N-CSRS 1 d790847dncsrs.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, 2024

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,
2024
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
Important
Notices
3
Common
Share
Information
4
About
the
Funds’
Benchmarks
6
Performance
Overview
and
Holding
Summaries
7
Portfolios
of
Investments
13
Statement
of
Assets
and
Liabilities
62
Statement
of
Operations
63
Statement
of
Changes
in
Net
Assets
64
Financial
Highlights
66
Notes
to
Financial
Statements
70
Risk
Considerations
82
Additional
Fund
Information
83
Glossary
of
Terms
Used
in
this
Report
84
Annual
Investment
Management
Agreement
Approval
Process
85
Important
Notices
3
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,
2023
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.
NMI
-
Portfolio
Manager
Update
Effective
April
1,
2024,
Christopher
Drahn
retired
from
Nuveen
Asset
Management,
LLC
and
no
longer
serves
as
a
portfolio
manager
of
the
Fund.
Management
Fees
As
of
May
1,
2024,
each
Fund’s
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
each
Fund’s
average
daily
net
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
Therefore,
the
maximum
management
fee
rate
for
each
Fund
is
the
fund-level
fee
listed
within
this
report
plus
0.1600%.
Refer
to
the
Notes
to
Financial
Statements
within
this
report
for
further
details
on
the
Funds’
management
fees.
4
Common
Share
Information
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding the
Funds' distributions
is
current
as
of
April
30,
2024. Each
Fund's
distribution
levels
may
vary
over
time
based
on each
Fund's
investment
activity
and
portfolio
investment
value
changes.
During
the
current
reporting
period, each
Fund's
distributions
to
common
shareholders
were
as
shown
in
the
accompanying
table.
Each
Fund
sought
to
pay
regular
monthly
dividends
out
of
its
net
investment
income
at
a
rate
that
reflected
its
past
and
projected
net
income
performance.
To
permit
each
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
paid
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
common
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeds
the
earned
net
investment
income,
the
Fund
reported
a
negative
undistributed
net
ordinary
income.
Refer
to
the
Notes
to
Financial
Statements
for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
period.
Effective
for
distributions
payable
on
December
1,
2023,
each
Fund's
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
its
common
shares
(stated
in
terms
of
a
fixed
cents
per
share
dividend
distribution
rate,
which
may
be
set
from
time
to
time).
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
the
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
the
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
If
a
distribution
includes
anything
other
than
net
investment
income,
the
Fund
provides
a
notice
of
the
best
estimate
of
its
distribution
sources
at
the
time
of
the
distribution
which
may
be
viewed
at
www.nuveen.
com/CEFdistributions.
These
estimates
may
not
match
the
final
tax
characterization
(for
the
full
year’s
distributions)
contained
in
shareholders’
1099-DIV
forms
after
the
end
of
the
year.
NUVEEN
CLOSED-END
FUND
DISTRIBUTION
AMOUNTS
The
Nuveen
Closed-End
Funds’
monthly
and
quarterly
periodic
distributions
to
shareholders
are
posted
on
www.nuveen.com
and
can
be
found
on
Nuveen’s
enhanced
closed-end
fund
resource
page,
which
is
at
https://www.nuveen.com/resource-center-
closed-end-funds,
along
with
other
Nuveen
closed-end
fund
product
updates.
To
ensure
timely
access
to
the
latest
information,
shareholders
may
use
a
subscribe
function,
which
can
be
activated
at
this
web
page
(https://www.nuveen.com/subscriptions).
Per
Common
Share
Amounts
Monthly
Distributions
(Ex-Dividend
Date)
NUV
NUW
NMI
November
$0.0290
$0.0425
$0.0315
December
0.0290
0.0425
0.0340
January
0.0290
0.0425
0.0340
February
0.0290
0.0425
0.0340
March
0.0290
0.0425
0.0360
April
0.0290
0.0425
0.0360
Total
Distributions
from
Net
Investment
Income
$0.1740
$0.2550
$0.2055
Yields
NUV
NUW
NMI
Market
Yield
1
4.11%
3.79%
4.72%
Taxable-Equivalent
Yield
1
6.92%
6.40%
7.98%
1
Market
Yield
is
based
on
the
Fund’s
current
annualized
monthly
dividend
divided
by
the
Fund’s
current
market
price
as
of
the
end
of
the
reporting
period.
Taxable-Equivalent
Yield
represents
the
yield
that
must
be
earned
on
a
fully
taxable
investment
in
order
to
equal
the
yield
of
the
Fund
on
an
after-tax
basis.
It
is
based
on
a
federal
income
tax
rate
of
40.8%.
Your
actual
federal
income
tax
rate
may
differ
from
the
assumed
rate.
The
Taxable-Equivalent
Yield
also
takes
into
account
the
percentage
of
the
Fund’s
income
generated
and
paid
by
the
Fund
(based
on
payments
made
during
the
previous
calendar
year)
that
was
not
exempt
from
federal
income
tax.
Separately,
if
the
comparison
were
instead
to
investments
that
generate
qualified
dividend
income,
which
is
taxable
at
a
rate
lower
than
an
individual’s
ordinary
graduated
tax
rate,
the
fund’s
Taxable-Equivalent
Yield
would
be
lower.
5
COMMON
SHARE
EQUITY
SHELF
PROGRAM
During
the
current
reporting
period, NMI was
authorized
by
the
Securities
and
Exchange
Commission
to
issue
additional
common
shares
through
an
equity
shelf
program
(Shelf
Offering).
Under
these
programs,
NMI,
subject
to
market
conditions,
may
raise
additional
capital
from
time
to
time
in
varying
amounts
and
offering
methods
at
a
net
price
at
or
above
the
Fund's
NAV
per
common
share.
The
maximum
aggregate
offering under
these
Shelf
Offerings
are
as
shown
in
the
accompanying
table.
During
the
current
reporting
period,
NMI
did
not
sell
any
common
shares
through
its
Shelf
Offering.
Refer
to
the
Notes
to
Financial
Statements
for
further
details
on
Shelf
Offerings
and
the
Fund’s
transactions.
COMMON
SHARE
REPURCHASES
The
Funds’
Board
of
Directors/Trustees
reauthorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
and
retire
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
During
the
current
reporting
period,
the
Funds
did
not
repurchase
any
of
their
outstanding
common
shares.
As
of
April
30,
2024,
(and
since
the
inception
of
the
Funds’
repurchase
programs),
each
Fund
has
cumulatively
repurchased
and
retired
its
outstanding
common
shares
as
shown
in
the
accompanying
table.
OTHER
COMMON
SHARE
INFORMATION
As
of
April
30,
2024,
the
Funds’
common
share
prices
were
trading
at
a
premium/(discount)
to
their
common
share
NAVs
and
trading
at
an
average
premium/(discount)
to
NAV
during
the
current
reporting
period,
as
follows:
NMI*
Additional
authorized
common
shares
2,200,000
*
Represents
additional
authorized
shares
for
the
period
November
1,
2023
through
March
20,
2024.
NUV
NUW
NMI
Common
shares
cumulatively
repurchased
and
retired
0
0
0
Common
shares
authorized
for
repurchase
20,750,000
1,795,000
1,005,000
NUV
NUW
NMI
Common
share
NAV
$9.23
$15.12
$9.89
Common
share
price
$8.47
$13.46
$9.15
Premium/(Discount)
to
NAV
(8.23)%
(10.98)%
(7.48)%
Average
premium/(discount)
to
NAV
(7.72)%
(10.97)%
(7.58)%
6
About
the
Funds’
Benchmarks
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.
S&P
Municipal
Yield
Index
:
An
index
that
is
structured
so
that
70%
of
the
index
consists
of
bonds
that
are
either
not
rated
or
are
rated
below
investment
grade,
20%
are
rated
BBB/Baa,
and
10%
are
rated
single
A.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Nuveen
Municipal
Value
Fund,
Inc.
Performance
Overview
and
Holding
Summaries
as
of
April
30,
2024
7
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,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NUV
at
Common
Share
NAV
6/17/87
8.20%
2.56%
1.36%
2.99%
NUV
at
Common
Share
Price
6/17/87
8.16%
0.18%
0.37%
2.50%
S&P
Municipal
Bond
Index
—
7.14%
2.35%
1.38%
2.46%
8
Performance
Overview
and
Holdings
Summaries
April
30,
2024
(continued)
Holdings
Summaries
as
of
April
30,
2024
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
.1‌
%
Short-Term
Municipal
Bonds
1
.4‌
%
Other
Assets
&
Liabilities,
Net
1.0%
Floating
Rate
Obligations
(1.5)%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
3.5%
AAA
8.7%
AA
39.5%
A
28.4%
BBB
10.6%
BB
or
Lower
2.7%
N/R
(not
rated)
6.6%
Total
100‌
%
Portfolio
Composition
(%
of
total
investments)
Tax
Obligation/Limited
29.9%
Transportation
20.1%
Utilities
15.9%
Tax
Obligation/General
14.6%
Health
Care
7.5%
U.S.
Guaranteed
3.7%
Consumer
Staples
3.5%
Other
4.8%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
Texas
13.3%
Illinois
10.4%
New
York
9.6%
Colorado
6.1%
California
6.0%
Florida
5.9%
New
Jersey
4.4%
Washington
4.3%
Ohio
3.8%
Michigan
3.4%
Georgia
3.2%
Nevada
2.6%
South
Carolina
2.4%
Arizona
1.9%
Puerto
Rico
1.8%
Kentucky
1.8%
District
of
Columbia
1.6%
Oklahoma
1.4%
Utah
1.3%
Tennessee
1.3%
Other
13.5%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
Nuveen
AMT-Free
Municipal
Value
Fund
Performance
Overview
and
Holding
Summaries
as
of
April
30,
2024
9
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,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NUW
at
Common
Share
NAV
2/25/09
8.26%
3.17%
1.60%
3.04%
NUW
at
Common
Share
Price
2/25/09
8.84%
0.97%
(0.20)%
2.14%
S&P
Municipal
Bond
Index
—
7.14%
2.35%
1.38%
2.46%
10
Performance
Overview
and
Holdings
Summaries
April
30,
2024
(continued)
Holdings
Summaries
as
of
April
30,
2024
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
97
.4‌
%
Common
Stocks
0
.3‌
%
Short-Term
Municipal
Bonds
1
.7‌
%
Other
Assets
&
Liabilities,
Net
1.3%
Floating
Rate
Obligations
(0.7)%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
0.9%
AAA
8.3%
AA
42.3%
A
27.5%
BBB
12.1%
BB
or
Lower
2.0%
N/R
(not
rated)
6.5%
N/A
(not
applicable)
0.4%
Total
100‌
%
Portfolio
Composition
(%
of
total
investments)
Tax
Obligation/Limited
25.0%
Utilities
20.0%
Tax
Obligation/General
18.1%
Transportation
10.4%
Health
Care
8.9%
Education
and
Civic
Organizations
7.1%
Consumer
Staples
4.1%
Other
6.1%
Common
Stocks
0.3%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
California
11.3%
Texas
10.2%
Illinois
9.9%
New
York
8.1%
New
Jersey
6.7%
Nevada
5.4%
Ohio
4.3%
Colorado
4.1%
Pennsylvania
3.8%
Florida
3.7%
Tennessee
3.7%
Washington
3.6%
Kentucky
3.4%
Maryland
3.2%
Puerto
Rico
3.1%
Georgia
2.6%
South
Carolina
1.7%
Michigan
1.6%
West
Virginia
1.4%
Arizona
1.2%
Other
7.0%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
Nuveen
Municipal
Income
Fund,
Inc.
Performance
Overview
and
Holding
Summaries
as
of
April
30,
2024
11
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
linked
returns
between
the
S&P
Munici-
pal
Bond
Index
(through
September
29,
2023)
and
the
S&P
Municipal
Yield
Index
(subsequent
to
September
29,
2023).
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,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NMI
at
Common
Share
NAV
4/20/88
10.21%
4.60%
1.27%
2.85%
NMI
at
Common
Share
Price
4/20/88
12.04%
1.46%
(0.06)%
1.81%
S&P
Municipal
Bond
Index
—
7.14%
2.35%
1.38%
2.46%
S&P
Municipal
Yield
Index
—
11.60%
5.83%
2.63%
4.23%
NMI
Linked
Benchmark
—
11.60%
5.44%
1.98%
2.76%
12
Performance
Overview
and
Holdings
Summaries
April
30,
2024
(continued)
Holdings
Summaries
as
of
April
30,
2024
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
97
.8‌
%
Other
Assets
&
Liabilities,
Net
2.2%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
0.8%
AA
14.2%
A
24.0%
BBB
14.7%
BB
or
Lower
8.1%
N/R
(not
rated)
38.2%
Total
100‌
%
Portfolio
Composition
(%
of
total
investments)
Tax
Obligation/Limited
26.9%
Transportation
18.3%
Health
Care
15.7%
Education
and
Civic
Organizations
14.6%
Utilities
5.8%
Tax
Obligation/General
4.6%
Long-Term
Care
4.5%
Other
9.6%
Total
100%
States
and
Territories
1
(%
of
total
municipal
bonds)
Florida
11.9%
Colorado
11.9%
Illinois
10.7%
Texas
7.9%
New
York
4.9%
California
4.7%
Arizona
4.4%
Wisconsin
3.7%
Missouri
3.3%
Pennsylvania
2.9%
Ohio
2.8%
North
Carolina
2.8%
Indiana
2.6%
Alabama
2.5%
Virginia
2.3%
Georgia
2.3%
Puerto
Rico
2.1%
Louisiana
2.1%
Minnesota
1.9%
New
Jersey
1.6%
Other
10.7%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
states
comprising
"Other"
and
not
listed
in
the
table
above.
13
Nuveen
Municipal
Value
Fund,
Inc.
Portfolio
of
Investments
April
30,
2024
(Unaudited)
NUV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
99.1%
X
–
MUNICIPAL
BONDS
-
99
.1
%
X
1,898,647,046
Alabama
-
0.4%
$
255
Birmingham
Airport
Authority,
Alabama,
Airport
Revenue
Bonds,
Series
2020,
4.000%,
7/01/39
-
BAM
Insured
7/30
at
100.00
$
255,012
3,805
(c)
Homewood,
Alabama,
General
Obligation
Warrants,
Series
2016,
5.000%,
9/01/36,
(Pre-refunded
9/01/26)
9/26
at
100.00
3,955,112
2,455
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024,
5.500%,
10/01/53
10/33
at
100.00
2,629,457
Total
Alabama
6,839,581
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
9,101,246
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
99,411
Total
Alaska
9,200,657
Arizona
-
1.9%
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
1,915,745
2,935
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Senior
Lien
Series
2017A,
5.000%,
7/01/35
7/27
at
100.00
3,084,701
21,745
Salt
River
Project
Agricultural
Improvement
and
Power
District,
Arizona,
Electric
System
Revenue
Bonds,
Series
2023B,
5.250%,
1/01/53
1/34
at
100.00
23,700,012
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
5,956,210
1,000
Tucson,
Arizona,
Water
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
7/01/34
7/27
at
100.00
1,049,260
Total
Arizona
35,705,928
California
-
6.1%
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
384,069
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
1,185,398
4,080
(c)
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
4,257,599
5,920
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A,
5.000%,
11/15/48
11/27
at
100.00
6,066,671
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
1,710,561
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
1,608,350
3,495
5.000%,
12/31/47,
(AMT)
6/28
at
100.00
3,431,099
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
14
NUV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
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
$
980,680
2,290
(d)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authoriity
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
7/01/39
1/29
at
100.00
2,365,756
3,500
(d)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.000%,
12/01/46
6/26
at
100.00
3,506,837
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
3,884,482
2,180
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A,
6.850%,
1/15/42
1/31
at
100.00
2,583,919
Fresno,
California,
Airport
Revenue
Bonds,
Series
2023A
:
1,000
5.000%,
7/01/48
-
BAM
Insured,
(AMT)
7/33
at
100.00
1,040,925
1,000
5.000%,
7/01/53
-
BAM
Insured,
(AMT)
7/33
at
100.00
1,031,656
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
4,977,633
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
356,859
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
2,979,762
2,725
Los
Angeles
Department
of
Water
and
Power,
California,
Water
System
Revenue
Bonds,
Series
2023A,
5.250%,
7/01/53
7/33
at
100.00
3,007,700
2,555
Merced
Union
High
School
District,
Merced
County,
California,
General
Obligation
Bonds,
Series
1999A,
0.000%,
8/01/24
-
FGIC
Insured
No
Opt.
Call
2,531,878
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
2,091,400
Mount
San
Antonio
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2013A
:
3,060
5.875%,
8/01/28
2/28
at
100.00
3,395,926
2,315
(e)
0.000%,
8/01/43
8/35
at
100.00
2,218,203
3,550
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009C,
6.500%,
11/01/39
No
Opt.
Call
4,432,274
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
7,381,034
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
2,550,885
2,660
0.000%,
8/01/25
-
FGIC
Insured
No
Opt.
Call
2,530,227
220
San
Diego
Tobacco
Settlement
Revenue
Funding
Corporation,
California,
Tobacco
Settlement
Bonds,
Subordinate
Series
2018C,
4.000%,
6/01/32
6/28
at
100.00
219,693
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
6,562,944
4,000
5.000%,
5/01/39
5/29
at
100.00
4,301,696
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
316,683
500
4.000%,
1/15/42
1/32
at
100.00
491,134
15
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
550
4.000%,
1/15/43
1/32
at
100.00
$
535,677
200
4.000%,
1/15/44
1/32
at
100.00
193,298
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
11,756,509
13,220
San
Mateo
County
Community
College
District,
California,
General
Obligation
Bonds,
Series
2006A,
0.000%,
9/01/28
-
NPFG
Insured
No
Opt.
Call
11,458,695
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
4,945,337
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
1,661,386
440
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
439,090
575
Vernon,
California,
Electric
System
Revenue
Bonds,
Series
2021A,
5.000%,
4/01/28
No
Opt.
Call
601,163
Total
California
115,975,088
Colorado
-
6.1%
7,500
Arapahoe
County
School
District
6,
Littleton,
Colorado,
General
Obligation
Bonds,
Series
2019A,
5.500%,
12/01/43
12/28
at
100.00
8,042,311
4,155
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
4.000%,
8/01/49
8/29
at
100.00
3,779,275
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
1,256,214
7,070
Colorado
Mountain
College,
Colorado,
Certificates
of
Participation,
Series
2021,
4.000%,
12/01/46
12/31
at
100.00
6,920,551
4,500
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2018N,
5.000%,
3/15/37
3/28
at
100.00
4,740,716
1,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2020R,
4.000%,
3/15/45
3/30
at
100.00
962,672
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
1,331,810
2,000
5.000%,
9/01/31
3/28
at
100.00
2,130,709
1,260
5.000%,
9/01/32
3/28
at
100.00
1,339,540
620
5.000%,
9/01/33
3/28
at
100.00
659,346
3,790
Colorado
State,
Certificates
of
Participation,
Rural
Series
2018A,
5.000%,
12/15/37
12/28
at
100.00
4,026,354
3,400
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022B,
5.250%,
11/15/53
11/32
at
100.00
3,673,466
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
2,036,379
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B
:
9,660
0.000%,
9/01/29
-
NPFG
Insured
No
Opt.
Call
7,992,255
24,200
0.000%,
9/01/31
-
NPFG
Insured
No
Opt.
Call
18,554,680
17,000
0.000%,
9/01/32
-
NPFG
Insured
No
Opt.
