UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number    811-22253

Nuveen AMT-Free Municipal Value Fund

 

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

 

(Address of principal executive offices) (Zip code)

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:    October 31, 2023

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

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


ITEM 1.

REPORTS TO STOCKHOLDERS.


LOGO  

 

Closed-End Funds

   

 

October 31, 2023

Nuveen Municipal Closed-End Funds

 

   
Nuveen Municipal Value Fund, Inc.    NUV
   
Nuveen AMT-Free Municipal Value Fund    NUW
   
Nuveen Municipal Income Fund, Inc.    NMI

 

Annual

Report


Table

of Contents

 

Chair’s Letter to Shareholders

     3  

Important Notices

     4  

Portfolio Managers’ Comments

     5  

Common Share Information

     9  

About the Funds’ Benchmarks

     11  

Performance Overview and Holding Summaries

     12  

Shareholder Meeting Report

     18  

Report of Independent Registered Public Accounting Firm

     19  

Portfolios of Investments

     20  

Statement of Assets and Liabilities

     71  

Statement of Operations

     72  

Statement of Changes in Net Assets

     73  

Financial Highlights

     76  

Notes to Financial Statements

     80  

Shareholder Update

     92  

Important Tax Information

     117  

Additional Fund Information

     118  

Glossary of Terms Used in this Report

     119  

Annual Investment Management Agreement Approval Process

     120  

Board Members & Officers

     127  

 

2


Chair’s Letter

to Shareholders

 

LOGO   

Dear Shareholders,

 

Financial markets spent the past year focused on the direction of inflation and whether policy makers would be able to deliver a soft landing in their economies. After more than a year and a half of interest rate increases by the U.S. Federal Reserve (Fed) and other central banks, financial conditions have tightened and inflation rates have cooled considerably. The Fed increased the target fed funds rate from near zero in March 2022 to a range of 5.25% to 5.50% as of November 2023, with pauses in June 2023, September 2023 and November 2023. But current inflation rates remain above central banks’ targets, and the trajectory from here is difficult to predict given that monetary policy acts on the economy with long and variable lags.

 

Surprisingly, economies were relatively resilient for much of 2023. By year-end, the “most predicted recession” had yet to materialize in the U.S., while U.K. and European economic growth was just beginning to show signs of stagnation or decline. U.S. gross domestic product rose 5.2% in the third quarter of 2023, 2.1% in the second quarter of 2023 and 2.0% in the first quarter of 2023, after growing 2.1% in 2022 overall compared to 2021. Much of the growth was driven by a relatively strong jobs market, which kept consumer sentiment and spending elevated despite long-term interest rates nearing multi-year highs, a series of U.S. regional bank failures and shocks from flaring geopolitical tensions.

 

While central banks are likely nearing the end of this interest rate hiking cycle, there are still upside risks to inflation and downside risks to the economy. Some labor market and consumer indicators are softening. Government funding and deficits remain a concern, especially as the U.S. election year gets underway. The markets will continue to try to anticipate monetary policy shifts as the Fed evaluates incoming data and adjusts its rate setting activity on a meeting-by-meeting basis. Geopolitical risks – from relations with China, to wars in Europe and the Middle East – also expand the range of outcomes from economies and markets around the world. All these uncertainties, and others, will remain sources of short-term market volatility. In this environment, Nuveen remains committed to filtering the market noise for investable opportunities that ultimately serve long-term investment objectives. Maintaining a long-term perspective is also important for investors, and we encourage you to review your time horizon, risk tolerance and investment goals with your financial professional.

 

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

 

LOGO

 

Terence J. Toth

 

Chair of the Board

 

December 22, 2023

 

3


Important Notices

Investment Policy Updates for NMI

Effective September 29, 2023, the Fund’s Board of Directors approved certain investment policy changes for the Fund. The policy changes grant the Fund more flexibility to invest in lower rated municipal securities. For a description of the investment policy changes please see the Shareholder Update section within this report. In addition, the Fund’s performance benchmark was changed from the S&P Municipal Bond Index to a linked benchmark comprised of the return streams from 100% of the S&P Municipal Bond Index through September 29, 2023 and thereafter 100% of the S&P Municipal Yield Index. The Fund’s investment objective to provide a high level of current income exempt from federal income tax remains unchanged.

For more information regarding these changes, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds.

Portfolio Manager Updates

Effective October 13, 2023, Kristen DeJong, CFA, and Scott Romans, Ph.D. were added as a portfolio manager of NMI. Effective October 13, 2023, Kristen DeJong, CFA, was also added as a portfolio manager of NUV and NUW. Christopher Drahn will also continue to serve as a portfolio manager of NMI until his retirement on April 1, 2024. There were no other changes to the portfolio management of the Funds during the reporting period.

 

4


Portfolio Managers’

Comments

Nuveen Municipal Value Fund, Inc. (NUV)

Nuveen AMT-Free Municipal Value Fund (NUW)

Nuveen Municipal Income Fund, Inc. (NMI)

These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. Portfolio manager Daniel Close, CFA, and Kristen DeJong, CFA, manage the Nuveen Municipal Value Fund, Inc. (NUV) and Nuveen AMT-Free Municipal Value Fund (NUW). Christopher Drahn, CFA, Kristen DeJong, CFA, and Scott Romans, PhD. serve as portfolio managers for the Nuveen Municipal Income Fund, Inc. (NMI).

Effective October 13, 2023, Kristen DeJong was added as portfolio manager of the Nuveen Municipal Value Fund, Inc. (NUV) and Nuveen AMT-Free Municipal Value Fund (NUW). Kristen DeJong and Scott Romans were added as portfolio managers of the Nuveen Municipal Income Fund, Inc. (NMI). Christopher Drahn will be retiring as a portfolio manager of NMI on April 1, 2024.

Effective September 29, 2023, the benchmark for the Nuveen Municipal Income Fund, Inc. (NMI) changed to a linked benchmark comprised of the return streams from 100% of the S&P Municipal Bond Index through September 29, 2023, and thereafter 100% of the S&P Municipal Yield Index.

Here the portfolio management teams discuss U.S. economic and municipal market conditions, key investment strategies and the Funds’ performance for the twelve-month reporting period ended October 31, 2023. For more information on the Funds’ investment objectives and policies, please refer to the Shareholder Update section at the end of the report.

What factors affected the U.S. economy and market conditions during the twelve-month annual reporting period ended October 31, 2023?

The U.S. economy performed better than expected despite persistent inflationary pressure and rising interest rates during the twelve-month period ended October 31, 2023. Gross domestic product accelerated sharply in the third quarter of 2023 to an annualized rate of 5.2%, according to the U.S. Bureau of Economic Analysis second estimate, up from 2.1% in the second quarter of 2023. By comparison, GDP grew 2.1% in 2022 overall. Early in the reporting period, inflation had risen sharply because of supply chain disruptions and high food and energy prices, the Russia-Ukraine war and China’s zero-COVID restrictions (lifted in December 2022). Since then, price pressures have eased given normalization in supply chains, falling energy prices and aggressive measures by the U.S. Federal Reserve (Fed) and other global central banks to tighten financial conditions and slow demand in their economies. Nevertheless, during the reporting period inflation levels remained much higher than central banks’ target levels.

The Fed raised its target fed funds rate six times during the reporting period, bringing it to a range of 5.25% to 5.50% as of July 2023 and voting to hold it at that level at its next two meetings held near the end of the reporting period. For much of the reporting period, the Fed’s activity led to significant volatility in bond and stock markets, given the uncertainty of how rising interest rates would affect the economy. One of the most highly visible impacts occurred in the U.S. regional banking sector in March 2023, when Silicon Valley Bank, Signature Bank, First Republic Bank and Silvergate Bank failed. In the same month, Swiss bank UBS agreed to buy Credit Suisse, which was considered vulnerable in the current environment. The Fed’s monetary tightening policy also contributed to an increase in the U.S. dollar’s value relative to major world currencies, which acts as a headwind to the profits of international companies and U.S. domestic companies with overseas earnings.

During the reporting period, elevated inflation and higher borrowing costs weighed on some segments of the economy, including the real estate market. Consumer spending, however, has remained more resilient than expected, in part because of a still-strong labor market, another key gauge of the economy’s health. As of October 2023, the unemployment rate was 3.9%, rising from its pre-pandemic low, with monthly job growth continuing to moderate. The strong labor market and wage gains helped the U.S. economy during the reporting period, even as the Fed sought to soften job growth to help curb inflation pressures.

During the reporting period, investors also continued to monitor government funding and deficits. The U.S. government avoided a default scenario after approving an increase to the debt ceiling limit in June 2023. At the same time, the potential for a government shutdown loomed but was ultimately avoided with funding resolutions passed in September 2023 and, subsequent to the close of the reporting period, November 2023. Notably, in August 2023, ratings agency Fitch downgraded U.S. debt from AAA to AA+ based on concerns about the U.S.’s growing fiscal debt and reduced confidence in fiscal management.

The broad municipal bond market was impacted by interest rate volatility and economic uncertainty during the reporting period. Municipal yields rose across the maturity spectrum, but the move was uneven. The greatest increase in yields was at the shorter end

 

5


Portfolio Managers’ Comments (continued)

 

of the curve as markets priced in a more aggressive pace of monetary tightening to combat persistently high inflation. Although municipal bonds continued to exhibit relatively strong credit fundamentals, there were periods of spread widening during the reporting period as the market sell-off continued.

