N/R
45,617
Total
Puerto
Rico
8,235,514
South
Carolina
-
1.7%
5,435
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2,
0.000%,
1/01/29
-
AGC
Insured
No
Opt.
Call
AA
4,554,258
Total
South
Carolina
4,554,258
Tennessee
-
4.5%
3,090
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
5.000%,
8/01/44
8/29
at
100.00
A-
3,191,970
2,000
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Belmont
University,
Refunding
&
Improvement
Series
2021,
4.000%,
5/01/46
5/31
at
100.00
A
1,891,380
135
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Vanderbilt
University
Medical
Center,
Series
2016A,
5.000%,
7/01/46
7/26
at
100.00
A
137,252
605
Metropolitan
Government
of
Nashville-Davidson
County,
Tennessee,
Water
and
Sewerage
Revenue
Bonds,
Green
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
AA
641,735
4,000
The
Tennessee
Energy
Acquisition
Corporation,
Gas
Revenue
Bonds,
Series
2006B,
5.625%,
9/01/26
No
Opt.
Call
BBB
4,151,160
2,160
West
Wilson
Utility
District,
Wilson
County,
Tennessee,
Water
Revenue
Bonds,
Improvement
Series
2022,
4.000%,
6/01/47
6/32
at
100.00
AA
2,132,244
Total
Tennessee
12,145,741
Texas
-
10.1%
1,000
Austin
Community
College
District
Public
Facility
Corporation,
Texas,
Lease
Revenue
Bonds,
Highland
Campus
-
Building
3000
Project,
Series
2018A,
5.000%,
8/01/42
8/27
at
100.00
AA
1,059,000
1,000
Austin,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
11/15/35
11/26
at
100.00
AA-
1,060,820
500
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2020,
5.000%,
2/15/45
2/29
at
100.00
Aa1
529,860
745
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien
Series
2020A,
5.000%,
1/01/40
1/30
at
100.00
A-
793,991
1,855
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
First
Tier
Series
2013A,
5.500%,
4/01/53,
(Pre-refunded
10/01/23)
10/23
at
100.00
N/R (4)
1,872,363
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B:
3,000
0.000%,
9/01/32
-
AMBAC
Insured
No
Opt.
Call
A
2,136,060
7,935
0.000%,
9/01/33
-
AMBAC
Insured
No
Opt.
Call
A
5,403,894
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
52
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Texas
(continued)
$
1,430
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2021A,
5.000%,
5/15/51
5/31
at
100.00
A+
$
1,529,142
915
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2015B,
5.000%,
1/01/45
1/25
at
100.00
AA-
931,781
250
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Texas
Health
Resources
System,
Series
2016A,
5.000%,
2/15/41
8/26
at
100.00
AA
257,937
1,600
Texas
Private
Activity
Bond
Surface
Transportation
Corporation,
Revenue
Bonds,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Managed
Lanes
Project,
Refunding
Senior
Lien
Series
2019A,
5.000%,
12/31/35
12/29
at
100.00
Baa2
1,695,904
7,635
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2016,
4.000%,
10/15/41
10/26
at
100.00
AAA
7,665,311
2,500
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2017A,
4.000%,
10/15/42,
(UB)
(7)
10/27
at
100.00
AAA
2,506,650
Total
Texas
27,442,713
Utah
-
0.6%
1,500
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017B,
5.000%,
7/01/47
7/27
at
100.00
A
1,553,775
Total
Utah
1,553,775
Virginia
-
1.0%
1,160
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016,
5.000%,
7/01/51
7/26
at
100.00
BBB
1,180,509
1,400
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B,
0.000%,
7/15/40
(5)
7/28
at
100.00
A-
1,430,044
Total
Virginia
2,610,553
Washington
-
2.7%
3,330
Chelan
County
Public
Utility
District
1,
Washington,
Columbia
River-
Rock
Island
Hydro-Electric
System
Revenue
Refunding
Bonds,
Series
1997A,
0.000%,
6/01/29
-
NPFG
Insured
No
Opt.
Call
AA+
2,747,750
690
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Virginia
Mason
Medical
Center,
Series
2017,
5.000%,
8/15/30
8/27
at
100.00
BBB+
730,427
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Series2021B.
Exchange
Purchase:
2,165
4.000%,
7/01/37
7/31
at
100.00
Baa3
2,049,475
2,140
4.000%,
7/01/43
7/31
at
100.00
Baa1
1,953,970
Total
Washington
7,481,622
West
Virginia
-
1.8%
530
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Cabell
Huntington
Hospital,
Inc.
Project,
Refunding
&
Improvement
Series
2018A,
5.000%,
1/01/34
1/29
at
100.00
BBB+
549,223
1,800
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Charleston
Area
Medical
Center,
Refunding
&
Improvement
Series
2019A,
5.000%,
9/01/38
9/29
at
100.00
Baa1
1,841,688
1,000
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
West
Virginia
United
Health
System
Obligated
Group,
Refunding
&
Improvement
Series
2013A,
5.500%,
6/01/44,
(Pre-refunded
6/01/23)
6/23
at
100.00
A (4)
1,001,660
53
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
West
Virginia
(continued)
$
1,430
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2018,
5.000%,
6/01/43
6/28
at
100.00
AA-
$
1,522,850
Total
West
Virginia
4,915,421
Total
Municipal
Bonds
(cost
$264,756,266)
268,943,988
Shares
Description
(1)
Value
X
1,139,384
COMMON
STOCKS
-
0.4%
X
1,139,384
Independent
Power
and
Renewable
Electricity
Producers
-
0.4%
14,686
Energy
Harbor
Corp
(8),(9)
$
1,139,384
Total
Independent
Power
and
Renewable
Electricity
Producers
1,139,384
Total
Common
Stocks
(cost
$407,801)
1,139,384
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Ratings
(3)
Value
19,305
CORPORATE
BONDS
-
0.0%
X
19,305
Independent
Power
And
Renewable
Electricity
Producers
-
0.0%
$
60
Talen
Energy
Corp
0.000%
8/31/23
N/R
$
19,305
Total
Independent
Power
And
Renewable
Electricity
Producers
19,305
Total
Corporate
Bonds
(cost
$–)
19,305
Total
Long-Term
Investments
(cost
$265,164,067)
270,102,677
Floating
Rate
Obligations
-
(0.7)%
(2,000,000)
Other
Assets
&
Liabilities,
Net
- 1.4%(10)
3,842,445
Net
Assets
Applicable
to
Common
Shares
-
100%
$
271,945,122
Futures
Contracts
-
Short
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10-Year
Note
(176)
6/23
$
(19,682,366)
$
(20,275,750)
$
(593,384)
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns
.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(4)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(5)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(6)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(7)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(8)
Energy
Harbor
Corp
(ENGH)
common
stock
received
as
part
of
the
bankruptcy
settlements
during
February
2020
for
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2005A,
4.000%,
1/01/35;
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Series
2006A,
4.375%,
1/01/35;
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Series
2006B,
3.500%,
12/01/35;
and
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
Shippingport
Project,
First
Energy
Guarantor,
Series
2006A,
2.550%,
11/01/41.
Various
funds
and
accounts
managed
by
Nuveen,
including
the
Fund,
collectively
are
a
substantial
minority
holder
of
ENGH’s
outstanding
shares
of
common
stock,
and
possess
certain
other
rights
with
respect
to
the
corporate
governance
of
ENGH.
Due
to
these
facts,
under
the
federal
securities
laws,
the
securities
of
ENGH
held
by
Nuveen
funds
and
accounts,
including
the
Fund,
cannot
be
sold
except
under
limited
conditions
(which
are
not currently
satisfied).
The
Fund
is
therefore
unable
to
sell
such
shares
in
ordinary
secondary
market
transactions
at
this
time.
On
March
6,
2023
Vistra
Corp.
(“
Vistra
”)
announced
that
it
has
executed
a
definitive
agreement
with
Energy
Harbor
Corp.,
pursuant
to
which
Energy
Harbor
will
merge
with
and
into
a
newly-formed
subsidiary
of
Vistra
. The
companies
anticipate
closing
the
transaction
in
the
second
half
of
2023. In
connection
with
the
transaction,
Nuveen
funds
and
accounts
expect
to
receive
a
combination
of
cash
and
shares
in
a
newly
formed
entity.
Nuveen
expects
these
shares
to
be
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity. The
transaction
is
subject
to
certain
regulatory
approvals
and
there
can
be
no
assurance
that
the
transaction
will
close.
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
54
NUW
(9)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(10)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
(“OTC”)
derivatives
as
well
as
the
OTC
cleared
and
exchange-traded
derivatives,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-
traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
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.
ETM
Escrowed
to
maturity
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
See
Notes
to
Financial
Statements
55
Nuveen
Municipal
Income
Fund,
Inc.
Portfolio
of
Investments
April
30,
2023
(Unaudited)
NMI
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
95.2%
X
94,239,147
MUNICIPAL
BONDS
-
95.2%
X
94,239,147
Alabama
-
3.6%
$
1,255
Limestone
County
Water
&
Sewer
Authority,
Alabama,
Water
and
Sewer
Revenue
Bonds,
Series
2022,
5.000%,
12/01/45
6/32
at
100.00
AA-
$
1,366,883
1,000
Southeast
Energy
Authority,
Alabama,
Commodity
Supply
Revenue
Bonds,
Project
4,
Series
2022B-1,
5.000%,
5/01/53,
(Mandatory
Put
8/01/28)
5/28
at
100.34
A2
1,042,500
1,000
Southeast
Energy
Authority,
Alabama,
Commodity
Supply
Revenue
Bonds,
Project
5,
Series
2023A,
5.250%,
1/01/54,
(Mandatory
Put
7/01/29)
4/29
at
100.18
A1
1,064,460
100
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A,
5.250%,
5/01/44,
144A
5/29
at
100.00
N/R
88,500
Total
Alabama
3,562,343
Arizona
-
5.0%
600
Arizona
Health
Facilities
Authority,
Revenue
Bonds,
Scottsdale
Lincoln
Hospitals
Project,
Refunding
Series
2014A,
5.000%,
12/01/39
12/24
at
100.00
A+
611,196
275
Arizona
Industrial
Development
Authority
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2023,
5.250%,
7/01/43
7/31
at
100.00
BB+
269,616
1,000
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2018A,
5.000%,
7/01/48
1/28
at
100.00
AA-
1,011,650
1,000
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
KIPPC
NYC
Public
Charter
Schools
-
Macombs
Facility
Project,
Series
2021A,
4.000%,
7/01/41
7/31
at
100.00
BBB-
890,520
1,495
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019A,
5.000%,
7/01/49
7/29
at
100.00
Aa3
1,569,645
515
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007,
5.250%,
12/01/28
No
Opt.
Call
A3
544,231
Total
Arizona
4,896,858