Call
12,512,263
2,905
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2020A,
5.000%,
9/01/40
9/24
at
100.00
2,910,980
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
16
NUV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
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
$
3,569,132
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
9,661,997
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
1,426,320
4,945
Regional
Transportation
District,
Colorado,
Sales
Tax
Revenue
Bonds,
Fastracks
Project,
Series
2017A,
5.000%,
11/01/40
11/26
at
100.00
5,050,340
State
of
Colorado,
Rural
Colorado,
Certificates
of
Participation,
Series
2022
:
5,355
6.000%,
12/15/38
12/32
at
100.00
6,401,058
3,000
6.000%,
12/15/41
12/32
at
100.00
3,529,754
4,250
(c)
University
of
Colorado,
Enterprise
System
Revenue
Bonds,
Series
2018B,
5.000%,
6/01/43,
(Pre-refunded
6/01/28)
6/28
at
100.00
4,577,004
Total
Colorado
117,085,126
Connecticut
-
0.9%
1,000
Connecticut
Airport
Authority,
Connecticut,
Customer
Facility
Charge
Revenue
Bonds,
Ground
Transportation
Center
Project,
Series
2019A,
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
1,007,532
2,125
Connecticut
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Connecticut
Childrens
Medical
Center
and
Subsidiaries,
Series
2023E,
5.250%,
7/15/48
1/33
at
100.00
2,257,906
8,440
Connecticut
State,
General
Obligation
Bonds,
Series
2015E,
5.000%,
8/01/29
8/25
at
100.00
8,586,964
5,000
Connecticut
State,
General
Obligation
Bonds,
Series
2015F,
5.000%,
11/15/33
11/25
at
100.00
5,093,656
Total
Connecticut
16,946,058
District
of
Columbia
-
1.6%
15,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A,
0.000%,
6/15/46
5/24
at
25.76
3,498,976
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
5,623,196
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
3,952,349
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
10,916,387
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
682,165
1,060
4.000%,
10/01/38
10/30
at
100.00
1,062,513
1,265
4.000%,
10/01/39
10/30
at
100.00
1,257,073
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
2,295,340
1,775
5.000%,
7/15/45
7/30
at
100.00
1,870,756
Total
District
of
Columbia
31,158,755
17
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
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
$
941,026
1,240
Broward
County,
Florida,
Half-Cent
Sales
Tax
Revenue
Bonds,
Refunding
Series
2020,
4.000%,
10/01/40
10/30
at
100.00
1,259,745
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
21,512,408
565
(d)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School
Income
Projects,
Series
2015A,
6.000%,
6/15/35
6/25
at
100.00
571,224
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
1,739,827
1,875
4.000%,
2/01/42
-
AGM
Insured
2/32
at
100.00
1,808,125
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024
:
1,615
5.250%,
7/01/47,
(AMT),
(WI/DD)
7/32
at
100.00
1,664,091
1,500
5.250%,
7/01/47
-
AGM
Insured,
(AMT),
(WI/DD)
7/32
at
100.00
1,581,791
4,390
5.250%,
7/01/53
-
AGM
Insured,
(AMT),
(WI/DD)
7/32
at
100.00
4,577,981
1,400
5.500%,
7/01/53,
(AMT),
(WI/DD)
7/32
at
100.00
1,451,722
14,515
(d)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2023C,
8.250%,
7/01/57,
(AMT),
(Mandatory
Put
8/15/24)
4/24
at
100.00
14,543,304
4,000
Gainesville,
Florida,
Utilities
System
Revenue
Bonds,
Series
2017A,
5.000%,
10/01/36
10/27
at
100.00
4,192,797
3,500
Gainesville,
Florida,
Utilities
System
Revenue
Bonds,
Series
2019A,
5.000%,
10/01/47
10/29
at
100.00
3,640,500
2,290
(c)
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
2,300,999
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
2,512,367
5,090
Miami-Dade
County
Expressway
Authority,
Florida,
Toll
System
Revenue
Bonds,
Series
2010A,
5.000%,
7/01/40
5/24
at
100.00
5,034,493
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
2,005,505
5,685
Miami-Dade
County,
Florida,
Seaport
Revenue
Bonds,
Refunding
Series
2022A,
5.250%,
10/01/52,
(AMT)
10/32
at
100.00
5,960,036
3,000
Miami-Dade
County,
Florida,
Transit
System
Sales
Surtax
Revenue
Bonds,
Series
2022,
5.000%,
7/01/51
7/32
at
100.00
3,137,685
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
4,928,291
Orlando
Utilities
Commission,
Florida,
Utility
System
Revenue
Bonds,
Series
2018A
:
3,500
5.000%,
10/01/36
10/27
at
100.00
3,672,148
3,780
5.000%,
10/01/37
10/27
at
100.00
3,978,414
1,120
5.000%,
10/01/38
10/27
at
100.00
1,167,972
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
1,252,882
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
18
NUV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
3,575
0.000%,
10/01/44
10/29
at
59.08
$
1,199,837
4,000
0.000%,
10/01/45
10/29
at
56.95
1,263,074
750
0.000%,
10/01/49
10/29
at
49.08
184,280
5,000
0.000%,
10/01/50
10/29
at
47.17
1,159,537
11,000
0.000%,
10/01/53
10/29
at
41.97
2,142,369
4,000
Pembroke
Pines,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2019A,
4.000%,
7/01/38
7/29
at
100.00
4,032,612
1,020
Putnam
County
Development
Authority,
Florida,
Pollution
Control
Revenue
Bonds,
Seminole
Electric
Cooperatice,
Inc.
Project,
Refunding
Series
2018B,
5.000%,
3/15/42
5/28
at
100.00
1,047,650
6,865
South
Broward
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
Refunding
Series
2015,
4.000%,
5/01/34
5/25
at
100.00
6,888,679
Total
Florida
113,353,371
Georgia
-
3.3%
3,325
Atlanta,
Georgia,
Water
and
Wastewater
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
11/01/40
5/25
at
100.00
3,355,914
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
2,312,748
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
3,644,291
2,500
5.250%,
2/15/45
2/27
at
100.00
2,568,957
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
17,237,106
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
4,061,983
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
17,969,154
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
2,428,755
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
1,036,767
5,500
5.000%,
1/01/50
1/31
at
100.00
5,643,312
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
2,025,495
Total
Georgia
62,284,482
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
5,079,064
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
3,160,947
Total
Hawaii
8,240,011
Idaho
-
0.1%
1,550
University
of
Idaho,
General
Revenue
Bonds,
Refunding
Series
2022A,
4.000%,
4/01/45
-
BAM
Insured
4/32
at
100.00
1,516,874
Total
Idaho
1,516,874
19
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
-
10.5%
$
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
$
5,202,441
5,000
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A,
7.000%,
12/01/44
12/25
at
100.00
5,176,034
2,945
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016B,
6.500%,
12/01/46
12/26
at
100.00
3,060,038
4,710
(d)
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2017A,
7.000%,
12/01/46
12/27
at
100.00
5,072,755
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
17,331,094
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
5,373,539
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
2,246,043
4,000
4.000%,
12/01/51
12/31
at
100.00
3,785,967
1,875
Chicago
Transit
Authority,
Illinois,
Capital
Grant
Receipts
Revenue
Bonds,
Federal
Transit
Administration
Section
5307
Urbanized
Area
Formula
Funds,
Refunding
Series
2021,
5.000%,
6/01/29
No
Opt.
Call
1,996,927
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
5,263,621
5,100
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Series
2014,
5.000%,
12/01/44
12/24
at
100.00
5,109,367
1,000
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2018,
5.000%,
11/15/35
11/26
at
100.00
1,024,891
1,500
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2021A,
5.000%,
11/15/32
11/30
at
100.00
1,647,740
Cook
County,
Illinois,
Sales
Tax
Revenue
Bonds,
Series
2021A
:
2,040
4.000%,
11/15/40
11/30
at
100.00
1,973,509
1,000
4.000%,
11/15/41
11/30
at
100.00
964,797
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
1,305,794
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
3,715,563
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
565,970
825
5.000%,
8/15/44
8/25
at
100.00
829,063
5,125
Illinois
State,
General
Obligation
Bonds,
November
Series
2017C,
5.000%,
11/01/29
11/27
at
100.00
5,351,232
1,755
Illinois
State,
General
Obligation
Bonds,
October
Series
2016,
5.000%,
2/01/27
No
Opt.
Call
1,815,578
4,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2016B,
5.000%,
1/01/41
7/26
at
100.00
4,066,235
5,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2020A,
5.000%,
1/01/45
1/31
at
100.00
5,280,946
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
8,007,164
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
20
NUV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
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
$
4,491,602
11,675
0.000%,
6/15/29
-
FGIC
Insured
No
Opt.
Call
9,635,341
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
3,555,526
21,375
0.000%,
6/15/34
-
NPFG
Insured
No
Opt.
Call
14,391,024
21,000
0.000%,
12/15/35
-
NPFG
Insured
No
Opt.
Call
13,163,172
21,970
0.000%,
6/15/36
-
NPFG
Insured
No
Opt.
Call
13,364,691
10,375
0.000%,
12/15/36
-
NPFG
Insured
No
Opt.
Call
6,129,485
10,000
0.000%,
12/15/37
-
NPFG
Insured
No
Opt.
Call
5,573,808
25,825
0.000%,
6/15/39
-
NPFG
Insured
No
Opt.
Call
13,141,883
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
7,301,719
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
9,426,411
5,000
(c)
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
5,003,643
Total
Illinois
201,344,613
Indiana
-
1.3%
2,250
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
Unversity
Health
Obligation
Group,
Refunding
2015A,
4.000%,
12/01/40
6/25
at
100.00
2,198,191
2,000
Indiana
Municipal
Power
Agency
Power
Supply
System
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
1/01/42
7/26
at
100.00
2,027,257
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
4,380,386
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E
:
2,400
0.000%,
2/01/25
-
AMBAC
Insured
No
Opt.
Call
2,327,079
14,595
0.000%,
2/01/27
-
AMBAC
Insured
No
Opt.
Call
13,137,562
Total
Indiana
24,070,475
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
1,566,199
1,600
5.000%,
1/01/28
1/26
at
100.00
1,636,305
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
1,344,811
1,435
5.000%,
9/01/38
9/28
at
100.00
1,497,266
4,000
5.000%,
9/01/43
9/28
at
100.00
4,101,543
2,000
5.000%,
9/01/48
9/28
at
100.00
2,044,270
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
1,028,078
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
8,846,750
21
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Kentucky
(continued)
$
6,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C,
6.600%,
7/01/39
7/31
at
100.00
$
6,895,859
5,000
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
115,
Series
2017,
5.000%,
4/01/30
4/27
at
100.00
5,221,440
Total
Kentucky
34,182,521
Louisiana
-
0.6%
1,335
East
Baton
Rouge
Sewerage
Commission,
Louisiana,
Revenue
Bonds,
Refunding
Series
2019A,
4.000%,
2/01/45
2/29
at
100.00
1,295,273
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
9,192,489
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
1,513,953
Total
Louisiana
12,001,715
Maine
-
0.9%
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
5,273,810
2,005
5.000%,
7/01/48
7/28
at
100.00
2,048,222
1,805
Maine
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2020,
5.000%,
7/01/50
7/30
at
100.00
1,890,096
7,990
University
of
Maine,
System
Revenue
Bonds,
Series
2022,
5.000%,
3/01/47
3/32
at
100.00
8,323,160
Total
Maine
17,535,288
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
1,148,709
630
5.000%,
9/01/31
9/27
at
100.00
633,859
1,945
5.000%,
9/01/32
9/27
at
100.00
1,954,734
385
5.000%,
9/01/34
9/27
at
100.00
386,218
2,750
5.000%,
9/01/35
9/27
at
100.00
2,752,860
2,550
5.000%,
9/01/42
9/27
at
100.00
2,380,865
6,665
5.000%,
9/01/46
9/27
at
100.00
6,026,300
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
1,055,952
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
4,498,693
2,260
(c)
5.000%,
5/01/47,
(Pre-refunded
5/01/28)
5/28
at
100.00
2,421,298
Total
Maryland
23,259,488
Massachusetts
-
0.5%
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
1,070,192
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
2,853,225
1,500
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2016E,
5.000%,
7/01/35
7/26
at
100.00
1,527,666
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
2,803,952
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
22
NUV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Massachusetts
(continued)
$
980
Massachusetts
Turnpike
Authority,
Metropolitan
Highway
System
Revenue
Bonds,
Senior
Series
1997A,
0.000%,
1/01/29
-
NPFG
Insured
No
Opt.
Call
$
826,974
Total
Massachusetts
9,082,009
Michigan
-
3.4%
Bloomfield
Hills
Schools,
Oakland
County,
Michigan,
General
Obligation
Bonds,
School
Building
&
Site
Series
2023
:
1,475
5.000%,
5/01/44
5/33
at
100.00
1,574,908
625
5.000%,
5/01/48
5/33
at
100.00
657,335
820
5.000%,
5/01/50
5/33
at
100.00
861,743
Detroit
Academy
of
Arts
and
Sciences,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2013
:
1,405
6.000%,
10/01/33
5/24
at
100.00
1,356,970
2,520
6.000%,
10/01/43
5/24
at
100.00
2,327,217
15
Detroit,
Michigan,
Second
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2005A,
4.500%,
7/01/35
-
NPFG
Insured
5/24
at
100.00
15,011
2,925
Detroit,
Michigan,
Senior
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2001B,
5.500%,
7/01/29
-
NPFG
Insured
No
Opt.
Call
3,027,255
5
Detroit,
Michigan,
Water
Supply
System
Revenue
Bonds,
Second
Lien
Series
2003B,
5.000%,
7/01/34
-
NPFG
Insured
5/24
at
100.00
5,005
5
Detroit,
Michigan,
Water
Supply
System
Revenue
Bonds,
Senior
Lien
Series
2003A,
5.000%,
7/01/34
-
NPFG
Insured
5/24
at
100.00
5,005
4,000
Kalamazoo
County,
Michigan,
General
Obligation
Bonds,
Limitied
Tax
Series
2022,
4.000%,
5/01/45
5/31
at
100.00
3,863,390
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
3,434,693
6,385
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020,
4.000%,
11/01/55
-
BAM
Insured
11/30
at
100.00
5,786,331
2,000
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Henry
Ford
Health
System,
Series
2019A,
5.000%,
11/15/48
11/29
at
100.00
2,056,325
1,565
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
1,597,466
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
5,572,270
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I
:
9,565
5.000%,
4/15/30
10/25
at
100.00
9,726,940
435
(c)
5.000%,
4/15/30,
(Pre-refunded
10/15/25)
10/25
at
100.00
443,886
2,100
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2023II,
4.000%,
10/15/43
10/33
at
100.00
2,070,553
Michigan
State,
Trunk
Line
Fund
Bonds,
Rebuilding
Michigan
Program,
Series
2021A
:
3,020
4.000%,
11/15/37
11/31
at
100.00
3,104,077
6,510
4.000%,
11/15/38
11/31
at
100.00
6,707,246
Michigan
Technological
University,
General
Revenue
Bonds,
Series
2023A
:
1,515
5.000%,
10/01/47
-
AGM
Insured
10/31
at
100.00
1,571,588
675
5.250%,
10/01/52
-
AGM
Insured
10/31
at
100.00
704,819
1,800
Northern
Michigan
University,
General
Revenue
Bonds,
Series
2021,
4.000%,
6/01/46
6/31
at
100.00
1,655,411
23
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Michigan
(continued)
$
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
$
1,107,137
5,000
Wayne
County
Airport
Authority,
Michigan,
Revenue
Bonds,
Detroit
Metropolitan
Wayne
County
Airport,
Series
2023A,
5.250%,
12/01/48
-
AGM
Insured
12/33
at
100.00
5,492,995
Total
Michigan
64,725,576
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
3,752,510
1,480
University
of
Minnesota,
General
Obligation
Bonds,
Series
2016A,
5.000%,
4/01/41
4/26
at
100.00
1,501,608
Total
Minnesota
5,254,118
Missouri
-
0.2%
3,465
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
CoxHealth,
Series
2013A,
5.000%,
11/15/48
5/24
at
100.00
3,465,105
Total
Missouri
3,465,105
Montana
-
0.6%
1,115
Billings,
Montana,
Sewer
System
Revenue
Bonds,
Series
2017,
5.000%,
7/01/33
7/27
at
100.00
1,164,128
Montana
Facility
Finance
Authority,
Healthcare
Facility
Revenue
Bonds,
Kalispell
Regional
Medical
Center,
Series
2018B
:
1,040
5.000%,
7/01/29
7/28
at
100.00
1,073,053
2,475
5.000%,
7/01/30
7/28
at
100.00
2,557,109
1,415
5.000%,
7/01/31
7/28
at
100.00
1,462,079
1,980
5.000%,
7/01/32
7/28
at
100.00
2,045,406
3,045
Montana
Facility
Finance
Authority,
Revenue
Bonds,
Billings
Clinic
Obligated
Group,
Series
2018A,
5.000%,
8/15/48
8/28
at
100.00
3,101,202
Total
Montana
11,402,977
Nebraska
-
0.8%
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Refunding
Crossover
Series
2017A
:
1,710
5.000%,
9/01/35
No
Opt.
Call
1,795,453
1,500
5.000%,
9/01/42
No
Opt.
Call
1,550,688
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
1,411,279
10,500
Omaha
Public
Power
District,
Nebraska,
Electric
System
Revenue
Bonds,
Series
2022B,
5.250%,
2/01/52
2/32
at
100.00
11,281,206
Total
Nebraska
16,038,626
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
490,331
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
2,147,077
5,000
5.000%,
12/01/35
12/28
at
100.00
5,346,902
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
5,195,816
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
24
NUV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Nevada
(continued)
$
8,500
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Series
2018C,
5.250%,
7/01/43
7/28
at
100.00
$
8,927,005
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Refunding
Series
2015
:
5,220
5.000%,
6/01/33
12/24
at
100.00
5,260,810
10,000
5.000%,
6/01/34
12/24
at
100.00
10,077,031
9,000
5.000%,
6/01/39
12/24
at
100.00
9,036,361
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
1,229,217
2,000
Reno,
Nevada,
Subordinate
Lien
Sales
Tax
Revenue
Refunding
Bonds,
ReTrac-Reno
Transporation
Rail
Access
Corridor
Project,
Series
2018A,
5.000%,
6/01/48
12/28
at
100.00
2,043,961
250
Reno,
Nevada,
Subordinate
Lien
Sales
Tax
Revenue
Refunding
Bonds,
ReTrac-Reno
Transporation
Rail
Access
Corridor
Project,
Series
2018B,
5.000%,
6/01/33
-
AGM
Insured
12/28
at
100.00
266,167
Total
Nevada
50,020,678
New
Jersey
-
4.5%
2,500
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,
Series
2018A,
5.000%,
1/01/36
1/29
at
100.00
2,685,417
930
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013,
5.125%,
1/01/39
-
AGM
Insured,
(AMT)
5/24
at
100.00
929,994
6,000
(c)
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
6,352,456
5,990
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2005N-1,
5.500%,
9/01/25
-
AGM
Insured
No
Opt.
Call
6,155,032
3,380
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022BB,
4.000%,
6/15/46
12/31
at
100.00
3,191,392
9,420
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A,
0.000%,
12/15/31
No
Opt.
Call
7,093,180
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C
:
30,000
0.000%,
12/15/30
-
FGIC
Insured
No
Opt.
Call
23,449,707
27,000
0.000%,
12/15/32
-
AGM
Insured
No
Opt.
Call
19,724,701
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA
:
2,750
5.250%,
6/15/32
6/25
at
100.00
2,796,688
2,150
5.250%,
6/15/34
6/25
at
100.00
2,184,176
1,220
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA,
4.000%,
6/15/50
12/30
at
100.00
1,132,040
2,000
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2017B,
5.000%,
1/01/40
1/28
at
100.00
2,084,799
3,760
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2017G,
4.000%,
1/01/43
1/28
at
100.00
3,666,928
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
1,538,522
2,535
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
2,560,002
Total
New
Jersey
85,545,034
25
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
-
8.2%
$
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
$
4,024,543
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
3,061,568
780
(c)
5.000%,
7/01/42,
(Pre-refunded
7/01/27)
7/27
at
100.00
822,303
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
2,065,787
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
1,023,014
2,100
4.000%,
9/01/41
9/31
at
100.00
2,119,015
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
3,155,925
8,325
5.000%,
11/15/50
5/30
at
100.00
8,600,547
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
5/24
at
100.00
3,110,617
7,380
5.000%,
11/15/56
5/24
at
100.00
7,260,432
1,500
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Queens
Baseball
Stadium
Project,
Refunding
Series
2021A,
5.000%,
1/01/29
-
AGM
Insured
No
Opt.
Call
1,607,746
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
4,073,297
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
18,407,422
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
5,266,186
10,000
(f)
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Series
2024F-1,
5.250%,
2/01/53,
(UB)
2/34
at
100.00
10,830,090
3,465
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
C,
5.000%,
8/01/42
8/30
at
100.00
3,703,655
11,755
(d)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014,
5.000%,
11/15/44
11/24
at
100.00
11,650,501
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
3,142,628
4,000
New
York
State
Power
Authority,
General
Revenue
Bonds,
Series
2020A,
4.000%,
11/15/50
5/30
at
100.00
3,815,470
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
944,461
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
8,139,982
2,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023,
5.375%,
6/30/60,
(AMT)
6/31
at
100.00
2,089,502
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
26
NUV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
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
$
5,227,132
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
3,338,361
5,250
5.000%,
1/01/36,
(AMT)
1/28
at
100.00
5,371,877
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
4,042,834
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
8,347,666
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
3,021,753
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
7,127,411
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
5,259,034
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
6,446,834
650
TSASC
Inc.,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Fiscal
2017
Series
B,
5.000%,
6/01/24
No
Opt.