Nuveen Municipal Value Fund, Inc. (NUV)

What key strategies were used to manage the Fund during the twelve-month reporting period ended October 31, 2023?

NUV’s investment objective is to provide current income exempt from regular federal income tax, investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.

During the reporting period, the Fund’s trading activity remained focused on pursuing the Fund’s investment objective. The rising yield environment during this reporting period was favorable for the Fund to reset embedded yields higher in its portfolio, primarily by executing on tax-loss swap opportunities. This strategy involves selling depreciated bonds with lower embedded yields to reinvest in similarly structured, higher income-producing bonds to support the Fund’s income earnings and capture tax efficiencies.

During the reporting period, buying was focused on longer dated, 4% and 5% coupon structures in the BBB to A rated credit quality range. Purchases were funded from the proceeds of called and maturing bonds, as well as from tax loss swapping.

As of October 31, 2023, NUV continued to use inverse floating rate securities. The Fund employs inverse floating rate securities, which are the residual interest in a tender option bond (TOB) trust, and are sometimes referred to as “inverse floaters,” for a variety of reasons, including duration management, income enhancement and total return enhancement.

How did the Fund perform during the twelve-month reporting period ended October 31, 2023?

For the twelve-month reporting period ended October 31, 2023, NUV outperformed the S&P Municipal Bond Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the S&P Municipal Bond Index.

The primary contributor to NUV’s relative performance was its overweights to A and BBB rated credit quality bonds and corresponding underweights to AAA and AA rated bonds. Security selection also contributed to the Fund’s relative performance, particularly in zero coupon bonds held over the full reporting period and a position in the Florida high speed rail, Brightline, which was still held at the end of the reporting period. Brightline’s Orlando station completed construction and opened to the public during the period while ridership growth has continued to gain momentum. In addition, the Fund benefited from an overweight allocation to the outperforming dedicated tax sector and an underweight to the life care sector, which mitigated the fund’s exposure to the sector’s downturn.

Partially offsetting the Fund’s outperformance was an underweight to the industrial development revenue (IDR) sector, which outperformed during the reporting period. Additionally, relative performance was negatively impacted by the Fund’s exposure to bonds purchased earlier in the reporting period when interest rates were lower. These bonds generally underperformed as rates rose over the remainder of the reporting period.

Nuveen AMT-Free Municipal Value Fund (NUW)

What key strategies were used to manage the Fund during the twelve-month reporting period ended October 31, 2023?

NUW’s investment objective is to provide current income exempt from regular federal income tax, investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.

During the reporting period, the Fund’s trading activity remained focused on pursuing the Fund’s investment objectives. The rising yield environment during this reporting period was favorable for the Fund to reset embedded yields higher in its portfolio, primarily by executing on tax-loss swap opportunities. This strategy involves selling depreciated bonds with lower embedded yields to reinvest in similarly structured, higher income-producing bonds to support the Fund’s income earnings and capture tax efficiencies.

During the reporting period, buying was focused on longer dated, 4% and 5% coupon structures in the BBB to A rated credit quality range. Purchases were funded from the proceeds of called and maturing bonds, as well as from tax loss swapping.

 

6


    

 

As of October 31, 2023, NUW continued to use inverse floating rate securities. The Fund employs inverse floating rate securities, which are the residual interest in a tender option bond (TOB) trust, and are sometimes referred to as “inverse floaters,” for a variety of reasons, including duration management, income enhancement and total return enhancement.

How did the Fund perform during the twelve-month reporting period ended October 31, 2023?

For the twelve-month reporting period ended October 31, 2023, NUW outperformed the S&P Municipal Bond Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the S&P Municipal Bond Index.

The primary contributor to NUW’s relative performance was security selection, particularly in zero coupon bonds, which recovered from lows during the period. NUW’s overall duration positioning was also favorable. The Fund’s underweight to the shortest (zero to four year) duration bonds contributed positively to relative performance earlier in the reporting period while an overweight to the longest (10 years and longer) duration bonds added value later in the period. NUW’s duration shortening hedge through interest rate futures also positively impacted relative performance over the reporting period. NUW’s credit quality positioning was advantageous, as credit spreads narrowed occasionally throughout the period. Overweight allocations to A and BBB rated bonds added to relative performance as lower rated categories outperformed the highest grade (AAA and AA rated) categories.

NUW’s outperformance was partially offset by an underweight to the “other transportation” sector, and especially New York MTA (Metropolitan Transportation Authority) bonds, both of which outperformed. Additionally, relative performance was negatively impacted by the Fund’s exposure to bonds purchased earlier in the reporting period when interest rates were lower. These bonds generally underperformed as rates rose over the remainder of the reporting period.

Nuveen Municipal Income Fund, Inc. (NMI)

What key strategies were used to manage the Fund during the twelve-month reporting period ended October 31, 2023?

NMI’s investment objective is to provide current income exempt from regular federal income tax, investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.

During the reporting period, the Fund’s trading activity remained focused on pursuing the Fund’s investment objective. The rising yield environment during this reporting period was favorable for the Fund to reset embedded yields higher in its portfolio, primarily by executing on tax-loss swap opportunities. This strategy involves selling depreciated bonds with lower embedded yields to reinvest in similarly structured, higher income-producing bonds to support the Fund’s income earnings and capture tax efficiencies.

The Fund’s weighting in the pre-refunded sector declined over the reporting period, driven by bond calls and maturities. The portfolio management team reinvested the proceeds across a diverse group of sectors. Notably, NMI increased its weighting in A rated bonds and the airport sector during the reporting period. In October 2023, as a result of investment policy and other related changes, the portfolio management team increased NMI’s exposure to sub investment grade and non-rated bonds and lengthened the Fund’s duration to align it with the S&P Municipal Yield Index.

How did the Fund perform during the twelve-month reporting period ended October 31, 2023?

For the twelve-month reporting period ended October 31, 2023, NMI outperformed the NMI Linked Benchmark. For the purposes of this reporting period, references to relative performance are in comparison to the NMI Linked Benchmark, which represents the linked returns between the S&P Municipal Bond Index (through September 29, 2023) and the S&P Municipal Yield Index (subsequent to September 29, 2023).

During the first 11 months of the reporting period, the primary contributor to NMI’s relative performance versus the S&P Municipal Bond Index was its overweight to longer-duration bonds. Additional contributors during the first 11 months of the reporting period included overweights to A, BBB and BB rated bonds. The Fund also benefited from overweights to airports and toll roads, which saw traffic and travel volumes rebound to pre-pandemic levels, and underweights to state and local general obligation bonds, which helped offset the sector’s relative underperformance. In the one-month period ended October 31, 2023, NMI’s outperformance relative to the S&P Municipal Yield Index was driven by its overweight to higher rated bonds.

 

7


Portfolio Managers’ Comments (continued)

 

During the reporting period, there were no material detractors from relative performance.

 

 

 

 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

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

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

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

 

8


Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of October 31, 2023. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.

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

 

     Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)    NUV    NUW    NMI

November

           $0.0280            $0.0390            $0.0300

December

   0.0280    0.0390    0.0300

January

   0.0280    0.0390    0.0300

February

   0.0280    0.0390    0.0300

March

   0.0280    0.0390    0.0300

April

   0.0280    0.0405    0.0300

May

   0.0280    0.0405    0.0300

June

   0.0280    0.0405    0.0300

July

   0.0280    0.0405    0.0315

August

   0.0280    0.0405    0.0315

September

   0.0280    0.0405    0.0315

October

   0.0290    0.0425    0.0315

Total Distributions from Net Investment Income

   $0.3370    $0.4805    $0.3660
Yields    NUV    NUW    NMI

Market Yield1

   4.36%    4.05%    4.53%

Taxable-Equivalent Yield1

   7.34%    6.84%    7.65%

 

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.

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to 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.

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

Updated Distribution Policy

On October 23, 2023, the Funds’ Board of Trustees (the “Board”) updated each Fund’s distribution policy. 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 common share dividend distribution rate which may be set from time to time). The Fund intends to distribute all or substantially all of its net investment income 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 the Fund’s distribution includes anything other than net investment income, the Fund will provide a notice to shareholders

 

9


Common Share Information (continued)

 

of its best estimate of the distribution sources at that the time of the distribution. 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-closedend 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).

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.

 

      NMI

Additional authorized common shares

   2,000,000

During the current reporting period, the Fund sold common shares through their Shelf Offerings at a weighted average premium to their NAV per common share as shown in the accompanying table.

 

      NMI

Common shares sold through shelf offering

   4,954   

Weighted average premium to NAV per common share sold

   1.11%   

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 October 31, 2023, (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.

 

      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

OTHER COMMON SHARE INFORMATION

As of October 31, 2023, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:

 

      NUV    NUW    NMI

Common share NAV

   $ 8.69    $ 14.20    $ 9.16

Common share price

   $ 7.99    $ 12.60    $ 8.35

Premium/(Discount) to NAV

   (8.06)%            (11.27)%            (8.84)%

Average premium/(discount) to NAV

   (6.03)%    (8.73)%    (4.55)%

 

10


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.