Arkansas
-
0.2%
200
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
5.450%,
9/01/52,
(AMT),
144A
9/25
at
105.00
BB
199,692
Total
Arkansas
199,692
California
-
4.6%
2,120
Brea
Olinda
Unified
School
District,
Orange
County,
California,
General
Obligation
Bonds,
Series
1999A,
0.000%,
8/01/23
-
FGIC
Insured
No
Opt.
Call
Aa2
2,102,467
500
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A,
4.000%,
11/15/42
11/27
at
100.00
A+
478,915
500
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Brightline
West
Passenger
Rail
Project,
Series
2020A,
3.650%,
1/01/50,
(AMT),
(Mandatory
Put
1/31/24)
5/23
at
100.00
N/R
498,930
365
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56,
144A
6/26
at
100.00
BB+
349,973
Nuveen
Municipal
Income
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
56
NMI
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
California
(continued)
$
275
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Front
Porch
Communities
&
Services
Project,
Series
2017A,
4.000%,
4/01/36
4/27
at
100.00
A
$
275,047
16
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A,
5.500%,
7/01/39
(4),(5)
1/22
at
100.00
N/R
16,109
300
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009A,
7.000%,
11/01/34
No
Opt.
Call
A
365,610
500
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B,
5.250%,
1/15/44
1/25
at
100.00
A-
509,010
Total
California
4,596,061
Colorado
-
12.6%
1,000
Boulder
Valley
School
District
RE2,
Boulder
County,
Colorado,
General
Obligation
Bonds,
Series
2019A,
4.000%,
12/01/48
6/29
at
100.00
AA+
983,120
Central
Platte
Valley
Metropolitan
District,
Colorado,
General
Obligation
Bonds,
Refunding
Series
2013A:
150
5.125%,
12/01/29,
(Pre-refunded
12/01/23)
12/23
at
100.00
BBB (6)
151,541
250
5.375%,
12/01/33,
(Pre-refunded
12/01/23)
12/23
at
100.00
BBB (6)
252,922
350
Colorado
Health
Facilities
Authority,
Colorado,
Health
Facilities
Revenue
Bonds,
The
Evangelical
Lutheran
Good
Samaritan
Society
Project,
Refunding
Series
2017,
5.000%,
6/01/42,
(Pre-refunded
6/01/27)
6/27
at
100.00
N/R (6)
382,753
1,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2019A,
4.000%,
11/15/43
11/29
at
100.00
AA
967,330
500
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2016,
5.000%,
1/01/37
1/24
at
102.00
N/R
442,245
855
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
5.000%,
8/01/44
8/29
at
100.00
A-
883,215
750
Colorado
Springs,
Colorado,
Utilities
System
Revenue
Bonds,
Improvement
Series
2013B-1,
5.000%,
11/15/38
11/23
at
100.00
AA+
755,085
1,395
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018A,
5.000%,
12/01/43,
(AMT)
12/28
at
100.00
A+
1,446,462
700
Erie
Farm
Metropolitan
District,
Erie,
Boulder
County,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Refunding
&
Improvement,
Series
2021,
5.000%,
12/01/46
-
AGM
Insured
12/31
at
100.00
AA
761,691
700
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A,
6.750%,
12/01/34,
144A
9/27
at
103.00
N/R
706,447
1,000
Lewis
Pointe
Metropolitan
District,
Thornton,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2021,
4.000%,
12/01/47
-
BAM
Insured
12/31
at
100.00
AA
931,140
500
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
12/01/45
12/25
at
100.00
A
508,260
650
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2018A,
4.000%,
12/01/51
12/28
at
100.00
A
575,016
125
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds, Colorado
Springs
Utilities,
Series
2008,
6.125%,
11/15/23
No
Opt.
Call
AA-
126,374
1,100
Rampart
Range
Metropolitan
District
1,
Lone
Tree,
Colorado,
Limited
Tax
Supported
and
Special
Revenue
Bonds,
Refunding
&
Improvement
Series
2017,
5.000%,
12/01/42
12/27
at
100.00
AA
1,152,184
57
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Colorado
(continued)
$
463
Tallyn's
Reach
Metropolitan
District
3,
Aurora,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Convertible
to
Unlimited
Tax,
Refunding
&
Improvement
Series
2013,
5.000%,
12/01/33,
(Pre-
refunded
12/01/23),
144A
12/23
at
100.00
N/R (6)
$
467,426
525
Waterview
II
Metropolitan
District,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2022A,
4.500%,
12/01/31
3/27
at
103.00
N/R
480,354
500
West
Globeville
Metropolitan
District
1,
Denver,
Colorado,
General
Obligation
Limited
Tax
Bonds,
Series
2022,
6.750%,
12/01/52
12/29
at
103.00
N/R
470,245
Total
Colorado
12,443,810
Delaware
-
0.1%
100
Delaware
Health
Facilities
Authority,
Revenue
Bonds,
Beebe
Medical
Center
Project,
Series
2018,
5.000%,
6/01/48
12/28
at
100.00
BBB
102,157
Total
Delaware
102,157
District
of
Columbia
-
0.1%
105
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B,
4.000%,
10/01/49
10/29
at
100.00
A-
98,714
Total
District
of
Columbia
98,714
Florida
-
4.3%
840
Bay
County,
Florida,
Educational
Facilities
Revenue
Refunding
Bonds,
Bay
Haven
Charter
Academy,
Inc.
Project,
Series
2013A,
5.000%,
9/01/33
9/23
at
100.00
BBB
843,965
700
Florida
Development
Finance
Corporation,
Florida,
Surface
Transportation
Facility
Revenue
Bonds,
Brightline
Passenger
Rail
Project,
Green
Series
2019B,
7.375%,
1/01/49,
(AMT),
144A
1/24
at
107.00
N/R
665,469
Florida
Development
Finance
Corporation,
Florida,
Surface
Transportation
Facility
Revenue
Bonds,
Virgin
Trains
USA
Passenger
Rail
Project,
Series
2019A:
350
6.375%,
1/01/49,
(AMT),
(Mandatory
Put
1/01/26),
144A
5/23
at
102.00
N/R
332,832
380
6.500%,
1/01/49,
(AMT),
(Mandatory
Put
1/01/29),
144A
5/23
at
102.00
N/R
358,625
500
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Passenger
Rail
Expansion
Project,
Series
2022A,
7.250%,
7/01/57,
(AMT),
(Mandatory
Put
10/03/23),
144A
5/23
at
103.00
N/R
506,385
500
Greater
Orlando
Aviation
Authority,
Florida,
Orlando
Airport
Facilities
Revenue
Bonds,
Priority
Subordinated
Series
2017A,
5.000%,
10/01/42,
(AMT)
10/27
at
100.00
A+
514,485
1,145
Hillsborough
County
Industrial
Development
Authority,
Florida,
Hospital
Revenue
Bonds,
Florida
Health
Sciences
Center
Inc
D/B/A
Tampa
General
Hospital,
Series
2020A,
4.000%,
8/01/55
2/31
at
100.00
A
1,028,187
Total
Florida
4,249,948
Georgia
-
1.1%
455
Atlanta
Development
Authority,
Georgia,
Revenue
Bonds,
New
Downtown
Atlanta
Stadium
Project,
Senior
Lien
Series
2015A-1,
5.250%,
7/01/40
7/25
at
100.00
A1
467,604
210
Atlanta
Urban
Residential
Finance
Authority,
Georgia,
Multifamily
Housing
Revenue
Bonds,
Testletree
Village
Apartments,
Series
2013A,
4.000%,
11/01/25
11/23
at
100.00
B
198,811
500
Fulton
County
Development
Authority,
Georgia,
Hospital
Revenue
Bonds,
Wellstar
Health
System,
Inc
Project,
Series
2017A,
4.000%,
4/01/50
4/30
at
100.00
A+
462,340
Total
Georgia
1,128,755
Nuveen
Municipal
Income
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
58
NMI
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Hawaii
-
1.8%
$
250
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaii
Pacific
University,
Series
2013A,
6.625%,
7/01/33,
144A
7/23
at
100.00
BB
$
250,617
1,500
Hawaii
State,
Airport
System
Revenue
Bonds,
Series
2022,
5.000%,
7/01/47,
(AMT)
7/32
at
100.00
AA-
1,574,790
Total
Hawaii
1,825,407
Illinois
-
13.6%
250
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016,
6.000%,
4/01/46
4/27
at
100.00
A
262,850
500
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2023,
5.750%,
4/01/48
4/33
at
100.00
A
551,625
435
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2018D,
5.000%,
12/01/46
12/28
at
100.00
BB+
431,407
650
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A,
7.000%,
12/01/44
12/25
at
100.00
BB+
685,386
1,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2022A,
5.500%,
1/01/55
1/32
at
100.00
A+
1,079,180
1,000
Illinois
Educational
Facilities
Authority,
Revenue
Bonds,
Field
Museum
of
Natural
History,
Series
2002.RMKT,
4.500%,
11/01/36
11/24
at
100.00
A
1,011,690
500
Illinois
Finance
Authority,
Revenue
Bonds,
Bradley
University,
Refunding
Series
2021A,
4.000%,
8/01/51
8/31
at
100.00
BBB+
416,615
1,000
Illinois
Finance
Authority,
Revenue
Bonds,
Northshore
-
Edward-
Elmhurst
Health
Credit
Group,
Series
2022A,
5.000%,
8/15/51
8/32
at
100.00
AA-
1,058,310
1,105
Illinois
Finance
Authority,
Revenue
Bonds,
OSF
Healthcare
System,
Series
2015A,
5.000%,
11/15/45
11/25
at
100.00
A
1,116,282
80
Illinois
Finance
Authority,
Revenue
Bonds,
Rehabilitation
Institute
of
Chicago,
Series
2013A,
5.500%,
7/01/28
7/23
at
100.00
A
80,279
200
Illinois
Finance
Authority,
Revenue
Bonds,
Silver
Cross
Hospital
and
Medical
Centers,
Refunding
Series
2015C,
5.000%,
8/15/44
8/25
at
100.00
A3
200,374
540
Illinois
State,
General
Obligation
Bonds,
June
Series
2022A,
5.500%,
3/01/47
3/32
at
100.00
A-
591,046
500
Illinois
State,
General
Obligation
Bonds,
March
Series
2021A,
5.000%,
3/01/46
3/31
at
100.00
A-
525,065
400
Illinois
State,
General
Obligation
Bonds,
May
Series
2020,
5.500%,
5/01/39
5/30
at
100.00
A-
438,128
1,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2022C,
5.500%,
10/01/41
10/32
at
100.00
A-
1,113,990
990
Illinois
State,
General
Obligation
Bonds,
Series
2013,
5.250%,
7/01/31
7/23
at
100.00
A-
993,535
1,900
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2019A,
5.000%,
1/01/44
7/29
at
100.00
AA-
2,040,448
200
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2015A,
5.500%,
6/15/53
12/25
at
100.00
A
203,346
205
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A,
0.000%,
12/15/35
-
NPFG
Insured
No
Opt.
Call
A
121,323
490
University
of
Illinois,
Health
Services
Facilities
System
Revenue
Bonds,
Series
2013,
6.000%,
10/01/32
10/23
at
100.00
A2
496,723
Total
Illinois
13,417,602
59
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Indiana
-
2.3%
$
735
Gary
Local
Public
Improvement
Bond
Bank,
Indiana,
Economic
Development
Revenue
Bonds,
Drexel
Foundation
for
Educational
Excellence
Project,
Refunding
Series
2020A,
5.875%,
6/01/55,
144A
6/30
at
100.00
N/R
$
635,216
1,000
Indiana
Finance
Authority,
Environmental
Improvement
Revenue
Bonds,
Fulcrum
CenterPoint,
LLC
Project,
Series
2022,
4.500%,
12/15/46,
(AMT),
(Mandatory
Put
11/15/23)
5/23
at
100.00
Aaa
997,430
655
Indiana
Finance
Authority,
Private
Activity
Bonds,
Ohio
River
Bridges
East
End
Crossing
Project,
Series
2013A,
5.000%,
7/01/44,
(Pre-
refunded
7/01/23),
(AMT)
7/23
at
100.00
N/R (6)
656,651
Total
Indiana
2,289,297
Iowa
-
0.5%