Call
649,669
Total
New
York
157,747,262
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
1,557,564
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
2,165,401
4,175
5.000%,
6/30/54,
(AMT)
6/25
at
100.00
3,925,989
2,995
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Series
2017A,
5.000%,
7/01/54
7/26
at
100.00
3,004,387
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
942,188
1,500
0.000%,
1/01/42
1/30
at
68.97
668,056
14,500
0.000%,
1/01/49
1/30
at
54.10
4,381,100
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
1,675,836
1,850
5.000%,
1/01/32
1/27
at
100.00
1,907,137
Total
North
Carolina
20,227,658
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
1,826,303
Total
North
Dakota
1,826,303
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
4,200,078
27
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Ohio
(continued)
$
44,100
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
$
39,982,012
4,975
Central
Ohio
Transit
Authority,
Ohio,
General
Obligation
Bonds,
Capital
Facilities
Limited
Tax
Series
2023,
5.000%,
12/01/53
12/33
at
100.00
5,269,012
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
1,259,771
3,485
Franklin
County,
Ohio,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017OH,
4.000%,
12/01/46
6/27
at
100.00
3,289,104
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
13,653,667
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
4,121,824
1,940
(d)
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Public
Improvement
TOT
Revenue
Bonds,
Series
2021,
4.250%,
12/01/50
12/28
at
100.00
1,673,559
Total
Ohio
73,449,027
Oklahoma
-
1.4%
4,000
(c)
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
4,140,252
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
1,602,960
1,250
5.000%,
8/15/29
8/25
at
100.00
1,260,009
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
1,826,846
7,040
5.500%,
8/15/57
8/28
at
100.00
7,164,906
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
1,030,742
10,000
Oklahoma
State
Turnpike
Authority,
Turnpike
System
Revenue
Bonds,
Second
Senior
Series
2017A,
5.000%,
1/01/42
1/26
at
100.00
10,123,018
Total
Oklahoma
27,148,733
Oregon
-
0.9%
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
6,933,198
2,000
Oregon
State,
General
Obligation
Bonds,
Article
XI-Q
State
Projects
Series
2021A,
4.000%,
5/01/40
5/31
at
100.00
2,007,346
7,500
Portland,
Oregon,
Sewer
System
Revenue
Bonds,
Second
Lien
Refunding
Series
2023A,
5.000%,
12/01/47
6/33
at
100.00
8,135,199
Total
Oregon
17,075,743
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
3,199,109
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
2,726,760
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
28
NUV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
$
2,000
Pennsylvania
State
University,
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
9/01/41
9/26
at
100.00
$
2,043,651
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
1,278,729
3,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2018A-2,
5.000%,
12/01/48
12/28
at
100.00
3,102,884
1,025
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2019A,
4.000%,
12/01/49
12/29
at
100.00
962,514
2,620
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2021A,
4.000%,
12/01/50
12/30
at
100.00
2,436,764
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
1,359,653
Total
Pennsylvania
17,110,064
Puerto
Rico
-
1.8%
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
:
10,046
0.000%,
7/01/33
7/28
at
86.06
6,944,491
5,985
4.500%,
7/01/34
7/25
at
100.00
6,008,258
5,125
5.000%,
7/01/58
7/28
at
100.00
5,125,604
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
5,327,699
12,119
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.329%,
7/01/40
7/28
at
100.00
11,868,514
Total
Puerto
Rico
35,274,566
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
3,400,926
1,500
4.000%,
6/01/51
6/31
at
100.00
1,317,232
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2
:
12,760
0.000%,
1/01/28
-
AGC
Insured
No
Opt.
Call
11,004,790
9,535
0.000%,
1/01/29
-
AGC
Insured
No
Opt.
Call
7,911,051
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
3,932,316
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B
:
5,500
5.000%,
12/01/46
12/26
at
100.00
5,538,382
8,000
5.000%,
12/01/56
12/26
at
100.00
8,004,945
1,500
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2022A,
5.000%,
12/01/55
6/32
at
100.00
1,518,591
3,455
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Series
2014A,
5.500%,
12/01/54
6/24
at
100.00
3,454,783
Total
South
Carolina
46,083,016
South
Dakota
-
0.1%
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
2,802,130
Total
South
Dakota
2,802,130
29
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tennessee
-
1.3%
$
760
Hallsdale-Powell
Utility
District,
Knox
County,
Tennessee,
Water
and
Sewer
Revenue
Bonds,
Refunding
&
Improvement
Series
2022A,
4.000%,
4/01/37
4/31
at
100.00
$
778,643
Loudon,
Tennessee,
Water
and
Sewer
Revenue
Bonds,
Series
2023
:
1,000
5.000%,
3/01/40
3/33
at
100.00
1,090,100
1,000
5.000%,
3/01/41
3/33
at
100.00
1,085,478
1,495
5.000%,
3/01/42
3/33
at
100.00
1,616,556
4,250
4.375%,
3/01/48
3/33
at
100.00
4,064,480
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
2,337,839
2,000
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Improvement
Revenue
Bonds,
Series
2022A,
5.250%,
7/01/47
7/32
at
100.00
2,167,649
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
637,466
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
3,086,429
5,000
Tennessee
State,
General
Obligation
Bonds,
Series
2023A,
5.000%,
5/01/40
5/33
at
100.00
5,599,498
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
3,091,200
Total
Tennessee
25,555,338
Texas
-
13.4%
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
150,759
14,355
(f)
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2018,
4.000%,
2/15/43,
(UB)
2/27
at
100.00
13,767,552
4,750
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2023,
5.000%,
2/15/48
8/32
at
100.00
5,006,189
710
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien
Series
2020A,
5.000%,
1/01/39
1/30
at
100.00
749,743
240
(c)
Decatur
Hospital
Authority,
Texas,
Revenue
Bonds,
Wise
Regional
Health
System,
Series
2014A,
5.250%,
9/01/44,
(Pre-refunded
9/01/24)
9/24
at
100.00
240,827
5,000
El
Paso
County
Hospital
District,
Texas,
General
Obligtion
Bonds,
Certificates
of
Obligation
Series
2013,
5.000%,
8/15/39
5/24
at
100.00
4,947,869
Fort
Bend
County
Municipal
Utility
District
50,
Texas,
General
Obligation
Bonds,
Series
2018A
:
2,600
4.000%,
9/01/46
-
AGM
Insured
5/24
at
100.00
2,280,332
5,500
4.000%,
9/01/48
-
AGM
Insured
5/24
at
100.00
4,736,436
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
2,634,523
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
1,896,696
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H
:
11,055
0.000%,
11/15/27
No
Opt.
Call
9,542,001
845
(c)
0.000%,
11/15/27,
(ETM)
No
Opt.
Call
737,864
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
30
NUV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
1,565
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Refunding
Second
Lien
Series
2014C,
5.000%,
11/15/31
11/24
at
100.00
$
1,570,488
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
8,592,068
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
946,297
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
&
Subordinate
Lien
Series
2018B
:
1,590
5.000%,
7/01/43
7/28
at
100.00
1,652,693
2,290
5.000%,
7/01/48
7/28
at
100.00
2,361,797
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
20,183,274
12,940
0.000%,
9/01/30
-
AMBAC
Insured
No
Opt.
Call
10,140,984
10,000
0.000%,
9/01/31
-
AMBAC
Insured
No
Opt.
Call
7,514,326
19,500
0.000%,
9/01/32
-
AMBAC
Insured
No
Opt.
Call
14,027,586
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
5,175,770
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
4,600,664
1,705
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)
5/24
at
100.00
1,704,926
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
3,732,777
Lubbock,
Texas,
Electric
Light
and
Power
System
Revenue
Bonds,
Series
2018
:
2,170
5.000%,
4/15/40
4/28
at
100.00
2,248,115
3,930
5.000%,
4/15/43
4/28
at
100.00
4,046,259
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier
Capital
Appreciation
Series
2008I
:
30,000
(c)
6.200%,
1/01/42,
(Pre-refunded
1/01/25)
-
AGC
Insured
1/25
at
100.00
30,509,985
5,220
(c)
6.500%,
1/01/43,
(Pre-refunded
1/01/25)
1/25
at
100.00
5,317,176
15,450
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2008D,
0.000%,
1/01/36
-
AGC
Insured
No
Opt.
Call
9,762,546
5,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2017A,
4.000%,
1/01/43
1/28
at
100.00
4,901,627
8,000
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier
Series
2017B,
5.000%,
1/01/43
1/27
at
100.00
8,148,719
9,100
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
Second
Tier,
Series
2015A,
5.000%,
1/01/32
1/25
at
100.00
9,168,153
3,855
Pasadena
Economic
Development
Corporation,
Harris
County,
Texas,
Sales
Tax
Revenue
Bonds,
Series
2023,
5.000%,
8/15/53
-
BAM
Insured
8/33
at
100.00
4,022,808
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
1,780,626
5,000
Temple,
Texas,
General
Obligation
Bonds,
Combination
Tax
and
Revenue
Series
2022B,
4.000%,
8/01/47
8/31
at
100.00
4,764,306
31
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
3,120
Texas
Municipal
Gas
Acquisition
and
Supply
Corporation
I,
Gas
Supply
Revenue
Bonds,
Senior
Lien
Series
2008D,
6.250%,
12/15/26
No
Opt.
Call
$
3,218,567
5,400
Texas
Private
Activity
Bond
Surface
Transporation
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
5,748,477
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
3,007,210
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
1,754,484
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
5,223,078
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2017A
:
12,500
(f)
4.000%,
10/15/42,
(UB)
10/27
at
100.00
12,323,839
1,500
5.000%,
10/15/42
10/27
at
100.00
1,554,019
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
5,295,747
5,500
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2023A,
5.000%,
10/15/58
10/33
at
100.00
5,821,572
Total
Texas
257,511,754
Utah
-
1.3%
5,345
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017B,
5.000%,
7/01/42
7/27
at
100.00
5,495,370
3,500
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2018B,
5.000%,
7/01/43
7/28
at
100.00
3,646,192
9,550
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2023A,
5.250%,
7/01/48,
(AMT)
7/33
at
100.00
10,118,874
Salt
Lake
County,
Utah,
Sales
Tax
Revenue
Bonds,
TRCC
Series
2017
:
695
5.000%,
2/01/36
2/27
at
100.00
720,125
1,150
5.000%,
2/01/37
2/27
at
100.00
1,187,011
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
1,331,048
1,000
5.000%,
9/01/30
3/28
at
100.00
1,064,454
1,250
5.000%,
9/01/31
3/28
at
100.00
1,327,825
660
5.000%,
9/01/32
3/28
at
100.00
699,707
Total
Utah
25,590,606
Virginia
-
0.6%
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
1,807,352
4,355
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1,
5.000%,
6/01/47
5/24
at
100.00
4,018,607
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017
:
2,000
5.000%,
12/31/47,
(AMT)
6/27
at
100.00
2,014,388
4,100
5.000%,
12/31/49,
(AMT)
6/27
at
100.00
4,121,134
Total
Virginia
11,961,481
Washington
-
4.3%
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
8,506,120
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
32
NUV
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
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
$
2,172,296
Port
of
Seattle,
Washington,
Revenue
Bonds,
Refunding
Intermediate
Lien
Series
2016
:
1,930
5.000%,
2/01/29
2/26
at
100.00
1,974,243
1,000
5.000%,
2/01/30
2/26
at
100.00
1,022,583
5,000
Snohomish
County
Public
Utility
District
1,
Washington,
Electric
System
Revenue
Bonds,
Series
2021A,
5.000%,
12/01/51
12/31
at
100.00
5,279,087
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
1,188,780
5,000
5.000%,
12/01/41
6/27
at
100.00
5,078,732
1,390
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
4.000%,
8/01/44
8/29
at
100.00
1,306,346
12,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2012A,
5.000%,
10/01/33
5/24
at
100.00
11,944,842
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
1,342,272
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
5,833,816
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
4,257,937
7,830
3.000%,
7/01/48
7/31
at
100.00
5,699,953
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Series
2018
:
3,240
4.000%,
7/01/58
7/28
at
100.00
2,771,696
3,000
5.000%,
7/01/58
7/28
at
100.00
3,042,269
Washington
State,
Motor
Vehicle
Fuel
Tax
General
Obligation
Bonds,
Series
2002-03C
:
9,100
0.000%,
6/01/29
-
NPFG
Insured
No
Opt.
Call
7,672,147
16,195
0.000%,
6/01/30
-
NPFG
Insured
No
Opt.
Call
13,194,368
Total
Washington
82,287,487
West
Virginia
-
0.7%
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
1,830,426
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
2,788,766
3,570
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2018,
5.000%,
6/01/43
6/28
at
100.00
3,711,857
4,135
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2021,
5.000%,
6/01/47
6/31
at
100.00
4,372,538
Total
West
Virginia
12,703,587
Wisconsin
-
0.4%
4,410
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mercy
Alliance,
Inc.,
Series
2012,
5.000%,
6/01/39
5/24
at
100.00
4,411,008
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2016A
:
33
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
$
2,870
4.000%,
11/15/46
5/26
at
100.00
$
2,701,814
935
(c)
4.000%,
11/15/46,
(Pre-refunded
5/15/26)
5/26
at
100.00
945,315
Total
Wisconsin
8,058,137
Total
Municipal
Bonds
(cost
$1,871,866,231)
1,898,647,046
Total
Long-Term
Investments
(cost
$1,871,866,231)
1,898,647,046
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
SHORT-TERM
INVESTMENTS
-
1.4%
X
–
MUNICIPAL
BONDS
-
1
.4
%
X
26,465,000
New
York
-
1.4%
$
18,000
(g)
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
3.300%,
8/01/45,
(Mandatory
Put
4/30/2024)
5/24
at
100.00
$
18,000,000
8,465
(g)
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
2,
3.900%,
4/01/42,
(Mandatory
Put
4/8/2024)
4/24
at
100.00
8,465,000
Total
New
York
26,465,000
Total
Municipal
Bonds
(cost
$26,465,000)
26,465,000
Total
Short-Term
Investments
(cost
$26,465,000)
26,465,000
Total
Investments
(cost
$
1,898,331,231
)
-
100
.5
%
1,925,112,046
Floating
Rate
Obligations
-
(1.5)%
(
29,480,000
)
Other
Assets
&
Liabilities,
Net
- 1.0%
20,037,169
Net
Assets
Applicable
to
Common
Shares
-
100%
$
1,915,669,215
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
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.
(d)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$39,383,934
or
2.0%
of
Total
Investments.
(e)
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.
(f)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(g)
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.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
34
Nuveen
AMT-Free
Municipal
Value
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
NUW
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
97.7%
X
–
MUNICIPAL
BONDS
-
97.4%
X
264,313,931
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
$
874,135
Total
Alaska
874,135
Arizona
-
1.2%
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
3,238,689
Total
Arizona
3,238,689
California
-
11.2%
1,730
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C,
0.000%,
9/01/30
-
AGM
Insured
No
Opt.
Call
1,408,392
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
42,674
340
(c)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authoriity
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
7/01/39
1/29
at
100.00
351,248
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Private
Activity/Non
AMT
Refunding
Subordinate
Series
2019C
:
1,280
(d)
5.000%,
5/15/30,
(Pre-refunded
5/15/29)
5/29
at
100.00
1,408,789
760
5.000%,
5/15/30
5/29
at
100.00
842,591
450
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009A,
6.500%,
11/01/39
No
Opt.
Call
561,838
10,200
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A,
7.000%,
8/01/38
-
AGC
Insured
8/29
at
100.00
11,598,360
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
692,918
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
2,541,657
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
8,368,631
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
1,860,720
115
Vernon,
California,
Electric
System
Revenue
Bonds,
Series
2021A,
5.000%,
4/01/28
No
Opt.
Call
120,233
700
Victor
Elementary
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Series
2002A,
0.000%,
8/01/24
-
FGIC
Insured
No
Opt.
Call
693,767
Total
California
30,491,818
35
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
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
$
1,022,618
1,500
5.000%,
12/01/36
12/26
at
100.00
1,522,825
Denver
Health
and
Hospitals
Authority,
Colorado,
Healthcare
Revenue
Bonds,
Series
2019A
:
1,750
4.000%,
12/01/38
12/29
at
100.00
1,584,471
2,000
4.000%,
12/01/39
12/29
at
100.00
1,779,594
5,885
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A,
0.000%,
9/01/34
-
NPFG
Insured
No
Opt.
Call
3,983,419
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
1,207,750
Total
Colorado
11,100,677
District
of
Columbia
-
0.9%
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
1,774,211
725
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Dedicated
Revenue
Bonds,
Series
2020A,
5.000%,
7/15/45
7/30
at
100.00
764,112
Total
District
of
Columbia
2,538,323
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
1,555,646
500
Gainesville,
Florida,
Utilities
System
Revenue
Bonds,
Series
2017A,
5.000%,
10/01/36
10/27
at
100.00
524,100
1,000
JEA,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2020A,
5.000%,
10/01/34
4/30
at
100.00
1,107,035
1,605
Lakeland,
Florida,
Hospital
System
Revenue
Bonds,
Lakeland
Regional
Health,
Series
2015,
5.000%,
11/15/45
11/24
at
100.00
1,610,276
535
Miami
Beach
Redevelopment
Agency,
Florida,
Tax
Increment
Revenue
Bonds,
City
Center/Historic
Convention
Village,
Series
2015A,
5.000%,
2/01/44
-
AGM
Insured
5/24
at
100.00
534,973
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
3,400,571
510
Putnam
County
Development
Authority,
Florida,
Pollution
Control
Revenue
Bonds,
Seminole
Electric
Cooperatice,
Inc.
Project,
Refunding
Series
2018B,
5.000%,
3/15/42
5/28
at
100.00
523,825
805
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-2,
6.610%,
5/01/40
5/24
at
100.00
780,351
880
(e)
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-3,
6.610%,
5/01/40
5/24
at
100.00
9
Total
Florida
10,036,786
Georgia
-
2.5%
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
2,055,166
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
1,489,626
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Lien
Series
2015A
:
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
36
NUW
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Georgia
(continued)
$
1,790
0.000%,
1/01/32
No
Opt.
Call
$
1,302,259
2,000
5.000%,
1/01/35
1/25
at
100.00
2,011,391
Total
Georgia
6,858,442
Illinois
-
9.8%
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
2,080,976
2,000
Cook
County,
Illinois,
Sales
Tax
Revenue
Bonds,
Series
2017,
5.000%,
11/15/38
11/27
at
100.00
2,070,458
1,800
Evanston,
Cook
County,
Illinois,
General
Obligation
Bonds,
Corporate
Purpose
Series
2019A,
5.000%,
12/01/43
12/29
at
100.00
1,874,938
7,500
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2023A,
5.250%,
5/15/54
5/33
at
100.00
8,004,138
Illinois
Finance
Authority,
State
of
Illinois
Clean
Water
Initiative
Revolving
Fund
Revenue
Bonds,
Series
2017
:
3,125
5.000%,
7/01/37
1/27
at
100.00
3,228,104
375
(d)
5.000%,
7/01/37,
(Pre-refunded
1/01/27)
1/27
at
100.00
390,427
1,500
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D,
5.000%,
11/01/27
No
Opt.
Call
1,569,433
525
Illinois
State,
General
Obligation
Bonds,
October
Series
2016,
5.000%,
2/01/27
No
Opt.
Call
543,121
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
439,661
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
6,365,289
Total
Illinois
26,566,545
Indiana
-
0.5%
1,500
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E,
0.000%,
2/01/25
-
AMBAC
Insured
No
Opt.
Call
1,454,424
Total
Indiana
1,454,424
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
1,176,776
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
1,025,386
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
5/24
at
100.00
1,169,787
1,000
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
5.000%,
8/01/32
8/29
at
100.00
1,073,257
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
3,712,962
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
963,122
Total
Kentucky
9,121,290
37
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Maine
-
0.9%
$
2,425
University
of
Maine,
System
Revenue
Bonds,
Series
2022,
5.000%,
3/01/47
3/32
at
100.00
$
2,526,116
Total
Maine
2,526,116
Maryland
-
3.1%
3,420
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
9/01/33
9/27
at
100.00
3,434,232
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
5,084,438
Total
Maryland
8,518,670
Michigan
-
1.5%
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
1,036,106
2,500
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020,
4.000%,
11/01/55
-
BAM
Insured
11/30
at
100.00
2,265,596
850
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
867,633
Total
Michigan
4,169,335
Minnesota
-
1.1%
1,145
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
12/01/47
12/26
at
100.00
1,155,919
700
Southern
Minnesota
Municipal
Power
Agency,
Badger
Coulee
Project
Revenue
Bonds,
Series
2019A,
5.000%,
1/01/32
1/30
at
100.00
774,758
1,000
University
of
Minnesota,
General
Obligation
Bonds,
Series
2017A,
5.000%,
9/01/36
9/27
at
100.00
1,046,193
Total
Minnesota
2,976,870
Montana
-
0.4%
Montana
Facility
Finance
Authority,
Montana,
Health
Facilities
Reveue
Bonds,
Bozeman
Deaconess
Health
Services
Obligated
Group,
Series
2021A
:
500
5.000%,
6/01/31
No
Opt.
Call
535,157
640
4.000%,
6/01/38
6/31
at
100.00
626,614
Total
Montana
1,161,771
Nevada
-
5.3%
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
3,220,615
4,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Series
2018C,
5.250%,
7/01/43
7/28
at
100.00
4,200,944
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Series
2019B
:
3,015
5.000%,
7/01/36
7/29
at
100.00
3,232,517
1,665
5.000%,
7/01/37
7/29
at
100.00
1,774,843
2,000
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Refunding
Series
2015,
5.000%,
6/01/39
12/24
at
100.00
2,008,080
50
(c)
Sparks,
Nevada,
Sales
Tax
Revenue
Bonds,
Tourism
Improvement
District
1
Legends
at
Sparks
Marina,
Refunding
Senior
Series
2019A,
2.750%,
6/15/28
No
Opt.