NMI Linked Benchmark: Represents the linked returns between the S&P Municipal Bond Index (defined herein) through September 29, 2023 and the S&P Municipal Yield Index (defined herein) subsequent to September 29, 2023.

 

11


NUV   

      Nuveen Municipal Value Fund, Inc.

         Performance Overview and Holding Summaries as of October 31, 2023

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

Fund Performance*

 

          Total Returns as of
            October 31, 2023             
 
          Average Annual  
   

Inception

Date

            1-Year             5-Year             10-Year  

 

 

NUV at Common Share NAV

    6/17/87       2.79%       1.04%       2.77%  

 

 

NUV at Common Share Price

    6/17/87       (0.52)%       0.84%       2.64%  

 

 

S&P Municipal Bond Index

          2.36%       1.04%       2.18%  

 

 

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

Daily Common Share NAV and Share Price

 

LOGO

Growth of an Assumed $10,000 Investment as of October 31, 2023 - Common Share Price

 

LOGO

 

12


    

 

Holdings Summaries as of October 31, 2023

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

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

 

Fund Allocation       
(% of net assets)       

 

 

Municipal Bonds

     99.5%  

 

 

Other Assets & Liabilities, Net

     1.7%  

 

 

Floating Rate Obligations

     (1.2)%  

 

 

Net Assets

     100%  

 

 
Bond Credit Quality       
(% of total investment exposure)       

 

 

U.S. Guaranteed

     4.2%  

 

 

AAA

     7.6%  

 

 

AA

     40.4%  

 

 

A

     28.4%  

 

 

BBB

     11.2%  

 

 

BB or Lower

     2.3%  

 

 

N/R (not rated)

     5.9%  

 

 

Total

     100%  

 

 
Portfolio Composition       
(% of total investments)       

 

 

Tax Obligation/Limited

     28.4%  

 

 

Transportation

     20.6%  

 

 

Tax Obligation/General

     14.4%  

 

 

Utilities

     14.2%  

 

 

Health Care

     7.6%  

 

 
Education and Civic Organizations      4.8%  

 

 

U.S. Guaranteed

     4.7%  

 

 

Other

     5.3%  

 

 

Total

     100%  

 

 
States and Territories1       
(% of total municipal bonds)       

 

 

Texas

     13.1%  

 

 

Illinois

     11.0%  

 

 

New York

     7.6%  

 

 

California

     6.5%  

 

 

Colorado

     6.4%  

 

 

Florida

     5.7%  

 

 

New Jersey

     4.5%  

 

 

Ohio

     4.0%  

 

 

Washington

     4.0%  

 

 

Georgia

     4.0%  

 

 

Michigan

     3.0%  

 

 

Nevada

     2.7%  

 

 

South Carolina

     2.4%  

 

 

Pennsylvania

     2.1%  

 

 

Kentucky

     1.8%  

 

 

Puerto Rico

     1.8%  

 

 

District of Columbia

     1.7%  

 

 

Tennessee

     1.5%  

 

 

Oklahoma

     1.4%  

 

 

Utah

     1.4%  

 

 

Other

     13.4%  

 

 

Total

     100%  

 

 
 

 

 

 

1

See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

 

13


NUW   

      Nuveen AMT-Free Municipal Value Fund

         Performance Overview and Holding Summaries as of October 31, 2023

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

Fund Performance*

 

          Total Returns as of
October 31, 2023
 
          Average Annual  
    Inception
Date
            1-Year             5-Year             10-Year  

 

 

NUW at Common Share NAV

    2/25/09       3.27%       1.24%       2.79%  

 

 

NUW at Common Share Price

    2/25/09       (1.08)%       1.04%       2.42%  

 

 

S&P Municipal Bond Index

          2.36%       1.04%       2.18%  

 

 

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

Daily Common Share NAV and Share Price

 

LOGO

Growth of an Assumed $10,000 Investment as of October 31, 2023 - Common Share Price

 

LOGO

 

14


    

 

Holdings Summaries as of October 31, 2023

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

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

 

Fund Allocation       
(% of net assets)       

 

 

Municipal Bonds

     98.5%  

 

 

Common Stocks

     0.5%  

 

 

Other Assets & Liabilities, Net

     1.8%  

 

 

Floating Rate Obligations

     (0.8)%  

 

 

Net Assets

     100%  

 

 
Bond Credit Quality       
(% of total investment exposure)       

 

 

U.S. Guaranteed

     1.6%  

 

 

AAA

     7.7%  

 

 

AA

     40.8%  

 

 

A

     29.6%  

 

 

BBB

     11.7%  

 

 

BB or Lower

     2.0%  

 

 

N/R (not rated)

     6.1%  

 

 

N/A (not applicable)

     0.5%  

 

 

Total

     100%  

 

 
Portfolio Composition       
(% of total investments)       

 

 

Tax Obligation/Limited

     24.2%  

 

 

Utilities

     20.2%  

 

 

Tax Obligation/General

     16.9%  

 

 

Transportation

     10.5%  

 

 

Health Care

     9.5%  

 

 
Education and Civic Organizations      7.2%  

 

 

Consumer Staples

     4.4%  

 

 

Other

     6.6%  

 

 

Common Stocks

     0.5%  

 

 

Total

     100%  

 

 
States and Territories1       
(% of total municipal bonds)       

 

 

California

     11.5%  

 

 

Illinois

     10.4%  

 

 

Texas

     9.6%  

 

 

New York

     6.9%  

 

 

New Jersey

     6.9%  

 

 

Nevada

     5.6%  

 

 

Pennsylvania

     4.4%  

 

 

Ohio

     4.2%  

 

 

Colorado

     4.1%  

 

 

Florida

     3.8%  

 

 

Tennessee

     3.8%  

 

 

Washington

     3.5%  

 

 

Kentucky

     3.4%  

 

 

Maryland

     3.2%  

 

 

Puerto Rico

     3.0%  

 

 

Georgia

     2.6%  

 

 

South Carolina

     1.7%  

 

 

West Virginia

     1.5%  

 

 

Arizona

     1.3%  

 

 

Minnesota

     1.2%  

 

 

Other

     7.4%  

 

 

Total

     100%  

 

 
 

 

 

 

1

See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

 

15


NMI    Nuveen Municipal Income Fund, Inc.
   Performance Overview and Holding Summaries as of October 31, 2023

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

Fund Performance*

 

           Total Returns as of
October 31, 2023
 
           Average Annual  
    

Inception

Date

              1-Year               5-Year             10-Year  

 

 

NMI at Common Share NAV

     4/20/88       2.94%       0.24%       2.47%  

 

 

NMI at Common Share Price

     4/20/88       1.80%       0.05%       2.26%  

 

 

S&P Municipal Bond Index

           2.36%       1.04%       2.18%  

 

 

S&P Municipal Yield Index

           3.80%       1.55%       3.70%  

 

 

NMI Linked Benchmark

           1.23%       0.81%       2.06%  

 

 

*For purposes of Fund performance, relative results are measured against the linked returns between the S&P Municipal 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 performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

LOGO

Growth of an Assumed $10,000 Investment as of October 31, 2023 - Common Share Price

 

LOGO

 

16


    

 

Holdings Summaries as of October 31, 2023

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

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

 

Fund Allocation

(% of net assets)

      

 

 

Municipal Bonds

     96.6%  

 

 

Short-Term Municipal Bonds

     2.9%  

 

 

Other Assets & Liabilities, Net

     0.5%  

 

 

Net Assets

     100%  

 

 

Bond Credit Quality

(% of total investment exposure)

  

 

 

U.S. Guaranteed

     3.7%  

 

 

AAA

     2.1%  

 

 

AA

     29.0  

 

 

A

     30.3%  

 

 

BBB

     11.0%  

 

 

BB or Lower

     6.1%  

 

 

N/R (not rated)

     17.8%  

 

 

Total

     100%  

 

 

Portfolio Composition

(% of total investments)

      

 

 

Transportation

     21.2%  

 

 

Health Care

     21.0%  

 

 

Tax Obligation/Limited

     18.0%  

 

 
Education and Civic Organizations      10.5%  

 

 

Utilities

     8.7%  

 

 

Tax Obligation/General

     7.4%  

 

 

Long-Term Care

     3.8%  

 

 

Other

     9.4%  

 

 

Total

     100%  

 

 

States and Territories1

(% of total municipal bonds)

      

 

 

Colorado

     15.0%  

 

 

Illinois

     12.6%  

 

 

Texas

     10.2%  

 

 

Florida

     5.6%  

 

 

Arizona

     4.9%  

 

 

Missouri

     4.2%  

 

 

New York

     3.8%  

 

 

Wisconsin

     3.8%  

 

 

Indiana

     2.8%  

 

 

North Carolina

     2.8%  

 

 

California

     2.7%  

 

 

New Jersey

     2.6%  

 

 

Louisiana

     2.3%  

 

 

Pennsylvania

     2.3%  

 

 

Alabama

     2.3%  

 

 

Georgia

     2.2%  

 

 

Virginia

     2.0%  

 

 

Hawaii

     1.8%  

 

 

Minnesota

     1.8%  

 

 

Ohio

     1.8%  

 

 

Other

     12.5%  

 

 

Total

     100%  

 

 
 

 

1

See the Portfolio of Investments for the remaining states comprising “Other” and not listed in the table above.