500
Iowa
Finance
Authority,
Iowa,
Midwestern
Disaster
Area
Revenue
Bonds,
Iowa
Fertilizer
Company
Project,
Refunding
Series
2022,
5.000%,
12/01/50
12/29
at
103.00
BBB-
497,015
Total
Iowa
497,015
Kansas
-
0.5%
500
Ellis
County
Unified
School
District
489
Hays,
Kansas,
General
Obligation
Bonds,
Refunding
&
Improvement
Series
2022B,
5.000%,
9/01/47
-
AGM
Insured
9/31
at
100.00
AA
539,725
Total
Kansas
539,725
Louisiana
-
2.3%
1,000
East
Baton
Rouge
Parish
Capital
Improvement
District,
Louisiana,
MOVEBR
Sales
Tax
Revenue
Bonds,
Series
2019,
5.000%,
8/01/48
8/29
at
100.00
AA+
1,057,160
1,230
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Womans
Hospital
Foundation
Project,
Refunding
Series
2017A,
5.000%,
10/01/41
10/27
at
100.00
A
1,266,322
Total
Louisiana
2,323,482
Maine
-
0.5%
500
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2013,
5.000%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
Ba1 (6)
501,300
Total
Maine
501,300
Maryland
-
0.5%
500
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Peninsula
Regional
Medical
Center
Issue,
Refunding
Series
2015,
5.000%,
7/01/45,
(Pre-refunded
7/01/24)
7/24
at
100.00
A (6)
509,830
Total
Maryland
509,830
Massachusetts
-
0.6%
50
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Atrius
Health
Issue,
Series
2019A,
4.000%,
6/01/49,
(Pre-refunded
6/01/29)
6/29
at
100.00
N/R (6)
54,749
500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care,
Series
2016I,
5.000%,
7/01/46
7/26
at
100.00
A-
503,495
Total
Massachusetts
558,244
Michigan
-
1.0%
1,000
Michigan
State
University,
General
Revenue
Bonds,
Refunding
Series
2019C,
4.000%,
2/15/44
8/29
at
100.00
AA
974,100
Total
Michigan
974,100
Nuveen
Municipal
Income
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
60
NMI
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Minnesota
-
1.9%
$
75
Baytown
Township,
Minnesota
Charter
School
Lease
Revenue
Bonds,
Saint
Croix
Preparatory
Academy,
Refunding
Series
2016A,
4.250%,
8/01/46
8/26
at
100.00
BB+
$
60,197
1,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A,
5.000%,
2/15/53
2/28
at
100.00
A-
1,018,640
300
Saint
Paul
Park,
Minnesota,
Senior
Housing
and
Health
Care
Revenue
Bonds,
Presbyterian
Homes
Bloomington
Project,
Refunding
Series
2017,
4.250%,
9/01/37
9/24
at
100.00
N/R
275,712
500
West
Saint
Paul-Mendota
Heights-Eagan
Independent
School
District
197,
Dakota
County,
Minnesota,
General
Obligation
Bonds,
School
Building
Series
2018A,
4.000%,
2/01/39
2/27
at
100.00
AAA
509,560
Total
Minnesota
1,864,109
Mississippi
-
1.0%
1,000
Mississippi
Hospital
Equipment
and
Facilities
Authority,
Revenue
Bonds,
Baptist
Memorial
Healthcare,
Series
2016A,
5.000%,
9/01/41
9/26
at
100.00
BBB+
1,015,000
Total
Mississippi
1,015,000
Missouri
-
2.8%
1,000
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Southwest
Baptist
University
Project,
Series
2012,
5.000%,
10/01/33
5/23
at
100.00
BBB-
1,000,000
125
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
University
of
Central
Missouri,
Series
2013C-2,
5.000%,
10/01/34
10/23
at
100.00
A+
125,411
1,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mosaic
Health
System,
Series
2019A,
4.000%,
2/15/54
2/29
at
100.00
AA-
912,340
215
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
Saint
Louis
Obligated
Group,
Series
2018A,
5.250%,
9/01/53
9/25
at
103.00
BB+
187,469
335
Saline
County
Industrial
Development
Authority,
Missouri,
First
Mortgage
Revenue
Bonds,
Missouri
Valley
College,
Series
2017,
4.500%,
10/01/40
10/23
at
100.00
N/R
288,301
225
Taney
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Improvement
Bonds,
Big
Cedar
Infrastructure
Project
Series
2023,
6.000%,
10/01/49,
144A
10/30
at
100.00
N/R
222,051
Total
Missouri
2,735,572
Nebraska
-
0.5%
500
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Refunding
Crossover
Series
2017A,
5.000%,
9/01/42
No
Opt.
Call
A
521,360
Total
Nebraska
521,360
New
Jersey
-
2.7%
45
Gloucester
County
Pollution
Control
Financing
Authority,
New
Jersey,
Pollution
Control
Revenue
Bonds,
Logan
Project,
Refunding
Series
2014A,
5.000%,
12/01/24,
(AMT),
(ETM)
No
Opt.
Call
N/R (6)
45,387
110
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
University
Hospital
Issue,
Refunding
Series
2015A,
5.000%,
7/01/46
-
AGM
Insured
7/25
at
100.00
AA
111,189
545
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA,
5.000%,
6/15/45
6/25
at
100.00
A2
553,971
61
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
Jersey
(continued)
$
1,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB,
4.000%,
6/15/44
12/28
at
100.00
A2
$
970,910
1,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A,
5.000%,
6/01/46
6/28
at
100.00
BBB+
1,030,210
Total
New
Jersey
2,711,667
New
York
-
4.9%
60
Buffalo
and
Erie
County
Industrial
Land
Development
Corporation,
New
York,
Revenue
Bonds,
Catholic
Health
System,
Inc.
Project,
Series
2015,
5.250%,
7/01/35
7/25
at
100.00
B-
52,156
1,500
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Series
2022A,
5.000%,
3/15/46
3/32
at
100.00
AA+
1,644,210
1,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2019D,
4.000%,
2/15/47
2/30
at
100.00
Aa1
982,740
250
Genesee
County
Funding
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2022A,
5.250%,
12/01/52
12/32
at
100.00
BBB+
256,480
315
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1,
5.250%,
11/15/55
5/30
at
100.00
A3
331,232
500
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
2021
Subseries
E-1,
4.000%,
2/01/42
2/31
at
100.00
AAA
494,010
500
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014,
5.000%,
11/15/44,
144A
11/24
at
100.00
N/R
485,860
500
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Green
Bonds,
Series
2022D-2,
5.250%,
5/15/47
11/32
at
100.00
AA+
563,755
Total
New
York
4,810,443
North
Carolina
-
2.1%
2,000
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Senior
Lien
Series
2019,
5.000%,
1/01/49
1/30
at
100.00
Aa1
2,066,820
Total
North
Carolina
2,066,820
North
Dakota
-
0.1%
100
Grand
Forks,
North
Dakota,
Senior
Housing
&
Nursing
Facilities
Revenue
Bonds,
Valley
Homes
and
Services
Obligated
Group,
Series
2017,
5.000%,
12/01/36
12/26
at
100.00
N/R
90,278
Total
North
Dakota
90,278
Ohio
-
0.9%
1,000
Cleveland-Cuyahoga
County
Port
Authority,
Ohio,
Cultural
Facility
Revenue
Bonds,
The
Cleveland
Museum
of
Natural
History
Project,
Series
2021,
4.000%,
7/01/51
7/31
at
100.00
A3
866,890
Total
Ohio
866,890
Oklahoma
-
0.6%
670
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B,
5.500%,
8/15/57
8/28
at
100.00
BB-
618,685
Total
Oklahoma
618,685
Oregon
-
0.1%
55
Clackamas
County
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Rose
Villa
Inc.,
Series
2020A,
5.250%,
11/15/50
11/25
at
102.00
N/R
48,666
Total
Oregon
48,666
Nuveen
Municipal
Income
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
62
NMI
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
-
1.7%
$
1,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Reading
Hospital
&
Medical
Center
Project,
Series
2012A,
5.000%,
11/01/40
5/23
at
100.00
B
$
618,900
500
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2021,
5.000%,
11/01/51
11/29
at
100.00
A
516,700
560
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Albert
Einstein
Healthcare
Network
Issue,
Series
2015A,
5.250%,
1/15/36,
(Pre-refunded
1/15/25)
1/25
at
100.00
N/R (6)
580,261
Total
Pennsylvania
1,715,861
Puerto
Rico
-
1.8%
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
200
4.550%,
7/01/40
7/28
at
100.00
N/R
191,544
1,760
0.000%,
7/01/51
7/28
at
30.01
N/R
359,726
500
4.750%,
7/01/53
7/28
at
100.00
N/R
468,780
745
5.000%,
7/01/58
7/28
at
100.00
N/R
719,372
Total
Puerto
Rico
1,739,422
South
Carolina
-
0.5%
620
South
Carolina
Jobs-Economic
Development
Authority,
Economic
Development
Revenue
Bonds,
Bishop
Gadsden
Episcopal
Retirement
Community,
Series
2019A,
4.000%,
4/01/49
4/26
at
103.00
BBB-
444,559
Total
South
Carolina
444,559
South
Dakota
-
1.4%
100
Sioux
Falls,
South
Dakota,
Health
Facilities
Revenue
Bonds,
Dow
Rummel
Village
Project,
Series
2017,
5.125%,
11/01/47
11/26
at
100.00
BB
84,334
1,300
South
Dakota
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Avera
Health
System,
Series
2014,
5.000%,
7/01/44
7/24
at
100.00
AA-
1,312,961
Total
South
Dakota
1,397,295
Tennessee
-
1.1%
870
Knox
County
Health,
Educational
and
Housing
Facilities
Board,
Tennessee,
Revenue
Bonds,
University
Health
System,
Inc.,
Series
2016,
5.000%,
9/01/47
9/26
at
100.00
BBB
856,202
250
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Improvement
Revenue
Bonds,
Series
2022B,
5.500%,
7/01/42,
(AMT)
7/32
at
100.00
A1
276,060
Total
Tennessee
1,132,262
Texas
-
6.5%
670
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien,
Series
2015A,
5.000%,
1/01/40,
(Pre-refunded
7/01/25)
7/25
at
100.00
A- (6)
699,038
1,000
Dallas-Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds,
Refunding
Series
2021A,
4.000%,
11/01/46
11/30
at
100.00
A1
979,540
335
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
First
Tier
Series
2013A,
5.125%,
10/01/43
10/23
at
100.00
A+
335,931
500
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C,
4.000%,
10/01/45
4/30
at
100.00
A+
479,890
500
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2015,
5.000%,
5/15/40
5/25
at
100.00
A+
513,320
125
Mission
Economic
Development
Corporation,
Texas,
Revenue
Bonds,
Natgasoline
Project,
Senior
Lien
Series
2018,
4.625%,
10/01/31,
(AMT),
144A
5/23
at
104.00
BB-
122,142
63
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Texas
(continued)
$
200
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
0.000%,
9/01/43,
(Pre-refunded
9/01/31)
(7)
9/31
at
100.00
N/R (6)
$
251,298
500
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier,
Series
2015A,
5.000%,
1/01/38
1/25
at
100.00
A+
511,480
240
Reagan
Hospital
District
of
Reagan
County,
Texas,
Limited
Tax
Revenue
Bonds,
Series
2014A,
5.000%,
2/01/34
2/24
at
100.00
Ba1
243,286
295
SA
Energy
Acquisition
Public
Facilities
Corporation,
Texas,
Gas
Supply
Revenue
Bonds,
Series
2007,
5.500%,
8/01/27
No
Opt.
Call
A2
311,567
1,000
Texas
Private
Activity
Bond
Surface
Transportation
Corporation,
Senior
Lien
Revenue
Bonds,
NTE
Mobility
Partners
Segments
3
LLC
Segments
3C
Project,
Series