Call
47,649
Total
Nevada
14,484,648
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
38
NUW
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Jersey
-
6.6%
$
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
$
78,002
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,
Series
2018A
:
175
5.000%,
1/01/37
1/29
at
100.00
187,335
125
5.000%,
1/01/38
1/29
at
100.00
133,574
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
259,055
Harrison,
New
Jersey,
General
Obligation
Bonds,
Parking
Utility
Series
2018
:
35
3.125%,
3/01/31
-
BAM
Insured
3/28
at
100.00
34,154
30
3.250%,
3/01/32
-
BAM
Insured
3/28
at
100.00
29,332
50
3.500%,
3/01/36
-
BAM
Insured
3/28
at
100.00
48,710
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
153,153
100
Jersey
City,
New
Jersey,
General
Obligation
Bonds,
Refunding
General
Improvement
Series
2017A,
5.000%,
11/01/29
11/27
at
100.00
106,336
100
(e)
Middlesex
County
Improvement
Authority,
New
Jersey,
Senior
Revenue
Bonds,
Heldrich
Center
Hotel/Conference
Center
Project,
Series
2005A,
5.000%,
1/01/32
5/24
at
100.00
71,000
20
Montclair
Township,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
Parking
Utility
Series
2014A,
5.000%,
1/01/37
5/24
at
100.00
20,013
100
Montclair
Township,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
School
Series
2017B,
4.000%,
3/01/25
No
Opt.
Call
100,477
300
New
Brunswick
Parking
Authority,
Middlesex
County,
New
Jersey,
Guaranteed
Parking
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
9/01/32
-
BAM
Insured
9/26
at
100.00
309,249
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
25,053
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
209,531
25
5.000%,
7/15/47
7/27
at
100.00
25,010
100
(c)
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Teaneck
Community
Charter
School,
Series
2017A,
5.125%,
9/01/52
9/27
at
100.00
95,190
35
New
Jersey
Economic
Development
Authority,
Fixed
Rate
Revenue
Bonds,
Lions
Gate
Project,
Series
2014,
5.250%,
1/01/44
5/24
at
100.00
32,640
100
New
Jersey
Economic
Development
Authority,
Lease
Revenue
Bonds,
State
House
Project,
Series
2017B,
4.500%,
6/15/40
12/28
at
100.00
100,954
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
171,495
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
119,062
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
51,900
39
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Jersey
(continued)
$
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
$
93,169
115
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2015,
5.000%,
3/01/25
No
Opt.
Call
116,104
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
19,024
15
5.000%,
6/01/32
12/27
at
100.00
15,630
40
(d)
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
40,032
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
129,615
100
(c),(e)
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
White
Horse
HMT
Urban
Renewal
LLC
Project,
Series
2020,
5.000%,
1/01/40
1/28
at
102.00
68,306
935
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2005N-1,
5.500%,
9/01/27
-
NPFG
Insured
No
Opt.
Call
996,068
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
118,692
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
97,838
50
(d)
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Series
2014A,
5.000%,
7/01/44,
(Pre-refunded
7/01/24)
7/24
at
100.00
50,081
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series 2017F
:
5
3.750%,
7/01/37
7/27
at
100.00
3,837
100
4.000%,
7/01/42
7/27
at
100.00
72,287
100
5.000%,
7/01/47
7/27
at
100.00
77,130
75
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2013D,
5.000%,
7/01/38
5/24
at
100.00
75,032
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C
:
435
3.000%,
7/01/41
7/26
at
100.00
330,566
50
3.000%,
7/01/46
7/26
at
100.00
35,322
25
4.000%,
7/01/46
7/26
at
100.00
21,468
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology,
Series
2017A
:
200
4.000%,
7/01/47
7/27
at
100.00
177,924
30
5.000%,
7/01/47
7/27
at
100.00
30,222
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
77,982
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
230,139
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
156,941
150
5.000%,
7/01/57
7/27
at
100.00
151,552
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
99,727
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
40
NUW
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Jersey
(continued)
$
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
$
48,560
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
366,590
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
25,751
40
5.000%,
7/01/33
7/26
at
100.00
41,185
30
5.000%,
7/01/34
7/26
at
100.00
30,871
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
130,109
110
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Robert
Wood
Johnson
University
Hospital,
Series
2013A,
5.500%,
7/01/43
5/24
at
100.00
110,284
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
127,095
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
8,743
405
4.000%,
7/01/48
7/26
at
100.00
354,701
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
125,403
110
5.000%,
7/01/46
-
AGM
Insured
7/25
at
100.00
110,179
50
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2019,
4.000%,
7/01/44
7/29
at
100.00
47,858
50
(c),(e)
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Village
Drive
Healthcare
Urban
Renewal
LLC,
Series
2018,
5.750%,
10/01/38
10/26
at
102.00
36,501
120
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2015A,
4.000%,
11/01/45
11/24
at
100.00
110,553
270
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2016B,
3.600%,
11/01/40
11/25
at
100.00
245,179
435
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A,
3.875%,
11/01/38
11/27
at
100.00
411,999
100
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019A,
2.900%,
11/01/39
11/28
at
100.00
82,203
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
119,014
75
3.750%,
10/01/35
10/27
at
100.00
73,009
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
606,460
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
171,605
200
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
200,719
70
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A,
4.000%,
6/01/32
No
Opt.
Call
74,827
41
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Jersey
(continued)
$
100
New
Jersey
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020,
2.250%,
6/01/35
12/27
at
100.00
$
82,250
5,020
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A,
0.000%,
12/15/31
No
Opt.
Call
3,780,017
2,170
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2009A,
0.000%,
12/15/39
No
Opt.
Call
1,108,298
255
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA,
5.250%,
6/15/41
6/25
at
100.00
257,749
50
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019A,
4.000%,
12/15/39
12/29
at
100.00
49,548
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB
:
225
3.500%,
6/15/46
12/28
at
100.00
189,014
100
4.000%,
6/15/50
12/28
at
100.00
92,790
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA
:
40
3.000%,
6/15/50
12/30
at
100.00
29,199
30
4.000%,
6/15/50
12/30
at
100.00
27,837
70
5.000%,
6/15/50
12/30
at
100.00
71,738
255
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Refunding
Series
2015E,
5.000%,
1/01/45
1/25
at
100.00
256,154
200
Ocean
City,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2019,
2.250%,
9/15/33
9/26
at
100.00
171,262
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
270,268
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
270,847
30
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2020A,
5.000%,
11/01/45
11/30
at
100.00
30,841
125
Sussex
County,
New
Jersey,
General
Obligation
Bonds,
Series
2019,
3.000%,
6/01/27
6/26
at
100.00
123,085
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
:
215
4.000%,
6/01/37
6/28
at
100.00
215,372
305
5.250%,
6/01/46
6/28
at
100.00
315,843
450
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
454,438
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
613,956
170
Union
County
Utilities
Authority,
New
Jersey,
Solid
Waste
System
County
Deficiency
Revenue
Bonds,
Series
2011A,
5.000%,
6/15/41
5/24
at
100.00
170,018
Total
New
Jersey
17,885,835
New
York
-
6.3%
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
543,775
3,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarters
Revenue
Bonds
Series
2007,
5.500%,
10/01/37
No
Opt.
Call
3,495,969
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
42
NUW
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
York
(continued)
$
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
$
1,549,950
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
2,171,725
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
1,436,007
750
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Green
Climate
Certified
Series
2020E,
5.000%,
11/15/30
No
Opt.
Call
831,447
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2024A-1
:
1,450
4.000%,
5/01/53
5/33
at
100.00
1,363,985
1,510
5.000%,
5/01/53
5/33
at
100.00
1,597,134
1,230
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
C,
5.000%,
8/01/42
8/30
at
100.00
1,314,718
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
2,859,135
Total
New
York
17,163,845
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
1,027,267
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
1,142,731
700
5.000%,
1/01/32
1/27
at
100.00
721,619
Total
North
Carolina
2,891,617
Ohio
-
4.3%
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
508,290
8,560
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
7,760,681
3,095
Central
Ohio
Transit
Authority,
Ohio,
General
Obligation
Bonds,
Capital
Facilities
Limited
Tax
Series
2023,
5.000%,
12/01/48
12/33
at
100.00
3,308,578
Total
Ohio
11,577,549
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
508,871
Total
Oklahoma
508,871
Pennsylvania
-
3.8%
160
Adams
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2017B,
2.500%,
11/15/29
11/25
at
100.00
148,189
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
47,690
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
430,043
43
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
$
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
$
117,269
230
(c)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Refunding
Project,
Series
2017,
5.000%,
5/01/42
5/27
at
100.00
226,989
105
Avon
Grove
School
District,
Chester
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A,
4.000%,
11/15/37
5/29
at
100.00
106,099
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
195,333
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
151,397
125
Bethel
Park
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Refunding
Series
2016,
4.000%,
8/01/33
8/26
at
100.00
126,806
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
70,554
115
Canon-McMillan
School
District,
Washington
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2014D,
5.000%,
12/15/39
12/24
at
100.00
115,326
100
(d)
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
102,181
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
75,157
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
21,193
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
18,928
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
5/24
at
100.00
14,030
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
35,003
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018
:
40
5.000%,
6/01/33
6/28
at
100.00
42,309
355
4.000%,
6/01/39
-
AGM
Insured
6/28
at
100.00
350,701
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
61,842
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2015
:
60
(d)
4.000%,
1/01/33,
(Pre-refunded
1/01/25)
1/25
at
100.00
60,038
45
4.000%,
1/01/33
1/25
at
100.00
43,587
20
(d)
4.000%,
1/01/33,
(Pre-refunded
1/01/25)
1/25
at
100.00
20,012
65
5.000%,
1/01/38
1/25
at
100.00
65,151
55
(d)
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
55,391
15
(d)
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
15,107
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
101,043
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
44
NUW
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
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
$
23,609
20
(d)
5.000%,
1/01/39,
(Pre-refunded
1/01/29)
1/29
at
100.00
21,553
5
(d)
5.000%,
1/01/39,
(Pre-refunded
1/01/29)
1/29
at
100.00
5,388
5
5.000%,
1/01/39
1/29
at
100.00
5,050
100
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Dickinson
College
Project,
Second
Series
2017A,
5.000%,
11/01/39
11/27
at
100.00
103,617
200
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2019,
4.000%,
11/01/44
11/29
at
100.00
188,108
30
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University
Project,
Series
2019,
5.000%,
5/01/48
5/29
at
100.00
25,633
30
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University,
Series
2014,
5.000%,
5/01/37
5/24
at
100.00
28,440
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
56,338
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
254,696
540
5.000%,
7/01/47
7/27
at
100.00
553,126
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2016A
:
185
5.000%,
7/01/41
7/26
at
100.00
177,573
40
(d)
5.000%,
7/01/41,
(Pre-refunded
7/01/26)
7/26
at
100.00
41,276
25
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2019A,
4.000%,
7/01/45
7/29
at
100.00
20,235
150
Dubois
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Penn
Highlands
Healthcare,
Series
2018,
5.000%,
7/15/48
1/28
at
100.00
148,801
30
(d)
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
30,031
100
(d)
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
101,473
25
Easton
Area
School
District,
Northampton
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020B,
5.000%,
2/01/31
2/28
at
100.00
26,756
60
Erie
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Gannon
University,
Series
2016,
4.000%,
5/01/46
11/26
at
100.00
46,748
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
68,354
Huntingdon
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Juniata
College,
Series
2016OO2
:
15
3.250%,
5/01/36
5/26
at
100.00
12,829
35
3.500%,
5/01/41
5/26
at
100.00
27,669
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
20,089
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
31,820
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
101,130
45
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
$
155
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2016A,
5.000%,
8/15/42
8/26
at
100.00
$
157,634
25
Lancaster
School
District,
Lancaster
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020,
4.000%,
6/01/35
-
AGM
Insured
12/28
at
100.00
25,469
95
(d)
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Series
2013A,
5.125%,
12/01/47,
(Pre-refunded
6/18/24)
6/24
at
100.00
95,126
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
91,231
100
(c)
Monroe
County
Industrial
Development
Authority,
Pennsylvania,
Special
Obligation
Revenue
Bonds,
Tobyhanna
Township
Project,
Series
2014,
6.875%,
7/01/33
7/24
at
100.00
98,808
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
50,420
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
46,579
25
4.000%,
9/01/49
9/29
at
100.00
22,589
200
(d)
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
201,985
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
205,115
90
Northampton
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Lafayette
College,
Refunding
Series
2018,
4.000%,
11/01/38
11/28
at
100.00
90,075
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
48,034
140
Pennsylvania
Economic
Development
Financing
Authority,
Parking
System
Revenue
Bonds,
Capitol
Region
Parking
System,
Series
2013A,
5.250%,
1/01/44
-
AGM
Insured
6/24
at
100.00
140,172
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
210,846
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2012
:
35
4.000%,
11/01/39
5/24
at
100.00
30,653
60
5.000%,
11/01/42
5/24
at
100.00
58,572
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
290,066
45
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-119,
3.500%,
10/01/36
4/25
at
100.00
41,314
350
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-120,
3.200%,
4/01/40
10/25
at
100.00
295,089
450
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-121,
3.200%,
10/01/41
10/25
at
100.00
379,373
65
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-123B,
3.450%,
10/01/32
10/26
at
100.00
61,411
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
46
NUW
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
$
45
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-125B,
3.700%,
10/01/47
4/27
at
100.00
$
37,903
250
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-129,
3.350%,
10/01/45
10/28
at
100.00
203,931
45
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-133,
2.500%,
10/01/45
10/29
at
100.00
31,078
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
102,298
100
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Subordinate
Series
2018B,
5.000%,
12/01/48
12/28
at
100.00
103,051
585
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B,
5.000%,
12/01/45
12/25
at
100.00
591,340
50
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2019A,
4.000%,
12/01/49
12/29
at
100.00
46,952
25
(c)
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
6/28
at
100.00
23,674
70
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
La
Salle
University,
Series
2017,
3.625%,
5/01/35
11/27
at
100.00
54,407
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
University
of
the
Arts,
Series
2017
:
45
(c)
5.000%,
3/15/45
3/28
at
100.00
37,256
5
(c),(d)
5.000%,
3/15/45,
(Pre-refunded
3/15/28)
3/28
at
100.00
5,342
150
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
1998
General
Ordinance,
Fifteenth
Series
2017,
5.000%,
8/01/47
8/27
at
100.00
152,309
125
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
Refunding
Thirteenth
Series
2015,
5.000%,
8/01/30
8/25
at
100.00
126,606
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
101,724
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
104,360
200
Pottsville
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2016B,
5.000%,
7/01/45
1/27
at
100.00
202,601
35
Rostraver
Township,
Westmoreland
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2018,
3.500%,
9/01/34
-
AGM
Insured
9/25
at
100.00
33,990
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
87,404
210
Southcentral
Pennsylvania
General
Authority,
Revenue
Bonds,
Wellspan
Health
Obligated
Group,
Series
2019A,
5.000%,
6/01/49
6/29
at
100.00
213,811
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
10,003
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
31,305
100
Upper
Dublin
School
District,
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A,
4.000%,
9/15/38
3/29
at
100.00
100,967
47
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Pennsylvania
(continued)
$
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
$
127,163
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
14,886
15
Westmoreland
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Excela
Health
Project,
Series
2020A,
4.000%,
7/01/37
1/31
at
100.00
13,516
Williamsport
Sanitary
Authority,
Lycoming
County,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2021.
:
100
5.000%,
1/01/25
-
BAM
Insured
No
Opt.
Call
100,809
25
5.000%,
1/01/28
-
BAM
Insured
No
Opt.
Call
26,579
Total
Pennsylvania
10,263,536
Puerto
Rico
-
3.1%
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
:
1,170
0.000%,
7/01/33
7/28
at
86.06
808,785
1,739
4.500%,
7/01/34
7/25
at
100.00
1,745,758
3,812
5.000%,
7/01/58
7/28
at
100.00
3,812,449
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
711,028
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
:
1,360
4.329%,
7/01/40
7/28
at
100.00
1,331,890
10
4.329%,
7/01/40
7/28
at
100.00
9,793
49
4.784%,
7/01/58
7/28
at
100.00
48,059
Total
Puerto
Rico
8,467,762
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
4,509,341
Total
South
Carolina
4,509,341
Tennessee
-
3.7%
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
3,176,724
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
625,837
4,000
The
Tennessee
Energy
Acquisition
Corporation,
Gas
Revenue
Bonds,
Series
2006B,
5.625%,
9/01/26
No
Opt.
Call
4,042,033
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
2,070,628
Total
Tennessee
9,915,222
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
1,036,597
1,000
Austin,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
11/15/35
11/26
at
100.00
1,032,576
500
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2020,
5.000%,
2/15/45
2/29
at
100.00
518,989
1,000
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2023,
5.000%,
2/15/48
8/32
at
100.00
1,053,934
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
48
NUW
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Texas
(continued)
$
745
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien
Series
2020A,
5.000%,
1/01/40
1/30
at
100.00
$
783,186
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
2,158,090
7,935
0.000%,
9/01/33
-
AMBAC
Insured
No
Opt.
Call
5,458,011
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
1,495,202
915
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2015B,
5.000%,
1/01/45
1/25
at
100.00
917,710
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
254,375
1,600
Texas
Private
Activity
Bond
Surface
Transporation
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
1,703,252
1,000
Texas
Transportation
Commission,
State
Highway
249
System
Revenue
Bonds,
First
Tier
Toll
Series
2019A,
5.000%,
8/01/57
2/29
at
100.00
1,009,914
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
7,537,568
2,500
(f)
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2017A,
4.000%,
10/15/42,
(UB)
10/27
at
100.00
2,464,768
Total
Texas
27,424,172
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
1,533,612
Total
Utah
1,533,612
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
1,161,511
1,400
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B,
4.875%,
7/15/40
7/28
at
100.00
1,418,781
Total
Virginia
2,580,292
Washington
-
3.6%
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
2,793,512
690
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Virginia
Mason
Medical
Center,
Series
2017,
5.000%,
8/15/30
8/27
at
100.00
706,998
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
2,094,563
2,140
4.000%,
7/01/43
7/31
at
100.00
2,008,165
2,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Series
2018,
5.000%,
7/01/58
7/28
at
100.00
2,028,180
Total
Washington
9,631,418
49
Investments
in
Derivatives
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
West
Virginia
-
1.4%
$
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
$
530,124
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
1,825,374
1,430
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2018,
5.000%,
6/01/43
6/28
at
100.00
1,486,822
Total
West
Virginia
3,842,320
Total
Municipal
Bonds
(cost
$261,684,307)
264,313,931
Shares
Description
(a)
Value
X
–
COMMON
STOCKS
-
0.3%
X
957,995
Utilities
-
0.3%
250
(g),(h)
Talen
Energy
Supply
LLC
$
24,729
420
(h),(i),(j)
Vistra
Vision
933,266
Total
Utilities
957,995
Total
Common
Stocks
(cost
$415,801)
957,995
Total
Long-Term
Investments
(cost
$262,100,108)
265,271,926
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
SHORT-TERM
INVESTMENTS
-
1.7%
–
MUNICIPAL
BONDS
-
1.7%
X
4,555,000
New
York
-
1.7%
$
2,000
(k)
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue,
3.300%,
8/01/45,
(Mandatory
Put
4/30/2024)
5/24
at
100.00
$
2,000,000
2,555
(k)
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
2,
3.900%,
4/01/42,
(Mandatory
Put
4/8/2024)
4/24
at
100.00
2,555,000
Total
New
York
4,555,000
Total
Municipal
Bonds
(cost
$4,555,000)
4,555,000
Total
Short-Term
Investments
(cost
$4,555,000)
4,555,000
Total
Investments
(cost
$266,655,108
)
-
99.4%
269,826,926
Floating
Rate
Obligations
-
(0.7)%
(2,000,000)
Other
Assets
&
Liabilities,
Net
- 1.3%
3,537,809
Net
Assets
Applicable
to
Common
Shares
-
100%
$
271,364,735
Futures
Contracts
-
Short
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10-Year
Note
(142)
6/24
$
(15,633,021)
$
(15,256,125)
$
376,896
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$990,963
or
0.4%
of
Total
Investments.
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
50
NUW
(d)
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.
(e)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(f)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(g)
In
May
2023,
Talen
Energy
completed
a
Chapter
11
plan
of
reorganization
whereby
the
Fund
received
Talen
Energy
Common
Stock
in
exchange
for
the
following
portfolio
holding:
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Refunding
Bonds,
PPL
Energy
Supply,
LLC
Project,
Series
2009A,
6.400%,
12/01/38.
(h)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(i)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(j)
On
March
1,
2024,
Vistra
Corp.
(“Vistra”)
completed
its
acquisition
of
Energy
Harbor
Corp
(“ENGH”). ENGH
has
been
merged
into
a
newly
formed
subsidiary
of
Vistra,
Vistra
Vision. In
connection
with
the
transaction,
holders
of
ENGH
common
stock
received
a
combination
of
cash
and
membership
interests
in
Vistra
Vision.
These
Vistra
Vision
interests
were
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.
(k)
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.
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
See
Notes
to
Financial
Statements
51
Nuveen
Municipal
Income
Fund,
Inc.