 

17


Shareholder Meeting Report

The annual meeting of shareholders was held on August 9, 2023, for NUV, NUW, and NMI; at this meeting the shareholders were asked to elect Board members.

 

     NUV      NUW      NMI  

 

 
     Common
Shares
           Common
Shares
           Common
Shares
 

 

 

Approval of the Board Members was reached as follows:

        

Amy B.R. Lancellotta

        

For

     167,611,770        14,293,466        7,951,418  

Withhold

     4,342,613        1,752,981        364,554  

 

 

Total

     171,954,383        16,046,447        8,315,972  

 

 

John K. Nelson

        

For

     167,524,604        14,153,422        7,922,811  

Withhold

     4,429,779        1,893,025        393,161  

 

 

Total

     171,954,383        16,046,447        8,315,972  

 

 

Terence J. Toth

        

For

     167,333,902        14,162,033        7,896,658  

Withhold

     4,620,481        1,884,414        419,314  

 

 

Total

     171,954,383        16,046,447        8,315,972  

 

 

Robert L. Young

        

For

     167,700,960        14,153,629        7,966,792  

Withhold

     4,253,423        1,892,818        349,180  

 

 

Total

     171,954,383        16,046,447        8,315,972  

 

 

 

18


Report of Independent Registered

Public Accounting Firm

To the Shareholders and Board of Directors/Trustees

Nuveen Municipal Value Fund, Inc., Nuveen AMT-Free Municipal Value Fund, and Nuveen Municipal Income Fund, Inc.:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Nuveen Municipal Value Fund, Inc., Nuveen AMT-Free Municipal Value Fund, and Nuveen Municipal Income Fund, Inc. (the Funds), including the portfolios of investments, as of October 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2023, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Nuveen investment companies since 2014.

Chicago, Illinois

December 28, 2023

 

19


NUV       Nuveen Municipal Value Fund, Inc.
   Portfolio of Investments October 31, 2023

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

LONG-TERM INVESTMENTS - 99.5%

   
   

MUNICIPAL BONDS - 99.5%

   
   

Alabama - 0.2%

   
   

Birmingham Airport Authority, Alabama, Airport Revenue Bonds, Series 2020:

   
$ 255          

4.000%, 7/01/39 - BAM Insured

    7/30 at 100.00     $ 232,507  
  225      

4.000%, 7/01/40 - BAM Insured

    7/30 at 100.00       203,945  
  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       3,938,059  
   

Total Alabama

            4,374,511  
   

Alaska - 0.4%

   
  9,750      

Anchorage, Alaska, Solid Waste Services Revenue Bonds, Refunding Series 2022A, 4.000%, 11/01/52

    11/32 at 100.00       8,021,167  
  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       88,132  
   

Total Alaska

            8,109,299  
   

Arizona - 1.0%

   
  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       1,914,386  
  2,935      

Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/35

    7/27 at 100.00       3,010,385  
  780      

Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Subordinate Lien Series 2020A, 4.000%, 7/01/45

    7/30 at 100.00       669,283  
  2,590      

Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien Series 2021A, 5.000%, 7/01/45

    7/31 at 100.00       2,645,395  
  2,175      

Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Medical Center, Series 2021A, 4.000%, 4/01/46

    4/31 at 100.00       1,728,821  
  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       5,436,116  
   

Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2017:

   
  1,000      

5.000%, 7/01/34

    7/27 at 100.00       1,034,891  
  750        

5.000%, 7/01/35

    7/27 at 100.00       774,102  
   

Total Arizona

            17,213,379  
   

California - 6.5%

   
  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       329,753  
  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       1,017,757  
  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       4,250,951  
  5,920      

California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A, 5.000%, 11/15/48

    11/27 at 100.00       5,836,000  

 

20


    

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

California (continued)

   
$ 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     $ 1,660,904  
   

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       1,547,046  
  3,495      

5.000%, 12/31/47, (AMT)

    6/28 at 100.00       3,273,156  
  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       933,003  
  2,290      

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, 144A

    1/29 at 100.00       2,260,481  
  1,625     (c)              

California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38, (Pre-refunded 1/02/24)

    1/24 at 100.00       1,628,422  
  3,500      

California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.000%, 12/01/46, 144A

    6/26 at 100.00       3,092,843  
  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       3,683,488  
  5,700      

East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Green Series 2017A, 5.000%, 6/01/45

    6/27 at 100.00       5,806,107  
  2,180     (d)  

Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 0.000%, 1/15/42

    1/31 at 100.00       2,456,142  
   

Fresno, California, Airport Revenue Bonds, Series 2023A:

   
  1,000      

5.000%, 7/01/48 - BAM Insured, (AMT)

    7/33 at 100.00       960,234  
  1,000      

5.000%, 7/01/53 - BAM Insured, (AMT)

    7/33 at 100.00       947,968  
  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       4,020,733  
  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
 
 
    344,986  
  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
 
 
    2,835,235  
  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       2,870,152  
  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       2,475,750  
  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       1,998,822  
   

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       3,345,619  
  2,315     (d)  

0.000%, 8/01/43

    8/35 at 100.00       2,015,947  
  3,550      

M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39

    No Opt. Call       3,998,479  
  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       6,651,087  

 

21


NUV       

Nuveen Municipal Value Fund, Inc. (continued)

 

Portfolio of Investments October 31, 2023

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

California (continued)

   
   

San Bruno Park School District, San Mateo County, California, General Obligation Bonds, Series 2000B:

   
$ 2,575          

0.000%, 8/01/24 - FGIC Insured

    No Opt. Call     $ 2,494,948  
  2,660                       

0.000%, 8/01/25 - FGIC Insured

    No Opt. Call       2,458,372  
  230      

San Diego Tobacco Settlement Revenue Funding Corporation, California, Tobacco Settlement Bonds, Subordinate Series 2018C, 4.000%, 6/01/32

    6/28 at 100.00       218,107  
   

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       6,294,364  
  4,000      

5.000%, 5/01/39

    5/29 at 100.00       4,128,381  
   

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       286,816  
  525      

4.000%, 1/15/41

    1/32 at 100.00       468,947  
  550      

4.000%, 1/15/43

    1/32 at 100.00       483,070  
  200      

4.000%, 1/15/44

    1/32 at 100.00       174,275  
  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       11,478,042  
  13,220      

San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/28 - NPFG Insured

    No Opt. Call       10,897,830  
  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       4,839,719  
  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       1,511,170  
  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       411,201  
  575        

Vernon, California, Electric System Revenue Bonds, Series 2021A, 5.000%, 4/01/28

    No Opt. Call       576,362  
   

Total California

            116,962,669  
   

Colorado - 6.4%

   
  7,500      

Arapahoe County School District 6, Littleton, Colorado, General Obligation Bonds, Series 2019A, 5.500%, 12/01/43

    12/28 at 100.00       7,814,660  
  4,155      

Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2, 4.000%, 8/01/49

    8/29 at 100.00       3,214,185  
  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       1,129,825  
  7,070      

Colorado Mountain College, Colorado, Certificates of Participation, Series 2021, 4.000%, 12/01/46

    12/31 at 100.00       6,050,473  
  4,500      

Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2018N, 5.000%, 3/15/37

    3/28 at 100.00       4,595,851  
  1,000      

Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2020R, 4.000%, 3/15/45

    3/30 at 100.00       848,900  
   

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       1,298,374  
  2,000      

5.000%, 9/01/31

    3/28 at 100.00       2,078,299  
  1,260      

5.000%, 9/01/32

    3/28 at 100.00       1,309,262  
  620      

5.000%, 9/01/33

    3/28 at 100.00       643,548  

 

22


    

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Colorado (continued)

   
$ 3,790          

Colorado State, Certificates of Participation, Rural Series 2018A, 5.000%, 12/15/37

    12/28 at 100.00     $ 3,899,785  
  3,400      

Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022B, 5.250%, 11/15/53

    11/32 at 100.00       3,485,620  
  5,160      

Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43

    12/23 at 100.00       5,094,277  
  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       1,932,059  
   

E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:

   
  9,660      

0.000%, 9/01/29 - NPFG Insured

    No Opt. Call       7,533,150  
  24,200      

0.000%, 9/01/31 - NPFG Insured

    No Opt. Call       17,175,948  
  17,000      

0.000%, 9/01/32 - NPFG Insured

    No Opt. Call       11,496,168  
  2,905      

E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2020A, 5.000%, 9/01/40

    9/24 at 100.00       2,913,126  
  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       3,347,302  
  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       8,847,450  
  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       1,315,697  
  4,945      

Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, Series 2017A, 5.000%, 11/01/40

    11/26 at 100.00       5,010,552  
   

State of Colorado, Rural Colorado, Certificates of Participation, Series 2022:

   
  5,355      

6.000%, 12/15/38

    12/32 at 100.00       6,023,467  
  3,000      

6.000%, 12/15/41

    12/32 at 100.00       3,336,461  
  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       4,493,031  
   

Total Colorado

            114,887,470  
   

Connecticut - 0.9%

   
  2,125      

Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut Children’s Medical Center and Subsidiaries, Series 2023E, 5.250%, 7/15/48