2019,
5.000%,
6/30/58,
(AMT)
6/29
at
100.00
Baa2
1,003,560
1,000
Texas
Transportation
Commission,
Central
Texas
Turnpike
System
Revenue
Bonds,
Refunding
Second
Tier
Series
2015C,
5.000%,
8/15/32
8/24
at
100.00
A-
1,021,020
Total
Texas
6,472,072
Virgin
Islands
-
0.4%
380
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/30
No
Opt.
Call
N/R
386,813
Total
Virgin
Islands
386,813
Virginia
-
2.0%
1,265
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
5.000%,
12/31/56,
(AMT)
6/27
at
100.00
BBB
1,248,669
750
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
5.000%,
12/31/47,
(AMT)
12/32
at
100.00
Baa1
756,577
Total
Virginia
2,005,246
Washington
-
1.1%
1,000
Port
of
Seattle,
Washington,
Revenue
Bonds,
Refunding
Intermediate
Lien
Private
Activity
Series
2022B,
5.000%,
8/01/42,
(AMT)
8/32
at
100.00
AA-
1,070,870
Total
Washington
1,070,870
West
Virginia
-
1.0%
1,000
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
West
Virginia
United
Health
System
Obligated
Group,
Series
2018A,
5.000%,
6/01/52
6/28
at
100.00
A
1,008,120
Total
West
Virginia
1,008,120
Wisconsin
-
4.9%
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B:
4
0.000%,
1/01/46,
144A
(4)
No
Opt.
Call
N/R
85
4
0.000%,
1/01/47,
144A
(4)
No
Opt.
Call
N/R
78
4
0.000%,
1/01/48,
144A
(4)
No
Opt.
Call
N/R
74
4
0.000%,
1/01/49,
144A
(4)
No
Opt.
Call
N/R
70
3
0.000%,
1/01/50,
144A
(4)
No
Opt.
Call
N/R
64
4
0.000%,
1/01/51,
144A
(4)
No
Opt.
Call
N/R
67
98
1.000%,
7/01/51,
144A
(4)
3/28
at
100.00
N/R
57,020
4
0.000%,
1/01/52,
144A
(4)
No
Opt.
Call
N/R
62
4
0.000%,
1/01/53,
144A
(4)
No
Opt.
Call
N/R
58
4
0.000%,
1/01/54,
144A
(4)
No
Opt.
Call
N/R
55
4
0.000%,
1/01/55,
144A
(4)
No
Opt.
Call
N/R
51
Nuveen
Municipal
Income
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2023
(Unaudited)
64
NMI
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Wisconsin
(continued)
$
4
0.000%,
1/01/56,
144A
(4)
No
Opt.
Call
N/R
$
48
4
0.000%,
1/01/57,
144A
(4)
No
Opt.
Call
N/R
45
4
0.000%,
1/01/58,
144A
(4)
No
Opt.
Call
N/R
42
3
0.000%,
1/01/59,
144A
(4)
No
Opt.
Call
N/R
40
3
0.000%,
1/01/60,
144A
(4)
No
Opt.
Call
N/R
37
3
0.000%,
1/01/61,
144A
(4)
No
Opt.
Call
N/R
35
3
0.000%,
1/01/62,
144A
(4)
No
Opt.
Call
N/R
33
3
0.000%,
1/01/63,
144A
(4)
No
Opt.
Call
N/R
31
3
0.000%,
1/01/64,
144A
(4)
No
Opt.
Call
N/R
29
3
0.000%,
1/01/65,
144A
(4)
No
Opt.
Call
N/R
27
3
0.000%,
1/01/66,
144A
(4)
No
Opt.
Call
N/R
25
42
0.000%,
1/01/67,
144A
(4)
No
Opt.
Call
N/R
293
500
Public
Finance
Authority
of
Wisconsin,
Pollution
Control
Revenue
Bonds,
Duke
Energy
Progress
Project,
Refunding
Series
2022A-2,
3.300%,
10/01/46,
(Mandatory
Put
10/01/26)
No
Opt.
Call
Aa3
501,430
200
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Dickson
Hollow
Project.
Series
2014,
5.125%,
10/01/34
5/23
at
102.00
N/R
182,126
200
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Oakwood
Lutheran
Senior
Ministries,
Series
2021,
4.000%,
1/01/57
1/27
at
103.00
N/R
135,402
1,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
PHW
Oconomowoc,
Inc.
Project,
Series
2018,
5.125%,
10/01/48
10/23
at
102.00
N/R
853,110
1,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
ProHealth
Care,
Inc.
Obligated
Group,
Refunding
Series
2015,
5.000%,
8/15/39
8/24
at
100.00
A+
1,010,340
500
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Rogers
Memorial
Hospital,
Inc.,
Series
2014B,
5.000%,
7/01/44
7/24
at
100.00
A
505,665
545
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Saint
John's
Communities
Inc.,
Series
2018A,
5.000%,
9/15/50,
(Pre-refunded
9/15/23)
9/23
at
100.00
BBB- (6)
548,205
1,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
ThedaCare
Inc
,
Series
2015,
5.000%,
12/15/44
12/24
at
100.00
AA-
1,008,150
Total
Wisconsin
4,802,797
Total
Long-Term
Investments
(cost
$95,370,064)
94,239,147
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
SHORT-TERM
INVESTMENTS
-
3.4%
X
3,315,000
MUNICIPAL
BONDS
-
3.4%
X
3,315,000
Colorado
-
1.0%
$
1,000
Colorado
Springs,
Colorado,
Utilities
System
Revenue
Bonds,
Refunding
Series
2009C,
4.000%,
11/01/28,
(Mandatory
Put
5/5/2023)
(8)
4/23
at
100.00
AA+
$
1,000,000
Total
Colorado
1,000,000
Iowa
-
0.9%
900
Iowa
Finance
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019E,
4.000%,
1/01/49,
(Mandatory
Put
5/5/2023)
(8)
4/23
at
100.00
AAA
900,000
Total
Iowa
900,000
65
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
North
Carolina
-
1.5%
$
390
University
of
North
Carolina
Chapel
Hill,
North
Carolina,
Hospitals
Revenue
Bonds,
Series
2009A,
3.950%,
2/01/24,
(Mandatory
Put
5/5/2023)
(8)
5/23
at
100.00
AA
$
390,000
1,025
University
of
North
Carolina
Chapel
Hill,
Revenue
Bonds,
University
of
North
Carolina
Hospitals
at
Chapel
Hill,
Variable
Rate
Demand
Series
2003B,
3.950%,
2/01/29,
(Mandatory
Put
5/5/2023)
(8)
5/23
at
100.00
AA
1,025,000
Total
North
Carolina
1,415,000
Total
Short-Term
Investments
(cost
$3,315,000)
3,315,000
Total
Investments
(cost
$98,685,064
)
-
98.6%
97,554,147
Other
Assets
&
Liabilities,
Net
- 1.4%
1,382,779
Net
Assets
Applicable
to
Common
Shares
-
100%
$
98,936,926
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns
.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(4)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(5)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(6)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(7)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(8)
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,
as
well
as
the
reference
rate
and
spread,
where
applicable,
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.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
66
April
30,
2023
(Unaudited)
NUV
NUW
NMI
ASSETS
Long-term
investments,
at
value
†
$
1,921,743,860‌
$
270,102,677‌
$
94,239,147‌
Short-term
investments,
at
value
◊
–‌
–‌
3,315,000‌
Cash
2,085,927‌
1,059,089‌
–‌
Cash
collateral
at
brokers
for
investments
in
futures
contracts
(1)
–‌
396,011‌
–‌
Receivables:
Interest
22,818,453‌
3,095,629‌
1,386,433‌
Investments
sold
22,500,000‌
297,563‌
476,398‌
Deferred
offering
costs
–‌
–‌
111,370‌
Other
assets
489,488‌
12,250‌
8,815‌
Total
assets
1,969,637,728‌
274,963,219‌
99,537,163‌
LIABILITIES
Cash
overdraft
–‌
–‌
140,258‌
Floating
rate
obligations
21,480,000‌
2,000,000‌
–‌
Payables:
Dividends
5,346,357‌
710,853‌
287,425‌
Interest
202,435‌
6,014‌
–‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
3,210,976‌
–‌
–‌
Variation
margin
on
futures
contracts
–‌
82,500‌
–‌
Accrued
expenses:
Custodian
fees
151,014‌
35,235‌
15,718‌
Investor
relations
33,843‌
5,097‌
2,181‌
Management
fees
717,430‌
124,614‌
49,689‌
Directors/Trustees
fees
444,788‌
4,275‌
1,016‌
Professional
fees
16,640‌
14,480‌
14,251‌
Shareholder
reporting
expenses
70,587‌
10,323‌
6,500‌
Shareholder
servicing
agent
fees
58,515‌
40‌
967‌
Shelf
offering
costs
–‌
–‌
74,651‌
Other
17,211‌
24,666‌
7,581‌
Total
liabilities
31,749,796‌
3,018,097‌
600,237‌
Commitments
and
contingencies
(2)
Net
assets
applicable
to
common
shares
$
1,937,887,932‌
$
271,945,122‌
$
98,936,926‌
Common
shares
outstanding
207,541,595‌
17,951,336‌
10,051,095‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
9
.34‌
$
15
.15‌
$
9
.84‌
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
2,075,416‌
$
179,513‌
$
100,511‌
Paid-in
capital
1,963,547,908‌
268,621,006‌
105,319,950‌
Total
distributable
earnings
(loss)
(
27,735,392‌
)
3,144,603‌
(
6,483,535‌
)
Net
assets
applicable
to
common
shares
$
1,937,887,932‌
$
271,945,122‌
$
98,936,926‌
Authorized
shares:
Common
350,000,000
Unlimited
200,000,000
†
Long-term
investments,
cost
$
1,876,904,924‌
$
265,164,067‌
$
95,370,064‌
◊
Short-term
investments,
cost
$
—‌
$
—‌
$
3,315,000‌
(1)
Cash
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(2)
As
disclosed
in
Notes
to
Financial
Statements.
Statement
of
Operations
See
Notes
to
Financial
Statements
67
Six
Months
Ended
April
30,
2023
(Unaudited)
NUV
NUW
NMI
INVESTMENT
INCOME
Interest
$
40,930,563‌
$
5,282,330‌
$
2,242,311‌
Total
investment
income
40,930,563‌
5,282,330‌
2,242,311‌
EXPENSES
–
–
–
Management
fees
4,279,968‌
741,056‌
296,086‌
Shareholder
servicing
agent
fees
157,154‌
50‌
2,939‌
Interest
expense
392,904‌
34,470‌
1,444‌
Directors/Trustees
fees
25,430‌
3,568‌
1,298‌
Custodian
expenses,
net
82,617‌
19,473‌
10,584‌
Investor
relations
expenses
28,527‌
4,233‌
1,740‌
Professional
fees
45,871‌
19,937‌
22,298‌
Shareholder
reporting
expenses
94,236‌
15,054‌
14,671‌
Stock
exchange
listing
fees
30,929‌
3,564‌
4,929‌
Other
17,997‌
6,666‌
4,358‌
Total
expenses
5,155,633‌
848,071‌
360,347‌
Net
investment
income
(loss)
35,774,930‌
4,434,259‌
1,881,964‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss):
Investments
(
19,120,249‌
)
(
1,207,348‌
)
(
425,593‌
)
Futures
contracts
—‌
1,239,762‌
—‌
Net
realized
gain
(loss)
(
19,120,249‌
)
32,414‌
(
425,593‌
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
136,643,679‌
18,688,364‌
6,409,966‌
Futures
contracts
—‌
(
1,935,226‌
)
—‌
Change
in
net
unrealized
appreciation
(depreciation)
136,643,679‌
16,753,138‌
6,409,966‌
Net
realized
and
unrealized
gain
(loss)
117,523,430‌
16,785,552‌
5,984,373‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
153,298,360‌
$
21,219,811‌
$
7,866,337‌
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
68
NUV
NUW
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
OPERATIONS
Net
investment
income
(loss)
$
35,774,930‌
$
68,382,062‌
$
4,434,259‌
$
8,265,079‌
Net
realized
gain
(loss)
(
19,120,249‌
)
(
42,644,074‌
)
32,414‌
(
953,863‌
)
Change
in
net
unrealized
appreciation
(depreciation)
136,643,679‌
(
340,070,110‌
)
16,753,138‌
(
51,604,479‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
153,298,360‌
(
314,332,122‌
)
21,219,811‌
(
44,293,263‌
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
34,866,988‌
)
(
69,733,974‌
)
(
4,227,540‌
)
(
11,846,086‌
)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(
34,866,988‌
)
(
69,733,974‌
)
(
4,227,540‌
)
(
11,846,086‌
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Net
proceeds
from
common
shares
issued
to
common
shareholders
due
to
reinvestment
of
distributions
—‌
347,096‌
—‌
—‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
capital
share
transactions