Portfolio
of
Investments
April
30,
2024
(Unaudited)
NMI
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
97.8%
X
–
MUNICIPAL
BONDS
-
97.8%
X
97,153,548
Alabama
-
2.5%
$
260
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024,
5.250%,
10/01/49
10/33
at
100.00
$
273,963
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
1,032,236
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
1,050,238
100
(c)
Tuscaloosa
County
Industrial
Development
Authority,
Alabama,
Gulf
Opportunity
Zone
Bonds,
Hunt
Refining
Project,
Refunding
Series
2019A,
5.250%,
5/01/44
5/29
at
100.00
100,217
Total
Alabama
2,456,654
Arizona
-
4.3%
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
272,684
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
1,001,574
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
899,703
1,495
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019A,
5.000%,
7/01/49
7/29
at
100.00
1,549,781
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
535,795
Total
Arizona
4,259,537
Arkansas
-
0.4%
200
(c)
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2022,
5.450%,
9/01/52,
(AMT)
9/25
at
105.00
202,543
200
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2023,
5.700%,
5/01/53,
(AMT)
5/26
at
105.00
205,685
Total
Arkansas
408,228
California
-
4.6%
625
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2023B,
5.500%,
9/01/43
9/30
at
103.00
643,235
374
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Bold
Program,
Series
2024A,
5.000%,
9/01/48
9/30
at
103.00
357,206
500
(c)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56
6/26
at
100.00
502,395
11
(d),(e)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A,
5.500%,
7/01/39
1/22
at
100.00
10,617
300
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009A,
7.000%,
11/01/34
No
Opt.
Call
369,043
Nuveen
Municipal
Income
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
52
NMI
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
California
(continued)
$
525
Palm
Desert,
California,
Special
Tax
Bonds,
Community
Facilities
District
2021-1
University
Park,
Series
2024,
5.000%,
9/01/53
9/30
at
103.00
$
498,479
500
(c)
San
Francisco
City
and
County
Special
Tax
District
2020-1,
California,
Special
Tax
Bonds,
Mission
Rock
Facilities
and
Services,
Shoreline
Tax
Zone
1
Series
2023C,
5.750%,
9/01/53
9/30
at
103.00
504,538
San
Francisco
City
and
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Treasure
Island
Improvement
Area
2,
Series
2023A
:
710
(c)
5.000%,
9/01/38
9/30
at
103.00
708,038
490
(c)
5.000%,
9/01/43
9/30
at
103.00
469,914
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
503,315
Total
California
4,566,780
Colorado
-
11.5%
500
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Christian
Living
Neighborhoods
Project,
Refunding
Series
2016,
5.000%,
1/01/37
5/24
at
102.00
500,124
1,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
5.000%,
8/01/44
8/29
at
100.00
1,028,066
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
1,424,570
360
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
379,459
700
(c)
Falcon
Area
Water
and
Wastewater
Authority
(El
Paso
County,
Colorado),
Tap
Fee
Revenue
Bonds,
Series
2022A,
6.750%,
12/01/34
9/27
at
103.00
689,548
200
Hess
Ranch
Metropolitan
District
5,
Parker,
Colorado,
Special
Assessment
Revenue
Bonds,
Special
Improvement
District
1,
Series
2024A-2,
6.500%,
12/01/43,
(WI/DD)
3/29
at
103.00
197,356
500
(c)
Kremmling
Memorial
Hospital
District,
Colorado,
Certificates
of
Participation,
Series
2024,
6.625%,
12/01/56
12/31
at
103.00
469,209
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
915,326
500
Park
Creek
Metropolitan
District,
Colorado,
Senior
Limited
Property
Tax
Supported
Revenue
Bonds,
Series
2017A,
5.000%,
12/01/46
12/25
at
100.00
488,413
500
(c)
Parkdale
Community
Authority,
Erie
County,
Colorado,
Limited
Tax
Supported
Convertible
Capital
Appreciation
Revenue
Bonds,
District
2,
Series
2024A,
7.750%,
12/01/53
3/29
at
103.00
363,935
500
(c)
Peak
Metropolitan
District
1,
Colorado
Springs,
El
Paso
County,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2021A,
5.000%,
12/01/41
3/26
at
103.00
444,840
1,000
(c)
Platte
River
Metropolitan
District,
Weld
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
Series
2023A,
6.500%,
8/01/53
8/29
at
103.00
1,016,602
500
Raindance
Metropolitan
District
1,
Acting
by
and
through
its
Water
Activity
Enterprise
In
the
Town
of
Windsor,
Weld
County,
Colorado,
Non-Potable
Water
Enterprise
Revenue
Bonds,
Series
2020,
5.250%,
12/01/50
12/25
at
103.00
477,005
750
Silverstone
Metropolitan
District
3,
Weld
County,
Colorado,
General
Obligation
and
Special
Revenue
Bonds,
Limited
Tax
Series
2023,
7.750%,
12/01/45
12/28
at
103.00
756,698
1,275
(c)
Ventana
Metropolitan
District,
El
Paso
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
and
Improvement
Series
2023A,
6.500%,
9/01/53
12/28
at
103.00
1,317,632
53
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Colorado
(continued)
$
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
$
483,169
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
469,172
Total
Colorado
11,421,124
Delaware
-
0.1%
100
Delaware
Health
Facilities
Authroity,
Revenue
Bonds,
Beebe
Medical
Center
Project,
Series
2018,
5.000%,
6/01/48
12/28
at
100.00
95,543
Total
Delaware
95,543
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
95,877
Total
District
of
Columbia
95,877
Florida
-
11.5%
815
Bay
County,
Florida,
Educational
Facilities
Revenue
Refunding
Bonds,
Bay
Haven
Charter
Academy,
Inc.
Project,
Series
2013A,
5.000%,
9/01/33
5/24
at
100.00
815,592
500
(c)
Bridgewalk
Community
Development
District,
Osceola
County,
Florida,
Special
Assessment
Bonds,
Assessment
Area
2
Series
2023,
6.500%,
12/15/53
12/33
at
100.00
523,233
550
(c)
Capital
Projects
Finance
Authority,
Florida,
Educational
Revenue
Bonds,
Imagine
Kissimmee
Charter
Academy
Project,
Series
2024,
6.500%,
6/15/54
6/34
at
100.00
551,159
1,000
(c)
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
IPS
Enterprises,
Inc.
Projects,
Refunding
Series
2023A,
6.250%,
6/15/53
6/30
at
100.00
1,033,209
140
Capital
Trust
Authority,
Florida,
Educational
Facilities
Revenue
Bonds,
KIPP
Miami
North
Campus
Project,
Refunding
Series
2024A,
6.000%,
6/15/54
6/29
at
103.00
142,235
210
(c)
Florida
Development
Finance
Corporation,
Educational
Facilities
Revenue
Bonds,
Renaissance
Charter
School
Income
Projects,
Series
2023A,
6.500%,
6/15/38
6/30
at
103.00
229,786
1,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
5.500%,
7/01/53,
(AMT),
(WI/DD)
7/32
at
100.00
1,036,944
485
(c)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2023C,
8.250%,
7/01/57,
(AMT),
(Mandatory
Put
8/15/24)
4/24
at
100.00
485,946
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
509,047
255
(c)
Hamilton
Bluff
Community
Development
District,
Lake
Hamilton,
Florida,
Special
Assessment
Bonds,
Area
1
Project,
Series
2024,
5.800%,
5/01/54
5/34
at
100.00
251,081
885
(c)
Highland
Trails
Community
Development
District,
Pasco
County,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
One
Capital
Improvement
Series
2024,
5.850%,
5/01/54
5/34
at
100.00
882,514
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
975,696
150
Hobe-Saint
Lucie
Conservancy
District,
Florida,
Special
Assessment
Revenue
Bonds,
Improvement
Unit
1A,
Series
2024,
5.875%,
5/01/55
5/34
at
100.00
151,945
1,000
Lakeside
Preserve
Community
Development
District,
Lakeland,
Florida,
Special
Assessment
Bonds,
2023
Project
Series
2023,
6.375%,
5/01/54
5/34
at
100.00
1,040,530
Nuveen
Municipal
Income
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
54
NMI
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Florida
(continued)
$
300
Lakewood
Ranch
Stewardship
District,
Florida,
Special
Assessment
Revenue
Bonds,
Taylor
Ranch
Project,
Series
2023,
6.125%,
5/01/43
5/33
at
100.00
$
314,577
135
(c)
North
AR-1
of
Pasco
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
4,
Series
2024,
5.750%,
5/01/54
5/34
at
100.00
132,973
1,000
(c)
River
Hall
Community
Development
District,
Lee
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
4
Series
2023A,
6.500%,
5/01/54
5/34
at
100.00
1,046,417
225
Sawgrass
Village
Community
Development
District,
Manatee
County,
Florida,
Special
Assessment
Bonds,
Assessment
Area
2
Series
2023,
6.125%,
11/01/43
11/33
at
100.00
233,544
400
Stonegate
Preserve
Community
Development
District,
Florida,
Manatee
County,
Special
Assessment
Revenue
Bonds,
2023
Project
Area
Series
2023,
6.125%,
12/15/53
12/33
at
100.00
413,321
645
(c)
Woodsdale
Community
Development
District,
Pasco
County,
Florida,
Revenue
Bonds,
Capital
Improvement
Series
2023,
6.125%,
11/01/43
11/33
at
100.00
671,608
Total
Florida
11,441,357
Georgia
-
2.3%
130
Atlanta
Urban
Residential
Finance
Authority,
Georgia,
Multifamily
Housing
Revenue
Bonds,
Testletree
Village
Apartments,
Series
2013A,
4.000%,
11/01/25
5/24
at
100.00
124,334
600
Cobb
County
Development
Authority,
Georgia,
Charter
School
Revenue
Bonds,
Northwest
Classical
Academy,
Inc.
Project,
Series
2023A,
6.400%,
6/15/53
6/31
at
100.00
604,380
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
460,598
1,000
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2023B,
5.000%,
7/01/53,
(Mandatory
Put
3/01/30)
12/29
at
100.31
1,050,303
Total
Georgia
2,239,615
Hawaii
-
0.3%
250
(c)
Hawaii
Department
of
Budget
and
Finance,
Special
Purpose
Revenue
Bonds,
Hawaii
Pacific
University,
Series
2013A,
6.625%,
7/01/33
5/24
at
100.00
250,261
Total
Hawaii
250,261
Idaho
-
0.5%
500
(c)
Idaho
Housing
and
Finance
Association,
Nonprofit
Facilities
Revenue
Bonds,
The
College
of
Idaho
Project,
Series
2023,
5.875%,
11/01/53
11/33
at
100.00
506,991
Total
Idaho
506,991
Illinois
-
10.4%
250
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016,
6.000%,
4/01/46
4/27
at
100.00
260,122
500
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2023,
5.750%,
4/01/48
4/33
at
100.00
548,149
435
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Refunding
Series
2018D,
5.000%,
12/01/46
12/28
at
100.00
427,470
650
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2016A,
7.000%,
12/01/44
12/25
at
100.00
672,884
500
Chicago
Board
of
Education,
Illinois,
General
Obligation
Bonds,
Dedicated
Revenues,
Series
2023A,
6.000%,
12/01/49
12/33
at
100.00
547,783
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
1,058,009
55
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Illinois
(continued)
$
200
Illinois
Educational
Facilities
Authority,
Revenue
Bonds,
Field
Museum
of
Natural
History,
Series
2002.RMKT,
4.500%,
11/01/36
11/24
at
100.00
$
200,202
500
Illinois
Finance
Authority,
Revenue
Bonds,
Bradley
University,
Refunding
Series
2021A,
4.000%,
8/01/51
8/31
at
100.00
420,605
1,105
Illinois
Finance
Authority,
Revenue
Bonds,
OSF
Healthcare
System,
Series
2015A,
5.000%,
11/15/45
11/25
at
100.00
1,111,960
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
200,985
540
Illinois
State,
General
Obligation
Bonds,
June
Series
2022A,
5.500%,
3/01/47
3/32
at
100.00
576,968
500
Illinois
State,
General
Obligation
Bonds,
March
Series
2021A,
5.000%,
3/01/46
3/31
at
100.00
514,668
400
Illinois
State,
General
Obligation
Bonds,
May
Series
2020,
5.500%,
5/01/39
5/30
at
100.00
432,367
1,000
Illinois
State,
General
Obligation
Bonds,
October
Series
2022C,
5.500%,
10/01/41
10/32
at
100.00
1,097,141
1,900
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2019A,
5.000%,
1/01/44
7/29
at
100.00
1,984,226
200
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2015A,
5.500%,
6/15/53
12/25
at
100.00
202,168
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
128,498
Total
Illinois
10,384,205
Indiana
-
2.5%
735
(c)
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
6/30
at
100.00
668,527
1,000
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Indiana
University
Health
Obligation
Group,
Fixed
Rate
Series
2023A,
5.000%,
10/01/46
10/33
at
100.00
1,067,414
500
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E,
6.000%,
3/01/53
3/33
at
100.00
542,645
250
(c)
Valparaiso,
Indiana,
Exempt
Facilities
Revenue
Bonds,
Pratt
Paper
LLC
Project,
Refunding
Series
2024,
5.000%,
1/01/54,
(AMT),
(WI/DD)
1/34
at
100.00
253,616
Total
Indiana
2,532,202
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
520,867
Total
Iowa
520,867
Louisiana
-
2.1%
1,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Womans
Hospital
Foundation
Project,
Refunding
Series
2017A,
5.000%,
10/01/44
10/27
at
100.00
1,014,001
1,000
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
Loyola
University
of
New
Orleans
Project,
Refunding
Series
2023A,
5.250%,
10/01/53
4/33
at
100.00
1,029,909
Total
Louisiana
2,043,910
Nuveen
Municipal
Income
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
56
NMI
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
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
$
62,624
1,000
Duluth
Economic
Development
Authority,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2018A,
5.000%,
2/15/48
2/28
at
100.00
1,012,888
555
Saint
Paul
Housing
&
Redevelopment
Authority,
Minnesota,
Charter
School
Lease
Revenue
Bonds,
Twin
Cities
German
Immersion
School
Project,
Series
2019,
5.000%,
7/01/49
7/27
at
102.00
499,270
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
279,110
Total
Minnesota
1,853,892
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
1,004,768
Total
Mississippi
1,004,768
Missouri
-
3.2%
1,000
Missouri
Health
and
Educational
Facilities
Authority,
Educational
Facilities
Revenue
Bonds,
Southwest
Baptist
University
Project,
Series
2012,
5.000%,
10/01/33
5/24
at
100.00
995,403
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
909,442
500
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Lutheran
Senior
Services
Projects,
Series
2016A,
5.000%,
2/01/46
2/26
at
100.00
484,494
100
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
Saint
Louis
Obligated
Group,
Series
2017,
5.000%,
9/01/48
9/27
at
100.00
93,203
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
204,205
335
Saline
County
Industrial
Development
Authority,
Missouri,
First
Mortgage
Revenue
Bonds,
Missouri
Valley
College,
Series
2017,
4.500%,
10/01/40
5/24
at
100.00
288,955
225
(c)
Taney
County
Industrial
Development
Authority,
Missouri,
Sales
Tax
Revenue
Improvement
Bonds,
Big
Cedar
Infrastructure
Project
Series
2023,
6.000%,
10/01/49
10/30
at
100.00
218,585
Total
Missouri
3,194,287
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
516,896
Total
Nebraska
516,896
Nevada
-
0.4%
350
Las
Vegas
Special
Improvement
District
817,
Nevada,
Local
Improvement
Revenue
Bonds,
Summerlin
Village
29
Series
2023,
6.000%,
6/01/48
6/33
at
100.00
357,016
Total
Nevada
357,016
New
Jersey
-
1.6%
25
(f)
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
24,995
57
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
New
Jersey
(continued)
$
545
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA,
5.000%,
6/15/45
6/25
at
100.00
$
548,091
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
1,022,527
Total
New
Jersey
1,595,613
New
York
-
4.8%
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
53,636
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
1,599,510
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
255,137
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
327,405
500
(c)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014,
5.000%,
11/15/44
11/24
at
100.00
495,555
445
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023,
6.000%,
6/30/54,
(AMT)
6/31
at
100.00
487,944
500
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2023,
6.000%,
4/01/35,
(AMT)
4/31
at
100.00
566,950
100
Oneida
Indian
Nation,
New
York,
Tax
Revenue
Bonds,
Series
2024B,
6.000%,
9/01/43
9/31
at
102.00
105,771
1,000
TSASC
Inc.,
New
York,
Tobacco
Asset-Backed
Bonds,
Series
2006,
5.000%,
6/01/48
6/27
at
100.00
889,716
Total
New
York
4,781,624
North
Carolina
-
2.7%
685
North
Carolina
Medical
Care
Commission, Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Southminster
Project,
Refunding
Series
2016,
5.000%,
10/01/31
10/24
at
102.00
687,440
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
2,033,186
Total
North
Carolina
2,720,626
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
93,855
Total
North
Dakota
93,855
Ohio
-
2.8%
1,000
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
906,622
1,000
Cleveland-Cuyahoga
County
Port
Authroity,
Ohio,
Cultural
Facility
Revenue
Bonds,
The
Cleveland
Museum
of
Natural
History
Project,
Series
2021,
4.000%,
7/01/51
7/31
at
100.00
894,457
500
(c)
Jefferson
County
Port
Authority,
Ohio,
Economic
Development
Revenue
Bonds,
JSW
Steel
USA
Ohio,
Inc.
Project,
Series
2023,
5.000%,
12/01/53,
(AMT),
(Mandatory
Put
12/01/28)
9/28
at
100.00
505,202
Nuveen
Municipal
Income
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
58
NMI
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Ohio
(continued)
$
500
(c)
Ohio
Air
Quality
Development
Authority,
Ohio,
Exempt
Facilities
Revenue
Bonds,
AMG
Vanadium
Project,
Series
2019,
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
$
460,368
Total
Ohio
2,766,649
Oklahoma
-
0.7%
670
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B,
5.500%,
8/15/52
8/28
at
100.00
681,369
Total
Oklahoma
681,369
Oregon
-
0.0%
55
Clackamas
County
Hospital
Facility
Authority,
Oregon,
Revenue
Bonds,
Rose
Villa
Inc.,
Series
2020A,
5.250%,
11/15/50
11/25
at
102.00
50,510
Total
Oregon
50,510
Pennsylvania
-
2.9%
400
(c)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
Neuweiler
Lofts
Project,
Series
2023,
6.250%,
5/01/42
5/33
at
100.00
391,466
1,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Reading
Hospital
&
Medical
Center
Project,
Series
2012A,
5.000%,
11/01/40
5/24
at
100.00
517,347
500
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2021,
5.000%,
11/01/51
11/29
at
100.00
509,798
495
Lehigh
County,
Pennsylvania,
Revenue
Bonds,
Lehigh
Valley
Dual
Language
Charter
School,
General
Purpose
Authority,
Series
2023,
7.000%,
6/01/53
6/30
at
103.00
518,998
560
(f)
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
565,558
350
Montgomery
County
Redevelopment
Authority,
Pennsylvania,
Special
Obligation
Revenue
Bonds,
River
Pointe
Project
Series
2023,
6.500%,
9/01/43
9/33
at
100.00
351,440
Total
Pennsylvania
2,854,607
Puerto
Rico
-
2.1%
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
:
1,760
0.000%,
7/01/51
7/28
at
30.01
403,557
500
4.750%,
7/01/53
7/28
at
100.00
489,228
1,000
5.000%,
7/01/58
7/28
at
100.00
1,000,118
200
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.329%,
7/01/40
7/28
at
100.00
195,866
Total
Puerto
Rico
2,088,769
South
Carolina
-
1.1%
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
477,920
560
South
Carolina
Jobs-Economic
Development
Authority,
Educational
Facilities
Revenue
Bonds,
Riverwalk
Academy
Project
Series
2023A,
7.000%,
6/15/43
6/33
at
100.00
575,494
Total
South
Carolina
1,053,414
59
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
South
Dakota
-
0.1%
$
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
$
85,691
Total
South
Dakota
85,691
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
824,762
250
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Improvement
Revenue
Bonds,
Series
2022B,
5.500%,
7/01/42,
(AMT)
7/32
at
100.00
273,663
Total
Tennessee
1,098,425
Texas
-
7.7%
1,000
Dallas-Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds,
Refunding
Series
2021A,
4.000%,
11/01/46
11/30
at
100.00
958,693
500
(c)
Kyle,
Texas,
Special
Assessment
Revenue
Bonds,
Southwest
Kyle
Public
Improvement
District
1
Improvement
Area
2
Project,
Series
2023,
6.750%,
9/01/48
9/33
at
100.00
518,451
125
(c)
Mission
Economic
Development
Corporation,
Texas,
Revenue
Bonds,
Natgasoline
Project,
Senior
Lien
Series
2018,
4.625%,
10/01/31,
(AMT)
5/24
at
103.00
123,721
1,000
(c)
Mustang
Ridge,
Travis
and
Caldwell
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Durango
Public
Improvement
District
Improvement
Area
1
Series
2023,
6.375%,
9/01/53
9/31
at
100.00
1,010,711
1,000
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Student
Housing
Revenue
Bonds,
CHF-Collegiate
Housing
Foundation
-
College
Station
I
LLC
-
Texas
A&M
University
Project,
Series
2014A,
5.000%,
4/01/46
-
AGM
Insured
5/24
at
100.00
993,635
200
(f)
North
Texas
Tollway
Authority,
Special
Projects
System
Revenue
Bonds,
Convertible
Capital
Appreciation
Series
2011C,
7.000%,
9/01/43,
(Pre-
refunded
9/01/31)
9/31
at
100.00
244,372
535
(c)
Plano,
Collin
and
Denton
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Haggard
Farm
Public
Improvement
District
Project,
Area
1
Project
Series
2023,
7.500%,
9/15/53
9/33
at
100.00
556,818
240
Reagan
Hospital
District
of
Reagan
County,
Texas,
Limited
Tax
Revenue
Bonds,
Series
2014A,
5.000%,
2/01/34
5/24
at
100.00
235,751
295
SA
Energy
Acquisition
Public
Facilities
Corporation,
Texas,
Gas
Supply
Revenue
Bonds,
Series
2007,
5.500%,
8/01/27
No
Opt.