    1/33 at 100.00       2,128,961  
  8,440      

Connecticut State, General Obligation Bonds, Series 2015E, 5.000%, 8/01/29

    8/25 at 100.00       8,559,357  
  5,000        

Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/33

    11/25 at 100.00       5,041,008  
   

Total Connecticut

            15,729,326  
   

Delaware - 0.1%

   
  1,270        

Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2021, 4.000%, 1/01/46

    1/32 at 100.00       1,053,404  
   

Total Delaware

            1,053,404  
   

District of Columbia - 1.7%

   
  15,000      

District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46

    12/23 at 24.98       3,219,247  
  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       5,457,912  

 

23


NUV       

Nuveen Municipal Value Fund, Inc. (continued)

 

Portfolio of Investments October 31, 2023

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

District of Columbia (continued)

   
$ 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     $ 3,640,642  
  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       10,552,364  
   

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       618,304  
  1,060      

4.000%, 10/01/38

    10/30 at 100.00       937,905  
  1,265      

4.000%, 10/01/39

    10/30 at 100.00       1,099,361  
  1,745      

Washington Convention and Sports Authority, Washington D.C., Dedicated Tax Revenue Bonds, Refunding Senior Lien Series 2021B, 4.000%, 10/01/38

    10/30 at 100.00       1,544,005  
   

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       2,071,607  
  1,775        

5.000%, 7/15/45

    7/30 at 100.00       1,798,242  
   

Total District of Columbia

            30,939,589  
   

Florida - 5.7%

   
  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       839,332  
  1,240      

Broward County, Florida, Half-Cent Sales Tax Revenue Bonds, Refunding Series 2020, 4.000%, 10/01/40

    10/30 at 100.00       1,114,288  
  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       18,513,854  
  565      

Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A, 6.000%, 6/15/35, 144A

    6/25 at 100.00       553,863  
   

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       1,547,243  
  1,875      

4.000%, 2/01/42 - AGM Insured

    2/32 at 100.00       1,590,838  
  15,000      

Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail Expansion Project, Series 2023C, 8.000%, 7/01/57, (AMT), (Mandatory Put 4/01/24), 144A

    11/23 at 100.00       15,106,023  
  4,000      

Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/36

    10/27 at 100.00       4,111,804  
  3,500      

Gainesville, Florida, Utilities System Revenue Bonds, Series 2019A, 5.000%, 10/01/47

    10/29 at 100.00       3,504,410  
  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       2,312,736  
  1,000      

Lakeland, Florida, Energy System Revenue Bonds, Series 2021, 4.000%, 10/01/40

    10/31 at 100.00       892,326  
  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       2,193,202  
  5,090      

Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/40

    12/23 at 100.00       4,925,809  

 

24


    

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Florida (continued)

   
$ 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     $ 1,978,370  
  3,000      

Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2022, 5.000%, 7/01/51

    7/32 at 100.00       2,971,608  
  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       4,291,452  
   

Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Series 2018A:

   
  3,500      

5.000%, 10/01/36

    10/27 at 100.00       3,595,286  
  3,780      

5.000%, 10/01/37

    10/27 at 100.00       3,877,217  
  1,120      

5.000%, 10/01/38

    10/27 at 100.00       1,147,482  
  10,725     (c)              

Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A, 5.000%, 11/01/44, (Pre-refunded 5/01/24)

    5/24 at 100.00       10,782,252  
   

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       1,054,195  
  3,575      

0.000%, 10/01/44

    10/29 at 59.08       998,525  
  4,000      

0.000%, 10/01/45

    10/29 at 56.95       1,043,743  
  750      

0.000%, 10/01/49

    10/29 at 49.08       146,948  
  5,000      

0.000%, 10/01/50

    10/29 at 47.17       917,534  
  11,000      

0.000%, 10/01/53

    10/29 at 41.97       1,651,703  
  4,000      

Pembroke Pines, Florida, Capital Improvement Revenue Bonds, Series 2019A, 4.000%, 7/01/38

    7/29 at 100.00       3,617,332  
  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       981,774  
  6,865        

South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 4.000%, 5/01/34

    5/25 at 100.00       6,561,876  
   

Total Florida

            102,823,025  
   

Georgia - 4.0%

   
  3,325      

Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/40

    5/25 at 100.00       3,308,774  
  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       2,177,199  
   

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       3,573,444  
  2,500      

5.250%, 2/15/45

    2/27 at 100.00       2,524,736  
  1,500      

Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center Hotel Revenue Bonds, First Tier Series 2021A, 4.000%, 1/01/54

    1/31 at 100.00       1,123,986  
  10,500      

Georgia Ports Authority, Revenue Bonds, Series 2022, 5.250%, 7/01/52

    7/32 at 100.00       10,786,511  
  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       16,558,946  
  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       3,881,895  
  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       16,836,263  
  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       2,402,505  

 

25


NUV       

Nuveen Municipal Value Fund, Inc. (continued)

 

Portfolio of Investments October 31, 2023

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Georgia (continued)

   
   

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     $ 974,987  
  5,500      

5.000%, 1/01/50

    1/31 at 100.00       5,241,823  
  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       1,997,392  
   

Total Georgia

            71,388,461  
   

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       4,924,272  
  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       3,077,872  
   

Total Hawaii

            8,002,144  
   

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       1,325,564  
   

Total Idaho

            1,325,564  
   

Illinois - 10.9%

   
  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       5,030,084  
  5,000      

Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44

    12/25 at 100.00       5,109,996  
  2,945      

Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46

    12/26 at 100.00       2,991,683  
  4,710      

Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46, 144A

    12/27 at 100.00       4,890,423  
  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       16,850,776  
  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       4,962,649  
   

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       1,942,933  
  4,000      

4.000%, 12/01/51

    12/31 at 100.00       3,248,303  
  1,960      

Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2021, 5.000%, 6/01/27

    No Opt. Call       2,008,182  
  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       5,108,621  
  5,100      

Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.000%, 12/01/44

    12/24 at 100.00       4,868,181  
  1,000      

Cook County, Illinois, General Obligation Bonds, Refunding Series 2018, 5.000%, 11/15/35

    11/26 at 100.00       1,013,395  
  1,500      

Cook County, Illinois, General Obligation Bonds, Refunding Series 2021A, 5.000%, 11/15/32

    11/30 at 100.00       1,562,992  
  2,040      

Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A: 4.000%, 11/15/40

    11/30 at 100.00       1,780,056  

 

26


    

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Illinois (continued)

   
$ 1,000          

4.000%, 11/15/41

    11/30 at 100.00     $ 862,224  
  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       1,268,968  
  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       3,604,409  
   

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       537,079  
  825      

5.000%, 8/15/44

    8/25 at 100.00       775,949  
  5,125      

Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29

    11/27 at 100.00       5,230,657  
  1,755      

Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27

    No Opt. Call       1,791,320  
  5,590      

Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38

    12/23 at 100.00       5,589,539  
  4,000      

Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B, 5.000%, 1/01/41

    7/26 at 100.00       4,013,350  
  5,000      

Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2020A, 5.000%, 1/01/45

    1/31 at 100.00       4,996,838  
  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       7,017,744  
   

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       4,227,904  
  11,675      

0.000%, 6/15/29 - FGIC Insured

    No Opt. Call       8,955,363  
   

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       3,200,019  
  21,375      

0.000%, 6/15/34 - NPFG Insured

    No Opt. Call       12,811,382  
  21,000      

0.000%, 12/15/35 - NPFG Insured

    No Opt. Call       11,539,922  
  21,970      

0.000%, 6/15/36 - NPFG Insured

    No Opt. Call       11,671,833  
  10,375      

0.000%, 12/15/36 - NPFG Insured

    No Opt. Call       5,325,783  
  10,000      

0.000%, 12/15/37 - NPFG Insured

    No Opt. Call       4,790,922  
  25,825      

0.000%, 6/15/39 - NPFG Insured

    No Opt. Call       11,222,737  
  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       6,970,578  
  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       9,041,732  
  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       5,034,006  
   

Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007:

   
  2,645      

0.000%, 12/01/23 - AGM Insured

    No Opt. Call       2,636,249  
  2,375        

0.000%, 12/01/23 - AGM Insured

    No Opt. Call       2,366,230  
   

Total Illinois

            196,851,011  

 

27


NUV       

Nuveen Municipal Value Fund, Inc. (continued)

 

Portfolio of Investments October 31, 2023

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

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     $ 1,994,051  
  2,000      

Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42

    7/26 at 100.00       1,993,210  
  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       4,183,586  
   

Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:

   
  2,400      

0.000%, 2/01/25 - AMBAC Insured

    No Opt. Call       2,273,477  
  14,595        

0.000%, 2/01/27 - AMBAC Insured

    No Opt. Call       12,681,648  
   

Total Indiana

            23,125,972  
   

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       1,560,682  
  1,600      

5.000%, 1/01/28

    1/26 at 100.00       1,627,546  
   

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       1,303,306  
  1,435      

5.000%, 9/01/38

    9/28 at 100.00       1,445,183  
  4,000      

5.000%, 9/01/43

    9/28 at 100.00       3,781,877  
  2,000      

5.000%, 9/01/48

    9/28 at 100.00       1,887,386  
  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       998,797  
  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       8,111,734  
  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       6,557,237  
  5,000        

Kentucky State Property and Buildings Commission, Revenue Bonds, Project 115, Series 2017, 5.000%, 4/01/30