—‌
347,096‌
—‌
—‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
118,431,372‌
(
383,719,000‌
)
16,992,271‌
(
56,139,349‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
1,819,456,560‌
2,203,175,560‌
254,952,851‌
311,092,200‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
1,937,887,932‌
$
1,819,456,560‌
$
271,945,122‌
$
254,952,851‌
See
Notes
to
Financial
Statements
69
NMI
Unaudited
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
OPERATIONS
Net
investment
income
(loss)
$
1,881,964‌
$
3,444,459‌
Net
realized
gain
(loss)
(
425,593‌
)
(
5,141,509‌
)
Change
in
net
unrealized
appreciation
(depreciation)
6,409,966‌
(
15,433,338‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
7,866,337‌
(
17,130,388‌
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
1,809,138‌
)
(
3,259,831‌
)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(
1,809,138‌
)
(
3,259,831‌
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Proceeds
from
shelf
offering,
net
of
offering
costs
49,338‌
(
9,169‌
)
Net
proceeds
from
common
shares
issued
to
common
shareholders
due
to
reinvestment
of
distributions
—‌
38,776‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
capital
share
transactions
49,338‌
29,607‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
6,106,537‌
(
20,360,612‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
92,830,389‌
113,191,001‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
98,936,926‌
$
92,830,389‌
Financial
Highlights
70
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NUV
NUW
4/30/23(c)
0.04
%
0.02
%
10/31/22
0.01
0.01
10/31/21
0.01
0.01
10/31/20
0.02
0.01
10/31/19
0.04
0.07
10/31/18
0.03
0.10
Ratios
to
Average
Net
Assets
NUW
Expenses
NII
(Loss)
10/31/21
0.68
2.60
10/31/20
0.82
2.75
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Beginning
Common
Share
Net
Asset
Value
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Premium
per
Share
Sold
through
Shelf
Offering
Ending
Net
Asset
Value
Ending
Share
Price
NUV
4/30/23(c)
$
8.77
$
0.17
$
0.57
$
0.74
$
(0.17)
$
—
$
(0.17)
$
—
$
9.34
$
8.80
10/31/22
10.62
0.33
(1.84)
(1.51)
(0.34)
—
(0.34)
—
8.77
8.35
10/31/21
10.48
0.35
0.15
0.50
(0.36)
—
(0.36)
—
10.62
11.21
10/31/20
10.57
0.37
(0.09)
0.28
(0.37)
—
(0.37)
—
10.48
10.81
10/31/19
9.84
0.37
0.73
1.10
(0.37)
—
(0.37)
—
10.57
10.43
10/31/18
10.30
0.38
(0.45)
(0.07)
(0.39)
—
(0.39)
—
9.84
9.18
NUW
4/30/23(c)
14.20
0.25
0.94
1.19
(0.24)
—
(0.24)
—
15.15
13.83
10/31/22
17.33
0.46
(2.93)
(2.47)
(0.47)
(0.19)
(0.66)
—
14.20
13.19
10/31/21
16.81
0.45
0.54
0.99
(0.47)
—
(0.47)
—(e)
17.33
16.76
10/31/20
16.90
0.47
(0.08)
0.39
(0.48)
—
(0.48)
—
16.81
16.21
10/31/19
15.88
0.60
1.16
1.76
(0.65)
(0.10)
(0.75)
0.01
16.90
16.83
10/31/18
16.99
0.70
(0.92)
(0.22)
(0.72)
(0.18)
(0.90)
0.01
15.88
14.36
(a)
Percentage
is
not
annualized.
(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
Notes
to
Financial
Statements),
where
applicable,
as
follows:
(c)
Unaudited.
(d)
Annualized.
(e)
Value
rounded
to
zero.
(f)
During
the
period
ended
October
31,
2021
and
October
31,
2020,
the
Adviser
voluntarily
reimbursed
the
Fund
for
certain
expenses
incurred
in
connection
with
a
common
shares
equity
shelf
program.
As
a
result,
the
Expenses
and
Net
Investment
Income
(Loss)
Ratios
to
Average
Net
Assets
reflect
the
voluntary
expense
reimbursement
from
Adviser.
The
Expenses
and
Net
Investment
Income
(Loss)
Ratios
to
Average
Net
Assets
excluding
this
expense
reimbursement
from
Adviser
were
as
follows:
See
Notes
to
Financial
Statements
71
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(a)
Based
on
Share
Price(a)
Ending
Net
Assets
(000)
Expenses(b)
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate
8.44‌
%
7.41‌
%
$
1,937,888
0.54‌
%
(d)
3.74‌
%
(d)
9‌
%
(14.52‌)
(22.80‌)
1,819,457
0.50‌
3.36‌
29‌
4.79‌
7.19‌
2,203,176
0.48‌
3.27‌
11‌
2.72‌
7.41‌
2,171,104
0.51‌
3.52‌
11‌
11.35‌
17.92‌
2,186,923
0.54‌
3.63‌
13‌
(0.71‌)
(5.55‌)
2,035,221
0.54‌
3.76‌
20‌
8.37‌
6.64‌
271,945
0.63‌
(d)
3.32‌
(d)
7‌
(14.65‌)
(17.84‌)
254,953
0.64‌
2.90‌
17‌
5.89‌
6.31‌
311,092
0.68‌
(f)
2.60‌
(f)
10‌
2.33‌
(0.77‌)
260,790
0.78‌
(f)
2.79‌
(f)
13‌
11.38‌
22.81‌
262,190
0.73‌
3.61‌
31‌
(1.31‌)
(11.54‌)
244,612
0.80‌
4.26‌
30‌
Financial
Highlights
(continuted)
72
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NMI
4/30/23(c)
—
%
10/31/22
—
10/31/21
—
10/31/20
—
10/31/19
—
10/31/18
—
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Beginning
Common
Share
Net
Asset
Value
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Shelf
Offering
Costs
Premium
per
Share
Sold
through
Shelf
Offering
Ending
Net
Asset
Value
Ending
Share
Price
NMI
4/30/23(c)
$
9.24
$
0.19
$
0.59
$
0.78
$
(0.18)
$
—
$
(0.18)
$
—
$
—(d)
$
9.84
$
9.41
10/31/22
11.27
0.34
(2.05)
(1.71)
(0.32)
—(d)
(0.32)
—
—
9.24
8.53
10/31/21
11.08
0.37
0.20
0.57
(0.38)
—
(0.38)
—
—
11.27
11.65
10/31/20
11.32
0.41
(0.20)
0.21
(0.41)
(0.04)
(0.45)
—
—(d)
11.08
11.31
10/31/19
10.92
0.43
0.47
0.90
(0.43)
(0.07)
(0.50)
—
—(d)
11.32
11.33
10/31/18
11.38
0.43
(0.43)
—
(0.46)
—
(0.46)
(0.01)
0.01
10.92
10.09
(a)
Percentage
is
not
annualized.
(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
Notes
to
Financial
Statements),
where
applicable,
as
follows:
See
Notes
to
Financial
Statements
73
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(a)
Based
on
Share
Price(a)
Ending
Net
Assets
(000)
Expenses(b)
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate
8.46‌
%
12.42‌
%
$
98,937
0.74‌
%
(e)
3.87‌
%
(e)
9‌
%
(15.39‌)
(24.32‌)
92,830
0.72‌
3.29‌
61‌
5.18‌
6.51‌
113,191
0.73‌
3.23‌
15‌
1.86‌
3.87‌
101,924
0.74‌
3.70‌
15‌
8.45‌
17.61‌
99,822
0.79‌
3.83‌
10‌
(0.05‌)
(8.14‌)
95,396
0.89‌
3.87‌
17‌
(c)
Unaudited.
(d)
Value
rounded
to
zero.
(e)
Annualized.
74
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information
Fund
Information:
The
funds
covered
in
this
report
and
their
corresponding
New
York
Stock
Exchange
(“NYSE”)
symbols
are
as
follows
(each
a
“Fund”
and
collectively,
the
“Funds”):
Nuveen
Municipal
Value
Fund,
Inc.
(NUV)
Nuveen
AMT-Free
Municipal
Value
Fund
(NUW)
Nuveen
Municipal
Income
Fund,
Inc.
(NMI)
The
Funds
are
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended,
as
diversified
closed-end
management
investment
companies.
NUV
and
NMI
were
incorporated
under
the
state
laws
of
Minnesota
on
April
8,
1987
and
February
26,
1988,
respectively.
NUW
was
organized
as
Massachusetts
business
trusts
on
November
19,
2008.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
April
30,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
April
30,
2023
(the
“current
fiscal
period”).
Investment
Adviser
and
Sub-Adviser:
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-
advisory
agreements
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
Developments
Regarding
the
Funds’
Control
Share
By-Law:
On
October
5,
2020,
the
Funds
and
certain
other
closed-end
funds
in
the
Nuveen
fund
complex
amended
their
by-laws.
Among
other
things,
the
amended
by-laws
included
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”).
On
January
14,
2021,
a
shareholder
of
certain
Nuveen
closed-end
funds
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
certain
Nuveen
funds
and
their
trustees,
seeking
a
declaration
that
such
funds’
Control
Share
By-Laws
violate
the
1940
Act,
rescission
of
such
fund’s
Control
Share
By-Laws
and
a
permanent
injunction
against
such
funds
applying
the
Control
Share
By-Laws.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favor
of
the
plaintiff’s
claim
for
rescission
of
such
funds’
Control
Share
By-Laws
and
the
plaintiff’s
declaratory
judgment
claim,
and
declared
that
such
funds’
Control
Share
By-Laws
violate
Section
18(i)
of
the
1940
Act.
Following
review
of
the
judgment
of
the
District
Court,
on
February
22,
2022,
the
Board
of
Directors/Trustees
(the
“Board”)
amended
the
Funds’
by-laws
to
provide
that
the
Funds’
Control
Share
By-Law
shall
be
of
no
force
and
effect
for
so
long
as
the
judgment
of
the
District
Court
is
effective
and
that
if
the
judgment
of
the
District
Court
is
reversed,
overturned,
vacated,
stayed,
or
otherwise
nullified,
the
Funds’
Control
Share
By-Law
will
be
automatically
reinstated
and
apply
to
any
beneficial
owner
of
common
shares
acquired
in
a
Control
Share
Acquisition,
regardless
of
whether
such
Control
Share
Acquisition
occurs
before
or
after
such
reinstatement,
for
the
duration
of
the
stay
or
upon
issuance
of
the
mandate
reversing,
overturning,
vacating
or
otherwise
nullifying
the
judgment
of
the
District
Court.
On
February
25,
2022,
the
Board
and
the
Funds
appealed
the
District
Court’s
decision
to
the
U.S.
Court
of
Appeals
for
the
Second
Circuit.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates. Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
–
Investment
Companies.
The
net
asset
value
(“NAV”)
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
The
Funds pay
no
compensation
directly
to
those
of
its
directors/trustees
or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to
each
Fund
from
the
Adviser
or
its
affiliates.
The Board has
adopted
a
deferred
compensation
plan
for
independent
directors/trustees
that
enables
directors/trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-
advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Custodian
Fee
Credit:
As
an
alternative
to
overnight
investments,
each
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
each
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
reporting
period,
the
custodian
fee
credit
earned
by
each
Fund
was
as
follows:
75
Distributions
to
Common
Shareholders:
Distributions
to
common shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
Under
the
Funds'
organizational
documents, their
officers
and
directors/trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the Funds
enter
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Funds'
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Funds
that
have
not
yet
occurred.
However,
the Funds
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Investment
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Investment
income
also
reflects
dividend
income,
which
is
recorded
on
the
ex-dividend
date.