Call
303,865
1,000
Texas
Private
Activity
Bond
Surface
Transporation
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
1,007,619
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
1,002,556
250
(c)
Travis
County
Development
Authority,
Texas,
Contract
Assessment
Revenue
Bonds,
Bella
Fortuna
Public
Improvement
District,
Series
2024,
5.625%,
9/01/51
9/32
at
100.00
239,098
500
(c)
Vista
Lago,
Travis
County,
Texas,
Special
Assessment
Revenue
Bonds,
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
#3
Project,
Series
2024,
6.000%,
9/01/54
9/34
at
100.00
494,273
Total
Texas
7,689,563
Utah
-
0.4%
410
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2023A,
5.250%,
7/01/53,
(AMT)
7/33
at
100.00
430,581
Total
Utah
430,581
Nuveen
Municipal
Income
Fund,
Inc.
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
60
NMI
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Virgin
Islands
-
0.4%
$
380
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/32
No
Opt.
Call
$
408,345
Total
Virgin
Islands
408,345
Virginia
-
2.3%
100
James
City
County
Economic
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Williamsburg
Landing
Inc.,
Series
2024A,
6.875%,
12/01/58
12/30
at
103.00
108,439
100
Virginia
Beach
Development
Authority,
Virginia,
Residential
Care
Facility
Revenue
Bonds,
Westminster
Canterbury
on
Chesapeake
Bay,
Series
2023A,
7.000%,
9/01/53
9/30
at
103.00
110,900
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
1,267,478
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
760,278
Total
Virginia
2,247,095
Washington
-
1.5%
1,000
Grays
Harbor
Public
Hospital
District
1,
Washington,
Revenue
Bonds,
Summit
Pacific
Medial
Center
Series
2023,
6.750%,
12/01/44
12/33
at
100.00
1,033,931
500
Jefferson
County
Public
Hospital
District
2,
Washington,
Hospital
Revenue
Bonds,
Refunding
Series
2023A,
6.875%,
12/01/53
12/30
at
103.00
495,129
Total
Washington
1,529,060
West
Virginia
-
1.3%
225
(c)
Monongalia
County
Commission,
West
Virginia,
Special
District
Excise
Tax
Revenue
Bonds,
University
Town
Centre
Economic
Opportunity
Development
District,
Subordinate
Improvement
Series
2023A,
7.000%,
6/01/43
6/30
at
103.00
236,925
1,000
West
Virginia
Hospital
Finance
Authority,
Revenue
Bonds,
West
Virginia
University
Health
System
Obligated
Group,
Improvement
Series
2017A,
5.000%,
6/01/47
6/27
at
100.00
1,016,872
Total
West
Virginia
1,253,797
Wisconsin
-
3.6%
Public
Finance
Authority
of
Wisconsin,
Conference
Center
and
Hotel
Revenue
Bonds,
Lombard
Public
Facilities
Corporation,
Second
Tier
Series
2018B
:
4
(c),(d)
0.000%,
1/01/46
No
Opt.
Call
98
4
(c),(d)
0.000%,
1/01/47
No
Opt.
Call
89
4
(c),(d)
0.000%,
1/01/48
No
Opt.
Call
84
4
(c),(d)
0.000%,
1/01/49
No
Opt.
Call
78
3
(c),(d)
0.000%,
1/01/50
No
Opt.
Call
72
4
(c),(d)
0.000%,
1/01/51
No
Opt.
Call
74
98
(c),(d)
3.750%,
7/01/51
3/28
at
100.00
68,344
4
(c),(d)
0.000%,
1/01/52
No
Opt.
Call
69
4
(c),(d)
0.000%,
1/01/53
No
Opt.
Call
64
4
(c),(d)
0.000%,
1/01/54
No
Opt.
Call
60
4
(c),(d)
0.000%,
1/01/55
No
Opt.
Call
56
4
(c),(d)
0.000%,
1/01/56
No
Opt.
Call
52
4
(c),(d)
0.000%,
1/01/57
No
Opt.
Call
49
4
(c),(d)
0.000%,
1/01/58
No
Opt.
Call
45
3
(c),(d)
0.000%,
1/01/59
No
Opt.
Call
43
3
(c),(d)
0.000%,
1/01/60
No
Opt.
Call
40
3
(c),(d)
0.000%,
1/01/61
No
Opt.
Call
37
61
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Wisconsin
(continued)
$
3
(c),(d)
0.000%,
1/01/62
No
Opt.
Call
$
35
3
(c),(d)
0.000%,
1/01/63
No
Opt.
Call
33
3
(c),(d)
0.000%,
1/01/64
No
Opt.
Call
31
3
(c),(d)
0.000%,
1/01/65
No
Opt.
Call
29
3
(c),(d)
0.000%,
1/01/66
No
Opt.
Call
26
42
(c),(d)
0.000%,
1/01/67
No
Opt.
Call
308
1,000
(c)
Public
Finance
Authority
of
Wisconsin,
Multifamily
Housing
Revenue
Bonds,
Promenade
Apartments
Project,
Series
2024,
6.250%,
2/01/39
2/29
at
103.00
1,018,894
500
(c)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Revolution
Academy,
Refunding
Series
2023A,
6.250%,
10/01/53
10/31
at
100.00
505,871
535
(c)
Public
Finance
Authority
of
Wisconsin,
Revenue
Bonds,
Unity
Classical
Charter
School,
A
Challenge
Foundation
Academy,
Series
2023,
6.625%,
7/01/43
7/30
at
100.00
550,852
250
(c)
Public
Finance
Authority
of
Wisconsin,
Tax
Increment
Revenue
Senior
Bonds,
Miami
World
Center
Project,
Series
2024A,
5.000%,
6/01/41
6/29
at
103.00
249,131
200
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Dickson
Hollow
Project.
Series
2014,
5.125%,
10/01/34
5/24
at
101.00
192,417
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
115,702
1,000
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
PHW
Oconomowoc,
Inc.
Project,
Series
2018,
5.125%,
10/01/48
5/24
at
102.00
871,262
Total
Wisconsin
3,573,945
Total
Municipal
Bonds
(cost
$96,820,197)
97,153,548
Total
Long-Term
Investments
(cost
$96,820,197)
97,153,548
Other
Assets
&
Liabilities,
Net
- 2.2%
2,218,680
Net
Assets
Applicable
to
Common
Shares
-
100%
$
99,372,228
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$21,922,466
or
22.6%
of
Total
Investments.
(d)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(e)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(f)
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.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
62
April
30,
2024
(Unaudited)
NUV
NUW
NMI
ASSETS
Long-term
investments,
at
value
†
$
1,898,647,046‌
$
265,271,926‌
$
97,153,548‌
Short-term
investments,
at
value
◊
26,465,000‌
4,555,000‌
–‌
Cash
collateral
at
broker
for
investments
in
futures
contracts
(1)
–‌
301,762‌
–‌
Receivables:
Interest
23,379,789‌
3,303,997‌
1,519,306‌
Investments
sold
25,021,032‌
1,616,060‌
3,148,890‌
Variation
margin
on
futures
contracts
–‌
73,219‌
–‌
Deferred
offering
costs
–‌
–‌
130,000‌
Other
216,302‌
11,006‌
6,933‌
Total
assets
1,973,729,169‌
275,132,970‌
101,958,677‌
LIABILITIES
Cash
overdraft
12,260,228‌
815,382‌
625,627‌
Floating
rate
obligations
29,480,000‌
2,000,000‌
–‌
Payables:
Management
fees
718,446‌
124,311‌
49,845‌
Dividends
5,550,447‌
749,924‌
344,255‌
Interest
373,295‌
7,758‌
–‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
9,216,314‌
–‌
1,473,540‌
Accrued
expenses:
Custodian
fees
126,416‌
35,669‌
16,188‌
Investor
relations
27,149‌
4,078‌
927‌
Directors/Trustees
fees
178,106‌
7,522‌
2,103‌
Professional
fees
20,377‌
11,170‌
11,908‌
Shareholder
reporting
expenses
85,479‌
12,398‌
8,081‌
Shareholder
servicing
agent
fees
23,697‌
23‌
468‌
Shelf
offering
costs
–‌
–‌
53,507‌
Total
liabilities
58,059,954‌
3,768,235‌
2,586,449‌
Commitments
and
contingencies
(2)
Net
assets
applicable
to
common
shares
$
1,915,669,215‌
$
271,364,735‌
$
99,372,228‌
Common
shares
outstanding
207,541,595‌
17,951,336‌
10,051,095‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
9
.23‌
$
15
.12‌
$
9
.89‌
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
268,620,421‌
105,335,456‌
Total
distributable
earnings
(loss)
(
49,954,109‌
)
2,564,801‌
(
6,063,739‌
)
Net
assets
applicable
to
common
shares
$
1,915,669,215‌
$
271,364,735‌
$
99,372,228‌
Authorized
shares:
Common
350,000,000
Unlimited
200,000,000
†
Long-term
investments,
cost
$
1,871,866,231‌
$
262,100,108‌
$
96,820,197‌
◊
Short-term
investments,
cost
$
26,465,000‌
$
4,555,000‌
$
—‌
(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
63
Six
Months
Ended
April
30,
2024
(Unaudited)
NUV
NUW
NMI
INVESTMENT
INCOME
Dividends
$
—‌
$
2,102‌
$
—‌
Interest
41,910,459‌
5,448,127‌
2,511,760‌
Total
investment
income
41,910,459‌
5,450,229‌
2,511,760‌
EXPENSES
–
–
–
Management
fees
4,353,103‌
755,327‌
302,172‌
Shareholder
servicing
agent
fees
145,197‌
39‌
2,648‌
Interest
expense
456,459‌
44,861‌
681‌
Directors/Trustees
fees
32,734‌
4,627‌
1,689‌
Custodian
expenses,
net
46,180‌
14,811‌
10,026‌
Investor
relations
expenses
47,288‌
6,765‌
2,702‌
Professional
fees
52,224‌
18,537‌
21,660‌
Shareholder
reporting
expenses
81,309‌
14,002‌
11,961‌
Stock
exchange
listing
fees
31,208‌
3,667‌
3,669‌
Other
22,574‌
15,747‌
94,994‌
Total
expenses
5,268,276‌
878,383‌
452,202‌
Net
investment
income
(loss)
36,642,183‌
4,571,846‌
2,059,558‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
3,277,654‌
)
(
313,941‌
)
(
145,622‌
)
Futures
contracts
—‌
182,061‌
—‌
Net
realized
gain
(loss)
(
3,277,654‌
)
(
131,880‌
)
(
145,622‌
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
113,963,502‌
16,819,812‌
7,390,878‌
Futures
contracts
—‌
(
277,948‌
)
—‌
Net
change
in
unrealized
appreciation
(depreciation)
113,963,502‌
16,541,864‌
7,390,878‌
Net
realized
and
unrealized
gain
(loss)
110,685,848‌
16,409,984‌
7,245,256‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
147,328,031‌
$
20,981,830‌
$
9,304,814‌
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
64
NUV
NUW
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
36,642,183‌
$
72,002,159‌
$
4,571,846‌
$
8,981,752‌
Net
realized
gain
(loss)
(
3,277,654‌
)
(
21,685,836‌
)
(
131,880‌
)
236,748‌
Net
change
in
unrealized
appreciation
(depreciation)
113,963,502‌
4,622,056‌
16,541,864‌
(
585,238‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
147,328,031‌
54,938,379‌
20,981,830‌
8,633,262‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
36,112,238‌
)
(
69,941,517‌
)
(
4,577,591‌
)
(
8,625,617‌
)
Total
distributions
(
36,112,238‌
)
(
69,941,517‌
)
(
4,577,591‌
)
(
8,625,617‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
111,215,793‌
(
15,003,138‌
)
16,404,239‌
7,645‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
1,804,453,422‌
1,819,456,560‌
254,960,496‌
254,952,851‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
1,915,669,215‌
$
1,804,453,422‌
$
271,364,735‌
$
254,960,496‌
See
Notes
to
Financial
Statements
65
NMI
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
2,059,558‌
$
3,781,686‌
Net
realized
gain
(loss)
(
145,622‌
)
(
1,348,719‌
)
Net
change
in
unrealized
appreciation
(depreciation)
7,390,878‌
483,356‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
9,304,814‌
2,916,323‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
2,065,500‌
)
(
3,678,642‌
)
Total
distributions
(
2,065,500‌
)
(
3,678,642‌
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Proceeds
from
shelf
offering,
net
of
offering
costs
15,506‌
49,338‌
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
15,506‌
49,338‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
7,254,820‌
(
712,981‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
92,117,408‌
92,830,389‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
99,372,228‌
$
92,117,408‌
Financial
Highlights
66
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NUV
NUW
4/30/24(d)
0.05
%
0.03
%
10/31/23
0.04
0.03
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
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
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Premium
per
Share
Sold
through
Shelf
Offering
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NUV
4/30/24(d)
$
8.69
$
0.18
$
0.53
$
0.71
$
(0.17)
$
—
$
(0.17)
$
—
$
9.23
$
8.47
10/31/23
8.77
0.35
(0.09)
0.26
(0.34)
—
(0.34)
—
8.69
7.99
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
NUW
4/30/24(d)
14.20
0.25
0.93
1.18
(0.26)
—
(0.26)
—
15.12
13.46
10/31/23
14.20
0.50
(0.02)
0.48
(0.48)
—
(0.48)
—
14.20
12.60
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)
—(f)
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
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
NAV.
The
actual
reinvest
price
for
the
last
dividend
declared
in
the
period
may
often
be
based
on
the
Fund’s
market
price
(and
not
its
NAV),
and
therefore
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
Total
Return
Based
on
Common
Share
Price
is
the
combination
of
changes
in
the
market
price
per
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
(c)
•
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
67
Ratios
to
Average
Net
Assets
NUW
Expenses
NII
(Loss)
10/31/21
0.68%
2.60%
10/31/20
0.82
2.75
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate
8.20‌
%
8.16‌
%
$
1,915,669
0.55‌
%
(e)
3.81‌
%
(e)
6‌
%
2.79‌
(0.52‌)
1,804,453
0.53‌
3.77‌
17‌
(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
8.26‌
8.84‌
271,365
0.64‌
(e)
3.37‌
(e)
1‌
3.27‌
(1.08‌)
254,960
0.63‌
3.35‌
14‌
(14.65‌)
(17.84‌)
254,953
0.64‌
2.90‌
17‌
5.89‌
6.31‌
311,092
0.68‌
(g)
2.60‌
(g)
10‌
2.33‌
(0.77‌)
260,790
0.78‌
(g)
2.79‌
(g)
13‌
11.38‌
22.81‌
262,190
0.73‌
3.61‌
31‌
(d)
Unaudited.
(e)
Annualized.
(f)
Value
rounded
to
zero.
(g)
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:
Financial
Highlights
(continuted)
68
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
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Premium
per
Share
Sold
through
Shelf
Offering
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NMI
4/30/24(d)
$
9.16
$
0.20
$
0.74
$
0.94
$
(0.21)
$
—
$
(0.21)
$
—
$
9.89
$
9.15
10/31/23
9.24
0.38
(0.09)
0.29
(0.37)
—
(0.37)
—(f)
9.16
8.35
10/31/22
11.27
0.34
(2.05)
(1.71)
(0.32)
—(f)
(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)
—(f)
11.08
11.31
10/31/19
10.92
0.43
0.47
0.90
(0.43)
(0.07)
(0.50)
—(f)
11.32
11.33
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
NAV.
The
actual
reinvest
price
for
the
last
dividend
declared
in
the
period
may
often
be
based
on
the
Fund’s
market
price
(and
not
its
NAV),
and
therefore
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
Total
Return
Based
on
Common
Share
Price
is
the
combination
of
changes
in
the
market
price
per
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
See
Notes
to
Financial
Statements
69
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NMI
4/30/24(d)
—
%
10/31/23
—
10/31/22
—
10/31/21
—
10/31/20
—
10/31/19
—
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses(c)
Net
Investment
Income
(Loss)(c)
Portfolio
Turnover
Rate
10.21‌
%
12.04‌
%
$
99,372
0.
82‌
%
(e)
4.25‌
%
(e)
28‌
%
2.94‌
1.80‌
92,117
0.74‌
3.87‌
33‌
(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
(c)
•
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:
(d)
Unaudited.
(e)
Annualized.
(f)
Value
rounded
to
zero.
70
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
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
a
Massachusetts
business
trust
on
November
19,
2008.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
April
30,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
April
30,
2024
(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.
On
November
30,
2023,
the
U.S.
Court
of
Appeals
for
the
Second
Circuit
upheld
the
opinion
of
the
District
Court.
On
February
28,
2024,
the
Board
of
the
Funds
Amended
and
Restated
By-Laws
to
eliminate
the
“control
share”
provisions.
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
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:
71
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.
The
Funds’
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
their
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distributions
rate
which
may
be
set
from
time
to
time).
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
a
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
a
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
Indemnifications:
Under
the
Funds'
organizational
documents, their
officers
and
directors/trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the Funds
enter
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Funds'
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Funds
that
have
not
yet
occurred.
However,
the Funds
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expect
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
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
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financials.
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.
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:
Fund
Gross
Custodian
Fee
Credits
NUV
$
36,030
NUW
12,337
NMI
3,306
72
Notes
to
Financial
Statements
(Unaudited)
(continued)
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:
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
these
Notes
to
Financial
Statements.
NUV
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
1,898,647,046
$
–
$
1,898,647,046
Short-Term
Investments:
Municipal
Bonds
–
26,465,000
–
26,465,000
Total
$
–
$
1,925,112,046
$
–
$
1,925,112,046
NUW
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
264,313,931
$
–
$
264,313,931
Common
Stocks
–
24,729
933,266
957,995
Short-Term
Investments:
Municipal
Bonds
–
4,555,000
–
4,555,000
Investments
in
Derivatives:
Futures
Contracts*
376,896
–
–
376,896
Total
$
376,896
$
268,893,660
$
933,266
$
270,203,822
NMI
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
97,142,931
$
10,617
$
97,153,548
Total
$
–
$
97,142,931
$
10,617
$
97,153,548
*
Represents
net
unrealized
appreciation
(depreciation)
as
reported
in
Fund's
Portfolio
of
Investments.
73
4.
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:
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:
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
NUV
$
29,480,000
$
—
$
29,480,000
NUW
2,000,000
—
2,000,000
NMI
—
—
—
74
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
Purchases
and
Sales:
Long-term
purchases
and
sales
during
the
current
fiscal
period
were
as
follows:
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
NUV
$
23,036,164
3.82
%
NUW
2,000,000
3.93
NMI
—
—
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
NUV
$
29,480,000
$
—
$
29,480,000
NUW
2,000,000
—
2,000,000
NMI
—
—
—
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
and
Maturities
NUV
$
112,650,972
$
125,456,850
NUW
3,785,986
7,630,821
NMI
28,422,630
27,386,850
75
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. 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.
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Futures
Contracts:
During
the
current
fiscal
period,
NUW
managed
the
duration
of
its
portfolio
by
shorting
interest
rate
futures
contracts.
A
futures
contract
is
an
agreement
between
two
parties
to
buy
and
sell
a
financial
instrument
for
a
set
price
on
a
future
date.
Upon
execution
of
a
futures
contract,
the
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.
Securities
deposited
for
initial
margin,
if
any,
are
identified
in
the
Portfolio
of
Investments
and
cash
deposited
for
initial
margin,
if
any,
is
reflected
on
the
Statement
of
Assets
and
Liabilities.
During
the
period
the
futures
contract
is
open,
changes
in
the
market
value
of
the
contract
are
recognized
as
an
unrealized
gain
or
loss
by
“marking-
to-market”
on
a
daily
basis.
The
Fund
and
the
clearing
broker
are
obligated
to
settle
monies
on
a
daily
basis
representing
the
changes
in
the
value
of
the
contracts.
These
daily
cash
settlements
are
known
as
“variation
margin”
and
is
recognized
on
the
Statement
of
Assets
and
Liabilities
as
a
receivable
or
payable
for
variation
margin
on
futures
contracts.
When
the
contract
is
closed
or
expired,
the
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.
The
net
realized
gain
or
loss
and
the
change
in
unrealized
appreciation
(depreciation)
on
futures
contracts
held
during
the
period
is
included
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.
The
average
notional
amount
of
futures
contracts
outstanding
during
the
current
fiscal
period
was
as
follows:
As
of
the
end
of
the
reporting
period,
the
following
Fund
has
invested
in
derivative
contracts
which
are
reflected
in
the
Statement
of
Assets
and
Liabilities
as
follows:.
During
the
current
fiscal
period,
the
effect
of
derivative
contracts
on
the
Fund’s
Statement
of
Operations
was
as
follows:
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,
Fund
Average
Notional
Amount
of
Futures
Contracts
Outstanding
*
NUW
$
16,623,618
*
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.