    4/27 at 100.00       5,105,084  
   

Total Kentucky

            32,378,832  
   

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       1,123,932  
  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       8,756,010  
  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       1,455,220  
   

Total Louisiana

            11,335,162  
   

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       4,993,823  
  2,005      

5.000%, 7/01/48

    7/28 at 100.00       1,925,573  

 

28


    

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Maine (continued)

   
$ 1,805          

Maine Turnpike Authority, Turnpike Revenue Bonds, Series 2020, 5.000%, 7/01/50

    7/30 at 100.00     $ 1,806,963  
  7,990        

University of Maine, System Revenue Bonds, Series 2022, 5.000%, 3/01/47

    3/32 at 100.00       7,817,418  
   

Total Maine

            16,543,777  
   

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       1,092,022  
  630      

5.000%, 9/01/31

    9/27 at 100.00       595,307  
  1,945      

5.000%, 9/01/32

    9/27 at 100.00       1,825,759  
  385      

5.000%, 9/01/34

    9/27 at 100.00       356,124  
  2,750      

5.000%, 9/01/35

    9/27 at 100.00       2,512,932  
  2,550      

5.000%, 9/01/42

    9/27 at 100.00       2,120,207  
  6,665      

5.000%, 9/01/46

    9/27 at 100.00       5,374,480  
  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       1,013,875  
   

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       4,384,364  
  2,260     (c)              

5.000%, 5/01/47, (Pre-refunded 5/01/28)

    5/28 at 100.00       2,377,281  
   

Total Maryland

            21,652,351  
   

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       1,030,928  
  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       2,703,809  
  1,500      

Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2016E, 5.000%, 7/01/35

    7/26 at 100.00       1,506,424  
  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       2,657,467  
  980        

Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/29 - NPFG Insured

    No Opt. Call       780,247  
   

Total Massachusetts

            8,678,875  
   

Michigan - 2.9%

   
   

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       1,493,918  
  625      

5.000%, 5/01/48

    5/33 at 100.00       628,757  
  820      

5.000%, 5/01/50

    5/33 at 100.00       822,807  
   

Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013:

   
  1,405      

6.000%, 10/01/33

    12/23 at 100.00       1,273,915  
  2,520      

6.000%, 10/01/43

    12/23 at 100.00       2,120,713  
  15      

Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 7/01/35 - NPFG Insured

    12/23 at 100.00       15,001  
  2,925      

Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 - NPFG Insured

    No Opt. Call       2,982,513  
  5      

Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien Series 2003B, 5.000%, 7/01/34 - NPFG Insured

    12/23 at 100.00       5,005  

 

29


NUV       

Nuveen Municipal Value Fund, Inc. (continued)

 

Portfolio of Investments October 31, 2023

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Michigan (continued)

   
$ 5          

Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A, 5.000%, 7/01/34 - NPFG Insured

    12/23 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       3,382,301  
  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       3,340,900  
  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       1,533,944  
  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       4,941,875  
   

Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I:

   
  9,565      

5.000%, 4/15/30

    10/25 at 100.00       9,722,733  
  435     (c)              

5.000%, 4/15/30, (Pre-refunded 10/15/25)

    10/25 at 100.00       443,850  
  2,100      

Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2023II, 4.000%, 10/15/43

    10/33 at 100.00       1,832,016  
   

Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program, Series 2021A:

   
  3,020      

4.000%, 11/15/37

    11/31 at 100.00       2,801,340  
  6,510      

4.000%, 11/15/38

    11/31 at 100.00       6,006,252  
   

Michigan Technological University, General Revenue Bonds, Series 2023A:

   
  1,515      

5.000%, 10/01/47 - AGM Insured

    10/31 at 100.00       1,476,914  
  675      

5.250%, 10/01/52 - AGM Insured

    10/31 at 100.00       673,129  
  1,800      

Northern Michigan University, General Revenue Bonds, Series 2021, 4.000%, 6/01/46

    6/31 at 100.00       1,414,200  
  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       1,080,378  
  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       5,093,859  
   

Total Michigan

            53,091,325  
   

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       3,516,356  
  1,480        

University of Minnesota, General Obligation Bonds, Series 2016A, 5.000%, 4/01/41

    4/26 at 100.00       1,489,724  
   

Total Minnesota

            5,006,080  
   

Missouri - 0.2%

   
  3,465        

Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48

    12/23 at 100.00       3,253,280  
   

Total Missouri

            3,253,280  
   

Montana - 0.6%

   
  1,115      

Billings, Montana, Sewer System Revenue Bonds, Series 2017, 5.000%, 7/01/33

    7/27 at 100.00       1,149,299  
   

Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell Regional Medical Center, Series 2018B:

   
  1,340      

5.000%, 7/01/30

    7/28 at 100.00       1,340,540  

 

30


    

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Montana (continued)

   
$ 1,415          

5.000%, 7/01/31

    7/28 at 100.00     $ 1,412,652  
  1,980      

5.000%, 7/01/32

    7/28 at 100.00       1,971,729  
  2,135      

5.000%, 7/01/33

    7/28 at 100.00       2,119,199  
  3,045        

Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group, Series 2018A, 5.000%, 8/15/48

    8/28 at 100.00       2,921,528  
   

Total Montana

            10,914,947  
   

Nebraska - 0.2%

   
   

Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding Crossover Series 2017A:

   
  1,710      

5.000%, 9/01/35

    No Opt. Call       1,690,546  
  1,500      

5.000%, 9/01/42

    No Opt. Call       1,410,523  
  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       1,353,630  
   

Total Nebraska

            4,454,699  
   

Nevada - 2.7%

   
  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       429,671  
   

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       2,092,440  
  5,000      

5.000%, 12/01/35

    12/28 at 100.00       5,197,967  
  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       5,023,269  
  8,500      

Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C, 5.250%, 7/01/43

    7/28 at 100.00       8,627,207  
   

Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015:

   
  5,220      

5.000%, 6/01/33

    12/24 at 100.00       5,271,977  
  10,000      

5.000%, 6/01/34

    12/24 at 100.00       10,097,462  
  9,000      

5.000%, 6/01/39

    12/24 at 100.00       9,039,473  
  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       1,213,645  
  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     1,867,447  
  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       257,514  
   

Total Nevada

            49,118,072  
   

New Jersey - 4.4%

   
  2,500      

Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2018A, 5.000%, 1/01/36

    1/29 at 100.00       2,602,084  
  930      

New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 1/01/39 - AGM Insured, (AMT)

    1/24 at 100.00       930,181  
  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       6,303,208  

 

31


NUV       

Nuveen Municipal Value Fund, Inc. (continued)

 

Portfolio of Investments October 31, 2023

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

New Jersey (continued)

   
$ 5,990          

New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/25 - AGM Insured

    No Opt. Call     $ 6,149,035  
  3,380      

New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Series 2022BB, 4.000%, 6/15/46

    12/31 at 100.00       2,882,131  
  9,420      

New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/31

    No Opt. Call       6,471,304  
   

New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:

   
  30,000      

0.000%, 12/15/30 - FGIC Insured

    No Opt. Call       21,760,968  
  27,000      

0.000%, 12/15/32 - AGM Insured

    No Opt. Call       17,943,520  
   

New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:

   
  2,750      

5.250%, 6/15/32

    6/25 at 100.00       2,777,862  
  2,150      

5.250%, 6/15/34

    6/25 at 100.00       2,167,144  
  1,220      

New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA, 4.000%, 6/15/50

    12/30 at 100.00       1,014,323  
  2,000      

New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 5.000%, 1/01/40

    1/28 at 100.00       2,024,821  
  3,760      

New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2017G, 4.000%, 1/01/43

    1/28 at 100.00       3,337,050  
  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       1,453,788  
  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       2,353,567  
   

Total New Jersey

            80,170,986  
   

New York - 7.6%

   
  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       3,616,080  
   

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       2,997,246  
  780     (c)              

5.000%, 7/01/42, (Pre-refunded 7/01/27)

    7/27 at 100.00       813,979  
  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       1,984,378  
   

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       887,562  
  2,100      

4.000%, 9/01/41

    9/31 at 100.00       1,828,233  
   

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       2,853,357  
  8,325      

5.000%, 11/15/50

    5/30 at 100.00       7,929,126  
   

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

    11/23 at 100.00       2,955,701  
  7,380      

5.000%, 11/15/56

    11/23 at 100.00       6,872,100  
   

New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium Project, Refunding Series 2021A:

   
  1,500      

5.000%, 1/01/29 - AGM Insured

    No Opt. Call       1,556,992  

 

32


    

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

New York (continued)

   
$ 1,750                           

5.000%, 1/01/30 - AGM Insured

    No Opt. Call     $ 1,823,684  
  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       3,733,725  
  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       17,774,840  
  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       4,971,614  
  3,465      

New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 5.000%, 8/01/42

    8/30 at 100.00       3,511,767  
  11,755      

New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A

    11/24 at 100.00       10,528,369  
  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       2,698,174  
  4,000      

New York State Power Authority, General Revenue Bonds, Series 2020A, 4.000%, 11/15/50

    5/30 at 100.00       3,314,312  
  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       856,085  
  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       7,853,322  
  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       4,809,173  
   

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       3,136,290  
  5,250      

5.000%, 1/01/36, (AMT)