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged
,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statements
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
New
Accounting
Pronouncement:
In
March
2020,
FASB
issued
Accounting
Standards
Update
("ASU")
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024.
Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
Funds’
investments
and
has
currently
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
a
significant
impact
on
the
Funds’
financial
statements
and
various
filings.
New
Accounting
Pronouncement:
In
June
2022,
the
FASB
issued
ASU
2022-03
to
clarify
the
guidance
in
Topic
820,
Fair
Value
Measurement
("Topic
820").
The
amendments
in
ASU
2022-03
affect
all
entities
that
have
investments
in
equity
securities
measured
at
fair
value
that
are
subject
to
a
contractual
sale
restriction.
ASU
2022-03
(1)
clarifies
the
guidance
in
Topic
820,
when
measuring
the
fair
value
of
an
equity
security
subject
to
contractual
restrictions
that
prohibit
the
sale
of
equity
security,
(2)
amends
a
related
illustrative
example,
and
(3)
introduces
new
disclosure
requirements
for
equity
securities
subject
to
contractual
sale
restrictions
that
are
measured
at
fair
value
in
accordance
with
Topic
820.
For
public
business
entities,
the
amendments
in
ASU
2022-03
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
those
fiscal
years.
For
all
other
entities,
the
amendments
are
effective
for
fiscal
years
beginning
after
December
15,
2024,
and
interim
periods
within
those
fiscal
years.
Early
adoption
is
permitted
for
both
interim
and
annual
financial
statements
that
have
not
yet
been
issued
or
made
available
for
issuance.
Management
is
currently
assessing
the
impact
of
these
provisions
on
the
Funds'
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Fund
Gross
Custodian
Fee
Credits
NUV
$
6,555
NUW
1,353
NMI
1,443
76
Notes
to
Financial
Statements
(Unaudited)
(continued)
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
last
reported sales
price
or
official
closing
price of such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
reported sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the valuation
date.
For
events affecting
the value
of
foreign
securities
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Funds'
net
assets
are
calculated,
such
securities
will
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Adviser,
subject
to
the
oversight
of
the
Board. To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1. When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price, these
securities
are
generally
classified
as
Level
2.
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
Futures
contracts
are
valued
using
the
closing
settlement
price
or,
in
the
absence
of
such
a
price,
the
last
traded
price
and
are
generally
classified
as
Level
1.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
NUV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
1,921,743,860
$
–
$
1,921,743,860
Total
$
–
$
1,921,743,860
$
–
$
1,921,743,860
1
NUW
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
268,943,988
$
–
$
268,943,988
Common
Stocks
–
1,139,384
–
1,139,384
Corporate
Bonds
–
19,305
–
19,305
Investments
in
Derivatives:
Futures
Contracts*
(593,384)
–
–
(593,384)
Total
$
(593,384)
$
270,102,677
$
–
$
269,509,293
1
77
The
Funds
hold
liabilities
in
floating
rate
obligations,
where
applicable,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds'
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
2
and
further
described
in
Note
4
–
Portfolio
Securities
and
Investments
in
Derivatives.
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
Inverse
Floating
Rate
Securities:
Each
Fund
is
authorized
to
invest
in
inverse
floating
rate
securities.
An
inverse
floating
rate
security
is
created
by
depositing
a
municipal
bond
(referred
to
as
an
“Underlying
Bond”),
typically
with
a
fixed
interest
rate,
into
a
special
purpose
tender
option
bond
(“TOB”)
trust
(referred
to
as
the
“TOB
Trust”)
created
by
or
at
the
direction
of
one
or
more
Funds.
In
turn,
the
TOB
Trust
issues
(a)
floating
rate
certificates
(referred
to
as
“Floaters”),
in
face
amounts
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
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.
A Fund
may
acquire
an
Inverse
Floater
in
a
transaction
where
it
(a)
transfers
an
Underlying
Bond
that
it
owns
to
a
TOB
Trust
created
by
a
third
party
or
(b)
transfers
an
Underlying
Bond
that
it
owns,
or
that
it
has
purchased
in
a
secondary
market
transaction
for
the
purpose
of
creating
an
Inverse
Floater,
to
a
TOB
Trust
created
at
its
direction,
and
in
return
receives
the
Inverse
Floater
of
the
TOB
Trust
(referred
to
as
a
“self-deposited
Inverse
Floater”).
A
Fund
may
also
purchase
an
Inverse
Floater
in
a
secondary
market
transaction
from
a
third
party
creator
of
the
TOB
Trust
without
first
owning
the
Underlying
Bond
(referred
to
as
an
“externally-deposited
Inverse
Floater”).
An
investment
in
a
self-deposited
Inverse
Floater
is
accounted
for
as
a
“financing”
transaction
(i.e.,
a
secured
borrowing).
For
a
self-deposited
Inverse
Floater,
the
Underlying
Bond
deposited
into
the
TOB
Trust
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(UB)
–
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction,”
with
the
Fund
recognizing
as
liabilities,
labeled
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities,
(a)
the
liquidation
value
of
Floaters
issued
by
the
TOB
Trust,
and
(b)
the
amount
of
any
borrowings
by
the
TOB
Trust
from
a
Liquidity
Provider
to
enable
the
TOB
Trust
to
purchase
outstanding
Floaters
in
lieu
of
a
remarketing.
In
addition,
the
Fund
recognizes
in
“Investment
Income”
the
entire
earnings
of
the
Underlying
Bond,
and
recognizes
(a)
the
interest
paid
to
the
holders
of
the
Floaters
or
on
the
TOB
Trust’s
borrowings,
and
(b)
other
expenses
related
to
remarketing,
administration,
trustee,
liquidity
and
other
services
to
a
TOB
Trust,
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Earnings
due
from
the
Underlying
Bond
and
interest
due
to
the
holders
of
the
Floaters
as
of
the
end
of
the
reporting
period
are
recognized
as
components
of
“Receivable
for
interest”
and
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
respectively.
In
contrast,
an
investment
in
an
externally-deposited
Inverse
Floater
is
accounted
for
as
a
purchase
of
the
Inverse
Floater
and
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(IF)
–
Inverse
floating
rate
investment.”
For
an
externally-deposited
Inverse
Floater,
a
Fund’s
Statement
of
Assets
and
Liabilities
recognizes
the
Inverse
Floater
and
not
the
Underlying
Bond
as
an
asset,
and
the
Fund
does
not
recognize
the
Floaters,
or
any
related
borrowings
from
a
Liquidity
Provider,
as
a
liability.
Additionally,
the
Fund
reflects
in
“Investment
Income”
only
the
net
amount
of
earnings
on
the
Inverse
Floater
(net
of
the
interest
paid
to
the
holders
of
the
Floaters
or
the
Liquidity
Provider
as
lender,
and
the
expenses
of
the
Trust),
and
does
not
show
the
amount
of
that
interest
paid
or
the
expenses
of
the
TOB
Trust
as
described
above
as
interest
expense
on
the
Statement
of
Operations.
Fees
paid
upon
the
creation
of
a
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
are
recognized
as
part
of
the
cost
basis
of
the
Inverse
Floater
and
are
capitalized
over
the
term
of
the
TOB
Trust.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
Floaters
issued
by
each
Fund’s
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
NMI
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
94,223,038
$
16,109**
$
94,239,147
Short-Term
Investments:
Municipal
Bonds
–
3,315,000
–
3,315,000
Total
$
–
$
97,538,038
$
16,109
$
97,554,147
1
*
Represents
net
unrealized
appreciation
(depreciation)
as
reported
in
Fund's
Portfolio
of
Investments.
**
Refer
to
the
Fund's
Portfolio
of
Investments
for
securities
classified
as
Level
3.
78
Notes
to
Financial
Statements
(Unaudited)
(continued)
During
the
current
fiscal
period,
the
average
amount
of
Floaters
(including
any
borrowings
from
a
Liquidity
Provider)
outstanding,
and
the
average
annual
interest
rates
and
fees
related
to
self-deposited
Inverse
Floaters,
were
as
follows:
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:
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.
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
NUV
$
21,480,000
$
—
$
21,480,000
NUW
2,000,000
—
2,000,000
NMI
—
—
—
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
NUV
$
21,480,000
3.67
%
NUW
2,000,000
3.35
NMI
—
—
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
NUV
$
21,480,000
$
—
$
21,480,000
NUW
2,000,000
—
2,000,000
NMI
—
—
—
79
Purchases
and
Sales:
Long-term
purchases
and
sales
during
the
current
fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
The
Funds
have
earmarked
securities
in
their
portfolios
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/
delayed
delivery
purchase
commitments.
If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
Derivatives
In
addition
to
the
inverse
floating
rate
securities
in
which each
Fund
may
invest,
which
are
considered
portfolio
securities
for
financial
reporting
purposes, each
Fund
is
authorized
to
invest
in
certain
other
derivative
instruments
such
as
futures,
options
and
swap
contracts.
Each
Fund
limits
its
investments
in
futures,
options
on
futures
and
swap
contracts
to
the
extent
necessary
for
the
Adviser
to
claim
the
exclusion
from
registration
by
the
Commodity Futures
Trading
Commission
as
a
commodity
pool
operator
with
respect
to
the
Fund.
The
Funds
record
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
where
applicable.
Even
though
the
Funds'
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
Futures
Contracts:
Upon
execution
of
a
futures
contract,
a
Fund
is
obligated
to
deposit
cash
or
eligible
securities,
also
known
as
“initial
margin,”
into
an
account
at
its
clearing
broker
equal
to
a
specified
percentage
of
the
contract
amount.
Cash
held
by
the
broker
to
cover
initial
margin
requirements
on
open
futures
contracts,
if
any,
is
recognized
as
“Cash
collateral
at
brokers
for
investments
in
futures
contracts”