Asset
Derivatives
Liability
Derivatives
Derivative
Instrument
Risk
Exposure
Location
Value
Location
Value
NUW
Futures
Contracts
Interest
rate
Unrealized
appreciation
on
futures
contracts
*
$
376,896
-
$
–
1
1
1
1
1
1
1
1
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
value
reflected
in
the
accompanying
Statements
of
Assets
and
Liabilities
is
only
the
receivable
or
payable
for
variation
margin
on
open
futures
contacts.
Derivative
Instrument
Risk
Exposure
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
NUW
Futures
contracts
Interest
rate
$
182,061
$
(277,948)
76
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
6.
Fund
Shares
Common
Shares
Equity
Shelf
Programs
and
Offering
Costs:
The
following
Fund
has
filed
a
registration
statement
with
the
Securities
and
Exchange
Commission
(“SEC”)
authorizing
the
Fund
to
issue
additional
common
shares
through
one
or
more
equity
shelf
programs
(“Shelf
Offering”),
which
became
effective
with
the
SEC
during
the current
and
prior
fiscal
periods.
Under
this
Shelf
Offering,
the
Fund,
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
the
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:
7.
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.
NMI
Year
Ended
4/30/24*
Year
Ended
10/31/23
Additional
authorized
common
shares
2,200,000
2,200,000
Common
shares
sold
–
–
Offering
proceeds,
net
of
offering
costs
15,506
49,338
*
For
the
period
November
1,
2023
through
March
20,
2024.
NMI
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Common
Shares:
Sold
through
shelf
offering
—
4,954
Total
—
4,954
Weighted
average
common
share:
Premium
to
NAV
per
shelf
offering
common
share
sold
–%
1.11%
77
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:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser
and
for
NUV
a
gross
interest
income
component.
This
pricing
structure
enables
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:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NUV
$
1,860,624,765
$
73,885,550
$
(38,878,269)
$
35,007,281
NUW
264,593,922
9,417,958
(5,808,058)
3,609,900
NMI
96,777,767
2,332,285
(1,956,504)
375,781
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
$
8,960,607
$
5,789
$
—
$
(79,538,289)
$
(84,579,303)
$
—
$
(6,018,706)
$
(161,169,902)
NUW
1,387,709
1,864
—
(13,259,182)
(542,698)
—
(1,427,131)
(13,839,438)
NMI
433,537
—
—
(7,020,129)
(6,399,852)
—
(316,609)
(13,303,053)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividends
declared
on
October
2,
2023
and
paid
on
November
1,
2023.
Fund
Short-Term
Long-Term
Total
NUV
$
39,918,409
$
44,660,894
$
84,579,303
NUW
—
542,698
542,698
NMI
3,319,863
3,079,989
6,399,852
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
78
Notes
to
Financial
Statements
(Unaudited)
(continued)
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:
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
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
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
79
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,
2024,
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
or
by
an
affiliate
of
the
Adviser
(each
an
, “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:
9.
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
other
than
those
disclosed
in
the
Notes
to
Financial
Statements,
when
applicable.
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.
10.
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
2025
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.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
following
Funds
utilized
this
facility.
Each
Fund’s
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
Fund
Complex-Level
Fee
NUV
0.1604%
NUW
0.1604%
NMI
0.1604%
Fund
Purchases
Sales
Realized
Gain
(Loss)
NUV
$
—
$
—
$
—
NUW
—
—
—
NMI
—
3,518,751
(55,619)
80
Notes
to
Financial
Statements
(Unaudited)
(continued)
During
each
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
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.
11.
Inter-Fund
Lending
Inter-Fund
Borrowing
and
Lending:
The
SEC
has
granted
an
exemptive
order
permitting
registered
open-end
and
closed-end
Nuveen
funds
to
participate
in
an
inter-fund
lending
facility
whereby
the
Nuveen
funds
may
directly
lend
to
and
borrow
money
from
each
other
for
temporary
purposes
(e.g.,
to
satisfy
redemption
requests
or
when
a
sale
of
securities
“fails,”
resulting
in
an
unanticipated
cash
shortfall)
(the
“Inter-Fund
Program”).
The
closed-end
Nuveen
funds,
including
the
Funds
covered
by
this
shareholder
report,
will
participate
only
as
lenders,
and
not
as
borrowers,
in
the
Inter-Fund
Program
because
such
closed-end
funds
rarely,
if
ever,
need
to
borrow
cash
to
meet
redemptions.
The
Inter-Fund
Program
is
subject
to
a
number
of
conditions,
including,
among
other
things,
the
requirements
that
(1)
no
fund
may
borrow
or
lend
money
through
the
Inter-Fund
Program
unless
it
receives
a
more
favorable
interest
rate
than
is
typically
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction;
(2)
no
fund
may
borrow
on
an
unsecured
basis
through
the
Inter-Fund
Program
unless
the
fund’s
outstanding
borrowings
from
all
sources
immediately
after
the
inter-fund
borrowing
total
10%
or
less
of
its
total
assets;
provided
that
if
the
borrowing
fund
has
a
secured
borrowing
outstanding
from
any
other
lender,
including
but
not
limited
to
another
fund,
the
inter-fund
loan
must
be
secured
on
at
least
an
equal
priority
basis
with
at
least
an
equivalent
percentage
of
collateral
to
loan
value;
(3)
if
a
fund’s
total
outstanding
borrowings
immediately
after
an
inter-fund
borrowing
would
be
greater
than
10%
of
its
total
assets,
the
fund
may
borrow
through
the
inter-fund
loan
on
a
secured
basis
only;
(4)
no
fund
may
lend
money
if
the
loan
would
cause
its
aggregate
outstanding
loans
through
the
Inter-Fund
Program
to
exceed
15%
of
its
net
assets
at
the
time
of
the
loan;
(5)
a
fund’s
inter-fund
loans
to
any
one
fund
shall
not
exceed
5%
of
the
lending
fund’s
net
assets;
(6)
the
duration
of
inter-
fund
loans
will
be
limited
to
the
time
required
to
receive
payment
for
securities
sold,
but
in
no
event
more
than
seven
days;
and
(7)
each
inter-fund
loan
may
be
called
on
one
business
day’s
notice
by
a
lending
fund
and
may
be
repaid
on
any
day
by
a
borrowing
fund.
In
addition,
a
Nuveen
fund
may
participate
in
the
Inter-Fund
Program
only
if
and
to
the
extent
that
such
participation
is
consistent
with
the
fund’s
investment
objective
and
investment
policies.
The
Board
is
responsible
for
overseeing
the
Inter-Fund
Program.
The
limitations
detailed
above
and
the
other
conditions
of
the
SEC
exemptive
order
permitting
the
Inter-Fund
Program
are
designed
to
minimize
the
risks
associated
with
Inter-Fund
Program
for
both
the
lending
fund
and
the
borrowing
fund.
However,
no
borrowing
or
lending
activity
is
without
risk.
When
a
fund
borrows
money
from
another
fund,
there
is
a
risk
that
the
loan
could
be
called
on
one
day’s
notice
or
not
renewed,
in
which
case
the
fund may
have
to
borrow
from
a
bank
at
a
higher
rate
or
take
other
actions
to
payoff
such
loan
if
an
inter-fund
loan
is
not
available
from
another
fund.
Any
delay
in
repayment
to
a
lending
fund
could
result
in
a
lost
investment
opportunity
or
additional
borrowing
costs.
During
the
current
reporting
period,
none
of
the
Funds
covered
by
this
shareholder
report
have
entered
into
any
inter-fund
loan
activity.
12.
Subsequent
Events
Management
Fees:
As
of
May
1,
2024,
each
Fund’s
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
each
Fund’s
average
daily
managed
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
Therefore,
the
maximum
management
fee
rate
for
each
Fund
is
the
fund-level
fee
listed
within
this
report
plus
0.1600%.
The
overall
complex-level
fee
schedule
is
as
follows:
Fund
Maximum
Outstanding
Balance
NUV
$
2,787,274
NUW
—
NMI
331,261
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
NUV
4
$
2,787,274
6.53
%
NUW
—
—
—
NMI
4
331,261
6.53
Complex-Level
Asset
Breakpoint
Level*
Complex-Level
Fee
For
the
first
$124.3
billion
0.1600
%
For
the
next
$75.7
billion
0.1350
For
the
next
$200
billion
0.1325
For
eligible
assets
over
$400
billion
0.1300
81
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
branded
open-end
funds
(“Nuveen
Mutual
Funds”).
Except
as
described
below,
eligible
assets
include
the
assets
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
Mutual
Funds
organized
in
the
United
States.
Eligible
assets
do
not
include
the
net
assets
of:
Nuveen
fund-of-funds,
Nuveen
money
market
funds,
Nuveen
index
funds,
Nuveen
Large
Cap
Responsible
Equity
Fund
or
Nuveen
Life
Large
Cap
Responsible
Equity
Fund.
In
addition,
eligible
assets
include
a
fixed
percentage
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
the
Adviser’s
affiliate,
Teachers
Advisors,
LLC
(except
those
identified
above).
The
fixed
percentage
will
increase
annually
until
May
1,
2033,
at
which
time
eligible
assets
will
include
all
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
Teachers
Advisors,
LLC
(except
those
identified
above).
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
the
closed-end
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
eligible
assets
in
certain
circumstances.
Update
to
the
Shelf
Offering
Program
for
NMI:
NMI
filed
a
registration
statement
authorizing
the
Fund
to
issue
2,000,000
additional
common
shares,
which
became
effective
with
the
SEC
during
May
2024.
82
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
.
83
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
Joseph
A.
Boateng
Michael
A.
Forrester
Thomas
J.
Kenny
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Loren
M.
Starr
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
84
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.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
85
Nuveen
Municipal
Value
Fund,
Inc.
(NUV)
Nuveen
AMT-Free
Municipal
Value
Fund
(NUW)
Nuveen
Municipal
Income
Fund,
Inc.
(NMI)
The
Approval
Process
At
meetings
held
on
April
18
and
19,
2024
(the
“Meeting”),
the
Boards
of
Directors
or
Trustees
(as
the
case
may
be)
(collectively,
the
“Board”
and
each
Director
or
Trustee
(as
the
case
may
be),
a
“Board
Member”)
of
the
Funds
approved,
for
their
respective
Fund,
the
renewal
of
the
investment
management
agreement
(each
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(“NFAL”;
NFAL
is
an
“Adviser”)
pursuant
to
which
NFAL
serves
as
investment
adviser
to
such
Fund.
Similarly,
for
each
Fund,
the
Board
approved
the
renewal
of
the
sub-advisory
agreement
(each
a
“Sub-Advisory
Agreement”)
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”)
pursuant
to
which
the
Sub-Adviser
serves
as
the
sub-adviser
to
such
Fund.
The
Board
Members
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
and,
therefore,
the
Board
is
deemed
to
be
comprised
of
all
disinterested
Board
Members.
References
to
the
Board
and
the
Board
Members
are
interchangeable.
Below
is
a
summary
of
the
annual
review
process
the
Board
undertook
related
to
its
most
recent
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund.
In
accordance
with
applicable
law,
following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-
Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements,”
and
NFAL
and
the
Sub-Adviser
are
collectively,
the
“Fund
Advisers”
and
each
a
“Fund
Adviser.”
In
addition,
the
fund
complex
consists
of
the
group
of
funds
advised
by
NFAL
(collectively
referred
to
as
the
“Nuveen
funds”)
and
the
group
of
funds
advised
by
Teachers
Advisors,
LLC
(“TAL”
and
such
funds
are
collectively,
the
“TC
funds”).
For
clarity,
NFAL
serves
as
Adviser
to
the
Nuveen
funds,
including
the
Funds,
and
TAL
serves
as
“Adviser”
to
the
TC
funds.
The
Board
Members
considered
that
the
prior
separate
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
Accordingly,
at
the
Meeting,
the
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
as
well
as
reviewed
the
investment
management
agreements
for
the
TC
funds.
Depending
on
the
appropriate
context,
references
to
“the
Adviser”
may
be
to
NFAL
with
respect
to
the
Nuveen
funds
and/or
TAL
with
respect
to
the
TC
funds.
The
Board
Members
considered
the
review
of
the
advisory
agreements
of
the
Nuveen
funds
and
the
TC
funds
to
be
an
ongoing
process.
The
Board
Members
therefore
employed
the
accumulated
information,
knowledge
and
experience
they
had
gained
during
their
tenure
on
the
respective
board
of
the
TC
funds
or
Nuveen
funds
(as
the
case
may
be)
governing
the
applicable
funds
and
working
with
the
respective
investment
advisers
and
sub-
advisers,
as
applicable,
in
their
review
of
the
advisory
agreements
for
the
fund
complex.
During
the
course
of
the
year
prior
to
the
Meeting,
the
Board
and/or
its
committees
received
a
wide
variety
of
materials
that
covered
a
range
of
topics
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements,
including
reports
on
fund
investment
results
over
various
periods;
product
initiatives
for
various
funds;
fund
expenses;
compliance,
regulatory
and
risk
management
matters;
trading
practices
including
soft
dollar
arrangements
(as
applicable);
the
liquidity
and
derivatives
risk
management
programs;
management
of
distributions;
valuation
of
securities;
payments
to
financial
intermediaries
(as
applicable);
securities
lending
(as
applicable);
overall
market
and
regulatory
developments;
and
with
respect
to
closed-end
funds,
capital
management
initiatives,
institutional
ownership,
management
of
leverage
financing
and
the
secondary
market
trading
of
the
closed-end
funds
and
any
actions
to
address
discounts.
The
Board
also
met
periodically
with
and/or
received
presentations
by
key
investment
professionals
managing
a
fund’s
portfolio.
In
particular,
at
the
Board
meeting
held
on
February
27-29,
2024
(the
“February
Meeting”),
the
Board
and/or
its
Investment
Committee
received
the
annual
performance
review
of
the
funds
as
described
in
further
detail
below.
The
presentations,
discussions
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
and
consider
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
sub-advisers,
as
applicable,
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
the
advisory
agreements.
The
materials
provided
at
the
Meeting
and/or
prior
meetings
covered
a
wide
range
of
matters
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
the
consolidation
of
the
Nuveen
fund
family
and
TC
fund
family;
a
review
of
product
actions
advanced
in
2023
for
the
benefit
of
particular
funds
and/or
the
fund
complex;
a
review
of
each
sub-adviser,
if
applicable,
and/or
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
funds
considered
to
have
met
certain
challenged
performance
measurements;
an
analysis
of
the
fees
and
expense
ratios
of
the
funds
with
a
focus
on
funds
considered
to
have
certain
expense
characteristics;
a
list
of
management
fee
and,
if
applicable,
sub-advisory
fee
schedules;
a
description
of
portfolio
manager
compensation;
an
overview
of
the
primary
and
secondary
markets
for
the
Nuveen
closed-end
funds
(including,
among
other
things,
premium
or
discount
data
and
commentary
regarding
the
leverage
management,
share
repurchase
and
shelf
offering
programs
during
2023);
a
description
of
the
profitability
and/or
financial
data
of
Nuveen,
TAL
and
the
sub-advisers;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
funds,
as
applicable.
The
Board
also
considered
information
provided
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
comparing
fee
and
expense
levels
of
each
respective
fund
to
those
of
a
peer
universe.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
fund
complex
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
over
time.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Board
Members.
86
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
As
part
of
their
review,
the
Board
Members
and
independent
legal
counsel
met
by
videoconference
in
executive
session
on
April
10,
2024
(the
“April
Executive
Session”)
to
review
and
discuss
materials
provided
in
connection
with
their
annual
review
of
the
advisory
agreements
for
the
fund
complex.
After
reviewing
this
information,
the
Board
Members
requested,
directly
or
through
independent
legal
counsel,
additional
information,
and
the
Board
subsequently
reviewed
and
discussed
the
responses
to
these
follow-up
questions
and
requests.
The
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
of
management
were
present.
In
connection
with
their
annual
review,
the
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decisions
to
renew
each
Advisory
Agreement
were
not
based
on
a
single
identified
factor,
but
rather
each
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
annual
review
process.
The
contractual
arrangements
may
reflect
the
results
of
prior
year(s)
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
funds’
advisory
arrangements
and
oversight
of
the
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
annual
review
process
and
may
have
placed
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
each
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
roles
of
NFAL
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
considered
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
other
services
to
manage
and
operate
the
applicable
funds.
The
Board
considered
the
Adviser’s
and
its
affiliates’
dedication
of
resources,
time,
people
and
capital
as
well
as
continual
program
of
improvement
and
innovation
aimed
at
enhancing
the
funds
and
fund
complex
for
investors
and
meeting
the
needs
of
an
increasingly
complex
regulatory
environment.
In
particular,
over
the
past
several
years,
the
Board
considered
the
significant
resources,
both
financial
and
personnel,
the
Adviser
and
its
affiliates
have
committed
in
working
to
consolidate
the
Nuveen
fund
family
and
TC
fund
family
under
one
centralized
umbrella.
The
Board
considered
that
the
organizational
changes
in
bringing
together
Nuveen,
its
affiliates
and
TIAA’s
(as
defined
below)
asset
management
businesses,
consolidating
the
Nuveen
and
TC
fund
families
and
other
initiatives
were
anticipated
to
provide
various
benefits
for
the
funds
through,
among
other
things,
enhanced
operating
efficiencies,
centralized
investment
leadership
and
a
centralized
shared
resources
and
support
model.
As
part
of
these
efforts,
the
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
In
addition,
in
conjunction
with
these
consolidation
efforts,
the
Board
approved
at
the
Meeting
changes
to
fee
and
breakpoint
structures
(as
applicable)
that
could
provide
cost
savings
to
participating
funds,
as
described
in
further
detail
below.
The
Board
also
reviewed
information
regarding
other
product
actions
undertaken
or
continued
by
management
in
the
2023
calendar
year
in
seeking
to
improve
the
effectiveness
of
the
organization,
the
product
line-up
as
well
as
particular
funds
through,
among
other
things,
continuing
to
review
and
optimize
the
product
line
and
gaining
efficiencies
through
mergers
and
liquidations;
reviewing
and
updating
investment
policies
and
benchmarks;
implementing
fee
waivers
and/or
expense
cap
changes
for
certain
funds;
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
considered.
In
its
review,
the
Board
considered
that
the
funds
operated
in
a
highly
regulated
industry
and
the
scope
and
complexity
of
the
services
and
resources
that
the
Adviser
and
its
affiliates
must
provide
to
manage
and
operate
the
applicable
funds
have
expanded
over
the
years
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments,
such
as
the
adoption
of
the
tailored
shareholder
report
or
the
revised
fund
name
rule.
In
considering
the
breadth
and
quality
of
services
the
Adviser
and
its
various
teams
provide,
the
Board
considered
that
the
Adviser
provides
investment
advisory
services.
With
respect
to
the
Nuveen
funds,
such
funds
utilize
sub-advisers
to
manage
the
portfolios
of
the
funds
subject
to
the
supervision
of
NFAL.
Accordingly,
the
Board
considered
that
NFAL
and
its
affiliates,
among
other
things,
oversee
and
review
the
performance
of
the
respective
sub-adviser
and
its
investment
team(s);
evaluate
Nuveen
fund
performance
and
market
conditions;
evaluate
investment
strategies
and
recommend
changes
thereto;
set
and
manage
distributions
consistent
with
the
respective
Nuveen
fund’s
product
design;
oversee
trade
execution
and,
as
applicable,
securities
lending;
evaluate
investment
risks;
and
manage
valuation
matters.
With
respect
to
closed-end
Nuveen
funds,
such
services
also
include
managing
leverage;
monitoring
asset
coverage
levels
for
leveraged
funds
and
compliance
with
rating
agency
criteria;
providing
capital
management
and
secondary
market
services
(such
as
implementing
common
share
shelf
offerings,
capital
return
programs
and
common
share
repurchases);
and
maintaining
a
closed-end
fund
investor
relations
program.
The
Board
considered
that,
with
respect
to
such
funds,
management
actively
monitors
any
discount
from
net
asset
value
per
share
at
which
the
respective
Nuveen
fund’s
common
stock
trades
and
evaluates
potential
avenues
to
mitigate
the
discount,
including
evaluating
the
level
of
distributions
that
the
fund
pays.
The
Board
further
considered
that
over
the
course
of
the
2023
calendar
year,
the
Nuveen
global
public
product
team
which
supports
the
funds
in
the
fund
complex
and
their
shareholders
assessed
the
investment
personnel
across
the
investment
leadership
teams
which
resulted
in
additions
or
other
modifications
to
the
portfolio
management
teams
of
various
funds.
The
Board
also
reviewed
a
description
of
the
compensation
structure
applicable
to
certain
portfolio
managers.
87
In
addition
to
the
above
investment
advisory
services,
the
Board
further
considered
the
extensive
compliance,
regulatory,
administrative
and
other
services
the
Adviser
and
its
various
teams
or
affiliates
provide
to
manage
and
operate
the
applicable
funds.
Given
the
highly
regulated
industry
in
which
the
funds
operate,
the
Board
considered
the
breadth
of
the
Adviser’s
compliance
program
and
related
policies
and
procedures.