    1/28 at 100.00       4,974,126  
  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       3,616,212  
  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       8,154,460  
  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       2,967,058  
  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       6,446,789  
  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       4,957,045  
  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       6,120,359  
  650        

TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B, 5.000%, 6/01/24

    No Opt. Call       646,613  
   

Total New York

            137,188,771  
   

North Carolina - 1.0%

   
  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       1,523,786  

 

33


NUV       

Nuveen Municipal Value Fund, Inc. (continued)

 

Portfolio of Investments October 31, 2023

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

North Carolina (continued)

   
   

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     $ 2,077,798  
  4,175      

5.000%, 6/30/54, (AMT)

    6/25 at 100.00       3,758,243  
  2,995      

North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/54

    7/26 at 100.00       2,786,029  
   

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       820,768  
  1,500      

0.000%, 1/01/42

    1/30 at 68.97       577,723  
  14,500      

0.000%, 1/01/49

    1/30 at 54.10       3,595,143  
   

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       1,648,800  
  1,850        

5.000%, 1/01/32

    1/27 at 100.00       1,875,895  
   

Total North Carolina

            18,664,185  
   

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       1,648,362  
   

Total North Dakota

            1,648,362  
   

Ohio - 4.0%

   
  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       3,769,657  
  44,200      

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       36,208,406  
  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       4,985,961  
  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       1,241,427  
  3,485      

Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, 4.000%, 12/01/46

    6/27 at 100.00       2,904,570  
  5,000      

Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018, 5.000%, 6/01/43

    6/28 at 100.00       5,061,014  
  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       12,774,236  
  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       3,870,372  
  1,940        

Port of Greater Cincinnati Development Authority, Ohio, Public Improvement TOT Revenue Bonds, Series 2021, 4.250%, 12/01/50, 144A

    12/28 at 100.00       1,420,326  
   

Total Ohio

            72,235,969  
   

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       4,120,361  

 

34


    

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Oklahoma (continued)

   
   

Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Refunding Series 2015A:

   
$ 1,590                           

5.000%, 8/15/27

    8/25 at 100.00     $ 1,590,077  
  1,250      

5.000%, 8/15/29

    8/25 at 100.00       1,236,967  
   

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       1,562,093  
  7,040      

5.500%, 8/15/57

    8/28 at 100.00       6,020,583  
  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       906,240  
  10,000        

Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2017A, 5.000%, 1/01/42

    1/26 at 100.00       9,893,641  
   

Total Oklahoma

            25,329,962  
   

Oregon - 1.3%

   
  2,500      

Oregon Health and Science University, Revenue Bonds, Green Series 2021A, 4.000%, 7/01/44

    1/32 at 100.00       2,140,124  
  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       6,885,214  
  2,000      

Oregon State, General Obligation Bonds, Article XI-Q State Projects Series 2021A, 4.000%, 5/01/40

    5/31 at 100.00       1,798,170  
  7,500      

Portland, Oregon, Sewer System Revenue Bonds, Second Lien Refunding Series 2023A, 5.000%, 12/01/47

    6/33 at 100.00       7,598,698  
  5,330        

University of Oregon, General Revenue Bonds, Series 2018A, 5.000%, 4/01/48

    4/28 at 100.00       5,338,917  
   

Total Oregon

            23,761,123  
   

Pennsylvania - 2.1%

   
  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       3,043,537  
  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       2,346,227  
  2,000      

Pennsylvania State University, Revenue Bonds, Refunding Series 2016A, 5.000%, 9/01/41

    9/26 at 100.00       2,026,219  
  20,000      

Pennsylvania State University, Revenue Bonds, Series 2023, 5.250%, 9/01/53

    9/33 at 100.00       20,663,448  
  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       1,251,445  
  3,000      

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2018A-2, 5.000%, 12/01/48

    12/28 at 100.00       2,973,762  
  1,025      

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2019A, 4.000%, 12/01/49

    12/29 at 100.00       834,060  
  2,620      

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A, 4.000%, 12/01/50

    12/30 at 100.00       2,127,571  
  570      

Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue Bonds, Refunding Subordinate Series 2019B, 4.000%, 9/01/34 - AGM Insured

    9/29 at 100.00       534,644  
  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       1,261,640  
   

Total Pennsylvania

            37,062,553  

 

35


NUV       

Nuveen Municipal Value Fund, Inc. (continued)

 

Portfolio of Investments October 31, 2023

 

 

Principal

Amount (000)

 

 

     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

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     $ 6,292,458  
  5,985                       

4.500%, 7/01/34

    7/25 at 100.00       5,715,764  
  5,125      

5.000%, 7/01/58

    7/28 at 100.00       4,486,978  
  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       4,735,414  
  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       10,498,999  
   

Total Puerto Rico

            31,729,613  
   

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       3,034,979  
  1,500      

4.000%, 6/01/51

    6/31 at 100.00       1,174,667  
   

Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:

   
  12,760      

0.000%, 1/01/28 - AGC Insured

    No Opt. Call       10,534,170  
  9,535      

0.000%, 1/01/29 - AGC Insured

    No Opt. Call       7,507,633  
  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       3,461,535  
   

South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2016B:

   
  5,500      

5.000%, 12/01/46

    12/26 at 100.00       5,245,353  
  8,000      

5.000%, 12/01/56

    12/26 at 100.00       7,425,938  
  1,500      

South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2022A, 5.000%, 12/01/55

    6/32 at 100.00       1,393,565  
  3,455        

South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54

    6/24 at 100.00       3,373,686  
   

Total South Carolina

            43,151,526  
   

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       2,671,699  
   

Total South Dakota

            2,671,699  
   

Tennessee - 1.5%

   
   

Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding & Improvement Series 2022A:

   
  760      

4.000%, 4/01/37

    4/31 at 100.00       707,682  
  1,305      

4.000%, 4/01/40

    4/31 at 100.00       1,182,160  
   

Loudon, Tennessee, Water and Sewer Revenue Bonds, Series 2023:

   
  1,000      

5.000%, 3/01/40

    3/33 at 100.00       1,019,881  
  1,000      

5.000%, 3/01/41

    3/33 at 100.00       1,015,808  
  1,495      

5.000%, 3/01/42

    3/33 at 100.00       1,511,295  
  4,250      

4.375%, 3/01/48

    3/33 at 100.00       3,623,295  
  1,450      

Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Refunding Series 2020B, 5.000%, 10/01/45

    10/30 at 100.00       1,474,024  
  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       2,253,742  

 

36


    

 

 

Principal

Amount (000)

 

 

     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Tennessee (continued)

   
$ 2,000          

Metropolitan Nashville Airport Authority, Tennessee, Airport Improvement Revenue Bonds, Series 2022A, 5.250%, 7/01/47

    7/32 at 100.00     $ 2,016,988  
  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       548,070  
  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       3,013,735  
  5,000      

Tennessee State, General Obligation Bonds, Series 2023A, 5.000%, 5/01/40

    5/33 at 100.00       5,221,722  
  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       2,723,491  
   

Total Tennessee

            26,311,893  
   

Texas - 13.0%

   
  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       170,943  
  14,355     (e)              

Bexar County Hospital District, Texas, Certificates of Obligation, Series 2018, 4.000%, 2/15/43, (UB)

    2/27 at 100.00       12,372,986  
  4,750      

Bexar County Hospital District, Texas, Certificates of Obligation, Series 2023, 5.000%, 2/15/48

    8/32 at 100.00       4,785,493  
  710      

Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020A, 5.000%, 1/01/39

    1/30 at 100.00       716,041  
  240      

Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44

    9/24 at 100.00       221,144  
  5,000      

El Paso County Hospital District, Texas, General Obligtion Bonds, Certificates of Obligation Series 2013, 5.000%, 8/15/39

    12/23 at 100.00       4,504,587  
   

Fort Bend County Municipal Utility District 50, Texas, General Obligation Bonds, Series 2018A:

   
  2,600      

4.000%, 9/01/46 - AGM Insured

    12/23 at 100.00       2,068,642  
  5,500      

4.000%, 9/01/48 - AGM Insured

    12/23 at 100.00       4,296,252  
  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       2,304,640  
  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       1,435,475  
   

Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:

   
  11,055      

0.000%, 11/15/27

    No Opt. Call       9,046,029  
  845     (c)  

0.000%, 11/15/27, (ETM)

    No Opt. Call       708,235  
   

Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C:

   
  425      

5.000%, 11/15/23

    No Opt. Call       425,034  
  1,565      

5.000%, 11/15/31

    11/24 at 100.00       1,566,251  
  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       8,232,872  
  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       832,002  

 

37


NUV       

Nuveen Municipal Value Fund, Inc. (continued)

 

Portfolio of Investments October 31, 2023

 

 

Principal

Amount (000)

 

 

     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Texas (continued)

   
   

Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B:

   
$ 1,590          

5.000%, 7/01/43

    7/28 at 100.00     $ 1,581,606  
  2,290      

5.000%, 7/01/48

    7/28 at 100.00       2,226,598  
   

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       18,977,178  
  12,940      

0.000%, 9/01/30 - AMBAC Insured

    No Opt. Call       9,440,851  
  10,000      

0.000%, 9/01/31 - AMBAC Insured

    No Opt. Call       6,936,354  
  19,500      

0.000%, 9/01/32 - AMBAC Insured

    No Opt. Call       12,849,726  
  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       5,151,147  
  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       4,537,931  
  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)