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
futures
contracts
obligate
a
Fund
and
the
clearing
broker
to
settle
monies
on
a
daily
basis
representing
changes
in
the
prior
days
“mark-to-market”
of
the
open
contracts.
If
a
Fund
has
unrealized
appreciation
the
clearing
broker
would
credit
the
Fund’s
account
with
an
amount
equal
to
appreciation
and
conversely
if
a
Fund
has
unrealized
depreciation
the
clearing
broker
would
debit
the
Fund’s
account
with
an
amount
equal
to
depreciation.
These
daily
cash
settlements
are
also
known
as
“variation
margin.”
Variation
margin
is
recognized
as
a
receivable
and/or
payable
for
“Variation
margin
on
futures
contracts”
on
the
Statement
of
Assets
and
Liabilities.
During
the
period
the
futures
contract
is
open,
changes
in
the
value
of
the
contract
are
recognized
as
an
unrealized
gain
or
loss
by
“marking-to-
market”
on
a
daily
basis
to
reflect
the
changes
in
market
value
of
the
contract,
which
is
recognized
as
a
component
of
“Change
in
net
unrealized
appreciation
(depreciation)
of
futures
contracts”
on
the
Statement
of
Operations.
When
the
contract
is
closed
or
expired,
a
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
contract
on
the
closing
date
and
value
of
the
contract
when
originally
entered
into,
which
is
recognized
as
a
component
of
“Net
realized
gain
(loss)
from
futures
contracts”
on
the
Statement
of
Operations.
Risks
of
investments
in
futures
contracts
include
the
possible
adverse
movement
in
the
price
of
the
securities
or
indices
underlying
the
contracts,
the
possibility
that
there
may
not
be
a
liquid
secondary
market
for
the
contracts
and/or
that
a
change
in
the
value
of
the
contract
may
not
correlate
with
a
change
in
the
value
of
the
underlying
securities
or
indices.
During
the
current
fiscal
period,
NUW
managed
the
duration
of
its
portfolio
by
shorting
interest
rate
futures
contracts.
The
average
notional
amount
of
futures
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
The
following
table
presents
the
fair
value
of
all
futures
contracts
held
by
the
Fund
as
of
the
end
of
the
reporting
period,
the
location
of
these
instruments
of
the
Statement
of
Assets
and
Liabilities
and
the
primary
underlying
risk
exposure.
Fund
Purchases
Sales
and
Maturities
NUV
$
175,077,803
$
191,108,831
NUW
19,680,869
21,262,661
NMI
10,053,946
8,083,464
Fund
Average
Notional
Amount
of
Futures
Contracts
Outstanding
*
NUW
$
21,413,818
*
The
average
notional
amount
is
calculated
based
on
the
absolute
aggregate
notional
amount
of
contracts
outstanding
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Location
on
the
Statement
of
Assets
and
Liabilities
Underlying
Derivative
Asset
Derivatives
(Liability)
Derivatives
Risk
Exposure
Instrument
Location
Value
Location
Value
NUW
Interest
rate
Futures
contracts
-
$
-
Payable
for
variation
margin
on
futures
contracts*
$
(593,384)
*
Value
represents
the
cumulative
unrealized
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Fund’s
Portfolio
of
Investments
and
not
the
asset
and/or
liability
derivatives
location
as
described
in
the
table
above.
80
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
following
table
presents
the
amount
of
net
realized
gain
(loss)
and
change
in
net
unrealized
appreciation
(depreciation)
recognized
on
futures
contracts
on
the
Statement
of
Operations
during
the
current
fiscal
period,
and
the
primary
underlying
risk
exposure.
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.
5.
Fund
Shares
Common
Shares
Common
Shares
Equity
Shelf
Programs
and
Offering
Costs:
The
following
Funds
have
filed
a
registration
statement
with
the
SEC
authorizing each
Fund
to
issue
additional
common
shares
through
one
or
more
equity
shelf
programs
(“Shelf
Offering”),
which
became
effective
with
the
SEC
during
prior
fiscal
periods.
Under
this
Shelf
Offering,
the
Funds,
subject
to
market
conditions,
may
raise
additional
equity
capital
by
issuing
additional
common
shares
from
time
to
time
in
varying
amounts
and
by
different
offering
methods
at
a
net
price
at
or
above each
Fund’s
NAV
per
common
share.
In
the
event
the
Fund’s
Shelf
Offering
registration
statement
is
no
longer
current,
the
Fund
may
not
issue
additional
common
shares
until
a
post-effective
amendment
to
the
registration
statement
has
been
filed
with
the
SEC.
Additional
authorized
common
shares,
common
shares
sold
and
offering
proceeds,
net
of
offering
costs
under
the
Fund’s
Shelf
Offering
during
the
Fund’s
current
fiscal
period
were
as
follows:
Costs
incurred
by
the
Fund
in
connection
with
its
initial
shelf
registration
are
recorded
as
a
prepaid
expense
and
recognized
as
“Deferred
offering
costs”
on
the
Statement
of
Assets
and
Liabilities.
These
costs
are
amortized
pro
rata
as
common
shares
are
sold
and
are
recognized
as
a
component
of
“Proceeds
from
shelf
offering,
net
of
offering
costs”
on
the
Statement
of
Changes
in
Net
Assets.
Any
deferred
offering
costs
remaining
one
year
after
effectiveness
of
the
initial
shelf
registration
will
be
expensed.
Costs
incurred
by
the
Fund
to
keep
the
shelf
registration
current
are
expensed
as
incurred
and
recognized
as
a
component
of
“Other
expenses”
on
the
Statement
of
Operations.
Common Share
Transactions:
Transactions
in common
shares
for
the
Funds
during
the
Funds’
current
and
prior
fiscal
period,
where
applicable,
were
as
follows:
Fund
Underlying
Risk
Exposure
Derivative
Instrument
Net
Realized
Gain
(Loss)
from
Futures
Contracts
Change
in
Net
Unrealized
Appreciation
(Depreciation)
of
Futures
Contracts
NUW
Interest
rate
Future
contracts
$
1,239,762
$
(1,935,226)
NMI
Year
Ended
4/30/23
Year
Ended
10/31/22
Additional
authorized
common
shares
2,200,000
2,200,000
Common
shares
sold
–
–
Offering
proceeds,
net
of
offering
costs
49,338
(9,169)
NUV
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Common
Shares:
Issued
to
shareholders
due
to
reinvestment
of
distributions
—
32,361
Total
—
32,361
81
6.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
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
NUW
the
AMT
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.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
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.
NMI
Six
Months
Ended
4/30/23
Year
Ended
10/31/22
Common
Shares:
Sold
through
shelf
offering
4,954
—
Issued
to
shareholders
due
to
reinvestment
of
distributions
—
3,430
Total
4,954
3,430
Weighted
average
common
share:
Premium
to
NAV
per
shelf
offering
common
share
sold
1.11%
–%
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NUV
$
1,848,340,364
$
90,560,522
$
(38,636,917)
$
51,923,605
NUW
262,225,529
10,976,190
(5,692,421)
5,283,769
NMI
98,652,775
1,355,351
(2,453,979)
(1,098,628)
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NUV
$
7,304,010
$
455,866
$
—
$
(85,211,612)
$
(62,903,863)
$
—
$
(5,811,165)
$
(146,166,764)
NUW
1,092,258
4,324
—
(13,449,351)
(94,695)
—
(1,400,204)
(13,847,668)
NMI
350,454
—
—
(7,514,331)
(5,075,473)
—
(301,384)
(12,540,734)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividend
on
October
3,
2022
and
paid
on
November
1,
2022.
Fund
Short-Term
Long-Term
Total
NUV
$
36,322,316
$
26,581,547
$
62,903,863
NUW
—
94,695
94,695
NMI
3,016,967
2,058,506
5,075,473
82
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
each
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
for
NUV
is
calculated
according
to
the
following
schedule:
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:
The
annual
fund-level
fee,
payable
monthly,
for
NUW
and
NMI
is
calculated
according
to
the
following
schedules:
NUV
Average
Daily
Net
Assets
Fund-Level
Fee
Rate
For
the
first
$500
million
0.1500
%
For
the
next
$500
million
0.1250
For
net
assets
over
$1
billion
0.1000
NUV
Gross
Interest
Income
Gross
Income
Fee
Rate
For
the
first
$50
million
4.125
%
For
the
next
$50
million
4.000
For
gross
income
over
$100
million
3.875
NUW
Average
Daily
Managed
Assets*
Fund-Level
Fee
Rate
For
the
first
$125
million
0.4000
%
For
the
next
$125
million
0.3875
For
the
next
$250
million
0.3750
For
the
next
$500
million
0.3625
For
the
next
$1
billion
0.3500
For
the
next
$3
billion
0.3250
For
managed
assets
over
$5
billion
0.3125
NMI
Average
Daily
Net
Assets
Fund-Level
Fee
Rate
For
the
first
$125
million
0.4500
%
For
the
next
$125
million
0.4375
For
the
next
$250
million
0.4250
For
the
next
$500
million
0.4125
For
the
next
$1
billion
0.4000
For
the
next
$3
billion
0.3750
For
net
assets
over
$5
billion
0.3625
83
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:
*
For
the
complex-level
fees,
managed
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
managed
assets
in
certain
circumstances.
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
managed
assets
of
all
Nuveen
open-end
and
closed-end
funds
that
constitute
‘’eligible
assets.”
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
not
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
As
of
April
30,
2023,
the
complex-level
fee
for
each
Fund
was
as
follows:
Other
Transactions
with
Affiliates:
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
8.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Funds
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments.
From
time
to
time,
the
Funds
may
be
a
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
the
Funds
are
not
subject
to
any
material
legal
proceedings.
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Fund
Complex-Level
Fee
NUV
0.1592%
NUW
0.1592%
NMI
0.1592%
Fund
Purchases
Sales
Realized
Gain
(Loss)
NUV
$
—
$
—
$
—
NUW
—
—
—
NMI
1,702,459
1,579,556
(261,847)
84
Notes
to
Financial
Statements
(Unaudited)
(continued)
9.
Borrowing
Arrangements
Committed
Line
of
Credit:
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-
going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
credit
facility
expires
in
June
2023
unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
Funds
utilized
this
facility.
Each
Fund’s
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
During
the
Funds’
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities,
where
applicable.
Inter-Fund
Borrowing
and
Lending:
The
SEC
has
granted
an
exemptive
order
permitting
registered
open-end
and
closed-end