The
Board
reviewed
various
initiatives
the
Adviser’s
compliance
team
undertook
or
continued
in
2023,
in
part,
to
address
new
regulatory
requirements,
support
international
business
growth
and
product
development,
enhance
international
trading
capabilities,
enhance
monitoring
capabilities
in
light
of
the
new
regulatory
requirements
and
guidance
and
maintain
a
comprehensive
training
program.
The
Board
further
considered,
among
other
things,
that
other
non-advisory
services
provided
included,
among
other
things,
board
support
and
reporting;
establishing
and
reviewing
the
services
provided
by
other
fund
service
providers
(such
as
a
fund’s
custodian,
accountant,
and
transfer
agent);
risk
management,
including
reviews
of
the
liquidity
risk
management
and
derivatives
risk
management
programs;
legal
support
services;
regulatory
advocacy;
and
cybersecurity,
business
continuity
and
disaster
recovery
planning
and
testing.
Aside
from
the
services
provided,
the
Board
considered
the
financial
resources
of
the
Adviser
and/or
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
funds,
including
to
enhance
global
talent,
middle
office
systems,
software
and
international
and
internal
capabilities.
The
Board
considered
the
access
provided
by
the
Adviser
and
its
affiliates
to
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
considered
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
funds
including
during
stressed
times.
The
Board
considered
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates
and
the
Adviser’s
continuing
commitment
to
provide
high
quality
services.
In
its
review,
the
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
applicable
funds,
including
entrepreneurial
risks
in
sponsoring
and
supporting
new
funds
and
smaller
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
With
respect
to
the
Funds,
the
Board
considered
the
division
of
responsibilities
between
NFAL
and
the
Sub-Adviser
and
considered
that
the
Sub-
Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund’s
portfolio
under
the
oversight
of
NFAL
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
NFAL
which
included,
among
other
things,
a
summary
of
changes
in
the
leadership
teams
and/or
portfolio
manager
teams;
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time;
and
data
reflecting
product
changes
(if
any)
taken
with
respect
to
certain
Nuveen
funds.
The
Board
considered
that
NFAL
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
considered
a
variety
of
investment
performance
data
of
the
Funds.
In
this
regard,
the
Board
and/or
its
Investment
Committee
reviewed,
among
other
things,
performance
of
the
Funds
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December
31,
2023
and
March
31,
2024.
The
Board
performed
its
annual
review
of
fund
performance
at
its
February
Meeting
and
an
additional
review
at
the
April
Executive
Session
and
also
reviewed
and
discussed
performance
data
at
its
other
regularly
scheduled
quarterly
meetings
throughout
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
were
provided
at
the
Meeting
and
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
management’s
analysis
of
a
fund’s
performance
with
particular
focus
on
funds
that
met
certain
challenged
performance
measurements
as
determined
pursuant
to
a
methodology
approved
by
the
Board
or
additional
measurements
as
determined
by
management’s
investment
analysts.
As
various
Nuveen
funds
have
modified
their
portfolio
teams
and/or
made
significant
changes
to
their
portfolio
strategies
over
time,
the
Board
reviewed,
among
other
things,
certain
tracking
performance
data
over
specific
periods
comparing
performance
before
and
after
such
changes.
The
Board
considered
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
considered
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
over
the
various
time
periods
and
considered
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”),
subject
to
certain
exceptions,
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies,
dates
of
fund
inception
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
fund.
With
respect
to
relative
performance
of
a
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
management
generally
has
ranked
the
relevancy
of
the
Performance
Peer
Groups
to
the
Funds
as
low,
medium
or
high.
In
its
review
of
relative
performance,
the
Board
considered
a
Fund’s
performance
relative
to
its
Performance
Peer
Group,
among
other
things,
by
evaluating
its
quartile
ranking
with
the
1st
quartile
representing
the
top
performing
funds
within
the
Performance
Peer
Group
and
the
4th
quartile
representing
the
lowest
performing
funds.
88
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
The
Board
also
considered
that
secondary
market
trading
of
shares
of
the
Nuveen
closed-end
funds
also
continues
to
be
a
priority
for
the
Board
given
its
importance
to
shareholders,
and
therefore,
the
Board
and/or
its
Closed-end
Fund
committee
reviews
certain
performance
data
reflecting,
among
other
things,
the
premiums
and
discounts
at
which
the
shares
of
the
Nuveen
closed-end
funds
have
traded
at
various
periods
throughout
the
year.
In
its
review,
the
Board
considers,
among
other
things,
changes
to
investment
mandates
and
guidelines,
distribution
policies,
leverage
levels
and
types;
share
repurchases
and
similar
capital
market
actions;
and
effective
communications
programs
to
build
greater
awareness
and
deepen
understanding
of
closed-end
funds.
As
applicable,
the
Board
considered
the
impact
of
leverage
on
a
Nuveen
fund’s
performance.
The
Board
further
considered
that
performance
results
should
include
the
distribution
yields
of
funds
that
seek
to
provide
income
as
part
of
their
investment
objective(s)
to
shareholders.
In
this
regard,
the
Board
considered
that
the
use
of
leverage
by
various
funds
may
have
detracted
from
total
return
performance
of
such
funds
over
various
periods
in
current
market
conditions,
but
the
leverage
also
was
accretive
in
providing
higher
levels
of
income.
The
Board
evaluated
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-
specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
The
Board
considered
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
considered
that
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
considered
that
longer
periods
of
performance
may
reflect
full
market
cycles.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
more
closely
until
performance
improves,
discuss
with
the
Adviser
the
reasons
for
such
results,
consider
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
discuss
and
evaluate
the
potential
consequences
of
such
steps
and
review
the
results
of
any
steps
undertaken.
The
performance
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
Municipal
Value
Fund,
Inc.
(the
“Municipal
Value
Fund”),
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-year
period
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
one-
and
five-year
periods
ended
December
31,
2023
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
three-
and
five-year
periods
ended
December
31,
2023.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-year
period
ended
March
31,
2024,
the
Fund
outperformed
its
benchmark
for
the
one-
and
five-year
periods
ended
March
31,
2024
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
first
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2024.
In
its
review,
the
Board
considered
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
AMT-Free
Municipal
Value
Fund
(the
“AMT-Free
Municipal
Value
Fund”),
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-year
periods
ended
December
31,
2023
and
March
31,
2024,
the
Fund
outperformed
its
benchmark
for
the
one-
and
five-year
periods
ended
December
31,
2023
and
March
31,
2024.
The
Fund
also
ranked
in
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period,
third
quartile
for
the
three-year
period
and
second
quartile
for
the
five-year
period
ended
December
31,
2023.
In
addition,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
third
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2024.
In
its
review,
the
Board
considered
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Municipal
Income
Fund,
Inc.
(the
“Municipal
Income
Fund”),
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-year
periods
ended
December
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
one-year
period
ended
December
31,
2023
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
and
the
first
quartile
for
the
three-year
period
ended
December
31,
2023.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2024,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period,
first
quartile
for
the
three-year
period
and
second
quartile
for
the
five-year
period
ended
March
31,
2024.
In
its
review,
the
Board
considered
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
89
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
with
respect
to
the
Nuveen
closed-end
funds,
the
contractual
management
fee
and
the
actual
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
Fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
reviewed
information
about
other
expenses
and
the
total
operating
expense
ratio
of
each
Fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Board
Members
reviewed,
among
other
things,
each
Fund’s
management
fee
rates
and
net
total
expense
ratio
in
relation
to
similar
data
for
a
comparable
universe
of
funds
(the
“Expense
Universe”)
established
by
Broadridge.
The
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Expense
Universe
and
considered
that
differences
between
the
applicable
fund
and
its
respective
Expense
Universe
as
well
as
changes
to
the
composition
of
the
Expense
Universe
from
year
to
year,
may
limit
some
of
the
value
of
the
comparative
data.
The
Board
Members
also
considered
that
it
can
be
difficult
to
compare
management
fees
among
funds
as
there
are
variations
in
the
services
that
are
included
for
the
fees
paid.
The
Board
Members
took
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
a
shareholder’s
total
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Board
Members
considered,
in
particular,
each
fund
with
a
net
total
expense
ratio
(based
on
common
assets
and
excluding
investment-related
costs
such
as
the
costs
of
leverage
and
taxes
for
closed-end
funds)
meeting
certain
expense
or
fee
criteria
when
compared
to
its
Expense
Universe
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
relative
net
total
expense
ratio.
In
addition,
although
the
Board
reviewed
a
fund’s
net
total
expense
ratio
both
including
and
excluding
investment-related
expenses
(e.g.,
leverage
costs)
for
certain
of
the
closed-end
funds,
the
Board
considered
that
leverage
expenses
will
vary
across
funds
and
peers
because
of
differences
in
the
forms
and
terms
of
leverage
employed
by
the
respective
fund.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
total
expense
ratio
and
fees
excluding
investment-related
costs
and
taxes
for
the
closed-end
funds.
The
Board
also
considered
that
the
use
of
leverage
for
closed-end
funds
may
create
a
conflict
of
interest
for
NFAL
and
the
applicable
sub-adviser
given
the
increase
of
assets
from
leverage
upon
which
an
advisory
or
sub-advisory
fee
is
based.
The
Board
Members
considered,
however,
that
NFAL
and
the
sub-advisers
(as
applicable)
would
seek
to
manage
the
potential
conflict
by
recommending
to
the
Board
to
leverage
the
applicable
fund
or
increase
such
leverage
when
NFAL
and/or
a
sub-adviser,
as
applicable,
has
determined
that
such
action
would
be
in
the
best
interests
of
the
respective
fund
and
its
common
shareholders
and
by
periodically
reviewing
with
the
Board
the
fund’s
performance
and
the
impact
of
the
use
of
leverage
on
that
performance.
The
Board
Members
also
considered,
in
relevant
part,
a
Fund’s
management
fee
and
net
total
expense
ratio
in
light
of
the
Fund’s
performance
history,
including
reviewing
certain
funds
identified
by
management
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
their
evaluation
of
the
fee
arrangements
for
the
Funds,
the
Board
Members
also
reviewed
the
management
fee
schedules
and
the
expense
reimbursements
and/or
fee
waivers
agreed
to
by
the
Adviser
for
the
respective
fund
(if
any).
In
its
review,
the
Board
considered
that
the
management
fees
of
the
Nuveen
funds
were
generally
comprised
of
two
components,
a
fund-level
component
and
a
complex-level
component,
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
As
indicated
above,
the
Board
approved
a
revised
fee
schedule
which
would
reduce
and
streamline
the
asset
thresholds
necessary
to
meet
breakpoints
in
the
complex-level
fee
component.
The
Board
considered
that
management
anticipated
approximately
$50
million
in
savings
for
Nuveen
fund
shareholders
as
a
result
of
the
revised
fee
schedule
as
well
as
additional
estimated
savings
over
time.
The
Board
further
considered
management’s
representation
that
there
will
be
no
increase
to
any
Nuveen
fund’s
respective
advisory
agreement
fee
rate
as
a
result
of
the
revised
complex-level
fee
schedule.
In
its
review,
the
Board
considered
that
across
the
Nuveen
fund
and
TC
fund
complex,
management
estimated
that
fund-level
breakpoints
resulted
in
approximately
$82.5
million
in
reduced
fees
overall
in
2023.
In
addition,
the
Board
considered
that
management
determined
that
the
Nuveen
funds
achieved
additional
fee
reductions
of
approximately
$49
million
due
to
the
complex-wide
management
fee
structure
in
2023.
With
respect
to
the
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund.
In
its
review,
the
Board
considered
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
NFAL,
not
the
Funds.
The
Board’s
considerations
regarding
the
comparative
fee
data
for
each
of
the
Funds
are
set
forth
below.
For
the
Municipal
Value
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
were
each
below
the
Expense
Universe
median.
For
the
AMT-Free
Municipal
Value
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
were
each
below
the
Expense
Universe
median.
For
the
Municipal
Income
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
were
each
below
the
Expense
Universe
median.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
90
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
2.
Comparisons
with
the
Fees
of
Other
Clients
In
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
that
the
Adviser,
affiliated
sub-advisers
and/or
their
affiliate(s)
provide
investment
management
services
to
other
types
of
clients
which
may
include:
separately
managed
accounts,
retail
managed
accounts,
foreign
funds
(UCITS),
other
investment
companies
(as
sub-advisers),
limited
partnerships
and
collective
investment
trusts.
The
Board
reviewed
the
equal
weighted
average
fee
or
other
fee
data
for
the
other
types
of
clients
managed
in
a
similar
manner
to
certain
of
the
Nuveen
funds
and
TC
funds.
The
Board
considered
the
Adviser’s
rationale
for
the
differences
in
the
management
fee
rates
of
the
funds
compared
to
the
management
fee
rates
charged
to
these
other
types
of
clients.
In
this
regard,
the
Board
considered
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
regulatory,
disclosure
and
governance
requirements;
servicing
relationships
with
vendors;
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
and
account
sizes
all
may
contribute
to
variations
in
relative
fee
rates.
Further,
differences
in
the
client
base,
governing
bodies,
distribution,
jurisdiction
and
operational
complexities
also
would
contribute
to
variations
in
management
fees
assessed
the
funds
compared
to
foreign
fund
clients.
In
addition,
differences
in
the
level
of
advisory
services
required
for
passively
managed
funds
also
contribute
to
differences
in
the
management
fee
levels
of
such
funds
compared
to
actively
managed
funds.
As
a
general
matter,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
considered
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
funds.
The
Board
further
considered
that
a
sub-adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
concluded
that
the
varying
levels
of
fees
were
reasonable
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Board
Members
considered
various
profitability
data
relating
to
the
Fund
Advisers’
services
to
the
Nuveen
funds.
With
respect
to
the
Nuveen
funds,
the
Board
Members
reviewed
the
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
overall
as
well
as
profitability
data
of
certain
other
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2023
and
2022
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution)
for
the
2023
and
2022
calendar
years.
The
Board
Members
also
considered
the
rationale
for
the
change
in
Nuveen’s
profitability
from
2022
to
2023.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
NFAL
derived
from
its
exchange-traded
fund
product
line
for
the
2023
and
2022
calendar
years.
In
developing
the
profitability
data,
the
Board
Members
considered
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
single
universally
recognized
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
refinements
Nuveen
had
made
to
the
methodology
that
had
occurred
over
the
years
from
2010
through
2021
to
provide
Nuveen’s
profitability
analysis,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2023.
The
Board
of
the
Nuveen
funds
had
also
appointed
two
Board
Members
to
serve
as
the
Board’s
liaisons
to
meet
with
representatives
of
NFAL
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
considered
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2014
to
2023.
In
their
review
of
the
comparative
data,
the
Board
Members
considered
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
the
profitability
data,
the
Board
considered
that
NFAL
and
TAL
are
affiliates
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
NFAL
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
TIAA,
and
TAL
is
an
indirect
wholly
owned
subsidiary
of
TIAA.
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2023
and
2022
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
considered
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
considered
the
reinvestments
the
Adviser,
its
parent
and/
or
other
affiliates
made
into
their
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
funds,
initiatives
in
international
expansion,
investments
in
infrastructure
and
continued
investments
in
enhancements
to
technological
capabilities.
91
The
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
the
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December
31,
2023
and
December
31,
2022.
The
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
grouped
by
similar
types
of
funds
(such
as
municipal,
taxable
fixed
income,
equity,
real
assets
and
index/asset
allocation)
for
the
Sub-Adviser
for
the
calendar
years
ending
December
31,
2023
and
December
31,
2022.
In
evaluating
the
reasonableness
of
the
compensation,
the
Board
Members
also
considered
the
indirect
benefits
NFAL
or
the
Sub-Adviser
received
that
were
directly
attributable
to
the
management
of
the
applicable
funds
as
discussed
in
further
detail
below.
Based
on
its
review,
the
Board
was
satisfied
that
each
Fund
Adviser’s
level
of
profitability
from
its
relationship
with
each
Nuveen
fund
was
not
unreasonable
over
various
time
frames
in
light
of
the
nature,
extent
and
quality
of
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
funds
in
the
fund
complex,
whether
these
economies
of
scale
have
been
appropriately
shared
with
such
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
considered
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
the
rates
at
which
certain
expenses
are
incurred
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
there
are
various
methods
that
may
be
employed
to
help
share
the
benefits
of
economies
of
scale,
including,
among
other
things,
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
the
Adviser’s
business
which
can
enhance
the
services
provided
to
the
applicable
funds
for
the
fees
paid.
The
Board
considered
that
the
Adviser
has
generally
employed
one
or
more
of
these
various
methods
among
the
applicable
funds.
In
this
regard,
the
Board
considered,
as
noted
above,
that
the
management
fee
of
NFAL
generally
was
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
With
this
structure,
the
Board
considered
that
the
complex-level
breakpoint
schedule
was
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
assets
of
eligible
funds
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined,
and
the
fund-level
breakpoint
schedules
were
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
As
summarized
above,
the
Board
approved
a
new
complex-level
breakpoint
schedule
which
would
simplify
and
reduce
the
complex-level
fee
rates
at
various
thresholds
and
expanded
the
eligible
funds
whose
assets
would
be
included
in
calculating
the
complex-level
fee,
effective
May
1,
2024.
Among
other
things,
the
assets
of
certain
TC
funds
advised
by
TAL
would
be
phased
into
the
calculation
of
the
complex-wide
assets
in
determining
the
complex-level
fee
over
a
ten-year
period.
The
Board
considered
the
cost
savings
and
additional
potential
sharing
of
economies
of
scale
as
a
result
of
the
reduced
complex-level
breakpoint
schedule
and
the
additional
assets
from
more
eligible
funds
in
calculating
the
assets
of
the
complex
for
determining
the
complex-level
fee
component.
The
Board
reviewed
the
projected
shareholder
savings
derived
from
such
modifications
over
a
ten-year
period
from
2024
to
2033.
The
Board
considered
management’s
representation
that
there
will
be
no
increase
to
any
fund’s
respective
advisory
agreement
fee
rate.
The
Board
also
considered
that
with
respect
to
Nuveen
closed-end
funds,
although
closed-end
funds
may
make
additional
share
offerings
from
time
to
time,
the
closed-end
funds
have
a
more
limited
ability
to
increase
their
assets
because
the
growth
of
their
assets
will
occur
primarily
from
the
appreciation
of
their
investment
portfolios.
The
Board
Members
also
considered
the
continued
reinvestment
in
Nuveen/TIAA’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
were
not
specific
to
individual
funds
but
rather
incurred
across
a
variety
of
products
and
services
pursuant
to
which
the
family
of
funds
as
a
whole
may
benefit.
The
Board
further
considered
that
the
Adviser
and
its
affiliates
have
provided
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
without
raising
advisory
fees
to
the
funds,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
The
Board
considered
the
Adviser’s
and/or
its
affiliates’
ongoing
efforts
to
streamline
the
product
line-up,
among
other
things,
to
create
more
scaled
funds
which
may
help
improve
both
expense
and
trading
economies.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
management’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Board
Members
received
and
considered
information
regarding
various
indirect
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
funds
in
the
fund
complex.
These
benefits
included,
among
other
things,
economies
of
scale
to
the
extent
the
Adviser
or
its
affiliates
share
investment
resources
and/or
personnel
with
other
clients
of
the
Adviser.
The
funds
may
also
be
used
as
investment
options
for
other
products
or
businesses
offered
by
the
Adviser
and/or
its
affiliates,
such
as
variable
products,
fund
of
funds
and
529
education
savings
plans,
and
affiliates
of
the
Adviser
may
serve
as
sub-advisers
to
various
funds
in
which
case
all
advisory
and
sub-advisory
fees
generated
by
such
funds
stay
within
Nuveen.
The
Board
considered
that
an
affiliate
of
the
Adviser
received
compensation
in
2023
for
serving
as
an
underwriter
on
shelf
offerings
of
existing
Nuveen
closed-end
funds
and
reviewed
the
amounts
paid
for
such
services
in
2023
and
2022.
In
addition,
the
Board
Members
considered
that
the
Adviser
and
Sub-Adviser
may
utilize
soft
dollar
brokerage
arrangements
attributable
to
the
respective
funds
to
obtain
research
and
other
services
for
any
or
all
of
their
clients,
although
the
Board
Members
also
considered
reimbursements
of
such
costs
by
the
Adviser
and/or
Sub-Adviser.
92
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
The
Adviser
and
its
affiliates
may
also
benefit
from
the
advisory
relationships
with
the
funds
in
the
fund
complex
to
the
extent
this
relationship
results
in
potential
investors
viewing
the
TIAA
group
of
companies
as
a
leading
retirement
plan
provider
in
the
academic
and
nonprofit
market
and
a
single
source
for
all
their
financial
service
needs.
The
Adviser
and/or
its
affiliates
may
further
benefit
to
the
extent
that
they
have
pricing
or
other
information
regarding
vendors
the
funds
utilize
in
establishing
arrangements
with
such
vendors
for
other
products.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
Funds
were
reasonable
in
light
of
the
services
provided.
F.
Other
Considerations
The
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Board
Members
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
Fund
and
that
the
Advisory
Agreements
be
renewed
for
an
additional
one-year
period.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
ESA-A-0424P
3614398-INV-B-06/25
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 ofTitle 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 tothe 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 byreference: 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/ David J. Lamb
|  | David J. Lamb
|  | Chief Administrative Officer

Date: July 2, 2024

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 2, 2024

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

Date: July 2, 2024