    12/23 at 100.00       1,685,737  
  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       3,409,853  
   

Lubbock, Texas, Electric Light and Power System Revenue Bonds, Series 2018:

   
  2,170      

5.000%, 4/15/40

    4/28 at 100.00       2,129,934  
  3,930      

5.000%, 4/15/43

    4/28 at 100.00       3,782,896  
   

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       30,758,016  
  5,220     (c)  

6.500%, 1/01/43, (Pre-refunded 1/01/25)

    1/25 at 100.00       5,366,517  
  15,450      

North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/36 - AGC Insured

    No Opt. Call       8,637,676  
  5,000      

North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2017A, 4.000%, 1/01/43

    1/28 at 100.00       4,196,241  
  8,000      

North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2017B, 5.000%, 1/01/43

    1/27 at 100.00       8,004,671  
  9,100      

North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/32

    1/25 at 100.00       9,128,811  
  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       1,732,073  
  5,000      

Temple, Texas, General Obligation Bonds, Combination Tax and Revenue Series 2022B, 4.000%, 8/01/47

    8/31 at 100.00       4,133,296  
  3,990      

Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26

    No Opt. Call       4,067,548  
  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       5,480,304  
  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       2,979,319  
  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       1,719,553  

 

38


    

 

 

Principal

Amount (000)

 

 

     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Texas (continued)

   
$ 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     $ 5,094,062  
   

Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2017A:

   
  12,500     (e)              

4.000%, 10/15/42, (UB)

    10/27 at 100.00       10,993,433  
  1,500      

5.000%, 10/15/42

    10/27 at 100.00       1,512,807  
  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       5,097,591  
   

Total Texas

            235,298,355  
   

Utah - 1.4%

   
  5,345      

Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, 5.000%, 7/01/42

    7/27 at 100.00       5,279,207  
  3,500      

Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B, 5.000%, 7/01/43

    7/28 at 100.00       3,455,734  
  9,550      

Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2023A, 5.250%, 7/01/48, (AMT)

    7/33 at 100.00       9,380,832  
   

Salt Lake County, Utah, Sales Tax Revenue Bonds, TRCC Series 2017:

   
  695      

5.000%, 2/01/36

    2/27 at 100.00       713,162  
  1,150      

5.000%, 2/01/37

    2/27 at 100.00       1,175,489  
   

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       1,299,468  
  1,000      

5.000%, 9/01/30

    3/28 at 100.00       1,037,557  
  1,250      

5.000%, 9/01/31

    3/28 at 100.00       1,293,572  
  660      

5.000%, 9/01/32

    3/28 at 100.00       681,826  
  540        

Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017A, 5.000%, 3/01/37

    3/27 at 100.00       549,419  
   

Total Utah

            24,866,266  
   

Virginia - 0.5%

   
  1,805      

Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016, 5.000%, 7/01/51

    7/26 at 100.00       1,677,834  
  4,355      

Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47

    11/23 at 100.00       3,735,581  
  4,100        

Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/49, (AMT)

    6/27 at 100.00       3,838,603  
   

Total Virginia

            9,252,018  
   

Washington - 4.0%

   
  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       7,473,395  
  2,235      

Pierce County School District 10, Tacoma, Washington, General Obligation Bonds, Series 2020B, 4.000%, 12/01/43

    12/30 at 100.00       1,942,115  
   

Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2016:

   
  1,930      

5.000%, 2/01/29

    2/26 at 100.00       1,966,634  
  1,000      

5.000%, 2/01/30

    2/26 at 100.00       1,016,616  
   

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       1,150,121  

 

39


NUV       

Nuveen Municipal Value Fund, Inc. (continued)

 

Portfolio of Investments October 31, 2023

 

 

Principal

Amount (000)

 

 

     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Washington (continued)

   
$ 5,000                               

5.000%, 12/01/41

    6/27 at 100.00     $ 4,962,944  
  1,390      

Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-1, 4.000%, 8/01/44

    8/29 at 100.00       1,120,404  
  12,000      

Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A, 5.000%, 10/01/33

    12/23 at 100.00       12,000,745  
  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       1,321,172  
  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       5,369,469  
   

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       3,822,156  
  7,830      

3.000%, 7/01/48

    7/31 at 100.00       4,920,305  
   

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       2,442,044  
  3,000      

5.000%, 7/01/58

    7/28 at 100.00       2,776,721  
   

Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:

   
  9,100      

0.000%, 6/01/29 - NPFG Insured

    No Opt. Call       7,321,760  
  16,195        

0.000%, 6/01/30 - NPFG Insured

    No Opt. Call       12,480,881  
   

Total Washington

            72,087,482  
   

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       1,817,186  
  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       2,590,859  
  3,570      

West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018, 5.000%, 6/01/43

    6/28 at 100.00       3,596,869  
  4,135        

West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2021, 5.000%, 6/01/47

    6/31 at 100.00       4,182,683  
   

Total West Virginia

            12,187,597  
   

Wisconsin - 0.7%

   
  5,000      

Public Finance Authority Wisconsin, Tax Exempt Pooled Securities, Class A Social Impact Certificates, Series 2023-1, 4.000%, 8/01/59, (Mandatory Put 7/01/26)

    No Opt. Call       4,850,862  
  4,410      

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39

    12/23 at 100.00       4,198,879  
   

Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A:

   
  2,870      

4.000%, 11/15/46

    5/26 at 100.00       2,406,393  

 

40


    

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Wisconsin (continued)

   
$ 935         (c)              

4.000%, 11/15/46, (Pre-refunded 5/15/26)

    5/26 at 100.00     $ 933,573  
   

Total Wisconsin

            12,389,707  
   

Total Municipal Bonds

(cost $1,882,403,978)

            1,795,221,291  
   

Total Long-Term Investments

(cost $1,882,403,978)

            1,795,221,291  
   

Floating Rate Obligations - (1.2)%

            (21,480,000
   

Other Assets & Liabilities, Net - 1.7%

            30,712,131  
   

Net Assets Applicable to Common Shares - 100%

          $ 1,804,453,422  

 

(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.

(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)

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.

(e)

Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

 

144A

Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

AMT

Alternative Minimum Tax

ETM

Escrowed to maturity

UB

Underlying bond of an inverse floating rate trust reflected as a financing transaction.

 

See Notes to Financial Statements

 

41


NUW      

Nuveen AMT-Free Municipal Value Fund

 

Portfolio of Investments October 31, 2023

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

LONG-TERM INVESTMENTS - 99.0%

   
   

MUNICIPAL BONDS - 98.5%

   
   

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     $ 837,169  
   

Total Alaska

            837,169  
   

Arizona - 1.3%

   
  345      

Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Subordinate Lien Series 2020A, 4.000%, 7/01/45

    7/30 at 100.00       296,029  
  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       2,955,888  
   

Total Arizona

            3,251,917  
   

California - 11.3%

   
  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       1,277,102  
  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       36,639  
  340      

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, 144A

    1/29 at 100.00       335,617  
   

Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Private Activity/Non AMT Refunding Subordinate Series 2019C:

   
  1,280     (c)              

5.000%, 5/15/30, (Pre-refunded 5/15/29)

    5/29 at 100.00       1,378,384  
  760      

5.000%, 5/15/30

    5/29 at 100.00       816,203  
  450      

M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.500%, 11/01/39

    No Opt. Call       506,850  
  10,200      

Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%, 8/01/38 - AGC Insured

    8/29 at 100.00       11,277,824  
  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       610,569  
  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       2,470,286  
  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       7,530,609  
  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       1,712,417  
  115      

Vernon, California, Electric System Revenue Bonds, Series 2021A, 5.000%, 4/01/28

    No Opt. Call       115,272  
  700        

Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/24 - FGIC Insured

    No Opt. Call       677,941  
   

Total California

            28,745,713  

 

42


    

 

 
Principal
Amount (000)
 
 
     

Description (a)

   

Optional Call

Provisions (b)

 

 

                             Value  
   

Colorado - 4.0%

   
   

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     $ 995,788  
  1,500      

5.000%, 12/01/36

    12/26 at 100.00       1,423,611  
   

Denver Health and Hospitals Authority, Colorado, Healthcare Revenue Bonds, Series 2019A:

   
  1,750      

4.000%, 12/01/38

    12/29 at 100.00       1,448,830  
  2,000      

4.000%, 12/01/39

    12/29 at 100.00       1,630,836  
  5,885      

E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 - NPFG Insured

    No Opt. Call       3,592,948  
  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       1,105,931  
   

Total Colorado

            10,197,944  
   

Delaware - 0.2%

   
   

Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A:

   
  150      

4.125%, 1/01/39

    1/24 at 100.00       134,677  
  200      

5.000%, 1/01/44

    1/24 at 100.00       200,106  
  130        

Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2019, 4.000%, 1/01/44

    1/29 at 100.00       109,049  
   

Total Delaware

            443,832  
   

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       1,634,286  
  725        

Washington Metropolitan Area Transit Authority, District of Columbia, Dedicated Revenue Bonds, Series 2020A, 5.000%, 7/15/45

    7/30 at 100.00       734,493  
   

Total District of Columbia

            2,368,779  
   

Florida - 3.8%

   
  1,655      

Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A, 4.000%, 10/01/49

    10/28 at 100.00       1,356,795