Nuveen
funds
to
participate
in
an
inter-fund
lending
facility
whereby
the
Nuveen
funds
may
directly
lend
to
and
borrow
money
from
each
other
for
temporary
purposes
(e.g.,
to
satisfy
redemption
requests
or
when
a
sale
of
securities
“fails,”
resulting
in
an
unanticipated
cash
shortfall)
(the
“Inter-Fund
Program”).
The
closed-end
Nuveen
funds,
including
the
Funds
covered
by
this
shareholder
report,
will
participate
only
as
lenders,
and
not
as
borrowers,
in
the
Inter-Fund
Program
because
such
closed-end
funds
rarely,
if
ever,
need
to
borrow
cash
to
meet
redemptions.
The
Inter-Fund
Program
is
subject
to
a
number
of
conditions,
including,
among
other
things,
the
requirements
that
(1)
no
fund
may
borrow
or
lend
money
through
the
Inter-Fund
Program
unless
it
receives
a
more
favorable
interest
rate
than
is
typically
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction;
(2)
no
fund
may
borrow
on
an
unsecured
basis
through
the
Inter-Fund
Program
unless
the
fund’s
outstanding
borrowings
from
all
sources
immediately
after
the
inter-fund
borrowing
total
10%
or
less
of
its
total
assets;
provided
that
if
the
borrowing
fund
has
a
secured
borrowing
outstanding
from
any
other
lender,
including
but
not
limited
to
another
fund,
the
inter-fund
loan
must
be
secured
on
at
least
an
equal
priority
basis
with
at
least
an
equivalent
percentage
of
collateral
to
loan
value;
(3)
if
a
fund’s
total
outstanding
borrowings
immediately
after
an
inter-fund
borrowing
would
be
greater
than
10%
of
its
total
assets,
the
fund
may
borrow
through
the
inter-fund
loan
on
a
secured
basis
only;
(4)
no
fund
may
lend
money
if
the
loan
would
cause
its
aggregate
outstanding
loans
through
the
Inter-Fund
Program
to
exceed
15%
of
its
net
assets
at
the
time
of
the
loan;
(5)
a
fund’s
inter-fund
loans
to
any
one
fund
shall
not
exceed
5%
of
the
lending
fund’s
net
assets;
(6)
the
duration
of
inter-
fund
loans
will
be
limited
to
the
time
required
to
receive
payment
for
securities
sold,
but
in
no
event
more
than
seven
days;
and
(7)
each
inter-fund
loan
may
be
called
on
one
business
day’s
notice
by
a
lending
fund
and
may
be
repaid
on
any
day
by
a
borrowing
fund.
In
addition,
a
Nuveen
fund
may
participate
in
the
Inter-Fund
Program
only
if
and
to
the
extent
that
such
participation
is
consistent
with
the
fund’s
investment
objective
and
investment
policies.
The
Board
is
responsible
for
overseeing
the
Inter-Fund
Program.
Fund
Maximum
Outstanding
Balance
NUV
$
1,438,407
NUW
296,365
NMI
197,550
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
NUV
5
$
1,438,407
6.03
%
NUW
4
296,365
5.53
NMI
4
197,550
5.53
85
The
limitations
detailed
above
and
the
other
conditions
of
the
SEC
exemptive
order
permitting
the
Inter-Fund
Program
are
designed
to
minimize
the
risks
associated
with
Inter-Fund
Program
for
both
the
lending
fund
and
the
borrowing
fund.
However,
no
borrowing
or
lending
activity
is
without
risk.
When
a
fund
borrows
money
from
another
fund,
there
is
a
risk
that
the
loan
could
be
called
on
one
day’s
notice
or
not
renewed,
in
which
case
the
fund may
have
to
borrow
from
a
bank
at
a
higher
rate
or
take
other
actions
to
payoff
such
loan
if
an
inter-fund
loan
is
not
available
from
another
fund.
Any
delay
in
repayment
to
a
lending
fund
could
result
in
a
lost
investment
opportunity
or
additional
borrowing
costs.
During
the
current
reporting
period,
none
of
the
Funds
covered
by
this
shareholder
report
have
entered
into
any
inter-fund
loan
activity.
10.
Subsequent
Events
Committed
Line
of
Credit
:
During
June
2023,
the
Participating
Funds
renewed
the
standby
credit
facility
through
June
2024. All
other
terms
remain
unchanged.
86
Risk
Considerations
(Unaudited)
Fund
shares
are
not
guaranteed
or
endorsed
by
any
bank
or
other
insured
depository
institution,
and
are
not
federally
insured
by
the
Federal
Deposit
Insurance
Corporation.
Nuveen
Municipal
Value
Fund,
Inc.
(NUV)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
These
and
other
risk
considerations
such
as
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NUV
.
Nuveen
AMT-Free
Municipal
Value
Fund
(NUW)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
These
and
other
risk
considerations
such
as
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NUW
.
Nuveen
Municipal
Income
Fund,
Inc.
(NMI)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
These
and
other
risk
considerations
such
as
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NMI
.
87
Additional
Fund
Information
(Unaudited)
Portfolio
of
Investments
Information
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
CEO
Certification
Disclosure
Each
Fund’s
Chief
Executive
Officer
(CEO)
has
submitted
to
the
New
York
Stock
Exchange
(NYSE)
the
annual
CEO
certification
as
required
by
Section
303A.12(a)
of
the
NYSE
Listed
Company
Manual.
Each
Fund
has
filed
with
the
SEC
the
certification
of
its
CEO
and
Chief
Financial
Officer
required
by
Section
302
of
the
Sarbanes-Oxley
Act.
Common
Share
Repurchases
Each
Fund
intends
to
repurchase,
through
its
open-market
share
repurchase
program,
shares
of
its
own
common
stock
at
such
times
and
in
such
amounts
as
is
deemed
advisable.
During
the
period
covered
by
this
report,
each
Fund
repurchased
shares
of
its
common
stock
as
shown
in
the
accompanying
table.
Any
future
repurchases
will
be
reported
to
shareholders
in
the
next
annual
or
semi-annual
report.
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.
Board
of
Directors/Trustees
Jack
B.
Evans
William
C.
Hunter
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Transfer
Agent
and
Shareholder
Services
Computershare
Trust
Company,
N.A.
150
Royall
Street
Canton,
MA
02021
(800)
257-8787
NUV
NUW
NMI
Common
shares
repurchased
0
0
0
88
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
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
or
fund’s
duration,
the
more
the
price
of
the
bond
or
fund
will
change
as
interest
rates
change.
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,
are
the
residual
interest
in
a
tender
option
bond
(TOB)
trust,
sometimes
referred
to
as
“inverse
floaters”,
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
This
trust,
in
turn,
(a)
issues
floating
rate
certificates
typically
paying
short-term
tax-exempt
interest
rates
to
third
parties
in
amounts
equal
to
some
fraction
of
the
deposited
bond’s
par
amount
or
market
value,
and
(b)
issues
an
inverse
floating
rate
certificate
(sometimes
referred
to
as
an
“inverse
floater”)
to
an
investor
(such
as
a
Fund)
interested
in
gaining
investment
exposure
to
a
long-term
municipal
bond.
The
income
received
by
the
holder
of
the
inverse
floater
varies
inversely
with
the
short-term
rate
paid
to
the
floating
rate
certificates’
holders,
and
in
most
circumstances
the
holder
of
the
inverse
floater
bears
substantially
all
of
the
underlying
bond’s
downside
investment
risk.
The
holder
of
the
inverse
floater
typically
also
benefits
disproportionately
from
any
potential
appreciation
of
the
underlying
bond’s
value.
Hence,
an
inverse
floater
essentially
represents
an
investment
in
the
underlying
bond
on
a
leveraged
basis.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
Net
Asset
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash,
accrued
earnings
and
receivables)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
Pre-Refunded
Bond/Pre-Refunding:
Pre-Refunded
Bond/Pre-Refunding,
also
known
as
advanced
refundings
or
refinancings,
is
a
procedure
used
by
state
and
local
governments
to
refinance
municipal
bonds
to
lower
interest
expenses.
The
issuer
sells
new
bonds
with
a
lower
yield
and
uses
the
proceeds
to
buy
U.S.
Treasury
securities,
the
interest
from
which
is
used
to
make
payments
on
the
higher-yielding
bonds.
Because
of
this
collateral,
pre-refunding
generally
raises
a
bond’s
credit
rating
and
thus
its
value.
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds
:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn’t
have
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Total
Investment
Exposure:
Total
investment
exposure
is
a
fund’s
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
a
fund’s
use
of
preferred
stock
and
borrowings
and
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities.
Zero
Coupon
Bond:
A
zero
coupon
bond
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
bond.
Income
to
the
holder
of
the
bond
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
bond
at
issuance
and
the
par
value
of
the
bond
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
bonds
generally
are
more
volatile
than
the
market
prices
of
bonds
that
pay
interest
periodically.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
ESA-A-0423P
2913698-INV-B-06/24
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
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
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/closed-end-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE

ITEM 2. | CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. | SCHEDULE OF INVESTMENTS.

(a) |  | See Portfolio of Investments in Item 1.

(b) |  | Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

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

ITEM 11. | CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 13. | EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

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

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(a)(4) Change in the registrant’s independent public accountant. Not applicable.

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

SIGNATURES

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

(Registrant) Nuveen Municipal Value Fund, Inc.

By (Signature and Title) |  | /s/ Mark L. Winget
|  | Mark L. Winget
|  | Vice President and Secretary

Date: July 6, 2023

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

By (Signature and Title) |  | /s/ David J. Lamb
|  | David J. Lamb
|  | Chief Administrative Officer
|  | (principal executive officer)

Date: July 6, 2023

By (Signature and Title) |  | /s/ E. Scott Wickerham
|  | E. Scott Wickerham
|  | Vice President and Funds Controller
|  | (principal financial officer)

Date: July 6, 2023